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 -
      10 November
      330

      Elon Musk will let Twitter users make digital payments, earn more

      As more advertisers pause spending on Twitter, Elon Musk has shared his digital payments plans with them where users will be able to send money to others like China’s WeChat. In a live-streamed meeting with advertisers, Musk detailed his vision for Twitter to enter the digital payments market, reports TechCrunch. According to him, users would be able to send money, “extract their funds to authenticated bank accounts and, later, perhaps, be offered a high-yield money market account to encourage them to move their cash to Twitter”. Twitter last week filed registration paperwork with the US authorities to allow it to process payments on the platform. In his online meeting with advertisers late on Wednesday, Musk told them how paid verification via Blue…

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    • 10 November
      339

      Now, get your Experian credit score on Whatsapp

      Have been on a shopping spree or have you taken a clutch of loans recently? If so, it is time to check your credit score. Credit bureau Experian India has announced a service that allows Indian consumers to check their credit score on WhatsApp for free. The initiative introduces a quick, secure, and convenient way to access one’s Experian credit report anywhere, anytime. This will help in knowing if there are any irregularities and detect fraud immediately and rebuild their credit score, enabling them to gain control of their credit profile. “This is a milestone in Experian’s mission to use data for good. We want consumers to get easy access to credit information and build a stronger credit ecosystem in…

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    • 7 November
      477

      Amazon launches Prime Video mobile edition at Rs 599 per year

      Amazon on Monday launched a mobile edition of Prime Video for Rs 599 per year in India. Customers can purchase an annual subscription to the OTT’s mobile edition through the official website or its app for Android, the company said in a statement. “Prime Video mobile edition is a major step towards making premium entertainment across languages as ubiquitous as smartphones in the country,” Amazon added. With this move, Prime Video aims to expands the reach of the mobile edition, which debuted as an telco-parterned product in partnership with Bharti Airtel last year. “With viewers from 99 per cent of the country’s pin codes, the service has become the preferred destination for premium content,” said Gaurav Gandhi, vice president, Prime Video India.…

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    • 3 November
      284

      Hiring stays flat in October: Naukri.com

      Hiring in October remained flat compared to the same period last year, said job portal Naukri in its JobSpeak Index. The index clocked 2,455 this October (2,172 last year), showing an upward trajectory and pointing to sustained hiring. The index records hiring activity based on the job listings on the Naukri.com website. The objective is to measure hiring in various industries, cities, and experience levels. Jobs posted by clients on Naukri.com are considered. Insurance sector continued to witness growth due to an increase in demand for professionals across experience bands. The sector registered a 93 per cent increase over last year . Other sectors that showed upward hiring trends are BFSI (40%), oil (34%), travel and hospitality (24%), real estate (20%), and automobiles (19%). Hiring…

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    • 3 November
      328

      Amazon Prime members get access to 100 mn songs

      Amazon has announced to provide 100 million songs to its Prime subscribers in shuffle mode, along with new features and ad-free content to improve the listening experience. The members can now explore music and podcasts according to their choice, the company said in a blogpost. The platform allows users to listen to a collection of All-Access playlists curated to personalised listening preferences and is available to download for offline listening. Prime members can now listen to the trending podcasts available on-demand and new Amazon exclusive shows. Additionally, the company introduced its Exclusive podcasts in all genres. Listeners will see a fresh look of the Amazon Music app and a new ‘Podcast Previews’ feature, the company said. The new feature also provides short…

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    • 2 November
      414

      Sitharaman says India shall become voice of low and middle-income countries as it assumes G20 presidency

      Finance Minister Nirmala Sitharaman assured that sustainable development goals (SDG) for low, and middle-income economies and ways of financing them will be India’s priorities during its tenure of the G20 presidency.  Sithraman was addressing the 14th Annual International G20 Conference session on Tuesday organized by Indian Council for Research on International Economic Relations.  She said, “India’s very carefully maintaining its position and voicing for the emerging markets, voicing for the low and middle-income countries and trying to make sure all our voices are heard.”  The finance minister identified some of the major issues that would be addressed by India under G20, some of which include addressing debt distress, climate finance, and sustainable development goals, among others.  “We have to understand how…

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    • 1 November
      441

      ‘l am sorry to those who will have to leave’: Byju Raveendran says layoffs price paid for profitability

      Byju Raveendran, founder and CEO of edtech gaint BYJU’s, said a new focus on profitability and sustainable growth after years of hyper growth has forced the company to initiate the ongoing layoffs. He said the global macroeconomic factors changed the business landscape and this change has compelled the Bengaluru-based firm, like many other tech companies around the world, to focus on sustainability and capital-efficient growth. “Having expanded exponentially in the past four years, it is now time for us to grow sustainably. So, we decided to define our ‘path to profitability and sustainable growth’ – and to walk on it in earnest,” Raveendran wrote to his employees. The company is working hard towards achieving profitability at the group level in…

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    • 1 November
      375

      Bharti Airtel profit up 34%; Arpu jumps to Rs 190 in Q2

      Bharti Airtel, the country’s second-largest telecom operator, on Monday reported a 33.5% quarter-on-quarter rise in its net profit to Rs 2,145.2 crore during the July-September quarter. However, the company missed the Bloomberg consensus estimates of Rs 2,327 crore due to higher forex fluctuation losses and lower profit from Indus Towers. Consolidated revenues beat estimates and rose 5.25% sequentially to Rs 34,527 crore owing to strong additions in the 4G subscribers and an increase in average spends by consumer on its network. Bloomberg had pegged revenues at Rs 34,000 crore. Consolidated Ebitda also beat estimates at Rs 17,721 crore and was up 6.7% compared with the preceding quarter aided by an increase in revenues. The Ebitda margin expanded to 51.3% from 50.6%…

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    • Oct- 2022 -
      28 October
      276

      Intel set to lay offs employees as it cuts billions of dollars in spending

      San Francisco: Chip-maker Intel will begin to lay off workers soon as the company plans to drive nearly $3 billion in annual savings in the near term and $8 billion to $10 billion by the end of 2025, and these savings will majorly come from “people costs” from both operations and sales departments. Intel CEO Pat Gelsinger, during the company’s Q3 earnings call, said that we are responding to the current environment by taking aggressive actions to reduce costs while mindfully protecting the investments needed to accelerate our transformation, ensuring we are well-positioned for long-term market growth. “In addition to reducing near-term costs, we have also identified structural cost reductions and efficiency drivers. In aggregate, our efforts should drive $3 billion…

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    • 28 October
      295

      LG Electronics Q3 profit down on weak demand

      Seoul: LG Electronics on Friday reported record high sales backed by its electric vehicle (EV) components business but also experienced a big drop in net income in the third quarter on sluggish demand for consumer electronics amid high inflation and recession fears. The South Korean tech company reported in a regulatory filing that its third-quarter net income came in at 336.5 billion won ($237.1 million), down 34.8 per cent from a year earlier. Operating income for the July-September period was 746.6 billion won, up 25.1 percent from a year ago, the company said. But LG’s quarterly profit, in fact, declined on-year after taking into consideration a recall provision of 480 billion won for General Motors’s Bolt electric vehicle during the year-ago…

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