Shutdowns & Strikes

🚒 Week's Recap: Blinkit Drivers on Strike & JioCinema Goes Premium

Good morning, It's time to grab a cup of chai and dive into this week’s news. From stikes to new stores, we've got you covered. So sit back, relax, and let's see what's been brewing in the scene this week.

In Today’s Mail:

  • Blinkit Drivers On Strike: Wage Cutdowns

  • Apple India: $7B Exports & New Stores

  • JioCinema’s Big Moves: Netflix of India?

Market Recap 🚀 

Stock data as of market close, cryptocurrency data as of 4 PM IST

Markets: The stock market closed higher for the 3rd consecutive week boosted by strong foreign inflows, positive global cues, and upbeat corporate earnings.

  • Divi's Labs gained as much as 9% today after its exports rose to $92 million in March vs around $55-60 million in the previous 11 months

  • Nifty IT lost the most (down 1.66%) followed by media and pharma among other sectors.

1. Blinkit Partners On Strike🛍️

What happened: Delivery partners of Blinkit in Delhi-NCR went on strike protesting against reduced income due to a new payout structure. Workers shut down over 100 Dark Stores around NCR.

Why it matters: Delivery partners will now be paid a minimum fee of Rs 15 per delivery, down from Rs 25 earlier. Also, riders will be paid a per km fee depending on which time of the day the delivery is being made.

  • In South Delhi, where the new system has been implemented, delivery workers will be paid in the range of Rs 10-14 per km.

The Big Picture: Changes to Blinkit’s payment structure come at a time when the quick commerce industry is seeing a slowdown in terms of new user addition amid a tough funding environment.

2. Apple 3x India production 🍎

What happened: Apple has tripled its iPhone production in India, with more than $7 billion worth of iPhones assembled during FY2022-23.

  • Move comes as Apple aims to reduce its reliance on China and expand to other countries. It now manufactures almost 7% of its iPhones in India.

The big picture: With the expansion of production in India, Apple is seeking to tap into the country's fast-growing smartphone market and benefit from Prime Minister Narendra Modi's recent incentives to boost local manufacturing.

  • Also, the opening of two flagship stores in Mumbai and Delhi is part of Apple's broader strategy to increase its retail presence in India and further expand its reach in the region.

Bulletin News

  • Indian Credit Card Spending Hits High in March, Crossing Rs 1.37 Trillion

  • India's Forex Reserves Rise By $6.30 Billion To $584.75 Billion

  • India's Petroleum Consumption Hits Record High, Surges 10.2% YoY

  • L&T Pays $9.93 Million to US Department to Settle Visa Fraud Allegations

  • India surpassed $10 billion worth of smartphone exports in the FY23

Follow @TroisBrief for Daily News Updates

3. JioCinema Going Premium🍿

What happened: Jio Cinema plans to deploy Rs. 2,000 Cr in more than 100 films and TV series to its platform, building on the popularity of the IPL Season.

  • Jio Cinema drew more than 1.47 billion views during the opening weekend of the IPL and had 22 million viewers for a match on Wednesday.

The big picture: Jio plans to become the Netflix of India by introducing paid content for some of its premium offerings by May 1st. Users will have to subscribe to a yearly plan to access the content.

  • This move comes while global giants such as Netflix and Hotstar have been facing a tough time in India.

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🌏World This Week

More than 11,000 participants perform the Bihu dance, a traditional folk dance in Guwahati, India, on April 13, 2023

  • Relaunch of HBO Max: Warner Bros. Discovery, announced that it will launch a streaming service called ‘Max’. The service will combine content from HBO Max, Discovery Plus, and other Warner Bros. Discovery brands.

  • Lucid Motor Low Demand: The electric vehicle maker backed by Saudi Arabia’s sovereign fund, reported that it delivered only 1,300 vehicles in Q1, well below analysts’ expectations. The company blamed supply chain challenges and lower demand for its disappointing performance.

  • Dubai Orders KPMG to Pay $231M: The award is one of the largest ever against an accounting firm and exceeds KPMG’s revenues. KPMG plans to appeal and blames Abraaj’s senior management for misleading.

  • No ChatGPT 5 for You: Sam Altman confirmed that OpenAI is not training GPT-5, the next generation of its language model that can generate realistic texts. He said OpenAI is still working on other things on top of GPT-4 that have safety issues, such as connecting it to the internet.

  • Angry Birds sold for $1 billion to Sega: Sega is reportedly nearing a deal to acquire the company behind Angry Birds, Rovio Entertainment, for a cool $1 billion. Reported by Verge.

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