Apple's India Bet Pays Off, Ola's Fire Incident And Other Stories From The Weekend You Can't Miss

Apple India’s Revenue Soars in FY23

Apple India’s revenue has seen a remarkable increase, nearing ₹50,000 crore with a 48% growth, while net profit surged by 76% to ₹2,229 crore in FY23. This marks the fastest growth in net profit for Apple in India over the last five years, primarily attributed to higher sales of new-generation devices with better profit margins and reduced component costs. Tata Group is set to start manufacturing iPhones in India, aiming for the country to contribute around 25% of Apple’s total production. Despite efforts to increase local assembly, there is still a significant reliance on imported components.

Ola Addresses Electric Scooter Fire Incident

Ola has responded proactively to a recent electric scooter fire incident in Pune, stating that aftermarket parts caused a short circuit, resulting in the fire. The company assured that the scooter's battery is intact and the customer involved is safe. This incident has brought attention to the safety of electric vehicles, with Ola taking immediate steps to address the situation and ensure customer safety.

See Also: Tata Technologies Share Price: Should You Buy Its IPO?

DGCA Probes Official Over Graft Allegations

The Directorate General of Civil Aviation (DGCA) is conducting a preliminary enquiry against a senior official facing allegations of corruption. The official has been temporarily transferred to another department within the DGCA. The enquiry will follow Central Vigilance Commission norms, and its findings will determine the need for a detailed investigation. This move reflects DGCA's commitment to maintaining integrity and transparency within its ranks.

Singapore Sees Surge in Indian Tourists

Singapore has experienced a significant surge in Indian tourist arrivals, with a 15.5% increase reported in the first nine months of the year. Indian travelers, known to be among the highest spenders globally, are flocking to Singapore, attracted by its new attractions and cultural affinity. The Orchard Road Business Association is gearing up to welcome these visitors with innovative offerings during the upcoming festive season, aiming to further boost tourism.

Radio Mirchi and Radio Orange Bid for BIG FM

Radio Mirchi and Radio Orange have placed a joint bid of ₹251 crore to acquire BIG FM, which is currently undergoing an insolvency process, the Economic Times reported. Sapphire FM is also in the race with a matching bid. Both bidders have committed to paying the bid amount within 30 days, and the lenders are likely to request an upward revision of the bids. This acquisition is a strategic move in the competitive FM radio industry, highlighting the value placed on BIG FM's extensive network.

Read Next: Diwali Muhurat Trading Schedule Announced: Check Timing, Other Details

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Apple IndiaRecap