Apple's iPhone production in India has surged by 60% to $22 billion, now accounting for one in five iPhones globally. This shift, driven by geopolitical tensions and supply chain vulnerabilities, positions India as a key export hub. Foxconn is expanding its manufacturing footprint in Uttar Pradesh, signaling a long-term commitment to India's growing industrial ecosystem.
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India must reduce high tariffs to stay competitive and attract investment amidst the US-China trade war, says outgoing US Ambassador Eric Garcetti. Although American companies see potential in India's market, they find it easier to operate in Southeast Asia and Mexico. Strengthening US-India relations, especially in defense and technology, remains crucial despite some challenges.
NACDAC Infrastructure's Rs 10 crore IPO received a record-breaking Rs 14,386 crore in bids, achieving a 1,976 times oversubscription. Retail investors and high-net-worth individuals showed particularly strong interest. The Ghaziabad-based construction company secured funding from two anchor investors ahead of the IPO, aiming to utilize the proceeds for working capital and general corporate purposes.
In Q2 FY25, the microfinance industry contracted, with delinquency rates increasing to 4.3%, driven by defaults in loans overdue by 30 to 180 days. The industry's portfolio decreased, and measures were discussed to advocate a credit guarantee scheme, operational funds for Northeast India, and improvements in financial practices, governance, and cybersecurity.
US stocks opened higher, signaling market stabilization amidst trade tension volatility. Bond yields slightly decreased, and the dollar steadied after a recent slide. Bank stocks led gains, with Bank of America and Citigroup exceeding earnings expectations. However, Boeing shares dropped following reports of China halting aircraft deliveries, reflecting ongoing trade war concerns.
Finance Minister Nirmala Sitharaman is set to present the first full Union Budget of the Modi 3.0 government on February 1, 2025. This will be her eighth consecutive budget, bringing her closer to Morarji Desai's record of ten. The budget aims to stimulate economic growth and provide relief to the middle class.
Infosys reported an 11.46% rise in net profit to Rs 6,806 crore for the December quarter FY25, driven by growth in financial services and manufacturing. Revenue growth boosts its FY25 guidance to 4.5-5%. The company added 5,591 employees, planning to hire over 15,000 more this fiscal.
Stock market holiday today: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) are closed for trading today, April 10. Regular trading sessions, operating from 9:15 a.m. to 3:30 p.m. IST, will continue on Friday, April 11.
The Union Budget 2025 is poised to announce a 20% increase in capital expenditure to stimulate economic growth and reduce the fiscal deficit to 4.4% of GDP for FY26. EY anticipates measures to boost domestic demand and personal disposable incomes, ensuring India's adherence to its long-term growth objectives.
India is rapidly embracing artificial intelligence, with 65% of Indians using AI, compared to the global average of 31%. Millennials, particularly those aged 25-44, are leading this trend. AI is primarily used for translations, answering questions, workplace efficiency, and school assistance. However, concerns about deepfakes, scams, and online abuse persist, especially for children under 18.
Ola Electric Mobility Ltd. opened 3,200 new stores in a single day, expanding its footprint to 4,000 showrooms and service centers across India. This move seeks to address customer service issues and regain market share amidst intense competition and regulatory scrutiny. The expansion prepares for upcoming vehicle launches.