The research and development facility would reportedly focus on research, design, testing and providing support to third-party manufacturers
Published Date – 9 November 2024, 12:56 PM
File Photo
New Delhi: Firming up its India presence as Apple diversifies its vast supply chain and research outside of China, the iPhone maker has set up a new research and development subsidiary in the country.
The research and development facility would reportedly focus on research, design, testing and providing support to third-party manufacturers. The move to establish a R&D facility in India is significant as this will help the tech giant connect better with the local manufacturing ecosystem player, original equipment manufacturers (OEMs) and create India-specific products and solutions, according to industry players.
Apple currently have R&D facilities in the US, China, Germany and Israel. The company did not immediately comment on its India future plans regarding research and development. According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), just as China powered Apple’s growth in the past, India is poised to do the same over the next decade.
“Key to this growth is not just retail and marketing, but also robust R&D operations. By focusing on India-centric R&D, Apple can fuel the next wave of innovation, catering to the aspirations of Indian consumers and beyond,” Ram said. Apple is fast forwarding its manufacturing plans in India and Vietnam. Buoyed by the ease-of-doing business and friendly local manufacturing policies, Apple’s ‘Make in India’ iPhones are breaking all previous export records.
The company is set to open four more own-branded retail stores in India, according to its CEO Tim Cook. “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said Cook during the quarterly earnings call (Q4 fiscal year 2024).
“We can’t wait to bring four new stores to customers in India. We’re passionate about education and believe technology has a vital role to play in both helping teachers to inspire their students and students to learn about the world around them,” said Cook. The tech giant is on course to surpass the FY24 figures of exports from India, reaching over Rs 50,000 crore (more than $6 billion) in the first six months this fiscal (FY25), according to latest industry data.
The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). Apple assembled $14 billion of iPhones in India in last fiscal, exported more than $10 billion worth of devices.
Allots Rs 16,739 crore for Pawan Kalyan’s Panchayat Raj and Rural Development portfolio; opposition YSRCP boycotts session
Published Date – 11 November 2024, 01:27 PM
Andhra Pradesh Finance Minister Payyavula Keshav presenting the Budget in the State Assembly in Amaravati on Monday. Photo: IANS
Amaravati: The Andhra Pradesh government on Monday presented a Budget of Rs 2.94 lakh crore for the year 2024-25, with Finance Minister Payyavula Keshav asserting that it was aimed at “restarting the financial wheels of the State”.
Presenting the Budget in the Assembly, he said the estimated revenue deficit is around Rs 34,743.38 crore (2.12 per cent of the GSDP) and the fiscal deficit is estimated at around Rs 68,742.65 crore (4.19 per cent of the GSDP) for the financial year.
“The Budget proposals which I am presenting today (Monday) were made by keeping the State’s financial position in consideration and to revive the (State) financially by creating wealth. This is aimed at restarting the financial wheels of the State,” said Keshav.
The State government presented a Budget of Rs 2,94,427.25 crore for FY 25 with a revenue expenditure estimated at Rs 2,35,916.99 crore and capital expenditure at Rs 32,712.84 crore.
The Budget allotted Rs 16,739 crore for Panchayat Raj and Rural Development for FY25, a portfolio held by Deputy Chief Minister Pawan Kalyan.
A total of Rs 29,909 crore for school education and Rs 18,421 crore for healthcare and family welfare were allotted in the 2024-25 Budget.
Attacking the earlier YSRCP government, Kehsav said by the time the previous regime was out of power, the State’s financial position was on the verge of collapse.
Air India has announced that Vistara flights will switch to the ‘AI2′ flight code following the airlines’ merger. Post-merger, Singapore Airlines will hold a 25.1% stake in Tata Group-owned Air India. Vistara was originally established in 2015 as a joint venture with Singapore Airlines holding a 49% stake.
Published Date – 11 November 2024, 03:08 PM
New Delhi:Full-service airline Vistara will operate its last flights today as it will be merged with the Air India Group on Tuesday.
National carrier Air India has announced that flights operated by Vistara will start using the flight code ‘AI2′ after the merger of the two airlines.
After the merger, Singapore Airlines will have a 25.1 per cent stake in Tata Group-owned Air India. In 2015, Vistara was set up as a JV with Singapore Airlines’ 49 per cent stake.
Despite the integration on November 12, the Vistara experience will “remain the same”, said the Tata Group-owned airline. The merger involves Vistara, a joint venture between Tata Group and Singapore Airlines, and Air India.
Currently, Air India uses the airline code ‘AI’ while Vistara uses ‘UK.’ According to the company, both the airlines have been working hard for over a year to ensure that the merger of the legal and regulated entities is seamless for both customers and staff.
“Though the legal entities and Air Operator Certificates will become one on 12 November, the Vistara experience will remain. Vistara aircraft, crew and service will continue to operate as before, but with AI2XXX flight numbers bookable via airindia.com,” said an Air India spokesperson in a statement.
In parallel, Air India’s narrow-body fleet will continue to be upgraded with new aircraft being delivered, legacy aircraft being refitted with entirely new interiors and Vistara’s catering now also extended to Air India.
“We look forward to drawing upon the proud legacies and best practices of both airlines as we form a new airline group of which India can be proud,” the spokesperson added.
In July this year, Air India said it had completed harmonising operating procedures across key functions for the four Tata Group airlines as a crucial step towards the merger. Vistara, a joint venture between Tata Group (51 per cent) and Singapore Airlines (49 per cent), is being merged into Air India to create a single full-service carrier.
Singapore Airlines has stated that it will invest Rs 3,194.5 crore in Air India following the anticipated merger of Vistara with the Tata Group owned airline.
Vistara was set up in 2015 as a joint venture with Singapore Airlines holding a 49 per cent stake in the Indian carrier and the Tata Group owning a majority 51 per cent share. Singapore Airlines will own a 25.1 per cent stake in Air India
At the same time, Air India’s subsidiaries, AIX Connect (formerly Air Asia) and Air India Express, have merged to form a single low-budget airline.
On Tuesday, the Bitcoin price was hovering around $87,880 apiece; the price has surged about 30 per cent since the US election
Published Date – 12 November 2024, 10:01 AM
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New Delhi: World’s biggest cryptocurrency Bitcoin is heading towards $1,00,000 amid President-elect Donald Trump‘s pro-crypto stance and promise for clearer cryptocurrency regulations.
On Tuesday, the Bitcoin price was hovering around $87,880 apiece. Bitcoin price has surged about 30 per cent since the US election. According to Nigel Green of deVere Group, “Bitcoin could hit $100,000 by the end of January 2025 after Donald Trump takes office”.
The bullish prediction from Green comes after the cryptocurrency has experienced a staggering 93 per cent price rise year-to-date. “We expect that this is just the beginning, with the cryptocurrency set to break more records under an incoming Trump administration. President-elect’s crypto-friendly stance signals a transformative moment for Bitcoin and the broader digital asset market,” said Green.
Trump administration has a clear mandate to regulate crypto constructively, and his plan to elevate Bitcoin to a strategic asset class is a powerful endorsement. “This is the most significant tailwind we’ve seen for Bitcoin since its inception. With inflation concerns on the rise amid looming economic policy shifts, Bitcoin’s role as a hedge against eroding cash value is also gaining traction,” he mentioned.
While inflation pressures have eased with recent rate cuts globally, the Trump administration’s ambitious spending plans and potential tariffs could quickly reignite upward pressure on prices. This inflationary backdrop is encouraging investors to turn to Bitcoin as a safeguard against diminishing purchasing power, said the deVere Group CEO.
According to Raj Karkara, COO, ZebPay, as more investors turn to Bitcoin, we anticipate this momentum could continue. “This landmark moment demonstrates Bitcoin’s resilience and reinforces its appeal within the financial markets,” he added. Vishal Sacheendran, Head of Regional Markets at Binance, said that clearer rules and a friendlier stance towards crypto businesses has the potential to increase investor confidence, encouraging further innovation and mainstream adoption of virtual digital assets.
“It is also important to note that In a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” he said.
Vistara has now merged with Air India, creating an enlarged entity that is now the country’s largest international carrier and second-largest domestic carrier
Updated On – 12 November 2024, 11:34 AM
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New Delhi: After operating for nearly 10 years, full service carrier Vistara flew into the sunset on Tuesday early morning operating its last flight from the national capital to Singapore.
Vistara — a joint venture between Tatas and Singapore Airlines — has now merged with Air India, creating an enlarged entity that is now the country’s largest international carrier and second-largest domestic carrier.
UK115 flight from Delhi to Singapore was the last flight of Vistara with the code ‘UK’ while UK986 from Mumbai to Delhi was the carrier’s last domestic flight.
Starting a new chapter in India’s fast-growing civil aviation space, the merged entity operated its first flight with the code ‘AI2286’ from Doha to Mumbai.
In the domestic sector, the integrated entity’s first flight AI2984 took off from Mumbai to Delhi. All the four flights landed at their respective destinations early in the morning on Tuesday, according to information available on the flight tracking website Flightradar24.com.
According to an official, the two airlines have been merged, passengers are being issued Air India boarding passes and check-in counters of Vistara at airports have become that of Air India.
The code ‘AI2XXX’ is being used for Vistara flights that are being operated by Air India post the merger to help passengers identify the Vistara flight at the time of booking.
On Monday, an official said the integrated entity will be operating services on 103 domestic and 71 international routes. With the merger, first announced in November 2022, Singapore Airlines will have a 25.1 per cent stake in the integrated entity, which will operate more than 5,500 weekly flights on local and international routes.
A formal announcement about the merger is expected later in the day. Tata Group has led the consolidation wave in Indian aviation with two major mergers in less than two months — AIX Connect was integrated with Air India Express on October 1 and now the merger of Vistara with Air India.
Air India, Vistara and AIX Connect together had a domestic market share of little over 29 per cent in September, as per latest official data. Together, the Air India group has an operational fleet of 298 aircraft — around 208 with Air India and about 90 with Air India Express.
The completion of the much-awaited amalgamation, which was announced in November 2022, comes within six weeks of the integration of Air India Express and AIX Connect
Published Date – 12 November 2024, 05:18 PM
Ahmedabad: Employees wave at a Vistara plane on the last day of the airlines operation before its integration with Air India, in Ahmedabad, Monday, Nov 11, 2024. UK 986 was Vistaras last domestic flight that took off from Mumbai to Delhi while its last international flight, UK 115 took off from the national capital for Singapore, on Monday night.
New Delhi: Marking a significant consolidation in the fast-growing Indian aviation space, Air India on Tuesday completed the Vistara merger to create an integrated airline, partly owned by Singapore Airlines, that will be flying over 1,20,000 passengers daily and connect more than 90 destinations.
The completion of the much-awaited amalgamation, which was announced in November 2022, comes within six weeks of the integration of Air India Express and AIX Connect. The two mergers have created a full service carrier and a low-cost carrier of scale for the Tata Group, which is seeking to establish a “world class global aviation company with an Indian heart”. Earlier in the day, the nearly 10-year-old Vistara — a joint venture between Tatas and Singapore Airlines — flew into the sunset and its last flight was from Delhi to Singapore.
As part of the merger, Singapore Airlines (SIA) will invest an additional Rs 3,194.5 crore in the enlarged entity.
The enlarged Air India will operate over 5,600 weekly flights, connecting more than 90 domestic and international destinations with a fleet of 210 aircraft, according to an Air India release.
Also, the new entity will fly over 1,20,000 passengers every day and offers an extended worldwide connectivity to over 800 destinations through more than 75 codeshare and interline partners.
It is now the country’s largest international carrier and the second-largest domestic carrier.
“Post-merger, Air India Group operates a combined fleet of 300 aircraft covering 55 domestic and 48 international destinations, with 312 routes and 8,300 flights per week. The collective staff strength stands at over 30,000,” the release said.
While the Vistara flight code ‘UK’ has faded away, the airline’s flights will have the code starting with the prefix ‘AI2’ to help customers choose at the time of booking as Vistara was well regarded for its services whereas Air India, which is in the transformation phase, has been grappling with some service issues.
“The merger of Air India and Vistara completes the consolidation and restructuring phase of the Air India Group’s post-privatisation transformation journey, and is thus a significant milestone. Over the past two years, teams across the four airlines have worked closely together and with other stakeholders to ensure that the transition of people, assets, operations and, most importantly, customers, was as seamless as possible,” Air India Managing Director and Chief Executive Officer Campbell Wilson said.
The iconic ‘Maharaja’, once synonymous with Air India for a long time, will remain in a different form in the merged entity. Around 4.5 million Club Vistara frequent flyer accounts have been transferred to Air India’s flying returns programme, which has been renamed as ‘Maharaja Club’. Amongst many other aspects, Air India said more than 4,000 vendor contracts have been consolidated and 2,70,000 customer bookings migrated.
UK115 flight from Delhi to Singapore was the last flight of Vistara with the code ‘UK’ while UK986 from Mumbai to Delhi was the carrier’s last domestic flight.
Starting a new chapter, the merged entity operated its first flight with the code ‘AI2286’ from Doha to Mumbai. In the domestic sector, the integrated entity’s first flight AI2984 took off from Mumbai to Delhi. All the four flights landed at their respective destinations early in the morning on Tuesday.
The Air India-Vistara merger also marks the second major airline industry consolidation in the country after 2006-2007. Now, Air India is the lone full service Indian carrier.
In 2006-07, Indian Airlines merged with Air India and Air Sahara merged with Jet Airways. During the same period, Air Deccan was amalgamated with Kingfisher Airlines.
Air India, Vistara, and AIX Connect together had a domestic market share of little over 29 per cent in September, as per latest official data.
Singapore Airlines (SIA) said the merger has been completed and Air India will be an associated company of the airline, adding that it will invest an additional Rs 3,194.5 crore in the enlarged entity.
The airline intends to fund the cash amount for the additional capital injection by way of SIA Group’s internal cash resources.
“A lower additional capital injection amount, expected at about Rs 31,945 million (equivalent to approximately USD 498 million). The expected additional capital injection amount remains unchanged to date, based on the current targeted share allotment and issuance date of November 21, 2024.
“There will be no change to SIA’s equity interest of about 25.1 per cent in the enlarged AI, arising from the lower additional capital injection amount,” it said in a filing to the Singapore Stock Exchange.
Mentioning about the transformation journey, Air India said Vihaan.AI programme has seen commitment to more than 500 new aircraft and the commencement of a USD 400 million interior retrofit programme for legacy aircraft, among others.
Tatas has a long association with the airlines industry dating back to the 1930s. Jehangir Ratanji Dadabhoy (JRD) Tata founded an airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India and in 1953, Air India was nationalised.
On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE.
Published Date – 13 November 2024, 03:18 PM
New Delhi:Swiggy‘s much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the “crorepati” club, with the food delivery and quick commerce major’s listing poised to unlock Rs 9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.
Swiggy’s initial share sale had a price range of Rs 371-390 a share.
“The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs 390), 500 employees out of the 5,000 are set to become crorepatis,” a person in the know shared the details requesting anonymity.
On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE. Shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent on the bourse. The stock on the BSE was listed at Rs 412, a jump of 5.64 per cent from the issue price. Later, it surged 7.67 per cent to Rs 419.95. The company’s market valuation stood at Rs 89,549.08 crore during the early trade.
The Rs 11,327-crore initial public offer of Swiggy was fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.
The company’s IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.
During intra-day trading, the Sensex dropped by 530 points, or 0.67%, reaching 78,158, while the Nifty fell by 180 points, or 0.76%, to 23,702. The Sensex also hit an intra-day low of 77,959 during the session.
Published Date – 13 November 2024, 03:28 PM
Mumbai: Indian equity indices traded in deep red on Wednesday due to large selling in the heavyweights like Reliance Industries and HDFC Bank, among others.
Sensex was down 530 points or 0.67 per cent at 78,158 and Nifty was down 180 points or 0.76 per cent at 23,702 during the intra-day trading.
In the trading session, Sensex made an intra-day low of 77,959.
The market trend also remained negative. On the National Stock Exchange (NSE), 289 stocks were in the green and 2,163 stocks were in the red.
Due to heavy selling, the market capitalisation of all listed companies on the Bombay Stock Exchange (BSE) declined by over Rs 6 lakh crore to Rs 430 lakh crore. On Tuesday, it was Rs 436 lakh crore.
The biggest impact of the decline is being seen on small and medium stocks. The Nifty Midcap 100 index was down 1,158 points or 2.10 per cent at 54,099 and the Nifty Smallcap 100 index was down 426 points or 2.37 per cent at 17,566.
India VIX, an index showing volatility in the market, was up 4.73 per cent at 15.28.
Almost all NSE indices were trading in the red. Auto, IT, PSU banks, metal, realty, infra and PSE were major laggards.
Twenty-seven out of 30 Sensex stocks were in the red.
Tata Steel, M&M, JSW Steel, TCS, Nestle, Reliance Industries, Sun Pharma and Bajaj Finserv were the top losers. Only NTPC, Tata Motors and Titan were trading in the green.
Mandar Bhojane, research analyst at Choice Broking said that a bearish engulfing pattern formed on the daily chart, highlighting the increased influence of bearish sentiment.
“The immediate support level is situated at 23,650; if this level is breached, the index may slip further to 23,400. On the upside, resistance remains robust, with selling pressure expected around the 24,200-mark,” he mentioned.
This time, the company is exporting newly-launched iPhone 16 models from India, apart from the other popular models in its 15 and 14 series
Published Date – 14 November 2024, 11:22 AM
File Photo
New Delhi: In a new record, Apple has reached almost Rs 60,000 crore in iPhone exports from India in the first seven months during the current fiscal (FY25).
In the April-October period, the Cupertino-based tech giant exported iPhones worth almost Rs 60,000 crore (over $7 billion), at almost Rs 8,450 crore (nearly $1 billion) worth export each month in the ongoing financial year, according to industry data.
This time, the company is exporting newly-launched iPhone 16 models from India, apart from the other popular models in its 15 and 14 series.
Last fiscal (FY24), Apple exported iPhones worth over $10 billion and this fiscal, the tech giant has already achieved 70 per cent of that figure with five months to go — set for a new export record riding on the government’s ‘Make in India’ and production-linked incentive (PLI) schemes.
Apple manufactured/assembled $14 billion of iPhones in India last fiscal, exported more than $10 billion worth of devices. The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23.
Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). In the July-September period, the Tim Cook-led company clocked an all-time revenue record in India.
“We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record. This has been an extraordinary year of innovation at Apple,” said Cook. Apple has two retail stories in India — in New Delhi (Saket) and Mumbai (BKC).
“We can’t wait to bring four new stores to customers in India,” the Apple CEO announced. Meanwhile, Apple posted its largest-ever quarterly shipment in India with 4 million units in the third quarter (Q3) of 2024, according to an IDC report. Apple also emerged as the second largest player in the online channel, with iPhone 15 and iPhone 13 as the highest-shipped devices.
HMI Managing Director Unsoo Kim said in a conference call that the car major would be expanding production to meet the growing demand in the domestic market as well as the export market in Africa, the Middle East, Latin America and South Asia
Published Date – 14 November 2024, 11:33 AM
New Delhi: Hyundai Motor India (HMI), the country’s second largest carmaker, has drawn up ambitious expansion plans for making India a production hub that will also cater to the rising export demand for its vehicles in the emerging markets.
HMI Managing Director Unsoo Kim said in a conference call that the car major would be expanding production to meet the growing demand in the domestic market as well as the export market in Africa, the Middle East, Latin America and South Asia.
“We are seeing the domestic volume is increasing and the export market is also increasing. And then, we have a very suitable product lineup for emerging markets,” Kim said.
Kim said that a healthy mix of domestic and export volumes will enable the company to not only secure profitability but gain a natural hedge against market fluctuations.
Hyundai Motor India has recently expanded its production capacity by acquiring a new plant in Pune to cater to the growing demand. The addition brings Hyundai’s overall manufacturing capacity in India to 1.1 million units.
“We are developing our EV ecosystem in India. We are planning to launch four EV models, including the CRETA EV. And we are also localizing EV supply chains like the battery pack, driver train and the battery shell,” Kim said.
Hyundai claims to have recorded a robust 30 per cent growth in registrations, further strengthening its market position. Inventory levels now stand at under four weeks.
Hyundai is also poised to launch new models like the Alcazar facelift and the highly anticipated Creta EV to push sales and garner a bigger market share.
However, during the July-September quarter ,export volumes slowed due to the disruption in shipping caused by the attacks in the Red Sea region which are a fallout of the geopolitical crisis in the Middle East.
Hyundai Motor India listed in the stock markets last month following a $3.3-billion IPO that was the country’s largest-ever primary share sale. The issue was subscribed over 2.37 times.
The offer received bids for 23.63 crore shares as against 9.97 crore shares on offer. The Qualified Institutional Buyers (QIBs) category was subscribed 6.97 times. The Non Institutional Investors (NIIs) category was subscribed 0.60 times.
The Retail Individual Investors (RIIs) category was subscribed 0.50 times. The automaker’s share has slipped more than 10 per cent from its IPO price.
