Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The markets couldn't sustain Wednesday's gains and fell over half a percent due to weak global signals, with the Nifty ending near its daily low at 24,117. Sectors like IT, metals, and energy took the hardest hits, though broader indices showed slight resilience with only minor losses.

TOP STORIES

Airtel and Jio Dive into Wireless Home 5G for Better Profits

What happened

India’s telecom giants, Bharti Airtel and Reliance Jio, are rolling out fixed wireless access (FWA) services to boost their home broadband offerings using 5G technology. By leveraging 5G standalone (SA) technology, both companies are reducing their reliance on the expensive and slow process of fiber optic rollouts. This move aims to enhance data usage and monetize their 5G airwaves more effectively.

Right now, Jio is winning the home connectivity race, reaching nearly 12 million homes, while Airtel is catching up with 7.95 million.

Why it matters

Here’s the scoop: rolling out fiber is like trying to thread a needle while riding a roller coaster—expensive and slow. In bustling cities like Mumbai, just getting the green light to lay fiber can cost a jaw-dropping ₹1 crore per kilometre. But with FWA, Airtel and Jio can skip the messy roadworks and go straight to delivering high-speed internet. 

Airtel’s CEO, Gopal Vittal, pointed out that the top 60 million homes in India rake in nearly 35% of the industry's revenues, yet only 40 million have broadband. 

Final words

Airtel has already expanded its Wi-Fi services to 1,300 cities. With FWA, both companies are reporting data consumption that’s off the charts, much higher than mobile usage. The future of the internet in India is here, and it’s wireless, speedy, and ready to rock your home!

PAISON KA KHEL

Yulu Bikes powers up for expansion with $100M fundraiser

Yulu Bikes is hitting the gas pedal on its expansion plans, aiming to raise over $100 million in a Series C round. Partnered with Bajaj Auto, Yulu plans to double its electric two-wheeler fleet to 80,000 by the end of this fiscal year. With 85% of revenue now zooming in from delivery services, Yulu's quick-commerce segment is expected to grow fivefold in the next 3-5 years. To keep up with demand, Yulu will roll out a mid-speed scooter designed for deliveries by late 2024.

Tata Power and DGPC begin a 600 MW hydro adventure

Tata Power and Bhutan's Druk Green Power Corporation Ltd (DGPC) are teaming up to power Bhutan with a 600 MW hydropower project. This eco-friendly venture, costing about ₹6,900 crore, aims to brighten Bhutan's future and boost India's green energy goals. Tata Power is diving in with a 40% stake in Khorlochhu Hydro Power Ltd, a public-private partnership.

The project, located on the Kholongchhu River, has all the necessary approvals and will take five years to complete.

TOP STORIES

Aditya Birla: A Fashionable Flop with Hidden Wins

What happened

Aditya Birla Fashion and Retail (ABFRL) just had a bit of a wardrobe malfunction in its first quarter, with net loss stretching to ₹161.4 crore, up from ₹144 crore last year. The company's revenue rose by 7.3% to ₹3,428 crore, but that’s still shy of the ₹3,546 crore expected by the market’s fashion police—Bloomberg analysts. 

The blame lies with a sluggish retail environment, weakened by a consumption slowdown and fewer wedding days—because, apparently, fewer weddings mean fewer new outfits. On the bright side, ABFRL’s EBITDA surged by 22.6% to ₹358 crore, outperforming street estimates 

Why it matters

Much like fashion itself, the fashion industry is all about trends, and right now, the trend isn't in ABFRL's favour. The company’s lifestyle brands, which account for a significant chunk of revenue, reported ₹1,482 crore but felt the pinch of a lean wedding season. 

Pantaloons, ABFRL’s go-to for everyday fashion, managed to grow its sales by 5% to ₹1,101 crore, with an impressive 43% EBITDA growth. Even the emerging segments—youth western wear, innerwear, and sportswear—saw 5% growth, indicating that not all is lost.

Zoom out

ABFRL's first-quarter results are a mix of hits and misses, with a widened loss but a rise in operational performance. The company's focus on trendy private labels, which now make up 66% of sales, is paying off, but the overall retail environment remains a tough runway to navigate.

GLOBAL NAZARA

Amazon teams up with 45 partners to boost artisan sales

Amazon India is rolling out the red carpet for over 2,500 artisans and weavers by partnering with 45+ government emporiums, NGOs, and trade bodies. This crafty collaboration is set to bring local artistry straight to your screens.

Imagine shopping from a treasure trove of 1.5 lakh products representing the rich cultural tapestry of 25 states. From the vibrant Biswa Bangla to the serene House of Himalayas, Amazon's new lineup has something for everyone.

And let’s not forget the Amazon Karigar program, which is reviving traditional crafts and giving local sellers a shiny new platform.

Brookfield's misses profits but assets hit record $1 trillion

Brookfield Asset Management just hit a jaw-dropping $1 trillion in assets under management, but there's a tiny hiccup: their profits didn't quite meet analysts' high hopes. Despite raising a whopping $68 billion this quarter and $140 billion over the past year, their distributable earnings rose to $548 million (34 cents a share). Revenue took a 7% dip, landing at $916 million.

TOP STORIES

Reliance’s Media Empire: Big Wins, Bigger Bets, and What’s Next

What happened

Reliance Industries’ media and entertainment unit, led by Viacom18, made headlines with a massive ₹13,000 crore in revenue for the fiscal year ending March 31. Viacom18, the shining star in Reliance’s media galaxy, saw its revenue soar by 75% to ₹8,032 crore. But before you pop the champagne, there’s a twist—despite the impressive earnings, Viacom18 posted a net loss of ₹252 crore, a sharp contrast to last year’s ₹11 crore profit. 

Why it matters

The unit is getting ready for a major merger with Disney's Star India to form the largest media company in India, worth over ₹70,000 crore. This merger will boost Reliance’s media reach, adding channels like Colors and Sports18 and the JioCinema streaming platform to its lineup.

However, the high investments in sports, like the IPL franchise and streaming services, highlight the financial strain that comes with pursuing such expansive goals.

How are the numbers?

Reliance's stakes in Hathway Cable and DEN Networks show mixed results. 

• Hathway saw its revenue rise by 7% to ₹1,981 crore and its net profit soar by 52% to ₹99 crore.
  
  

• Meanwhile, DEN Networks faced a 4% drop in revenue to ₹1,081 crore and a 10% fall in net profit to ₹213 crore.
  

These results reflect Reliance’s varied performance across its media and distribution ventures.

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