Ever since the Redmi 12 series was launched in India it’s doing wonders in terms of sales. It achieved sales of over 300,000 units on its launch day in India which is a testimony of its desirable features and design and that too at an affordable price range. The smartphone of this series has gone out of stock multiple times since the sale started but the company has managed to keep the customers updated as soon as stocks are available.

Now comes the biggest announcement from the company that it has successfully sold 1 million units of Redmi 12 series phones in less than 4 weeks since going live on sale. The company has also thanked media partners and customers for sharing their feedback and support.

I'm elated to announce that we've hit a huge milestone for the #Redmi12 Series – 1 million units sold in just 28 days in India, fuelling the #5GRevolution for everyone!

Thank you, #XiaomiFans, for your unwavering support and love. Your trust drives us to push boundaries and… pic.twitter.com/lu2uzM3dTr

— Muralikrishnan B (@hawkeye) September 1, 2023

The Head of the smartphone and tablet business of Xiaomi India Sneha Tainwala shared the post and wrote “So thrilled to announce that the #Redmi12 Series has won the hearts of a million fans in just 28 days! Thank you, #XiaomiFans! Your love fuels our success, and we couldn’t be more grateful. Here’s to a million more moments of innovation and love!”

The president at Xiaomi India sharing the post wrote “ I’m elated to announce that we’ve hit a huge milestone for the #Redmi12 Series – 1 million units sold in just 28 days in India, fuelling the #5GRevolution for everyone!

Thank you, #XiaomiFans, for your unwavering support and love. Your trust drives us to push boundaries and deliver excellence, and together, we’re making waves in the world of technology

And thanks to our wonderful Partners and friends from the Media who have always pushed us to strive harder and get better”.

So thrilled to announce that the #Redmi12 Series has won the hearts of a million fans in just 28 days!

Thank you, #XiaomiFans! Your love fuels our success, and we couldn't be more grateful.

Here's to a million more moments of innovation and love! #redmi pic.twitter.com/6odw8FXqCM

— Sneha Tainwala (@SnehaTainwala) September 1, 2023

The Redmi 12 series has a Redmi 12 5G smartphone and a Redmi 12 4G. Let’s get to know about the specs of the phones.

Specs of Redmi 12 5G

This smartphone comes with a 6.79-inch FHD+ LCD display that sports 2460 x 1080 pixels and a 90 Hz refresh rate. It is powered by an octa-core Snapdragon 4 Gen 2 processor. A user can choose between 4GB, 6GB, or 8GB of LPDDR4X RAM and 128GB or 256GB of UFS 2.2 internal storage. It runs Android 13 out of the box and MIUI 14. The camera front includes a 50 MP camera, and 2 MP depth sensor with a flash on the rear side, and an 8 MP selfie camera. It is backed by a 5,000 mAh battery that supports 18W wired charging.

Specs of Redmi 12 4G

This smartphone comes with a 6.79-inch wide FHD+ LCD display that sports a resolution of 2460 x 1080 pixels. The display is protected by Corning Gorilla Glass 3. It is powered by a MediaTek Helio G88 12 nm processor that comes with 6GB RAM and 128 GB internal storage. The camera front includes a 50 MP primary camera with an 8 MP ultra-wide camera and a 2 MP macro camera on the rear side with an LED flash. The front side of the phone comes with an 8 MP selfie camera. This smartphone is backed by a 5000 mAh battery that supports 18 W fast charging.

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One of the leading Chinese consumer electronics manufacturers, Xiaomi, has unveiled its Q2 2023 earnings report. With more emphasis on scale and profitability, Xiaomi managed to sustain its leadership and was able to boost profits.

Read more about it below.

Xiaomi Q2 2023 Earnings Report

In Q2 2023, Xiaomi made a quarterly revenue of RMB 67.4 billion. The company also managed to make an adjusted net profit of RMB 5.1 billion, marking a 147% YoY growth. The gross profit margin reached a record high of 21% and the cash reserve reached RMB 113.2 billion, again setting a new record. The company’s smart EV and other expenses for new initiatives amount to RMB 1.4 billion.

Regarding its smartphone sales, Xiaomi’s ASP(average selling price) in mainland China marked a 24% YoY increase, and the sales of smartphones ranging between RMB 4,000 and RMB 6,000 also increased with a 6.2 percentage points YoY growth. The gross profit margin of smartphones also hit a quarterly record of 13.3%. Xiaomi has also been ranked 2nd in the shipment of smartphones to the European market with a market share of 21.2%.

Two smartphones were launched by Xiaomi in the month of August – the third foldable device from the brand, Xiaomi Mix Fold 3, and the last smartphone of the Redmi K60 series, Redmi K60 Ultra, and both these smartphones had record high first-day sales. Compared to its predecessor, Xiaomi sold 2.25 times more units of the Mix Fold 3 smartphone, and over 220,000 units of the K60 Ultra smartphone were sold on its first day. For twelve consecutive quarters, Xiaomi has also been ranked among the top 3 smartphone brands with 20.1% premium smartphones sold with respect to the overall smartphones that have been sold.

In other segments too, Xiaomi was able to make a significant profit and increase in sales. IoT and lifestyles product revenue for Q2 2023 is RMB 22.3 billion and the gross profit margin hit a record high of 17.6%. There was also a 70% YoY growth in smart large home appliances revenue as well. Regarding the brand’s AIoT products, Xiaomi’s smart TV is ranked 1, TWS earbuds are also ranked 1, and its tablet devices are ranked 3, in terms of their popularity.

The internet services revenue of the company also hit a record high in Q2 2023. With a gross profit of 74.1%, it reached RMB 7.4 billion. Overseas internet services revenue also reached RMB 2.0 billion, again a record-high revenue.

Finally, the advertising revenue of the company was RMB 5.1 billion and the global MIUI MAU(monthly active users) reached 606 million. Both these are also record highs compared to the previous quarters.

Xiaomi has also been continuously investing in bringing out the best technologies that will help and benefit humans, and this is their core philosophy. In Q2 2023, the brand invested RMB 4.6 billion as an R&D investment with 16,832 R&D personnel, amounting to approximately 52% of the total workforce of Xiaomi.

You can now view Xiaomi's earnings report for Q2 2023.

Thank you all for your ongoing support. #InnovationForEveryone wouldn't be possible without you! #NoMiWithoutYou pic.twitter.com/Z765Ya338y

— Xiaomi (@Xiaomi) August 30, 2023

The post Xiaomi Reveals its Q2 2023 Earnings Report: Gross Profit Margin Increased with Other Significant Growth appeared first on The Tech Outlook.

ASUS has officially issued a statement in which it firmly denies any such claims made by the Taiwanese media outlet about the shutdown of the Zenfone series of smartphones. The report said that the recent Zenfone 10 could be the last model of the Zenfone series. ASUS denying such a report made the statement “We would like to address the rumor that ASUS Zenfone 10 will be the last generation of the series and the ASUS Zenfone product line will be shut down. This is not true”.

Further, it reads “We will continue our two main phone business product lines, the ROG Phone and the Zenfone. ASUS has a strong commitment to our smartphone business and customers. Please reference our Q2 earnings call for more information. Please stay tuned for our 2024 product lineups,”

As per the Q2 earning report of the company, the phones have seen growth from last year’s same quarter and the company is looking ahead to increase its phone business over the years. As of now, the phone business for ASUS is the lowest among all other products.

Earlier we saw reports arising around ASUS restructuring the company internally. The report also said that the company will cut the Zenfone block and will shift employees to the ROG phone team. Now the company has denied such claims and issued a statement thus making it clear that the Zenfone series won’t be stopped.

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Finally, Realme unveiled the most awaited smartphone Realme GT 5 in China earlier today. Its key specs include a Snapdragon 8 Gen 2 processor with 24 GB RAM, 1 TB internal storage, and 240 W fast charging in the top-spec variant. Though this phone went on pre-sale at 6:30 pm in China for early adopters it was made available for purchase for a limited window of 2 hours starting at 4 pm. And this limited early window brought an overwhelming response of users to the company.

As per the company’s recent Weibo post, they have sold 30,000 units of the Realme GT 5 in its 2-hour early bird window. Further, the post claimed that they have broken the sales record of all new mobile phones this year which is quite impressive but not shocking because of the specs that this smartphone brings with it.

Let’s get to know what makes this smartphone a desirable smartphone in the market.

This smartphone comes with a 6.74-inch OLED display that sports up to 144 Hz refresh rate and up to 1400 nits peak brightness. This smartphone is powered by the Snapdragon 8 Gen 2 processor paired with Adreno 740 GPU. As far as its storage and memory are concerned it packs up to 24 GB LPDDR5X RAM and up to 1TB UFS 4.0 storage.

A lot has been put into it for better heat dissipation and performance as it comes equipped with a large cooling area, Ice core cooling system Max, high-performance graphite material, and a gaming control engine.

The smartphone runs Android 13 out of the box with Realme UI 4.0. The camera front includes a 50 MP main camera, an 8 MP ultra-wide lens, a 2 MP macro camera on the rear side, and a 16 MP front camera. Additionally, it also comes with a fingerprint sensor, and stereo speakers tuned by Dolby Atmos, and for connectivity, it comes with 5G, Wi-Fi 7, Bluetooth 5.3, NFC, and USB Type-C.

This device is backed by a 5420 mAh battery that supports 150W SuperVOOC fast charging whereas its 240 W model comes with a 4600 mAh battery supporting 240 W fast charging. It comes in two colour options White and Green colour.

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Mukesh Ambani-owned Reliance Industries Limited(RIL) will be conducting its 46th Annual General Meeting(AGM) today on the 28th of August 2023, at 2 PM IST, through video conferencing. This will be the company’s first annual general meeting after listing the shares of Jio Financial Services(JFSL) on stock exchanges and also after the recent 8,278 crore investment in Reliance Retail Ventures by the Qatar Investment Authority.

Here’s more about the event and some of the expectations.

Reliance Industries Limited 46th Annual General Meeting

RIL’s AGM is considered to be one of the biggest meetings in the country where the country’s largest business conglomerate announces many of its future plans and visions. Investors and the corporate world as such look forward to this program, hoping to hear and be a witness to some key announcements.

As per reports, some of the expected announcements include – the IPO(Initial Public Offering) of Reliance Jio and Future Retail, Jio Financial Services expansion plans, announcements regarding the launch of Jio AirFiber and Jiobook Laptop, updates on RIL’s roll-out of 5G network services and prepaid plans, more updates concerning its plans on integrated renewable energy power projects, steps RIL is planning to take for sustainability and clean energy usages with respect to the previous announcement made regarding the need to address climate change and other such matters.

AGM might also see shareholders discussing and approving RIL’s March 2023 financial report and also their proposal to appoint Mukesh Ambani again as the managing director of RIL, which will take his tenure after the age of 70.

For those of you who wish to watch RIL’s AGM, they may do so live on Jio’s official website and also via social media platforms including Facebook, Instagram, Twitter/X, and also on video platforms like YouTube and JioTV.

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According to recent reports, the total unclaimed bank deposits in India amounts to about Rs 35,000. Reserve Bank of India has launched its UDGAM portal to solve this problem. You can find your unclaimed deposits in this portal.

This article briefs the process of unclaimed deposits and how it works.

Savings/Current bank accounts become inactive after 10 years of inoperativeness. Even FDs and RDs become inactive if they are not claimed within 10 years of maturity. In this situation, the balance of these inactive savings/currents or RDs and FDs is considered to be an unclaimed deposit.

Subsequently, banks transfer these deposits to the “Depositor Education and Awareness” (DEA) Fund, which the RBI maintains.

As a depositor, you can approach the bank to claim your deposits along with interest. But, it’s not possible to approach every bank and fill out forms for all of your family members.

With the use of the UDGAM portal, you will be able to search for unclaimed deposits across various banks.

As of now, SBI, Punjab National Bank, Central Bank of India, Dhanalaxmi Bank Ltd, South Indian Bank Ltd. And DBS Bank India Ltd. is available in the portal for individuals. For non-individuals, the link also includes Citibank.

You will have to go to the website of UDGAM (https://udgam.rbi.org.in/unclaimed-deposits/#/register) and then register/log in. Next enter any one search criteria and select the relevant banks. The portal will then display the potential deposits. All the available banks can be selected at any given time.

The post Unclaimed bank deposits in India amounts to Rs 35,000; RBI launched UDGAM, a portal where you can claim your unclaimed bank deposits appeared first on The Tech Outlook.

NPCI or national payment corporation of India- the name you might have heard frequently whenever it comes to the payment system of India. NPCI was an initiative taken by the RBI and Indian Bank’s Association to operate retail payments and settlement systems in India. This corporation shares daily payment statistics which show that on which online transaction method the highest payments were made.

NPCI has today shared the Payment systems statistics for 15^th August 2023 via Twitter.

15th August 2023: DAILY PAYMENTS STATISTICS #BHIMUPI #IMPS #NETC #AePS pic.twitter.com/Pt0o2GSsXT

— NPCI (@NPCI_NPCI) August 16, 2023

According to this data, BHIM and UPI modes have once again surpassed the other modes which indicates that UPI still continues to see growth in its transaction numbers when compared to others.

As per the stats 2.78 Mn transactions were made from AEPS (Adhaar-enabled payment system)on 15^th August resulting in a total transaction value of 678.19 crore. While with IMPS (Immediate payment service) 13.91Mn transactions were made on the same day with a total transaction value of 10,754.85 crores. On NETC (National Electronic toll collection)9.96Mn transactions were made with a total transaction value of 161.82 crores.

BHIM (Bharat Interface for money) and UPI (Unified Payment Interface) were once again widely used methods on 15^th August with 328.46Mn transactions made resulting in a total transaction value of 39,607.89 crores. These payment methods account for more than half of India’s digital transactions.

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Tata Motors recently marked a milestone of 1 lakh electric car sales. Reports state that in the last 9 months, the company’s sales went from about 50,000 units to about 1 lakh units.

Tata Motors have been investing effectively in recent times. The company’s EV catalog now includes Tata Tiago EV, Tata Tigor EV, Tata Nexon EV Prime, and Tata Nexon EV Max.

Other than these vehicles the company is also working on upgrading their Tata Nexon EV. The updated version is expected to be introduced by September 2023. Along with it, the company plans on launching EV modes of their Punch, Harrier, and Curvv in the upcoming year. With the production versions of these cars, concepts of the Avinya, and the battery-powered versions of Punch and Altroz, the company aims on setting up a full range of electric cars.

According to reports, the company’s EVs have so far covered about 1.4 billion kilometers of distance. Along with it, reports also claim that Tata Motor EVs have saved about 2,19,432 tons of CO_2.

Recently, Tata Motors introduced a TATA Power EZ Charge Card for their EVs. With the use of this card, Tata Motors EV users can charge their vehicles instantly with a tap. You can check our previous detailed report about it here.

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Deloitte Haskins & Sells LLP will be resigning as the auditor of Adani Ports and Special Economic Zone Ltd. in the next few days due to the differences with the company management over the auditor’s position on certain transactions. This audit firm was reappointed as the statutory auditor just last year for a five-year period, now before even completing the tenure Deloitte decided to resign from billionaire Gautam Adani’s ports business.

Deloitte leaving Adani ports would be the third change in the position of auditor for Adani Group companies over the past few months. This news of resignation comes just days after the Supreme Court asked SEBI to submit its investigation report on Adani Group’s market transactions that involved 13 suspicious foreign portfolio investors by 14 August.

In May, Deloitte had flagged three transactions including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani ports and the Special economic zone. In the auditors’ report on the audit of the fourth quarter and 2022-23 financials, Deloitte highlighted transactions with three entities that the company said were unrelated parties.

On this Deloitte explained that it could not attest to the company’s statement as “ The Adani group did not consider it necessary to have an independent external examination of these allegations (made by Hindenburg) because of their evaluation and ongoing investigation by SEBI.” Based on certain observations, the auditor said that it is unable to comment on whether the transactions may result in possible adjustments in the statement in respect of related parties and whether the company should have complied with applicable laws and regulations.

In the last few months, the list of issues keeps on increasing between the audit firm and the company which led to the decision of resignation. Although resigning from audit engagements is a complex process and therefore it may take time. As per the report of the Economic times, the auditor is likely to resign and a formal announcement is expected within the next 3-4 days.

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International Data Corporation’s most recent comprehensive data reveals smart wearable shipments have witnessed an impressive 53% increase in sales over the previous year. The first half of this year has seen 57.8 million smart wearable devices being shipped to India. If we were to talk about smartwatches, IDC says that different shapes, designs, and materials finishes with new features have resulted in 128.6% YoY growth.

In the second quarter of this year, 32.8 million wearable devices were shipped, which shows 37.2% YoY growth and 30.6% QoQ growth. On one side where smartwatches shipment almost doubled to 12.8 million in 2Q23 on the other hand, the average selling price of smartwatches declined by 44.9% in 2Q23. It’s not only about the smartwatches but wearables have seen a drop in ASP from US $26.7 to US $21.0.

Coming on to the earwear category, TWS’s share has increased by 52.9% YoY while neckbands declined by -22.5% in 2Q23. The ASP of TWS has declined by 15.3% whereas neckband ASP has declined by 6.4%.

Wearable company’s market share

Indian company boAt holds the first position with a 26.6% market share, growing by 6.5% YoY. Earwear has been its core identity that accounts for 77.7% of its shipment in 2Q23 and in the TWS segment, it leads with 35.3% share.

Noise, another Indian brand, holds the second position in overall wearables. It has seen a growth of 61.6% YoY with 13.5% market share. Noise regained its first position in smartwatches with a 27.6% share, growing by 93.2% YoY. It has also moved ahead in the TWS segment with a 6.6% share, growing by 26.3% YoY.

Now comes the Chinese brand Oppo which holds the third position in market share with a market share of 10.7%. It holds the third position in TWS with an 8.5% share. A large fraction of its shipment is held by Bullet Wireless Z2 and TWS Nord Buds 2 with more than 75% share. Then comes the Fire-Boltt, Boult Audio, and other wearable brands.

Fire-Boltt holds fourth place with a 9.5% share of the market whereas Boult Audio holds fifth with a 6.6% share. Fire-Boltt has witnessed a 91% growth YoY while Boult Audio has witnessed 176.9% YoY growth. Fire Boltt has dropped to the second position in the smartwatches category with a 23.8% share, growing by 91.1% YoY. Other brands of wearables include pTron, and Mivi with 5.9% and 4.5% share respectively.

Indian wearable brands have a strong hold on the Indian market with stylish yet affordable products that give cutthroat competition to other international brands in India like price-sensitive markets.

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