Riding on its successful Galaxy ‘M’ series amid surge in online shopping, Samsung on Thursday announced a partnership with Flipkart to globally debut its next affordable Galaxy ‘F’ series during the Big Billion Days sale in India next month.
The company will debut the fully-loaded Galaxy F41 as the first smartphone in the new series that will be priced between $200-$250 (somewhere around Rs 15,000-Rs 18,000) to give consumers a ‘full on’ experience regarding display, battery and looks.
The new series is being launched at a time when the online smartphone market share in India is likely to hit an all-time high of 45 per cent in the second half this year owing to the pandemic as people prefer to buy online.
“Samsung and Flipkart will launch a new smart upgrade programme build on our defense-grade mobile security platform Knox where, if a consumer buys Galaxy F41, he or she will get 30 per cent upfront discount and the balance 70 per cent amount can be paid in 12 easy installments,” Asim Warsi, Senior Vice President and Head of eCommerce Business, Samsung India, told IANS.
“Once the consumer returns the old device after 12 months, he or she can then upgrade to the new Samsung Galaxy smartphone with the same upfront sale scheme, which is the global first and no brand in India offers any such attractive scheme for the consumers to date,” Warsi informed.
Flipkart is yet to announce the dates for its festive sales but according to reports, it will fall in the middle of the next month.
“The strategic partnership with Samsung reinforces our commitment to make the latest in technology accessible to over 250 million customers across Bharat, during a time when smartphones are bringing immense value to people’s lives,” said Kalyan Krishnamurthy, CEO, Flipkart Group.
According to Tarun Pathak, Associate Director at Counterpoint Research, the move is apt at a time when ecommerce sales are touching new high in the country.
“Being an all-segment player, Samsung plans new series based on specific product features as it can move the most-loved and top-end specifications across its portfolio, like it did in the ‘M’ series with introducing a monster 7000mAh battery. The Galaxy F41 will also have some surprise elements,” Pathak told IANS.
“The online smartphone sales in India logged 40 per cent in the first half of this year and it is expected to grow further to nearly 45 per cent owing to a steep rise in online sales in the social distancing times. However, Samsung should also keep its offline market in mind as it has a strong presence in retail pan-India,” Pathak stressed.
Galaxy F41 will make its global debut at the ‘Full On Festival’, scheduled for October 8 that will be streamed online.
According to Warsi, just like the Galaxy ‘M’ series that is expected to reach the sales figure of over two crore units in India by the end of this year, the Galaxy ‘F’ is also designed ground-up in India for the young Indian consumers and manufactured at the Samsung’s factory in Noida.
“Galaxy ‘F’, designed in India in collaboration with Flipkart, is a celebration of the rising aspirations of socially-savvy consumers. Galaxy F’s proposition is ‘full on’ — the lifestyle that defines today’s young Gen Z consumers and we are confident that F Series smartphones will live up the ‘full on’ credo,” Warsi said.
CCI okays Tube Investments’ stake buy in CG Power
New Delhi, Oct 14 (IANS) The Competition Commission of India (CCI) has approved the acquisition of shares in CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd.
The proposed combination envisages acquisition of more than 50 per cent of the equity share capital of CG Power and Industrial Solutions Ltd (CG Power) by Tube Investments of India Ltd (TIIL).
TIIL is a listed entity and is part of Murugappa group. It has three business verticals including engineering, metal formed products and bicycles. It is engaged in the manufacture of a wide range of products for automotive, railway, construction, mining and agriculture industries.
Also a listed entity, CG Power has two major business units — power systems and industrial systems.
The power systems business unit focuses on power transmission, distribution, power solutions, setting up of integrated power systems among others.
Uber hires Amazon veteran to lead mobility teams in Bengaluru
Uber on Thursday announced it hired Amazon veteran Manikandan Thangarathnam as senior director to lead all rider and platform engineering teams in Bengaluru.
Uber said it is also hiring 85 more engineers in the country. This is in addition to hiring 140 engineers the ride-hailing service announced last month.
“As the world steps into a new normal, adaptability is going to be a key aspect to usher in growth. I look forward to leading the bright minds at Uber and innovating together for the world, one ride at a time,” said Mani.
At Amazon, Mani helped build several core platforms and products.
He led engineering efforts for the Amazon Appstore and was instrumental in bootstrapping the tech major’s Chennai office and building a vast team of engineers.
The Rider mobility team works on the challenge of enabling the next billion trips by building new services including high capacity vehicles (Uber bus), and car rentals, among others.
The company said the Marketplace team is building a highly-available and scalable self-serve gateway to configure, manage, and monitor Application Programming Interfaces (API) of every business domain at Uber.
Uber recently hired another Amazon veteran Jayaram Valliyur as senior director to lead its global finance technology team, spread across multiple geographies.
OnePlus investing Rs 100 crore to boost retail footprint in India
Smartphone maker OnePlus is committed to invest Rs 100 crore towards deeper market penetration by taking premium offline experience beyond metro cities and expanding its reach through new online and offline retail partnerships, a top company executive said on Thursday.
With over 5,000 offline stores including partnered stores across the country, the smartphone maker is planning to scale up to more than 8,000 stores in the coming quarters, Navnit Nakra, VP and Chief Strategy OnePlus India told IANS.
“At present, we have over 30 OnePlus experience stores across India and will be opening 14 new experience stores in the next six months.
“We’ll launch our biggest experience store globally, the OnePlus Nizam Palace in Hyderabad later this year. We are also working towards covering 100 cities through our service centre network in the next year,” Nakra informed.
The smartphone maker launched its India R&D centre in 2019 and is committed to achieve long-term growth in the country.
Currently, the company has 300 employees in the R&D team and hope to double that number in the coming months.
Nakra said that India continues to be a key market for OnePlus since the brand’s entry in 2014.
“We began our commitment to Make in India initiative in February 2018 and since then, we have been manufacturing our devices in the country. We have also commenced the manufacturing of the OnePlus TVs and OnePlus Nord in India,” Nakra told IANS.
By 2021, all OnePlus TVs will be manufactured locally in India.
“On our smart TV portfolio, we commenced the manufacturing of the Y series in India and by 2021, all OnePlus TVs will also be manufactured locally including the Q and the U series,” Nakra informed.
He said that 100 per cent of OnePlus smartphones are being manufactured in India including OnePlus 8 series, OnePlus Nord and the recently launched OnePlus 8T.
OnePlus has launched its new flagship 5G smartphone the ‘OnePlus 8T’ with 120Hz Fluid AMOLED display and quad-camera set up, in India.
The OnePlus 8T will be available in two colours, aquamarine green and lunar silver at Rs 45,999 (12GB RAM+ 256GB internal storage) and Rs 42,999 (8GB RAM+128GB internal storage).
“OnePlus is consistently exploring opportunities to fuel its growth and meet the needs of more users, by starting to strategically diversify into new product categories and new price points but, at the same time, not compromising on our OnePlus promise,” Nakra told IANS.
OnePlus Nord series is also likely to get new entrants this month, according to multiple reports.
The rumoured OnePlus Nord N10 5G and OnePlus Nord N100 are said to be launching as soon as the end of October, first in the US market.
Sensex in red amid volatility on global cues
Amid a largely volatile trade, the key Indian equity indices traded in negative on Thursday morning.
Weakness across Asian markets and fading hopes of a further stimulus in the US, weighed down on the investor sentiments, analysts said.
At 10.25 a.m., Sensex was trading at 40,643.97, lower by 150.77 points or 0.37 per cent from its previous close of 40,794.74.
It opened at 41,048.05 and has so far touched an intra-day high of 41,048.05 and a low of 40,541.13 points.
The Nifty50 on the National Stock Exchange (NSE) was trading at 11,953.30, lower by 17.75 points or 0.15 per cent from the previous close.
US stocks drop as stimulus hopes wane
Wall Street’s major averages finished lower on Wednesday as investors grew concerned over the uncertain fate of a US coronavirus stimulus deal.
The Dow Jones Industrial Average slid 165.81 points, or 0.58 per cent, to 28,514.00. The S&P 500 fell 23.26 points, or 0.66 per cent, to 3,488.67. The Nasdaq Composite Index sank 95.17 points, or 0.80 per cent, to 11,768.73, Xinhua news agency reported.
Eight of the 11 primary S&P 500 sectors declined, with consumer discretionary down 1.43 per cent, leading the laggards. Industrials closed up 0.54 per cent, the best-performing group.
US-listed Chinese companies traded mostly lower, with six of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.
Investors continued to look for clues on new stimulus. An impasse among US lawmakers in Washington has somewhat dimmed hopes that more Covid-19 relief aid would come to fruition before the election.
“We have two sides that are very far apart in terms of arriving at some form of stimulus, and I do not think it is likely we see a breakthrough before the election,” Mitch Zacks, CEO at Zacks Investment Management, said in a note on Wednesday.
Looking ahead, analysts said markets will remain sensitive to news of fiscal support in the lead-up to the election.
Meanwhile, Wall Street pored through newly-released earnings reports.
Goldman Sachs on Wednesday delivered quarterly results that well exceeded consensus estimates. Its shares rose 0.2 per cent.
Bank of America shares fell more than 5 per cent after its earnings topped expectations and overall revenue missed estimates.
US dollar slips as traders monitor stimulus
The US dollar weakened in late trading on Wednesday as market participants continued to look for clues on new stimulus.
The dollar index, which measures the greenback against six major peers, was down 0.16 per cent at 93.3865, Xinhua news agency reported.
In late New York trading, the euro was up to $1.1750 from $1.1744 in the previous session, and the British pound was up to $1.3023 from $1.2933 in the previous session. The Australian dollar increased to $0.7166 from $0.7153.
The US dollar bought 105.10 Japanese yen, lower than 105.49 Japanese yen of the previous session. The US dollar decreased to 0.9131 Swiss franc from 0.9145 Swiss franc, and it was up to 1.3145 Canadian dollars from 1.3140 Canadian dollars.
Recent market moves have oscillated with the probability of substantial additional fiscal stimulus. An impasse among US lawmakers in Washington somewhat dimmed hopes that more Covid-19 relief aid would come to fruition before the election.
“It’s likely that markets will remain sensitive to news of fiscal support in the lead-up to the election,” analysts at UBS said in a note on Wednesday.