Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: After three days of decline, Nifty recovered, gaining 323 points (+1.3%) to close at 24315, with the broader market up over 2% and all sectors in the green. Despite this relief rally, global factors and headwinds may continue to impact Indian markets, with the focus shifting to the upcoming RBI policy outcome today.

TOP STORIES

Myntra and Zara Bet Big on Gen Z as Market Heads to $210 Billion

What happened

India's lifestyle market is set to explode, projected to hit a jaw-dropping $210 billion by 2028. Right now, it's worth $130 billion, and it's growing fast, at 10-12% per year. This means we'll see an extra $80 billion spent on things like clothes, beauty products, accessories, and shoes.

A report by Bain & Company and Myntra says Gen Z is leading the charge, with their love for online shopping and the latest trends.

Why it matters

Gen Z, born between 1997 and 2012, are the new rulers of retail. These 60 million young shoppers are glued to their phones, following the latest fashion influencers on social media. They shop online eight to nine times a year, compared to the national average of five to six. 

• Right now, they make up 20-25% of the online lifestyle market, which is worth about $4 billion.
  
  

• The online lifestyle market is expected to grow from $16-17 billion to $40-45 billion by 2028, with fashion making up 75% of e-commerce. 

  
  

Nandita Sinha, CEO of Myntra, says, “Gen Z is super connected to global trends. They want a new look every time they step out, and that’s driving their shopping sprees.” 

Zoom out

The growth is also fueled by a shift from small, unorganized shops to big, organized retail stores.

•  Currently, 66% of the lifestyle market is unorganized, but this segment is expected to grow by 15-20% each year.
  

Big names like H&M, Uniqlo, and Zara are expanding in India, while local brands like Zudio, Reliance, Max, and Shoppers Stop are also growing rapidly.

PAISON KA KHEL

Suzlon wants 76% of Renom for ₹660 crore

Suzlon Group is on a shopping spree for renewable energy assets! The company has inked a deal to acquire a whopping 76% stake in Renom Energy Services for ₹660 crore.

Suzlon will first buy 51% of Renom for ₹400 crore. But wait, there's more! Within 18 months, they'll scoop up an additional 25% for ₹260 crore. Renom, known for its vast multi-brand operations and maintenance services, manages 1,782 MW in wind, 148 MW in solar, and 572 MW in the balance of plant (BOP) across India. 

UPI credit hits ₹10,000 crore

UPI credit card transactions have zoomed to ₹10,000 crore, with ₹100-200 crore coming from pre-approved loans. ICICI Bank is the big winner, leading in handing out these short-term loans. Other banks are jumping in too, offering small loans against fixed deposits to attract new customers. 

Banks might team up with NBFCs and fintech for a wider reach, making your financial life even breezier. So, if you thought UPI was just for splitting dinner bills, think again!

TOP STORIES

Vedanta’s Debt-Busting Move Will Save ₹1,000 Crore 

What happened

Vedanta Limited is shaking up its finances with a game-changing move. The company is putting ₹8,500 crore from its recent fundraising to good use by paying off debt. This clever manoeuvre will slice ₹1,000 crore off its annual interest bill. 

And that’s not all—Vedanta’s June quarter profits just soared by 54%, while margins hit their highest point in seven quarters. 

Why it matters

By slashing interest payments, Vedanta will save ₹750 crore in the current fiscal year and ₹1,000 crore annually thereafter. This cost-saving strategy is part of a broader effort to reduce the company's hefty debt load, which stood at ₹78,016 crore in gross debt as of June.

The move not only lightens the debt load but also gives Vedanta a better shot at future funding with lower interest rates. With a fresh credit rating boost, the company is in a prime position to grab funds at even better terms.

Zoom out

In its latest earnings report for the June quarter, Vedanta has dazzled everyone. Their consolidated net profit skyrocketed by 54% to ₹5,095 crore for the June quarter, doubling their bottom line from the last quarter like a superhero's secret weapon. 

• Sales edged up by 6% year-on-year, holding steady at ₹35,239 crore, while profitability soared a whopping 1,000 basis points to 34%.

GLOBAL NAZARA

Tesla's 1.68 million cars recalled in China

Tesla is recalling 1.68 million cars in China for a remote software fix, addressing an issue where an unlocked trunk lid could pop open during driving, potentially blocking the driver's view. Although there's no record of this actually happening, better safe than sorry, right? The recall affects some imported Model S and Model X vehicles, as well as domestically made Model 3 and Model Y cars from October 2020 to July 2024.

Tesla will fix this with a remote software upgrade, proving once again that technology can solve almost anything.

OpenAI co-founder jumps ship to rival Anthropic

John Schulman, co-founder of OpenAI, announced his exit to join competitor Anthropic. Schulman, who joined OpenAI in December 2015 right after his PhD at UC Berkeley, said he's moving to "deepen his focus on AI alignment and return to hands-on technical work."

With Schulman’s departure, only three of OpenAI’s 11 original founders remain. This follows the exits of other key figures, including Ilya Sutskever, Andrej Karpathy, and even Elon Musk, who has sued OpenAI, accusing it of prioritising profits over the public good.

TOP STORIES

Bata’s 10-Minute Shoe Delivery is Almost Here!

What happened

Bata India is teaming up with quick commerce companies to give your footwear cravings a major speed boost. Imagine ordering those stylish new sneakers and having them delivered in just 10 minutes—sounds like something out of a sci-fi movie, right? Well, it’s becoming a reality! 

Bata is negotiating with two quick commerce giants to stock up their dark stores with Bata’s hottest items. Currently, the footwear maker offers a 72-hour delivery for items not in-store, but this new plan aims to bring the store to your door in no time. 

Well, all I can think right now is this development will be best for Indian moms, Iykyk. 😶 

Why It Matters

Despite recent sluggish sales and a slight revenue dip from ₹958 crore to ₹944 crore for Q1FY24, Bata’s ambitious move is designed to boost consumer convenience and drive growth. 

With the footwear market heating up and direct-to-consumer brands gaining momentum, Bata's speedier service could be its secret weapon. 

Conclusion

Bata is clearly stepping up their game! With a keen eye on athleisure, they're not just adding flair to their footwear but also engaging younger shoppers with a punchy social media presence. 

On top of that, Bata’s stores have undergone a major facelift, with 37 revamped locations offering a fresh shopping experience. And, they’re not stopping at shoes—Bata's new apparel line shows they’re committed to more than just footwear.

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