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 -
      14 September
      291

      IBM, Airtel join hands to power Indian enterprises in 5G era

      Mumbai: As India prepares for the 5G roll-out, Cloud major IBM and Bharti Airtel announced to deploy Airtel’s edge computing platform in the country, which will include 120 network data centres across 20 cities. To begin with, Airtel edge computing platform backed by IBM Cloud Satellite will power Maruti Suzuki’s initiatives to streamline plant productivity and quality operations. “As India gears up to experience 5G, we see a massive opportunity to help businesses across industries transform how they deliver goods and services,” said Ganesh Lakshminarayanan, CEO-Enterprise, Airtel Business. “We have the largest network of edge data centers available in India under the Nxtra brand and we will leverage our work with IBM to help Indian businesses address their critical business needs with greater efficiency,” he added. Once…

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    • 13 September
      278

      Rs 92,500 in US vs Rs 1.29 lakh in India: Raghuram Rajan uses iPhone example to question PLI scheme

      Former RBI Governor Raghuram Rajan, in a note, has questioned the sustainability and implications of the Production Linked Incentive (PLI) scheme. He argued that the government should collate more evidence before rolling out the scheme for more sectors.  The economist argued that the PLI scheme stems from the premise that India manufactures too little. Lack of infrastructure, high cost of finance, inadequate availability of quality power, limited design capabilities, and inadequacies in skills of Indian workers are some of the reasons why India is manufacturing so little. “Since addressing the weaknesses will take time, the government wants a faster alternative,” said Rajan.  He gave the example of the cell phone industry to make his point. Custom duties on mobile imports…

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    • 13 September
      287

      Infosys Warns Employees on Moonlighting, ‘Two Timing’ May Lead to Termination of Job

      IT major Infosys Ltd has warned its employees against moonlighting, saying that the practice may result in termination of the contract of the employee as it is against the company’s rules. In an internal post, the homegrown IT company said that dual employment will not be allowed per Infosys’s code of conduct. This comes amid an IT crackdown on the practice of taking up a second job, with Wipro warning its employees weeks prior to Infosys’s letter. On September 12, Infosys sent an email to employees warning that moonlighting could lead to termination of the contract. “Remember – NO TWO-TIMING – NO MOONLIGHTING (sic),” reads the email sent by Infosys HRs. The company in the mail described moonlighting as a practice…

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    • 12 September
      378

      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.…

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    • 12 September
      385

      Why crude oil prices are sliding? Will it impact fuel prices in India?

      Hyderabad: Crude oil prices are sliding as the United States and European countries may increase the interest rates to fight against rising inflation. Apart from it, restrictions imposed by China to adhere to its zero-COVID policy are further dragging crude oil prices. Though OPEC counties and its allies including Russia last week decided to cut crude oil production by one lakh barrels per day from October onwards to counter the falling prices, it did not have much impact. The price of Brent crude oil declined by over five percent in one month. In the last six months, it witnessed a fall of over 13 percent. China’s oil demand to shrink For the first time in two decades, China which is the…

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    • 12 September
      488

      Reliance Capital bidders seek extension of time for submission of binding bids

      Mumbai: Reliance Capital bidders have sought an extension of time for submission of binding bids. According to sources, Piramal Finance has sought extension by 12 weeks, while Advent has sought time till January 30, 2023, i.e., 16 weeks extension for submission of binding bid, as the company has not yet done due diligence. There are other bidders also who have sought a similar extension of timeline for filing of binding bids. IndusInd has sought 10 weeks extension, Oaktree has asked for 12 weeks and Zurich has requested for 8 weeks extension. As per the current timeline, the last last date for submission of binding bids is 29 September, along with an EMD of Rs 75 crore. COC will be meeting in…

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    • 10 September
      309

      Automobile sales in India jump by 17 per cent in August: SIAM

      New Delhi: Automobile sales in India jumped by 17 per cent year-on-year in August led by healthy growth in passenger vehicle sales, as per data released by the Society of Indian Automobile Manufacturers (SIAM) on Friday. Overall automobile sales rose to 18,77,072 units in August 2022 as against 15,94,573 units sold in August 2021. As per the SIAM data, passenger vehicle sales registered a growth of 21 per cent. Passenger vehicle sales rose to 2,81,210 units in August 2022 as against 2,32,224 units sold in August 2021. Total 2-wheelers sales rose to 15,57,429 units in August 2022, registering year-on-year growth of 16.33 per cent over 13,38,740 units sold in August 2021. Total 3-wheelers sales during the month under review stood at 38,369 units up…

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    • 10 September
      297

      Sensex reclaims 60k level in early trade; Nifty tests 17,900

      Mumbai: Benchmark indices began the trade on a firm note on Friday, extending their previous day gain, amid foreign fund inflows and a positive trend in global markets. The 30-share BSE Sensex climbed 431.58 points to 60,119.80 in early trade. On similar lines, the broader NSE Nifty went higher by 127.2 points to 17,925.95. From the Sensex pack of firms, IndusInd Bank, State Bank of India, Tata Steel, Hindustan Unilever, NTPC, Infosys, Dr Reddy’s, Sun Pharma and ICICI Bank emerged as the biggest gainers. Bharti Airtel, Bajaj Finserv, Nestle India and Bajaj Finance were among the laggards. Elsewhere in Asia, markets in Shanghai, Tokyo and Hong Kong were trading in the green in mid-session deals. The US markets had ended higher on Thursday. On…

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    • 10 September
      276

      Rupee rises 8 paise to 79.61 against US dollar in early trade

      Mumbai: The rupee appreciated 8 paise to 79.61 against the US dollar in opening trade on Friday, tracking the dollar’s decline versus its major peers and foreign fund inflows. At the interbank foreign exchange, the domestic unit opened at 79.66 against the dollar, then touched 79.61 in initial deals, registering a gain of 8 paise over its previous close. On Thursday, The rupee rose by 26 paise to close at a week’s high of 79.69 against the American currency. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.72 per cent to 108.92, as markets digested yet more hawkish Fed. The US Federal Reserve Chair, Jerome Powell on Thursday said he is “strongly committed” to fighting inflation. Meanwhile, the…

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    • 10 September
      311

      China sees heavy early demand for iPhone 14 despite Covid measures

      Hong Kong: Despite Covid-10 control measures in place in several cities, Chinese vendors are witnessing heavy demand for new Apple iPhone 14 series. According to South China Morning Post, one Apple vendor in Shenzhen district said he has seen heavy early demand for the iPhone 14. “Vendors in Huaqiangbei market in the southern tech hub of Shenzhen are gearing up for strong sales of the iPhone 14, with price mark-ups of up to 2,000 yuan ($255) expected,” the report mentioned. Huaqiangbei is shut temporarily owing to the city’s rigid Covid-19 control measures. The official pre-orders for the iPhone 14 series began on September 9, with official sales starting on September 16. The mark ups on other models are expected to range…

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