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Tuesday,15-June-2021

Business

Samsung heir in India, likely to meet Narendra Modi, Mukesh Ambani

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Lee-Jae-yong

Samsung Electronics Vice Chairman Lee Jae-yong is currently in India, provoking speculation that the South Korean tech giant may make further investments to expand its presence in the country, industry sources said on Monday.

Lee is likely to meet Prime Minister Narendra Modi and Reliance Industries Chairman Mukesh Ambani this week, reports Yonhap news agency.

Lee arrived in India on Sunday and was briefed by Samsung Electronics officials here. It is believed to be Lee’s first visit to India since March.

Samsung is one of the equipment suppliers for Reliance Jio’s 4G network business.

With the Indian telecom firm planning to establish a 5G network in the country, industry observers speculate that the two moguls may consult on the issue if there is a meeting.

“There’s also a possibility that Lee could meet with Prime Minister Narendra Modi,” a source said.

In July last year, Samsung India set up one of the world’s largest mobile manufacturing facilities in Noida, Uttar Pradesh. PM Modi and South Korean President Moon Jae-in inaugurated the 35-acre Samsung Electronics facility.

Samsung currently has two manufacturing plants — in Noida and in Sriperumbudur, Tamil Nadu — and five research and development centres in India. The company has one design centre in Noida with workforce of over 70,000 people.

India today is the second-largest mobile phone manufacturer in the world after China. According to a survey conducted by mobile industry body ICEA, the 268 mobile handset and accessories manufacturing units in the country employ about 6.7 lakh people.

Due to the focus on ‘Make in India’ and ‘Digital India’ programmes, Uttar Pradesh has emerged as the new hub of mobile manufacturing in the country over the past few years.

The new Samsung facility in Noida was set up with the aim of doubling its capacity for mobile phones in Noida from 68 million units a year to 120 million units a year, in a phase-wise expansion to be completed by 2020.
India currently has over 450 million smartphone users. The number of smartphone users in the country is expected to reach 859 million by 2022, according to an ASSOCHAM-PwC joint study.

In such a scenario, Samsung’s heir’s visit is important in the festive season when the consumer electronics market is booming and consumer spending is witnessing an all-time rise, especially from the smaller cities and towns.

Samsung India is targeting business worth Rs 3,000 crore by selling over 2 million smartphones online before Diwali that falls on October 27.

“Lee’s recent visits show Samsung has a big interest in the Indian market,” the source added.

Lee is the only son of hospitalized Samsung Group chief Lee Kun-hee.

Business

TASMAC sold Rs 164 cr worth of liquor in just one day

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wine-shop

The Tamil Nadu State Marketing Corporation (TASMAC) has sold liquor worth Rs 164 crore in the state in just one day.

All liquor outlets and bars opened in the state on Monday.

According to reports from the TASMAC, Madurai zone accounted for the maximum sales of Rs 49.54 crore followed by Chennai region with sales worth Rs 42.96 crore, Salem Rs 38.72 crore, and Trichy region accounting for the sale of Rs 33.65 crore worth of liquor.

However there was no sale in the Coimbatore region as the shops are closed in the area following the higher number of Covid-19 cases. Shops in Nilgiris, Erode, Salem, Tiruppur, Karur, Namakkal, Thanjavur, Tiruvavur, Nagapattinam, and Myladuthurai remain closed as the number of cases are high.

Of the 5,338 shops in Tamil Nadu, 2,900 reopened on Monday.

The founder president of Pattali Makkal Katchi(PMK), Dr S. Ramadoss has called upon the state government to rework its policy on liquor and to enforce a total prohibition in the state for the health of the people of the state. He has also said that the claims of Chief Minister Stalin that TASMAC shops were allowed to function following the brewing of illicit liquor in the state as well as to prevent smuggling of liquor from neighbouring states.

Ramadoss has in a statement said, “Stalin should work his way to enforce total prohibition in the state of Tamil Nadu for the sake of the health of the people of the state, both mental and physical.”

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Business

Sensex, Nifty climb new record highs

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Bombay-Stock-Exchange

The key Indian equity indices continued their record run on Tuesday.

The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points.

Healthy buying was witnessed in banking and realty stocks.

Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.

It opened at 52,751.83 and has touched an intra-day low of 52,671.29 points.

The Nifty50 on the National Stock Exchange was at 15,875.05, higher by 63.20 points or 0.4 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, IndusInd Bank and Tata Steel, while the losers were Dr Reddy’s Laboratories, SBI, Titan Company and L&T.

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Business

Fuel price hike paused: Petrol, diesel prices unchanged

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Petrol

The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates.

Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi.

OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. Diesel price also increased to reach Rs 94.70 a litre, the highest among metros. The price levels remain unchanged on Tuesday.

Across the country as well petrol and diesel price rise was paused on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also already reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price pause, fuel prices have now increased on 24 days and remained unchanged on 22 days since May 1. The 22 increases hasve taken the petrol prices up by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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