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 -
      1 September
      268

      Reliance to bring back Campa Cola of the 70s! Ambani buys the old brand from Pure Group

      Mukesh Ambani-led Reliance Industries Limited (RIL) has acquired the famous Campa brand from New Delhi-based Pure Drinks Group for an estimated amount of Rs 22 crore, a report in The Economic Times said. The acquisition is in line with the group’s plan to venture into the soft drinks business under its retail arm. Along with the Campa brand, the group has also taken over the soft drink brand Sosyo.   The Campa brand and Campa Cola were the two popular soft drink brands in the 1970s and 1980s. The brand’s popularity ultimately fizzled out after the entry of Coca-Cola and PepsiCo in the 1990s. Reliance Retail will now relaunch the soft drink in cola, lemon, and orange flavours in October…

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    • 1 September
      277

      Rupee falls 14 paise to 79.66 against US dollar in early trade

      Mumbai: The rupee depreciated by 14 paise to 79.66 against the US dollar in opening trade on Thursday, tracking the strength of the American currency overseas. At the interbank foreign exchange market, the rupee opened at 79.55 against the greenback, then fell further to 79.66, registering a decline of 14 paise over its last close. On Tuesday, the rupee had finished at a nearly two-week high of 79.52. The domestic forex market was closed on Wednesday on account of Ganesh Chaturthi. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.28 per cent to 109. The rupee opened weaker against the dollar as prospects of further aggressive policy tightening by the US Federal Reserve and the European Central Bank (ECB) weighed…

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    • 1 September
      285

      India’s first quarter GDP grows 13.5 pc; Here’s what analysts have to say

      New Delhi: Powered by a favourable base effect, India‘s gross domestic product (GDP) grew 13.5 per cent in the first quarter of the current financial year (April-June) as compared to 4.1 per cent in the previous quarter, according to the official data released on Wednesday. Though the Q1 growth was lower than the Reserve Bank of India‘s estimate of 16.2 per cent for the first quarter of 2022-23, it was the sharpest growth in the Indian economy in a year. India’s real GDP or Gross Domestic Product (GDP) with 2011-12 as the base is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in the same quarter of 2021-22. During the first quarter of 2021-22, the GDP was…

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    • 1 September
      311

      No cap on airfare from now, air ticket prices may go up during festive season

      New Delhi: There will be no cap on air ticket prices from August 31, and airlines will have flexibility in fixing the airfares. However, experts said that high competition among the airlines may lead to benefits for fliers and many airlines may offer discounts as per the demands. Aviation expert Harshvardhan said: “The move will give flexibility to the airlines in deciding airfares and airlines can charge as per their policies. Airfare cap was more towards the higher side. New airline has come and there is competition in the sector. To attract travelers, some airlines are likely to come up with offers.” An industry source said that airlines will have freedom to decide on air ticket prices, according to the prevailing…

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    • 1 September
      294

      Twitter planned to make money via monetising porn on its platform

      New Delhi: Twitter reportedly planned to monetise adult content on its platform this year, by allowing adult creators to sell subscriptions on the micro-blogging platform, and become profitable in a jiffy. According to The Verge, Twitter was set to become a competitor to adult creator website OnlyFans by allowing adult creators to use its platform in the spring of 2022. Some adult creators still reportedly rely on Twitter as a means to advertise their OnlyFans accounts, as posting porn doesn’t violate its guidelines. However, an 84-employee “Red Team” discovered that Twitter cannot detect child sexual abuse material (CSAM) at scale if it allows adult content to stream via its platform. Twitter also lacked tools to verify that creators and consumers of…

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    • 1 September
      315

      Amazon India’s growth has come at a high cost while profitability remains elusive

      New Delhi: Nearly a decade later, Amazon India’s report card is decidedly mixed, foreign brokerage Bernstein said in a report. India is often the dream prized market of many global internet companies, yet also one of the most challenging to unlock — just ask the Chinese apps. “Who can forget Jeff Bezos’ 2014 visit standing on top of a colorful lorry announcing a $2 billion investment? But nearly a decade later, Amazon India’s report card is decidedly mixed,” the report said. The country is one of Amazon’s biggest overseas markets and also one of its fastest growing with a best-in-class customer experience and large Prime customer base. Yet this growth has come at a high cost of over $6.5 billion plus…

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    • Aug- 2022 -
      31 August
      293

      Gautam Adani overtakes Louis Vuitton chief to become world’s 3rd richest person

       Business conglomerate Adani Group’s chairman Gautam Adani is now the world’s third-richest person after overtaking France’s Bernard Arnault according to Bloomberg Billionaires Index. With a total net worth of USD 137.4 billion, 60-year-old Adani has surpassed the wealth of Louis Vuitton chairman Arnault and is now just behind business magnate Elon Musk and Jeff Bezos in the ranking. In the latest Bloomberg Billionaires Index, Reliance chief Mukesh Ambani is at number 11 with a total USD 91.9 billion worth. This is the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index. The index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile…

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    • 31 August
      293

      Reliance Jio to roll out 5G services by Diwali: Mukesh Ambani

       Mukesh Ambani, Chairman and Managing Director, Reliance Industries, on Monday announced that Reliance Jio will roll out standalone 5G services in select cities in the country by Diwali, which falls on October 24. To build pan-India true 5G network, Jio has committed a total investment of Rs 2 lakh crore. To begin with, Jio announced the launch of 5G services in four metro cities — Delhi, Mumbai, Kolkata and Chennai. These will be expanded to other cities and towns in phases rapidly to cover the entire country by December 2023. At the ‘Reliance AGM 2022’, Mukesh Ambani said it will be ‘world’s largest’, ‘standalone’ Jio 5G services. “Jio 5G services will connect everyone, every place and everything with the highest quality and affordability.…

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    • 31 August
      275

      Hyderabad-based 3F Oil Palm to invest Rs 250 crore in Arunachal Pradesh

      Hyderabad:Hyderabad-based oil palm developer 3F Oil Palm said it will invest Rs 250 crore to set up an integrated oil palm factory in Arunachal Pradesh. The company had acquired 120 acre for the project in February. Approvals and statutory clearances pertaining to the land were obtained. The project will have a palm oil processing and refinery, an effluent plant, a power plant-based on palm waste and other support functions. The factory will be developed in two phases and the first phase is expected to be commissioned by September next year and generate local employment to over 300 people. 3F has its operations in about 2,000 hectare and works with 500 farmers. It imported hybrid variety seed sprout. It has a fertilizer distribution license…

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    • 31 August
      278

      Flipkart strengtens kirana deliveries with 2L new partners

      Hyderabad: Ahead of festive seasons, Flipkart, India’s Homegrown e-commerce marketplace announced the strengthening of its kirana delivery with an onboard partner count of two lakhs. This will enable customers across the country including metros, rural areas, and tier-2 and tier-3 cities to buy and receive their products on the platform. According to the press release, Flipkart has launched kirana stores in the states of West Bengal (27,000), Bihar (23,000+), Uttar Pradesh (20,000+), Maharashtra (17,000+) and Tamil Nadu (14,000). Senior Vice-President, Supply Chain at the Flipkart Group, Hemant Badri said, “As a homegrown e-commerce marketplace, Flipkart is committed to creating a shared value for all ecosystem partners and has rolled out various initiatives over the years to further assimilate them into our…

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