Renewable Energy India's Target 2024, Byju's Disputes, Adani Ports, PhonePe, Etc.

Market Briefs

Main Briefs

Renewable Energy Dominates India's Power Generation in FY24:

Renewable Energy Surges in Power Generation:

• Renewable energy accounted for a significant 71% of India's new power generation in FY24, highlighting the growing prominence of green energy sources.

Shift in Energy Landscape:

• India's total installed energy capacity has reached 442 GW, with renewable energy contributing approximately 33% (144 GW) and hydro adding 11% (47 GW), according to a report by CEEW Centre for Energy Finance (CEEW-CEF).

• Notably, the share of coal in India's total installed capacity fell below the 50% mark for the first time, marking a significant shift towards cleaner energy sources.

Solar Energy Dominance and Wind Capacity Expansion:

• Solar energy, encompassing both grid-scale and rooftop installations, continued to dominate India's renewable energy capacity addition, constituting approximately 81% (15 GW) of the total RE addition in FY24.

• Wind capacity addition nearly doubled, reaching 3.3 GW compared to 2.3 GW in FY23, signalling a substantial expansion in wind energy production.

• Additionally, nuclear capacity (1.4 GW) was added for the first time since FY17, diversifying India's energy mix further.

Record High Renewable Energy Auctions:

• In line with India's ambitious renewable energy targets, RE auctions reached a record high of approximately 41 GW of auctioned capacity in FY24, indicating significant investor interest and confidence in the sector's growth potential.

Policy Initiatives and Future Projections:

• The report highlights policy initiatives like PM Surya Ghar: Muft Bijli Yojana aimed at increasing rooftop solar installations in the residential segment, potentially adding 30 GW to India's renewable energy capacity.

• Amendments to the Electricity Rules of 2022 by the Ministry of Power are expected to enhance supply-side liquidity and promote competitive prices on power exchanges, fostering a conducive environment for renewable energy expansion.

Conclusion:

• India's remarkable strides in renewable energy generation underscore its commitment to sustainability and clean energy transition, with significant policy support and investments driving the sector's rapid growth and diversification.

Byju's NCLT Saga: Vendors' Claims Touch Rs 190 Crore:

Vendor Claims Against Byju's Before NCLT:

• Vendors' claims before the National Company Law Tribunal (NCLT) against Byju's have surged to Rs 190 crore, with Oppo, BCCI, Cogent E-Services, and Teleperformance among the claimants.

Disputes and Funding Impediments:

• Disputes with investors have hindered Byju's access to USD 200 million funds raised through rights issues, complicating the company's financial landscape.

Oppo's Fresh Claim and Total Amount Involved:

• Chinese handset maker Oppo has lodged a new claim of Rs 1 crore, contributing to the total claim amount of Rs 190 crore filed against Byju's before the NCLT.

Major Claimants and Disputed Claims:

• Indian Cricket Board BCCI leads with the largest claim of Rs 158.9 crore against Byju's, followed by Cogent E-Services and Teleperformance Business Services.

• All claims are currently under dispute, with actual dues expected to be less than the claimed amounts.

Investor Challenges and NCLT Proceedings:

• Investors, including Prosus, General Atlantic, Sofina, Peak XV, and others, have challenged Byju's management and the rights issue.

• The rights issue, closed in February, saw a significant decrease in valuation compared to its peak enterprise value, prompting investor dissatisfaction.

Future Hearing and Resolution:

• The next NCLT hearing on the matter is scheduled for June 6, where further deliberations on the disputed claims and investor challenges are expected to take place.

Briefs, You Can’t Miss:

1. Byju's Delays April Salaries for Sales Staff, Pays Others as Scheduled.

2. ADB Expresses Interest in Funding India's Space Sector, Says VP Bhargav Dasgupta.

3. Adani Ports and Special Economic Zone Handles 36.2 MMT Cargo Globally in April.

4. Bajaj Set to Launch First CNG-Powered Motorcycle on June 18, Reveals MD Rajiv Bajaj.

5. India's Fossil Fuel Capacity Grows by 2.44% in FY24; Non-fossil Fuel Capacity Rises by 11%: Government Data.

6. Raymond's Board Approves Demerger of Engineering Business for Aerospace, Defence, and EV Foray.

7. Swiss Military to Invest Rs 56.5 Crore in New Manufacturing Unit in Haryana.

8. Kuehne+Nagel India, Magenta Mobility Collaborate to Decarbonize Road Services.

9. Supreme Court Rejects PhonePe's Appeal in Trademark Dispute with DigiPe Fintech.

10. Air India Reduces Free Baggage Limit for Lowest-Fare Brackets to 15 kgs.

11. Adani Group Eyes Ports in the Philippines.

12. MSMEs Contribute 62% to Employment in India: McKinsey Global Institute.

World Briefs

• US Job Growth Slows in April; Unemployment Rate Rises to 3.9%.

• China Launches Historic Lunar Mission to the Moon's 'Darker Side'.

• Google Defends App Store, Countering Epic Games' Reform Bid.

• Microsoft Introduces Passkey Support for Consumer Accounts, Offering Alternatives to Passwords.

• Amazon & Google Suspend Green Card Applications Amid Layoffs.

• Nepal to Introduce New Rs 100 Currency Note Featuring Disputed Territories with India.

AI Briefs

• Allozymes Leverages Accelerated Enzymatics for Data and AI Ventures, Secures $15M Funding.

• Cloud Revenue Surges 21% to $76 Billion in Latest Earnings Cycle.

Company Of The Day

Company Name: BYJU’S

Founder: Byju Raveendran, Divya Gokulnath

Year Of Foundation: 2011

Headquarter: Bangalore, Karnataka, India

Industry: BYJU'S is an educational technology company that develops personalised learning programs for K-12 students.

Why Is It in the News?

Byju's, an Indian edtech company founded in 2011, is facing debt, investor dissatisfaction, legal challenges, financial investigations, staff layoffs, delayed payments, and questionable financial practices.