🔋 Ola looks to boost EV adoption

PLUS: Israeli airstrike kills Hezbollah leader Nasrallah

Author

Ruchirr Sharma
September 30, 2024

Good morning. All Kamala Harris really needed for her campaign was to have Maya Rudolph perform her best funny aunt impression and nail it.

If you don’t know what we mean - watch the SNL Harris and Trump Rallies Cold Open.

In the meantime, know that voting for Kamala Harris means “we can end the dramala, end the traumala and go relax in our pajamalas”.

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

  • ⚔️ Israeli airstrike kills Hezbollah leader Nasrallah

  • 🔋 Ola looks to boost EV adoption

  • 🗞️ Bite-sized summaries

    • 🛍️ Credit Instruments

    • 🇯🇵 Where there’s a will, there’s a way

  • 🧑‍🍳 What else is cookin’?

  • 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

* indicates per gram rate in Delhi | Data as of market close 27/09/2024

  • Indian shares ended marginally lower on Friday. Major gainers included BPCL and Cipla, while Power Grid and Bharti Airtel were among the top losers.

🌍️ International

Data as of market close 27/09/2024

  • Stocks traded mixed on Friday but ended the week positively. The Dow Jones Industrial Average reached a new record, while the S&P 500 and Nasdaq Composite slightly declined. All three indices gained for the week, buoyed by positive economic data and cooling inflation. The PCE index showed easing price pressures, increasing expectations for Fed rate cuts.

GEOPOLITICS

Hezbollah chief Sayyed Hassan Nasrallah was killed in an Israeli airstrike on January 8, 2024, marking a significant turn in the ongoing conflict between Israel and the Lebanese militant group. The operation was reportedly made possible by intelligence from an Iranian mole within Hezbollah's ranks.

Key points:

  • The airstrike targeted Hezbollah's underground headquarters in Dahieh, southern Beirut.

  • Israeli F-35 jets used bunker-busting bombs to penetrate the fortified complex.

  • The attack occurred around 1:30 pm IST (11:00 am in Lebanon).

  • Nabil Kaouk, another senior Hezbollah commander, was also killed in a separate strike.

  • The Israeli Defense Forces (IDF) confirmed Nasrallah's death on social media.

  • Hezbollah later acknowledged the loss of their leader of nearly 30 years.

The operation comes amid escalating tensions, with recent Israeli strikes causing significant casualties in Lebanon. Nasrallah's death represents a major blow to Hezbollah, following a series of successful Israeli operations that had already weakened the group.

Overall: The region now braces for potential retaliation from Hezbollah, as the full implications of this high-stakes operation unfold.

With its leadership in disarray, the militant group faces an uncertain future, while Israel's intelligence victory marks a critical moment in the long-standing conflict.

Read more: Times of India

TECHNOLOGY

In a major push to enhance electric vehicle (EV) adoption in India, Ola Electric has announced plans to expand its service infrastructure significantly. CEO Bhavish Aggarwal revealed on September 27, 2024, that the company will double its company-owned service centres to 1,000 by December 2024 as part of its new #HyperService campaign.

Key highlights of Ola's service expansion plans:

  1. Increasing service centers from 500 to 1,000 by December 2024

  2. Training 100,000 third-party mechanics for EV servicing by December 2025

  3. Introducing a quick-service guarantee with backup scooters for delayed repairs

  4. Implementing AI-powered proactive maintenance and remote diagnostics

This announcement follows Ola's recent commitment to establish 10,000 sales and service outlets by the end of 2025, with 1,000 partners joining before the upcoming festive season.

Ola Electric currently leads the Indian electric two-wheeler market with a 32% share, followed by TVS and Bajaj at 19% each, and Ather Energy at 12%. The company's S1 X 2kWh scooter has also received compliance certification under the government's Production-Linked Incentive (PLI) scheme.

Global brokerage firm Bernstein reports that Ola Electric is on a strong path to profitability. As of September 29, 2024, Ola Electric's shares closed at Rs 102.2 on the BSE.

Overall: These initiatives demonstrate Ola's commitment to addressing potential barriers to EV adoption, such as concerns about maintenance and service availability.

By expanding its service network and leveraging AI for predictive maintenance, Ola aims to build consumer confidence in electric vehicles and solidify its position as a leader in India's growing EV market.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

Newest Japanese PM Shigeru Ishiba

🛍️ Credit Instruments - Flipkart experienced a significant surge in purchases using credit instruments during the first two days of its annual "Big Billion Days" sale. User visits surpassed 33 crore, and the company saw a 27x rise in EMI usage compared to regular days. Flipkart's co-branded Axis Bank credit card transactions jumped 8-fold, and Flipkart Pay Later EMI transactions increased 8.5 times. Strong demand was noted across mobiles, nutrition, and grooming categories, with notable growth from Tier 2 cities. Cleartrip saw a 2.5x rise in users, and Shopsy's customer visits increased by 70%. Additionally, Flipkart Wholesale grew 2x, driven by FMCG sales.

🇯🇵 Where there’s a will, there’s a way - Shigeru Ishiba was elected Japan's next PM after winning the Liberal Democratic Party (LDP) leadership race on his fifth attempt. The former defence minister, known for his popularity with the public but with enemies in his party, aims to revitalize Japan's economy and strengthen security amid regional threats from China, Russia, and North Korea. Ishiba's victory follows scandals that led to Prime Minister Kishida's resignation, with Ishiba pledging a more transparent, open party. He plans to call a general election soon and faces challenges in uniting a fractured LDP while balancing diplomacy with the U.S. and China.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

  • Hurricane Helene is wreaking havoc across Southeast United States; 39 dead; 4M in the dark.

  • PM Modi urges people to buy 'Made in India' products during festive season.

  • FDA approves the first new schizophrenia drug in decades.

  • Trump Media shareholder UAV dumped nearly 11 million shares.

  • EchoStar is nearing a deal to sell Dish to DirecTV, with a $2B debt payment looming.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

Source: Daily Jang

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