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Business

Sensex drops 110 pts; RIL, IT stocks weigh

PowerGrid was the top laggard in the Sensex pack, shedding over 2 per cent, followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.

On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

Equity benchmark Sensex ended 110 points lower after a choppy session on Friday, dragged by losses in index majors Reliance Industries, Infosys and TCS despite a positive trend in global markets.

The 30-share BSE index closed 110.02 points or 0.25 per cent lower at 44,149.72.

The broader NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.

PowerGrid was the top laggard in the Sensex pack, shedding over 2 per cent, followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.

On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

Domestic market swung between gains and losses in a narrow range.

While most of Asian markets recovered in green after witnessing tepid opening, Indian broader indices remained choppy throughout the day, said Binod Modi, head- Strategy at Reliance Securities.

“However, strong buying remained visible in midcap and small cap stocks as investors find midcaps more attractive now due to wider valuations gap compared to large caps,” he added.

As current valuations look to be reasonably stretched and street is factoring a robust earnings growth, sustainability of rebound in key economic indicators will be crucial for the market in the near term, he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Photograph: Danish Siddiqui/Reuters

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Business

Wipro rewrites growth strategy under new chief Thierry Delaporte

Under the new model, the IT services firm will replace the current structure of its various strategic business units, service lines and geographies with four strategic market units and two global business lines.

IT services company Wipro, which had appointed a new CEO & MD to helm the company, has announced a new structure and a new operating model to support the firm in the next phase of its journey.

The changes will be effective January, the Bengaluru-based firm said in an exchange filing.

Under the new model, the IT services firm will replace the current structure of its various strategic business units (SBUs), service lines and geographies with four strategic market units (SMUs) and two global business lines (GBLs).

The four SMUs will be Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (APMEA).

While Americas 1 and Americas 2 will be organised into sectors, Europe and APMEA will be organised into countries.

“For long now, our growth has been largely dependent on the US market. It is important that we broad base our growth.

“The new model seeks to achieve just this. Besides ensuring adequate sector and domain focus in our go-to-market and execution, the new operating model will help drive growth in non-US markets,” said Thierry Delaporte, CEO & MD, Wipro, in an internal mail addressed to the employees.

“The current complex delivery structure with multiple delivery units will be replaced by a simple delivery model that will yield economies of scale,” he added in a letter which has been reviewed by Business Standard.

While Americas 1 will include healthcare & medical devices, consumer goods & lifesciences, retail, transportation & services, communication, media & info services, technology products & platforms and Latin America, Americas 2 will include banking, securities, investment banking & insurance, manufacturing, hi-tech, energy & utilities and Canada.

Europe will include 6 regions namely the UK and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe.

APMEA will have Australia & New Zealand, India, West Asia, South East Asia, Japan and Africa under it.

The SMUs in Europe and APMEA will be responsible for all industry sectors in these regions.

The four strategic market units will be led by individual heads, who will be supported by a newly-created role of chief growth officer, who will be announced soon.

The chief growth officer will play a key role in driving large deals and strengthening relationships with hyper-growth partners, besides overseeing marketing, advisor/analyst relationships, sales excellence and sales enablement.

The company has named Srini Pallia, currently president of consumer business in the company to head Americas1, while Angan Guha, currently a SVP leading the BFSI vertical, to head Americas 2.

NS Bala, who is presently a president heading energy & utilities among others, will manage the APMEA market units.

The leader for Europe will be appointed over the coming weeks.

The two global business lines: integrated digital, engineering & application services (iDEAS) will include domain and consulting, applications & data, engineering and R&D and Wipro Digital.

The second global business line iCORE will include customer information system (CIS), Wipro digital operations and platforms (DOP) and cybersecurity and risk service (CRS) service lines.

Rajan Kohli, currently president for Wipro Digital will lead iDEAS business line, while iCORE will be headed by Nagendra Bandaru, president for cloud, IT infrastructure services, and DOP.

“This is a defining period for Wipro, and the industry. The structural changes I outline are critical to accelerate our growth and reclaim our leadership position in the pantheon of global IT services companies,” said Delaporte in his email.

The company has announced the departure of Milan Rao, president for marketing, innovation & technology, & head of manufacturing and communications business, and Bill Stith, who is a SVP and head of healthcare business.

Both of them will transition from Wipro on December 31, 2020.

Bhanumurthy BM, who was the president and COO, and Anand Padmanabhan, president for business development and strategic sales will retire from Wipro over the coming few quarters, the company said.

Company to have four strategic market units, two business lines

Each units will be headed by a senior leader

Company creates position of chief growth officer

Firm announces departures and superannuation of senior leaders

Changes to help drive broadbase growth, says CEO

Photograph: PTI Photo

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UK to unveil record 400 billion-pound borrowing plan next week

  • With Britain in the midst of a second wave of Covid-19 cases and economic recovery on hold, Sunak has postponed longer-term plans for the public finances.
  • Spending on the pandemic is on track to exceed 200 billion pounds ($265 billion) this year after the extension of job protection programs, and other costs are likely to spill into the 2021/22 fiscal year.

British finance minister Rishi Sunak will announce the heaviest public borrowing since World War Two when he spells out his spending plans next week after the biggest economic crash in over 300 years.

With Britain in the midst of a second wave of Covid-19 cases and economic recovery on hold, Sunak has postponed longer-term plans for the public finances.

Spending on the pandemic is on track to exceed 200 billion pounds ($265 billion) this year after the extension of job protection programs, and other costs are likely to spill into the 2021/22 fiscal year.

Only the armed forces will receive a multi-year increase in funding as Prime Minister Boris Johnson seeks to boost Britain's profile outside the European Union.

Sunak's other spending announcements on Wednesday are likely to be dwarfed by the scale of new borrowing forecasts which will underscore the need for future tax rises.

"Events next week might… prove an important prelude for a pivot to a tighter fiscal approach in the spring budget," economists at Citi said in a note to clients.

As Sunak starts to look for ways to begin reining in the huge surge in borrowing, media reported that he plans to freeze pay for public-sector workers other than health staff.

Prime Minister Boris Johnson has refused to commit to maintaining spending on overseas aid.

Britain's economy shrank by 20% between April and June, more than any other major economy, and it has been slower to recover.

The Bank of England has penciled in an 11% fall in GDP for 2020, a drop last seen in 1709.

Government borrowing this financial year is likely to be around 400 billion pounds, according to Citi, while HSBC has forecast 365 billion pounds.

This is equivalent to between 17% and 20% of GDP, well above its 10% peak at the height of the global financial crisis.

Data published on Friday showed 215 billion pounds of borrowing in just the first seven months of this financial year, nearly five times more than at the same point in 2019.

This is likely to fall as emergency pandemic spending is scaled back but HSBC expects it will be a still unsustainable 8.5% of GDP in 2021/22.

Citi predict an extra 800 billion pounds of borrowing over the next five years, compared with forecasts in March.

Tax rises

Sunak has warned of hard decisions ahead to get the public finances "on a sustainable path" over time.

Big spending cuts are less likely than after the financial crisis because public service have undergone a decade-long squeeze and pressures from an ageing population are growing.

The scale of any tax rises will not become clear until the economy is on a more even keel.

The Resolution Foundation think tank says tax rises raising 40 billion pounds a year will be needed before the 2024 election just to stabilize the public finances and fund social care.

For now financial markets are happy to fund the borrowing at almost record low interest rates. Britain's Debt Management Office will publish bond sale plans on Wednesday.

HSBC sees a further 100 billion pounds of gilt issuance this financial year, taking the total to a record 480 billion pounds, and up to 300 billion pounds more in 2021/22.

The government will also publish a delayed review on when to phase out the RPI measure of inflation used to calculate payments on inflation-linked bonds, which now overstates price rises.

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Decoded: Why Google Pay is under Competition Commission’s scanner

CCI decided to pursue investigation on two issues – these relate to “exclusivity regarding the mode of payment for the purchase of apps and in-app purchases” and “pre-installation and prominence of Google Pay on Android smartphones”.

The Competition Commission of India (CCI) decided to initiate investigation into whether search engine behemoth Google “unfairly privileged” Google Pay, its UPI-based payments app.

This is based on an anonymous complaint, first filed in February this year.

Legal experts explain the implications of the move:

What is the basis for the investigation?

The regulator has received complaints against Google on six counts for breaking antitrust rules.

However, after initial inquiry, it has decided to pursue investigation on two issues.

These relate to “exclusivity regarding the mode of payment for the purchase of apps and in-app purchases” and “pre-installation and prominence of Google Pay on Android smartphones”.

The other four issues raised by the anonymous complainant:

  • Excluding other mobile wallets/UPI apps as one of the effective payment options in the Google Play’s payment system
  • Prominent placement of Google Pay on the Play Store
  • Search advertisement manipulation on the Play Store
  • Exclusivity requirement imposed by Google resulted in unfair terms being imposed on users

Experts point out that the Commission has not found any prima facie evidence for three of the six allegations.

It has said that one of the complaints is to be looked at by the sectoral regulator and is beyond the jurisdiction of the Commission.

“The CCI appears to have been prima facie convinced of two of six allegations that merit further investigation,” says Kanika Chaudhary Nayar, partner at law firm L&L Partners.

However, if the investigating department unearths any additional incriminating evidence, it has the power to submit those to the Commission in its report, experts add.’

Is Google’s payment app facing similar investigation elsewhere?

Legal experts say this is the first time that Google Pay is directly being investigated to check whether it is breaking anti-competition rules.

Apple’s payment app is currently under the regulatory scanner for similar reasons in the European Union.

The CCI had fined Google Rs 136 crore in 2018 as well for abusing its dominance.

Nayar feels CCI’s latest order is in line with its previous orders.

Why does this case have larger implications for start-ups in India?

The Indian start-up community had in October protested against Google’s plan to impose its Play Store billing system on developers, as well as pay 30 per cent commission for selling digital goods and services through the system.

Google later decided to delay the scheme in India by six months.

What are the other implications?

Experts point out that the probe will examine whether Google could access data collected from users of its competitors and use it to its own advantage.

However, the Commission in its order rejected the allegation that Google was rigging rankings of the Play Store to display its payment app.

In a statement to the media, Google claimed that its payment app operates in an extremely competitive environment, and owes its success to its ability to offer consumers a simple and secure payments experience.

It also claimed that there are numerous distribution channels for apps on the Android platform and that Google Play was not the only app distribution option for Android users.

Photograph: Adnan Abidi/Reuters

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World News

'It's time to come home' — acting Pentagon chief wants to end America's wars in the Middle East

  • In his first message to U.S. military forces, acting Pentagon chief Chris Miller said it's time to end America's wars in the Middle East.
  • "We met the challenge; we gave it our all. Now, it's time to come home," Miller wrote.
  • The wars in Afghanistan, Iraq and Syria have cost U.S. taxpayers more than $1.57 trillion since Sept. 11, 2001, according to a Defense Department report.

WASHINGTON — In his first message to U.S. military forces, acting Pentagon chief Chris Miller said he was "weary of war" and that it was time to end America's conflicts in the Middle East.

On Monday, Miller ascended to the Pentagon's acting Secretary of Defense role after President Donald Trump's sudden termination of Secretary of Defense Mark Esper.

"Indeed, this fight has been long, our sacrifices have been enormous, and many are weary of war — I'm one of them — but this is the critical phase in which we transition our efforts from a leadership to supporting role," Miller wrote in an early Saturday morning message to Department of Defense employees.

"We are not a people of perpetual war — it is the antithesis of everything for which we stand for which our ancestors fought. All wars must end," he added, writing that the U.S. was "on the verge of defeating Al Qaida and its associates."

"We met the challenge; we gave it our all. Now, it's time to come home," Miller wrote.

The wars in Afghanistan, Iraq and Syria have cost U.S. taxpayers more than $1.57 trillion since Sept. 11, 2001, according to a Defense Department report. The war in Afghanistan, which has dragged on to become America's longest conflict, began 19 years ago and has cost U.S. taxpayers $193 billion, according to the Pentagon.

Trump, who campaigned in 2016 on stopping "ridiculous endless wars" in the Middle East, took to Twitter last month to announce that American forces currently serving in Afghanistan will be home by Christmas.

At the time, it was unclear if Trump was giving an order via tweet or reiterating a long-held campaign promise in order to appeal to voters ahead of the U.S. presidential election.

Earlier this year, the United States brokered a peace deal with the Taliban that would usher in a permanent cease-fire and reduce the U.S. military's footprint from approximately 13,000 to 8,600 by mid-July. And by May 2021, all foreign forces would leave the war-torn country.

Trump has previously directed the Pentagon to reduce the U.S. fighting force in conflict zones. 

In 2018, Trump tweeted that the United States would be withdrawing troops out of Syria, a move that sent a shockwave through the Pentagon and contributed in part to the resignation of then-Defense Secretary James Mattis. Trump later reversed his decision to withdraw from Syria.

In May, Trump complained on Twitter that America's role in Afghanistan has been reduced to a "police force" and not a "fighting force."

When asked about the tweet by reporters during a White House event, Trump said that the U.S. could go back to Afghanistan if needed.

"We can always go back if we have to. If we have to go back, we'll go back, and we'll go back raging," Trump said in May.

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Business

CV sales ride on economic revival, infra and rural demand

MHCV sales’ grew by 9% to 5,033 units over September 2020 and 3% over October 2019, the first month registering growth over the previous year.

Commercial vehicle makers have started seeing uptick in sales following recovery in economic activity and revival of the infrastructure sector.

Tata Motors’ domestic commercial sales was flat on October 20 at 26,052 units as compared to 25,983 in October 2019 and 12 per cent up compared to September 2020 (23,245 units).

MHCV sales’ grew by 9% to 5,033 units over September 2020 (4,606 units), and 3% over October 2019 (4,893 units), the first month registering growth over the previous year.

CV exports in October 2020 were 45% higher than the previous month and 20% higher than October 2019.

Ashok Leyland’s truck sales in October rose by 13 per cent to 3,762 units from 3,340 units in October 2019, even as bus sales dropped by 90 per cent to 119 units from 1,230 units.

This led total M&HCV sales to report a 15 per cent drop in sales to 3,881 units in October 2020 from 4,570 units in the same month a year ago.

Light commercial vehicle sales were up 11 per cent to 5,004 units from 4,509.

Anuj Kathuria, COO, Ashok Leyland, said month-on-month numbers were getting better.

Demand is largely driven by the intermediate commercial vehicle (ICV) segment, which accounted for one fourth of the total industry volume (TIV) last year, but now it is one third, which is a big shift.

Within ICV, smaller segments (10-11 tonne) or an extension of LCV, are growing faster.

With the monsoon behind and festive season ahead, there will be faster recovery, said Kathuria, who expects the fourth quarter to be than last year’s Q4.

The year, as a whole, will definitely be lower compared to last year, since the first quarter was completely washed out, he added.

Vinod Aggarwal, MD & CEO, VE Commercial Vehicles said they are seeing high demand from niche segments such as construction, mining, agriculture and e-commerce.

With this ongoing festive season, e-commerce is expected to soar further, which will turn up the requirements for LCVs and MCVs for faster inter and intra city deliveries.

“Also, the CV industry is driven by replacement demand and in the past two years, we have seen reduction in replacements.

“With the improvement in sentiments and positive outlook for the economy, replacement demand is expected to pick up,” he said.

VECV recorded sales of 4,200 units this October as compared to 3,755 units in October 2019, recording growth of 11.9 per cent.

This includes 4,130 units of Eicher branded trucks. Buses have recorded sales of 4,130 units in October 2020, as compared to 3,681 units in October 2019, representing a growth of 12.2 per cent.

In the domestic CV market, Eicher branded trucks & buses have recorded sales of 3,815 units in October 2020 as compared to 3,309 units in October 2019, representing a growth of 15.3 per cent.

Photograph: Reuters

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World News

FBI arrests five in alleged 'Operation Fox Hunt' plot to stalk and pressure citizens to return to China

  • The Justice Department charged eight individuals Wednesday morning with conspiring to work on behalf of the Chinese government to harass, stalk and intimidate Chinese nationals living in the United States to return to their home country.
  • The international campaign dubbed "Operation Fox Hunt" is part of the Chinese government's global campaign aimed at reducing the country's diaspora.

WASHINGTON — The Justice Department charged eight individuals Wednesday morning with conspiring to work on behalf of the Chinese government to harass, stalk and intimidate Chinese citizens into returning to their home country.

Five of the individuals charged were arrested by the FBI on Wednesday, while the other three individuals are believed to be in China, John Demers, the assistant attorney general for the Justice Department's National Security division, said during a virtual press conference.

According to the complaint unsealed Wednesday in federal court in Brooklyn, the defendants participated an "international campaign to threaten, harass, surveil and intimidate John Doe-1, a resident of New Jersey, and his family in order to force them to return to the People's Republic of China."

The international campaign, dubbed "Operation Fox Hunt," is part of the Chinese government's global campaign aimed at reducing the country's diaspora.

"Operation Fox Hunt is just one of many ways in which China disregards the rule of law," Demers said.

"We have turned the PRC's Operation Fox Hunt, on its head. The hunters became the hunted. The pursuers pursued," Demers said, adding that the U.S. response was unambiguous.

"For those charged in China and others engaged in this type of conduct. Our message is clear. Stay out, your behavior is not welcome here," Demers said.

Alongside Demers, FBI Director Christopher Wray said Wednesday's charges were the first of their kind.

"The FBI is proud to have this investigation culminate in criminal charges, the first of their kind, charges that will help China understand that surveilling stalking harassing and blackmailing our citizens and lawful permanent residents carries serious risks," Wray said.

The Chinese Embassy in Washington did not respond to a request for comment on Saturday.

Earlier this month, the Chinese government warned Washington it may detain Americans in China in response to the Justice Department's prosecution of Chinese military-affiliated scholars, according to a Wall Street Journal report.

Beijing's warnings followed a series of arrests earlier this year of Chinese scientists conducting research at American universities. The Justice Department charged them with concealing from U.S. immigration authorities their active duty statuses with the People's Liberation Army.

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Business

What American workers have gained—and lost—from more than 200 days of remote work: CNBC After Hours

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, Harvard Business School's Ethan Bernstein breaks down his recent study on how the remote work transformation has affected rank-and-file employees during the coronavirus pandemic.

Here's what else you missed:

Covid hospitalizations rising in 36 states as U.S. hits another record for average new cases

The average number of new daily cases of the coronavirus in the United States hit another record on Monday as 36 states reported worrying rises in the number of hospitalized patients.

The average number of patients hospitalized with Covid-19 over the past seven days rose by at least 5% in 36 states as of Monday, according to a CNBC analysis of data from the Covid Tracking Project. Hospitalizations lag behind cases as it takes time for people to get diagnosed and become sick enough to require medical attention. However, epidemiologists point to hospitalizations as a more telling indicator of the severity of an outbreak than new cases, which can fluctuate based on testing.

Microsoft beats on sales and earnings as Azure growth outpaces expectations

Microsoft shares barely moved in extended trading on Tuesday after the company reported fiscal first-quarter results that were better than analysts had expected.

Here's how the company did:

Earnings: $1.82 per share, adjusted, vs. $1.54 per share as expected by analysts, according to Refinitiv.
Revenue: $37.15 billion, vs. $35.72 billion as expected by analysts, according to Refinitiv.

Facebook, Google, Twitter CEOs to tell senators changing liability law will destroy how we communicate online

Twitter has come under fire for, among other reasons, how it handled its decision to block an unverified New York Post story claiming to contain a "smoking gun" email related to presidential candidate Joe Biden. Twitter CEO Dorsey apologized for blocking the story URLs earlier this month. It has also been criticized for muting or blocking tweets that contain misinformation.

Dorsey argues in his prepared remarks Section 230 has allowed small companies to scale up to compete against established, global companies, and eroding it could destroy how we communicate online. He says only the largest, well-funded tech companies will survive.

Weakening or removing Section 230 will also lead to more speech removal on social media networks, Dorsey argues, and will further limit the networks' ability to address harmful content.

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Hong Kong leader Carrie Lam to visit Beijing next week to discuss economic recovery plans

  • Hong Kong leader Carrie Lam will travel to Beijing next week for a three-day visit to discuss plans to revive the global financial hub's economy which has been battered by the Covid-19 pandemic and anti-government protests.
  • She would leave on Nov. 3 for the southern Chinese city of Shenzhen, where she will take a coronavirus test before traveling to Beijing.
  • The Beijing-backed leader postponed her annual policy address earlier this month. She said she still plans to deliver her policy address by the end of November.

Hong Kong leader Carrie Lam will travel to Beijing next week for a three-day visit to discuss plans to revive the global financial hub's economy which has been battered by the Covid-19 pandemic and anti-government protests.

Lam, speaking at a weekly news briefing on Tuesday, said she would leave on Nov. 3 for the southern Chinese city of Shenzhen, where she will take a coronavirus test before traveling to Beijing.

"My trip to Beijing this time is solely on the economic side that is in light of the economic situation, which of course is very serious in Hong Kong," Lam said on Tuesday.

"We need more support measures from the mainland of China, especially in light of the overall direction that Hong Kong should move to better integrate with the mainland of China especially in the Greater Bay Area."

The Beijing-backed leader postponed her annual policy address earlier this month in order to travel to the mainland for talks on how the central government can support the former British colony's economic recovery.

She said she still plans to deliver her policy address by the end of November.

Lam has repeatedly touted the importance of the Greater Bay area — a region that includes Hong Kong, Macau and nine cities in China's Guangdong province — as a key pillar to provide economic benefits to the Chinese-ruled city.

Hong Kong is reeling from the double blow of anti-government protests that plunged the city into its biggest crisis in decades last year and the impact of coronavirus.

Beijing imposed a national security law on Hong Kong in June that punishes what authorities broadly define as secession, sedition and collusion with foreign forces with up to life in jail, following a year of sometimes violent demonstrations.

Western governments and international human rights groups have expressed concern the law will crush freedoms in Hong Kong.

Authorities in Beijing and Hong Kong have said the law is necessary to bring stability to the city.

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Despite anti-China sentiment, OnePlus to invest Rs 1,000 cr in India R&D

OnePlus has over 5,000 offline stores, including partnered stores, across the country, and plans to scale this up to 8,000 stores in the coming quarters.

Unfazed by the surge in anti-China sentiment, smartphone maker OnePlus is committed to investing around Rs 1,000 crore on research and development (R&D) and another Rs 100 crore on retail expansion in the country, said a senior company official.

Additionally, the executive said that all of its TVs, including the Q and U series, will be manufactured in India from next year.

Speaking to Business Standard after launching the OnePlus 8T 5G, Navnit Nakra, vice-president and chief strategy officer, OnePlus India, said as part of its ‘Make in India’ initiative all of its smartphones are being manufactured here.

“OnePlus is dedicated to investing towards its manufacturing capabilities in India and will certainly be leveraging opportunities to build a robust manufacturing ecosystem in the country,” said Nakra.

OnePlus has over 5,000 offline stores, including partnered stores, across the country, and plans to scale this up to 8,000 stores in the coming quarters.

The Rs 100 crore investment will help achieve this, the firm said.

Its biggest experience store, OnePlus Nizam Palace in Hyderabad, will be launched later this week, and 14 stores will be launched in the next six months.

By next year, the company plans to cover 100 cities against 65 currently.

On the anti-China sentiment, Nakra said, “Socio-political factors are always affecting those around us.

“We as a brand prefer to speak with our product. India continues to be a key market for OnePlus since our entry in 2014 and we remain committed towards the region.

“Over the years, we have worked hard to strengthen our manufacturing capabilities in line with the ‘Make in India’ initiative and continue to expand our local presence.”

In July, OnePlus expanded its smart TV portfolio with the launch of OnePlus TV’s U and Y series, followed by OnePlus Nord for the mid-range smartphone segment, and OnePlus Buds for accessories.

Nakra said OnePlus regained the top spot in the premium smartphone category in the second quarter of 2020 with 29 per cent market share, according to Counterpoint data.

In that quarter, it recorded its best-ever smartphone shipments.

The contribution of OnePlus’ ultra-premium segment to the overall portfolio grew to 25 per cent in 2019, from a mere two per cent in 2018.

Photograph: Reuters

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