Business

New Delhi, Feb 26 (IANS) The success of realme's 12 Pro series 5G, unveiled earlier this year, is undisputed and has significantly boosted the brand's reputation as its top-tier release for the year. The smartphones have been met with an exceptional reception, selling a remarkable 150,000 units during its first sale period. Adding to the accolades, just last week, the realme 12 Pro+ was crowned as the 'No. 1 Camera Smartphone' in its category on Flipkart.

The scope of realme's innovative efforts goes much further than just introducing new designs and features; the brand strives to continuously improve on its existing ones too. realme is consistently striving to excel in camera technology within the mid-premium segment. It transitioned from a dual-camera setup to a quad-camera arrangement, then elevated to a 64MP quad-camera system.

This progression reached its peak with the introduction of the realme 11 Pro+ 5G, equipped with a groundbreaking 200MP camera. This move has set new standards in mid-range photography, underscoring the brand's commitment to pushing the envelope.

The realme 12 Pro+ 5G, with its state-of-the-art Sony features, is transforming the photography and videography landscape for a younger demographic. It's equipped with an OV64B sensor that supports 3X optical zoom and 6X in-sensor zoom, and it includes the industry's largest periscope telephoto lens.

This integration signifies a substantial leap in premium photography by making sophisticated features readily available. Additionally, the realme 12 Pro+ houses a 32MP Sony selfie camera with an IMX615 sensor, delivering sharp selfies with a broad view and improved skin tones.

realme's success is built on its commitment to innovation, as seen in the 12 Pro Series 5G. This series shows realme's dedication to offering high-quality products that provide great value. Unique features like designs inspired by luxury watches and top-notch periscope telescopic lenses show realme's focus on a superior user experience.

The evolution of the realme number series brings new features, stylish design collaborations, and strong hardware. These elements, along with high-end features like a high-refresh-rate display and efficient charging technology, improve the user experience and make the series more competitive.

There's been a rise in demand for feature-packed yet affordable devices in the Indian smartphone market, leading to quick growth of the mid-premium segment. This segment offers customers great value, providing a premium feel and performance at a lower price than flagship alternatives. realme has successfully tapped into this trend, making impressive progress in the industry by creating products and experiences that connect deeply with its users.

realme continuously upgrades each new model with top-notch processors, advanced camera features, and better display capabilities. Even with rising prices in the smartphone market, realme maintains its commitment to high-quality user experiences and improved designs, which justifies its pricing.

By concentrating on offering premium products that provide value and understanding what its target customers need and prefer, realme is in a strong position to lead the mid-range market and reshape the smartphone scene in India.

--IANS

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Seoul, Feb 26 (IANS) The combined overseas production of Hyundai Motor and Kia, including in India, surpassed 3.68 million units in 2023, setting the biggest offshore output since the outbreak of the Covid-19 pandemic, data showed on Monday.

According to data from the Korea Automobile Manufacturers Association, Hyundai Motor and Kia, South Korea's leading automakers, produced 3,678,831 finished vehicles at 13 overseas production bases last year., reports Yonhap news agency.

Hyundai produced 2,243,069 vehicles in eight countries -- the United States, India, China, Turkey, Czech Republic, Brazil, Indonesia and Singapore -- and Kia produced 1,435,762 vehicles in the U.S., China, Slovakia, Mexico and India.

Last year's combined output represents a 2.9 percent increase compared with 2022. It also marked their biggest tally in four years since 2019 before the onset of the pandemic.

Per nation, vehicles produced from India amounted to 1.08 million units, followed by those from the U.S., China and Slovakia, with 727,000 units, 394,249 units and 352,240 units, respectively.

Within an overall growth trajectory in production, the consistent production decline in China stood out. The combined output of the companies in China amounted to 1.83 million units in 2016.

Russia stood out as well, as Hyundai, which has operated a production base in Saint Petersburg, did not produce a single vehicle in the country last year.

Hyundai had consistently produced over 200,000 units annually in Russia from 2012 to 2022. However, production sharply declined to around 40,000 units in 2022 and has remained suspended since the outbreak of the Ukrainian War.

For the first time, the company last year produced 595 vehicles in Singapore, where it opened the Hyundai Motor Group Innovation Center Singapore.

--IANS

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New Delhi, Feb 9 (IANS) Small and mid-cap indices slumped on Friday in a broad based selling while the bluechip Sensex was flat.

PSU stocks were also down across the board as the broader market showed most of the sectoral indices were down.

BSE small-cap Index was down 2.6 per cent in trade. MSTC was down 15 per cent, AstraZeneca Pharma was down 14 per cent, Surya Roshni was down 10 per cent, RVNL was down 9 per cent, Bector Foods was down 9 per cent, BEML was down 8 per cent, Onmobile Global was down 10 per cent.

BSE mid-cap Index was also down 2.43 per cent with PFC down 10 per cent, GIC Re down 8 per cent, NHPC down 7 per cent, REC down 7 per cent, Ramco Cement down 7 per cent, SJVN down 7 per cent, UCO Bank 6 per cent, IOB down 6 per cent, IRFC down 5 per cent, HPCL down 5 per cent, Patanjali down 5 per cent.

PSU stocks are down heavily with the index down by more than 4 per cent. MTNL is down 8 per cent, KIOCL is down 9 per cent, NBCC is down 8 per cent, SCI is down 8 per cent, Railtel is down 7 per cent, Hindustan Copper is down 7 per cent, IOC is down 7 per cent, Nalco is down 6 per cent, Hudco is down 6 per cent.

V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said when valuations are high the bears will use any negative news to push the market down. The slightly negative news, from the market perspective, came Thursday in the slightly hawkish comments of the RBI Governor.

The good news that the economy is doing better-than-expected and a GDP growth projection of 7 per cent and CPI inflation of 4.5 per cent for FY 25 was ignored. The selling was aggravated with FIIs, too, running with the bears. There is a significant build up in the short position of FIIs. This normally happens along with the rise in the US 10-year bond yields which is now at 4.15 per cent, said Vijayakumar.

FII selling and bear onslaught are unlikely to take the market down significantly. There will be strong buying on dips. The sustained flows into mutual funds which are gathering momentum will enable the DIIs to buy aggressively, he said.

(Sanjeev Sharma can be reached at Sanjeev.s@ians.in)

--IANS

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San Francisco, Feb 9 (IANS) US-based car-sharing company Getaround, which helps vehicle owners rent out their cars, trucks and SUVs to other peers, has announced to lay off 30 per cent of its workforce as part of a restructuring.

In a message to employees, Getaround founder and CEO Sam Zaid said that the decision to lay off workers is part of the company's plan to better meet the global nature of the carsharing business.

“Our focus on profitability and sustainable business growth necessitated this difficult workforce reduction program,” Zaid said in a statement.

"We’ve made significant progress over the past year, including steady improvements in revenue growth and unit economics, as well as in overall adjusted EBITDA profile and operating efficiency," he added.

The latest job cuts will affect the company’s North American staff, effective immediately.

The company anticipates that this cost-reduction program will result in savings of approximately $7 million on an annualised run-rate basis. It also expects to incur up to $1 million in restructuring costs in connection with the workforce reductions.

"While we believe this restructuring plan is the right decision for the business, it does not diminish the challenge of letting talented colleagues go, or the gratitude we have for the dedication and professionalism of the team," Zaid said.

The affected will receive up to 12 weeks of severance, full benefits through the end of February 2024 along with pay for three months.

In February last year, Getaround laid off about 10 per cent of its workforce with immediate effect as part of a restructuring, with an aim to put the company on the path to "sustainable profitability and long-term growth".

--IANS

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Mumbai, Feb 8 (IANS) Black Box Limited has announced the unaudited financial results for the quarter and nine months ended 31st December 2023.

EBITDA for the quarter grew by 62 per cent YoY to Rs. 116 crores while Profit after tax for Q3FY24 stood at Rs 41 crore.

It said that revenue for Q3FY24 witnessed a growth of 5 per cent QoQ and was muted on a YoY basis. For 9MFY24 revenue grew by 4 per cent YoY

The strategy to focus on large revenue customers is yielding results and the pipeline continues to remain robust with some hold up in decision making, leading to delay in getting new orders.

It said that the EBITDA margins increased by a robust 270 bps YoY at 7.0 per cent for Q3FY24 and by 260 bps YoY at 6.4 per cent for 9MFY24.

It said that the emphasis on cost rationalisation and enhanced productivity has begun to generate positive outcomes, leading to an increase in the EBITDA margins.

It said that profit after tax for Q3FY24 increased by 5.2x YoY to Rs. 41 Crs and grew by 28 per cent on a QoQ basis and for 9MFY24 profit after tax increased to Rs 97 Crs as compared to Rs 1 cr in 9MFY23.

It said that the operating performance has resulted in better profitability despite higher interest costs.

Commenting on the results and performance Sanjeev Verma, Whole Time Director, Black Box said: “We are delighted by our achievements in Q3 and 9MFY24. Our EBITDA margins and overall profitability both on a QoQ and YoY basis has increased substantially due to our emphasis on cost rationalisation and enhanced productivity. Strong order book coupled with deal wins in excess of

$50Mn during the quarter, makes us confident in our resilient business model. As each of our business segments gathers momentum, it reinforces our confidence in delivering improved performance in the upcoming quarters.”

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented: “Revenue for Q3FY24 witnessed a growth of 5 per cent QoQ and was muted on a YoY basis. For 9MFY24 revenue grew by 4 per cent YoY. Our strong focus on profitability over the last few quarters has started yielding positive results as evidenced by our profit after tax surging 5.2 times YoY in Q3FY24.

“Further, we are optimistic, this trend to continue both in terms of margin enhancement and overall profitability, boosting our confidence in achieving strong performance in fiscal year 2024 and onwards.”

--IANS

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New Delhi, Feb 9 (IANS) realme started 2024 on a strong note, having emerged as among India's top five smartphone brands for 2023. The brand even went on to clinch the fourth spot overall for Q4, capping off a successful year.

This success is further underscored by the brand's other significant milestones in 2023: celebrating its fifth anniversary and surpassing 200 million global shipments, underscoring its remarkable growth trajectory.

In addition to the above, realme also secured the third position in India's online smartphone market, both overall and for devices priced between Rs 10,000-Rs 20,000 in 2023. Furthermore, in December, the brand claimed the second spot on Amazon for smartphones within the same price range and held the third position by shipment on Flipkart.

As per a report by Canalys, realme shipped a total of 17.4 million units in 2023, with a record 4.5 million units in Q4 alone, marking its highest offline shipment share in that quarter. The brand maintained a balanced channel contribution, with the narzo series being driven by ecommerce, while the rest of the portfolio continued to dominate offline channels.

Over time, realme has carved a niche in the Indian smartphone market by offering devices that align with Indian sensibilities, combining high-quality features and competitive pricing. This success has led to a strategic shift for realme, transitioning from an "opportunity-oriented" to a "brand-oriented" approach as it charts its next five-year journey.

Since inception, realme's core aim has been to deliver powerful performance and innovative design, ensuring a superior experience for young global consumers. Through continuous engagement and feedback over the past five years, realme has refined its brand and product offerings to meet the evolving needs of its youthful audience.

Committed to becoming a tech pioneer that truly understands the needs of young users, realme has transitioned from a trend-centric strategy to a more inclusive approach. This shift aims to expand its reach rather than alter its direction, enabling connections with more young users across various global markets.

realme's primary goal is to morph into a tech brand that deeply resonates with young consumers. A testament to this progress is realme's achievement of securing the fifth position in India's smartphone market for devices priced between Rs 20,000-Rs 30,000, both in Q4 2023 and throughout the year, said the company.

realme has strategically positioned its growth factors to leverage the expected revival of the Indian smartphone market in 2024. The rapid adoption of 5G technology and the growing demand for value-focused offerings are seen as key drivers of this resurgence. Despite global economic fluctuations and inflationary trends, Indian consumers are actively pursuing enhanced value in smartphone purchases, indicating a strong inclination towards premiumization.

Having ranked among the top five smartphone brands in 18 countries across three major regions, realme is now setting its sights on further elevating its position in the Indian market for 2024, targeting a sales increase of 10 per cent as part of this ambitious goal.

The brand said it plans to achieve this goal through an increased commitment to research and development investment, intending to roll out innovative technologies that align with the tastes of the younger generation. This emphasis on innovation is anticipated to fuel realme's ongoing growth and success within the Indian market.

--IANS

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New Delhi, Dec 25 (IANS) The revenue collected by Bitcoin miners as transaction fees averaged about $2 million per day in 2023, registering a whopping 400 per cent increase year-on-year.

The Bitcoin miners earned more than $10 billion in 2023, according to Jameson Lopp, co-founder of Bitcoin self-custody platform Casa.

“Bitcoin miners earned over $10 billion in 2023, a significant addition to the $57 billion total over the past 15 years. This number assumes they instantly sell for fiat, which is most certainly not the case,” he posted on X.

As reported by crypto.news, Bitcoin miners earned more than $44 million in block rewards even as mining difficulty increased by 3.55 per cent to an all-time high.

Messari, a leading provider of crypto market intelligence products, posted that BTC miners attracted significant venture capital investment in November.

“This past month in crypto fundraising was led by BTC miners, with Northern Data and Phoenix Group raising $600 million and $370 million, respectively.

“Those deals aside, the rest of the crypto venture market did $750 million in volume on 98 deals,” Messari wrote on X.

The developments have led market watchers to make predictions regarding Bitcoin’s price in 2024, with some claiming it could go as high as $160,000.

Bitcoin saw 160 per cent growth this year, adding nearly $530 billion to its market capitalisation.

According to an analysis by BanklessTimes.com, the Solana digital coin market has spiralled by 627 per cent since January 2023, a new yearly high for any cryptocurrency.

--IANS

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Hong Kong, Dec 24 (IANS) China’s PC (desktops, notebooks and workstations) market is likely to see a decline of 18 per cent in 2023 and a modest 4 per cent growth next year, according to a new report.

The growth is expected to materialise in Q2 2024 and beyond, benefiting from the further recovery of the commercial sector, driven by significant IT investments from large enterprises in strategic industries, according to a Canalys report.

In Q3 2023, the PC market in Mainland China gradually recovered, with shipments experiencing a 16 per cent year-on-year decline but undergoing a promising 15 per cent sequential increase to reach 11 million units.

In contrast, the tablet market sustained positive momentum, recording a 16 per cent year-on-year growth to 7.4 million units.

“IT investment from enterprises is only improving marginally alongside the overall Chinese economy recovery, while SMBs still face many operational challenges,” said Emma Xu, analyst at Canalys.

In Q3 2023, Lenovo maintained its top position despite a 15 per cent year-on-year decline in the PC shipments.

HP took the second position with an 11 per cent market share as the vendor strengthened its commercial product portfolio offerings with its acquisition of Poly.

Huawei increased its market share despite a 5 per cent unit drop year-on-year. Dell and Asus secured the fourth and fifth positions, respectively, though both encountered a substantial 36 per cent year-on-year decline.

In the tablet market, Canalys anticipates a 5 per cent growth for the full year 2023, reaching 28 million units before it stabilises in 2024.

Apple and Huawei maintained their dominance in CHina’s tablet market, with Apple's market share contracting to 31 per cent from 38 per cent.

--IANS

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Seoul, Dec 24 (IANS) South Korea's exports of eco-friendly vehicles surged 32.5 percent on-year to a record high during the first 11 months of this year on solid global demand for electric vehicles (EVs), data showed on Sunday.

The export volume of eco-friendly automobiles came to 662,307 units during the January-November period, compared with 499,854 units a year earlier, according to the data by the Korea Automobile and Mobility Association.

The number for the entire 2023 is expected to surpass 700,000 for the first time ever, officials said, reports Yonhap news agency.

Last year, the export volume of eco-friendly cars reached a record high of 554,000, and the value also hit an all-time high of $1.61 million.

This year's sales growth was driven by the popularity of EVs and hybrid models.

Of the total eco-friendly vehicles sold this year, 316,654 were EVs, followed by 283,685 units of hybrid models and plug-in hybrid cars with 61,694.

Sales of EVs surged 65.7 percent on-year, and hybrid cars saw a 6.5 percent export increase in 2023.

But the country exported 274 units of hydrogen electric vehicles, down 30.8 percent on-year, the data showed.

"The EV industry is a promising sector, but a growing number of countries have been reducing or eliminating subsidies to buyers of South Korean and other foreign brands," an industry official said, stressing the need for countermeasures.

--IANS

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The order that came late on Tuesday has stopped Cruise’s robotaxi operations in San Francisco just months after receiving the last necessary permit to commercialise its operations.

The order of suspension said that Cruise allegedly withheld video footage from an ongoing investigation.

“The DMV has provided Cruise with the steps needed to apply to reinstate its suspended permits, which the DMV will not approve until the company has fulfilled the requirements to the department’s satisfaction. This decision does not impact the company’s permit for testing with a safety driver,” the DMV said in a statement.

"When there is an unreasonable risk to public safety, the DMV can immediately suspend or revoke permits. There is no set time for a suspension,” it added.

The DMV officials met Cruise representatives earlier this month, reports TechCrunch.

On October 2, an incident left a pedestrian, who had initially been hit by a human-driven car, stuck under a Cruise robotaxi.

“During the meeting, the department was shown video footage of the accident captured by the autonomous vehicle’s (AV’s) onboard cameras. The video footage present to the department ended with the AV’s initial stop following the hard-braking maneuver,” the order stated.

“Footage of the subsequent movement of the AV to perform a pullover maneuver was not shown to the department and Cruise did not disclose that any additional movement of the vehicle had occurred after the initial stop of the vehicle,” it added.

The DMV order stated that Cruise’s omission hinders the ability of the department to effectively and timely evaluate the safe operation of the company’s vehicles and puts the safety of the public at risk.

Cruise, however, said it shared the entire video with the DMV.

A Cruise spokesperson said the company will be pausing operations of its driverless AVs in San Francisco.

“Ultimately, we develop and deploy autonomous vehicles in an effort to save lives. In the incident being reviewed by the DMV, a human hit and run driver tragically struck and propelled the pedestrian into the path of the AV. The AV braked aggressively before impact and because it detected a collision, it attempted to pull over to avoid further safety issues,” said the company.

“When the AV tried to pull over, it continued before coming to a final stop, pulling the pedestrian forward. Our thoughts continue to be with the victim as we hope for a rapid and complete recovery,” Cruise added.

Shortly after the incident, “our team proactively shared information with the California DMV, CPUC, and NHTSA, including the full video”.

The suspension came less than three months after Cruise, and competitor Waymo, received the final permit required to offer commercial robotaxi services across San Francisco 24/7.

--IANS

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