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 -
      11 October
      469

      Zomato CEO delivers orders once every three months

      Sanjeev Bikchandahni, the founder of job portal Naukri.com and co-founder of Ashoka University claimed that Zomato CEO Deepinder Goyal delivers orders wearing the company’s red t-shirt every three months. “Just met @deepigoyal and the @zomato team. Delighted to learn that all senior managers including Deepinder don a red Zomato tee, get onto a motorcycle and spend a day delivering orders themselves at least once a quarter. Deepinder tells me that thus far nobody has recognised him,” Info Edge founder tweeted. The businessman mentioned in another tweet that this practice of putting on a uniform and delivering orders on a bike unnoticed has been going on for the last three years. This post gained a ton of attention online with people…

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    • 11 October
      346

      8 crore creators in India but only 1.5 lakh able to monetise

      New Delhi With a spurt in short-form video consumption and growth in the overall creator economy, India now has at least 8 crore creators and knowledge professionals but only 1.5 lakh professional content creators are able to monetise their services effectively, a new report has revealed. Out of the 1.5 lakh professional content creators, the majority of them can earn anywhere between $200-$2,500 (more than Rs 16,000-Rs 200,000 per month), depending on the reach and engagement they can drive on respective platforms. “Less than 1 per cent of professional creators (those with over 1 million followers) have the potential to earn anywhere between $2,500-$65,000 (more than Rs 53 lakh) per month, according to the report by Kalaari Capital, an early-stage, technology-focused…

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    • 11 October
      317

      TCS Q2 net up 8.4 pc to Rs 10,431 cr; flags challenging environment

      Mumbai: Largest IT services exporter TCS on Monday reported an 8.4 per cent growth in its September quarter net profit at Rs 10,431 crore, crimped by a dent on margins. The Tata group company, however, said the operating environment is “challenging” and warrants “vigilance”, even though the headwinds posed by factors like recession in its biggest market US, rising inflation around the world and currency volatilities are yet to materialise into its order pipeline. Its Chief Executive Officer and Managing Director Rajesh Gopinathan said it is difficult to say if the company will be completely insulated from the events as they unfold, and made it clear that it will try to minimise the risks as much as possible. The reporting…

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    • 11 October
      371

      Gold drops Rs 543; silver tumbles Rs 2,121

      New Delhi: Gold prices in the national capital dropped Rs 543 to Rs 51,625 per 10 grams on Monday amid a decline in the prices of precious metal in the international market, according to HDFC Securities. In the previous trade, the yellow metal had touched Rs 52,168 per 10 grams. Silver also tumbled by Rs 2,121 to Rs 59,725 per kilogram from Rs 61,846 per kg. In the international market, gold was trading in red at USD 1,683.05 per ounce while silver was down at USD 19.74 per ounce. “The strong US jobs data intensified concerns that the US Federal Reserve will be more aggressive with interest rate hikes. Rising rates make gold less attractive as an investment mean,” said…

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    • 11 October
      431

      Rupee drops 10 paise to close at all-time low of 82.40 per USD

      Mumbai: The rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar on Monday, weighed down by risk-averse sentiment among investors. Moreover, a negative trend in domestic equities and a firm greenback overseas sapped investor appetite, forex traders said. At the interbank foreign exchange market, the local currency opened at 82.68, then fell further to an all-time intra-day low of 82.69. According to forex traders, the local unit pared initial losses on possible central bank intervention and finally settled for the day at an all-time low of 82.40 against the American currency, down 10 paise over its previous close. On Friday, the rupee had depreciated by 13 paise to close at 82.30. “The…

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    • 11 October
      430

      Out of 8 crore creators, only 1.5 lakh earn more than Rs 16000

      New Delhi: With a spurt in short-form video consumption and growth in the overall creator economy, India now has at least 8 crore creators and knowledge professionals but only 1.5 lakh professional content creators are able to monetise their services effectively, a new report has revealed. Out of the 1.5 lakh professional content creators, the majority of them can earn anywhere between $200-$2,500 (more than Rs 16,000-Rs 200,000 per month), depending on the reach and engagement they can drive on respective platforms. “Less than 1 per cent of professional creators (those with over 1 million followers) have the potential to earn anywhere between $2,500-$65,000 (more than Rs 53 lakh) per month, according to the report by Kalaari Capital, an early-stage, technology-focused…

      Read More »
    • 7 October
      304

      Motorola launches affordable ‘moto e32’ in India

      New Delhi: Smartphone brand Motorola on Friday launched a new affordable smartphone ‘moto e32’ that features a fluid 90Hz IPS LCD display, premium design and a 50MP camera. The moto e32 is available in a single 4GB RAM+64GB storage variant for Rs 10,499 on Flipkart and at leading retail stores. The device comes in two colour variants — Eco Black and Arctic Blue. Powered by the MediaTek Helio G37 octa-core processor, the new smartphone comes packed with a 5000mAh battery, according to the company. The new device comes with a vibrant 16.51cm (6.5-inch) IPS LCD display with a fast 90Hz refresh rate. Crafted from high-quality materials for a premium look, the moto e32 features IP52 water repellant design to stand out in a…

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    • 7 October
      265

      Acer launches world’s lightest OLED laptop

      Taipei: Taiwanese hardware and electronics company Acer on Friday launched the world’s lightest 16-inch OLED laptop titled ‘Swift Edge’. The Acer Swift Edge will be available this month for $1,499.99 in the US. It is designed to meet the needs of the modern hybrid workforce in terms of productivity and creativity, said the company. The new laptop comes with AMD Ryzen PRO 6000 Series and AMD Ryzen 6000 Series processors. It equipped Microsoft Pluton security processor to help defend against increasingly sophisticated attacks. The Acer Swift Edge features a 4K OLED display supporting 100 per cent of the DCI-P3 colour gamut and 500 nits peak brightness for cinema-grade visuals. The 16-inch lightweight laptop weighs only 1.17 kg and measures 12.95 mm in height. The new Acer laptop…

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    • 7 October
      283

      Rupee falls 16 paise to all-time low of 82.33 against US dollar in early trade

      Mumbai: The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday as a firm American currency and risk-averse sentiment among investors weighed on the local unit. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, forex traders said. At the interbank foreign exchange, the rupee opened at 82.19 against the greenback, then fell to 82.33, registering a fall of 16 paise over its previous close. On Thursday, the Indian currency for the first time closed below the 82 level against the greenback. It plunged 55 paise to close at a record low of 82.17 against the US currency. “An uptick in crude prices has caused…

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    • 7 October
      279

      Tesla to deliver first Semi Trucks to Pepsi by Dec 1: Musk

      San Francisco: Tesla has started the production of its long-delayed Semi Truck that will have a 500 miles (800 km) range and will first reach Pepsi facilities, Elon Musk announced on Friday. The electric-car-maker will deliver the first Semi Trucks to the soft drink major by December 1. “Excited to announce the start of production of the Tesla Semi Truck with deliveries to @Pepsi on Dec 1st!” posted Musk. “500 mile range and super fun to drive,” he added. Pepsi had ordered 100 of Semi Trucks in December 2017, a month after it was announced. It costs $20,000 to reserve a Tesla Semi Truck. The base model will come at an expected price of $150,000 and the more expensive model is…

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