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OPPO fastest-growing with 14% growth in Q3 among top 5 vendors in India

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 Global smart device brand OPPO on Thursday revealed it has emerged as the fastest-growing vendor (year-on-year) among the top five vendors in India, according to the Q3 2022 shipment report by market research firm Canalys.

OPPO India has showcased sustained momentum throughout the year with 14 per cent (YoY) growth and 7.1 million shipments in Q3 2022.

“In keeping with our brand proposition of ‘Inspiration Ahead’, we at OPPO are proud innovators in smartphone technologies. We have expanded our connection with our customers through a product ecosystem that makes their life convenient,” said Damyant Singh Khanoria, Chief Marketing Officer, OPPO India.

“Our YoY steady growth is a testamentofour consumers love for what OPPO brings to its products. We will continue to push the boundaries in technology and innovation to build cutting-edge devices for the Indian market,” Khanoria said.

Over the years, OPPO India has launched a strong portfolio of devices across price segments featuring best-in-class technology to ensure that users stay ahead of the curve.

A testimony of this is the exceptional response received for Reno8 Pro 5G and Reno8 5G, which achieved a target of 105 per cent and 124 per cent, respectively, within the first three days of sales, according to the company.

“Further, the F Series offering a premium experience at an affordable price has become a fan favourite among millennials. A perfect example of this is the 68 per cent growth clocked by F21 Pro in 2022,” the company added.

With the vision to make best-in-class tech more accessible, OPPO’s K series has won the hearts of consumers across the country, and its K10 5G has become one of the country’s most loved 5G devices.

With the promise to give consumers the perfect smartphone experience, OPPO India has worked towards ensuring all their users experience 5G immediately after its implementation in India.

The brand has built a robust ecosystem of 5G devices across different segments which support 5G on a non-standalone network. OPPO India also started working on updating the F21 Pro 5G and the K10 5G devices to support a standalone network since the beginning of September 2022 and complete the OTA update in line with the 5G rollout.

Backed by a strong manufacturing unit in Greater Noida, OPPO India has also been declared a leader for ‘Make in India’ product shipments for two quarters consecutively in 2022.

The brand also launched the ‘Vihaan’ Project to empower SMEs and MSMEs to amplify their operations and, in turn, strengthen the local supply chain to build a robust smartphone ecosystem in India. Under this programme, OPPO India will be investing $60 million in the next five years.

Business

Centre asks Vodafone Idea to convert Rs 16,000 dues into equity

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Financially-stressed telecom company Vodafone Idea said on Friday that the government has directed it to convert a portion of its dues worth Rs 16,000 crore it owes to the exchequer into equity in the government’s favour.

“It is hereby informed that the Ministry of Communications has [directed] the company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the government of India,” the company said in a filing.

The government will take 33 per cent equity in Vodafone Idea after converting all interest related to payments for spectrum and other dues into equity.

This will make the government the largest shareholder in the telecom company.

Vodafone Idea will convert dues of Rs 16,133 crore into equity and issue shares for Rs 10 each, the company informed.

“We had sought a firm commitment that the Aditya Birla Group would run the company and bring necessary investments. The Birlas have agreed and hence we have agreed to convert. We want India to be a three-player market plus BSNL and ensure healthy competition for consumers,” Telecom Minister Ashwini Vaishnaw said in a statement.

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I-T dept raids over 30 locations of five builder groups across Jaipur

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The Income Tax department on Thursday raided over 30 locations of five builder groups across Jaipur. The teams also conducted search operations at two locations of a builder group in Gurugram.

Officials said that the I-T department had received a tip-off that these builders were engaged in making cash deals while selling flats in multi-storey buildings, plots and commercial properties in Jaipur.

After verification, 40 teams of the investigating branch of the I-T department raided their locations on Thursday morning. Raids have been conducted at the premises of Manglam Group, Sanjivani, R-Tech, Jugal Derewala and Haridutt, including their offices, corporate offices and residential premises.

The I-T teams have raided places in Jaipur including Tonk Road, Mansarovar, Rajapark, Jagatpura, C-Scheme, Civil Lines, Ajmer Road, Delhi Road, Agra Road and Sanganer.

Sources said that the department had received complaints of undisclosed income running into crores of rupees. All the five builders were using cash to buy and sell land. So the I-T teams raided around 38 targets simultaneously. According to the information received so far, huge amount of cash, and documents of land purchase and sale have been found from their premises.

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Reliance Retail begins accepting govt’s digital rupee for sales

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Reliance Retail on Thursday announced it has begun accepting retail payments via the Indian government’s Digital Rupee across its stores in the country.

Reliance Retail launched the first in-store acceptance of the RBI-created and Blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik here.

The CBDC is the a digital version of fiat money that will co-exist will hard cash.

“This historic initiative of pioneering the digital currency acceptance at our stores is in line with the company’s strategic vision of offering the power of choice to Indian consumers,” said V. Subramaniam, Director, Reliance Retail.

“With more Indians willing to transact digitally, this initiative will help us provide yet another efficient and secure alternative payment method to customers at our stores,” he added in a statement.

Reliance Retail has collaborated with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to launch the in-store support for the digital rupee.

“Digital Rupee fulfils the need of consumers who still prefer the trust, safety and settlement finality of physical currency,” said Rajeev Agrawal, Founder and CEO of Innoviti Technologies.

The RBI kicked off the first phase of a retail CBDC pilot in four cities and involving four key banks late last year.

A CBDC can play a key role in providing access to digital payments without the requirement of a bank account and the access would be facilitated by a central bank-issued digital wallet.

Use of e-rupee is expected to make the inter-bank market more efficient.

Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.

Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot project.

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