The Maruti Suzuki Swift has achieved a new milestone of three million sales in India, the company said on Friday.

The launch of the Epic New Swift in May has created new benchmarks and propelled the revered Swift legacy to its three million sales milestone, according to the company.

“With each new generation, the Swift has continued to raise the bar, offering cutting-edge technology, contemporary style, and that unmistakable ‘Swift DNA’ which continues to captivate customers,” Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India, said in a statement on Friday.

“This accomplishment fills us with immense gratitude, and we are thankful to all Swift owners across the country,” he added.

Inspired by the iconic Suzuki Hayabusa motorcycle, the Swift was launched in 2005 with segment-first features such as climate control, airbags and an anti-lock braking system (ABS).

The brand has achieved over 6.5 million sales globally, with India being Swift’s largest market.

The Swift surpassed one million sales in 2013 within eight years since its introduction, and the two million sales mark was breached in 2018, the company mentioned.

In May, the carmaker launched the fourth generation Epic New Swift at a starting price of Rs 6.49 lakh (ex-showroom) in the country. AGENCIES

 The latest round of 15-20 per cent mobile tariff hikes for prepaid and postpaid plans by telecom service providers (TSPs) can result in additional operating profits of around Rs 20,000 crore for the industry once these hikes are fully absorbed, industry experts said on Friday.

Bharti Airtel and Reliance Jio are likely to witness a significant average revenue per user (ARPU) benefit after the tariff hike. Vodafone Idea is yet to implement the mobile tariff hike.

“This will result in increased profit generation, thereby providing headroom for the industry to undertake deleveraging as well as fund capex for the technology upgrade as well as network expansion,” said Ankit Jain, Vice President and Sector Head of Corporate Ratings, ICRA.

ICRA expects the industry revenues to grow by 12-14 per cent in FY25, which given the operating leverage, is likely to translate into healthy expansion in operating profits by 14-16 per cent.

The telecom industry is likely to report revenues of Rs 3.2-3.3 lakh crore with operating profits of Rs 1.6-1.7 lakh crore in FY25.

“The improvement in operating profits coupled with the muted participation in the latest spectrum auctions and expected moderation in the capex intensity, the debt levels are expected to moderate to around Rs 6.2-6.3 lakh crore as on March 31, 2025, with the expectation of further decline going forward,” said ICRA.

According to a note by Morgan Stanley, we expect other players, including Bharti Airtel, to follow and announce price increases soon for 4G subscribers.

“We estimate that blended ARPU would benefit in the range of 16-18 per cent for Bharti Airtel and Reliance Jio,” said the note.

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E-sports and gaming company NODWIN Gaming on Friday said that it will be acquiring Berlin-based global full-service gaming and esports agency Freaks 4U Gaming for Rs 271 crore.

The company’s Singapore-based subsidiary NODWIN Gaming International Pte has signed definitive agreements to increase its existing 13.51 per cent stake in Freaks 4U Gaming to 100 per cent in tranches through a share swap.

“This acquisition is a pivotal step in our global growth strategy. By integrating Freaks 4U Gaming’s expertise and resources, we are poised to deliver unparalleled services and expand our global footprint in the gaming and esports industries,” Akshat Rathee, Co-Founder of NODWIN Gaming, said in a statement.

NODWIN Pte will initially increase its existing stake in Freaks 4U Gaming to 57 per cent and the remaining 43 per cent held by the founders Michael Haenisch, Matthias Remmert and Jens Enders will be swapped at a later time at its option.

Existing investors of Freaks 4U Gaming will become shareholders of NODWIN Pte, according to the company.

“With our shared vision and ambition, we look forward to driving our global expansion while spearheading innovation and growth for gaming and esports,” said Haenisch.

Freaks 4U Gaming offers a multitude of agency services and best-in-case solutions to brands and publishers and generated Rs 223 crores in 2023.

Last year, NODWIN Gaming’s Singapore acquired a 100 per cent stake in game marketing agency PublishME for $2 million from its existing shareholders Nazara Technologies (NS:NAZA) and Ozgur Ozalp.

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The State Bank of Pakistan (SBP) said that its foreign exchange reserves had decreased by $239 million due to external debt repayments.

During the week ending on June 21, the total foreign exchange reserves of the bank fell to around 8.9 billion dollars, the SBP said in a statement on Thursday.

It added that the net foreign reserves held by commercial banks came at $5.3 billion, reports Xinhua news agency.

Total liquid foreign reserves held by the South Asian country stood at about $14.2 billion, according to the SBP.

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Global investment bank and financial company Morgan Stanley (NYSE:MS) has stated that the PM Gati (NS:ALLA) Shakti scheme has succeeded in giving a new fillip to India’s infrastructure development and multi-modal connectivity across highways, railways and ports that has spurred economic growth.

According to the report, India has scaled up its infrastructure strongly over the last decade, with higher investment that is also better targeted and potentially more productive.

“We expect India’s infrastructure investment to steadily increase from 5.3 per cent of GDP in FY24 to 6.5 per cent of GDP by FY29. Indeed, this implies that infrastructure investments are expected to register a strong 15.3 per cent CAGR, resulting in cumulative spending of USD 1.45 trillion over the next five years. In our view this will help to lift the investment rate, leading to a sustained period of high productive growth.”

Interestingly, the report also states that “contrary to popular perception, India’s physical infrastructure scale already compares favourably to China’s when viewed in the context of GDP differential.”

The report cites the World Bank’s Logistics Index Report, 2023, which records that the average Container Dwell Time in Indian ports was three days compared to four days for countries like the UAE and South Africa, seven days for the USA, and 10 days for Germany.

Indian Ports “turnaround time” has reached 0.9 days, which is better than the USA (1.5 days), Australia (1.7 days), Singapore (1.0 days), etc. 6. In F24, ports overall cargo growth was 7 per cent, with 53 per cent of cargo handled by major ports (government-owned).

Prime Minister Narendra Modi launched the PM Gati Shakti National master plan for infrastructure development in October 2021. It brings 16 ministries including Railways and Highways together on a digital platform for integrated planning and coordinated implementation of multi-modal connectivity projects. It is conceived as a transformative approach for economic growth and sustainable development with roads, railways, airports, ports, mass transport, waterways and logistics infrastructure constituting “7 engines “ to pull the economy forward in unison.

According to the Morgan Stanley Report, initiatives under PM Gati Shakti are yielding results. Under the PM Gati Shakti scheme so far, cumulatively 101 projects worth Rs 60,900 crore have been identified for implementation in the ports and shipping sectors.

As of April 2023, 26 projects, worth Rs 8,900 crore have been completed, 42 projects worth Rs 15,340 crore are under development, and 33 projects worth Rs 36,640 crore are under implementation.

The Ministry of Ports, Shipping, and Waterways (MoPSW) is also implementing a comprehensive port connectivity plan in coordination with the highways and railways ministries.

The Morgan Stanley report says under the Sagarmala programme, 220 projects worth Rs 1.12 lakh crore have been completed and 231 projects worth Rs 2.21 lakh crore are under implementation while 351 projects worth Rs 2.07 lakh crore are at the evaluation stage.

Similarly, National Waterways are also being developed as a more efficient and environment-friendly means of transport for both cargo and passengers.

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Indian equity indices opened in green on Friday following buying in largecap stocks. Sensex and Nifty made a new all-time high of 79,671 and 24,174 respectively.At 10 a.m., Sensex was at 79,558, up 314 points or 0.40 per cent and Nifty was up 93 points or 0.39 per cent, at 24,137.

NTPC (NS:NTPC), Sun Pharma (NS:SUN), Tech Mahindra (NS:TEML), Tata Motors (NS:TAMO), Power Grid (NS:PGRD), Tata Steel (NS:TISC), Nestle (NS:NEST), Asian Paints (NS:ASPN), Infosys (NS:INFY), HDFC Bank (NS:HDBK) and JSW Steel (NS:JSTL) are the top gainers. Whereas, UltraTech Cement (NS:ULTC), Axis Bank (NS:AXBK), IndusInd Bank (NS:INBK), Maruti Suzuki (NS:MRTI) and HCL Tech (NS:HCLT) are the losers.

The Nifty Midcap 100 index is up 346 points or 0.46 per cent at 55,740 and the Nifty Smallcap 100 index is up 187 points or 1.03 per cent at 18,352.

Among sectoral indices, PSU Bank, Fin service, Pharma, Metal and Energy are major gainers. Auto and realty are top laggards.

According to the experts, “The market momentum has the potential to take the Sensex to 80,000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks.”

“Corrections can happen any time since the market is in the overbought zone and DIIs are booking profits,” They added.

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In a major fillip to the government’s local manufacturing push, Adani Defence & Aerospace – the defence arm of the Adani Group — has signed an agreement with the Thales Group to manufacture 70mm rockets in India.

Thales said that this partnership is not only significant for their commitment to India, “but it also allows us to strengthen our partner network worldwide”.

“We congratulate the Adani Group on this partnership. Together, we seek to contribute to the further growth and success of India’s defence sector,” the Thales Group said in a post on X.

“We are thrilled to announce our partnership with the Adani Group in India. We look forward to collaborating on the manufacturing of Thales’ 70mm rockets in India,” said the Thales Group.

This partnership is a key milestone in our continued support of ‘Make in India’ and ‘Aatmanirbhar Bharat’ vision for India’s growing defence industry, the Thales Group added.

Adani Defence & Aerospace, part of the Adani Group, is a pioneer in the design, development and manufacturing of state-of-the-art defence products.

The company signed a significant agreement with EDGE Group – one of the world’s leading advanced technology and defence groups in the UAE – earlier this month.

The pact aims to establish a global platform leveraging the defence and aerospace capabilities of both companies to bring together their respective product portfolios and cater to the requirements of global and local customers.

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In a bid to empower micro, small and medium enterprises (MSMEs), the government has announced an initiative to onboard five lakh MSMEs on to the Open Network for Digital Commerce (ONDC).The initiative, called ‘MSME TEAM’, aims to provide financial assistance for onboarding, cataloguing, account management, logistics, packaging material and design of 5 lakh MSMEs on the ONDC network.

Half of these beneficiary MSMEs will be women-owned enterprises, said Union Minister for MSME, Jitan Ram Manjhi.

“MSMEs will be a key force in the movement towards Atmanirbhar and Viksit Bharat,” the minister added.

In a fast-changing industrial landscape, the MSMEs need to align themselves to adopting digital and technological solutions, the minister noted.

Another ministry initiative called the ‘Yashasvini’ campaign, is a series of mass awareness campaigns for formalising women-owned informal micro enterprises and providing capacity building, training, handholding and mentorship to the women-owned enterprises.

A series of campaigns will be organised by the Ministry of MSME during FY24-25 in various parts of the country, focusing on tier 2 and 3 cities.

The MSME minister also emphasised the need to deepen and broaden the effort through an inclusive and focused approach, especially in the rural areas and hinterland as per the vision of Prime Minister Narendra Modi.

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 Accel, one of the world’s top venture capital firms, has identified ‘Bharat’ as a massive blue ocean opportunity for Indian startups, citing promising economic indicators and evolving consumer behaviour across Tier 2, Tier 3 cities and rural areas.

Accel defines Bharat as middle-income households that earn between INR 5 to 15 lakhs annually and spread across Tier 2, Tier 3, and rural India.

In an exclusive interview with IANS, Anand Daniel, partner at Accel, discussed the immense potential of building for Bharat. Historically, startups have struggled in these markets due to inadequate infrastructure, limited digital penetration, and insufficient understanding of consumer preferences, Daniel said.

The recent advancements in technology, logistics, and payment systems have laid a foundation for sustainable growth in these underserved regions, he added.

Despite the common belief that rural means poor, the top 20-30% of this untapped market spends more per month than about half the population in urban cities, Daniel told IANS. This highlights a substantial purchasing power in rural areas that is often overlooked.

In a recent blog, Accel wrote that contrary to conventional notions, which paint this demographic as primarily price-sensitive, this segment is highly aspirational and shows a growing preference for products and services that promise a better lifestyle and reflect upward mobility. This trend is exemplified by a surge in the demand for used iPhones in Tier 2 cities and beyond, the VC firm added.

“We believe this market is more ripe for disruption than ever before. Founders need to take a crack at the Bharat Opportunity,” Daniel said.

The ‘build for Bharat’ theme has gained momentum among investors such as Accel and entrepreneurs alike, reflecting a strategic shift towards developing business models that cater to this segment of India and its unique needs.

But why have startups not succeeded in building for Bharat till now? Until recently, startups aiming to serve rural India struggled due to inadequate infrastructure, unaddressed customer behaviour, and a lack of focus, according to Accel. Challenges included poor delivery networks, incomplete pincode coverage, and inefficient reverse logistics, which inflated costs for handling small orders. Sparse digital payment options and unreliable internet connectivity added to the problems.

However, recent advancements are reshaping the landscape. The introduction of the UPI payment system has revolutionised transactions, while initiatives like Jan Dhan accounts have significantly boosted financial inclusion. Logistics firms now offer broader pincode coverage and faster delivery times, marking a pivotal improvement. These developments will unlock opportunities for startups seeking to tap into Bharat, potentially transforming how services are delivered and accessed in rural areas.

Accel anticipates that in the next decade, several enduring e-commerce companies valued at over $1 billion will emerge for Bharat. Financial services are also poised to expand, providing accessible lending solutions to underserved segments.

“From personal loans to loans for cattle or house financing, a new set of lending companies can leverage technology and provide tailored products at the right price to cater to the underserved and aspirational Bharat,” Daniel said.

Healthcare is also a ripe opportunity for innovators. In addition to that, ed-tech platforms will proliferate, addressing skill gaps and employment needs with cost-effective education and certification programs. With the advancement of artificial intelligence, startups are innovating across domains.

“We are looking for AI’s first consumer company, which will enable Bharat’s mass audience across sectors,” he noted.

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 In India, 94 per cent of tech micro, small and medium enterprises (MSMEs) acknowledge artificial intelligence’s (AI) ability to drive business growth while 87 per cent of them showed confidence in AI’s potential to improve overall productivity, a Nasscom-Meta report showed on Thursday.

Around 72 per cent of tech MSMEs emphasise the need for AI training programmes for their workforce, according to a white paper by Nasscom supported by Meta.

Meta (formerly Facebook) entered into a strategic partnership with Nasscom to spotlight the current state of the AI adoption journey of tech MSMEs in the country.

“Ecosystem collaboration, coupled with access to user-friendly tools and resources, is essential for tech-enabled MSMEs to harness AI’s full potential and for India to maximise its AI dividends,” said Sangeeta Gupta, Senior Vice President and Chief Strategy Officer at Nasscom.

Specifically, 48 per cent of respondents support AI’s potential in content creation and marketing, 46 per cent in customer engagement, followed by 68 per cent in developing new products and services.

“With its massive developer base and the third largest startup ecosystem in the world, India is going to be a driving force in the global AI revolution. Meta has been committed to creating an ecosystem for MSMEs to thrive, and our joint efforts with Nasscom focus on equipping MSMEs with the necessary tools and knowledge to unlock the full potential of AI,” said Sandhya Devanathan, Vice President (India) at Meta.

The white paper also identified significant challenges faced by tech MSMEs in navigating the benefits of leveraging AI for sustainable business expansion and growth.

The paper called out an awareness gap with 65 per cent of tech MSMEs struggling due to the limited awareness about available tools and resources, while 72 per cent emphasised the necessity for AI training programmes stressing the importance of skill development in facilitating adoption.

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