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Tata close to taking over iPhone plant to grow Apple supply role

Tata close to taking over iPhone plant to grow Apple supply role

Apple Inc.’s iPhones are mainly assembled by Taiwanese manufacturing giants like Wistron and Foxconn Technology Group. Tata’s deal would advance India’s efforts to create local contenders to challenge China’s dominance in electronics.

Tata Group is close to taking over a major plant in southern India in a deal that would give the country its first homegrown iPhone maker. The airline-to-software conglomerate has been in talks with the factory’s owner, Taiwan’s Wistron Corp., for months, and is looking to complete the purchase by the end of March, according to two people familiar with the process. The two firms discussed various potential tie ups but talks have now centered on Tata taking a majority of a joint venture, the people said. Tata is set to oversee the main manufacturing operation, with support from Wistron, the people said, asking not to be named because the plans aren’t public.

Apple Inc.’s iPhones are mainly assembled by Taiwanese manufacturing giants like Wistron and Foxconn Technology Group. Tata’s deal would advance India’s efforts to create local contenders to challenge China’s dominance in electronics, which has been jeopardized by political tensions with the US and Covid-related hurdles. The Indian conglomerate aims to complete a due diligence process by March 31 so that its Tata Electronics arm can formally take over Wistron’s position in a program that gives it government incentives, one of the people said. The next cycle of incentives will begin from April 1, which marks the start of India’s financial year.

The acquisition could value Wistron’s only iPhone manufacturing operation in India at more than $600 million if the Taiwanese company meets the requirements to receive the expected incentives for the current financial year, one of the people said. A Tata representative declined to comment. Wistron and Apple didn’t respond to requests for comment.

Wistron is one of three Taiwanese iPhone manufacturers in India, along with Foxconn and Pegatron Corp. It has sought to diversify its business beyond thin-margin iPhone manufacturing into areas such as servers, agreeing to sell its iPhone production business in China to a competitor in 2020. Yet even as Wistron plans to exit iPhone-making in India, its Taiwanese peers are expanding their iPhone production lines. Apple, the world’s most profitable smartphone maker, is seeking to reduce its dependence on China, where pandemic-related supply chain snarls and draconian restrictions have wrought havoc on device production.

Wistron’s 2.2 million square-foot factory is located just over 30 miles (50 kilometers) east of Bangalore. If the acquisition goes through, Tata will take over all its eight iPhone lines, as well as the plant’s 10,000 workers, including a couple thousand engineers. Wistron would continue as a service partner for iPhones in India. Tata has taken other steps to increase its business with Apple. It has accelerated hiring in its factory in Hosur, near Bangalore, where it produces iPhone components. That plant stands on several hundred acres of land where Tata could add iPhone manufacturing lines in the coming years. Tata has also announced that it will launch 100 Apple stores in the country of 1.4 billion, the first of which is set to open in Mumbai this quarter.

The 150-year-old Tata Group makes everything from branded salt and Tetley Tea to steel and Jaguar cars, and runs an airline and Starbucks cafés in the country. Its Tata Consultancy Services Ltd. is Asia’s largest IT outsourcing company and one of India’s most valuable by market capitalization. In the past couple of years, Chairman Natarajan Chandrasekaran has accelerated efforts to make the conglomerate more tech-centric with a slew of e-commerce initiatives and a new super-app called Tata Neu. The group is also set to enter chipmaking, Chandrasekaran said last year.

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DMart slumps nearly 5 per cent on profit miss, margin drop

DMart slumps nearly 5 per cent on profit miss, margin drop

DMart, which faces intense competition from Reliance Industries Ltd and is known for discounts on everything from pulses to clothes, has seen inflation-weary consumers tighten spending on non-essential purchases.

Shares of Avenue Supermarts Ltd , which operates the DMart retail chain, fell 4.7% on Monday after the company’s fourth-quarter profit missed estimates and core profit margin contracted as consumers curbed discretionary spending. DMart, which faces intense competition from Reliance Industries Ltd and is known for discounts on everything from pulses to clothes, has seen inflation-weary consumers tighten spending on non-essential purchases.

Shares of the company slumped the most in more than a month and have dropped 9.6% so far this year, as of last close. The retailer said in a regulatory filing on Saturday its earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell to 7.3% in the quarter from 8.4% in the year-ago period.

“Lower consumer spending in General Merchandise and Apparel continues and has impacted the margin mix downward,” CEO Neville Noronha said in a statement. DMart’s General Merchandise and Apparel segment, which sells products including toys, crockery and garments, accounts for around 23% of the company’s revenue.

Stubborn inflation has delayed a complete recovery in the category from a COVID-induced downturn, analysts said. DMart’s profit rose nearly 8% to 4.60 billion rupees year-on-year, but missed analysts’ estimate of 5.21 billion rupees, according to Refinitiv IBES data, as expenses climbed 22% to 100.02 billion rupees. India’s retail market is dominated mostly by unorganized stores, but organized retail is gaining market share and e-commerce is accelerating.

Bernstein estimates Reliance Retail, the retail arm of Reliance, has expanded market share from 1.8% in fiscal 2018 to around 2.5%-3% in fiscal 2023, and is 2.5 times the combined size of the DMart, Titan, and Aditya Birla Fashion and Retail. DMart’s revenue grew 20.6% to 105.94 billion rupees in the reported quarter.

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Petrol and Diesel Rate Today, 12 May: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today, 12 May: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Petrol and diesel prices were constant on Friday, 12 May across New Delhi, Kolkata, Mumbai, and Bengaluru. Petrol rates and diesel rates have been steady over the last eleven months. However, individual cities see fluctuations in their prices everyday. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

The Punjab government decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre will be slapped on petrol and diesel.

Oil prices regained some ground in early Asian trade on Friday with traders engaged in short-covering ahead of the weekend, but uncertainties regarding the U.S. debt ceiling and renewed fears over a U.S. regional banking crisis capped gains. Brent crude futures rose by 36 cents, or 0.5%, to $75.34 a barrel by 0051 GMT. U.S. crude futures gained 41 cents, or 0.6%, to $71.28. They recovered from losses of about 3%-4% over the past two sessions.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

  • Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre
  • Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre
  • Chennai: Petrol rate: Rs 102.73 per litre, Diesel rate: Rs 94.33 per litre
  • Gurugram: Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litre
  • Kolkata: Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre
  • Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre
  • Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre
  • New Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre
  • Noida: Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

    Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day. Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down.

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Crude oil prices climb on positive US fuel demand data

Crude oil prices climb on positive US fuel demand data

Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world’s top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09.

A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. However, investors remained cautious as rising global interest rates continued to drive recessionary fears.

“Brent crude prices have managed to regain some footing lately from previous oversold technical conditions, but progress has somewhat stalled with unresolved (global) banking jitters putting sentiment in check,” said Yeap Jun Rong, a market strategist at IG. Ongoing downside risks to global growth conditions could squeeze prices into a range moving forward, with the need for a more concrete catalyst for another push higher, said Yeap.

The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Meanwhile, U.S. gasoline inventories fell by 3.2 million barrels last week, more much more than the 1.2 million barrel draw forecast by analysts, the latest data from the U.S. Energy Information Administration showed.

Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019. Still the uncertain economic backdrop clouds prospects going forward, said analysts at ANZ. “While U.S. inflation eased more than expected in April, there are fears the impact of recent rate hikes is only now surfacing in the U.S. economy,” the ANZ analysts said, adding bearish sentiment continues to permeate commodities markets amid lacking signs of stronger demand.

Meanwhile, investors are also eyeing detailed talks on raising the U.S. government’s $31.4 trillion debt ceiling that kicked off on Wednesday, with Republicans continuing to insist on spending cuts. The standoff has rattled investors, sending the cost of insuring exposure to U.S. government debt to record highs, as Wall Street grows more concerned about the risk of an unprecedented default.

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Gold Price Today, 9 May: Gold to be range-bound; investors eye US CPI for rate hike clues

Gold Price Today, 9 May: Gold to be range-bound; investors eye US CPI for rate hike clues

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up 0.12%. On Multi Commodity Exchange, gold June futures were trading at Rs 61,061 per 10 grams, up Rs 134 or 0.22%. Silver May futures were trading higher by Rs 95 at Rs 77,174 per kg on MCX.

Globally, the yellow metal prices flitted in a narrow range on Tuesday ahead of U.S. inflation data, which investors will scrutinize for clues on the Federal Reserve’s policy path, according to Reuters. Spot gold was up 0.3% at $2,027.08 per ounce, as of 0520 GMT. Prices traded in a tight range of about $8. U.S. gold futures were unchanged at $2,033.90.

Gold prices to trade higher

“Post ending the previous week on a higher note, gold price continued the momentum in the new week, as the metal inched 0.24 percent higher and ended at $2021.4 per ounce. Gold gained strength on Monday, reclaiming some ground after a loss the previous day and ahead of inflation data this week that could provide indications on the outlook for US interest rates.

“According to last Friday’s payrolls data, US job creation quickened in April, indicating ongoing labor market resilience. We expect gold to trade higher towards 61,410 levels, a break of which could prompt the price to move higher to 61,810 levels,” said Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One.

Gold prices to fluctuate within narrow range
“Gold rate edged higher with spot gold at Comex was trading up by 0.12% at $2023 per ounce in the morning trade. In the previous session, gold price rose around 0.22% and silver price gained amid a weaker dollar and to pare some of Friday’s losses as traders wound back bets that the Federal Reserve would cut rates later this year. However further upside capped investors looking for more US macro data. Investors’ focus will be on US consumer inflation data for April, due on Wednesday, which could offer a clearer picture of whether the Fed’s interest rate increases are cooling inflation or not.

“We expect gold prices and silver rate should fluctuate within a narrow range before US consumer inflation data. Comex spot gold likely trades in the range of $2005 to $2035 per ounce. Comex spot gold having support at $2005/$1995 per ounce and resistance at $2035/$2050 per ounce. MCX Gold June future having supports at Rs 60,700/60,580 per 10 gram and resistances at Rs 61,300/61,540 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

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