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

    • Nov- 2024 -
      2 November
      392

      Musk lays off more employees from his social media platform X

      According to a report, the new wave of layoffs has hit X, primarily affecting its engineering department San Francisco: Elon Musk, who is busy promoting Donald Trump for the keenly-watched US presidential election on November 5, has reportedly laid off more employees from his X social media platform. According to a report in The Verge, a new wave of layoffs has hit X, primarily affecting its engineering department, citing sources inside X and posts on the workplace forum Blind. “The exact scale of the job cuts remains unknown. These cuts come just two months after staffers were required to submit a one-page summary telling leadership their contributions to the company,” the report claimed. Must or X were yet to comment on the report. Recently, the…

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    • 1 November
      494

      Apple to open 4 new retail stores in India: Tim Cook

      Tech giant reported revenue of $94.9 billion in July-September period, up 6 per cent from a year ago New Delhi: Apple, which clocked an all-time revenue record in India in the September quarter, is set to open four more own-branded retail stores in India, the tech giant’s CEO Tim Cook has said. Apple reported revenue of $94.9 billion in the July-September period, a September quarter record and up 6 per cent from a year ago. iPhone grew in every geographic segment, marking a new September quarter revenue record for the category, and services set an all-time revenue record, up 12 per cent year over year. “We continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record.…

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    • Oct- 2024 -
      30 October
      510

      International mattress brand Sealy opens factory in Hyderabad

      The world’s No 1 selling mattress brand opens state-of-the-art manufacturing facility in Hyderabad Hyderabad: Sealy, a key player in the global mattress industry with a legacy of over 143 years, has announced the official opening of its first production facility located in Gosaiguda Village, Medchal. This state-of-the-art 40,000 sft factory represents a significant step in Sealy’s long-term commitment to the Indian market and aligns with the brand’s strategy to expand into high-growth international markets, a press release said. The inauguration was attended by GSS Jagannath, General Manager of Sealy India, Simon Dyer, Executive Chairman & CEO of Sealy International, George Dyer, Managing Director of Sealy International, David Montgomery, EVP of Global Business at Tempur Sealy International, and Bhaskar Rao, EVP &…

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    • 29 October
      305

      Cyient acquires stake in Azimuth AI to build cutting-edge ASIC Chips, strengthen semiconductor capabilities

      This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry Hyderabad: Cyient, a global Intelligent Engineering services company, announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in intelligent energy and power solutions. This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry, a press release said. Krishna Bodanapu, Executive Vice-Chairman & Managing Director of Cyient, said, “Driven by the Indian Government’s initiatives to boost domestic innovation in semiconductors, India is emerging as a hub for chip development, especially in power and energy-efficient systems.” Praveen…

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    • 29 October
      307

      Apple continues to drive India’s mobile manufacturing growth story

      The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). New Delhi: As India continues to break all previous records on local mobile manufacturing, tech giant Apple is on course to surpass the FY24 figures of exports from India, reaching over Rs 50,000 crore (more than $6 billion) in the first six months this fiscal (FY25), according to latest industry data. The iPhone exports from India surged to cross $10 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the iPhone maker’s India operations reached $23.5 billion in value in the last fiscal (FY24). Apple assembled $14 billion…

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    • 28 October
      319

      Triumph announces new Tiger 1200 range in India

      Triumph says that the 1160cc triple engine now delivers an even more refined riding experience, with superior low speed control, whilst retaining the exciting and unmistakable triple character from its T plane crank Hyderabad: Triumph Motorcycles has on Monday revealed new features and enhancements for its Tiger 1200 family, making the range advanced and refined. The updates include further refinements to the engine, enhanced comfort and ergonomics, improved cornering ground clearance, reduced seat height with Active Preload Reduction and distinctive new colours. In a press release, Triumph has said that the 1160cc triple engine now delivers an even more refined riding experience, with superior low speed control, whilst retaining the exciting and unmistakable triple character from its T plane crank. According to…

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    • 26 October
      420

      Cryptocurrencies huge risks to financial stability: RBI Governor

      Shantikanta Das says it may create a situation where the central bank may lose control of money supply in the economy Washington: Cryptocurrencies are huge risks to financial stability and monetary stability, Reserve Bank of India (RBI) Governor Shantikanta Das said on Friday, asserting that it may create a situation where the central bank may lose control of money supply in the economy. “I am actually of the opinion that this is something which should not be allowed to dominate the financial system. Because it has huge financial stability risks, it has huge monetary stability risks, it also poses risks to the banking system. It also may create a situation where the central bank may lose control of money supply in the economy,” RBI…

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    • 25 October
      487

      Rupee turns flat at 84.07 against US dollar in early trade

      Forex traders say indication of some recovery in domestic equity markets prevented the fall in local unit Mumbai: The rupee stayed in a straightjacket for yet another week, trading at its near all-time low of 84.07 against the US dollar on Friday amid firm American currency and unprecedented foreign fund outflow. Forex traders said, the indication of some recovery in domestic equity markets prevented the fall in the local unit. At the interbank foreign exchange, the local currency opened at 84.07 against the greenback, trading flat at previous day’s closing level in initial deals. On Thursday, the rupee had settled flat at 84.07 against the US dollar. The local currency has been struggling to recover since October 11, when it closed at its lowest level…

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    • 21 October
      477

      Hyundai India’s record IPO to debut on stock market this week

      This will be Hyundai Motor’s first listing outside South Korea and the largest IPO in Indian stock market history, surpassing the previous record of $2.5 billion set by Life Insurance Corporation of India (LIC) in 2022. New Delhi/Seoul: The Indian subsidiary of South Korean automotive giant Hyundai Motor is set to make its stock market debut this week following a record initial public offering (IPO), according to industry officials on Monday. Shares of Hyundai Motor India are set to start trading on the Indian stock market on Tuesday, following last week’s $3.3 billion IPO subscription process. It marks Hyundai Motor’s first listing outside South Korea and the largest IPO in the history of the Indian stock market, surpassing the previous record set…

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    • 18 October
      562

      French firm Alstom delivers first driverless train for Chennai Metro Phase-II

      The trains are designed to run on the 26 km corridor, a segment of Phase-II linking Poonamallee Bypass to Light House via 28 stations Chennai: French multi-national Alstom, a leader in smart and sustainable mobility, has delivered the first driverless trainset to the Chennai Metro Rail Phase II project, a top official said. Alstom bagged orders to produce 36 trains, each comprising three cars, in February this year. The trains are designed to run on the 26 km corridor, a segment of Phase-II linking Poonamallee Bypass to Light House via 28 stations of which 18 are elevated and 10 underground, the company said in a statement. The trainsets produced at the Sri City facility in neighbouring Andhra Pradesh are part of the Centre’s ‘Make in…

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