Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On Wednesday, the Sensex rose by 89.64 points to close at 72,101.69, while the Nifty increased by 21.65 points to end at 21,839.10. The gains were driven by Reliance Industries, ITC, and SBI, buoyed by positive global equities.

BUSINESS

India’s Defence Leaps Forward with Indigenous 1500 HP Tank Engine Test-Fire

What happened

Mysuru witnessed a historic event as the first test-fire of the indigenously developed 1500 HP engine for main battle tanks took place at BEML Ltd’s engine division. The project, initiated in August 2020, marks a significant stride towards self-reliance in defence technology.

This engine, designed to power the Arjun Mk-1A tanks, promises cutting-edge features including a high power-to-weight ratio and operability in extreme conditions like high altitudes, sub-zero temperatures, and desert environments.

Why it matters

The successful test-firing underscores India’s commitment to technological advancement and self-sufficiency in defence. With the recent order worth ₹7,523 crore for 118 Arjun Mk-1A tanks, equipped with 72 upgrades enhancing lethality, mobility, and survivability, the country is fortifying its combat capabilities.

Defence Secretary Giridhar Aramane's presence at the event emphasizes the government's support for indigenous development despite ongoing debates over disinvestment and privatization in public sector units like BEML. His call for improved quality and productivity echoes the need for refinement in defence manufacturing, crucial for bolstering national security.

Zoom out

As India celebrates this milestone in defence technology, it sets a precedent for other sectors to prioritize indigenization and innovation. Aramane's optimism about the aerospace and defence manufacturing sectors signals a promising future where 'Made in India' products dominate global markets. With continued investment in research and development, coupled with the dedication of its workforce, India can achieve greater self-reliance and global recognition in defence and beyond. 

The test-firing of the 1500 HP engine not only propels India’s defence capabilities forward but also serves as a beacon of inspiration for future endeavors in indigenous technological development.

BIG MONEY MOVES

Pocket FM scores big with $103M funding round

Pocket FM, the audio series platform, secures a hefty $103 million in Series D funding, led by Lightspeed and Stepstone Group. This boost will fuel its expansion into the US, Europe, and LATAM markets, further solidifying its position as a global player in the audio content space. With over 100,000 hours of content and $150 million ARR, Pocket FM dominates the audio landscape. The company boasts more than 2,000 exclusive audio series and over 400,000 episodes across various genres and languages. 

Pocket FM reports impressive growth metrics, with its US revenue crossing $100 million in average revenue run rate (ARR) and a significant surge in revenue to ₹148.7 crore in FY23 in India. With its direct competitor Kuku FM raising $25 million in its Series C round, the audio content market is heating up, promising exciting developments ahead.

Ultrahuman boosts health tracking with $35M funding

Ultrahuman, a health-tech startup, secures $35 million in a series B round, blending equity and debt. The investment will fuel expansion in manufacturing capacity and deeper research in health tracking. Founded in 2019, Ultrahuman's innovative products, including the Ring Air smart ring and M1 Live continuous glucose monitoring wearable, have propelled its growth. 

With plans to exceed $100 million in annual revenue by 2024, Ultrahuman aims to maintain profitability while expanding its retail presence worldwide. However, legal challenges, like the lawsuit from Finnish startup Oura, highlight the competitive landscape in the health wearable market.

BUSINESS

CPP Investments Injects ₹18.2 Billion into NHIT in Follow-On Investment

What happened

The Canada Pension Plan Investment (CPP Investments) board has announced an additional investment of ₹18.2 billion in the National Highways Infra Trust (NHIT), also known as NHAI InvIT. This follows NHIT's capital raise through an institutional placement to acquire seven brownfield toll roads from NHAI under the National Monetisation Pipeline.

Why it matters

With this investment, CPP Investments' total investment in NHIT will rise to ₹36.8 billion, maintaining a 25% stake in the trust. NHIT's portfolio will expand from eight to 15 toll roads, covering over 1,500 km across nine Indian states.

CPP Investments' follow-on investment signifies confidence in NHIT's scalable platform and its role in India's road network expansion. NHIT's growth underlines the success of public-private partnerships, crucial for the National Monetisation Pipeline. The infusion of funds aids NHIT in acquiring critical infrastructure assets and further developing India's roads sector, supporting economic growth.

Zoom out

NHIT's success exemplifies effective public-private partnerships in infrastructure development, crucial for India's economic advancement. With CPP Investments' additional funding, NHIT strengthens its position as a leading player in the InvIT space, facilitating the channelization of financial capital into India's road sector.

As NHIT continues its growth trajectory, it remains a key contributor to India's infrastructure landscape and the National Monetisation Pipeline initiative.

BIG PICTURE

Pakistan strikes $1.1B preliminary deal with IMF

Pakistan and the International Monetary Fund (IMF) seal a preliminary agreement, unlocking $1.1 billion from a $3 billion bailout package. The deal, reached after days of negotiations in Islamabad, underscores efforts to stabilize Pakistan's economy. Led by Prime Minister Shehbaz Sharif, Pakistan commits to ongoing reforms to ensure financial resilience. 

Talks of a new $8 billion bailout loom as the current agreement nears its end, signalling continued cooperation between Pakistan and the IMF to address economic challenges and promote growth.

Oberoi Group unveils ambitious plan to open 50 new hotels

The Oberoi Group has announced its vision to launch 50 new hotels by 2030. CEO Vikram Oberoi shared this ambitious goal during the Skift India Summit, emphasizing the chain's commitment to expanding its renowned Oberoi and Trident brands.

The expansion plan includes a focus on smaller boutique hotels under the internal project name "Oberoi Nature." These establishments will offer guests unique experiences in picturesque locations, aligning with the growing demand for immersive and authentic travel experiences.

BUSINESS

Resilient Indian Exports Target $450 Billion Despite Red Sea Crisis

What happened

Ashwani Kumar, president of FIEO, predicts India's merchandise exports to soar to $450 billion by fiscal year-end, despite challenges posed by the Red Sea crisis. Kumar emphasizes the need for measures like accessible marine insurance and controlled freight charges. He highlights the importance of supporting MSMEs with credit and marketing aid and expediting free trade agreements, aiming to bolster outbound shipments.

Why it matters

India's merchandise exports surged by 11.9% year-on-year in February to $41.4 billion, showcasing robust momentum amidst the Red Sea crisis and divergent economic growth trends among trading partners. This growth, the fastest since June 2022 following a 3.1% increase in January, marks the third consecutive month of expansion, indicating sustained strength in the export sector.

Despite the ongoing Red Sea crisis, which poses near-term challenges, the impact on India's exports has remained limited thus far. However, experts highlight the need to monitor potential price fluctuations when export contracts are renewed. CRISIL emphasizes the significance of sustaining this healthy export momentum, buoyed by forecasts of improved trade growth by major multilateral organizations compared to the previous year.

Additionally, India's current account maintains stability, supported by a robust services trade surplus and healthy remittances, contributing to overall economic resilience amidst external uncertainties.

Zoom out

Amid a challenging global economic landscape, India's export sector showcases resilience and potential. Moody's optimistic outlook foresees a gradual economic normalization globally, indicating favorable prospects for India's export growth. As the nation navigates through geopolitical headwinds, concerted efforts to support exporters, particularly MSMEs, coupled with strategic trade policies, will be vital in realizing India's export aspirations and fostering economic stability.

MIRCH MASALA

👕 Have you seen RCB’s new jersey yet?
🛕 Internet favourite couple Nick & Priyanka visit Ayodhya with daughter
🏏Smith endorses Kohli's pressure-packed prowess for T20 World Cup
🤖 Google and Apollo collaborate for AI-powered early cancer detection
🚿 10 reasons why you should have a warm shower now!