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 -
      5 September
      367

      Rupee rises 5 paise to 79.82 against US dollar in early trade

      Mumbai: The rupee appreciated 5 paise to 79.82 against the US dollar in early trade on Monday in line with a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as the strengthening of the American currency in the overseas market and rising crude oil prices are weighing on investor sentiment. At the interbank foreign exchange, the rupee opened at 79.84 against the dollar and touched 79.82 in initial deals, registering a gain of 5 paise over the last close. On Friday, the rupee closed at 79.87 against the dollar. The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.39 per cent to 109.95. Global oil benchmark Brent crude futures jumped…

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    • 5 September
      471

      OnePlus 50-inch Y1S Pro TV is affordable, impressive

       In an effort to bring some competition to the existing TV lineups in the country, global technology brand OnePlus has unveiled the latest smart TV — Y1S Pro — as an extension to its Y Series. Priced at Rs 32,999, the 50-inch smart TV offers a smarter and connected ecosystem experience. It has been introduced as the new screen size variant in addition to the OnePlus TV Y Series 43-inch Y1S Pro, launched earlier this year. Powered by Android TV 10 platform, the affordable smart TV boots OxygenPlay 2.0 interface, and the company claims to transform users’ viewing experience by providing excellent clarity and astounding visual detail. The new smart TV 50 has a 50-inch 4K resolution screen of 10-bit colour depth. It also offers Ultra…

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    • 4 September
      320

      Global PC, tablet shipments to fall significantly in 2022 and 2023

      New Delhi: Global shipments of traditional PCs are forecast to decline 12.8 per cent in 2022 to 305.3 million units while tablet shipments will fall 6.8 per cent to 156.8 million, according to a new report. Inflation, a weakening global economy, and the surge in buying over the past two years are the leading causes for the reduced outlook, according to the report by the IDC. “Long-term demand will be driven by a slow economic recovery combined with an enterprise hardware refresh as support for Windows 10 nears its end. Educational deployments and hybrid work are also expected to become a mainstay driving additional volumes,” said Jitesh Ubrani, research manager for IDC Mobility and Consumer Device Trackers. Further contraction is…

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    • 3 September
      293

      Rupee falls 14 paise to 79.70 against US dollar in early trade

      Mumbai: The rupee depreciated by 14 paise to 79.70 against the US dollar in opening trade on Friday, weighed down by strength of the American currency in the overseas market. At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close. On Thursday, the rupee declined by 4 paise to close at 79.56 against the dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 109.55. The rupee opened on a weak note as the dollar index advanced to 109.60 with the British pound falling to its lowest in two years while…

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    • 3 September
      289

      Anand Mahindra reacts after Starbucks names Indian-origin Laxman Narasimhan as new CEO

      Anand Mahindra is absolutely rejoicing the fact that Indian-origin Laxman Narasimhan has been named as the new Chief Executive Officer (CEO) of coffee giant Starbucks. He took to Twitter and wrote how the appointment of Indian-origin CEOs at the world’s most iconic companies has now become an “unstoppable trend”. “What was initially a trickle of water has turned into a Tsunami. The appointment of Indian-origin CEOs at the world’s most iconic companies is now an unstoppable trend. International boardrooms consider them to be almost ‘safe’ leadership bets” Anand Mahindra’s tweet read. Several users commented on Anand Mahindra’s post. A section of the internet said what they felt about Laxman Narasimhan’s appointment as CEO of Starbucks. “As an Indian-origin CEO/COO of…

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    • 2 September
      309

      SBI Ecowrap revises annual GDP growth for FY23 to 6.8%

      Mumbai: A report by the SBI Ecowrap has now revised its annual GDP growth for FY23 to 6.8 percent, a large part of which is a statistical adjustment with growth momentum likely to show increasing momentum in the second half of current fiscal. “The downward revision is mostly to do with our Q1GDP estimate that was at 15.7 percent,” the report said. In the first quarter of the current financial year, the Indian economy grew by 13.5 percent amid rebound in the growth of the service sector. The GVA grew by 12.7 percent. Though GDP grew in double digits, but it still came way below the market expectations. The primary culprit was the growth in manufacturing sector, which grew by…

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    • 2 September
      301

      Reckitt Benckiser CEO Laxman Narasimhan steps down abruptly

      London: Laxman Narasimhan, the CEO of Dettol disinfectant maker Reckitt Benckiser, has abruptly announced his resignation in order to take up a new job in the US, surprising investors after a relatively brief three-year stint at the top of the FTSE 100 company, media reports said. Narasimhan will step down as the CEO on September 30, despite being partway through a turnaround plan he had launched after joining in September 2019, The Guardian reported. Shares in the Slough-based company, whose brands also include Durex condoms, Calgon detergent and Nurofen painkillers, fell by 4.5 percent on Thursday morning. It was valued at about 48 billion pound before the announcement. Narasimhan said: “I have been offered an opportunity to return to the…

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    • 2 September
      275

      Govt received Rs 7,85,914 crore till July, incurred Rs 11,26,745 crore as expenses

      New Delhi: The Union government received Rs 7,85,914 crore till July 2022, consisting of Rs 6,66,212 crore in terms of tax revenue, Rs 89,583 crore of non-tax revenue, and Rs 30,119 crore of non-debt capital Receipts, according to a statement issued by the Finance Ministry on the Centre’s monthly account. Non-debt capital receipts consist of recovery of loans of Rs 5,559 crore and miscellaneous capital receipts of Rs 24,560 crore. An amount of Rs 2,01,108 crore has been transferred to state governments as devolution of share of taxes by the Centre up to July, 2022, which is Rs 36,044 crore higher than the previous year. Total expenditure incurred by the government till July 2022 was Rs 11,26,745 crore, out of which…

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    • 2 September
      315

      Hyundai, Kia global sales rise in August despite chip shortage

      Seoul: Hyundai Motor, South Korea’s biggest carmaker, said on Thursday that its sales rose 12 percent in August from a year earlier despite an extended chip shortage. Its subsidiary Kia’s sales also went up 10 percent last month from a year earlier despite an extended chip shortage. Hyundai sold a total of 334,794 vehicles in August, up from 300,004 units a year earlier on robust overseas demand for its models, the company said in a statement. Domestic sales fell 3.5 percent to 49,224 units from 51,034 during the period, while overseas sales climbed 15 percent to 285,570 from 248,970, reports Yonhap news agency. To prop up sales in the second half, Hyundai said it plans to launch the IONIQ 6…

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    • 2 September
      284

      Premium smartphone ASP reaches record high at $780, Apple leads

      New Delhi: The average selling price in global premium smartphone market ($400 and above) grew 8 per cent (year-on-year) to reach a record $780 in the June quarter this year, a new report showed on Thursday.’ Apple captured 57 per cent of premium smartphone market sales, while Vivo surpassed OPPO to become the third largest premium smartphone brand for the first time. This was driven by the 94 per cent (YoY) sales growth in the $1,000 and above price segment. In terms of sales, the premium market continued to outperform the overall global smartphone market for the ninth consecutive quarter, reports Counterpoint Research. The segment alone contributed to over one-fourth of premium smartphone sales and over a fifth of global smartphone…

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