Driven by growth in both hardware and services segments, Apple’s global revenues are expected to cross the $400-billion mark for the first time in 2024, a report said on Wednesday.

After a decline in 2023, Apple’s hardware revenues are expected to grow 3 per cent (year-on-year) in 2024, according to Counterpoint Research.

All the key hardware segments – iPhone, iPad, Mac, Watch, AirPods – are likely to drive this growth supported by new launches. AirPods could emerge as the fastest-growing segment this year.

“In terms of growth rates, and now with the advent of Apple Intelligence, the services segment does seem very exciting. It is poised to grow at a much faster rate than hardware,” said Tarun Pathak, Director, Counterpoint Research.

However, in terms of absolute revenue growth, hardware remains critical in pushing the needle considering it contributes to three-fourths of Apple’s global revenues.

Driven by India’s booming economy and shifting consumer preferences, co-branded credit cards (CBCCs) are projected to grow at the 35-40 per cent compound annual growth rate (CAGR), outpacing the traditional plastic money by two times in FY28, a report said on Tuesday.

As consumers seek personalised financial products, co-branded credit cards have emerged as a key driver of engagement, offering tailored rewards and exclusive benefits through strategic partnerships between banks and brands.

The report by Redseer Strategy Consultants highlighted that in FY24, CBCCs accounted for 12-15 per cent of total credit cards, with projections showing this share could exceed 25 per cent by FY28.

This growth trajectory is twice as fast as that of traditional credit cards, according to the report, in collaboration with Hyperface.

The telecom, internet service provider (ISP) and allied industry in the country is poised for robust growth with an expected net employment increase of 5.62 per cent in the first half of current fiscal (FY25), a report said on Tuesday.

The report mentioned that 62 per cent of telecom, ISP and allied industry players are planning to increase their workforce, while 17 per cent foresee a reduction. The remaining 21 per cent expect no change in their workforce size for H1 FY25.

This trend is particularly pronounced in certain cities, with Delhi leading at 57 per cent for employers expanding their workforce in existing job locations, followed closely by Bengaluru and Chennai at 53 per cent each, according to the Teamlease Services report.

Hyderabad and Bhopal top the hiring list for new job locations with 20 per cent each, followed by Bengaluru, Vadodara, and Jaipur at 19 per cent each.

“Hiring in the sector is likely to increase, as 62 per cent of respondents plan to expand their workforce, driven by the growing momentum in broadband expansion, exponential IoT implementation, and advancements in AI, robotics, and cloud computing,” said Subburathinam P, CSO-Staffing, TeamLease Services.

Tesla and SpaceX CEO Elon Musk on Tuesday came out in support of a new California bill that aims to create guardrails around artificial intelligence (AI).

The California “SB 1047 AI safety bill” aims to prevent large AI models from being used to cause “critical harms” against humanity.

In a post on X social media platform, the tech billionaire said that “this is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill”.

Musk further said that for over 20 years, “I have been an advocate for AI regulation, just as we regulate any product/technology that is a potential risk to the public”.

Musk, whose own AI company xAI, would be subject to the bill’s requirements despite his pledge to leave California.

Apple has appointed Indian-origin Kevan Parekh as its new Chief Financial Officer (CFO) who will also join the the executive team at the tech giant.

Current CFO Luca Maestri will transition from his role on January 1, 2025, Apple said in a statement.

“For more than a decade, Kevan has been an indispensable member of Apple’s finance leadership team, and he understands the company inside and out,” said Cook.

“His sharp intellect, wise judgment, and financial brilliance make him the perfect choice to be Apple’s next CFO,” the Apple CEO added.

Before joining Apple, Parekh held various senior leadership roles at Thomson Reuters and General Motors, where he also had extensive global experience.

Bhavish Aggarwal-run Ola Electric’s shares have tumbled nearly 25 per cent from its record peak in the last five trading sessions, leaving investors jittery amid profit booking and broader market volatility.

The stock has nosedived 24.65 per cent from its all-time high value of Rs 157.53 apiece, a level reached on August 20.

On Monday, the shares of the company closed marginally down at Rs 125.30 apiece.

Ola Electric’s stock made a muted market debut on August 9 but saw a strong buying after the listing. At present, the scrip has been under selling pressure after scaling lifetime high.

According to market analysts, the stock value is inflated and will further correct itself and investors with high-risk appetite should only go for it.

The Securities and Exchange Board of India (SEBI) has reportedly issued show-cause notices to Paytm Founder and CEO, Vijay Shekhar Sharma, and erstwhile board members of One 97 Communications Ltd (Paytm’s parent company), over alleged misrepresentation of facts during the company’s initial public offering (IPO) in November 2021.

Paytm shares declined as much as 9 per cent during the intra-day trading and closed 4.48 per cent down at Rs 530 apiece. The average of 12-month analyst price targets implies a potential downside of 16 per cent.

According to multiple reports citing sources, the SEBI notices also allege non-compliance with promoter classification norms.

The markets regulator probed Paytm Payments Bank after receiving inputs from the Reserve Bank of India (RBI).

Paytm of SEBI did not immediately respond to reports.

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday said it has received a Rs 11,000 crore order from Adani Power and its subsidiary Mahan Energen Ltd (MEL) to set up three “supercritical thermal power projects”.

Each of the three projects will be of 2x800 MW rating in Kawai, Rajasthan and in Madhya Pradesh's Mahan. In a stock exchange filing, BHEL said it needs to complete the Kawai Phase-II project in 49 months, the Kawai Phase-III project in 52 months and the Mahan Phase-III project in 55 months.

In the filing, BHEL said it will be involved in the supply of equipment and supervision of erection and commissioning for the three power projects mentioned above. The supply of equipment includes boilers, turbines, generators, and associated auxiliaries, as well as control and instrumentation.

Bhavish Aggarwal-run Ola Electric, which recently entered the public market, is fast losing market share in the domestic electric two-wheeler space to its rivals amid increasing competition, and market analysts have warned investors to remain “cautious” with its volatile stock.

A latest Jefferies report said that TVS and Bajaj have expanded their portfolios with more affordable electric two-wheelers. This shift has allowed them to gain between 4 per cent and 7 per cent of the market share, respectively, with TVS now holding 19 per cent and Bajaj 18 per cent.

According to the report, Ola Electric’s market share in the electric two-wheeler market has slipped from 49 per cent in the June quarter (Q1 FY25) to 33 per cent in August on a month-to-date basis.

The funding momentum for the startup ecosystem in the country continued with more than $265 million being raised via 16 deals this week.

The biggest fund-raise came with omnichannel jewellery startup Bluestone securing $107.2 million in its pre-IPO round. In the fintech space, Aye Finance raised $25 million loan from Goldman Sachs (India) and lending startup Axio secured $20 million from Amazon Smbhav Venture Fund to drive growth.

The ecommerce sector was the top gainer this week, with $148.7 million raised via four deals.

Livpure, a homegrown water purifier brad, raised Rs 208 crore funding from M&G Investments and nearly Rs 25 crore from Ncubate Capital Partners.