Good morning. Welcome to your daily Earlybird digest — your go-to source for what’s what in business, tech, and startups, in India and beyond.

In this edition:

• 🚗 Higher-end Hondas are coming

• 🤌 Adani says ‘bring it’ with the fraud claims

• 🌤️ Tata locks horns with Reliance on solar incentives bid

MARKETS

*Stock data as of market close. Source.

Markets: So the “breather” yesterday was a bit of a blip. Nifty’s been dealt another blow today and may drop to 17,000 if the correction continues.

AUTO

Honda India’s business strategy shifts to premium models

🚗 Honda is set to focus on premium models to grow its business in India, according to a recent statement by Honda India’s CEO and President, Takuya Tsumura. With a shift towards premium offerings, Honda aims to improve profitability and expand its presence in the country with an onward focus on cars priced at Rs 10 lakh and above.

The company's decision is timed alongside a significant transformation in India's automotive industry, with customers showing a growing preference for premium and high-end vehicles.

Apart from price

• In keeping with its strategy of emphasizing high-end models in the nation, the Honda also intends to introduce a new line of imported offerings into the mix.

• Honda is also planning to phase out its diesel line, opting for gas and hybrid configurations.

🛣️ The road ahead. Honda's premiumization strategy is a reflection of the changing dynamics of the Indian automotive market and the company's commitment to delivering on an elevated promise to the country.

SUITS

Top court probes Adani business group

👨‍⚖️ India's Supreme Court has ordered an investigation into the Adani business group, one of India's largest conglomerates. The investigation will look into regulatory failures and any indication of market manipulation following allegations lobbied by Hindenburg Research.

Adani’s response. The Adani Group has refuted the accusations in a 413 page reply, denying any misconduct and acknowledging the court order in a Thursday tweet.

The order. The top court further ordered the government-run Securities and Exchange Board of India to look into any possible rule violations or stock price manipulation by the Adani Group.

Impact on Adani Group

The investigation into the Adani group could have far-reaching implications for the company and its operations. The allegations of fraud and environmental damage could damage the company's reputation and lead to a loss of investor confidence.

The Adani group has denied the allegations against it and has said that it will cooperate fully with the investigation.

ENERGY

Tata and Reliance reach for the sun

🌤️ Two of the country’s largest conglomerates, Reliance and Tata, are competing for India's $2.4 billion solar incentives program, which aims to boost the country's renewable energy capacity. The program is part of India's efforts to reduce its carbon footprint and increase its reliance on clean energy sources.

🥊Tale of the take. Both companies have significant experience in the renewable energy sector, with Reliance having invested heavily in renewable power projects, and Tata having built India's largest floating solar power plant.

What’s the goal? The government is providing incentives to increase the nation's capacity for producing modules to up to 90 gigawatts, which would be sufficient to meet domestic demand and supply export markets.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 📱The Indian tech industry is set to hit a major milestone with an estimated revenue growth of $245 billion in FY2023, according to the National Association of Software and Service Companies (NASSCOM)

• 🔨 India's manufacturing sector is still strong, but kinda slower. According to a recent survey, the Purchasing Managers' Index (PMI) for manufacturing in India fell to 55.3 in February, down from 57.7 in January.

• ⛽️ The demand for fuel in India is still riding high, with sales continuing to surge in February. According to the latest data from the Petroleum Planning and Analysis Cell (PPAC), consumption of petroleum products increased by 6.8% YoY last month.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• NoBroker, an Indian proptech startup, just scored a sweet deal by raising an additional Rs 40 crore in a Series E funding round from Google

• Nexus Venture Partners, a venture capital firm, has closed its largest ever fund at a whopping $700M bent on Indian and UN startups.

• Simple Viral Games has leveled up with a Rs 4 crore raise from a funding round led by WEH Ventures and PointOne Capital, among other investors.

• What's Up Wellness made a splash in the Indian startup world by netting Rs 60 lakh from the judges of Shark Tank India.

WORLD

Headline Explorer

💧Google pumps out new cooling tech to save water. Google is putting the "cool" in sustainability with its development of a new climate-conscious cooling technology that's set to save water and reduce the environmental impact of its data centers.

⚡️China overtakes US in the race for key emerging tech. A think tank security study found that China has taken the lead over the US in the global competition for key emerging technologies in areas of defense, aeronautics, energy, and biotech.

🏷️Oppo is calling the AirTag bet with its own pocket tracker. Oppo has introduced a new AirTag rival, the "Zero Power Tag," that uses low-power Bluetooth to help users keep track of their belongings.

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