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

    • Aug- 2022 -
      31 August
      296

      Tesla quietly develops virtual power plant in Japan

      Tokyo: Electric car maker Tesla is quietly developing a virtual power plant in Japan as it has revealed that since 2021, it has been quietly installing its Powerwall batteries at residences on the Japanese island of Miyako-jima. Till now, the company said it has installed over 300 units of Powerwall batteries and expects to install 100 more by year-end. “This is the first commercial use of Powerwall for a VPP project in Japan, and it will be the largest commercial VPP using household storage batteries in Japan,” the company said in a statement. This project is based on the “solar panel + storage battery installation service”, which allows users to install a solar power generation system and a storage battery…

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    • 30 August
      329

      ‘Thank you, Chairman’: The next generation of Ambanis take over from dad Mukesh

      The next generation of Ambanis made their presence felt at the 45th AGM of Reliance Industries. While both Akash and Isha had made appearances multiple times, this time they took the stage as leaders of Reliance Jio and Reliance Retail. The Ambani twins made some significant announcements as they stood shoulder-to-shoulder with their father and billionaire, Mukesh Ambani.  When Mukesh Ambani spoke about the conglomerate’s 5G plans, his eldest son Akash Ambani took over. Speaking in turns with Kiran Thomas, President of RIL, Akash Ambani spoke about Reliance Jio 5G and said that it delivers breakthrough increases in broadband speed, while drastically lowering latency. “We don’t get 1 Gbps even on many of the fixed broadband networks in our country,”…

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    • 30 August
      296

      Gautam Adani enters list of top three billionaires in the world

      New Delhi: Adani Group’s chairman Gautam Adani became the first India to enter the list of top three billionaires in the world. He became the world’s third-richest person after overtaking France’s Bernard Arnault according to Bloomberg Billionaires Index. With a total net worth of $137 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. The net worth of Elon Musk and Jeff Bezos are currently at $ 251 billion and $153 billion, respectively. List of top 10 billionaires in the world As per the index, Elon Musk continues to be the richest person in the world with a net worth of $251 billion.…

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    • 30 August
      316

      Rupee ends 10 paise lower; touches all-time low of 80.13 against US dollar

      Mumbai: The rupee ended 10 paise lower at 79.96 against the US dollar after touching an all-time low of 80.13 in early morning trade on Monday. The rupee breached the 80-to-a-dollar mark to hit a fresh record low of 80.13 today after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The rupee weakened to a low of 80.14 against the US dollar in the first few minutes of trade on Monday as the US dollar index strengthened well past the 109-mark. The previous lifetime low for the rupee was 80.06 per dollar on July 19. “The Rupee broadly is in downtrend as FED’s chair speech at Jackson hole turned…

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    • 30 August
      330

      Mukesh Ambani outlines Next-Gen leadership roles at Reliance Industries

      New Delhi: The 45th annual general meeting of Reliance Industries Limited (RIL) has set the stage for Next-Gen leadership. Mukesh Ambani, Chairman and Managing Director of RIL, laid emphasis on Next-Gen leadership roles while he will continue to provide hands-on leadership. Akash and Isha Ambani have assumed leadership roles in Jio and Retail, respectively, while Anant has joined New Energy business. They are part of a young team of leaders and professionals mentored by senior leaders, Mukesh Ambani outlined. Mukesh Ambani will continue to provide hands-on leadership and along with existing leaders and Board of Directors, will work towards making Reliance more robust, resilient and truly future-ready. Strengthening institutional underpinning for Reliance by enriching Reliance’s leadership capital and institutional culture along…

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    • 30 August
      469

      Mukesh Ambani details succession plan; Akash to lead telecom, Isha to get telecom and Anant to head new energy unit

      Billionaire Mukesh Ambani on Monday laid bare the succession plan at India’s most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn’t retiring yet and will “continue to provide hands-on leadership as before”. At the annual shareholders’ meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains “a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines.” Reliance has three broad businesses oil refining and petrochemicals, retail, and digital services that include telecom. Retail and digital services are housed in separate wholly-owned subsidiaries — Jio Platforms and…

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    • 29 August
      504

      Sitharaman describes Jan Dhan scheme as major step in financial inclusion

      New Delhi: Finance Minister Nirmala Sitharaman described the Pradhan Mantri Jan Dhan Yojana (PMJDY) as a major step towards financial inclusion, informing that the programme’s success can be gauged from the fact that 46 crore bank accounts with a deposit balance of Rs 1.74 lakh crore have been opened under it in the last eight years. In a statement issued on the occasion of the completion of eight years of the scheme on Sunday, the Finance Minister said that the PMJDY has an expanded coverage of 67 per cent in rural or semi-urban areas. At the same time, it has 56 per cent of women as account holders, the Finance Minister added. The scheme had come under implementation on August 28, 2014. “Continuation of…

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    • 29 August
      462

      Akasa Air issues apology after data breach, says no intentional hacking attempt

      New Delhi: Akasa Air suffered a data breach, allowing unauthorised individuals to view data of some of its customers, India’s new airline has admitted. The airline apologised for the data breach, saying there was “no intentional hacking attempt” to break into its systems. The airline said in a message posted on its website that a temporary technical configuration error related to our login and sign-up service was reported to us on Thursday August 25, 2022″. “As a result of this configuration error, some Akasa Air registered user information limited to names, gender, email addresses and phone numbers may have been viewed by unauthorised individuals,” the company elaborated on Sunday. “We can confirm that aside from the above details, no travel-related information, travel records or payment…

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    • 28 August
      276

      Bitcoin plunges below $20K, may reach $10K level this year

      New Delhi: After showing some stabilisation in the last few weeks, world’s largest cryptocurrency Bitcoin has plunged once again below $20,000 after Federal Reserve Chair Jerome Powell’s keynote address. Bitcoin initially showed little reaction to Powell’s remarks, but then nosedived sharply and on Sunday, it was hovering around $19,975 per digital coin which is more that 60 per cent drop in its value since last year when it reached a record-high of $68,000 in November. Bitcoin prices had stabilised around the $23,000 to $24,000 level after plunging below $20,000 in June. The prices of ethereum and other leading digital currencies have also rallied in the past two months, leading to hopes that this nascent market may have reached its bottom.…

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    • 27 August
      301

      Amazon job posting by Jeff Bezos from 1994 is perfect example of how startups should hire first employees

      Amazon is one of the top tech giants with more than 16 lakh employees worldwide. The company hires a lot of new talent every year and is definitely on the list of dream companies to work for many aspiring techies. But, have you ever thought of how Amazon hired its first employees? Amazon was founded in 1994 and nearly 30 years after it was initially launched online, one of the very first help wanted ads created by Jeff Bezos has gone viral online. Bezos, the founder of the e-commerce giant, posted for the job opening on August 22, 1994, and wrote, “Well-capitalized start-up seeks extremely talented C/C++/Unix developers to help pioneer commerce on the Internet.” “You must have experience designing…

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