Xiaomi Financial News

BENGALURU : Former India head of Xiaomi Manu Kumar Jain is joining G42 as the chief executive officer (CEO) of its India business. Abu Dhabi-based G42 is an artificial intelligence(AI) and cloud computing company that is set to expand to India. “After building the largest smartphone company and one of the biggest fashion e-commerce companies in India, I am embarking on a new and exciting adventure.

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consumer offers and stock supplies to help them compete with e-commerce platforms. Industry groups representing these retailers have written letters in this regard to Samsung, Oppo, Vivo, Realme, Xiaomi and OnePlus. They said they are in the process of writing to other big firms such as LG, Bosch, Godrej, Whirlpool and Sony. The retailers fear that the brands may offer deep discounts on their online-exclusive and end-of-life models whose supplies will be focused on e-commerce platforms, considering almost all the firms are saddled with excess unsold inventory which they want to clear in the upcoming festive sales.

₹5,334.95 apiece on BSE and hit intraday high at ₹5,379.85 and low at ₹5,241.50. Dixon Technologies shares during Thursday's session slipped into the red zone.

Dixon Technologies surged 2% to hit a new 52-week high at Rs 5,379.8 in Thursday's trade on BSE after its wholly owned subsidiary- Padget Electronics Private Limited entered into an agreement with Xiaomi to carry out manufacturing of smartphones and other related products for Xiaomi. The manufacturing will take place at Padget’s manufacturing facility in Noida. Analysts say the deal will help Xiaomi India leverage Dixon’s status of being cleared to receive sops under the government’s production-linked incentive (PLI) scheme for mobile manufacturing. And for Dixon, it will mean another big-ticket contract, assuring revenue for its mobile manufacturing business, which contributed the largest — 46% — to its total revenue of FY4Q. Under the PLI scheme, Dixon has so far received around Rs 110 crore as incentives for meeting the incremental production targets.

Cipla: Promoters of India’s fourth-largest drugmaker are in advanced talks with two consortiums—one led by Torrent Pharmaceuticals Ltd, with the participation of prominent family offices, and the other a group of buyout firms led by BPEA EQT and General Atlantic—to sell a controlling stake for $6-7 billion, two people with direct knowledge of the matter told Mint. Dixon Technologies: The company said its subsidiary, Padget Electronics entered into a strategic agreement with Xiaomi Technology India. This agreement encompasses the manufacturing of smartphones and various related products exclusively for Xiaomi.

Dixon Dixon's arm Padget Electronics said it has entered into an agreement with Xiaomi to carry out manufacturing of smartphones and other related products for the company. KP Energy KP Energy has commissioned a further 10.5MW (Phase-V) ISTS connected wind power project comprising 5 numbers of WTGs of 2.1MW each at Sidhpur site in Devbhoomi Dwarka. Read more: Here's the trade setup for today's session Barbeque Nation The company has entered into a share subscription and share purchase agreement to acquire the equity shares of Blue Planet Foods by the company and its subsidiary Red Apple Kitchen Consultancy. L&T L&T said the settlement of bids, return of unaccepted equity shares and payment of consideration to eligible shareholders who participated in the buyback will take place on September 28 instead of September 29. KEC International The company has received orders from various GST authorities on September 13 and September 16. Tata Power Tata Power's subsidiary Tata Power Renewable Energy will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu for TP Solar Limited (TP Solar) new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli. ONGC ONGC has inked an agreement with NTPC to develop clean energy, ET Now reported.

₹5,298.95 per share on BSE on Wednesday. (Refresh for more updates)"Exciting news! Mint is now on WhatsApp Channels

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Pick Mi Up service offers a hassle-free solution for repairing your smartphone. Simply, install the Xiaomi Service+ app, choose the 'Pick Mi' feature, and furnish the required information to initiate a pickup and drop-off service for your device. The Xiaomi Service+ app grants Xiaomi and Redmi device users access to a range of additional support functionalities.

NEW DELHI : Noida-headquartered contract manufacturing firm, Dixon Technologies (India) Ltd, is in the process of inaugurating the setting up of a 1 million square-foot assembly facility for Chinese electronics brand Xiaomi, two people with knowledge of the matter told Mint. This will be one of two such new facilities by Dixon, the second of which is expected in one of the southern Indian states—and could cater to demand from other brands and product categories.

Chinese smartphone manufacturer Xiaomi Inc's supplier Dixon Technologies India Ltd will reportedly open a massive new factory on the outskirts of New Delhi, Bloomberg News reported. Chinese-based company Xiaomi has been compelled to partner with Dixon for smartphone assembly because India is pressing Chinese companies to localize everything from manufacturing to distribution of devices. As per the Bloomberg report, Dixon will invest more than ₹4 billion ($48.2 million) over three years in the factory, which is spread over more than 300,000 square feet or the size of six football fields, and will largely produce Xiaomi smartphones.

Xiaomi Inc. supplier Dixon Technologies India Ltd.

Huawei Technologies inked on Wednesday a global patent cross-licensing deal with Xiaomi Inc, according to a statement from Huawei. The deal covers communication technologies including 5G, it said, and marks the resolution of a patent licensing dispute between the two firms. Local Chinese media reported in March that Huawei was suing Xiaomi for alleged infringement of four registered patents mainly related to wireless communication technology, smartphone photography and screen lock technology. Huawei also has patent license agreements with other tech players such as Oppo and South Korea's Samsung.

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The increase in hiring activity comes even as the past few quarters saw handset makers pull back on hiring due to muted shipments. However, the pick-up in 5G shipments, coupled with expected positive customer sentiment around the festive season will prompt brands to increase their sales and support workforce for this period, they added. «This is the first festive season that truly reflects the economic situation in that it does not have the overhang of the pandemic, nor the euphoria of coming out of the pandemic as 2022 did.

Foxconn Technology Group chairman Young Liu has backed India as an important country for the future of manufacturing, saying that the opportunities for development of electronics manufacturing and industrial chains was very huge. Speaking to media at a group event in Taipei, Liu said that India would be able to build the ecosystem faster than China, which took 30 years, on the back of experience and new technologies such as AI. “Some of India’s development over the past few years, everyone can see that.

Honor sees India as a “huge” market and is working with its local partners on setting up operations to tap into the opportunities in the world’s second largest smartphone market where it is seeking a re-entry, said its CEO George Zhao. “India is a huge market for everyone. We are very careful about the market.

Bloomberg News. However, the average estimate of Xiaomi's net income was 3.16 billion yuan. The report stated that revenue slid a less-than-projected 4% to 67.4 billion yuan, narrowing declines from previous quarters when the smartphone market slump was at its worst.

Xiaomi Corp reported a 4% revenue drop in the second quarter, tracking a shrinkage in China's handset market, but said its move into making electric vehicles was running ahead of schedule. Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. The company put the increase down to cost cutting and efficiency improvements, particularly in its physical stores. «Despite the macroeconomic headwinds in the global market we continue to expand our footprint,» Xiaomi President Lu Weibing said on an earnings call. «Several of our peers already exited from certain areas in this challenging environment, but no matter how hard it will be we will reinforce our presence across regions and markets,» Lu said. Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5% to 64.3 million units, according to Canalys, a consultancy that tracks the smartphone industry. Xiaomi's shipments declined by 19% to 8.6 million, while in major overseas market India, shipments fell 22% to 5.4 million units, Canalys said. In light of declining handset sales, Xiaomi is planning to move into the manufacture of electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month. The company has pledged a $10 billion investment over a decade in the automobile business. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged.