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 -
      15 October
      297

      PhonePe enables Online Dispute Resolution (ODR) platform for UPI

      India’s leading FinTech platform PhonePe on Friday announced the enablement of the UPI Unified Dispute and Issue Resolution (UDIR) system. This has led to a significant improvement in the dispute resolution time on PhonePe. UDIR is an automated, single-channel redressal system designed to seamlessly address customer issues and complaints regarding pending transactions and provide speedy dispute resolution online instead of manual file-based processes. “From the early days of UPI launch over 6 years back to now, there has been a consistent focus on improving the success rates and transaction experience by the entire ecosystem driven by NPCI. We would like to thank the RBI for introducing the Online Dispute Resolution (ODR) functionality which has further strengthened consumers’ belief in UPI,” Deep Agrawal, Head, Payments,…

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    • 14 October
      280

      BMW to bring QR-based gaming into vehicles from next year

      Automaker BMW and gaming platform AirConsole have announced a partnership to bring casual gaming into new BMW vehicles via scanning a QR code. AirConsole offers games over the internet that contains a variety of games in their library which will directly run inside the ‘vehicle entertainment system’. “With AirConsole, we will leverage innovative technologies combined with a broad variety of fun and multiplayer games. This will make every waiting situation inside the vehicle, such as charging, an enjoyable moment,” said Stephan Durach, Senior Vice President, BMW Group Connected Company Development. The AirConsole technology in vehicles allows gaming using smartphones instead of dedicated controllers. The console represents the combination of screen and smartphone, i.e. player only needs a smartphone to function as…

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    • 14 October
      255

      Gold Sinks Under $1,650, Then Rebounds as Risk Trade Hammers Dollar

      Investing.com — Gold broke below key $1,650 support on Thursday before bulls in the space lucked out, as the dollar’s tumble on talk of peak-inflation in the U.S. helped the yellow metal recoup virtually all that it lost on the day. Gold’s benchmark futures contract on New York’s Comex, December, settled down just 50 cents at $1,677 an ounce, after falling almost $29 earlier to a two-week low of $1,648.40. The spot price of bullion, which is more closely followed than futures by some traders, steadied at $1,665.88 by 15:30 ET (19:30 GMT), after a midday tumble to $1,642.49 — which also marked its lowest in two weeks. The dollar tanked after latest inflation data from the Labor Department suggesting…

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    • 12 October
      265

      Elon Musk launches new ‘Burnt Hair’ perfume

       Elon Musk has become a perfume salesman. Well, quite literally!Elon Musk has launched his own perfume line and guess what? The fragrance product is called ‘Burnt Hair’. Musk took to Twitter to announce the launch of his perfume line. He wrote, “With a name like mine, getting into the fragrance business was inevitable – why did I even fight it for so long!?” Within some time, he announced that he has already sold around ten thousand bottles. Musk wrote, “10,000 bottles of Burnt Hair sold!” Musk even changed his Twitter bio to “Perfume Salesman.” According to the website of the perfume, the perfume bottle is priced at INR 8,400 (USD 100). As for what it smells like, the website reads that the perfume…

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    • 12 October
      375

      Rupee darts up 19 paise to 82.21 against US dollar

      Mumbai: The rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar on Tuesday amid softening crude oil prices. At the interbank forex market, the local unit opened at 82.35 against the greenback. It witnessed a high of 82.21 and a low of 82.41 during the session. It finally ended at 82.21, up 19 paise from its previous close. On Monday, the rupee had slipped 10 paise to finish at a fresh lifetime low of 82.40. “Rupee traded in a narrow range after hitting fresh all-time lows against the US dollar. Dollar has been gaining momentum in the past few sessions following better-than-expected non farm payrolls numbers from the US,” said Gaurang Somaiya,…

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    • 12 October
      398

      Gadkari launches Toyota’s pilot project on flex fuel hybrid vehicle

      New Delhi: Union Road Transport and Highway Minister Nitin Gadkari on Tuesday launched Toyota’s pilot project on flex fuel-strong hybrid electric vehicle (FFV-SHEV) that can run on 20 to 100 percent ethanol. “Today our dream has come true…! Launched India’s first FFV-SHEV which would run on 100 percent petrol as well as 20 to 100 percent blended ethanol and electric powertrain,” said Gadkari on Tuesday after launching the car. The Union Minister added that the success of this pilot project will create an ecosystem of electric vehicles and make India a global leader in the manufacture of these electric vehicles. “Encouraging our ‘Anndatas’ to become ‘Urjadatas’, the success of this pilot project will create an ecosystem of electric vehicles and make…

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    • 12 October
      333

      Google Cloud CEO reveals new plans for metaverse, Web 3.0

      New Delhi: Google Cloud CEO Thomas Kurian on Tuesday revealed company’s plans for metaverse and Web 3.0, including a new partnership with leading cryptocurrency exchange Coinbase which has selected Google Cloud to build advanced exchange and data services. Google last year announced Project Starline, a technology project that enables coworkers to feel like they are together, even when they are cities apart. It creates a 3D model of a person, making it feel like you are sitting with someone in the same room — not at the other end of a video call. Kurian said during the ‘Google Cloud Next 2022’ event that after thousands of hours of testing in own offices, including demos with enterprise partners, “we’re seeing promising results”.…

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    • 12 October
      351

      Elon Musk’s affordable internet service Starlink debuts in Japan

      San Francisco: Elon Musk-run Starlink on Tuesday entered Japan, making it the first Asian country to get SpaceX’s affordable satellite internet service.Other than Japan, Starlink currently provides satellite internet access in around 40 countries. Starlink is a constellation of satellites run by SpaceX. After 2023, it also aims to provide global mobile phone service. SpaceX has more than 2,300 operational Starlink satellites in orbit as of September. On the microblogging site Twitter, the SpaceX posted: “Starlink launches service in Japan — first country in Asia”. Earlier, Musk announced that the SpaceX had manufactured more than 1 million Starlink terminals. The world’s richest man last month announced that Starlink is now active on all the continents, including Antarctica. On Twitter, Musk wrote:…

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    • 12 October
      369

      Cisco launches dedicated India Webex infrastructure with new data centre

      New Delhi: In a bid to empower a growing hybrid workforce in India, networking major Cisco on Tuesday announced significant investment in a dedicated India Webex infrastructure, that includes a new data centre, and necessary regulatory licenses to accelerate Webex adoption across the country. A dedicated India Webex infrastructure will enable the company to offer India-specific pricing for customers, lowering the cost by over 50 per cent. Cisco has seen a subsequent rise in preference for hybrid work across sectors, with Webex in India consistently recording the second-highest usage after the US, since March 2020 when the pandemic began. “Our goal is to create a more inclusive work experience for the three-fold growth expected in the number of digital workers in…

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    • 12 October
      332

      Google asks developer to build more apps for Pixel Watch

      San Francisco: Like Apple, tech giant Google has now asked developers to build more apps for its newly-launched Pixel Watch based on Wear operating system (OS). In its Android Developers blog, the company highlighted apps for Pixel Watch. “It’s an especially great time to prepare your app so it looks great on all of the new watches that consumers will get their hands”, according to the Android developer team. Every year, Apple releases new features for developers to use after the product launches. In the same way, Google now wants a more seamless integration of messaging between hardware and the OS and development platform team. The Pixel Watch features the newest improvements to the platform – Wear OS 3.5, according to…

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