Seek and you shall find. If Steve Jobs comes to India, he can pick up an iPad of his choice
The department of justice in the US has formally opened an investigation to determine whether Apple is refusing to sell its iPads to consumers of Asian origin, as the company is apparently trying to prevent the device from being smuggled into China, reports Consumer Affairs. But if Steve Jobs is petrified over his precious tablet being shipped to other countries where it has not been officially launched, then he sure should visit one of Mumbai's many grey markets, where Apple's product is being blatantly sold.
In one of Mumbai's famous hubs for all kinds of smuggled products, Heera Panna (in south Mumbai), the iPad is being sold. We called up one such shop, asking for an iPad. We were told that the iPad 3G (64 GB) was available for Rs70,000.
"It's not officially launched in India, but we have (the iPad). We don't sell copies, it's original. But there is no warranty. If there are any issues you will have to take it up in the US or send an email to Apple's official website," he said.
"I have started calling Heera Panna as I-Panna. When the iPad was launched in the United States, it was available a week later at Heera Panna for Rs1.25 lakh, now of course the prices have come down," Irfan Khan, a technology buff told Moneylife.
Not far from Heera Panna is Mumbai's IT hub-Lamington Road-famous for its wholesale and retail market in electronics goods. Here we called a shop and asked if it had any iPads. A person said he did have them, but only iPad Wi-Fi and the iPad Wi-Fi+3G would only be available next week. Unlike the seller at Heera Panna, he did assure us a one-year warranty. "Right now it is available. Once there is demand, we will raise the prices," he told us.
In suburban Mumbai, at Vile Parle is Alfa. We called up a shop but we received a guarded answer. We were directed to another number for details. The person answering the call told us that he had the iPad, also gave us the price range for the various iPad versions. But when we pried a little more, he banged the phone down. We tried again to ask about the warranty and other related details, but this time we were told that these details could not be revealed over the phone.
Peter Almeida, a re-seller for Apple products says that the product will be launched in India by September or October. The grey market is unsafe, cautioned Mr Almeida. "In the grey market, it is freely available but you won't get a warranty, it will be from the official place of purchase," he added.
Since the introduction of the iPad, smuggling has been a major concern for Apple. In the US, the product has been officially launched; however, there is a waiting list for the product as it is not available off the shelves. This is not the case in India, the iPad has not been officially launched, but it is gracing many grey market shelves and is ripe for the taking. "If you walk into these shops, you can see the iPads all lined up and they are being sold like hot cakes," Mr Khan said.
The first target of 17,100 has been reached; it will be a big struggle to reach the second target of 17,300
The market was up today on strong global cues. The Sensex settled at 17,065, up 142 points (0.8%) and the Nifty ended at 5,119, up 40 points (0.7%). The benchmarks started with a sharp rise supported by strong Asian markets. The market extended gains in mid-morning trade on reports of strong industrial production growth in April. However, it pared some of the gains in the early afternoon session. It recovered afterwards and traded range-bound for the rest of the day.
Asian stock markets were up on optimism that the global economy could weather Europe's debt crisis after China's exports surged and US jobless claims fell. Key benchmark indices in Japan, China, South Korea, Indonesia, Hong Kong, Taiwan and Singapore were up by 0.3% to 1.7%.
Wall Street jumped on Thursday in response to signs of health in the euro debt markets and as investors accumulated energy shares, crushed in the previous day's sell-off. The Dow was up 273.2 points (2.7%) to 10,172. The S&P 500 was up 31 points (2.9%) to 1,086.8. The Nasdaq was up 59.8 points (2.7%) to 2,218.7.
Back home, industrial output rose 17.6% in April from a year earlier, the strongest since December 2009, helped by buoyant domestic consumer demand, a revival in exports and higher infrastructure spending, data showed on Friday.
Manufacturing production was up 19.4% over the year-ago period. Mining output was up 11.4% and power generation rose 6%. Car sales in India rose an annual 30% in May over the year-ago period. The finance minister termed the industrial output data as "encouraging."
Foreign institutional investors were net buyers on Thursday, purchasing stocks worth Rs244 crore. Domestic institutional investors sold stocks worth Rs105 crore.
Japan indicated that it would raise taxes and warned on defaulting on its public borrowing. The government plans to compile a medium- and long-term plan for reining in debt by 22nd June at the latest and to limit bond issuance at 44.3 trillion yen ($484.6 billion) in the year to 31 March 2012.
Reliance Industries Ltd (RIL) (up 3%) has announced its sixth oil discovery in the exploratory block CB-ONN-2003/1 (CB 10 A&B), awarded under the fifth round of the New Exploration Licensing Policy (NELP-V) round of exploration bidding. The well CB10A-T1 was drilled to a total depth of 1,500 metres in Part A of the block.
VE Commercial Vehicles, the 50:50 joint venture between the Volvo Group and Eicher Motors Ltd (up 15%), has announced an investment of Rs288 crore in its Pithampur plant for the production and final assembly of Volvo's new global medium-duty engine platform. With this, it will be possible for the Volvo Group to locate most of its production of medium-duty engines to VECV's plant in Pithampur. The new investment in Pithampur will result in an annual production capacity of an additional 85,000 engines.
In addition to production of the base engine itself, the facility in Pithampur will also conduct final assembly of engines for India and all of Volvo Group's global markets with Euro 3 and Euro 4 emission requirements.
As part of the deal, RIL will infuse Rs4,800 crore in the company as fresh equity capital to gain 95% stake. The announcement came within hours of Infotel emerging as the sole winner of broadband spectrum for the entire country for Rs12,872 crore
Mukesh Ambani-led Reliance Industries (RIL) today agreed to acquire Infotel Broadband Services for Rs4,800 crore in a deal that values the Mahendra Nahata group internet service provider (ISP) at about Rs5,000 crore, reports PTI.
As part of the deal RIL would infuse Rs4,800 crore in the company as fresh equity capital to gain 95% stake, the company said in a statement.
Announcement of the deal came within hours of Infotel emerging as the sole winner of broadband spectrum for the entire country for Rs12,872 crore.
This marks Mukesh Ambani group's entry into telecom sector in less than a month of he and his younger brother Anil reaching a truce by ending all the no-compete agreements to enable each other an opportunity to enter and invest in areas hitherto barred under the family settlement reached in 2005 for division of Reliance empire.
RIL will invest Rs4,800 crore by way of subscription to fresh equity capital at par to be issued by Infotel Broadband, the company said in a statement.
The share prices of both HFCL (promoted by Mahendra Nahata) and HFCL Infotel (promoted by son Anant Nahata) today rose by the maximum limit and closed at Rs11.39 and Rs10.14 a share respectively. RIL's shares also surged over 3% to close at Rs1,046.25 a share.
Commenting on the initiative, RIL chairman and managing director Mukesh Ambani said, "We see this as the next wave of value creation opportunity in the wireless broadband space. We believe this will pole-vault India's economy into the digital world at an accelerated pace while creating next generation tools that will enhance productivity and create world-class consumer experiences."
RIL said that BWA services can provide an opportunity to be in the forefront among the countries providing world-class fourth generation (4G) networks and services.
"A single 20 MHz spectrum when used with Long Term Evolution (generally known for 4G technology) has the potential of providing greater capacity when compared to existing communication infrastructure in the country," the company said.
In the BWA space, no other player could bag pan-India spectrum. Bharti Airtel and US-based Qualcom won four circles each, while Aircel bagged spectrum in eight circles.
There are reports that RIL was also talking to a new telecom licencee, Videocon Mobile, for a possible stake in the company. Videocon's share also went up by 0.40% to close at Rs22.20 a share.