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

    • Feb- 2023 -
      7 February
      258

      5 Key Questions In The Report That Remain Unanswered By Adani As Per Hindenburg

      The chaos in the Adani conglomerate following the publication of Hindenburg Research report on 24 January 2023 hasn’t subsided yet. We don’t know if Adani is going to come out with an even stronger response, we don’t know if Hindenburg is having more arrows aimed at the billionaire. Has Adani been able to give satisfactory responses to Hindenburg’s questions? No, as per the short-seller. Even though Adani Enterprises came out with quite a lengthy response to Hindenburg’s allegations, the short seller says Adani failed to answer “specifically answer 62 of our 88 questions.” “In other instances, Adani simply pointed to its own filings and declared the questions or relevant matters settled, again failing to substantively address the issues raised ……

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    • 5 February
      272

      Adani row: Indian regulators can handle the situation, says Piyush Goyal; Bihar CM demands investigation

      Union Commerce and Industry Minister Piyush Goyal said on Saturday that regulators are well-equipped to handle the crisis and will take appropriate measures in response to claims of fraud against billionaire Gautam Adani’s enterprises, which prompted a historic stock drop. He also characterised the opposition stalling the Parliament’s sessions on the topic as “unfortunate”. “The regulators in India are very competent and our financial markets are amongst the most respected and well regulated markets in the world. As regards the loss, that’s the share market’s valuation loss, not the loss of any individual or people’s wealth,” Goyal said. In response to criticism from the opposition that the government is avoiding discussion of the Adani issue and the estimated USD 100…

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    • 5 February
      342

      Nike x Tiffany collab features ‘toothbrush’; internet baffled

      Sports brand Nike has recently announced its much-awaited collaboration with US-based luxury jewellery brand Tiffany & Co. The first look of the collaboration was dropped on social media and it consists of a pair of specially-designed sneakers which have the Nike logo printed in the iconic Tiffany blue colour. “@nike x @tiffanyandco, a legendary pair. Coming soon,” the two brands wrote in the caption of their joint Instagram post. Along with the sneakers, the collaboration has also shared another post featuring sterling silver products that come with the limited-edition collection. The items included a sterling silver whistle, shoe brush, shoe horn, and an attractive shoelace. What caught the attention of internet users is the shoe brush, which looks like a…

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    • 4 February
      264

      What Lies Ahead For Gautam Adani, The Business Tycoon For Whom Massive Losses Are A Rare Setback

      Indian billionaire Gautam Adani grinned as he posed this week for photos with Israeli leader Benjamin Netanyahu after acquiring one of the country’s main ports, in Haifa. “I promise you that in the years to come, we will transform the skyline we see around us,” said Adani, his manner upbeat even as his business empire was losing billions. Investors have been dumping Adani shares for more than a week after U.S. short-selling firm Hindenburg Research put out a report alleging his businesses have engaged in fraud and stock price manipulation. The Adani group has denied this. Before the debacle, Adani, 60, was Asia’s richest man and the third wealthiest in the world, according to Bloomberg’s Billionaires Index. Not anymore. The…

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    • 3 February
      260

      American Fincorp Giant Citigroup’s Wealth Arm Pulls Plug On Securities Of Adani Group Companies

       It seems Adani Group has suffered yet another setback. Amid the fall in share prices of Adani Group stocks, American multinational investment bank Citigroup’s wealth unit has put a stop on accepting securities of the ports-to-power conglomerate’s companies as collateral for margin loans offered to its clients, as per a report on Investing.com. The report has cited a source privy to the matter who said Citigroup’s wealth unit cut the loan-to-value (LTV) ratio for credit against Adani securities to zero on Thursday. The investment banking and fincorp major noted the exponential price drop on Adani-issued securities in recent days and that the plummeting stock and bond prices are a result of negative news around the group’s financial health, as per…

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    • 3 February
      269

      Gautam Adani’s statement fails to calm investors, shares of group companies tank

      The Adani Group faced another disastrous day on the stock market as shares of its listed companies continued their downward spiral, despite a statement by the conglomerate’s billionaire owner Gautam Adani to calm investors.  His statement came a day after the conglomerate announced that it had shelved the Rs 20,000 crore share sale amid increased market volatility. However, shares of Adani Group companies continued to plummet, with most hitting their lower circuit.  Adani Group stocks face bloodbath  Shares of the conglomerate’s flagship company, Adani Enterprises, were down over 9 per cent, while Adani Ports and SEZ fell over 3 per cent.  Meanwhile, shares of all other listed Adani Group companies, including Adani Wilmar, Adani Total Gas, Adani Power, Adani Transmission…

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    • 2 February
      435

      Meet Asia’s richest person and it is not Adani Group founder Gautam Adani

      Adani Group founder Gautam Adani lost the crown of Asia’s richest person on Wednesday (February 1) after the stocks of Adani’s conglomerate continue to suffer losses, losing a total of USD 74 billion after a report by US-based short-seller Hindenburg Research. The report published by Hindenburg Research few weeks ago had accused Adani Group of using offshore tax havens and over valuation of seven listed Adani companies. For its part, Adani Group has released a detailed statement, rejecting Hindenburg’s claims as baseless. Adani Group asserted that it has always made regulatory disclosures without fail. The losses suffered by Adani Group’s stocks made Gautam Adani fall down to 10th place on Forbes rich list with an estimated net worth of USD 84.1…

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    • 1 February
      252

      ‘Momentous day’: Gautam Adani as Israeli PM hands over port of Haifa to Adani Group

      Adani Group Chairman Gautam Adani shared a picture with Israeli Prime Minister Benjamin Netanyahu as he handed over the port of Haifa to Adani Group-led joint venture (JV). Adani, in partnership with Israel’s Gadot Group, had secured rights to buy 100% shares of Haifa Port Company Ltd for a concession period up to 2054 with its winning $1.8 billion bid. After the handing over ceremony, Gautam Adani said that the Abraham Accord will be a game changer for the Mediterranean sea logistics. He further assured that Adani Gadot will transform Haifa Port into a landmark for all to admire. Haifa is one of the country’s two biggest commercial ports that handles nearly half of Israel’s container cargo. Located in northern…

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    • Jan- 2023 -
      31 January
      249

      Hindenburg research report on Adani: Know the man who rattled Asia’s richest man and Indian stock market; Hindenburg’s past targets and more

      Hindenburg research report on Adani: Hindenburg has ignited a fierce firestorm that threatens to singe Asia’s richest man, Indian tycoon Gautam Adani, who presides over a sprawling empire that now spans from ports and airports to energy, cement and data centres. The Hindenburg Report only states in words what we have been seeing in action about the rise of Adani since the last decadeBut when halls of power are close to the galleries of justice, truth often is thrown out of the window#HindenburgReport #HindenbergResearch #AdaniGroup pic.twitter.com/ByvdgVsL38— أمينة Amina (@AminaaKausar) January 30, 2023 What’s Adani-Hindenburg saga all about? On January 25, Hindenburg released a report that alleged the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over…

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    • 28 January
      267

      How much impact will fall in Adani group stocks have on retail shareholders?

      Adani Group Stocks were hammered out of shape in Friday’s trading session. But how much impact will fall in Adani group stocks have on individual shareholders? Let’s find out. The table below shows the percentage of shares held by resident individuals and the number of resident individuals who own shares of these Adani group companies. Resident Individuals in Adani Group Stocks: Company% Resident IndividualsNo. of Resident IndividualsNDTV18.03%64827Adani Wilmar9.16%984443ACC9.16%124195Adani Power6.72%1468452Ambuja Cements6.55%453105Adani Ports4.11%710253Adani Enterprises2.09%243809Adani Total Gas1.55%130822Adani Green Energy1.44%385087Adani Transmission1.08%148712 What does this table really depict? As a percentage of total shareholding, resident individuals who own Adani Transmission, Adani Green Energy and Adani Total Gas is less than 2%. This means that although the fall in Adani group stocks in today’s trading session…

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