After a strong show during the September quarter (Q2FY25) and favourable demand conditions, going ahead, the country's largest player in the room air conditioner segment, Voltas is well placed to improve its market share. Expectations of record volumes in FY25 for the sector and the company's strategy of prioritising market share over margins could help the leader expand share in the room AC segment.
Apple and its vendors are aiming to assemble 32 per cent of iPhone's global production volume and 26 per cent of its value in India by 2026-27 -a year after the final year of the five-year production-linked incentive (PLI) scheme for mobile devices. This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels. The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources.
India's smartphone exports have set a new benchmark, surging past the $2 billion mark in October - the highest monthly total ever recorded. This milestone, according to estimates from the Indian Cellular and Electronics Association (ICEA), an industry body representing both global and domestic mobile device manufacturers, underscores the country's growing prominence in global mobile supply chains.
After a quiet April-June quarter in 2024-25 (FY25), the operational and financial performance of India's largest listed hotel company, Indian Hotels Company, clearly rebounded in the July-September quarter (Q2) of FY25. With double-digit growth in the average room rate (ARR) and higher occupancy, the Taj Hotels chain owner reported a 16 per cent revenue increase and a 30 per cent rise in operating profit.
The stock of the country's largest plastic pipe maker Supreme Industries has shed 22 per cent since its highs in October. The September quarter results were below expectations as the volatility in polyvinyl chloride (PVC) resin prices led to a major destocking across the trade channel.
India has recorded the second-highest increase in domestic airfares in the Asia-Pacific (APAC) and West Asian regions, climbing by 43 per cent in the first half of 2024 compared to pre-pandemic levels in 2019, second only to Vietnam (63 per cent). India ranks third in fare increases during the same period in international skies, behind the United Arab Emirates (UAE) and Malaysia. The airfare study conducted by Airports Council International (ACI), which represents 617 airports in this region, was done in partnership with Flare Aviation Consulting.
After lagging behind benchmarks and broader indices over the past five years, real estate investment trusts (Reits) have outperformed them since the start of 2024. The four listed Reits have posted an average return of 16 per cent year-to-date, compared to 9.9 per cent for the S&P BSE Sensex and 11 per cent for the National Stock Exchange Nifty.
The July-September quarter (Q2) results for 2024-25 (FY25) from the largest listed consumer electrical solutions companies, Havells India and Polycab India, followed similar trends, demonstrating robust revenue growth while falling short of profitability expectations. Both companies witnessed overall growth in the 16-30 per cent range, but margins declined by 130-290 basis points (bps) year-on-year (Y-o-Y). Although brokerages are bullish on long-term prospects and have raised revenue projections, earnings forecasts have been revised downward due to margin pressures.
The Freedom 125 has sold 8,310 units in October to date. This is its highest since it was launched in July and may touch close to 9,000 by the end of the month.
Reliance has filed patents not only in India but also in the US, Canada, Europe, Estonia, South Korea, and South America. The patents include narrowband Internet of Things, AI large language models, AI DeepLearning, Big Data, devices, and quantum AI in 6G.
India's journey with 5G still has a long way to go. The country ranked 33 out of 39 in the 5G Connectivity Index for the second quarter of 2024, released by GSMA Intelligence. However, in areas like 5G revenue growth, data affordability, and video quality, India ranks among the best in the world.
In the June quarter of 2024-2025, smartphone exports hit $2 billion, well ahead of non-industrial diamond exports, which stood at $1.44 billion.
Lithium-ion cells, primarily imported from China, are likely to become cheaper following punitive tariffs imposed by the US on Chinese battery cells.
Bajaj Auto has become the top player in India's electric vehicle market by monthly volumes, across all categories, with over 25,000 sales and registrations in September. This comes on the back of a big push in expanding distribution by the company and steady demand of electric three-wheelers. In September, the company - according to the latest Vahan data - recorded sales of 17,570 electric two-wheelers, 4,575 three-wheelers, and 3,000 Yulu low-speed electric bikes (based on company sales numbers), which do not require a licence and are not registered on Vahan.
The stock of Crompton Greaves Consumer Electricals has shed about 12 per cent since the start of the month due to a muted near-term outlook. Demand slowdown across segments and pre-buying in cooling products in the June quarter are expected to weigh on revenues going ahead. In addition to pre-buying in the preceding quarter, demand conditions are soft on account of lower consumer spending due to inflationary conditions, weakness in rural demand and the fact that Q2 remains a soft quarter after a strong summer.
The funding environment in India for startups is improving this year if one were to go by Bain & Company estimates. Five private equity (PE) investors that come on top on the criterion of deal size collectively put in $9 billion in the first half of 2024, surpassing their outlay for last calendar year, when it was $8 billion. At the top of the list is Swedish firm EQT, which acquired US-based and listed Perficient at an enterprise value of $3 billion, the deal being done by the Indian wing of the company. It has also added to its list by putting in $500 million in WSO2, a "software as a service" company, increasing its tally to $3.5 billion.
Shares of healthcare services major Max Healthcare Institute have gained over 23 per cent since the start of this month and the stock crossed the Rs 1 trillion mark on September 24. On September 25, it closed 989.85 apiece at the NSE. The gains were cornered on the back of a strong outlook for the sector and aggressive expansion plans for the chain led by acquisitions and organic growth.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
Shares of auto component major, Samvardhana Motherson International, has gained 11.5 per cent on the bourses after the company approved the qualified institutions placement (QIP) issue and announced the calculation methodology for its compulsorily convertible debentures, or CCDs, into equity shares. Analysts cite strong investor response to the issue that has kept the sentiment positive for the stock. Brokerages, however, have a mixed view on the outlook for the auto parts supplier.
From its highs over the past month, the stock of Procter & Gamble Hygiene and Healthcare fell 7 per cent before recovering this week. The stock has been an underperformer over the last year and has traded flat over this period.
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