Wednesday, November 27
During China's Singles Day shopping festival, Apple experienced a decline in smartphone sales, while domestic rivals Huawei and Xiaomi saw increases. Counterpoint Research data showed that Apple's smartphone sales decreased 4% year-on-year, while Huawei and Xiaomi recorded growth of 66% and 28% respectively. The price range of Apple's latest iPhone 15 model starts at 5,999 yuan, while Huawei's Mate 60 starts at 5,499 yuan and Xiaomi's Mi 14 starts at 3,999 yuan.
Aurobindo Pharma has received approval from the US Food & Drug Administration (USFDA) for its long-acting Granulocyte colony-stimulating factor (G-CSF), Ryzneuta, to treat chemotherapy-induced Neutropenia (CIN) in cancer patients. Ryzneuta is the first non-pegylated G-CSF approved by both the USFDA and China's National Medical Products Administration (NMPA). The drug was in-licensed by Aurobindo's subsidiary Acrotech Biopharma last year. Acrotech is preparing to commercialize Ryzneuta, with Aurobindo Pharma expecting more regulatory approvals in the near future.
India's central bank governor, Shaktikanta Das, has warned banks and non-bank finance companies (NBFCs) to avoid "all forms of exuberance" and ensure lending is sustainable. The Reserve Bank of India (RBI) recently tightened lending rules to address concerns about the risk associated with small-ticket consumer credit. Das also urged lenders to be cautious about relying solely on pre-set algorithms for lending decisions and asked non-bank lenders to diversify their sources of funding.
India's domestic air traffic reached a new peak on Monday, with airlines carrying 459,526 passengers. The civil aviation ministry stated that India's aviation industry has experienced an overwhelming and inspiring turnaround since the pandemic, with positive attitudes, progressive policies, and trust among passengers driving growth. This marks the third consecutive day of record-breaking passenger numbers. India's domestic air passenger traffic grew by nearly 11% in October, highlighting the country's position as one of the fastest-growing civil aviation markets.
Bharti Airtel CEO and managing director, Gopal Vittal, has urged subscribers to adopt e-SIMs for Airtel services, citing increased convenience and improved smartphone tracking. He explained that e-SIMs are an online extension of regular SIM cards and eliminate the need for physical SIM cards. In cases of theft, criminals will find it more difficult to remove e-SIMs from stolen devices, making the tracking of lost smartphones easier. Additionally, e-SIMs allow for multiple mobile numbers on a single SIM and easy device switching.
Fedbank Financial Services, a subsidiary of Federal Bank, has raised Rs 325 crore from anchor investors ahead of its IPO. The company has allocated 2.32 crore equity shares to 22 funds at Rs 140 per share. The IPO, with a price range of Rs 133-140 per share, will be open for three days starting November 22. The proceeds from the IPO will be used to enhance the company's capital base and cover expenses. ICICI Securities, BNP Paribas, Equirus Capital, and JM Financial are the lead managers of the IPO.
The Indian government is considering relaxing lending norms for new coal-fired power stations in order to meet the increasing demand for electricity. This move would involve removing the requirement of power purchase agreements (PPAs) with distribution companies to ease the flow of funds. The power ministry aims to add 30,000 MW of new thermal generation capacity on top of the 50,000 MW already underway to avoid future electricity shortages. The push for coal-based generation capacity comes as power demand in India has been growing at an annual rate of 20%.
Iron ore futures extended gains for a second session on Tuesday, as sentiment was boosted by Beijing's latest support to the property sector and lingering concerns over possible supply disruptions. The most-traded January iron ore on China's Dalian Commodity Exchange (DCE) added 2.6% to 985 yuan ($136.59) a metric ton, as of 0238 GMT. Chinese regulators are drafting a list of 50 real estate developers eligible for a range of funding, Bloomberg News reported on Monday, citing people familiar with the matter.
