Newswala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: Indian indices, Nifty 50 and Sensex, experienced a downtrend, closing at the day's low after RBI kept the policy rate unchanged. Nifty 50 concluded below 21,800, with Sensex witnessing a substantial dip of over 700 points; notable stocks on the radar include Tata Consumer Products, Apollo Tyres, and LIC.

BUSINESS

Airbus Soars into Indian Aerospace Scene with A220 Door Deal

What happened

In a strategic move, European aerospace giant Airbus SE has inked a deal with Dynamatic Technologies, an Indian precision engineering company, based in Bangalore to manufacture door variants for its cutting-edge Airbus A220 aircraft. This isn't Airbus's first flight with Indian manufacturers, as they previously collaborated with Tata Advanced Systems for the Airbus A320's cargo doors.

The specifics of the deal, including the order value, have not yet been disclosed, but this move aligns with Airbus's ambitious plan to double its Indian sourcing to $1.5 billion in the coming years. Currently, Airbus taps into Indian expertise for components worth $750 million, encompassing a range of critical elements like fuselages, electrical wire harnesses, tailfin structures, and emergency chutes.

Why it matters

The collaboration with Dynamatic Technologies marks a pivotal moment not only for Airbus but also for India's burgeoning aerospace sector. With the order book expanding and Indian firms already contributing significantly to Airbus's supply chain, the aerospace major aims to capitalize on India's dual strategy — establishing final assembly lines for certain aircraft and simultaneously nurturing an ancillary ecosystem for potential expansions.

Airbus, already operating final assembly lines in India for the C295 transport aircraft and the H125 helicopter, is strategically positioning itself for sustained growth. Dynamatic Technologies, based in Bengaluru, is poised to deliver the initial batch of aircraft doors by the next year, contributing to India's role in the global aerospace supply chain.

Zoom out

As Airbus takes another glide in bolstering its ties with Indian manufacturers, the Dynamatic deal signifies a broader commitment to India's aerospace prowess. With the potential influx of the A220 into Indian fleets and a growing partnership with local companies, Airbus is not just flying high; it's paving the way for India to soar to new heights in the global aerospace arena.

The collaboration echoes a sentiment of optimism, with both Airbus and India set for an exciting journey in the skies of progress and innovation.

BIG MONEY MOVES

Disney buys $1.5 billion stake at Epic Games 

Disney is making its biggest gaming move, investing $1.5 billion in Epic Games, marking its significant foray into the gaming world. The collaboration plans to create new games and an entertainment universe featuring Disney, Pixar, Marvel, Star Wars, and Avatar content. This follows Disney's success in bringing characters to Fortnite, targeting Gen Alpha, Gen Z, and millennials.

UAE's ADIA plans $4-5 billion investment via India's GIFT City hub

Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund, is launching a $4-5 billion investment fund in India through the tax-neutral finance hub in Gujarat's GIFT City. The regulatory authority has granted in-principle approval, making ADIA the first sovereign wealth fund to invest in India via GIFT City. This significant move aligns with India-UAE relations and precedes Prime Minister Modi's upcoming visit to inaugurate a major temple in Abu Dhabi.

BUSINESS

ONGC and NTPC Join Forces for Renewable Energy Revolution

What happened

India's leading oil producer, ONGC, and the nation's powerhouse, NTPC, inked a joint venture agreement to delve into offshore wind energy projects. This marks the entry of the power-packed combo into green energy. ONGC's recent approval to establish ONGC Green Limited, a new unit dedicated to clean energy projects, laid the foundation for this venture. The signing ceremony took place during India Energy Week.

Why it matters

The joint venture signifies a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage. The agreement extends beyond offshore wind projects, encompassing potential ventures in storage, e-mobility, carbon credits, and the green hydrogen business, along with its derivatives such as green ammonia and green methanol.

ONGC, with government approval for its new unit, is channelling ₹1 lakh crore into installing 10 GW of renewable energy capacity and two million tonnes of green ammonia annual production capacity by 2035. This aligns with ONGC's broader decarbonization strategy, highlighting a significant shift toward sustainable energy practices.

Zoom out

ONGC's joint venture with NTPC is a bold step toward solidifying its footprint in the renewable energy landscape. As they venture into offshore wind energy and explore diverse opportunities, the collaboration reinforces India's commitment to cleaner and greener energy solutions. ONGC's ambitious plans for renewable energy capacity expansion, coupled with NTPC's expertise, positions this joint venture as a key player in shaping India's sustainable energy future.

BIG PICTURE

Inox Wind breaks records with 1,500 MW order– India's largest deal 

Inox Wind secured a landmark 1,500 MW wind energy order from CESC
Ltd., marking the largest wind project deal in India. The agreement spans 3-4 years and includes Inox Wind's latest wind turbine generators, each with a minimum 3.3 MW capacity.

Inox Green Energy Services Ltd. (IGESL), a subsidiary, will provide post-commissioning Operations & Maintenance services. The deal cements Inox Wind's position as a major player in India's renewable energy landscape.

Uber accelerates into profit territory for the first time

Uber celebrated its first full-year profit as a public company in 2023, marking a shift from prioritizing growth over profits. The ride-sharing giant reported a $1.43 billion profit, including a $1 billion boost from equity investments. CEO Dara Khosrowshahi called 2023 an inflection point for Uber, emphasizing strong, profitable growth.

In Q4 2023, the app's transactions rose 22% to $37.58 billion, and revenue increased 15% to $9.93 billion, exceeding Wall Street expectations. 

BUSINESS

India Nears $100 Billion Investment Deal with European Nations

What happened

India is on the verge of sealing a groundbreaking trade deal with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein. The agreement could see these nations investing up to $100 billion over 15 years in India. The commitment to invest is part of a broader trade pact, currently in the final stages of negotiation.

Why it matters

This deal is a game-changer for India, marking the first time the country secures such a substantial investment commitment through a free trade agreement. The contours of the agreement have been outlined, focusing on easier trade access for the European nations in exchange for significant investment.

If finalized, this agreement would enhance India's economic growth, attracting foreign investments at a crucial time when businesses seek alternatives to China and India anticipates a 7% growth in the next fiscal year.

In the fast-evolving landscape of international trade, India's potential $100 billion deal with EFTA nations signifies a major milestone. The focus on patent protection and a new investment promotion chapter underscores the deal's complexity. As legal clarifications are expedited, the agreement could pave the way for increased trade, benefiting sectors like processed food, pharmaceuticals, and engineering products.

Zoom out

The deal's scope extends beyond trade, facilitating the movement of Indian professionals and offering market access for specific agricultural products. As the global economic chessboard shifts, India positions itself as an attractive hub for investment, with the EFTA deal poised to bring about transformative changes in the nation's economic landscape.

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