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

    • Dec- 2022 -
      27 December
      362

      Indian company’s oral Covid generic medicine gets WHO’s initial nod

      At a time when Covid cases are surging in several nations, Hyderabad-based Hetero Group has emerged as the first pharma player in the world to bag WHO’s prequalification of medicines programme for its generic version of oral Covid treatment, Nirmatrelvir, which along with Ritonavir is used in Pfizer’s oral drug, Paxlovid. “This is the first prequalification for a generic version of Pfizer’s Paxlovid, which WHO called the best therapeutic choice for high-risk patients,” Hetero said. Hetero was one of the 35 generic global companies, which includes 19 Indian companies, to have entered into a non-exclusive, voluntary licensing agreement with Medicines Patent Pool (MPP) in March for manufacture and sale of a generic version of Nirmatrelvir, which is co-packaged with Ritonavir…

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    • 24 December
      288

      Adani Group To Take Control Of Nearly 65% Of NDTV As Founders Sell Stake

      INDIAN billionaire Gautam Adani will control 64.71 per cent of New Delhi Television Ltd as the company’s founders have decided to sell most of their shares, four months after he launched a takeover of the news network. Adani already held 37 per cent of NDTV after an open offer and an acquisition of a company owned by founders Radhika and Prannoy Roy, despite several unsuccessful attempts by NDTV to block the takeover citing regulatory restrictions on moving shares. The husband-and-wife team will sell a 27.26 per cent stake in NDTV to Adani-owned entity AMG Media Network and retain a combined 5 per cent, regulatory filings by NDTV showed on Friday. “The AMG Media Network, after the recent open offer, is…

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    • 19 December
      450

      Zara launches its first ever beauty line

      With the goal of creating a range of products that anyone — regardless of skin colour, gender, age or personal style — will want to use, embracing individuality and a new perspective on the idea of beauty, Zara launched its first ever comprehensive beauty line this December. The best ingredients, cleanest formulae and refillable containers are used to create each product. The line of cosmetics for the eyes, lips, face and nails was developed under the creative direction of renowned British makeup artist Diane Kendal, who has worked on some of the most recognisable runway looks in New York, Paris and Milan as well as some of the most recognisable fashion photography in history. It is the outcome of careful deliberation and…

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    • 14 December
      330

      Google layoffs 2022 news: Tech giant braces for massive layoffs early 2023

      Google is reportedly bracing for a massive layoffs early next year and Alphabet and Google CEO Sundar Pichai has reportedly offered no assurance to worried Google employees that it won’t happen. In a companywide meeting with staff, Pichai said “it’s really tough to predict the future, so unfortunately, I can’t honestly sit here and make forward-looking commitments”, reports Insider. He told employees that what the company is trying hard to do “is to make important decisions, be disciplined, prioritise where we can, rationalise where we can, so that we are set up to better weather the storm, regardless of what’s ahead”. “I think that’s what we should focus on and try and do our best there,” Pichai added. Google did…

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    • 14 December
      346

      Indian industralist Mukesh Ambani eyeing to buy THIS big Premier League club

      Following Chelsea’s hurried sale in the aftermath of Russia’s invasion of Ukraine which forced Roman Ambramovic to sell the club, it has been widely reported that two of the most successful Premier League clubs such as Liverpool and Manchester United are also looking for a sale.  Ever since reports emerged that both Man United and the Liverpool FC owners are willing to sell the club, Indian industrialist Mukesh Ambani has been a top name that has been linked as a potential buyer for the two clubs. However, it is believed that Ambani is eyeing to buy the 13-time English champion Arsenal instead of Man United or Liverpool.  At present, Arsenal’s majority stakes are with the American-based Kroenke family (Kroenke Sports &…

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    • 12 December
      293

      FIFA World Cup 2022 Qatar: Arab countries winning it all in business, fun, and political department

      Now that the FIFA World Cup has reached its final phase, four teams are ready to go ahead for the ultimate gory. From here on, it becomes important to see how to evaluate the FIFA World Cup event held in an Arab country for the first time. Amid all the allegations and criticisms, should this event be considered a success or has it become a fight for money and prestige? Supporters of the teams are the lifeblood of the football world cup. With Qatar estimating that 1.5 million foreign visitors will travel for the event, which runs until December 18, 2.89 million tickets have been sold and the number of overseas supporters after the first round has crossed almost 1…

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    • 9 December
      527

      Tech Mahindra launches Cloud BlazeTech platform

       Tech Mahindra, provider of digital transformation, consulting, and business re-engineering services and solutions, launched an integrated and sector agnostic platform Cloud BlazeTech. With this, enterprises will be able to achieve 25-30% cost savings and a 30% improvement in migration time. “Cloud adoption is a key step towards digital transformation. It is at the core of all IT strategies and enables enterprises to become digital ready. Tech Mahindra’s Cloud BlazeTech platform will deliver industry-specific solutions and help enterprises to be cloud-ready,” said Sudhir Nair, Chief Delivery Officer and Global Head – Infra and Cloud Business at Tech Mahindra. In recent years, companies have realised the power of the cloud for business agility, innovation, improved customer experience, and other opportunities cloud capabilities…

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    • 6 December
      580

      Now travel across 184 nations with Airtel ‘World Pass’ data roaming pack

      Airtel on Tuesday launched a ‘World Pass’ traveller data roaming pack that works seamlessly across 184 countries. The ‘Airtel World Pass‘ data pack starts from Rs 649 for one day validity with unlimited data (500MB high speed) with 100-minute calling (local/India) for both postpaid and prepaid options, and goes up to Rs 14,999 with unlimited data (15GB high speed) and 3,000 minute calling with 365-day validity (postpaid). “This offers our customers one pack for the globe, significantly greater value, allows them to control what they use on the app and allows for emergency data usage long after the pack allowance is over,” said Shashwat Sharma, Director Consumer Business, Bharti Airtel. The company said that with this, users do not need to buy multiple…

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    • 3 December
      279

      Anil Ambani’s Reliance Capital receives bids 60% below liquidation value; creditors concerned

      The highest bid received for the Anil Ambani-owned Reliance Capital, which is undergoing insolvent proceedings, is 60% below aggregate the liquidation value. This means that bidders need to significantly increase the offers, else the company will need to through liquidation or piecemeal sale of assets—a situation that the company’s creditors want to avoid, reported Economic Times. Lenders of Reliance Capital will hold individual meetings with eight bidders to discuss details of the resolution plans and request the latter to increase the offers made so far, the report added. Kroll and Druff, the two companies appointed by insolvency administrators to value the company, have estimated the liquidation value in the range of Rs 12,500 to Rs 13,000 crore. The highest bid…

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    • Nov- 2022 -
      30 November
      331

      Adani Group wins Dharavi redevelopment project with ₹5,069 crore bid

      Home to close to 58,000 families and around 12,000 commercial establishments, Dharavi is one of the most densely populated areas in the world The Adani Group on November 29 won the bid to redevelop Dharavi, one of the largest slum clusters in the world with an initial investment of ₹5,069 crore. SVR Srinivas, chief executive officer of Dharavi Redevelopment Project and commissioner of Maharashtra Housing and Area Development Authority confirmed the same and said, “Adani Group won the bid with ₹5,069 crore, DLF Group submitted a bid of ₹2,025 crore, we did not open Naman Group’s bid, as it didn’t not qualify due to technical reasons.” roject has been under discussion for close to 20 years. File photo The Adani Group on November 29 won…

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