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

    • Apr- 2023 -
      12 April
      422

      Mahindra hikes prices for Bolero and Bolero Neo

      Mahindra has increased prices for bestsellers Bolero and Bolero Neo. The Indian automakers have hiked the ex-showroom prices up Rs 30,600 for Bolero and Bolero Neo. There are three options for the Bolero B4, B6, and B6 (O). The costs for the mid-spec B6 model stay the same, but for the B4 and B6 (O) increase by Rs 24,601 and Rs 30,600, respectively. Mahindra Bolero Neo Five variants of the Bolero Neo are available: N4, N8, N10, Limited Edition, and N10 (O). Except for Bolero Neo Limited Edition, all variations have seen a normal price increase of Rs 15,000. With this, the SUV’s new ex-showroom starting price is Rs 9.63 lakh. Source

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    • 6 April
      450

      Sensex falls 165.16 points to 59,524.15 in early trade

      The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55. Mumbai: Equity benchmark indices declined in early trade on Thursday as investors remained cautious ahead of the Reserve Bank of India‘s monetary policy review and weak trend in global markets. The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55. Among the Sensex firms, HCL Technologies, Axis Bank, Tech Mahindra, Maruti, Titan, ICICI Bank, Hindustan Unilever and Nestle were the biggest laggards. Reliance Industries, Larsen & Toubro, IndusInd Bank, Power Grid, State Bank of India and Tata Consultancy Services were the winners. In Asian markets, Seoul, Japan and Shanghai were…

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    • 1 April
      397

      India’s govt-run aerospace firm HAL records highest-ever revenue of $3.2 billion

      Hindustan Aeronautics Limited (HAL), India’s partially state-owned defence and aerospace firm, said that it registered around ₹26,000 crore or $3.2 billion in revenue during the financial year 2022-23. This is a growth of 8 per cent from the previous year, during which the firm recorded ₹24,620 crore.  “Despite the challenges of supply chain disruptions due to geo-political situations, the company could achieve the targeted growth in the top line. This was possible with the increased thrust on indigenisation and with the available inventory,” said C.B. Ananthakrishnan, Chief Managing Director, Hindustan Aeronautics Limited. He added that the company’s order book stood at around ₹82,000 crore or $8 billion at the end of March 2023, after liquidation of the supplies during 2022-23. During 2022-23, fresh contracts of…

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    • Mar- 2023 -
      31 March
      312

      Economy|Business and Economy

      Japan to restrict chip equipment exports amid China fears Tokyo’s move aligns it with a US push to curb China’s ability to make advanced chips. Japan’s government has announced plans to restrict exports of semiconductor manufacturing equipment amid a US-led push to restrict China’s tech industry Japan’s government has announced plans to restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a US push to curb China’s ability to make advanced chips. The Economy, Trade and Industry Ministry said in a press release on Friday that it will impose export controls on six categories of equipment used in chip manufacturing, including cleaning, deposition, lithography and etching. It did not specify China as the target of…

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    • 29 March
      382

      BSE, NSE want Adani’s clarification on report that it hasn’t repaid share-backed loans

      Debt concerns and loans picked up by pledging shares have been major concerns among Adani’s investors triggered by the Hindenburg report. To reassure stakeholders, the conglomerate has been prepaying loans despite selling stakes for Rs 15,000 crore, and has supposedly repaid more than $2 billion borrowed against shares. But stock exchanges have sought clarification on a media report claiming that the full amount hasn’t been cleared. Acccording to news portal The Ken, the loan hasn’t been fully repaid since all promoter shares held against it haven’t been released by banks. It cited regulatory filings to argue against Adani’s claims, and has prompted BSE and NSE to seek a response from the conglomerate. The report again pushed Adani Enterprises down by…

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    • 28 March
      379

      $286 billion has been sent to United States money market funds over global bank bailout

      Insights from Emerging Portfolio Fund Research (EPFR) information of Financial Times stated that the banking crisis has transferred more than $286 billion into United States money market funds, as reported by Cointelegraph. According to Cointelegraph, investors who invested in US money market funds in last 14 days are Goldman Sachs, JPMorgan Chase and Fidelity. Sources suggest that Goldman Sachs’ money funds clocked $52 billion, JPMorgan’s funds invested nearly $46 billion, and Fidelity secured inflows worth $37 billion.  Based on information by Cointelegraph, during seven days to March 22, 2023, total money market fund assets witnessed an upward trend from $117.42 billion to $5.13 trillion, as highlighted by Investment Company Institute. Reportedly, government funds went up by $131.84 billion and prime…

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    • 27 March
      379

      Maximum GST compensation cess rate for tobacco products capped

      The government has put a cap on the maximum rate of GST compensation cess to be levied on tobacco products New Delhi: The government has put a cap on the maximum rate of GST compensation cess to be levied on tobacco products like cigarettes and pan masala, among other items. The cap is among the 75 amendments made in the Finance Bill, which was passed in Lok Sabha on March 24. The compensation cess has been linked to the maximum rate of their retail sale price. As per the Finance Bill, pan masala will attract the maximum GST compensation cess of 51 per cent of the retail sale price per unit. Currently pan masala is charged at 135 per cent ad valorem. Similarly, the rate…

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    • 25 March
      385

      Meet Amrita Ahuja, Harvard, LSE alumni CFO of Rs 3 lakh crore firm Block targeted by Hindenburg after Adani

      Hindenburg Research on Thursday reported trading activity in Block Inc formerly known as Square Inc and argued that the financial startup controlled by Twitter co-founder Jack Dorsey misrepresented its user numbers and underestimated its customer acquisition prices. The finance director of Block Inc, Amrita Ahuja, allegedly dumped millions of dollars’ worth of stock, according to Hindenburg Research. Who is Amrita Ahuja? Amrita Ahuja’s parents are Indian immigrants who operated a daycare facility in a Cleveland suburb, according to Wall Street Journal. In 2000, she earned her degree from London School of Economics and Political Science in Economics. From 2005 to 2007, she acquired MBA degree from Harvard Business School. According to her Linkedin page, she is with Block Inc for…

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    • 25 March
      328

      Global financial crash fears after Deutsche Bank ‘bloodbath’ puts shares on life support

      Deutsche Bank‘s shares have tumbled more than 13 percent while its credit default swaps surged to the highest since they were introduced in 2019. The German bank’s crisis comes amid global concern about the banking sector following the turmoil facing Silicon Valley Bank (SVB), Signature Bank and Credit Suisse. Investors have been rattled by recent events, and concerns are unlikely to be eased as the UK and US see interest rates rise yet again. Jim Cramer has just said that Deutsche Bank, $DB, is fine. pic.twitter.com/SusXRg19Gh— unusual_whales (@unusual_whales) March 24, 2023 US banks suffered losses on Thursday after US Treasury Secretary Janet Yellen said she would guarantee the deposits of the banks in crisis. Deutsche Bank’s predicament has been branded…

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    • 21 March
      377

      India to spend $12 bn on airports in next two years as traffic picks up

      India will spend around $12 billion on revamping airports over the next two years, with orders for hundreds of new aircraft to meet the growing travel demand which is adding  pressure to the existing airport infrastructure of the country.  The goal of the world’s fastest-growing aviation sector is to increase the number of airports from the present 148 to 220 by 2025, as per a Bloomberg report.  To that end, private builders will contribute roughly $9 billion, with the balance coming from the government-run Airports Authority of India. It entails new terminal construction, greenfield projects, and refurbishment of existing buildings, including old military airfields from the colonial era.  With a growing customer base and an expanding economy that is on pace to surpass…

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