Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: On October 31, Indian benchmark indices ended lower for the second consecutive session, with the Sensex down 553.12 points and the Nifty slipping 135.50 points. However, during the Muhurat trading for Samvat 2081, the market showed a positive start with the Sensex and Nifty rising 0.4 percent each.

TOP STORIES

Ather Energy Scoots to New Heights 

What Happened

Ather Energy has zoomed past its previous records, dispatching over 20,000 scooters in October, the highest ever in a single month. This surge is largely thanks to the recently launched Rizta model , which accounted for a whopping 60% to 70% of total sales. 

Just last month, the company sold 12,828 scooters, boosting its market share from 7.9% in July to 14.3% in September. This rapid growth comes amid a booming electric vehicle (EV) market in India, which saw a year-on-year increase of around 70% in October.

Driving the news

Ather's success is a big deal not just for the company but for the entire EV sector in India. With 231 Experience Centres and 2,500 fast-charging stations across the country, Ather is positioning itself as a leader in the market.

The demand for electric scooters is increasing as consumers become more environmentally conscious and seek cost-effective alternatives to petrol. Ather’s innovative approach and strong product offerings, like the Rizta, are resonating well with customers, contributing to its impressive sales figures and an expanded market presence.

The future plan

The company is also gearing up for its upcoming ₹4,500 crore initial public offering (IPO), alongside plans for a new manufacturing plant in Maharashtra, which will add to its existing facility in Hosur, Tamil Nadu.

PAISON KA KHEL

AM/NS sets up mega ₹1.4 lakh cr project in Andhra Pradesh

ArcelorMittal Nippon Steel (AM/NS) is setting up a massive steel plant in Andhra Pradesh’s Anakapalli district, investing a hefty ₹1.4 lakh crore . In the first phase, they’ll pour ₹80,000 crore to build a 7.3 million tonnes per year steel plant on 2,600 acres. For the second phase, they’ll add 10.5 million tonnes more, investing another ₹60,000 crore and seeking 2,000 more acres. 

Luxury lights up Diwali for Amazon India

This Diwali, Amazon India saw a big shift towards luxury with customers indulging in premium picks across categories. Apple tablet sales shot up 10 times, while Samsung tablets clocked in at a 5x boost during the Amazon Great Indian Festival 2024. Beauty and fashion didn’t lag behind, with 4x growth in high-end items like Korean skincare and designer handbags. 

With a record 140 crore visits and 85% from non-metro cities, it seems luxury fever went pan-India this festive season!

TOP STORIES

Swiggy Aims for Growth Beyond Big Cities

What Happened

Swiggy, the popular food and grocery delivery service, is planning to expand into areas beyond India's top 100 cities . This exciting move comes as the company prepares for its initial public offering (IPO) on November 6. 

Swiggy hopes to raise ₹11,300 crore through a mix of new shares and sales from existing investors. The price range for the shares is set between ₹371 and ₹390 each. 

Why It Matters

Swiggy’s push into non-metro markets is a big deal. With plans to invest ₹1,178.8 crore to open more dark stores and ₹1,115.3 crore for brand marketing.

While Swiggy and Zomato, its main competitor, have similar average order values for food delivery (both around ₹428), Zomato leads in quick commerce with an average order value of ₹613 compared to Swiggy’s ₹460. This difference shows that Swiggy has some catching up to do, especially as it tries to reach new customers in less crowded markets.

There’s more

Currently, quick commerce (or fast grocery delivery) makes up about 40% of Swiggy's business, and they see plenty of room to grow in smaller cities. The strategy to target smaller cities could pay off big time. With more people moving to urban areas and wanting quick deliveries, this could be the perfect opportunity for Swiggy to grow. 

GLOBAL NAZARA

India and Saudi Arabia forge new trade agreements 

India and Saudi Arabia are on a trade-friendly mission ! On November 2, 2024, both countries signed a series of agreements aimed at enhancing economic ties and investment flows. During his visit, Minister Piyush Goyal discussed collaborations in energy, fintech, and clean hydrogen.

With total trade reaching $42.9 billion in 2023-24, Saudi Arabia stands as India's fifth-largest trading partner. Exports to Saudi Arabia hit $11.5 billion, while imports were $31.4 billion.

Dr. Reddy's takes a step back with 3.3 lakh bottles of Cinacalcet 

Dr. Reddy's Laboratories is recalling over 3.3 lakh bottles of Cinacalcet tablets in the U.S. due to a hiccup in manufacturing. The issue? A sneaky impurity called N-nitroso Cinacalcet exceeded the FDA's recommended limit. The recall, initiated on October 9, affects 2,85,126 bottles of 30 mg tablets, along with 35,880 bottles of 60 mg and 10,584 of 90 mg strengths. While this Class II recall may cause temporary issues, the risk of serious harm is low. 

TOP STORIES

Gurugram Welcomes DLF's New ₹8000 Crore Apartments

What Happened

DLF, one of India’s largest real estate companies, has announced a massive new project in Gurugram worth ₹8,000 crore. This ultra-luxury housing project, named 'The Dahlias, ' will feature around 420 exclusive apartments. It follows the success of 'The Camellias' and will cover 17 acres, offering a total of about 50 lakh square feet. 

DLF's Managing Director, Ashok Tyagi, projects that the revenue from this project could reach ₹26,000 crore, based on current pre-launch prices. The apartments will be spacious, starting at 10,300 square feet, with prices set at around ₹1 lakh per square foot. 

Why It Matters

DLF has recorded a remarkable 66% increase in sales bookings, totalling ₹7,094 crore in the first half of this fiscal year, demonstrating a strong appetite for premium real estate. While there was a notable dip in the second quarter, the overall outlook remains optimistic.

DLF's revenue from 'The Camellias' exceeded expectations, generating ₹12,500 crore against an initial estimate of ₹7,000 crore. This success sets a promising precedent for 'The Dahlias' to follow.

The bigger picture

With a solid launch pipeline in other markets and a booming sales record, DLF is expecting to achieve its sales target of ₹17,000 crore for this fiscal year. As the demand for luxury living grows, DLF’s latest venture may very well be the crown jewel of the real estate market.

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