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Although the intent of Apple to sell refurbished Apple devices was turned down by the Indian government, the tech giant managed to seal the deal to open its first retail stores in India.

The intention of  Apple to widen its market influence in India was one step away as the Indian government modified its rules for the foreign investments. The Indian government made a-three-year exemption to the foreign owned companies which want to open stores selling a single brand of products. These foreign companies are excluded from the memorandum that 30 percent of the content of the products must be from India.

Apple remains silent about the issue, however, the company acknowledged the 56 percent growth of its sales in India for the last quarter. The American company had only less than 2 percent share in the wide smartphone market in India. In 2015, the total annual sales of the firm in India was likely two million units.

The new rule opened the doors for Apple to build stores and eventually sells its devices such as iPhones, iMacs and iPads, a small step of a long strategy of the company in India. Approximately 139 million smartphones may be sold in India this 2016 although the Android units are less expensive.

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Anshul Gupta, a personal technology analyst with Gartner in Mumbai, shared that people feel pride after buying an iPhone, that’s what Apple is all about and that’s how they maintain the premium image.

Mr. Gupta explained that it was not an overnight story, but there was a huge potential. He added that Apple may pass the 5-10 percent of smartphone sales in India since the consumers were becoming more wealthy.

Prior to the changes of the foreign investment rule, Apple CEO Tim Cook visited Prime Minister Narenda Modi and the experts believed that his trip to India could be the reason of the changes in policy. Mr. Cook perceived India as where China was maybe seven to 10 years ago.

Meanwhile, shares of Apple Incorporated lost 0.24 percent to $95.10 at the close of the session. The California based multi technology company has a market capitalization of 509.05 billion and a dividend yield of 2.40 percent. It has a price earnings ratio of 10.58.

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As the Russell index is set to be reconstructed, the stock was feared of declining further from 2.77 percent to 2.52 percent as it loses weighting in the index. As estimated, the tech giant might sell $1.3 billion shares this Friday at the conclusion of the session.

Further, around 92 percent of Apple may be considered growth and the remaining 8 percent could be value based on the estimates of FTSE Russell. An index strategist estimated that there will be more than $850 million of selling in Apple and $400 million of buying.

"Indices are moving to confirm what the market has already been saying, which is it is a growth and value stock… The question is when and how Apple can reaccelerate their growth rate,” declared by Graham Tanaka, portfolio manager of the Tanaka Growth Fund in New York.