- Hon Hai Precision Industry Co Ltd (OTC: HNHAF), operating as Foxconn, invested another $500 million in its India business.
- Foxconn said its Singapore subsidiary is deploying the capital into the India entity, Hon Hai Technology India Mega Development Private Limited, TechCrunch reports.
- Foxconn aimed to expand its chipmaking factories in the South Asian market as it gradually became a key hardware hub for key partner Apple Inc (NASDAQ:AAPL).
- Also Read: Alibaba And Other Chinese Stocks Decline Premarket On Weak Macro Data, Dismal Projection From Analysts
- Foxconn accelerated its pace to expand its smartphone production capacity in India as Apple migrated the production of the current generation iPhone units in the country.
- Analysts estimate that Apple will turn India into a global iPhone manufacturing hub by 2025 as it slowly cuts its reliance on China.
- Foxconn also recently bagged a deal with the Indian state of Gujarat to set up a $20 billion semiconductor and display unit in the coastal state.
- Foxconn said it would bring technical expertise to the venture, whereas Vedanta, known for its mining business, will finance the project.
- Price Action: AAPL shares traded higher by 1.32% at $148.20 on the last check Thursday.
Live Ventures Q1 EPS $4.14 Up From $3.45 YoY, Sales $75.20M Up From $62.45M YoY
Live Ventures (NASDAQ:LIVE) reported quarterly earnings of $4.14 per share. This is a 20 percent increase over earnings of $3.45 per share from the same period last year. The company reported $75.20 million in sales
