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- 2024 -
      18 October
      555

      India beats China to become largest two-wheeler market in the world

      India’s two-wheeler market saw remarkable 22 per cent YoY growth in first half this year New Delhi: India has surpassed China to become the largest two-wheeler market in the world, driven by rising demand in rural areas, supported by favourable monsoon conditions and government initiatives for rural development, a report showed on Friday. Globally, two-wheeler sales grew 4 per cent (year-on-year) in the first half of 2024, according to Counterpoint Research. Although India, Europe, North America, Latin America, and the Middle East and Africa saw growth, China and Southeast Asia (SEA) experienced a decline. Senior analyst Soumen Mandal said India’s two-wheeler market saw a remarkable 22 per cent YoY growth in the first half this year. “This strong performance allowed India to surpass China and become…

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    • 18 October
      491

      By 2030, India to have 1.2 billion smartphones, 641 million 5G subscribers

      India will see an unprecedented growth in the number of 5G mobile subscribers, and an explosion of data usage in the next six years, says a report New Delhi: India is projected to have 1.2 billion smartphone connections by 2030, with half of the users on 5G smartphones, according to a new report. According to global mobile network body GSMA, the country is projected to have over 641 million 5G subscribers by 2030, growing at 49 per cent. “India will see an unprecedented growth in the number of 5G mobile subscribers, and an explosion of data usage in the next six years,” according to GSMA Intelligence projections. This stupendous growth in 5G subscribers will also lead to a huge expansion of data consumption, impelling Indian…

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    • 18 October
      451

      Air India says Vistara in-flight experience to continue post-merger

      The merger is scheduled to be completed on November 12, following which Singapore Airlines will have a 25.1 per cent stake in Air India New Delhi: Air India on Friday said Vistara routes and schedule as well as the in-flight experience will continue and the flights operated with Vistara planes will have the code ‘AI2’ post-merger. The merger of the two full service carriers is scheduled to be completed on November 12, following which Singapore Airlines will have a 25.1 per cent stake in Air India. Vistara is a joint venture between Tata Group and Singapore Airlines. Post the merger, the vintage ‘Maharaja’ will be retained through the frequent flyer programme of the integrated entity. “The existing members of Club Vistara will be seamlessly transferred to…

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    • 16 October
      414

      Indian market trades lower, Nestle and Infosys among top losers

      The BSE Sensex began trading at 81,611.07 after slipping 209.05 points or 0.26 per cent in early trade Mumbai: The Indian stock market began trading on a lower note on Wednesday, as Nestle and Infosys were among the top losers in the morning trade. The BSE Sensex began trading at 81,611.07 after slipping 209.05 points or 0.26 per cent in early trade. At the same time, the NSE Nifty was trading at 24,999.45 after slipping 57.90 points or 0.23 per cent. However, the market trend remained positive. On the National Stock Exchange (NSE), 687 stocks were trading in the green, while 555 stocks were trading in the red. On the Bombay Stock Exchange (BSE), 61 stocks were trading in the green…

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    • 16 October
      369

      Health insurance stocks and market trends: What should policyholders be aware of?

      With changing regulations, economic conditions, and the evolving dynamics of the health insurance industry, understanding how these factors affect both investors and policyholders is crucial New Delhi: Health insurance stocks are a significant component of the financial markets, influencing the broader healthcare landscape. While stock market trends mayseem disconnected from policyholders’ day-to-day lives, they can significantly impact coverage costs and availability. With changing regulations, economic conditions, and the evolving dynamics of the health insurance industry, understanding how these factors affect both investors and policyholders is crucial. 1. Market Trends Affecting Health Insurance StocksHealth insurance companies have a unique role in the market. They not only provide critical health coverage to millions of individuals but also operate ina highly regulated and complex…

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    • 15 October
      367

      Business Finland, Cyient sign MoU to collaborate in advancing technology innovation

      This strategic partnership aims to foster joint initiatives focused on cutting-edge technologies, including 5G, AI, sustainability solutions, space technology, and robotics, a press release said Hyderabad: Business Finland and Cyient have entered into a memorandum of understanding (MoU) to collaborate in advancing technology innovation. This strategic partnership aims to foster joint initiatives focused on cutting-edge technologies, including 5G, AI, sustainability solutions, space technology, and robotics, a press release said. The MoU aims to facilitate cooperation opportunities between Cyient and Business Finland and will leverage Cyient’s strong presence in Europe, especially in Finland, and a robust platform to work with the Finnish ecosystem, including startups. Business Finland will enable a joint go-to-market to enhance market access and visibility. Gitta Perez, Director…

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    • 14 October
      325

      Ola Electric shares fall nearly 3pc for third consecutive session

      The automotive testing agency, functioning under the Ministry of Heavy Industries, has requested clarification from the EV company regarding the price reduction for its S1 X 2 kWh electric two-wheeler in the recently announced sale. New Delhi: Ola Electric shares closed nearly 3 per cent down on Monday – a fall for the third consecutive session – as the Automotive Research Association of India (ARAI) asked the EV firm to clarify its pricing practices. The automotive testing agency, operating under the Ministry of Heavy Industries, has asked the EV company to provide clarification about a price reduction for its S1 X 2 kWh electric two-wheeler in its recently announced sale. Ola Electric’s share closed at Rs 87.44 apiece. The stock has lost…

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    • 12 October
      433

      Rupee rises 2 paise to 83.96 against US dollar in early trade

       Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback. However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders. A weak start to the day in the domestic equity markets also […]’  Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday amid a weakening greenback. However, a rise in crude oil prices and constant FII outflows capped further gains in the domestic unit, according to forex traders. A weak start to the day in the domestic equity markets also prevented the local unit from rising further, they said. At the interbank…

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    • 12 October
      408

      BYD launches eMAX7 in Hyderabad

      BYD India, a subsidiary of the world-leading New Energy Vehicles (NEV) manufacturer BYD, had launched the highly anticipated electric multi-purpose vehicle (MPV). Hyderabad: BYD eMAX7 car was launched at Gachibowli BYD showroom on Friday. The BYD eMAX7 have two variants, Premium 6 Seater and 7 Seater and Superior 6 Seater and 7 Seater with ex-showroom starting from Rs.26.90 lakh, Rs.27.50 lakh, Rs.29.30 lakh and top end, Rs.29.90 lakh. The chief guest for the launch was BYD Sales Head J Rajashekar, staff and customers. BYD India, a subsidiary of the world-leading New Energy Vehicles (NEV) manufacturer BYD, had launched the highly anticipated electric multi-purpose vehicle (MPV). One of the vehicle’s notable changes over the outgoing model is the integration of the 8-in-1…

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    • 12 October
      345

      Elon Musk unveils Tesla’s ‘Cybercab’

      CEO Elon Musk arrived on stage at the Warner Bros. studio lot in one of the company’s “Cybercabs,” showcasing the sleek, AI-powered vehicle that operates without steering wheels or pedals. He also highlighted the company’s advancements in autonomous driving technology, enabling cars to drive without human intervention. Los Angeles: Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, though fans of the electric vehicle maker will have to wait until at least 2026 before they are available. CEO Elon Musk pulled up to a stage at the Warner Bros. studio lot in one of the company’s “Cybercabs,” telling the crowd that the sleek, AI-powered vehicles don’t have steering wheels or pedals. He also expressed confidence in the progress the company…

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