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 -
      7 October
      266

      TN: Firecracker units in Sivakasi anxious as Diwali business dips amid high prices

      Chennai: Local firecracker units in Sivakasi in Virudhunagar district of Tamil Nadu that accounts for 90 per cent of firecracker business in the country are anxious as their business has dipped this season. The firecracker industry has lamented the high prices that led to the plummeting of the business. “I have a small wholesale and retail shop and I used to do business to the tune of Rs 60 to 75 lakh in a year but not anymore. This year, my sale has plummeted to such a level that I could do business to the tune of only Rs 15 lakhs, which is very low compared to the earlier business,” R. Selvaraj, President of Small Firecracker Distributors of Sivakasi. He said…

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    • 7 October
      295

      Apple iPhone 14 Plus arrives in India, starts from Rs 89,900

      New Delhi: Apple on Thursday announced the availability of iPhone 14 Plus, featuring a 6.7-inch display, an upgraded dual-camera system, Crash Detection, Emergency SOS via satellite, A15 Bionic and improved battery life, in India and other countries from Friday. The customers in India can purchase iPhone 14 in colours like midnight, blue, starlight, purple, and (PRODUCT) RED in 128GB, 256GB, and 512GB storage starting from Rs 89,900. Customers who pre-ordered iPhone 14 Plus online will also begin receiving deliveries from Friday. In India, people can get Rs 5,000 cashback on HDFC Bank cards and no-cost EMI on six-month period on HDFC Bank cards. For trade-in, customers can get up to Rs 3,000 exchange bonus. “iPhone 14 Plus brings the larger 6.7-inch…

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    • 7 October
      269

      Airtel rolls out 5G plus in 8 cities – Know how to activate it on smartphone

      New Delhi: Bharti Airtel on Thursday launched 5G Plus services in eight Indian cities. Soon customers of these cities will start enjoying 5G network in a phased manner. List of these eight cities are DelhiMumbaiChennaiBengaluruHyderabadSiliguriNagpur andVaranasi The company claimed that all major cities and urban areas of India will get 5G services by December 2023. Pan-India rollout will be completed by March 2024, the company added. In order to access 5G services, users will not need to change the SIM card as the existing 4G SIM is now 5G-enabled. How to activate 5G network on smartphone After company rolls out 5G services in your location, you need activate 5G network on your smartphone to start enjoying high speed internet. Following are…

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    • 6 October
      293

      Rupee falls 4 paise to 81.66 against US dollar in early trade

      Mumbai: The rupee depreciated 4 paise to 81.66 against the US dollar in early trade on Thursday amid high volatility as rising crude oil prices weighed on the local unit. At the interbank foreign exchange, the rupee opened on a strong note at 81.52 against the greenback, then pared the gains and fell to 81.66, registering a fall of 4 paise over its previous closing. In initial trading, the rupee also touched 81.51 against the American currency. On Tuesday, the rupee appreciated by 20 paise to end at 81.62 against the US dollar. The forex market was closed on Wednesday on account of Dussehra. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened stronger tracking a fall in the dollar…

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    • 6 October
      253

      IRF urges withdrawal of notification making 6 airbags mandatory from Oct 1, 2023

      New Delhi: Road safety body International Road Federation (IRF) has urged the Union Minister for Road Transport and Highways (MoRTH) Nitin Gadkari to withdraw the notification making six airbags mandatory in passenger vehicles from October 1, 2023. It is likely to become counterproductive resulting in more severe injuries and deaths if seat belts not worn by the passengers in the vehicle, the IRF said. In the letter to the Ministry, it said that the six airbags in passenger vehicles should be made mandatory once 85 per cent of the people start wearing rear seat belts. “Once this figure crosses 85 per cent pan India, the government should go ahead making this provision of six airbags. Otherwise, it will become counterproductive and…

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    • 6 October
      294

      12K Facebook employees may lose jobs amid ‘quiet layoffs’: Report

      New Delhi: Meta is reportedly conducting ‘quiet layoffs’ at Facebook that may lead to thousands of job cuts — at least 12,000 or about 15 per cent of its workforce. According to a report in Insider, the senior executives are in the process of executing “quiet layoffs” of underperforming workers. Several employees told Insider that as much as 15 per cent of the workforce could be cut within the next few weeks. This means that some 12,000 employees could be out of jobs soon. “It might look like they are moving on, but the reality is they are being forced out,” the employee told Insider. Facebook employees are bracing for layoffs for months since the social networking giant announced a hiring…

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    • 6 October
      286

      51% of daily Bitcoin volume on crypto exchanges fake: Report

      New Delhi: More than 51 per cent of the total Bitcoin trading volume on various crypto exchanges this year is fake amid volatile global economic conditions, a new report has claimed. Bitcoin is the blue chip of cryptocurrency and represents 40 per cent of the total crypto assets outstanding in the new and volatile crypto markets. Its market cap is currently at 382.25 billion. According to data provided by niche news publisher BanklessTimes.com, the majority of this fake Bitcoin volume is due to wash trading. Wash trading is illegal, where an asset is bought and sold simultaneously on the same platform to create false liquidity. This is often done by bots or spoofing orders. “It’s difficult to talk about cryptocurrency without…

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    • 6 October
      267

      Twitter an accelerant to fulfil my vision of a super app: Musk

      New Delhi: Tesla CEO Elon Musk has said that buying Twitter is to fulfil his dream to build a super app called X.com like China’s WeChat that will be available to all globally. Replying to Chris Anderson, head of non-profit organisation TED, Musk tweeted that “Twitter is an accelerant to fulfilling the original X.com vision”. Anderson had posted late on Wednesday that about a year from now, growing numbers of people will be attracted to Twitter/X. “It will be far less prone to robo-spam and algorithm-fuelled outrage. Instead, it will offer lots of new functionality,” he said. Musk, who has offered to buy Twitter again for $44 billion, earlier floated the idea of turning Twitter into the next super app. During…

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    • 6 October
      293

      Amazon suspended workers who refused to work after a fire broke out in a New York warehouse

      Amazon has suspended workers at a Staten Island warehouse after they refused to work.The workers cited safety concerns after a fire broke out at the facility. Amazon has suspended more than fifty workers at a Staten Island warehouse after they refused to work due to safety concerns over a fire in the facility. The Washington Post first reported the news. A cardboard compactor caught fire in a Staten Island facility leading to a small fire in the warehouse on Monday afternoon, representatives for Amazon confirmed to Insider. The spokesperson said that all employees were “evacuated safely, and day shift employees were sent home with pay.” Labor leaders told the Washington Post that the warehouse smelled of smoke, some workers couldn’t breathe, and…

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    • 5 October
      310

      Reliance Jio to begin Beta trial of 5G in four cities on Dasara

       Reliance Jio on Tuesday announced the Beta trial of its True-5G services on Dasara for Jio users in four cities – Mumbai, Delhi, Kolkata, and Varanasi. The invited customers in these four cities will get unlimited 5G data with up to 1 Gbps+ speeds. The Beta trial service for other cities will be announced progressively as cities keep getting ready, said the company. The users will continue to avail of Beta trial “until the network coverage of a city is substantially complete to provide the best coverage and user experience to every customer,” it said. The company said that invited ‘Jio Welcome Offer’ users will be automatically upgraded to the Jio True 5G service without needing to change their existing Jio SIM or 5G handset. Akash M. Ambani,…

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