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 -
      4 October
      326

      Apple supplier Foxconn logs strong growth, says cautiously optimistic on Q4

      New Delhi: Major Apple supplier Foxconn on Tuesday announced its consolidated revenue for the month of September and the third quarter, saying it is “cautiously optimistic” about the outlook for the festive quarter (Q4), as it prepares to build a massive semiconductor manufacturing facility with Vedanta in India. Foxconn reported consolidated revenue of 822.3 billion new Taiwan dollar (nearly $26 billion) for September, up 40.39 per cent year-on-year, while revenue in the third quarter (July-September) was about $55 billion (a 24.4 per cent growth year-on-year). Revenue gained 13.66 per cent in the first nine months of 2022, according to the company. Consumer electronics products as well as Cloud and networking products demonstrated strong on-month growth, while computing products and components…

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    • 4 October
      407

      With 950 billionaires, Asia outnumbers all other regions

      Tokyo: When it comes to the number of billionaires by region, Asia now has 951 outnumbering all other regions. North America has 777 billionaires and Europe, 536. A region-by-region analysis of assets owned by more than 2,400 people on the Forbes ‘Real-Time Billionaires List’, by Nikkie Asia, showed $4.7 trillion in North America, followed by $3.5 trillion in Asia, and $2.4 trillion in Europe. “By country, the US ranked first with 719 billionaires followed by China with 440. India has 161,” the report said on Tuesday. The 10 member states of the Association of Southeast Asian Nations have a total of 114 billionaires, while Taiwan has 45, South Korea 28, and Japan 27. Emerging countries are now producing more billionaires…

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    • 4 October
      355

      Sensex, Nifty rebound over 2 pc amid relief rally in global markets

      Mumbai: Benchmark indices Sensex and Nifty bounced back on Tuesday to close over 2 per cent higher amid positive trends in global equity markets. The 30-share BSE Sensex spurted 1,276.66 points or 2.25 per cent to settle at 58,065.47. During the day, it zoomed 1,311.13 points or 2.30 per cent to 58,099.94. The broader NSE Nifty rallied 386.95 points or 2.29 per cent to end at 17,274.30. Among the 30-share Sensex pack, IndusInd Bank, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv, HDFC, Tata Steel, Larsen & Toubro, Wipro, HDFC Bank and Axis Bank were the major winners. Power Grid, Sun Pharma and Dr Reddy’s were the only laggards. Elsewhere in Asia, markets in Seoul and Tokyo ended higher after a…

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    • 4 October
      333

      Slow recovery of low income households slowed down India’s economic recovery

      Chennai: The slow economic recovery of the low income households post Covid-19 pandemic has resulted in the overall economic recovery of the country, said Kotak Securities Ltd. In a research report, Kotak Securities said, post Covid-19 pandemic, India’s economic recovery seems to be lukewarm on a three-year compounded annual growth rate (CAGR) basis. The major economic parameters reveal slow post-pandemic recovery, with gross domestic product (GDP), goods and services tax (GST) collections, electricity demand, credit growth and auto sales growing somewhat slowly as against the expectations. Kotak Securities attribute the weaker-than-expected recovery to the slow ‘repair’ in the income of low-income households. “It may take a few more quarters for growth to recover to full potential,” the report said. India’s 1QFY23…

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    • 4 October
      380

      Bajaj Electronics IPO to remain open till October 7

      Mumbai: The Initial Public Offering (IPO) of Electronic Mart India Limited (EMIL), (Bajaj Electronics) will remain open till October 7. The price band for a share of EMIL has been fixed at Rs 56-59. Those who want to invest in the IPO need to buy 254 equity shares and in multiples of 254 thereafter. At the upper band of Rs 59, the cost of a lot will be Rs 14,986. Out of the total lots, 50 percent is reserved for qualified institutional investors (QII), 35 percent for retail investors, and 15 percent for non-institutional investors. EMIL operates outlets in the name of Bajaj Electronics EMIL which is the largest company in south India and the fourth largest in the country operates…

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    • 2 October
      279

      Falling rupee may hit import-dependent industries

      Hyderabad: The downward spiral of the Indian rupee could hit the industry hard, especially production segments where imports are a crucial component. This is because the rupee, poised to hit 82 units per dollar if the tumble continues, could trigger an increase in industrial production costs, particularly in automotives, electronics, hardware and other segments where import dependency is high, according to Devendra Surana, former president of the Federation of Telangana Chambers of Commerce and Industry. “With the falling rupee, imports will become expensive while exports competitive. Imports happening on the buyers’ credit will be badly impacted. Whether we import or not, the prices of most of the commodities are linked to international prices. Prices of gold, silver, steel, copper, coal, energy and others will be…

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    • 2 October
      312

      Airtel announces launch of 5G service in 8 cities

      New Delhi: Bharti Airtel’s 5G service will be available in eight cities from Saturday, its chairman Sunil Bharti Mittal said at India Mobile Congress. With this, Bharti Airtel has become the first company to launch 5G services in the country. “When you (Prime Minister) will launch 5G today. 5G from Airtel will be available in 8 cities – Delhi, Mumbai, Varanasi, Bangalore and other cities,” Mittal said. He also said that Airtel will roll out 5G services in several cities across the country by March 2023 and across India by March 2024. According to a senior company official, Airtel 5G services will be available at existing 4G rates and a new tariff for 5G will be announced after some time. The officer said…

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    • 2 October
      307

      Car makers log sales growth in September

      Chennai: Festive season and new launches geared the passenger vehicle sales last month as car majors in India logged sales growth last month as compared to the previous year’s corresponding month. Maruti Suzuki India Limited that makes cars and also light commercial vehicles logged a total sales of 176,306 units last month, up from 86,380 units sold in September 2021. According to Maruti Suzuki, the shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. Hyundai Motor India Ltd sold 63,201 units last month, up from 45,791 units sold in September 2021. “The PV (passenger vehicle) industry witnessed strong demand during Q2FY23 fuelled by the festive season and new launches. Tata Motors scaled…

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    • 2 October
      310

      Cred introduces ‘Scan & Pay’ feature for UPI payments

      Bengaluru: Credit card bill payment platform Cred on Saturday launched ‘Scan & pay’, a UPI payment experience for members on the app. The members can make UPI payments from their bank accounts linked to the CRED app, by scanning any QR code. “The all-new Cred pay experience builds on top of this with privacy-first features, personalisation and other member exclusives,” said Kunal Shah, Founder, Cred. The company said that every ‘Scan & Pay’ payment is protected and if the payment is stuck and awaiting confirmation from the recipient’s bank, “Cred members can skip the anxiety and initiate another transaction”. Members can be assured that they will be credited money back in cases where a payment has been debited, not reached the…

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    • 2 October
      301

      Tesla now has 160,000 customers running FSD software: Musk

      San Francisco: Elon Musk has said that 160,000 Tesla customers are now running the Full Self Driving (FSD) beta, from a mere 2,000 last year. Tesla has so far released 35 software updates of FSD, that has generated regulatory scrutiny after several crashes were reported. At Tesla AI Day 2022, Musk said the FSD technology will be ready for a global roll-out by the end of this year. He, however, acknowledged the regulatory and testing hurdles which need to be sorted before a global roll-out is planned, reports The Verge. FSD is currently available to around 160,000 drivers in the US and Canada. Last month, a Tesla owner sued the electric car maker, saying the company and its CEO Musk are…

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