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

    • Oct- 2022 -
      28 October
      289

      iPhone revenue grows 10% to reach $42.6 bn globally, India a sweet spot

      New Delhi: Apple iPhone revenue grew 10 per cent (year-over-year) to a September quarter record of $42.6 billion, the company has announced, as India market sees bumper iPhone sales led by the new 14 series. Apple CEO Tim Cook said that the customer demand was strong and better than we anticipated that it would be. “Customers are loving our iPhone 14 lineup. Loaded with camera upgrades for sharper photos, Action Mode for smoother videos and new safety features like Crash Detection and Emergency SOS via Satellite, iPhone is even more indispensable to our daily lives,” Cook told analysts during the company’s quarterly earnings call late on Thursday. Luca Maestri, Chief Financial Officer at Apple, said that iPhone revenue grew despite significant…

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    • 27 October
      282

      CoinSwitch unveils ‘Web3 for India’ initiative at T-Hub in Hyderabad

      Hyderabad: Crypto investing app CoinSwitch unveiled ‘Web3 for India’, an initiative to highlight how India’s startup ecosystem can create the next big opportunity using blockchain, at T-Hub in Hyderabad. IT and Industries Principal Secretary Jayesh Ranjan, T-Hub CEO Srinivas Rao Mahankali and CoinSwithc Co-founder and CEO Ashish Singhal launched the first edition of ‘India’s Next Big Frontier: Web3’, a handbook featuring early-stage Indian startups solving real-world problems spanning agriculture, agri-finance, transport, and record management. “India is home to over 12,000 blockchain developers, one of the highest in the world. Web3 companies raised forty-nine new rounds of funding in 2021, and the momentum of deals continues to be strong this year too. In line with our vision to become India’s blockchain capital, Telangana wants to play a…

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    • 27 October
      293

      Benchmark indices trade higher in early trade

      Mumbai: Equity benchmarks began the trade on a positive note on Thursday helped by buying in index majors Reliance Industries and banking counters amid mixed global market trends. The 30-share BSE benchmark climbed 415.98 points to 59,959.94 in early trade. On similar lines, the broader NSE Nifty advanced 127.55 points to 17,783.90. In the Sensex pack, Titan, Tata Steel, Kotak Mahindra Bank, Sun Pharma, HDFC, Dr Reddy’s, Reliance Industries, HDFC Bank, Axis Bank and IndusInd Bank were the major winners in early trade. Maruti, NTPC, HCL Technologies, Infosys and Bajaj Finance were among the laggards. Elsewhere in Asia, markets in Seoul and Hong Kong traded higher, while Tokyo and Shanghai quoted lower. Wall Street had ended on a mixed note on Wednesday. Stock markets were…

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    • 27 October
      288

      Rupee gains 67 paise to 82.14 against US dollar

      Mumbai: The rupee appreciated 67 paise to 82.14 against the US dollar in early trade on Thursday as dollar retreated from its elevated levels. At the interbank foreign exchange, the domestic unit opened at 82.15 against the dollar, then gained ground to quote at 82.14, registering a rise of 67 paise over its previous close. In the previous session on Tuesday, the rupee appreciated by 7 paise to close at 82.81 against the dollar. The forex market was closed on Wednesday on account of Diwali Balipratipada. The rupee opened stronger after the dollar index fell to below 110 levels, said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors. “The probable reason for this fall is slower rate hikes from the US in…

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    • 24 October
      378

      5G service revenue to reach $315 bn globally in 2023

      New Delhi: The global 5G service revenue is expected to reach $315 billion in 2023, rising from $195 billion this year, a new report showed on Monday. This represents growth of over 60 per cent in a single year for operator-billed 5G service revenue, according to Juniper Research. “Despite the growth of the Internet of Things, revenue from consumer connections will continue to be the cornerstone of 5G operator revenue increase,” said research co-author Olivia Williams. Over 95 per cent of global 5G connections in 2027 will be connected personal devices such as smartphones, tablets and mobile broadband routers,” Williams added. The increase in revenue will be driven by the accelerating migration of cellular subscriptions to 5G networks; owing to operator…

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    • 24 October
      342

      Facebook threatens to ban news in Canada over proposed Online Act

      San Francisco: Facebook has reportedly threatened to block news in Canada if the country goes through its proposed Online News Act that forces online platforms like Facebook and Google to share revenue with the news publishers. In a blog post, Facebook parent company Meta said that the proposed Act falsely presumes that it “unfairly benefits from its relationship with publishers.” “We believe the Online News Act misrepresents the relationship between platforms and news publishers, and we call on the government to rethink its approach to help create a more fair and sustainable news industry in the long-term,” Meta said. Marc Dinsdale, head of media partnerships at Meta’s Canadian unit, was quoted as saying in the Wall Street Journal that “we feel…

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    • 24 October
      299

      Gold rates looking up, traders expect more sales than last year

      Gold rates had been strengthening since yesterday. Before Saturday, the bullion market was not looking up for some time, however, the markets turned around yesterday and started strengthening. Due to the auspicious hours timing, Dhanteras is being celebrated on two days which led to an upward trend in market leading to shine back to the market as buyers did not shy away from buying the strengthening gold on the first day. On Sunday, gold with 24k was trading at Rs 51,290 per 10 gm in the morning, an increase of Rs10 from yesterday’s closing price. Gold with 24k was trading at Rs 51,720 per 10 gm, Rs 51,290/10 gm and Rs 51,450/10gm in Chennai, Mumbai and Delhi, respectively. 24k gold was trading…

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    • 21 October
      267

      Apple may launch macOS for M2 iPad Pro

      San Francisco: Apple might launch a smaller version of macOS exclusive for the M2 iPad Pro. The device might still run iPad-optimised apps and not macOS versions, reports AppleInsider. To make the macOS UI suitable for touch, testing is being done with a 25 per cent larger version of it. The device is code-named Mendocino, and will likely release as macOS 14 in 2023. Apple’s decision to transition the iPad to a macOS interface in this half-step is unclear, the report said. Meanwhile, recently, the company had launched the new iPad with an all-screen design featuring a large 10.9-inch Liquid Retina display which is powered by A14 Bionic chip. The device featured advanced cameras, fast wireless connectivity, USB-C, support for the new Magic Keyboard…

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    • 21 October
      293

      Elon Musk to lay off 75 per cent of staff if he takes over Twitter?

      Washington: Tesla CEO Elon Musk reportedly plans to lay off most of Twitter’s workforce once his USD 44 billion deal for the social network goes through. As per Variety, Musk informed potential investors in the Twitter deal that he intended to lay off about 75 per cent of the social media company’s 7,500 employees. The particular information was initially reported by the Washington Post. On Tesla‘s third-quarter 2022 earnings call Wednesday, Musk said he was paying too much for Twitter. Earlier this month he had agreed to go forward with his original USD 54.20/share offer for Twitter, after spending three months attempting to back out of the deal. “Although, obviously, myself and the other investors are obviously overpaying for Twitter right now, the long-term potential for Twitter…

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    • 21 October
      284

      CCI imposes Rs 1,337 cr fine on Google for anti-market practices

      New Delhi: In a significant ruling, the Competition Commission of India (CCI) on Thursday imposed a penalty of Rs 1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem, apart from issuing a cease and desist order against the tech giant. Google has been given 30 days’ time to submit the requisite financial details and supporting documents. The antitrust watchdog, which began investigating Google several years ago after receiving complaints from homegrown companies, also ordered the company not to offer any incentives to smartphone makers to exclusively carry its search services. The Commission examined various practices of Google with regard to licensing of Android mobile operating system and various proprietary mobile applications of Google (Play Store, Google Search,…

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