BUSINESS
I'm optimistic on 5G as penetration is still low: Apple CEO Tim Cook
The installed base of smartphones with 5G capabilities has crossed 5 crore (50 million) in the country, and 5G smartphone shipment share reached 29 per cent of overall shipments in the second quarter (Q2), which was the highest ever, according to Counterpoint Research. In an earnings call with analysts after posting robust June quarter results, Cook said 5G has been an accelerant.
Benchmark indices ends higher for 3rd straight day, Nifty above 17,100
At close, Sensex was up 712.46 points or 1.25 per cent at 57,570.25, and the Nifty 50 was up 228.65 points or 1.35 per cent at 17,158.25. A total of 2,084 shares have advanced, 1,238 shares declined, and 135 shares were unchanged. Tata Steel, Sun Pharma, Bajaj Finserve, IndusInd Bank were major gainers on the Sensex.
Rupee gains 51 paise to close at 79.25 against US dollar
"Rupee traded strong as dollar index witnessed weakness which pushed the dollar against rupee to low of 79.17 on Friday's trade as Fed's data-driven stance dragged the dollar lower at 106$... Crude price volatility kept gains somewhat limited in rupee as rupee rose from 80.00 to 79.25 in the week," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Swiggy adopts permanent work-from-anywhere policy
The decision was arrived at based on team needs and feedback from several managers and employees who vouched for the flexibility and increased productivity working from home has given them in the last two years, the company said in a statement. Under the new policy, the corporate, central business functions and technology teams will continue to work remotely and converge once every quarter at their base location for a week to promote in-person bonding.
PhonePe reaches amicable settlement with Affle Global to acquire OSLabs
PhonePe, AGPL Pte. Ltd. and OSLabs Pte. Ltd. have reached an amicable settlement in the matter, with PhonePe acquiring AGPL's entire stake at a premium. The closure of this deal allows PhonePe to pursue its stated vision of building a homegrown horizontal, local Appstore, while AGPL gets a premium on its original investment.
Ola may lay off 1,000 employees to ramp up EV plans
According to reports citing employee records, verticals like mobility, hyperlocal, fintech, and Ola's used car operations have included in the layoff process. However, according to sources close to the company, these layoffs may impact less than 500 employees and not 1,000, and "are a result of restructuring in the Cars and Dash businesses".
Nissan has shipped out one million 'Made in India' cars
The Nissan cars are made at Renault-Nissan Automotive India Private Ltd's (RNAIPL) plant near here. The company is a joint venture between Japan's Nissan and French automobile company Renault. Nissan Motor India has shipped its cars to about 108 countries since 2010. Nissan has transitioned its primary export market from Europe to the Middle East countries like Saudi Arabia, the UAE, Oman, Qatar, Bahrain and Kuwait.
Apple saw new doubling of revenues in India in Q2: Tim Cook
Speaking to analysts after posting a record June quarter, Cook said that the quarter recorded record revenue in developed and emerging markets "with double-digit growth in Brazil, Indonesia and Vietnam, and a new doubling of revenue in India."
Amazon stock up 14% despite 2nd consecutive quarterly loss
Net loss was $2 billion in the second quarter, compared with net income of $7.8 billion in the same period last year. The net loss in the second quarter (Q2) included a loss of $3.9 billion in non-operating expenses from Amazon's investment in Rivian Automotive, the Amazon said in a statement late on Thursday.
Google, Apple ban Battlegrounds Mobile India game in India following govt order
Battlegrounds Mobile India (BGMI) is the Indian version of PUBG Mobile, exclusively for players in the country developed and published by Krafton. The game was released on July 2, 2021 for Android devices, and on August 18, 2021, after the government had banned PUBG along with Chinese apps over national security concerns.
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