Smartphone shipments rise by 7.2% in H1 2024
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Indian smartphone shipments rise by 7.2% in H1 2024: IDC
The Indian smartphone market shipped 69 million units in the first half of 2024 registering a 7.2% annual growth, according to the IDC Worldwide Quarterly Mobile Phone Tracker report.
In Q2 of 2024, the market shipped 35 million smartphones, registering an annual growth of 3.2%. Although it is the fourth consecutive quarter of annual shipment growth, muted consumer demand and rising average selling prices continue to restrict swift annual recovery.
“The latter half of the second quarter is a prelude to the crucial second half of the year with the festive sale period going up till November. Apart from old inventory clearance in the first half of the quarter, vendors also started to launch new smartphones, especially in the mid-premium/premium segment (mostly China-based vendors) from mid-quarter onwards, for monsoon sales in July and August,” said Upasana Joshi, Senior Research Manager, Devices Research, IDC India.
L&T Technology Services partners with Shell
L&T Technology Services has signed a long-term framework agreement with Shell, which will see LTTS providing integrated engineering and procurement services, along with digital engineering services, data governance for capital projects, and digital project management consultancy for Shell’s global assets as necessary.
L&T Technology Services CEO Amit Chadha said, “This new agreement with Shell as their engineering partner further builds on our long and continuous relationship in the area of information management and allied engineering services.”
Happiest Minds Technologies net profit drops by 12.5% in Q1 FY25
Happiest Minds Technologies reported a net profit of Rs 51.03 crore for the first quarter of FY25, a 12.5% decline compared to the same period last year. Its revenue rose 18.7% annually to Rs 463.83 crore.
Happiest Minds MD and CFO Venkatraman Narayanan said, “Our revenue in constant currency grew year over year by 17.8% while EBITDA grew by 13.3%. Variations in PBT and PAT are primarily on account of non-recurring expenses in the current quarter versus a large exceptional write-back in the previous, and increased amortization and financing costs arising from acquisitions.”
IntellectAI unveils new AI adoption platform
IntellectAI, a business unit of Intellect Design Arena focused on AI, launched Purple Fabric, a platform that accelerates enterprise AI adoption for financial institutions.
According to the company, Purple Fabric is a decision-grade AI platform designed to overcome data fragmentation and silos. The platform emphasises ethical AI, addressing data biases and ensuring traceability with a comprehensive audit trail.
It allows financial institutions to align their AI requirements with an honest appraisal of enterprise readiness and adopt a modular transformation design journey.
ManageEngine partners with ACPL Systems
ManageEngine, the enterprise IT management division of Zoho Corporation, has partnered with ACPL Systems, which will strengthen ManageEngine's enterprise-grade IT solutions and ACPL's experience in ensuring compliance, risk reduction, and business enablement.
ACPL is a provider of end-to-end information security solutions. Through this partnership, ManageEngine will deliver its IT management tools to businesses across the country looking to take control of their IT.
Edited by Suman Singh