As the company stepped up production of its devices in India, the number of iPhones exported from India went up by almost four times to more than $5 billion in FY2023.

The Cupertino-based business is making its supply lines outside of China more diverse and expanding its position in India, which could make it the new hub for high-end phones.

Due to political tensions between the US and China and New Delhi’s bold production-linked incentive (PLI) plan for iPhones, Apple Inc. is slowly turning its attention to India.

India sends smartphones to countries that are still growing, like the UK, Italy, France, the Middle East, Japan, Germany, and Russia.

In January 2016, Apple asked the Indian government for permission to open its own shops there. In the same year, India made it easier for foreign businesses to invest in the country. This made it possible for Apple and IKEA to open stores there.

Apple Inc. opened its first online store there in September 2020.

In April of this year, Tim Cook, the CEO of Apple, went to India for the opening of two Apple shops in Mumbai and New Delhi.

India is currently responsible for making about 5–7% of all the parts that go into Apple products. Analysts at JP Morgan think that Apple will increase its manufacturing capacity in India so that by 2025, 25% of all iPhones will be made there. Apple has 1 million people working for it in India. Sources say that this number is likely to reach 2 lakh in the next few years.

Cook is sure that India will be a good place to work for a long time.

After the meeting with Prime Minister Modi in April this year, Tim Cook tweeted, “Thank you Prime Minister @narendramodi for the warm welcome. We share your vision of the positive impact technology can make on India’s future — from education and developers to manufacturing and the environment, we’re committed to growing and investing across the country.”

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The key goal of the brand is to broaden its audience and increase its exposure across a variety of online channels. Through its collaboration with Sociomark, Ayu Health intends to magnify the impact of its brand message and forge a deeper connection with the consumers it seeks to attract.

Commenting on this partnership, Heta Desai Baandal, Managing Director of Sociomark, said, “We are thrilled to have been chosen as Ayu Health’s digital marketing partner. Our team is dedicated to delivering exceptional results by employing strategic digital solutions tailored to Ayu Health’s unique requirements. We are confident that this collaboration will strengthen Ayu Health’s online presence and drive significant growth.”

Himesh Joshi, Founder & CEO of Ayu Health, said, “We are excited to embark on this journey with Sociomark. Their impressive track record and strategic approach align perfectly with our vision for digital expansion. Together, we aim to create a powerful online presence, engage with our customers more effectively, and reinforce Ayu Health’s position as a leader in the healthcare industry.”

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A significant number of workers have taken to LinkedIn in order to convey their experiences after the most recent wave of layoffs. One of these workers is a guy who joined Facebook around five years ago and recalls how the workplace used to be lively and crowded with people when he first started working there.

Ex-Meta employee remembers his first day at Facebook

When writing about his first day at Facebook, the former employee of Meta said things like, “I’ll never forget my first day at Facebook, Austin.” What really stayed with me was how vibrant the office was and how it was filled to the brim with people who wanted nothing more than to work together to solve unprecedented, incredibly nuanced, and complex problems on a truly global scale. Sure, the in-office perks and the world-class benefits were amazing, and I don’t want to minimise them or take them for granted, but what really stuck with me was how vibrant the office was.

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As of 8:09 a.m. India Standard Time (IST), the NSE stock futures that are traded on the Singapore Exchange had decreased by 0.18% and were trading at 18,801.50.

The Federal Reserve decided to leave interest rates unchanged for the first time in 17 months on Wednesday, which contributed to a higher closing price for stocks on Wall Street. However, the Fed also indicated in its fresh estimates that borrowing costs may still need to increase by as much as half a percentage point by the end of this year.

According to the chair of the Federal Reserve, Jerome Powell, the delay was taken out of an abundance of caution to enable the central bank to determine an appropriate endpoint of the rate cycle to bring down inflation.

Investors are currently anticipating the Bank of Japan’s announcement of policy on Friday and the European Central Bank’s announcement on Thursday.

The changes on the Asian markets were minimal, as negative economic data from China erased early gains after the reduction in crucial medium-term lending rates to stimulate the economy.

On Wednesday, Indian stock prices continued their upward trend for the third session in a row. Both benchmarks were just around one percent off of their all-time highs at the time. The small-cap index reached a new 52-week high, while the midcap index reached a new all-time high as trading came to a close.

Analysts said that the mood in domestic stocks remained optimistic as a result of strengthening macroeconomic data and sustained purchasing by foreign institutional investors (FII), but they also warned that consolidation is expected to persist for the next few weeks.

According to preliminary data provided by the NSE, foreign institutional investors (FIIs) purchased 17.15 billion rupees ($209 million) worth of Indian stocks on a net basis on Wednesday, while domestic investors sold 6.55 billion rupees ($80 million) of shares.

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Chair Jerome Powell has also said that he does not see any rate reductions occurring this year.

The SGX Nifty June futures were quoted at 18,820 at 7:30 in the morning.

In the meantime, the following is a list of the stocks that are anticipated to see some movement during transactions on Thursday.

IT stocks: JP Morgan has continued its bearish position on Indian information technology (IT) services and downgraded the sector to underweight. This is because the financial institution feels that the overall demand environment for the industry currently remains poor. It has put the stocks of Infosys, TCS, and MphasiS on its ‘negative catalyst watch’ list.

Axis Bank: The private equity company Bain Capital, which is located in the United States, is set to sell a 0.7% interest in Axis Bank at a price that falls somewhere between Rs 964 and Rs 977.70 per share. According to information obtained from sources and published by CNBC-TV18 on Wednesday, the value of the share sale would be $267 million.

Hero MotoCorp, a significant player in the two-wheeler industry, recently made an announcement on the debut of its new Xtreme 160R 4V in the luxury motorbike category. The pricing of the new model will begin at Rs 1.27 lakh ex-showroom.

Mahindra & Mahindra (M&M), Ashok Leyland: Investment banking sources informed Business Standard that automobile giants M&M and Ashok Leyland have entered the competition to purchase a large share of MG Motor India. MG Motor India is a wholly-owned affiliate of SAIC Motor, which is based in Shanghai. The JSW company, which is managed by Sajjan Jindal, has previously indicated that it is interested in purchasing up to 48 percent of MG Motor India.

Indian Oil: According to the head of the refiner, Indian Oil (IOC), the business has plans to establish a factory in Haryana that would produce 80,000 metric tonnes of sustainable aviation fuel in partnership with LanzaJet. According to what S. M. Vaidya stated on the sidelines of a business event in New Delhi, the firm is considering making an investment of around 2,300 crore rupees.

Real estate: Following the release of a study by CREDAI, Colliers, and Liases Foras that claimed that house prices in Delhi-NCR surged by 16 percent in the period of January–March due to improved demand and higher construction costs, shares of real estate-related businesses are expected to attract the attention of investors. According to the findings of the study, year-over-year (Y-o-Y) increases in house prices for the top eight cities totaled 8%.

DCW: The firm has told BSE that there has been an unexpected mechanical failure of the CO2 gas compressor at the soda ash plant and that this would result in a decreased output of soda ash by an estimated 6 metric tonnes in the current quarter.

Kesoram Industries, a member of the B.K. Birla group, is working on a plan with two components in order to go back to being profitable within the next 18 months. According to P. Radhakrishnan, Chief Executive Officer (CEO) of Kesoram, the two most important factors in improving the balance sheet are increasing the production of blended cement and refinancing existing debt.

Container Corporation of India (Concor): The Department of Investment and Public Asset Management (DIPAM) may seek the help of an interministerial committee and senior officials from the Finance Ministry in order to facilitate the sale of an interest in the firm. In order to meet its disinvestment goals for the current fiscal year, the government plans to sell a share in the national transporter that is worth Rs 12,000 crore.

REC: On June 24, the board of directors of the firm is gathering to discuss whether or not a proposal for a final dividend should be considered for FY23.

Dhruv Consultancy Services: The company, in addition to Cosmopolitan Consultant and Technical Education Centre and Beam Consultants, has been shortlisted as a “consultant” towards services, more specifically as a Project Implementation Support Consultant (PISC), for the pre-feasibility and feasibility study for the rural connectivity improvement project by the Government of Nepal.

Tega Industries: The firm notified BSE that on June 14, the National Firm Law Tribunal (NCLT) authorised the composite scheme of arrangement between Nihal Fiscal Services, the promoter company of Tega Industries, Marudhar Food & Credit, and MM Group Holdings, all of which are part of the promoter group business. Tega Industries is a component of the promoter group company.

Stocks in F&O Ban: BHEL, Delta Corp., Indiabulls Housing Finance, Indian Energy Exchange (IEX), India Cements, Manappuram Finance, and Zed Entertainment are the seven stocks that are under the F&O ban period on Thursday. Manappuram Finance and Zed Entertainment are also included in this list.

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The Fed’s decision to maintain its benchmark rate at approximately 5.1 percent, the highest level in 16 years, indicates that it thinks the much higher borrowing costs it engineered have succeeded in containing inflation to some extent. Top Fed officials, meanwhile, want additional time to thoroughly evaluate the impact of their rate rises on inflation and the economy.

The Fed said in a statement that “holding the target rate steady at this meeting allows the committee to assess additional information and its implications” for the organisation’s policy.

According to economic projections they released on Wednesday, the central bank’s 18 policymakers expect to increase its benchmark rate by an extra half-point this year, to about 5.6 percent.

The economic forecasts showed the Fed to be more hawkish than many observers had predicted. Twelve of the 18 officials predicted that the Fed’s rate would rise by at least two more quarter points. A quarter-point rise had the backing of four. Only two officials wanted to maintain current rates.

The Fed’s dramatic rate increases, which have raised the costs of mortgages, auto loans, credit cards, and corporate borrowing, were implemented in an effort to curb spending and stop the biggest inflationary wave in forty years. Average credit card rates have reached a record high of over 20% and have increased along with mortgage rates.

Consumer inflation has steadily decreased, from a high of 9.1 percent in June of last year to 4 percent as of May, in tandem with rate increases by the central bank. Core inflation, however, which excludes volatile prices for food and energy, continues to be quite high. When compared to a year ago, core inflation in May was 5.3 percent, which is far higher than the Fed’s 2 percent objective.

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Toyota: an automaker headquartered in Japan, increased by almost 5% when shareholders reelected chairman Akio Toyoda to the board of directors, signalling wide support for the company’s governance as well as its new strategy for electric vehicles.

Logitech International: Following the announcement that Logitech CEO Bracken Darrell would be leaving the firm to pursue other opportunities, shares of the company that makes computer accessories dropped more than 10%. Citi lowered its recommendation for the company from buy to neutral, stating that Logitech has to offer more clarity about its long-term goals with the change in leadership.

Vodafone: Following the announcement that Vodafone and CK Hutchison have reached an agreement to combine their respective operations in the United Kingdom, shares of Vodafone increased by about 3% in premarket trade.

Chipmaker Advanced Micro Devices saw a rise of 3% in premarket trading. On Tuesday, sophisticated Micro Devices said that it would begin delivering certain customers its most sophisticated GPU for artificial intelligence later this year. The company made the announcement. According to a story from Reuters on Wednesday, Amazon Web Services is mulling over whether or not to use the new CPUs.

UnitedHealth: Following remarks made by UnitedHealth Chief Financial Officer John Rex at a conference this week that there have been increasing numbers of nonurgent procedures in the second quarter, shares of UnitedHealth plummeted almost 6% before the market opened. Other managed care businesses, such as Humana and Cigna, also saw declines, with Humana falling 7.5% and Cigna falling 3.6%, respectively.

Lumen Technologies: Following the previous day’s rise of 16% on the announcement of Lumen’s new network interconnection ecosystem in conjunction with Google and Microsoft, the share price increased by around 11%.

Shell: The stock of European oil companies increased by 2.3% after Shell announced an increase in its dividend and share buybacks and said that it will maintain the same level of oil output until 2030.

SoFi Technologies increased by 3.25 percent before the market opened. As payments on student loans get back under way, BTIG has rated SoFi as a top selection in the financial technology industry. The Wall Street firm’s price estimate of $14 suggests an upside potential of more than 46% from Tuesday’s closing price.

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As corporations fight for a leadership position in the development of technology, artificial intelligence (AI) has become a significant battlefield in the global technology sector. This is especially true for generative AI, which can produce new material based on user suggestions. These laws are the first of their kind to cover all aspects of AI.

Academics, businesses, and even schoolchildren have been amazed by the capabilities of generative artificial intelligence (AI), which include writing song lyrics and generating code. However, this has also resulted in concerns around the loss of jobs, biassed information, and inaccurate information.

The Artificial Intelligence Act was passed by Parliament on a pivotal vote on Wednesday with 499 votes in favour, 28 votes against, and 93 abstentions. Although there is a long way to go before the legislation is codified into law, it is expected to be one of the first official guidelines established for the technology on a worldwide scale.

The members of the European Parliament have reached an agreement to place further limits on generative AI tools like ChatGPT. Before placing their products on the market, creators of generative artificial intelligence will have to first have their systems evaluated.

In addition, the Parliament came to the conclusion that it would not budge from its position to outlaw contentious “social scoring” systems and real-time biometric identification systems.

Advocates for human rights expressed concern over a proposal by the European People’s Party to weaken the prohibition. In spite of this, lawmakers pushed on with it and ultimately reached a consensus to ban biometric tracking in all public places.

For those developing generative AI models, such as the Microsoft-supported ChatGPT model by OpenAI and the Bard model by Google, the regulations have significant repercussions.

The goal of the Artificial Intelligence Act, according to Jens-Henrik Jeppesen, senior director of public policy at Workday, is to “build safeguards on the development and use of these technologies to ensure that we have an innovation-friendly environment for these technologies so that society can benefit from them.”

After the vote, he said to CNBC, “I believe that those are the appropriate goals.”

The next step in the process is for negotiators to be present at EU institutions such as the EU executive body and the 27 member states.

Earlier in the day, the Chief Executive Officer of Github, Thomas Dohmke, issued a plea to European authorities, urging them to listen to the private sector as they move forward with guidelines for artificial intelligence.

Dohmke told CNBC’s Arjun Kharpal that “we encourage the European Union and the US government to move really fast and listen to those that built the technology.” The people who produced the technology include not just those in the commercial company but also those in universities and in the open-source community.

This occurs at a time when nations all around the globe are attempting to establish regulations and standards pertaining to AI.

On Monday, the Prime Minister of the United Kingdom, Rishi Sunak, made a brazen push to make the United Kingdom the “geographical home” of artificial intelligence safety regulation. In addition, preparations are being made by the government to host a worldwide conference on AI safety later this year.

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The most recent reading on the WPI inflation rate, which came in at -3.48 percent, is the lowest it has been in seven and a half years. The figures on wholesale inflation were released a few days after the statistics ministry announced, on June 12, that headline retail inflation reached a 25-month low of 4.25 percent in May. The data on wholesale inflation were released a couple of days after that.

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Hindustan Zinc gave Vedanta a fee of 1.7% of its annual income, which was then given to the UK-based parent company Vedanta Resources Limited, the company’s management told bondholders this week during the yearly investor call.

At 11 a.m., the stock was selling at Rs 282.50, up 1.64 percent.

Vedanta Resources’ management informed bondholders that Vedanta paid a higher royalty fee of 3% in the first quarter, up from 2% the year before. Vedanta Resources used the royalty fee to help pay off bonds worth $500 million due on May 31 with a 7.125 percent interest rate.

CreditSights said that Vedanta Resources should be able to pay off its debts “successfully” in the next 12 months. But it is careful about the risk of refinancing the $4.2 billion in term debt that is due in FY24 and has warned about performance risks. If it can’t lock up funds for late FY24, that would be a downside risk.

Gross debt for Vedanta Resources was $6.8 billion as of April 2023. This was down from $7.8 billion at the end of March 2023 and $9.7 billion in March 2022.

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