NewsletterAdani's coal bet, BluSmart gets a lifeline, and Gold hits a record high.
š Morning, folks! Indian equities kicked off the week strong, rising for a fifth straight session, the longest winning streak in a month. Solid earnings from major banks kept the momentum going.
Spotlight: Being polite to ChatGPT? Thatās costing OpenAI millions.
CEO Sam Altman recently shared that using niceties like "thank you" and "sorry" is burning a hole in OpenAIās pocket.
Every single message, even your āgood botā triggers a full-blown AI response, which takes serious computing muscle to process in real time.
Letās hit it!
1 Big Thing: Coal India & DVC to build a thermal plant in Jharkhandš„
Coal India and DVC will jointly develop a 1,600 MW ultra-supercritical thermal power plant in Jharkhand with investment worth ā¹16,500 crore.
The deets: Damodar Valley Corporation (DVC) is a government-owned utility that generates, transmits, and distributes electricity, primarily in the eastern Indian states. It also manages flood control, irrigation, and water supply in the Damodar River region.
A 1,600 MW ultra-supercritical thermal power plant can generate electricity for over 1.5 million homes, using advanced tech to produce more power efficiently while burning less coal.
This is a brownfield project meaning the companies will be building something new at an existing site, instead of starting from scratch on new land.
The existing Chandrapura Thermal Power Station, currently runs two 250 MW units. The new project will expand its capacity massively.
Why it matters: Coal India wants to lock in steady demand for its coal and reduce over-reliance on state-run power buyers. Partnering with DVC gives it a reliable, in-house offtake channel.
Zoom out: while Indiaās pushing hard on renewables, thermal still powers over 70% of the grid. With rising energy demand, it is unlikely weāre going to phase coal out anytime soon.
2. Adani Ports reclaims Australiaās coal export hub ā
Adani Ports acquired a coal export terminal - North Queensland Export Terminal in Australia in a $2.4 billion non-cash deal.
The deets: Adani Ports is Indiaās biggest private port operator managing cargo and logistics across domestic and international shipping hubs.
The company is acquiring Abbot Point Port Holdings. APPH is the company that owns and operates the North Queensland Export Terminal.
The acquisition gives Adani Ports effective control over the North Queensland Export Terminal. This terminal is crucial for shipping coal, especially from Adaniās own Carmichael mine.
Big picture: Adani Ports wants to double its cargo handling volume to 1 billion tonnes per year by FY30. Taking control of this terminal helps speed up that plan, especially by giving it access to bulk export volumes from Australia.
Indian companies are expanding their global mining interests, particularly in coal-rich regions like Australia and Indonesia.
3. BluSmart may get a lifeline ā”
Eversource Capital, a green energy-focused fund, is in talks to acquire troubled EV ride-hailing startup BluSmart for ā¹800ā1,000 crore.
If the deal goes through, it would mark a steep haircut, valuing BluSmart at least 60% below its last known valuation of ā¹2,561 crore.
The deets: Eversource backs clean energy, mobility, and water infra projects across India. The plan is to merge BluSmart with Lithium Urban Technologies, an existing Eversource portfolio company, along with a $100 million infusion into the new combined entity.
But first, the house needs cleaning. Eversource reportedly wants a complete board exit for the Jaggi brothers, making room for a fresh start.
With bookings suspended, drivers jobless, and users demanding refunds, BluSmart may be running out of options fast.
4. Devyani International is acquiring Biryani by Kilo š
KFC operator, Devyani International is looking to acquire Sky Gate Hospitality, the operator behind Biryani By Kilo (BBK).
Sky Gate operates 106 restaurants across 40+ cities, including around 65ā70 cloud kitchens, and reported ā¹300 crore in revenue for FY25.
Its flagship brand, BBK, has scaled to ~100 stores since launching in 2016, and clocked a 55% revenue CAGR (FY19ā24). The company also runs brands like Goila Butter Chicken, The Bhojan, and Get-A-Way.
Devyani, which has a massive nationwide footprint, can take the brand to the next level.
5. Stocks that kept us interested š
1. JSW bagged a thermal project
JSW Energy is making its first big move in eastern India with a 1,600 MW greenfield power plant in Salboni, West Bengal - its largest new project to date.
A 1,600 MW power plant can potentially provide electricity to around 1.6 to 2 million homes, depending on usage patterns and region.
While JSW Energy is investing heavily in renewables like solar, wind, and storage, the company says thermal power still matters, especially for 24/7 reliable supply.
The stock gained nearly 3% following the news.
What else are we snackinā šæ
šļø Farewell, Francis: Pope Francis passed away at 88 on Easter Monday, April 21, following ongoing health struggles.
š $500B vision: India is eyeing a $500 billion electronics market by 2030 amid US-China tariff tensions, with mobile phones alone targeting $100 billion.
š¤ Ola cuts back: Olaās AI arm Krutrim has lowered its fundraising goal to $300 million from $500 million, as investor enthusiasm cools off.
š Gold rush: Gold prices in India are approaching ā¹1 lakh per 10 grams, driven by global demand, US-China tensions, and a weakening dollar.
šļø Recycle row: LG and Samsung are suing the Indian government over a new e-waste policy that raises payments to recyclers, calling it unfair.
Thatās a wrap! Donāt let the weekday blues get to you.
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