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 -
      4 May
      365

      Go First Bankruptcy: 27 Indian Airlines Went Out Of Business In Last 3 Decades, Check Full List

      One scheduled airline on an average has gone out of business every year since private airlines took to the skies nearly three decades ago, with Wadia group-owned Go First being the latest carrier battling financial turbulence for survival. The first private airline to go belly up was East West Travels & Trade Link Ltd, which shuttered operations after almost two years in November 1996. The same year, ModiLuft Ltd also went out of business. Since 1994, the year when private airlines took off in the country, at least 27 scheduled carriers have either been shuttered or have been acquired or merged with other carriers, according to official data. While the country’s domestic aviation sector is on an upswing with strong…

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    • 3 May
      391

      Adani Power stock gives 29 pc return in 14 days as share price surges

       Adani Group Adani Group’s power business arm, Adani Power, continued its upward trend for the eighth trading session, with its share price rising by 2.78 percent to Rs. 242.50 today. The share price surge has been an impressive 29.47 percent in just 14 days, as it has risen from Rs 187.30 on April 19. This impressive rise in the share price of Adani Power has helped the company recover 78.08 percent from its 52-week low of Rs 132.55, which was seen on February 28, 2023. Buy, sell or hold Adani Power shares? While the share price of Adani Power dipped earlier due to the Hindenburg report, it has now recovered significantly. However, technical analysts have mixed opinions about the further…

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    • 3 May
      371

      India’s Go First airline files for bankruptcy, blames Pratt & Whitney engines

      Cash-strapped Indian airline Go First filed for bankruptcy proceedings on Tuesday, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet. The move marks the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019, and underscores the fierce competition in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata conglomerate. The company has not defaulted on any of these dues as of April 30, but has defaulted on payments to operational creditors, including 12.02 billion rupees to vendors and 26.60 billion rupees to aircraft lessors, it said in the filing. Go First said in a statement its filing with the National Company Law…

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    • 2 May
      371

      Jacket for Rs 2 lakh, tees for Rs 24,000! Shah Rukh Khan’s son Aryan’s clothing brand slammed for being ‘ridiculously expensive’

      Shah Rukh Khan’s son Aryan Khan launched his luxury clothing brand, D’YAVOL X, on Sunday (April 30). The younger Khan took to his Instagram handle to share a twinning picture with his father to announce the launch of the brand. As soon as the collection was launched, netizens rushed to the official website of D’YAVOL X to get their hands on the products. However, they were shocked to learn the prices of the clothes available on the website. From a jacket worth over a whopping Rs 2 lakh, a white T-shirt with a printed design priced at Rs 24,400 and a hoodie worth Rs 45,500, the prices left internet users surprised. Users instantly took to social media to share their…

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    • Apr- 2023 -
      30 April
      365

      Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe

      Market regulator Securities and Exchange Board of India (SEBI) on Saturday moved the Supreme Court seeking a six-month extension to complete its investigation into allegations of stock price manipulation by the Adani Group. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months.  “Pass an order extending the time to conclude the investigation as directed by this Court by the common order dated March 2 by a period of 6 months or such other period as this court may deem fit and necessary in the facts and circumstances of the present case,” read the plea filed by SEBI.  The regulator, however, informed it had submitted a detailed report and prima facie findings…

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    • 30 April
      391

      Amazon Prime Subscription price hike in India, check new list

      Amazon Prime hiked the subscription prices for monthly and quarterly plans without any official announcement in India. The monthly subscription has been hiked to Rs 299 from Rs 179, and the new price for a three-month subscription is Rs 599. The annual subscription price remains the same at Rs. 1,499. Amazon has launched a new yearly membership plan called Prime Light for Rs. 999. The free two-day shipping, Prime Video streaming on up to two devices, and other features of the standard Prime membership are all included in these plans. This plan has no subscription for Prime Music streaming or Prime gaming benefits. The Prime Light membership limits SD quality. Check out the new Amazon Prime India new price list Amazon…

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    • 28 April
      421

      Vedanta Aluminium’s Odisha project gets ASI Performance Standard Certification

      Rahul Sharma, CEO, Vedanta Aluminium Limited. BHUBANESWAR: Aluminium Stewardship Initiative (ASI), An industry-led initiative that promotes sustainability in the aluminium value chain, on Thursday announced that Vedanta Aluminium got the ASI Performance Standard certification at its smelter and its captive power plant located within the Special Economic Zone (SEZ) in Odisha’s Jharsuguda. The company is the largest producer of primary aluminium in India. Vedanta Aluminium manufactures and supplies all primary aluminium products in the form of billets, wire rod, primary foundry alloys (PFA), ingot and sow ingot, as well as its ‘Restora’ brand of low-carbon aluminium products. The ASI Certification program was developed through an extensive multi-stakeholder consultation process and is the only comprehensive voluntary sustainability standard initiative for the aluminium…

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    • 23 April
      379

      Pizza Hut launches pizzas featuring Saif Ali Khan and Shehnaaz Gill

      Pizza Hut announced the launch of a variety of 10 pizzas. The brand has roped in Saif Ali Khan and Shehnaaz Gill to promote the range through ‘Mood Badle, Pizza Badle’ campaign. Saif Ali Khan and Shehnaaz Gill feature in two separate TVCs. Talking about the campaign, Aanandita Datta, chief marketing officer, Pizza Hut India said, “The TVCs have been brought to life by Saif Ali Khan and Shehnaaz Gill through their style coupled with wordplay using the campaign theme “Mood Badle, Pizza Badle” Commenting on the TVC, Sajan Raj Kurup, chairman and founder, Creativeland Asia said “Pizza Hut’s ‘Mood Badle, Pizza Badle’ campaign taps into the trend of linking cravings to emotions. The campaign is designed to celebrate the…

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    • 20 April
      473

      UK PM Rishi Sunak declares wife Akshata’s shares after probe

      British Prime Minister Rishi Sunak’s register of ministerial interests was published by the UK Cabinet Office on Wednesday, revealing his wife Akshata Murty’s shares in a childcare agency which could benefit from a policy in last month’s Budget. The publication of the list came in the wake of a parliamentary watchdog probe opened by the UK’s Parliamentary Commissioner for Standards last week to determine if the British Indian leader had been “open and frank” in his obligation under the parliamentary “Code of Conduct”. Now, a full ‘List of Ministers’ Interests’ published online reveals Sunak’s reference to his wife’s interests as well under a section entitled “Relevant interests of spouse partner or close family member”. “The Prime Minister’s wife is a…

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    • 19 April
      373

      Bournvita draws flak from consumers: Here is why

      Cadbury sued social media influencer Revant Himatsingka after he exposed the sugar content and harmful ingredients used by Cadbury in Bournvita. He explained that Bournvita is called a health drink because it contains 73.1g sugar/100 g and the colour 150 C, which is caramel colour, which is known for causing cancer and reducing immunity. He also raised the question that how these ingredients will help increase immunity and brain function. The influencer says that Bournvita’s tagline “taiyari jeet ki” should be changed to “taiyari diabetes ki”. This video went viral on all over social media platforms, and many of them woke up by releasing the message that checking ingredients is important before buying a product. Most of them question Cadbury about…

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