Business

India's smartphone exports are set to cross Rs 1.70 lakh crore in the current fiscal - up 31% from Rs 1.29 lakh crore in FY24. Nearly 70% of shipments are of iPhones. Products from Samsung and domestic contract manufacturer Padget Electronics (Dixon) and a small amount of merchandise exports make up the remaining 30%. According to industry sources, smartphone exports reached Rs 1.10 lakh crore in the April-November period, up 45% from the export figure of Rs 76,221 crore in the same period in FY24. In November, monthly exports were Rs 20,000 crore, the highest ever. Apple's iPhone vendor Foxconn, based in Tamil Nadu, made the biggest contribution to smartphone exports. The less than four-year-old iPhone factory is also India's largest in terms of employees across all sectors, with a...

NAVI MUMBAI: Onion prices, which have become a burden on consumers' pockets, have fallen sharply by about 50% in the last week. This is due to the arrival of new crop and the imposition of duty on export. Vegetable traders said that as more fresh stock reaches the market, prices will fall further. Wholesale prices at the Vashi APMC (Agricultural Produce Market Committee) market, which supplies the Mumbai Metropolitan Region, have come down from ₹45-50 per kg last week to ₹20-25 per kg on Friday. Traders said that prices in the retail market have come down from ₹80-90 per kg to ₹60-70 per kg. Ashok Karpe, a wholesale onion trader at the APMC market, said, "The new crop this winter is very good. It is reaching the market in large quantities mainly from Ahmednagar, Nashik, Sangamner an...

BASF India shares rose over 5% in early trade on December 20 after the board approved splitting its agriculture solutions business into a separate listed entity. The move is in line with German parent BASF SE's decision to separate the agriculture solutions business by 2027. The Indian entity said BASF SE is also preparing for a potential initial public offering (IPO) of its global agriculture solutions business, and is also evaluating the option of listing a 'minority share' in the mid-term. BASF India said it will assess the implications of the new strategy for its India business. The BASF India statement said it has "given its in-principle approval for the splitting of the company's agriculture solutions business into a separate listed legal entity. This will help provide operati...

Consulting major Accenture's higher guidance for the full year as well as the second quarter has led to a more than 7% rise in its share price in the US market in early trade, which also impacted ADRs of Indian IT majors Wipro and Infosys, which rose 2.3% and 3%, respectively, in early trade on the New York Stock Exchange on December 19. Currency market-related headwinds and concerns over government spending had dampened market expectations on revenue growth. However, the global IT major beat Wall Street estimates on the back of customer demand for AI-powered tools, as CEO Julie Sweet pointed to a 'strong start to FY25'. Accenture's GenAI business recorded new bookings of $1.2 billion during Q1FY25. According to LSEG data cited by Reuters, first quarter revenues came in at $17.7 bil...

New Delhi: Shares of Vishal Mega Mart Ltd on Wednesday jumped 41 per cent in early trade against the issue price of Rs 78. The stock listed on the BSE at Rs 110, up 41 per cent from the issue price. Later, it rose 42.24 per cent to Rs 110.95. On the NSE, it listed at Rs 104, up 33.33 per cent from the issue price. Vishal Mega Mart's market valuation stood at Rs 48,644.57 crore. Vishal Mega Mart's Rs 8,000 crore initial public offering was subscribed 27.28 times on the last day of bidding on Friday. The initial public offering (IPO) was priced at Rs 74-78 per share. The IPO of the Gurugram-based supermarket major was entirely an offer for sale (OFS) of shares by Samayat Services LLP, a subsidiary of promoter Kedaara Capital-led Samayat Services LLP, with no fresh issue of...