Tata-Apple, Tesla, Wipro, Ultra-Tech, JSW, Zomato, Cred, Bajaj Auto, BBC, etc.

Main Briefs

Tata Nears Major Deal with Pegatron to Boost India's iPhone Production 

• Imminent Deal: Tata Group is close to finalizing a deal to buy Pegatron Corp.'s iPhone assembly operations in India.

• Strategic Locations: The acquisition includes an operational iPhone production plant in Tamil Nadu and another one that is under construction.

• Expertise Transfer: Post-deal, Pegatron will assist Tata in enhancing its manufacturing capabilities.

• Management Shift: Post-acquisition, Tata Electronics Ltd. will manage the operations of the acquired facilities.

• Broader Context: The deal is part of Apple's broader strategy to increase production in India and reduce dependence on Chinese manufacturing due to geopolitical concerns.

• Government Incentives: The Indian government is promoting this shift by offering subsidies to major Apple suppliers to boost local production.

Tesla Adjusts Global Strategy with Price Cuts in China and Postponed India Visit

• Price Cuts in China: Tesla reduced prices across its vehicle range in China, with cuts as significant as 14,000 yuan ($1,930) for the Model 3.

• U.S. Price Reduction: In addition to the Chinese market, Tesla lowered prices in the U.S. by $2,000 on models including the Model Y, X, and S.

• Competition from BYD: BYD, a leading Chinese EV manufacturer, has introduced even more aggressive price cuts, exacerbating the competitive pressure on Tesla.

• Declining Sales: Tesla's global sales have fallen, marking the first quarterly decline in nearly four years, as the company faces declining demand and competition.

• Workforce Reductions: In response to increased competition and falling sales, Tesla announced a workforce reduction exceeding 10%.

• Deferred India Visit: Elon Musk's planned trip to India to discuss potential EV assembly operations was postponed amidst these strategic adjustments.

Key Highlights, You Can’t Miss:

1. Significant Carbon Emission Disclosures by Top-100 Companies, Reports PwC India.

2. Bajaj Auto to Ramp Up Triumph Production to 10,000 Monthly Units by September, Says CFO.

3. Sources: Banks Exploring Iris Scan Technology for Secure Transactions.

4. UltraTech's ₹800 Crore Investment to Expand Operations in Maharashtra.

5. Banks Consider Iris Scans for Transaction Verification.

6. JSW Steel Secures $900 Million in Financing from Eight International Banks.

7. Wipro's Q4 Net Profit Drops 7.8% to Rs 2,835 Crore.

8. Zomato Ups User Fee to Rs 5, Suspends Intercity Delivery Service.

9. Sunil Mittal: Three Private Operators Optimal for India's Telecom Sector.

10. Cred Gets RBI's In-Principle Nod for Payment Aggregator Business.

11. Apple and Its Vendors Projected to Employ 500,000 in India by 2024: Government Sources.

12. EPFO Data Shows Dip in India's Job Creation to Three-Month Low in February.

World Briefs

• U.S. Legislation Revised: House Moves to Ban TikTok or Enforce Sale.

• Tesla's Full Self-Driving Tech Could Launch in China Soon, Says Musk.

• China's App Store Loses Signal, Telegram, and WhatsApp as Apple Removes Them.

• TikTok Blocked in Kyrgyzstan, Mirroring India's Actions.

• Apple Removes Meta's WhatsApp and Threads from China App Store.

• Safety Concerns Lead Hyundai to Stop Ads on X.

AI Briefs

• Watermarks Coming to Snapchat's AI-Generated Images.

• BBC Pledges £6 Million to AI for Educational Service Improvement.

• Meta's Advanced AI Model Excels, Causes Confusion Among Facebook Users.

Company Of The Day

Company Name: Wipro Technologies Limited

Founder: Azim Premji, Mohamed Premji

Year Of Foundation: 1945

Headquarter: Bengaluru, Karnataka, India

Industry: Wipro is a technology services and consulting company focused on building solutions that address clients’ digital transformation needs.

Why Its Trending ?

Their Q4 net profit is down 7.8% to Rs 2,835 crore, and there has been a change in their CEO as well.