Samsung Electronics said on Wednesday its second quarter (Q2) operating profit surged more than 15 times from a year earlier on the robust performance of its semiconductor business.

The world’s largest mobile phone and memory chip maker’s operating profit reached 10.44 trillion won ($7.54 billion) in the April-June period, compared with 668.5 billion won a year ago, the company said in a regulatory filing.

It is the first time that Samsung Electronics posted an operating profit of more than 10 trillion won in seven quarters since the third quarter of 2022. Its sales jumped 23.4 per cent on-year to 74.06 trillion won and net profit soared 471 percent to 9.84 trillion won.

Sales and shipments of its latest Galaxy S24 series, released in January, outnumbered those of its predecessor, Galaxy S23, both in the second quarter and the first half.

“In the second half of 2024, overall demand for smartphones is expected to increase year-on-year, with increased demand for premium products, driven by growing demand for AI and the launch of new products with innovative features,” the company said.

The earnings exceeded market expectations. The average estimate of operating profit by analysts stood at 10.29 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Samsung said it invested 8.05 trillion won in research and development in the quarter ending in June. It also spent 12.1 trillion won in facility investment, including 9.9 trillion won in the semiconductor sector.

The company said its chip business earned 28.6 trillion won in sales for the three-month period through June, with an operating profit of 6.45 trillion won.

It marked the first quarterly operating profit for the company’s flagship business in more than one year as it had remained in the red for five consecutive quarters since the first quarter of 2023.

The strong performance was driven by increasing demand for memory chips, including those for artificial intelligence servers and solid-state drives.

Samsung’s TV business also expanded in the April-June period thanks to global sporting events, such as the 2024 Paris Summer Olympics, while its conventional home appliance segment was on a gradual recovery on increasing demand for air conditioners and new products. AGENCIES

Indian equity indices opened in the green on Wednesday following positive cues from Asian peers.

At 9.41 a.m., Sensex was up 82 points or 0.10 per cent, at 81,542 and Nifty was up 30 points or 0.12 per cent, at 24,887.

The market trend remained positive. On the National Stock Exchange (NSE), 1,507 shares remained in the green and 480 shares remained in the red.

The Nifty Midcap 100 index was at 58,792, up 169 points or 0.29 per cent and the Nifty Smallcap 100 index was at 19,146, down 60 points or 0.31 per cent.

Pharma, FMCG, metal, fin service and media indices were in the green. Realty, energy and PSU bank indices were in the red.

In the Sensex pack, NTPC, Asian Paints, JSW Steel, ITC, ICICI Bank, Bharti Airtel, HDFC Bank, Tech Mahindra, Tata Steel, Maruti Suzuki, HUL and Nestle were major gainers. Tata Motors, Power Grid, IndusInd Bank and Axis Bank were major losers.

Recently, SEBI proposed new rules for Futures and Options (F&O) trading to prevent speculation in the market.

According to the market experts, “SEBI’s crackdown on F&O trade is eminently desirable and can go a long way towards making the ongoing rally healthy and less speculative.”

“The irrational exuberance of the retail investors, particularly the newbies who entered the market after the Covid crash, will do more harm than good to the overall market in the long run,” they added.

There was a bullish trend in global markets. The markets of Shanghai, Hong Kong, Bangkok, Seoul and Jakarta were bullish. However, US markets closed mixed on Tuesday.

The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 5,598 crore on July 30, while domestic institutional investors bought equities worth Rs 5,565 crore on the same day. AGENCIES

 Around six crore income tax returns have been filed in 2023-24, of which 70 per cent were filed under the new simplified tax regime which offers a lower rate of tax but fewer deductions, Revenue Secretary Sanjay Malhotra has said.

Addressing the post-budget session of PHD Chamber of Commerce and Industry, Malhotra said initially some apprehensions were raised in some sections as to whether people would shift to the simplified tax regime.

However, the large percentage of taxpayers preferring to adopt the new regime reflects a positive response and the successful transition to the simplified system, he pointed out.

The new tax regime, introduced to simplify the tax process, offers lower tax rates compared to the previous regime but provides fewer exemptions and deductions. Malhotra highlighted that the move towards this regime aims to reduce compliance burdens and make the tax system simpler for individuals to deal with.

He also said that the comprehensive income tax review announced in the Budget for 2024-25 is aimed at making the tax law simpler.

“We will come up with a draft and then we will seek suggestions from stakeholders,” Malhotra added.

Currently, the country has two personal income tax regimes. In the old income tax regime, the tax rates are higher but taxpayers can claim exemptions and deductions which is a relatively more complicated process. The new tax regime is simpler as it allows the taxpayer to avail of a lower tax rate without the process of filing for deductions.

As much as 58 per cent of corporate tax has come from the simplified tax regime in FY23.

Finance Minister Nirmala Sitharaman has also announced in the Union Budget that a comprehensive review of the Income-tax Act, 1961 would be undertaken which would be completed in six months.

“The purpose is to make the Act concise, lucid, easy to read and understand,” she said, The Finance Minister also said that the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.

Besides, the two tax exemption regimes for charitable trusts will be merged into one. AGENCIES

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

 

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

 

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

 

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

 

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

 

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

 

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

 

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

 

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.

 

The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.

The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy Consultants

While security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.

“India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.

This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.

According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.

Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).

“Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.

The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases. AGENCIES

Exports of passenger cars reached a record high in the second quarter (Q2) of this year on solid demand from the United States and Canada, data showed on Wednesday.

South Korean carmakers shipped $17.8 billion worth of passenger cars over the April-June period, up 6.8 per cent from a year earlier, according to the Korea Customs Service.

It marked the highest quarterly figure ever and the ninth consecutive quarterly growth, it added.

During the first six months of 2024, car exports added 4.9 percent on-year to $33.6 billion, also a record level for any six-month period, reports Yonhap news agency.

Imports sank 25.3 per cent in the second quarter to $3.4 billion, the fourth consecutive on-year fall.

The growth in outbound shipments was driven by rising demand for mid- and large-sized petrol cars, while the value of eco-friendly cars exported inched down from a year earlier.

Of eco-friendly cars, the export value of hybrid cars reached an all-time high of $3.02 billion in the second quarter, the data showed.

By destination, exports to the U.S. advanced 33.2 per cent in terms of value in the second quarter, with those to Canada and Australia rising 14.6 per cent and 8.8 per cent, respectively.

But demand from Britain fell 8.1 per cent and that from France tumbled 34.9 per cent.

The average price of cars shipped in the second quarter rose 1.1 per cent on-year to $23,097.

That of imports slid 22.7 per cent on-year to $39,595, the agency said. AGENCIES

Seasonally adjusted GDP increased by 0.3 per cent in both the eurozone and the European Union (EU) area in the second quarter of 2024, compared with the previous quarter, according to preliminary data released by Eurostat.

In the first quarter of 2024, GDP had also grown by 0.3 per cent in both regions, the statistical office of the EU reported on Tuesday.

Germany’s output contracted by 0.1 per cent in the second quarter, according to Eurostat data. France and Spain experienced growth of 0.3 per cent and 0.8 per cent, respectively. The highest growth rate was recorded in Ireland, with a 1.2 per cent increase in the second quarter, Xinhua news agency reported.

Conversely, Latvia experienced a notable decline of -1.1 per cent, with Sweden and Hungary also reporting negative growth.

Bert Colijn, a senior economist at ING, remarked that although the Eurozone economy grew faster than expected in the second quarter, the recovery remains cautious, supported by low unemployment and reduced inflation. Colijn also said that there are no signs of further acceleration in the Eurozone’s economic growth.

“The differences within the eurozone remain striking,” Colijn said, noting that Spain continues to be the eurozone’s growth engine, while France also looked healthier than expected in the second quarter, although this was mainly due to one-off export effects.

“Germany remains the weak link in this post-pandemic economy, and the overall performance is lacklustre without Spain’s contribution,” he added. AGENCIES

Up to five Iraqi paramilitary Hashd Shaabi members were killed and six others wounded in an unknown drone attack on a military base in Iraq’s Babil province, an Interior Ministry source said.

Unknown drones bombed a military base of the Hashd Shaabi forces, also known as Popular Mobilization Forces, in the Jurf al-Nasr area in the northern part of Babil province, the source told Xinhua on condition of anonymity, the source told Xinhua.

Before dawn on Wednesday, the media office of the Hashd Shaabi Forces said in a brief statement on its official Telegram page that the attack occurred at 9.30 p.m. local time when unknown drones fired missiles on two patrols belonging to the 47th Brigade of the Hashd Shaabi in the Jurf al-Nasr area, Xinhua news agency reported.

Also known as Popular Mobilization Forces, the Hashd Shaabi forces are a state-sponsored paramilitary network composed of mostly Shia Muslim groups. AGENCIES

 The political head of Hamas, Ismail Haniyeh, has been assassinated in Tehran, Iran’s Islamic Revolutionary Guard Corps (IRGC) said in a statement on Wednesday.

Haniyeh was killed alongside one of his bodyguards at his residence in the Iranian capital while he was in the town to attend Iran’s President Masoud Pezeshkian’s swearing-in ceremony on Tuesday.

There are no further details on the killing from the IRGC.

As per several television analysts in Iran, the blame has been put on Israel.

Reacting to the news, Israel War Room posted a video on X showing Haniyeh celebrating the October 7 attack on Israeli citizens.

“This was Hamas chief Haniyeh’s reaction to the Hamas massacre on October 7. He’s not celebrating anymore,” it captioned the video.

Haniyeh was the face of Hamas and was active in several peace negotiations. AGENCIES

 Hezbollah said Wednesday that civil defence teams were still searching for Fouad Shokor, a senior military advisor to Hezbollah Secretary-General Sayyed Hassan Nasrallah, in the rubble after he was attacked by an Israeli drone in southern Beirut a day earlier.

The Israel Defence Forces (IDF) said on Tuesday that an Israeli drone conducted a targeted strike on a position near the Shura Council of Hezbollah in Dahieh, a southern suburb of Beirut, “eliminating Fouad Shokor.”

While not confirming Shokor’s death, Hezbollah, a Lebanese militant group and political party, said that since the incident, civil defence teams have been working diligently but slowly to remove the debris due to the condition of the destroyed floors.

Shokor was also the director of Hezbollah’s precision missile project and held the position of second-in-command within the organisation, Xinhua news agency reported.

Israel threatened over the past days to launch a military operation that will make Hezbollah pay a heavy price after a missile fell Saturday in the town of Majdal Shams in the Golan Heights, killing 12 people and wounding several others. Hezbollah said it had “absolutely nothing to do with the incident” and dismissed the allegations as false.

Tensions along the Lebanon-Israel border escalated on October 8, 2023, following a barrage of rocket attacks launched by Hezbollah toward Israel in solidarity with Hamas’ attack on Israel one day before. Israel then retaliated by firing heavy artillery toward southeastern Lebanon. AGENCIES

Iran and Egypt have expressed hope that bilateral ties will be resumed as soon as possible.

In a meeting in Tehran on Tuesday, Iran’s President Masoud Pezeshkian and Egypt’s Foreign Minister Badr Abdelatty exchanged views on bilateral relations, Xinhua news agency reported, citing a statement published on the website of the Iranian president’s office.

Pezeshkian said Iran and Egypt were two “brotherly” countries whose peoples had a “heartfelt” interest in one another, pointing to the two countries’ “age-old, brilliant and glorious” civilizational backgrounds.

He hoped that the problems hindering the normalisation of bilateral ties would be completely resolved as soon as possible.

Pezeshkian said Iran and Egypt could help resolve many of the region’s problems, noting Iran is ready to cooperate and exchange experiences, capabilities, and bilateral capacities with Egypt.

The Egyptian foreign minister, who was in Iran to attend Pezeshkian’s swearing-in ceremony held on Tuesday, said the two countries adopted close positions on issues such as non-interference in other states’ affairs, protecting the multilateral international system and defending humanitarian rights.

He added the normalisation of bilateral ties was continuing on its path, hoping that the two countries would manage to officially begin cooperation with each other as soon as possible to safeguard mutual interests.

Iran and Egypt severed diplomatic relations in 1980. In recent months, both countries have expressed willingness to mend ties by settling differences on certain issues.

In November 2023, late Iranian President Ebrahim Raisi and current Egyptian President Abdel-Fattah al-Sisi held their first meeting in Riyadh on the sidelines of the Joint Arab-Islamic Extraordinary Summit to end the Gaza conflict. AGENCIES