💸 Gensol’s ₹400 Cr Glam Scam

Happy Friday Junior, everyone!

We're inching toward the weekend faster than a Swiggy rider during IPL halftime, but the headlines? Still hotter than April afternoons. From luxury scams in Gurgaon to Game of Thrones-level battles in tech and finance, today’s masala has enough drama to fill a K-drama binge. Sip on — we’ve brewed a strong one today. ☕

☕ Chai Shots

• 💰 Gold Glitters Like a 2000s Bollywood Set: Domestic gold prices have soared by ₹18,000 per 10g in 2025 alone, jumping nearly 23% thanks to a cocktail of trade turmoil, central bank hoarding, a weakening dollar, and fears of recession. ETFs are pulling in heavy inflows while investors scramble for safe havens amid rising global uncertainty.

• 🚫 BluSmart Goes MIA: India's all-electric cab player BluSmart has mysteriously vanished from app stores and airports just as SEBI probes its sister company Gensol for fund misappropriation. With riders locked out and wallets frozen, trust in EV-based mobility just hit a speed bump. More in the Big Brew!

• 🏥 Ayushman Bharat Cards for Delhi's 70+ Club: Starting April-end, all Delhiites aged 70 and above—regardless of income—will get ₹5 lakh health coverage under Ayushman Bharat. The Delhi government is also rolling out 1,139 new Arogya Mandirs to bring better healthcare right to local neighborhoods.

• ⚖️ SC Cracks Down on Big Cash Deals: The Supreme Court has ruled that any property transaction involving ₹2 lakh or more in cash must be reported to the Income Tax Department—by courts and sub-registrars alike. It’s part of a larger crackdown on black money, with Section 269ST of the Income Tax Act now getting serious enforcement muscle.

📈 Market Masala

• 📊 Markets Climb for Third Straight Day: Nifty and Sensex extended their winning streak, with Nifty nearing 23,450 and Sensex closing at 77,044. Financials, especially private banks like IndusInd and Axis, led the rally, while the broader market stayed buoyant. Oil & gas and PSU banks also chipped in with solid gains.

• 📉 Rupee Rises, Global Tensions Simmer: The rupee appreciated for the third straight session as foreign inflows continued and global crude prices remained steady. But with Trump’s tariff tantrums making global investors jittery, markets may face some crosswinds.

• 💳 ICICI Cuts Savings Rates: ICICI Bank joined HDFC and Axis in slashing savings account interest by 25 bps. With depositors shifting to high-interest term deposits, banks are bracing for a new rate cycle.

• 🏢 DLF Exits Kolkata with ₹693 Cr Deal: After two decades in the east, DLF is selling its Rajarhat SEZ to Srijan Realty, wrapping up its presence in Kolkata to double down on core high-growth markets.

• ✈️ SpiceJet’s Flying High Again: CMD Ajay Singh says the airline is back in revival mode, with plans to double its fleet in the next 12 months. Ten grounded planes have already returned to service, and more leased aircraft are incoming. They're even eyeing Boeing delivery delays in China as an opportunity.

• 🔔 Reminder: Indian stock markets will be closed Friday, April 18, for Good Friday. Plan your trades and tea accordingly. ☕📉

🌎 Global Masala

• ⚡ Tesla’s Speed Bump: Tesla’s California registrations plunged 15%, raising red flags about aging products, a weaker Model Y refresh, and Musk’s polarizing politics. Meanwhile, rivals like BYD are gaining ground.

• 🔥 Travelers Stays Profitable Amidst Wildfire Wreckage: Despite a $2.3 billion hit from LA wildfires, the insurer posted solid Q1 profits, powered by robust underwriting margins. But rising climate risks and regulatory hurdles remain hot topics.

• 🌐 WTO Slashes Trade Forecast: Global trade is expected to shrink by 0.2% in 2025—down from 2.7% earlier—thanks to tariff crossfire and policy instability. North America could see a 12.6% export plunge, while Asia holds up better.

🍵 The Big Brew: Gensol’s House of Cards Collapses

The Jaggi brothers were once India’s green energy poster boys. Today? They're the centre of a massive financial scandal that’s got SEBI, investors, and even real estate circles buzzing.

🚨 What Happened?

• 💸 Gensol raised ₹975 crore to buy electric vehicles—but only spent ₹568 crore as intended. The rest took a detour through shell companies and ended up funding personal luxuries.

• 🏠 A lavish apartment in DLF Camellias, booked by the promoters' mother and bought through a related firm, was one of several eyebrow-raising purchases.

• 🏌️‍♂️ Funds also paid for a ₹26 lakh golf set, ₹66 lakh in Dubai currency, watches, luxury interiors, MakeMyTrip bills, and even investment in Ashneer Grover’s startup.

• 📝 Gensol tried to cover it all up using fake letters from lenders like IREDA and PFC to fool SEBI and credit rating agencies.

📉 Fallout?

• 📉 Gensol’s shares hit an all-time low at ₹122, with bulk deals flying and investor trust in freefall.

• 🚫 SEBI stopped a planned stock split and has ordered a forensic audit into Gensol and its related companies.

🤯 What Does This Mean?

The EV sector in India is booming, but this scandal reminds us that even shiny new industries need old-school ethics. Gensol’s meltdown isn’t just about misused money—it’s about misused trust.

🚀 Startup Scoop

• 🕹️ JetSynthesys Levels Up: With Krafton, NAFA PE, and Serum Institute backing its next growth phase, JetSynthesys is betting big on game development, publishing, and scaling its footprint across India, Japan, the US, and beyond.

• 📦 Porter’s $100M Logistics Haul: Porter is raising serious capital led by Wellington Management. A mix of primary and secondary sales could bump its valuation to $1.4 billion, cementing its spot in the logistics unicorn club.

• 🧠 CleverTap Acquires rehook.ai: The YC-backed startup will enhance CleverTap’s ability to run personalized promos across user segments with real-time behavioral insights. Think smarter discounts, better retention.

• 💎 Jewelbox Bags $3.2M: With lab-grown diamonds gaining popularity, Jewelbox is growing from 8 to 30 stores, offering eco-friendly bling to a value-conscious audience that still wants sparkle.

• 🥤 Rio Innobev Gets Fizzier with ₹10 Cr: Known for its vitamin-C packed bubbly fruit drinks and youthful energy beverages, Rio Innobev plans to expand from 35,000 to 1L retail outlets in the next three years.

• 🍳 Wonderchef Plans IPO at ₹1,800 Cr Valuation: Celebrity chef Sanjeev Kapoor’s kitchen brand is prepping for the public markets with a valuation goal of $200 million. Time to cook up some returns?

🎮 Chai Break Trivia

🎮 Did you know: Ludo King, the game that kept millions hooked during the lockdown, was developed by India’s own Gametion Technologies?

It became the first Indian-made game to cross 500 million downloads globally — making it the digital antakshari of our generation!

☕ What’s Brewing Next?

• 🏏 Mastercard is offering Dhoni’s iconic #7 jersey with new CSK co-branded credit cards. Cricket + credit = peak IPL vibes.

That’s a wrap on your Thursday pour! Whether you’re sipping chai or watching your portfolio tumble faster than Gensol’s stock, remember: there’s always more spice in tomorrow’s headlines. Until then, stay caffeinated and curious! ☕💥