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- 2022 -
      30 November
      362

      Qatar announces first major gas deal for Germany

      Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources. Qatar’s Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe’s biggest economy. Kaabi, who is also QatarEnergy’s chief executive, said so many European and Asian countries now want natural gas that he did not have enough negotiators to cope. The talks for the latest deal took several months as Germany has resisted the long-term contracts that Qatar normally demands to justify its massive investment in the industry. Russia’s…

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    • 29 November
      375

      Rekha Jhunjhunwala Makes Debut on Forbes India Rich List, Replaces Rakesh Jhunjhunwala

      The death of veteran stock market investor Rakesh Jhunjhunwala sent shockwaves around the business world. Shares he held in his portfolio took hits soon after his demise. There were apprehensions regarding Akasa Air’s future, too. Despite these setbacks to his investments, Jhunjhunwala’s massive fortune kept its head above the water. Now, months after his death, the late investor’s wife, Rekha Jhunjhunwala, has bagged a spot on the Forbes India Rich List 2022. Rekha Jhunjhunwala has not only replaced her husband on the annual list but also moved up six spots. She has been ranked as the 30th richest person in India. The 59-year-old’s net worth currently stands at Rs 47,650.76 crores. Reports suggest that Rekha, a stock investor like her husband, holds…

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    • 26 November
      264

      Takeover of NDTV a ‘responsibility’, says India’s richest man Adani

      Billionaire Gautam Adani sees the takeover of news broadcaster New Delhi Television Ltd (NDTV) as a “responsibility” rather than a business opportunity, he said in an interview with the Financial Times on Friday. The ports-to-energy conglomerate run by Adani, Asia’s richest person, unveiled plans late in August to acquire a majority stake in NDTV, seen as a bastion of independent media. The takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine NDTV’s editorial integrity. Founded in 1988 and owned by husband-and-wife team Prannoy Roy and Radhika Roy, NDTV previously said that the move by Adani Group “was executed without any input from, conversation with, or consent of the NDTV founders”. Adani hails from…

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    • 25 November
      283

      China locks down ‘iPhone city’ as daily Covid cases reach all-time high

      Covid cases are on the rise again in China and cities have enforced tough measures and curbs to control the outbreak. China reported 32,695 new local cases on Thursday, of which 3,041 were symptomatic and 29,654 were asymptomatic, up from 31,444 a day earlier.  Guangzhou and southwestern Chongqing recorded the bulk of Covid infections, although hundreds of new infections were reported daily in cities such as Chengdu, Jinan, Lanzhou, Xian and Wuhan. In Zhengzhou, home to Apple’s largest iPhone manufacturing site, 6.6 million people have been asked to stay home for the next four days. Daily mass testing has been ordered in what the city government called a “war of annihilation” against the virus, The Associated Press reported. Source

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    • 24 November
      278

      Air India’s new grooming guidelines: Male staff with bald patches or receding hairline must shave head daily, longer list for female crew

      Air India has released an exhaustive list of grooming guidelines for its cabin attendants. The list includes grooming guidelines for both men and women crew members such as no pearl earrings, no low buns, clean shave for male crew members with bald patches, etc. The airline has asked male crew with balding patches or deep receding hairlines to sport a clean shaved/bald look. It said that a crew cut is not permitted and the head must be shaved daily.  According to a report by Times of India, female crew members are not allowed to wear pearl earrings, bindis are optional but must be 0.5 cm in size, only one plain bangle without design or stones will be allowed, and no…

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    • 23 November
      249

      US visa appointment wait times near 1000 days

      Wait times at US consulates in India are so high that persons who book slots now can expect appointments in 2025 Hyderabad: US visa appointment wait times at consulates located in Hyderabad, Chennai, Kolkata, and Mumbai near 1000 calendar days for first time visitor visas. Earlier in a media release, US State Department said, “As of November 2022, the median worldwide wait time for a tourist visa (B1/B2) interview appointment is about two months, and applicants with urgent travel needs who meet certain criteria can apply for an emergency appointment, usually available within days”. However, the wait times at consulates in India are so high that persons who book slots now can expect appointments in 2025. At the Hyderabad consulate, the…

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    • 22 November
      381

      Lionel Messi and Cristiano Ronaldo come together

      French luxury house, Louis Vuitton make history as it treats football fans with its latest Instagram post which features two of the most outstanding football players, Cristiano Ronaldo and Lionel Messi. Messi and Ronaldo are pitted against one another, off the field, in a game of wits — chess, played on iconic LV trunks. The athletes come together to promote Louis Vuitton‘s Maison’s Art of Living Collections, which honours the company’s long heritage of producing trunks for the world’s most valuable athletic trophies. Lionel Messi and Cristiano Ronaldo can be seen playing chess on top of Maison’s Art of Living Collections in the photograph taken by American photographer Annie Leibovitz. The French luxury house’s Instagram handle captioned the photo, “Victory is a State of…

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    • 18 November
      287

      Elon Musk’s SpaceX bags $1.5 billion contract for Starship to take humans to Moon

      Amid his chaotic management at Twitter, Elon Musk’s SpaceX has bagged another contract valued at $1.5 billion to develop its Starship human landing system to transport humans to the Moon. With Nasa launching the Artemis-1 mission that will return humans to the lunar world, Starship will be part of long-term lunar exploration plans. SpaceX is developing the Starship and has recently conducted an engine test where it fired all 14 engines. The company is working to conduct the first orbital flight of Starship by either end of this year or the beginning of 2023. As part of the new contract, SpaceX will provide a second crewed landing demonstration mission in 2027 for the Artemis IV mission. “Returning astronauts to the…

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    • 16 November
      390

      Apple Watch Series 8 just got an unprecedented price cut

      The Walmart Black Friday deals are looking pretty great already with some excellent opportunities for shoppers to beat the Black Friday rush while still getting all the products they could want at Black Friday prices. Right now, you can buy the latest Apple Watch Series 8 for only $349 saving you $50 off the usual price of $399. Having only recently launched, this is a fantastic deal for anyone that wants the latest smartwatch for less. It’s unlikely we’ll see better Black Friday Apple Watch deals than this one. Let’s take a look at why it’s so great. The Apple Watch Series 8 is a seriously great smartwatch. While it may be near identical to the Series 7 (so give it a miss if you already…

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    • 12 November
      272

      Sensex rises 809 points in early trade; Nifty above 18,000

      Mumbai: Equity benchmark Sensex climbed 809.64 points in early trade on Friday, helped by heavy buying in IT counters amid a rally in global markets after encouraging US inflation data. A strong rupee against major rivals and continuous buying by foreign funds added to the momentum, traders said. The 30-share BSE index was trading 809.64 points or 1.34 per cent higher at 61,423.34 in initial deals. Similarly, the broader NSE Nifty gained 239.70 points or 1.33 per cent to 18,267.90. All the Sensex constituents were trading in the green. Wipro was the top gainer in the pack, rising 3.61 per cent, followed by Tech Mahindra, Infosys, HCL Tech, IndusInd Bank, Tata Steel and TCS. In the previous session on Thursday, the…

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