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 -
      10 September
      298

      Intel kicks off work on $20 bn semiconductor plant in US

      San Francisco: Intel has kicked off work on the new $20 billion semiconductor plant in the Ohio state in US, as President Joe Biden joined the chip-maker and Ohio Governor Mike DeWine to celebrate breaking ground in the “Silicon Heartland” on the world’s most advanced chipmaking facilities. The chip plant is part of Intel’s plans to invest $100 billion in Ohio over the next 10 years. “Today marks a pivotal moment in the journey to build a more geographically balanced and resilient semiconductor supply chain,” said, Pat Gelsinger, Intel CEO. “The establishment of the Silicon Heartland is testament to the power of government incentives to unlock private investment, create thousands of high-paying jobs, and benefit U.S. economic and national security,” he…

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    • 10 September
      285

      Amazon acquires Cloostermans to bolster its robotics operations

      San Francisco: Amazon on Friday announced to acquire Belgium-based Cloostermans, that designs and manufactures mechatronics solutions, for an undisclosed sum. With the acquisition of Cloostermans, Amazon said it will continue to invest in customized state-of-the-art technology to drive innovation in its workplace and improve the employee experience. Cloostermans developed technology that is being used in Amazon operations to help move and stack heavy palettes and totes or package products together for customer delivery. Amazon began working with Cloostermans in 2019. “As we continue to broaden and accelerate the robotics and technology we design, engineer and deploy across our operations, we look forward to welcoming Cloostermans to Amazon and are excited to see what we can build together,” said Ian Simpson, vice…

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    • 10 September
      295

      United Airlines to buy 200 air taxis from electric aviation startup

      New York: United Airlines has announced a $15 million investment in electric aviation startup Eve Air Mobility and will purchase 200 electric aircrafts which can seat four passengers and take off and land vertically like a helicopter. This marks another significant investment from United in flying taxis — or eVTOLs (electric vertical take-off and landing vehicle) — that have the potential to revolutionise the commuter experience in cities around the world. United signed purchase agreement for up to 400 eVTOL aircraft from Eve, owned by Brazilian aircraft manufacturer Embraer. “United is making history again, by becoming the first major airline to publicly invest in two eVTOL companies. Our agreement with Eve highlights our confidence in the urban air mobility market and…

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    • 10 September
      302

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

      : 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 by…

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    • 10 September
      308

      Illegal loan apps: FM Nirmala Sitharaman asks RBI to issue whitelist of all legal loan apps

      Finance Minister Nirmala Sitharaman has discussed various issues related to illegal loan apps in a meeting and decided to take a host of measures to check the operations of such apps, amid rising instances of digital fraud. Most of the digital lending apps are not registered with the central bank and operate by themselves. There have been increasing cases of alleged suicides of borrowers due to harassment by a few of the operators of digital lending apps. Shopify Brand Owners: Here´s Why Debutify Theme Is Better AdDebutify The meeting, chaired by the minister, was held on Thursday and it was decided that RBI will prepare a whitelist of all the legal apps and Ministry of Electronics and Information Technology (MeitY)…

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    • 9 September
      304

      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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    • 9 September
      262

      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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    • 9 September
      286

      Adani’s open offer for NDTV shares to begin on Oct 17

      The date for tendering of shares by shareholders of NDTV to the Adani Group in pursuant to their open offer is fixed at October 17. The Adani Group has made an open offer for 26 per cent stake in the satellite channel company NDTV at Rs 294 per share with a face value of Rs 4. The total outlay for Adani group for 26 per cent acquisition will be about Rs 492 crore. The open offer for 16,762,530 equity shares, representing 26 per cent of NDTV was made by Adani group’s Vishvapradhan Commercial Private Ltd (VCPL) along with AMG Media Networks Ltd and Adani Enterprises Ltd. The last date for tendering of shares by NDTV shareholders is November 1. The last date of communicating…

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    • 5 September
      458

      Sensex gains over 280 pts in early trade; Nifty above 17,600

      Mumbai: Benchmark indices began the trade on a positive note on Monday, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC Bank amid a mixed trend in global markets. The BSE Sensex climbed 286.36 points to 59,089.69 in early trade. Likewise, the NSE Nifty advanced 77.9 points to 17,617.35. From the Sensex pack, ICICI Bank, Tech Mahindra, ITC, HCL Technologies, Tata Steel, Axis Bank, Reliance Industries, IndusInd Bank and HDFC Bank were the major gainers in early trade. In contrast, Nestle, PowerGrid, Mahindra & Mahindra, Dr Reddy’s and Hindustan Unilever were among the laggards in initial trade. In the previous session on Friday, the BSE benchmark inched up 36.74 points or 0.06 per cent to settle at 58,803.33. The Nifty dipped 3.35 points…

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    • 5 September
      459

      India set to become 3rd largest economy by 2029

      Mumbai: India is expected to become world’s third largest economy by 2029 due to the path taken by the country since 2014, SBI Ecowrap report said. The share of India’s GDP is now at 3.5 per cent, as against 2.6 per cent in 2014 and is likely to cross 4 per cent in 2027, the current share of Germany in global GDP. India has undergone a large structural shift since 2014 and is now the 5th largest economy. Interestingly, India had surpassed UK as the 5th largest economy as early as December 2021 itself and not recently as is being claimed. “The path taken by India since 2014 reveals India is likely to get the tag of 3rd largest economy in 2029, a movement of 7…

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