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 -
      6 March
      365

      Raghuram Rajan says India ‘dangerously close’ to Hindu rate of growth

      Former Reserve Bank of India (RBI) Governor Raghuram Rajan on Sunday said that India is “dangerously close” to the Hindu rate of growth as the country sees limited investment in private sector, high-interest rates, and decreasing global growth, news agency PTI reported. The term “Hindu rate of growth” refers to the low Indian economic growth rates that averaged around 4 per cent from the 1950s through the 1980s. Raj Krishna, an Indian economist, coined the term in 1978 to describe slow growth. Rajan expressed worry over the slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO). The Gross Domestic Product (GDP) in the third quarter (October-December) of the…

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    • 5 March
      355

      Adani Enterprises, 9 other Adani firms add Rs 1.7 lakh crore m-cap in 4 days

      The ten listed Adani Group firms saw their combined market capitalisation climb a whopping Rs 1.73 lakh crore in the past four trading sessions till March 3. The stocks were in news amid reports of Adani securing a $3-billion loan earlier this week, which Adani denied later. The stocks gained as the promoter group sold shares of four companies worth Rs 15,446 crore to US boutique investment firm GQG Partners. The investment from Rajiv Jain-led GQG Partners was the first big investment in Adani Group firms since US short seller Hindenburg Research’s scathing report on January 24, easing investor concerns over fundraising. Overall, the market valuation of Adani Group companies jumped to Rs 8.55 lakh crore on March 3 from…

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    • Feb- 2023 -
      26 February
      403

      While Adani is in sharp focus, here is what’s happening to Indian economy

      The past few weeks were all about Adani, Hindenburg and George Soros. And then the Congress’ 85 plenary session and ED raids on its leaders and arrest of its spokesperson took over. In the melee, the economy was relegated to the backseat. The headlines on forex reserves hitting 11-week low, rupee trading in a thin range of 82.56 to 82.89 and exports declining almost went unnoticed. Here’s bringing back those headlines in bold! Thinning Forex Reserves• Declined by $5.68 billion to an 11-week low of $561.267 billion for the week ended Feb 17• Is the third week in a row when forex reserves dipped• For the week ended Feb 10, they declined by $8.32 billion to $566.948 billion and by $1.49…

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    • 26 February
      369

      ‘Rs 3200 cr loss for LIC so far…’: Mahua Moitra targets Centre again as Adani shares slip

      LIC investment in Adani Group: TMC MP Mahua Moitra has once again targeted the Centre over state-run insurance giant LIC’s investment in the Hindenburg-hit Adani Group. LIC has, over the years, invested Rs 36,474.78 crore in seven Adani stocks. Till last month, its investment was in profit. But as the shares of Adani Group companies crashed due to a damaging report by US-based short-seller Hindenburg, LIC’s investment has now turned negative. On Friday, Moitra shared a report on LIC’s investment and asked the insurance regulator IRDAI why it was not probing the insurer’s transactions in Adani. “Rs 3200 cr loss in Adani shares for @LICIndiaForever so far. @nsitharaman #IRDAI what pressure is there to support Adani at cost of Indian…

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    • 23 February
      432

      Narayana Murthy feels this Indian city is the most indisciplined: ‘I feel uncomfortable coming to…’

      Infosys co-founder Narayana Murthy has said that he feels very uncomfortable visiting Delhi because “indiscipline is highest” in the city. Stating an example, he said, “I came from the airport yesterday and so many cars and motorbikes violating the red light signal without a single care.” “If we can’t even wait a minute or a day just to move forward, do you think those people will wait if there is money (involved)?” View this post on Instagram In another “reality” check for the country, last December, while addressing students in Andhra Pradesh, Murthy had said that reality is “what you make”. “In India, reality means corruption, dirty roads, pollution, and many times no power. However, reality in Singapore means clean road, no…

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    • 21 February
      307

      This Bank Is Ready To Fund Adani’s Dream Project In Mumbai

       Sanjiv Chadha, the chief executive officer and managing director of Bank of Baroda, one of India’s biggest state-backed lenders, has said that the bank is willing to consider lending additional money to Gautam Adani for his ambitious Dharavi redevelopment project in Mumbai, as per Bloomberg. For those who don’t know, Dharavi is considered as one of the world’s largest slum area. Adani Group bagged the deal for Rs 5,069 crore when the Maharashtra government opened bidding in November 2022. In an interview to Bloomberg, Sanjiv Chadha told that he’s not concerned about the market volatility around Adani stocks. “You have underwriting standards and you stick to them in good times as well as bad times,” said Chadha. However, he refused…

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    • 19 February
      285

      Meet C Vijayakumar, HCL Tech’s CEO whose salary is around 10 times Mukesh Ambani’s 2020 pay; check his earnings

      HCL Technologies Ltd CEO C Vijayakumar is ranked as the highest paid top executive of IT firms in India as his total earning was USD 16.52 million (Rs 131.08 crore), including LTI (long-term incentive), last year. According to HCL’s annual report, Vijayakumar was paid USD 2 million as base salary, USD 2 million in variable pay and USD 0.02 million in perquisites along with other benefits for the last financial year. It is to be noted that Vijayakumar was named as the managing director on July 20, 2022 after HCL founder Shiv Nadar decided to step down from this senior post. Vijayakumar joined HCL, which has offices across the world, in 1994. Before becoming the CEO, Vijayakumar worked in several…

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    • 17 February
      285

      Adani Group denies appointing audit firm to look into its companies

      Adani Enterprises Limited (AEL) on Thursday dismissed reports the Adani Group had appointed accountancy Grant Thornton to run an independent audit of some of its companies accounts in the wake of allegations of financial fraud and malpractice by short-seller Hindenburg Research. AEL called such news reports a ‘market rumour’. Adani Group is still in the mode of managing the crisis caused by US-based short-seller Hindenburg Research. The firm had accused Adani Group of ‘brazen stock manipulation and accounting fraud… over the course of decades’, allegations which the Adani Group has denied. However, the fallout of the news caused the conglomerate to lose more than USD 100 billion. In an exchange filing, Adani Group said that it had not appointed Grant…

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    • 13 February
      326

      GoDaddy CEO Aman Bhutani lays off 8% of workforce

      Aman Bhutani, CEO of global web hosting platform GoDaddy, has announced to lay off 8 per cent of the workforce amid increasingly challenging macroeconomic conditions. In an email to employees, Bhutani said that most impacted roles are in the US, affecting multiple levels in the company and every division. “The planned impacts also include ongoing work to more deeply integrate three of our brands — Media Temple, Main Street Hub and 123 Reg — into GoDaddy,” he wrote. Impacted team members received a meeting invite from their leadership to learn the details of their transition, aligned with local employment processes. “Media Temple customers and team members are already aware of the transition to GoDaddy infrastructure as we work to sunset the brand,…

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    • 10 February
      270

      Adani’s debt equivalent to 1% of India’s economy, shows Nikkei’s analysis

      The Adani Group’s debt and the exposure of LIC and public sector banks to the firm have been a cause for concern ever since the Hindenburg report accused the conglomerate of inflating stocks. While the RBI and LIC, as well as the government have downplayed the exposure as limited, Adani has been prepaying loans to address concerns about debt. But now the world’s largest financial newspaper Nikkei Asia has found that Adani’s debt is equivalent to 1 per cent of India’s economy. Nikkei’s analysis, which took NDTV, Ambuja Cement and ACC’s debt into account, found that the Adani Group needs to pay up Rs 3.39 lakh crore. Considering that India’s nominal GDP was Rs 273 lakh crore by the end…

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