One charger to rule them all

Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 21, 2024. My name is Nelson John. Let's get started:

Indian benchmark indices, Nifty and Sensex, opened at record levels and touched new highs during the session before ending the day marginally higher, with Sensex up 0.18 percent and Nifty up 0.22 percent.

From next June, every new smartphone and tablet sold in India will need to have a USB-C charging port so that consumers can charge all their devices with just one type of charger. The rule, which will include laptops by 2026, is part of India’s efforts to align itself with global standards set by the European Union to enhance convenience and reduce waste.

The new rule doesn’t apply to feature phones and wearables for now, but it's a big step in the right direction. The Indian government said it plans to enforce the new standard vigorously. Companies that fail to comply will face penalties under the Consumer Protection Act, Mint’s Dhirendra Kumar and Gulveen Aulakh report. There's also a push for makers of basic phones and other devices to voluntarily adopt USB-C ports, which would further unify charging standards. Leading smartphone makers such as Xiaomi and Oppo have already voiced their support.

Sebi has issued a stern directive to Religare Enterprises Ltd, ordering it to comply with securities law. The development unfolded as the Burman family, promoters of Dabur, made moves to increase their stake in Religare through an open offer.

Sebi instructed Religare’s chairperson Rashmi Saluja and the board to seek necessary approvals from the Reserve Bank of India within a week. The action highlights Sebi’s concerns about Religare's attempts to obstruct the open offer by the Burmans, who are significant stakeholders in Religare through various family-owned entities. Sebi intervened despite resistance from Religare – which expressed doubt about the Burmans' ability to improve the company’s management – highlighting the importance of adhering to the proper procedures in an acquisition. Mint’s Ranjani Raghavan and Neha Joshi report.

Apple and Google are diving deep into generative AI, and making smartphones more capable in the process. Apple recently announced ‘Apple Intelligence’, a set of tools that will allow iPhones, iPads and Macs to perform tasks such as transcribing calls, crafting emails, and generating images and emoticons. Google rolled out similar capabilities last September, and Samsung also offers similar AI features on its top-tier devices. However, not all AI tasks are processed on the device itself. Apple's Siri will soon be able to handle simple queries on-device but could tap OpenAI’s ChatGPT for more complex requests. Google’s Pixel phones and Samsung’s devices need internet connections to access hefty AI models stored in the cloud.

For now, these cutting-edge AI features are limited to premium models. Apple’s AI suite is exclusive to its 15 Pro and Pro Max iPhones, while Google and Samsung have integrated AI into their latest devices, with potential expansions on the horizon. What’s next for smartphones as tech giants throw their hats in the AI ring? Mint’s tech correspondent Souvik Das has the answers in today’s Primer.

Omnichannel furniture retailer Pepperfry ventured into the furniture rental market in 2017, tapping the ‘sharing economy’ vibe that appealed to India's young urbanites. At the time, the company estimated that the market could one day be worth $1 billion a year. Despite a promising start, Pepperfry ended its rental services in 2019, saying the market was too niche.

There are still 157 companies worldwide that employ the rental model, including Indian firms such as Rentomojo and Furlenco. But most are still small, thanks to a complex market with overestimated potential. For instance mattress company Wakefit, which started in 2016, later ventured into furniture and saw revenue rise to 813 crore rupees by 2023. Rentomojo made 121 crore that year. These companies face plenty of challenges, from complex logistics to quality issues, and many renters have endured poor service and delayed pickups. Some companies are adapting by diversifying into appliances and electronics, while others are focusing on logistics to improve their services. Mint’s startup correspondent Priyamvada C takes dives deep into the workings of furniture rental startups in today’s Long Story.

India is facing a brutal heatwave, with the Health Ministry reporting 110 heatstroke-related deaths and more than 40,000 suspected cases as of June 18. Most of the victims are in rural areas, where many people work outdoors and have limited access to healthcare. Madhya Pradesh has recorded the most heatstroke cases, followed by Rajasthan and Andhra Pradesh, while Uttar Pradesh has seen the most deaths, reports Mint’s Puja Das.

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Show notes:

Common smartphone chargers from next year; laptops to be covered from 2026

Sebi directs Religare board, Saluja to seek approvals for Burman open offer

Mint Primer | AI phones on the horizon: promises and pitfalls

Rent vs buy: Why startups failed to shake up the furniture rental market

India reports 110 heat stroke deaths, 42,000 cases till 18 June