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<ul><li>The Indian <keyword id="20211456" type="General" weightage="20" keywordseo="smartphone-shipments" source="keywords">smartphone shipments</keyword> declined by 2% in Q2 2024 amid a heatwave in the country.</li><li><keyword id="19901379" type="General" weightage="20" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword> has emerged as the top smartphone maker, reclaiming its throne from <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword>.</li><li>Samsung still leads the <keyword id="20632895" type="General" weightage="20" keywordseo="Indian-smartphone-market" source="keywords">Indian smartphone market</keyword> in terms of value.</li></ul> The Indian smartphone shipments reported a year-on-year decline of 2% in Q2 2024 (April to June), resulting in an inventory build-up. Despite declining shipments, the market value hit a new record for Q2. According to a report by Counterpoint Research, the decline in smartphone shipments in Q2 2024 was due to the heatwave in the country, a seasonal slump and reduced demand from Q1 2024. “Heatwave conditions in various regions led to lower footfalls in offline channels and delayed smartphone purchases as consumers prioritised appliances like air conditioners and refrigerators,” said Shilpi Jain, senior research analyst, Counterpoint Research. <h2>Smartphone shipments <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword></h2><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.1% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Counterpoint Research Xiaomi has dethroned Samsung to retake the top spot, with an 18.9% market share in Q2 2024, up from 15% in Q2 2023. The company reported a 23% year-on-year growth in shipments, driven by its streamlined and focused portfolio. Vivo has emerged as a close second with a market share of 18.8% in Q2 2024, up from 17.4% in Q2 2023. The company maintained the second spot. Samsung, which was at the top spot in Q2 2023 with an 18.4% market share was pushed to the third spot with a market share of 18.1%. Realme and Vivo maintained the fourth and fifth spots with a market share of 12.5% and 11.4% respectively. <h2>Indians moving towards <keyword id="19914395" type="General" weightage="20" keywordseo="premium-smartphones" source="keywords">premium smartphones</keyword></h2>Indian consumers are moving towards premium smartphones and this was evident in Q2 2024 as the value of smartphones shipped reached a new high for Q2 despite a decline in shipments. The ultra-premium segment, which consists of smartphones priced above INR 45,000 recorded a 24% year-on-year growth. Despite being third in terms of market share in shipments, Samsung occupies the top spot with nearly a quarter of the market value. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.3% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.1% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.1% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.6% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Counterpoint Research Samsung tops the list with a 24.5% share in market value, up from 23.2% in Q2 2023. Vivo takes the second spot here as well, with a 16.8% share in market value, up from 16% in Q2 2023. Apple, which caters to the premium segment takes the third spot with a 16.3% share in in market value, slightly up from 16.2% recorded in Q2 2023. <h2><keyword id="20704187" type="General" weightage="20" keywordseo="5G-smartphones" source="keywords">5G smartphones</keyword> record new high</h2>5G smartphones have achieved a new record in share at 77% of overall shipments in Q2 2024. This has been driven by the reduction in the average selling prices (ASPs) of 5G smartphones. 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Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne but Samsung leads in terms of value

The launch of Boeing's Starliner spacecraft, scheduled to carry <keyword id="19939779" type="General" weightage="20" keywordseo="NASA-astronauts" source="keywords">NASA astronauts</keyword> <keyword id="21544825" type="General" weightage="20" keywordseo="Sunita-Williams" source="keywords">Sunita Williams</keyword> and Barry Wilmore to the International Space Station (ISS) was on Monday (local time) postponed after a valve glitch in the upper stage of the rocket set to propel it to space. Rocket company United Launch Alliance's Tom Heter III the director overseeing the launch announced the decision to delay the launch about two hours before the expected lift off from the Cape Canaveral Space Force Station in Florida, United States. NASA announced on social media platform X that the problem was identified with an oxygen valve on part of ULA's Atlas 5 rocket and that the space agency, Boeing and ULA have "scrubbed the launch opportunity on May 6 for the agency's Boeing Crew Flight Test to the International Space Station due to a faulty oxygen relief valve observation on the Atlas V rocket Centaur second stage. The crew and rocket remain safe and more information will be forthcoming." It said that NASA astronauts Wilmore and Williams exited the Starliner spacecraft at Space Launch Complex-41 at Cape Canaveral Space Force Station in Florida and will return to astronaut crew quarters. This would have marked the first human crewed flight for Starliner with Indian origin Sunita "Suni" Williams piloting the craft with fellow NASA pilot Barry "Butch" Wilmore. Boing had designed Starliner to rival the Dragon capsule of Elon Musk's SpaceX which carried out its crewed flight test in May 2020. SpaceX has handled most of NASA's crew transportation needs since then. However, just two hours before the scheduled launch, a valve glitch in the rocket's upper stage forced mission managers to call off the mission. It was a frustrating setback for Wilmore and Williams, both seasoned astronauts ventured to space on two previous journeys aboard NASA space shuttle and Russian Soyuz missions and had impressive backgrounds in naval aviation. The disappointment was tangible as they unstrapped from their seats, their hopes of soaring into space momentarily grounded, CBS News reported. Incidentally Sunita Williams has named the spacecraft "Calypso" for her love of the ocean and in reference to the ship of famed explorer <keyword id="21556039" type="General" weightage="20" keywordseo="jacques-cousteau" source="keywords">Jacques Cousteau</keyword>, who sailed across the world on his own ship named bearing the same name. Despite the setback, the seasoned duo maintained their composure, knowing that space travel demands patience and resilience. Clad in their distinctive Boeing pressure suits, Wilmore and Williams awaited news of the next launch window, ready to embark on their celestial journey at the earliest opportunity, as reported by CBS News. The Atlas 5 rocket, renowned for its reliability, stood ready for its milestone 100th flight - to launch Boeing's Crew Space Transportation (CST)-100 Starliner spacecraft. The plan was that following separation from Atlas 5, Starliner engines will burn taking it the rest of the way to orbit and on to the International Space Station, according to ULA. The Atlas 5 had successfully launching scientific spacecraft to Mars on five different occasions, plus research investigations to the Sun, the Moon, Jupiter, the Asteroid Bennu and Pluto The Atlas 5 consists of two major components: a booster and Centaur, its so-called upper stage. Starliner sits on top of Centaur, which in turn rests on the booster. The booster powers everything off the launchpad. During the flight, Centaur is designed to separate from the booster, propelling Starliner into a proper orbit. Then, Starliner separates from Centaur and flies on its own. It has delivered US national security assets into space, launched weather observatories that all Americans depend upon and deployed commercial satellites to connect the world. Williams, selected as an astronaut by NASA in June 1998, has spent a total of 322 days in space on two missions and accumulated 50 hours and 40 minutes of cumulative EVA time on seven spacewalks. Williams worked with Roscosmos on its contribution to the space station and with the first Expedition crew. Meanwhile, 61-year-old, Wilmore has logged 178 days in space and has 25 hours and 36 minutes of time on four spacewalks. NASA has been waiting half a decade for Starliner to begin flying crew, and the development of Starliner was beset by years of delays, setbacks and blunders. More broadly, Boeing as a company has suffered years of scandals in its aircraft division that have tarnished the legacy aerospace giant's brand, CNN reported. If successful, the Crew Test Flight could queue up Boeing to begin flying routine trips to the space station on NASA's behalf. Boeing has already planned six manned missions for the platform over the next six years, the projected end of the ISS' operating lifespan. NASA plans to use both SpaceX's Dragon and Boeing's Starliner to send up astronauts at least every six months from US soil. Both Boeing and SpaceX were given the responsibility in 2014 by NASA to send commercial crew missions to the ISS. Boeing received over USD 4 billion in US federal funds to develop the Starliner, while SpaceX received about USD 2.6 billion. 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Planned crewed launch of Indian-origin astronaut Sunita Williams on Boeing's Starliner spacecraft called off

<ul><li>The Indian government may not be able to fully utilise the budget it had allocated for the defence equipment and weapons purchases in 2021.</li><li>Strengthening the Navy may be one of the main focus for India's defence ministry as the threat coming from China rises.</li><li>India’s Defence budget has remained consistent roughly at 2% of the GDP in the last five years. </li></ul>The Indian government promised to spend 19% — of the ₹4.78 crore crore set aside for the defence sector — in buying new equipment, weapons, fighter jets et al before March 2022. That money may not be fully spent as planned, a national security and defence expert told Business Insider. The money may go into a corpus and is likely to be spent in the next year, according to <keyword id="300102" type="General" weightage="20" keywordseo="Sameer-Patil" source="Orion">Sameer Patil</keyword>, senior Fellow at ORF, who also believes that the upcoming budget on February 1 may focus more on strengthening India’s Navy. Not just Patil, another national security analyst Bhartendu Singh, also believes that while India’s allocation for defence will go up in absolute terms, it may remain small as a percentage of gross domestic product (GDP). India’s defence budget has remained consistent roughly at 2% of the GDP in the last five years. Even though the recommended <a href="https://prsindia.org/budgets/parliament/demand-for-grants-2021-22-analysis-defence#:~:text=Growth%20of%203%25%20over%20Budget,central%20government%20expenditure%20of%2014%25.">share is 3%</a>. <div type="image" title="This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers" msid="88989454" hostid="261"></div> Here’s why India needs to strengthen the Navy While India has been constantly battling China on its land borders, the budget this year may focus on building up and modernising its forces on the sea. This is largely because the Chinese threat in the Indian ocean has also been rising simultaneously, according to Patil. Commodore Anil Jai Singh, a submarine veteran, has also <a href="https://www.financialexpress.com/defence/china-raises-bay-of-bengal-security-concerns-with-ming-presence/2398960/">raised </a>concerns over China ‘gifting’ Type 035 Ming class diesel-electric submarine — the oldest class of submarines in the Chinese inventory — to Myanmar last month. China has been growing its presence in the Indian ocean even before the Galwan clash of 2021, Patil added. Some steps are already visible. “We have seen both L&amp;T and Mazagon dockyard have been shortlisted as India’s strategic partners for building the next set of submarines,” Patil added. This project — which aims to build P75i submarines — is likely to see an investment up to <a href="https://www.businessinsider.in/defense/news/the-defence-acquisition-council-dac-clears-the-issuing-request-for-proposal-rfp-for-the-indian-navys-mega-deal-to-procure-six-submarines/articleshow/83229317.cms">₹45,000 crore</a>. The Indian Armed Forces is also looking to defend itself by building anti-submarine warfare capabilities, purchasing more maritime surveillance drones and building a fleet of 300 for the <keyword id="6355100" type="General" weightage="20" keywordseo="Indian-navy" source="Orion">Indian navy</keyword>. According to Elara Capital’s report published in October 2021 the Indian Navy's Fleet stands at 150 ships and submarines,and the Coast Guard fleet is at 130 vessels. Each of these is expected to grow to 200 vessels by 2027. Orders are likely to be placed for 165 warships in the medium term, the report added. Government of India’s undertaking Garden Reach Shipbuilders &amp; Engineers (GRSE), in its red herring prospectus, highlighted that the Navy’s estimated capital budget up to 2027 is expected to be ₹4.5 lakh crore. <div type="image" title="This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers" msid="88989438" hostid="261"></div> If indeed, Finance Minister Nirmala Sitharaman makes provisions for higher spending on the Navy, these are some of the stocks to watch out for on Budget day. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in last one month </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Naval </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cochin Shipyard </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.98% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Garden Reach Shipbuilders &amp; Engineers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.52% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharat Electronics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.26% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paras Defence </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.28% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Aeronautics Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.15% </td></tr></tbody></table>Source: BSE SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/bajaj-finance-bajaj-auto-hero-motocorp-and-other-hot-stocks-on-january-19/slidelist/88985936.cms">Bajaj Finance, Bajaj Auto, Hero MotoCorp and other hot stocks on January 19</a> <a href="https://www.businessinsider.in/india/news/indias-daily-covid-19-cases-surge-by-7-8-in-a-day-active-cases-stand-at-1831000/articleshow/88987362.cms">India’s daily COVID-19 cases surge by 7.8% in a day, active cases stand at 18,31,000</a> <a href="https://www.businessinsider.in/stock-market/news/ags-transact-technologies-ipo-cash-management-firm-looking-to-halve-its-debt-with-ipo-money/articleshow/88987025.cms">AGS Transact is a cash management firm looking to halve its debt with IPO money</a>

This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers

British oil firm <keyword id="262456" type="COMPANY" weightage="20" keywordseo="Cairn-Energy-Plc">Cairn Energy Plc</keyword> on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a <keyword id="10021078" type="UNKNOWN" weightage="20" keywordseo="retrospective-tax-demand">retrospective tax demand</keyword>. "<keyword id="64469" type="COMPANY" weightage="20" keywordseo="Cairn">Cairn</keyword> is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised. "The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded to Cairn damages of USD 1.2 billion-plus interest and costs, which immediately became payable. The total due at the year-end was USD 1.7 billion," it said. The firm said it has engaged directly with the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">government of India</keyword> regarding satisfaction of the award, which is also enforceable against Indian-owned assets in more than 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. "Cairn has already taken steps to have the Award recognised in certain major jurisdictions in which Indian sovereign assets have been identified," the statement said. had on March 8 reported that the December 21 award from a three-member tribunal at the <keyword id="1056875" type="COMPANY" weightage="20" keywordseo="Permanent-Court-of-Arbitration">Permanent Court of Arbitration</keyword> in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France. Further, the firm has started the process to register the award in Singapore, Japan, the United Arab Emirates and the Cayman Islands. "Cairn's engagement with the Government of India on its arbitration award will continue in parallel with pursuing options of enforcement and monetisation of the Award in order to safeguard shareholders' rights," the statement noted. The registration of the award is the first step towards its enforcement in the event of the government not paying the firm. Once the court recognises an arbitration award, the company can then petition it for seizing any Indian government assets such as bank accounts, payments to state-owned entities, aeroplanes and ships in those jurisdictions, to recover the monies due to it. So far the government has not directly commented on honouring or challenging the Cairn arbitration award, but Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had last week indicated going in for an appeal. The tribunal had on December 21 ruled that the government breached an investment treaty with the UK and was therefore liable to return the value of shares it had seized and sold, dividend confiscated and tax refund stopped to adjust a Rs 10,247 crore tax demand. Simon Thomson, Chief Executive, Cairn, said: "We have engaged with the Government of India regarding adherence to the ruling and we are pursuing all avenues to protect our shareholders' rights to the value of the award". Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. "It further ruled that the application to Cairn of the retrospective tax amendment introduced by the Government of India was "grossly unfair", discriminatory and in breach of the "Fair and Equitable Treatment" standard of the Treaty," the statement said. The tribunal, therefore, ordered the withdrawal of the tax demand in India and awarded to Cairn compensation equal to the value of the shares held in Cairn India Limited (subsequently merged with <keyword id="2819168" type="DOMAIN" weightage="20" keywordseo="Vedanta-Limited">Vedanta Limited</keyword>) seized by India in 2014 and withheld tax refunds due on other matters, totalling USD 1.223 billion-plus interest and costs, which is now payable. "Interest is payable based on USD six-month LIBOR plus a semi-annual margin of 1.375 per cent, accruing from 2014, and the costs awarded totalled USD 22 million. The total amount due to Cairn on December 31, 2020, was USD 1.725 billion," it said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stag</a>

Cairn says it has identified Indian assets for seizing should it be not paid

India’s first indigenous <keyword id="42406" type="PERSON" weightage="20" keywordseo="aircraft-carrier">aircraft carrier</keyword> <keyword id="312412" type="ORGANIZATION" weightage="20" keywordseo="INS-Vikrant">INS Vikrant</keyword> has begun its sea trials today and is set to be commissioned into the Eastern Naval Command by August 2022. This much-awaited maiden trial into the Arabian Sea will go on for four days. It started with 1,500 officials, including officers and sailors on board. This project is worth ₹24,000 crore (about $3.5 billion), originally targeted for commissioning in 2018, and was delayed due to the pandemic. The length of the ship is 262 m, while its beam is 62 m and has a depth of 25.6 m. It is the largest and most complex warship ever to be designed and built-in India. Vikrant is also known as the Indigenous Aircraft Carrier 1, or IAC-1. <div type="image" title="INS Vikrant" height="900" width="1200" msid="85035098" hostid="261"></div> India currently has one aircraft carrier, <keyword id="317546" type="ORGANIZATION" weightage="20" keywordseo="INS-Vikramaditya">INS Vikramaditya</keyword>, inducted from Russia in 2013. Constructed by the Cochin Shipyard Limited for the Indian <keyword id="42407" type="ORGANIZATION" weightage="20" keywordseo="Navy">Navy</keyword>, this became the first aircraft carrier to be built in the country. The basic trials were completed in December 2020. Vikrant will start to operate with approximately 24 Russian-built MiG-29K fighter jets <div type="image" title="INS Vikrant" height="900" width="1200" msid="85035195" hostid="261"></div> Defence Minister Rajnath Singh has already said that Vikrant, expected to be commissioned into service next year, will add superior combat capability, range, and versatility to the Navy. He also added that this will be a tribute to 75 years of India’s Independence. A tweet from <keyword id="11789559" type="UNKNOWN" weightage="20" keywordseo="spokesperson-navy">Spokesperson navy</keyword> mentioned that this is a ‘Proud and Historical Day’ moment for India <div type="twitter" handle="indiannavy" handlename="SpokespersonNavy" image="http://pbs.twimg.com/profile_images/871053127205625856/pGhIGmLN_normal.jpg" favoritecount="2158" retweetcount="618" status="Proud &amp; historic day for India as the reincarnated #Vikrant sails for her maiden sea trials today, in the 50th year… https://t.co/nhuh1t8G01" createdat="1628059013000" id="1422808740978364419"></div> Work on the ship's design began in 1999, and the keel was laid in February 2009. The carrier was floated out of its dry dock on December 29, 2011, and was launched on August 12, 2013. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/krsnaa-diagnostics-ipo-open-today-check-out-how-to-apply/articleshow/85017014.cms">Krsnaa Diagnostics IPO opens—here is all you need to know</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms">These are some of the highest paid founders of Indian startups tapping capital markets this year</a>

INS Vikrant, the first made-in-India Aircraft Carrier worth nearly $3.5 billion is on for its maiden trial

San Francisco, After <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> became the second US tech company to log its largest quarter by revenue of all time at $125.56 billion, as online shopping broke all records in the holiday quarter (October-December period) amid the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. The company doubled its net income to $7.2 billion for the quarter, compared to $3.3 billion for the same period in 2019. Amazon's full-year 2020 net sales were up 38 per cent, to $386.1 billion. The Amazon stock were up 1 per cent in extended trading on Tuesday. Amazon also announced that Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy, CEO of AWS, will become Chief Executive Officer at that time. "Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more," said Bezos who founded Amazon in 1994. "When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he added. During a call with investors, Amazon CFO Brian Olsavsky said the company has a "highly effective" succession plan in place. Amazon's cloud-computing arm AWS saw its revenue jump 28 per cent to $12.7 billion from $9.95 billion a year earlier. Earlier, riding on the stellar performance of iPhones, wearables and services in the festive December quarter, Apple posted an all-time record revenue of $111.4 billion in its history, up 21 per cent year over year, and quarterly earnings up 35 per cent. SEE ALSO: <a href="https://www.businessinsider.in/business/news/carlyle-brighton-park-invest-200-million-in-indian-healthtech-company-indegene/articleshow/80661573.cms">Carlyle, Brighton Park invest $200 million in Indian healthtech company Indegene</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-ratan-tata-and-anand-mahindra-might-come-together-for-indias-new-national-hydrogen-mission/articleshow/80645570.cms">Mukesh Ambani, Ratan Tata, and Anand Mahindra might come together for India’s new National Hydrogen Mission</a> <a href="https://www.businessinsider.in/stock-market/news/indigo-paints-shares-listed-at-2607-which-is-at-75-premium-to-the-set-price-band-at-1488-1490-per-share/articleshow/80643645.cms">India’s fifth-largest paint maker Indigo Paints IPO lists at 75% premium over the issue price</a>

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Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne but Samsung leads in terms of value

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Planned crewed launch of Indian-origin astronaut Sunita Williams on Boeing's Starliner spacecraft called off

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This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers

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Cairn says it has identified Indian assets for seizing should it be not paid

PTI

INS Vikrant, the first made-in-India Aircraft Carrier worth nearly $3.5 billion is on for its maiden trial

BI India Bureau

After Apple, Amazon becomes second tech company to surpass $100 billion in quarterly revenue

IANS

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