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 -
      21 October
      288

      Granules India July-Sept net profit up 70% to Rs 145 crore

      Hyderabad: Hyderabad-based drug firm Granules India on Thursday said its consolidated net profit increased by 79 per cent to Rs 145 crore for the second quarter ended September 2022 on the back of robust sales across segments. Its net profit was Rs 81 crore during the same quarter last year. Revenue touched Rs 1,151 crore, up from Rs 888 crore in the year-ago period. ” The current quarter result is due to our focus on supply reliability and ability to respond and cater to higher demand with a short turnaround time. Opportunities in Paracetamol are likely to continue and our expansion strategy in Europe is likely to yield bigger turnover in future,” Granules India Chairman and Managing Director Krishna Prasad Chigurupati said in a statement.…

      Read More »
    • 21 October
      271

      Asian Paints profits increases by 31% during second quarter ending Sept

      Asian Paints on Thursday posted a 31.3 per cent year-on-year growth in its profit after minority interest to Rs 782.71 crore for the quarter ended September 30, against Rs 595.96 crore in the year-ago period. The company has reported a 19.8 per cent year-on-year growth in its sales to Rs 8,430.60 crore from Rs 7,036.51 crore in the year-ago period. Profit before exceptional items and tax rose 32.4 per cent to Rs 1,094.16 crore from Rs 826.24 crore for the corresponding period in the previous year. In the case of its international business, the company reported a surge of 15.3 per cent in its sales for the September quarter to Rs 805.99 crore from Rs 699.28 crore in the year-ago…

      Read More »
    • 19 October
      406

      Rupee gains 6 paise to 82.34 against US dollar

      Mumbai: The rupee appreciated 6 paise to 82.34 against the US dollar in early trade on Wednesday as a firm trend in domestic equities strengthened investor sentiment. However, persistent foreign capital outflows capped the gains of the local unit, forex traders said. At the interbank foreign exchange, the domestic unit opened strong at 82.32 against the dollar, then lost some ground to quote at 82.34, a gain of 6 paise over its previous close. In the previous session on Tuesday, the rupee slipped 10 paise to end at 82.40 against the dollar The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06 per cent to 112.06. Brent crude futures, the global oil benchmark, rose 0.59 per cent to…

      Read More »
    • 19 October
      419

      Boeing to work with MIDHANI to develop raw material

      Hyderabad: Boeing India announced on Tuesday that it will assess and collaborate with Mishra Dhatu Nigam Limited (MIDHANI) to develop raw material for standard aerospace parts and components in India. Indigenous availability of special aerospace materials and alloys has been identified as crucial for creating a self-reliant aerospace and defence industry in India. The availability of essential aerospace materials is the first step in securing the supply chain. “Public Sector Units are an important part of Boeing’s supply chain footprint in India. The potential collaboration with MIDHANI will strengthen Boeing’s supply base and increase material sourcing options from India,” said Salil Gupte, president, Boeing India. “This would be a key step in building our India supply chain – from raw material sourcing to…

      Read More »
    • 18 October
      397

      Edible oil prices start to cool as imports are back on track

      Hyderabad: Ahead of the festive season, prices of edible oil are coming down. Edible oils had seen prices touch new highs in the last few months. The prices are now heading down as the imports, which were impacted by the Russia-Ukraine war, are back on track. For instance, sunflower oil, which was selling at around Rs 180 a litre, is now being sold at around Rs 155 a litre. Palm oil is being sold at less than Rs 100 a litre now. The prices of rice bran oil and groundnut oil have not come down on the same lines but are steady at Rs 165-175 a litre. The prices vary with the brand and the type. “Prices of sunflower oil have come…

      Read More »
    • 17 October
      402

      Builders’ properties worth Rs 270 crore to be auctioned on Nov 3

      Greater Noida: The auction of residential, commercial properties of the builders seized so far will be held on November 3 with the most expensive property being of Rs 54 crore and the cheapest property being of Rs 25.11 lakh. Most of the properties being auctioned are of Cosmos Infraestate builder. Through the auction, people will have a chance to buy shops at Wave Mall in Noida and Ansal Plaza Mall in Greater Noida. These properties were seized by issuing recovery certificates against the builders for not paying the buyers’ money on the orders of Uttar Pradesh Real Estate Regulatory Authority (UP RERA). The district administration has so far confiscated properties worth about Rs 400 crore and has started the process to…

      Read More »
    • 17 October
      425

      Increase in crude prices will weaken Indian oil companies: Moody’s

      Chennai: A Rs 220 billion one time grant to the three oil marketing companies by the Centre would cover their losses on sales of domestic liquefied petroleum gas (LPG) they still incur losses on sale of petrol and diesel, said Moody’s Investors Service on Monday. Last week, the Central government approved the grant to the Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) to cover losses on sales of domestic LPG between June 2020-June 2022. According to Moody’s, the refiners’ earnings would remain weak for FY23 despite the grant because of significant losses incurred by these companies on sale of petrol and diesel during the first half, for which they have not received…

      Read More »
    • 17 October
      334

      FM deserves Phd: Cong on Sitharaman’s dollar strengthening statement

      New Delhi: Taking a jibe at Nirmala Sitharaman over her statement that Indian currency is not sliding, the dollar is strengthening, the Congress on Monday said that the Finance Minister qualifies for a PhD in Economics. “Economics I do not know but in the school of Political spin this one byY’Y@nsitharaman qualifies for a PHD Rupee is not sliding, dollar is strengthening,’ says FM @nsitharaman when Rupee will open at 82.37 to the dollar ” Congress MP Manish Tewari tweeted. Economics I do not know but in the school of Political spin this one by👇🏾@nsitharaman qualifies for a PHD 😁😁😁😁😁😆😆😆😆😆😆😆😆😆Rupee is not sliding, dollar is strengthening,' says FM @nsitharaman when Rupee will open at 82.37 to the dollar— Manish Tewari (@ManishTewari)…

      Read More »
    • 17 October
      329

      PM says dedicated banking units to strengthen financial inclusion

      New Delhi: Prime Minister Narendra Modi on Sunday dedicated 75 digital banking units (DBUs) across the 75 districts to the nation through video conferencing, stating that it will further financial inclusion and enhance banking experience for the citizens. “DBU is a big step in the direction of Ease of Living for the common citizens”, he said. The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork. It will also simplify the banking procedure while also providing a robust and secure banking system, he said. “People living in small towns and villages will find the benefits like transferring money to availing…

      Read More »
    • 17 October
      333

      Flipkart Big Diwali Sale ends today! Get LG, OnePlus smart TVs under Rs 20,000 in last-minute discounts

       Flipkart’s Big Diwali Sale 2022, which began on October 11 and will finish today, October 16, has insane discounts on the retailer’s wares. Customers of SBI Bank and Kotak Bank may get an immediate discount of 10%.  Smart TVs from Realme, LG, OnePlus, and other brands are on sale at the online retailer. Here is a list of  smart TV for less than Rs 20,000. LG (32 inch) HD Ready LED Smart WebOS TV During the Flipkart Big Diwali Sale, you can get this smart TV for Rs 12,980, a savings of 10,990 off the regular price. Kotak Bank Credit Card and SBI Credit Card holders are eligible for a discount of 10% on purchases made with their cards (maximum…

      Read More »
    Previous page Next page
    Back to top button

    Notice: ob_end_flush(): Failed to send buffer of zlib output compression (0) in /home4/eveningd/public_html/wp-includes/functions.php on line 5464