BUSINESS

    Swiggy IPO makes 500 employees ‘crorepatis’; unlocks Rs 9,000 cr worth of ESOPs

    On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE. New Delhi: Swiggy‘s much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the “crorepati” club, with the food delivery and quick commerce major’s listing poised to unlock Rs 9,000 crore in ESOPs for 5,000 staffers, people aware of the details said. Swiggy’s initial share sale had a price range of Rs 371-390 a share. “The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs 390), 500 employees out of the 5,000 are set to become crorepatis,” a person in the know shared the details requesting anonymity. On Wednesday, shares of Swiggy were listed with a premium of nearly…
    BUSINESS

    Indian markets slide on heavy selling in Reliance, HDFC bank

    During intra-day trading, the Sensex dropped by 530 points, or 0.67%, reaching 78,158, while the Nifty fell by 180 points, or 0.76%, to 23,702. The Sensex also hit an intra-day low of 77,959 during the session. Mumbai: Indian equity indices traded in deep red on Wednesday due to large selling in the heavyweights like Reliance Industries and HDFC Bank, among others. Sensex was down 530 points or 0.67 per cent at 78,158 and Nifty was down 180 points or 0.76 per cent at 23,702 during the intra-day trading In the trading session, Sensex made an intra-day low of 77,959. The market trend also remained negative. On the National Stock Exchange (NSE), 289 stocks were in the green and 2,163 stocks were in the red. Due to heavy selling, the market capitalisation of all listed companies on the Bombay Stock Exchange (BSE) declined by over Rs 6 lakh crore to Rs 430…
    BUSINESS

    Amid diversification push, Apple plans research subsidiary in India

    The research and development facility would reportedly focus on research, design, testing and providing support to third-party manufacturers New Delhi: Firming up its India presence as Apple diversifies its vast supply chain and research outside of China, the iPhone maker has set up a new research and development subsidiary in the country. The research and development facility would reportedly focus on research, design, testing and providing support to third-party manufacturers. The move to establish a R&D facility in India is significant as this will help the tech giant connect better with the local manufacturing ecosystem player, original equipment manufacturers (OEMs) and create India-specific products and solutions, according to industry players. Apple currently have R&D facilities in the US, China, Germany and Israel. The company did not immediately comment on its India future plans regarding research and development. According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), just as China powered Apple’s growth in the past, India is…
    BUSINESS

    Ola Electric launches ‘BOSS of All Savings’ amid record EV sales

    Through the ‘BOSS of All Savings’ offer, Ola Electric is allowing customers to save up to Rs. 15,000 on the purchase of an Ola S1, with potential annual savings of up to Rs. 30,000 due to lower running and maintenance costs compared to an ICE vehicle. Hyderabad: Ola Electric announced the ‘BOSS of All Savings’ as part of its ongoing Biggest Ola Season Sale (BOSS) campaign. The festive season has been remarkable for the EV industry with EV 2W registrations witnessing impressive growth in October 2024 led by Ola Electric, pointing to an increased consumer awareness of the benefits/savings associated with EVs over ICE vehicles. As part of the ‘BOSS of All Savings’ proposition, the company is now providing an opportunity to save up to Rs.15,000on the purchase of an Ola S1 and further up to Rs.30,000 annually with lower running and maintenance costs compared to an ICE vehicle. With the…
    BUSINESS

    Apple iPhone 15 becomes best-selling smartphone globally in Q3 2024

    Samsung maintained the biggest presence in the global top-10 best-selling smartphones list with five spots, followed by Apple with four and Xiaomi with one, according to Counterpoint Research’s Global Handset Model Sales Tracker. New Delhi: Apple iPhone 15 has become the best-selling smartphone globally in the third quarter (Q3) this year, followed closely by iPhone 15 Pro Max and iPhone 15 Pro, according to a report on Thursday. Samsung maintained the biggest presence in the global top-10 best-selling smartphones list with five spots, followed by Apple with four and Xiaomi with one, according to Counterpoint Research’s Global Handset Model Sales Tracker. While Apple’s share of the top-10 list has declined slightly, Samsung’s presence has grown to keep the combined market contribution of the top 10 smartphones at around 19 per cent. “The growing consumer preference for high-end smartphones is gradually narrowing the market share gap between the iPhone’s base and Pro variants,” the…
    BUSINESS

    Ola Electric launches ‘BOSS of All Savings’ amid record EV sales

    Through the ‘BOSS of All Savings’ offer, Ola Electric is allowing customers to save up to Rs. 15,000 on the purchase of an Ola S1, with potential annual savings of up to Rs. 30,000 due to lower running and maintenance costs compared to an ICE vehicle. Hyderabad: Ola Electric announced the ‘BOSS of All Savings’ as part of its ongoing Biggest Ola Season Sale (BOSS) campaign. The festive season has been remarkable for the EV industry with EV 2W registrations witnessing impressive growth in October 2024 led by Ola Electric, pointing to an increased consumer awareness of the benefits/savings associated with EVs over ICE vehicles. As part of the ‘BOSS of All Savings’ proposition, the company is now providing an opportunity to save up to Rs.15,000on the purchase of an Ola S1 and further up to Rs.30,000 annually with lower running and maintenance costs compared to an ICE vehicle. With the…
    BUSINESS

    Gold, Silver prices drop post-US election

    The India Bullion and Jewellers Association Ltd (IBJA) reports that 24-carat gold is priced at Rs 76,570 per 10 grams, 22-carat at Rs 74,720, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams. New Delhi: Gold prices continue to fall after the US presidential election and on Thursday, the December future contracts of gold on MCX opened with a decline of 0.37 per cent at Rs 76,369 per 10 grams, while silver December future contracts were trading 0.24 per cent low at Rs 90,601 per kg. After the US elections, in the last two days, gold prices have fallen by Rs 2,100 per 10 grams and silver prices by Rs 4,050 per kg. According to the India Bullion and Jewellers Association Ltd (IBJA), the price of 24-carat gold is Rs 76,570 per 10 grams, the price of 22-carat gold is Rs 74,720 per 10 grams, the price of 20-carat…
    BUSINESS

    Supreme Court orders liquidation of Jet Airways

    A Bench led by Chief Justice D.Y. Chandrachud upheld the lenders’ plea opposing the transfer of ownership of the grounded airline to the Jalan Kalrock Consortium (JKC). The Bench, which also included Justices J.B. Pardiwala and Manoj, used its extraordinary powers under Article 142 of the Constitution to ensure “complete justice” between the parties, ordering the immediate appointment of a liquidator. New Delhi: The Supreme Court on Thursday ordered liquidation of cash-strapped Jet Airways, saying that the resolution plan, approved five years ago, is no longer capable of implementation. A Bench, headed by CJI D.Y. Chandrachud, allowed the lenders’ plea against the transfer of ownership of the grounded airline to Jalan Kalrock Consortium (JKC). The Bench, also comprising Justices J.B. Pardiwala and Manoj, invoked its extraordinary powers under Article 142 of the Constitution “for doing complete justice” between the parties and ordered the appointment of a liquidator forthwith. Further, it ordered the forfeiture…
    BUSINESS

    Apple-Globalstar $1.5 billion deal disrupts connectivity market, report says

    Emma Mohr-McClune, Chief Analyst for Technology at GlobalData, stated that this is likely the largest and most impactful consumer OEM low-Earth-orbit (LEO) deal to date. The agreement positions Apple as the clear leader among Western OEMs for offering extended direct satellite texting and calling services, catering to both emergency and remote use cases. New Delhi: The $1.5 billion Apple-Globalstar deal packs a competitive punch for virtually all corners of the connectivity market ecosystem, from carriers to original equipment manufacturers (OEMs), according to a report on Wednesday. Apple plans to invest $1.1 billion in satellite communications company Globalstar, alongside a further $400 million for a 20 per cent equity stake in the business. According to Emma Mohr-McClune, Chief Analyst, Technology at GlobalData, this is arguably the largest and most significant consumer OEM low-Earth-orbit (LEO) deal to date, and the arrangement puts Apple in a clear leading position among western OEMs for extended direct and…
    BUSINESS

    Hyderabad-based Marut Drones secures $6.2 million in Series A funding

    The company aims to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies and enhance its research and development efforts in partnership with leading institutions Hyderabad: Marut Dronetech, a leading drone technology company with DGCA certification for manufacturing and training has raised $6.2 million in Series A funding from Lok Capital. Marut Drones plans to allocate funds towards several key initiatives, including the development of advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centers into Tier 2-3 cities to better serve rural customers, and establishing drone agriculture service hubs to offer Drone-as-a-Service with a partnership approach, a press release said. The company also aims to recruit professionals across all verticals, foster drone entrepreneurship, launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions. Hari Krishnan, Director of Lok Capital said drones…

    BUSINESS

    • May- 2023 -
      18 May
      356

      Sanjiv Kapoor joins Saudi Arabia’s SAUDIA after quitting Jet Airways as CEO-designate, says report

      Sanjiv Kapoor, who recently resigned from the post of CEO-designate of cash-strapped carrier Jet Airways, has joined Jeddah-based Saudia as the advisor to its Director General Ibrahim Al-Omar. In an article in The Economic Times, Kapoor confirmed his appointment.  SAUDIA, one of the two major airlines of Saudi Arabia, has been working on its expansion plan. On March 21, SAUDIA declared that it is working to add 25 new destinations in 2023 on the SAUDIA Group Network.  It also added that it would buy 39 wide-bodied 787 Dreamliner planes from Boeing in line with its expansion plans.  Last month, Kapoor resigned from his post of CEO-designate of Jet Airways. He joined Jet Airways as their Chief Executive Officer (CEO) on April 4,…

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    • 18 May
      401

      Air India Express brings 280 pilots, 250 crew onboard

      Air India Express, the low-cost international carrier, has hired over 280 pilots and 250 cabin crew during a recent recruitment drive conducted across Mumbai, Delhi and Bengaluru. As per the airline, about 300 pilots participated in the selection process conducted during the drive, news agency PTI reported. Air India Express is owned by Tata Group, which acquired the airline along with the full-service carrier Air India in late January last year. Apart from Air India and Air India Express, the Group also owns domestic budget carrier AirAsia India as well as a 51 per cent stake in its joint venture airline with Singapore Airlines, Vistara. While Vistara is in the process of merging with Air India, AirAsia India is being integrated with…

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    • 16 May
      418

      20% tax at source for offshore credit deals

      Come July 1, any payment made using a credit card to foreign vendors will be subjected to tax collected at source (TCS) at 20 per cent irrespective of the amount paid. Mumbai: Come July 1, any payment made using a credit card to foreign vendors will be subjected to tax collected at source (TCS) at 20 per cent irrespective of the amount paid. This is because the Budget 2023 has raised the tax collected at source (TCS) from five per cent to 20 per cent under the Liberalised Remittance Scheme (LRS). While moving the Finance Bill 2023 for consideration and passage in  the Lok Sabha the Finance Minister Nirmala SItharaman had said that cross-border credit card payments are currently not captured…

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    • 15 May
      396

      Adani firms announce Rs 21,000 crore fundraiser via QIP, day after being dropped from MSCI Index

      By providing electricity to 31 lakh consumers in and around Mumbai, Adani Transmission has become the group’s most visible manifestation in the financial capital. But the firm that lights up homes across Indian cities has been overshadowed by serious allegations made in the Hindenburg report, which triggered a loss of $140 billion for the group. As the conglomerate recovers from the stock market rout, Adani Transmission and Adani Enterprises will collectively raise Rs 21,000 crore. After the board’s approval, Adani Enterprises will raise Rs 12,500 crore while Adani Transmission will aim for Rs 8,500 crore via qualified institutional placement. The private placement route allows firms to raise money from qualified buyers without having to submit pre-issue filings. The announcement comes…

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    • 15 May
      383

      American e-commerce website sells Indian ‘charpai’ for a staggering 1.12 lakh rupees

      Online marketplaces have made it possible to buy and sell almost anything, including some truly bizarre and outrageously priced items. Remember Balenciaga’s destroyed sneakers and handbags looking like ‘thailas‘ selling for $625 and $2090, respectively? If you thought such staggering prices of commonly available products are limited to foreign items alone, you might be wrong! An e-commerce site in the United States is offering a traditional Indian charpai for an exorbitant price. The charpai is a basic bed constructed from wood and woven jute ropes and typically retails in India for approximately Rs 2,000-10,000. However, on Etsy, it is being sold for approximately 1.12 lakh by an Indian seller. It is described as a “traditional Indian bed with very beautiful decor,” made from high-quality materials and crafted by hand. The charpai measures 36 inches…

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    • 14 May
      381

      JioCinema launches premium subscription plans in India, check out price list

      JioCinema, which has offered free subscriptions for its users for many years, has come with a paid subscription plan. Earlier, there were many speculations that JioCinema makers were planning to make the OTT platform a paid one. The rumors came after the platform screened the FIFA World Cup and IPL 2023 for free. However, the OTT platform gained a massive following with its free subscription for premium shows, and rumors also turned out to be true. With a paid subscription, the user can now enjoy exclusive content from HBO and Warner Bros. Also, JioCinema promised to add exclusive content to the Premium library in the coming months. The premium subscription plan for JioCinema is Rs 999 for a year, and users can…

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    • 11 May
      438

      Bookings for Hyundai EXTER opened in India

      Customers can choose from a range of five variants of Hyundai EXTER -EX, S, SX, SX(O) and SX(O) Connect Hyderabad: Hyundai Motor India has opened bookings for the Hyundai EXTER in India for Rs.11,000 and customers can book the car at dealerships across the country or by visiting ‘https://clicktobuy.hyundai.co.in/#/bookACar?modelCode=HW ‘. The car offers three power train options – 1.2 l Kappa petrol engine (E20 Fuel Ready) with choice of 5-speed manual transmission and smart auto AMT and 1.2 l Bi-fuel Kappa petrol and CNG with 5-speed manual transmission. Customers can choose from a range of five variants -EX, S, SX, SX(O) and SX(O) Connect. The car is available in six Monotone and three dual-tone exterior colour options including two new exclusive colours…

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    • 11 May
      380

      Apple iPhone maker buys massive site in Bengaluru for THIS much

      oxconn, a major Apple supplier, revealed in a filing on Tuesday that it had purchased a sizable plot of land in Bengaluru, days after the company launched its two stores in India.  The company informed the London Stock Exchange in a statement that it has purchased a 13 million square foot plot of land in Devanahalli close to the Kempegowda International Airport. For the uninitiated, Foxconn is the largest contract electronics manufacturer in the world and the primary Apple iPhone assembler. For the property, it said that its affiliate Foxconn Hon Hai Technology India Mega Development had paid three billion rupees (about $37 million). In 2019, Foxconn began producing Apple smartphones in India. It began producing the product at its…

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    • 9 May
      380

      After opening borders, China presses Singapore for visa-free travel deal

      China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing’s embassy, a move that could boost arrivals in the city-state from what was its biggest pre-pandemic tourism market. There were 3.6 million Chinese visitors to Singapore in 2019, more than any other country, who spent a combined S$4.1 billion ($3.09 billion). Many Chinese have in recent years been keen to invest, move assets or relocate to Singapore, with some buying into luxury real estate. Among Singapore’s 4 million citizens and permanent residents, three-quarters are of Chinese ethnicity and many speak Mandarin, making it easy for mainland Chinese to navigate the country. “It is something that citizens of both countries are eagerly awaiting, and is…

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    • 6 May
      342

      Russia says there’s a problem with billions of rupees it has in India that need to be converted

      Russia has accumulated billions of rupees that are sitting in Indian banks. But Moscow acknowledged that it’s a problem and is looking to convert the rupees to another currency. Russia has billions of rupees sitting in Indian banks but acknowledged there’s a problem as it looks for ways to convert that currency. Foreign Minister Sergei Lavrov noted the widening trade deficit with India, which has been a top buyer of Russian oil since Moscow launched its war on Ukraine last year. “As for rupees, this is a problem because there are billions of rupees accumulated in accounts at Indian banks and we need to use this money,” Lavrov told reporters in India on Friday. “For this, rupees should be converted…

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