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

    • Sep- 2022 -
      16 September
      277

      Vedanta-Foxconn to invest Rs 1.54 lakh crore in India’s first chip factory

      Ahmedabad/New Delhi: Mining conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn will make one of the largest ever investments of Rs 1.54 lakh crore in setting up India’s first semiconductor plant in Gujarat. The 60:40 joint venture of Vedanta-Foxconn will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit on a 1000-acre land in the Ahmedabad district. “The plant will start production in two years,” Vedanta chairman Anil Agarwal told PTI after signing the Memorandum of Understanding (MoU) with the Gujarat government on Tuesday. Semiconductor chips, or microchips, are essential pieces of many digital consumer products – from cars to mobile phones and ATM cards. The Indian semiconductor market was valued at USD 27.2 billion in 2021 and…

      Read More »
    • 16 September
      253

      ‘Shopping mall spending returning to pre-Covid levels in India’

      Hyderabad: Hyderabad saw 7.2 million sqft of gross leasable area (GLA) in malls during January to June this year. This is about 7.7% of the country’s (top eight Indian cities) total mall stock of 92.9 million sqft. About 3.9 million sqft (52%) of Hyderabad’s mall space is classified as Grade A, the highest share of Grade A mall stock in the country, said a report ‘Think India, Think Retail 2022 – Reinventing Indian Shopping Malls’ launched by real estate consultancy Knight Frank India. The share of Grade B and C malls in Hyderabad stood at 21% (1.57 million sq ft) and 27% (2.02 million sq ft) respectively, it said. Hyderabad stood fifth among eight cities in terms of gross leasable area.Grade A malls contributed…

      Read More »
    • 16 September
      283

      Pharma exports in 2021-22 remained flat at $ 24 billion

      Hyderabad: The pharmaceutical exports from India from April 2021 to March 2022 stood at $ 24.6 billion (about Rs 1.94 lakh crore. These exports were just 0.71% more than $ 24.4 billion recorded during 2020-21. In 2020-21, the growth was 18% over $ 20.7 billion achieved during 2019-20, said Ravi Uday Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), an export promotion wing set up by the Ministry of Commerce and Industry. The target for the financial year 2022-23 is $ 27.4 (about Rs 2.16 lakh crore), which is about 10% over the last year. Drugs, formulations and biologics accounted for 73.3% of the total exports and was followed by bulk drugs and drug intermediates at 18%. Vaccines, Ayush and…

      Read More »
    • 16 September
      286

      Mensa Brands acquires MyFitness, to make it Rs 1,000 cr brand

      New Delhi: Direct-to-consumer (D2C) company Mensa Brands on Monday said it has acquired healthfood startup MyFitness for an undisclosed sum, with an aim to make it a Rs 1,000 crore brand in the next three-four years. The acquisition will help Mensa Brands launch new categories, scale D2C, invest in brand-building and expand to global markets. “MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omni-channel global presence by leveraging our tech-led playbook. We believe we can build MyFitness into a Rs 1,000 crore brand in the next three-four years,” said Ananth Narayanan, Founder and CEO, Mensa Brands. Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness is popular among fitness enthusiasts, Millennials, Gen Z, and sportsperson.…

      Read More »
    • 15 September
      310

      Oracle Cloud biz sees 100% growth in India, doubles customer base

      New Delhi: Cloud major Oracle on Thursday said its India business saw a tremendous growth in the first quarter of FY23, with the Oracle Cloud Unit (OCI) clocking over 100 per cent growth (year-on-year) for the third year in a row. In India, the OCI is growing at 25 per cent quarter on quarter (QoQ) and the company has clocked double-digit growth across all lines of businesses, in some even triple digit, Kapil Makhija, Vice President – Technology Cloud Business, Oracle India, told IANS. “This is specifically true for the India region where in the IaaS/PaaS market, we are growing at 25 per cent QoQ continuing on the growth trend we have been witnessing for the last three years,” said Makhija.…

      Read More »
    • 15 September
      303

      Saudi overtakes Russia to become India’s second biggest oil supplier

      Riyadh: After a three-month gap, the Kingdom of Saudi Arabia (KSA) has overtaken Russia by a narrow margin to become India’s second-biggest supplier of oil behind Iraq in August 2022. According to the data from industrial and commercial sources, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8 per cent from the previous month, while purchases from Russia fell 2.4 per cent to 855,950 barrels per day. Despite Saudi Arabia’s rise, the share of oil from the Organization of the Petroleum Exporting Countries (OPEC) to India fell to 59.8 per cent, the lowest in at least 16 years as India cut imports from…

      Read More »
    • 15 September
      297

      GDP growth, relative to pre-Covid levels, to double to 8.0% in Q2 FY2023: ICRA

      Mumbai: The gross domestic product (GDP) is expected to grow double to 8 per cent in Q2FY23, from 3.8 per cent in Q1FY23, according to the ICRA estimates. “We project the GDP expansion at 6.5-7.0 per cent for Q2 FY2023, a base-effect led moderation from 13.5 per cent in Q1 FY2023. Crucially, GDP growth is expected to rise to ~8.0 per cent in Q2 FY2023 from 3.8 per cent in Q1 FY2023, when compared to the pre-Covid levels of 2019, which is a more tangible signal of the ongoing, yet uneven recovery,” said Aditi Nayar, Chief Economist, ICRA. The momentum of economic activity widened in August 2022 amid some moderation in rainfall, easing of supply-side issues like semiconductor availability for the…

      Read More »
    • 15 September
      300

      Indian telecom players to follow China’s 5G call route:CLSA

      Chennai: Indian mobile phone service providers will follow China’s 5G and industrial internet line, said CLSA Ltd in a research report. According to the report, Reliance Jio and Bharti Airtel will consolidate their market further and deliver 22-23 per cent EBITA CAGR by FY25CL. China and India have the world’s two largest mobile bases, with a combined 2.78 billion (bn) subscribers. The worldwide march to 5G accelerated with China launching SA 5G (standalone standard) in 2020, said the report. Top operator China Mobile’s 5G package users now comprise 53 per cent of its 967 million subscribers and network users doubled in the past year to 263 million. According to CLSA, the 5G migration lifted the average revenue per user (ARPU)…

      Read More »
    • 15 September
      300

      `Sustainability not a buzzword; What’s good for India is good for Tata Group’: N Chandrasekaran

       Sustainability is not a buzzword. Whatever net zero target organizations set for themselves will get advanced because of social pressure, Tata Group chairman N Chandrasekaran, said in a keynote address at the launch of Kantar BrandZ India 2022, where Tata Consultancy Services (TCS) emerged as the most valuable Indian brand. Chandrasekaran said because of the work that has been done by the founders of Tata Group, he and his colleagues have the responsibility to live up to that reputation every single day. “The fundamental strength of our success comes from the purpose. Founder Jamsetji Tata had said that community is not just another stakeholder in business but is, in fact, the very purpose of its existence. Tata Group’s businesses have…

      Read More »
    • 14 September
      280

      Apple in-app purchase prices up 40% due to privacy changes

      New Delhi: The average price of in-app purchases (IAPs) on the iOS App Store has increased 40 per cent year-over-year (YoY) in July (likely due to privacy changes), while it was mere 9 per cent on Google Play store. According to data from app intelligence firm Apptopia, with the consumer price index up 8.5 per cent YoY in the US, people are seeing prices rise almost everywhere. “The rise on iOS comes much before inflation (not the case for Google Play) hit hard in 2022, indicating publishers may actually be reacting to increased effective cost per install (eCPI) due to Apple‘s App Tracking Transparency (ATT) policies making it more expensive to acquire users,” said the Apptopia report. It turns out that single-purchase IAPs increased much…

      Read More »
    Previous page Next page
    Back to top button

    Notice: ob_end_flush(): Failed to send buffer of zlib output compression (0) in /home4/eveningd/public_html/wp-includes/functions.php on line 5464