India In-Focus — Bond yields, shares rise; Apple to make iPhone14 in India; McLaren to enter Indian market this year

Indian government bond yields rose on Tuesday after the 10-year US Treasury yield crossed the 3 percent mark to hit a five-week high, with market participants also fretting about persistent inflationary headwinds.

Traders are also awaiting debt supply from states, which are scheduled to raise 68 billion rupees ($851.35 million) through the sale of 10-year to 24-year bonds. The size of funds, however, is less than half of 152 billion rupees they were expected to raise.

The benchmark 10-year government bond yield was at 7.3 percent as of 0505 GMT. The yield has risen 9 basis points in the last three sessions and ended at 7.27 percent on Monday.

Shares edge up

Meanwhile, Indian shares edged up marginally on Tuesday in after a weak start, trailing the rest of Asia.

The NSE Nifty 50 index opened down 0.7 percent but recouped losses and was up 0.2 percent at 17,529.4 as of 0411 GMT, while the S&P BSE Sensex rose 0.1 percent to 58862.95.

The Nifty metal index was up 1 percent while information technology stocks declined with the Nifty IT index went down 1.3 percent.

Apple plans to make iPhone 14 in India: Bloomberg

Apple Inc. plans to start manufacturing its iPhone 14 model in India about two months after the product’s initial release out of China, Bloomberg News reported on Tuesday.

The company has been working with suppliers to ramp up production in India and shorten the lag in manufacturing new iPhones from the typical six to nine months for previous launches, the report said citing people familiar with the matter.

McLaren to enter Indian market later this year

British sports car maker McLaren said on Monday it was entering the Indian market, with its first retail outlet set to open in Mumbai later this year.

India is largely a low-cost and price-sensitive car market in which luxury models account for just over 1 percent of total annual sales of about 3 million.

McLaren said it had selected Infinity Cars as its retail partner in the country, with the Mumbai outlet set to open in October.

Tesla Inc. put on hold plans to sell its electric cars in India and abandoned a search for showroom space after failing to secure lower import taxes, Reuters reported in May.

Maruti Suzuki, majority-owned by Suzuki Motor Corp., dominates the entry-level, small car segment in India and is the country’s biggest carmaker.