Market Overview

Report: Apple On Track To Open First Retail Store In India, Company To Focus On iPhone Sales

Report: Apple On Track To Open First Retail Store In India, Company To Focus On iPhone Sales

According to India-based Live Mint, Apple Inc. (NASDAQ: AAPL) is one step closer toward opening retail stores in the country.

Live Mint reported that the Indian government plans to "push through" Apple's application to open outlets in the country after its original request was incorrectly submitted.

Live Mint, citing "a person with knowledge of the matter," added that Apple's stores will be classified as a seller of cutting-edge technology, which bypasses a local law which states that 30 percent of its product's inputs need to be manufactured locally.

Related Link: General Growth CEO Warns Apple Stores May Be Bogging Down Growth

Live Mint estimated Apple's share of the Indian-smartphone market to be around 2 percent.

"Most of the growth in India will come from new users coming into the Apple ecosystem, unlike in the West where growth is mainly from existing users upgrading," Tarun Pathak, a senior analyst at Counterpoint Technology Market Research, based near New Delhi told Live Mint. "You can expect the stores to focus mostly on iPhones."

Shares of Apple were trading lower by 1.39 percent at $92.71 ahead of Monday's opening bell.

Image Credit: Public Domain

Posted-In: Apple Apple Emerging MarketNews Rumors Global Tech Trading Ideas Real Estate


Related Articles (AAPL)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

'Things Are Good' At Salesforce, Notable Source Tells Deutsche Bank Analyst

Rod Hall: Apple Just Made A 'Major' Ecosystem Development