Business

New Delhi, Dec 3 (IANS) Alphabet and Google CEO Sundar Pichai has once again reiterated that India is an integral part of him and he was fortunate to grow up in a family in the country that cherished learning and knowledge.

"India is a part of me. I carry it with me wherever I go. I was fortunate to grow up in a family that cherished learning and knowledge, with parents who sacrificed a lot to make sure I had opportunities to explore my interests," Pichai said in a blog post late on Friday.

He expressed his thoughts after receiving the Padma Bhushan, India's highest civilian honour, from India's Ambassador to the US, Taranjit Singh Sandhu, in San Francisco.

Pichai, who was born in Madurai and grew up in Chennai, in 2021 also said that India is deeply rooted in him and a big part of who he is.

In an earlier interview with the BBC, he said that "I'm an American citizen but India is deeply within me. So it's a big part of who I am".

During his earlier visit to India, he had admitted he used to bunk classes during his engineering days at IIT Kharagpur.

Pichai completed B.Tech in metallurgical engineering from IIT Kharagpur in 1993.

Pichai's mother, Lakshmi, was a stenographer and his father, Regunatha Pichai, was an electrical engineer at GEC, the British conglomerate.

His father also had a manufacturing plant that produced electrical components.

Pichai completed schooling in Jawahar Vidyalaya Senior Secondary School in Ashok Nagar, Chennai and completed the Class 12 from Vana Vani school at IIT Madras.

Moving to the US, he attained an MS from Stanford University in materials science and engineering and further attained an MBA from the Wharton School of the University of Pennsylvania.

Pichai was selected to become the next CEO of Google on August 10, 2015. He was appointed to the Alphabet Board of Directors in 2017.

In December 2019, Google's co-founders Larry Page and Sergey Brin stepped down and Pichai also took over as parent company Alphabet's CEO.

--IANS
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New Delhi, Dec 2 (IANS) Xiaomi's Redmi Note series has clocked over 7 crore customers since its arrival 8 years ago, setting new benchmarks in the smartphone industry, especially in India, said the company. Over the last 8 years, it has transformed the Indian smartphone landscape by bringing in the latest innovations that have set outstanding industry standards, benchmarks and expectations among consumers.

Redmi launched the first Note back in 2014 with Redmi Note 4G and was one of the first brands to hand over the most affordable 4G smartphone in the hands of consumers. "Since then, the design and technology have moved on and with every Note, the series has not only evolved but grown big," the company said in a statement.

"Xiaomi, with each new Redmi Note series, has focused on bringing upgrades that are truly a game changer in the segment. The most disruptive technology introduced in the Note series over the last 8 years is the camera," said Anuj Sharma, Chief Marketing Officer, Xiaomi India.

"It was the first one to introduce 48MP in the budget segment and 64MP in the market, evolving to 108MP in the mid-premium segment which was the leading MP count then," he added.

"Redmi Note 6 Pro was the first Note phone from Xiaomi to come with a notched display. With the Redmi Note 10 series, the company introduced an all-new EVOL design language that brings a radical change in the overall design of Redmi devices with a focus on functionality and durability," said the company. Redmi was the first brand to introduce an AMOLED display on a budget with the Redmi Note 10 series, to further enhance the consumer experience, and address the rising content consumption on smartphones.

With performance at the center, Redmi has spearheaded technology innovations and was one of the first brands to bring access to 4G and 5G technology. Back then, 4G smartphones in a similar range to Redmi Note cost a premium (more than Rs 20,000) but Redmi Note 4G was affordably priced at Rs 9,000. "With 5G expected roll-out, Redmi was one of the first brands to introduce this technology to the masses and make it available to consumers much before the final implementation," said the company.

The true measure of success is the feedback that the company has received from its loving Fan community and the impact it has created on their lives. Starting with the first device launched in the range, Redmi Note 4 Series to the Redmi Note 11 Series now, fans and users have appreciated the top-of-the-line features and specifications, which have further helped scale newer heights in the market, according to the company. Consistent hardware and software upgrades have made it the most reliable choice. With some of the upgrades, the Redmi Note series was the first product to receive a MIUI update.

In addition to establishing the Redmi Note series as the most popular smartphone series, the brand has ensured its aftersales service accessibility by becoming 'India's Widest Smartphone Service Network'. This has helped consumers connect with Redmi India across 19500+ Pin Codes with a 2000+ Service Center Network.

In the past 8 years, it garnered close to 38,00,000+ ratings on its partner platforms, with the average rating being a consistent 4.5/5. As per a recent CMR 'Insights on the Go' Survey for October 2022, Redmi emerged as India's top ‘Quality Smartphone Brand' in Rs 7,000-Rs 35,000 segments.

--IANS
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Islamabad, Dec 2 (IANS) The State Bank of Pakistan (SBP) announced that its foreign exchange reserves have decreased by $327 million.

During the week ending on November 25, the total foreign exchange reserves of the Pakistani central bank fell to around $7.49 billion, the SBP said in a statement on Thursday evening.

The decrease was "due to external debt repayment", Xinhua news agency quoted the statement as saying.

Net foreign reserves held by commercial banks came at $5.87 billion, the central bank said.

Total liquid foreign reserves held by the South Asian country stood at about $13.37 billion, according to the SBP.

--IANS
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Washington, Dec 2 (IANS) Apple CEO Tim Cook has ignored questions on violent protests in China which have hampered iPhone production at its key suppliers' factories in the country.

Fox Business asked Cook several questions as he arrived on Capitol Hill in Washington, DC, to meet lawmakers late on Thursday.

Cook refused to comment on whether he supported the Chinese people's right to protest and his thoughts on the factory workers beaten by authorities.

The Apple CEO also remained silent on whether he stood by his company's business dealings with the Chinese Communist Party.

Cook was in Washington to meet with Republican leaders this week, as the House Judiciary Committee will look into antitrust issues related to the App Store.

The AirDrop feature allows users to share content between Apple devices. The tool was used widely during Hong Kong's 2019 pro-democracy protests.

Earlier this month, an update to Apple iOS included an additional AirDrop feature applying only to iPhones sold in mainland China.

Under the update, iPhones can now only set their AirDrop to receive messages from "everyone" for 10 minutes before switching off.

The other settings allow for file-sharing between "contacts only" or "receiving off."

Amid Covid-related protests in China, Apple is facing growing iPhone shortages.

According to reports, the company has seen $165 billion in market value erosion since last week on concerns of weak holiday sales.

Apple's iPhone 14 Pro models' shipments may reportedly drop by 20 million in the fourth quarter (Q4).

According to Apple analyst Ming-Chi Kuo, the shipments of iPhone 14 Pro and iPhone 14 Pro Max models will be between 15 million and 20 million units lower than expected.

Last week, workers at Apple's largest supplier Foxconn's factory in China clashed with the security forces and company officials amid protests over late bonus payments during Covid lockdowns.

--IANS
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San Francisco, Dec 2 (IANS) Tesla CEO Elon Musk on Friday launched the long delayed electric Semi trucks during a virtual event.

Tesla claims that its Semi trucks have thrice "the power of any diesel truck on the road, with the efficiency to go 500 miles" and engineers have tested the vehicles in a "variety of harsh conditions to maximize reliability and durability".

"Semi has a tri-motor system & carbon-sleeved rotors just like Plaid. One unit for efficiency, two acceleration units for torque," Tesla said in a tweet.

Musk said that the company's team completed an 800-km drive with a Semi truck "weighing in at 81,000 lbs!" in a single charge.

The new electric trucks are designed like a bullet for more efficiency and give a better driver experience by providing max road visibility, space to stand up, two 15-inch touch screens, wireless phone charging, and much more.

"It looks sick," Musk said at the event.

"You want to drive that. I mean, that thing looks like it came from the future," he added.

He later described Semi as a "beast".

In the launch event, Musk also highlighted Semi trucks wrapped in Pepsi and Frito Lay logos.

The truck's concept was first unveiled in 2017 and was supposed to go into production in 2019. But was delayed for multiple reasons, such as the Covid-19 pandemic and a global parts shortage.

Last month, Tesla had started the production of the Semi that would first reach Pepsi facilities.

Pepsi had ordered 100 Semi trucks in December 2017, a month after it was announced.

It costs $20,000 to reserve a Tesla Semi Truck.

--IANS
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Bhubaneswar, Dec 1 (IANS) The JSW Group is committed to invest Rs 1 lakh crore in Odisha in various sectors, including for a mega greenfield steel plant project in Paradip, said its Chairman Sajjan Jindal here on Thursday.

Speaking at the 'Make in Odisha' conclave, Jindal said, "Before Covid, for nearly four years, we had committed to invest Rs 60,000 crore in Odisha, of which Rs 30,000 crore has already been invested and projects worth another Rs 30,000 crore is underway. Today we make a commitment to invest another Rs 1 lakh crore in the state in various sectors."

The company will invest the money in building a mega greenfield steel plant project in Paradip, and a silicon metal plant which will be used for making solar panels, renewable energy and many other areas, he said. A

Jindal suggested the state government to improve the infrastructure as the only the government can invest in it.

Odisha is destined to become a trillion-dollar economy in the near future and will emerge as the gateway to east and southeast Asia, said Odisha Chief Minister Naveen Patnaik while addressing the conclave.

Patnaik said Odisha is a progressive state with clear focus on transformation in all sectors. Stable governance is the cornerstone of peace, prosperity and progress, he said.

"We have an unprecedented mandate from the electorate due to our continued performance over the last two decades. Our citizen-centric governance model has set global benchmarks. Initiatives like 'Mo Sarkar' and '5T' charter give dignity and respect to our people," said Patnaik.

He said the state government's inclusive development agenda emphasises on education, health, skill development, agriculture, women's empowerment, tribal development and so on.

The state has been able to reduce poverty by 50 per cent, while doubling the farmers' income over the last two decades, he said.

The fiscal prudence and economic management has also been appreciated across the country. Odisha is one of the few states with adequate revenues to undertake large-scale infrastructure projects, he pointed out.

"Our investor-friendly initiatives and transformatory governance has put us on a journey of progress and prosperity. I invite each one of you to come join us on this journey. I assure you that our government will run the extra mile to make you comfortable in our state," the CM told the industrialists.

State's new industrial policy, which was launched on Thursday, provides support and incentives, which are beyond the best in the country, he said, adding that the state has launched new policies in the sectors of tourism, renewable energy, apparel and textile, food processing, exports and so on.

L.N. Mittal, Executive Chairman, Arcelor Mittal; Naveen Jindal, Chairman, JSPL; T.V. Narendran, CEO & MD, Tata Steel; and Anil Agarwal, Chairman, Vedanta Resources Limited, also addressed the conclave that will conclude on December 4.

--IANS
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San Francisco, Nov 22 (IANS) Twitter CEO Elon Musk on Tuesday said that the micro-blogging platform has added 1.6 million daily active users in the last week.

He tweeted: "Twitter added 1.6M daily active users this past week, another all-time high."

Popular YouTube content creator Jimmy Donaldson aka MrBeast commented on Musk's post, "I wonder what YouTube's daily actives is".

"Let's see what happens when Twitter offers good video with higher compensation for creators," Musk replied.

Several users expressed their thoughts on Musk's post, a user commented, "and it's revenue is at an all-time low", while another asked, "any sense for how many are bots?"

Recently, Twitter CEO had said that the company would work on speeding up the upload time on the micro-blogging platform, in which videos will be given top priority.

Twitter account, "Tesla Owners Silicon Valley", which is an official Tesla recognised club, on Monday tweeted in which it asked Musk "to make Twitter live video better".

--IANS
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New Delhi, Nov 20 (IANS) India may record a growth in the range of 6.5 per cent to 7.1 per cent during the current financial year 2022-23 mainly due to rising inflation and expectations of a global slowdown, Deloitte India said in a report.

Deloitte expects "India to post a 6.5-7.1 per cent growth during 2022-23 and 5.5-6.1 per cent the following year contingent on the revival of the global economy and improving economic fundamentals."

India's gross domestic product (GDP) grew by 8.7 per cent in 2021-22.

"The seemingly unending saga of global economic uncertainties has begun to negatively impact India's main drivers of growth. So volatile is the current economic environment that if one is looking for certainties from the recent data releases, it is unlikely that a consistent outlook will emerge," Deloitte further said.

Constantly rising inflation, which has remained above RBI's tolerance limit of 6 per cent for the past 10 months has been a concern for the Government, despite the central bank raising repo rate four times in the last six months.

In addition to this, the dollar has constantly been rising while in contrast the rupee has threatened to touch new lows, leading to costlier imports.

The current geopolitical situation has also added to the overall economic gloom and analysts have said that there are chances of recession hitting a few advanced nations.

--IANS
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San Francisco, Nov 20 (IANS) Apple iPhone supplier Foxconn has paused its hiring because of four-day quarantine space shortage.

The company requires 1,00,000 new workers to get back to full capacity, but due to a shortage of quarantine space, it has frozen the hiring, reports AppleInsider.

A Covid-19 outbreak at Foxconn caused a large departure of workers, thus the iPhone supplier has started hiring heavily to resume normal production.

Lockdowns and other restrictions have caused problems for the company, which has impacted shipping times for the iPhone 14.

There is no more room for the four-day quarantine that each new employee must undergo before joining the workforce, the report said.

In October this year, a report claimed that Apple supply chain was facing its next set of problems in China as panicked workers at the Foxconn factory in Zhengzhou city were leaving amid fresh Covid scare.

Fearing Covid lockdowns, workers were seen fleeing the factory on foot and walking in fields and on highways as public transport was suspended as part of Covid-19 controls.

--IANS
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By Arun Kejriwal
The current financial year 2022-23 has seen the banking sector produce some unexpected results. The recapitalisation of many PSU banks has seen them returning to profitability and performing exceedingly well. This has led to the markets rewarding their performance and their market capitalisation rising significantly. The PSU or public sector pack has fared significantly better than the private banks.


Looking at the table in the article one can see that the benchmark indices saw a small decline in the first quarter of 22-23 with BSESENSEX losing 9.48 per cent and NIFTY down 9.65 per cent against BANK NIFTY losing less at 8.11 per cent. In the second quarter of 22-23, BANK NIFTY gained 15.58 per cent against BSESENSEX gaining 8.31 per cent and NIFTY gaining 8.33 per cent. Since October 1 in the 45-day period, the BSESENSEX gained 7.38 per cent while NIFTY gained 7.10 per cent. Against this, the Bank NIFTY gained 9.85 per cent. Clearly the BANK NIFTY has outperformed the benchmark indices in each of the three periods.

For the period April 1 till November 18, the BSESENSEX gained 5.28 per cent with NIFTY gaining 4.83 per cent. BANK NIFTY gained a staggering 16.67 per cent.

Let us look at some of the leaders and the laggards in the banking pack. The top performer was Karur Vysya Bank which gained 121.27 per cent in the period April to November with the share price moving from Rs 46.30 to Rs 102.45. This was followed by Union Bank of India which rose from Rs 38.75 to Rs 73.85, a gain of 90.58 per cent. The third in the ranking was Indian Bank which gained 78.35 per cent, rising from Rs 153.80 to Rs 274.30.

The laggards were led by newly listed bank Tamilnad Mercantile Bank Limited which gained 6.72 per cent from its price of Rs 478.50 to close at Rs 510.50. If one were to look at the issue price, shares were issued at Rs 510, which effectively means that the share gained Rs 0.50 since listing which happened on September 15.

This was followed by HDFC Bank gaining 9.80 per cent, RBL 10.76 per cent and Kotak Mahindra Bank 11.62 per cent.

If one were to look at the total performance, one bank gained more than 100 per cent, 2 banks gained between 75-100 per cent, 2 banks gained between 50 and 75 per cent, seven banks gained between 25 and 50 per cent, seven banks gained between 10-25 per cent and 2 banks gained less than 10 per cent.

The top gainer Karur Vysya Bank has increased its profitability significantly and the share trades at a PE of slightly higher than double digit and a P/B of just about 1.08. The second performer Union Bank saw a spurt in profits. The share is trading at a PE which is still in single digits at around 8.51 and the P/B of 0.68 times.

Compare this with a HDFC Bank which has a PE multiple of 22.36 and the P/B of 3.54. Similarly, Kotak Bank trades at a PE multiple of 40 times and a P/B of 5.05 times.

Looking at the data from the table it is very clear that the PSU banks have stolen the show and have done very well. The restructuring and capitalisation by the government has helped in putting these banks back on track. As the country continues to grow with the economy back on track, expect these banks to continue to perform.

--IANS
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