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

    • Mar- 2023 -
      20 March
      350

      UBS agrees takeover of stricken Credit Suisse for $3.25bn

      The Swiss government has forced through the takeover of stricken bank Credit Suisse by rival UBS for almost $3.25bn (£2.65bn) – well below its market value – amid fears that a failure to protect depositors would trigger a new global banking crisis. After a weekend of frantic talks, the Swiss government and the banking regulator brokered a deal once it became clear a $54bn loan to Credit Suisse from the Swiss central bank had failed to halt the precipitous slide in its share price. “The takeover of Credit Suisse by UBS is the best solution” in the current situation, said the Swiss president, Alain Berset. He said the takeover was made possible after the Swiss federal government, the Swiss Financial Market Supervisory…

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    • 19 March
      332

      Adani companies did Rs 10,000 crore scam in power generation in Maharashtra, Rajasthan, claims AAP

      The AAP on Saturday accused Adani Enterprise Limited of doing a Rs 10,000 crore scam in the generation and distribution of electricity in Rajasthan and Maharashtra and demanded a probe by central agencies into the matter. Addressing a press conference, Aam Aadmi Party (AAP) spokesperson Sanjay Singh claimed that Adani Enterprise Limited (AEL) took the money for the generation and operation of electricity from the Maharashtra government and also pocketed the profit. “Today I am exposing another scam. With the money looted in the scam, Delhi can be given free electricity for three years. Lack of resources is not the reason for expensive electricity in Rajasthan and Maharashtra. The reason is Adani’s blatant corruption,” he claimed.Singh said that before 2014,…

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    • 18 March
      362

      Russia may take over Toyota plant in St Petersburg: State media

      Russian trade minister quoted as saying transfer of factory ‘being considered’. Toyota’s St Petersburg plant may be transferred to Russian ownership. Japanese carmaker Toyota’s Saint Petersburg plant may be transferred to the Russian state entity NAMI, Russian Industry and Trade Minister Denis Manturov has said, according to the state-run TASS news agency. “The transfer of Toyota’s Russian assets to NAMI is being considered,” Manturov was quoted as saying on Friday on the sidelines of a business event. NAMI, Russia’s Central Automobile and Engine Research and Development Institute, has already snapped up plants from Renault and Nissan. A spokesperson for Toyota said on Friday it was considering what to do regarding the plant, after having already decided last year to end…

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    • 13 March
      394

      Meet Binny Bansal, one of the youngest billionaires who is likely to invest around $150 million in PhonePe

      Binny Bansal, one of the youngest billionaires in India is an Internet Billionaire who co-founded the e-commerce platform Flipkart and served as the chief operating officer (CPO) until 2016 and was then promoted to chief executive officer (CEO).  According to reports, Binny Bansal is in talks to invest between $100 and $150 million in PhonePe. If completed, the acquisition will rank among the biggest one-off investments made by an emerging company. As per reports, Binny Bansal’s net worth is 140 crores USD.  About Binny Bansal: Binny Dayal is originally from Chandigarh. He graduated from IIT Delhi in Computer Science and Engineering. He is presently an anchor investor in the venture capital firm 021 Capital, which invests mostly in the internet,…

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    • 12 March
      427

      Silicon Valley Bank collapse leaves Indian startups worried

      New Delhi: The collapse of Silicon Valley Bank (SVB) in the US has left several Indian startups worried who have exposure to its investments and their raised funds may now be stuck. According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups. Also, the beleaguered bank did not invest in any Indian startup lately. Gokul Rajaram, a board member at Pinterest and Coinbase, tweeted that “India-based founders don’t know who to turn to as an alternative to SVB”. “Likely true for founders in other countries too. From what I hear, SVB was the only bank who’d bank a…

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    • 12 March
      368

      World’s leading leather trade fair APLF returns to the UAE

      This one-of-a-kind event, recognised by the leather industry as the most important trade fair, will be held at the Dubai World Trade Centre (DWTC), Sheikh Saeed Halls, from March 13 through until March 15. The fair will cover a gross exhibition area of 16,000 square metres and will host 14 national pavilions from countries globally including Brazil, China, Egypt, France, India, Italy, Pakistan, South Africa, Türkiye, and Vietnam. Commenting on the announcement of the trade fair, David Bondi, Senior Vice-president, Informa Markets Asia said: “It is a pleasure to host our annual leather trade fair once again in Dubai, which is a melting pot of cultures and nationalities. Following the success of last year’s exhibition, it was a natural decision to hold…

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    • 11 March
      363

      US adds 311,000 jobs in February; UK economy returns to growth; regulators take over Silicon Valley Bank

      UK economy has proved ‘more resilient than many expected’ says chancellor Jeremy Hunt, while problems at Silicon Valley Bank knock FTSE 100 down 2%. Some late breaking news: US regulators have shut down Silicon Valley Bank (SVB) and taken control of its customer deposits. It’s the largest failure of a US bank since 2008, and came after the bank failed to raise new capital today. Officials said they shut the bank to “protect insured depositors”. The Federal Deposit Insurance Corporation (FDIC), which typically protects deposits up to $250,000, said it had taken charge of the deposits. As we covered through the day, trading in SVB’s shares was halted after they plunged 60% yesterday, after revealing it had lost $1.8bn on…

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    • 10 March
      461

      Meet Amit Chaudhary, COO whom Ratan Tata helped with Rs 10 lakh; his firm is worth Rs 37,000 crore now

      The Abu Dhabi Investment Authority or ADIA is reportedly buying stakes in India’s Lenskart. According to a report in Bloomberg, the authority is planning to buy new and old shares worth 500 million dollars. The company is currently valued over 4 billion dollars.  This deal will further increase the company’s valuation. Lenskart, founded by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi, has many institutional investors, including KKR and company, Softbank Group, Temasek Holdings and Premjiinvest. According to the report, Peyush Bansal is also planning to bring an IPO within 48 months. Who is Amit Choudhary, Lenskart co-founder who is a fan of Ratan Tata? Peyush Goyal has become a celebrity after he appeared on the popular show Shark Tank India.…

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    • 9 March
      420

      ‘$1 bn is peanuts for us’: Anil Agarwal on Vedanta’s dues by June 2023

      Mining giant Vedanta’s chairman Anil Agarwal has dismissed concerns about the payment for upcoming debt maturities worth $900 million by June this year. “$1 billion is peanuts for us,” he told Financial Times while speaking on the firm’s dues by June. He said the company’s commodities businesses are throwing off enough cash and that he expects $9 billion of profit across the group for the coming year, according to FT. In the last few days, Vedanta has made headlines for its high debts – one of the factors that shook the empire of Gautam Adani following a damaging report by US short-seller Hindenburg Research. Rating agency S&P Global recently said that Vedanta Resources’ ability to meet its financial obligations beyond…

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    • 6 March
      370

      Why has SEBI not yet got to bottom of Mauritius funds holding and trading Adani stock, asks ex-RBI guv Raghuram Rajan

      Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their USD 6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds — Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund — have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price. Adani Group has repeatedly denied all allegations. “The…

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