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 -
      26 August
      304

      Adani says SEBI nod not required, NDTV “bound to immediately” allot shares

      Adani group’s flagship company Adani Enterprises on Friday through a regulatory filing to the stock exchanges said prior approval from market regulator Securities and Exchange Bureau of India (SEBI) is not required for allotment of NDTV shares to its unit Vishvapradhan Commercial. This comes after NDTV on Thursday informed the stock exchanges that its promoters are barred from accessing the securities market until November 26, 2022, and thus Adani Group would require the market regulator’s approval to acquire any stake in the news channel company. “The contentions raised by RRPR (a promoter group company of NDTV) in the Letter are baseless, legally untenable and devoid of merit. RRPR is therefore bound to immediately perform its obligation and allot the equity…

      Read More »
    • 26 August
      324

      Sensex gains over 500 pts in early trade; Nifty above 17,650

      Mumbai: Equity benchmark Sensex climbed over 500 points in early trade on Friday, tracking gains in index-heavyweights Titan, Wipro and Infosys amid a firm trend in global markets. Foreign fund inflows into capital markets also added to the momentum, traders said. The BSE Sensex climbed 520.85 points to 59,295.57 in early trade. Likewise, the broader NSE Nifty advanced 163.4 points to 17,685.85. From the Sensex pack, Titan, Tech Mahindra, Mahindra & Mahindra, Tata Steel, Kotak Mahindra Bank, Wipro, Infosys and Axis Bank were among the major winners. On the other, Bharti Airtel and Nestle were the laggards. In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green in mid-session deals. Wall Street had ended with gains…

      Read More »
    • 26 August
      319

      Rupee rises 6 paise to 79.86 against US dollar in early trade

      Mumbai: The rupee appreciated 6 paise to 79.86 against the US dollar in opening trade on Friday, driven by foreign fund inflows and a firm trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.87 against the dollar and inched higher to touch 79.86, registering a gain of 6 paise over its previous close. In the previous session, the rupee declined by 6 paise to close at 79.92 against the American currency. The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.05 per cent to 108.51. Brent crude futures, the global oil benchmark, advanced 0.83 per cent to USD 100.16 per barrel. Forex traders said, the rupee is expected to…

      Read More »
    • 26 August
      321

      GenepoweRx collaborates with Onco.com for affordable cancer gene testing

      Hyderabad: Hyderabad-based genetic testing company GenepoweRx on Thursday announced collaboration with Onco.com, which could provide cancer patients access to advanced genetic sequencing tests at affordable fee and enable oncologists to better understand cancer causing mutations among Indian population, which will help develop effective and affordable drugs. GenepoweRx and Onco.com will work together in carrying out advanced cancer genomics tests and reporting accurate recommendations specific to the Indian population towards targeted therapy in cancer, a press release said. The targeted therapy is an advanced and new form of cancer treatment which focuses on the root causes i.e. genetic changes or mutations that turn healthy cells into cancer cells. There are over 82 FDA approved targeted therapy drugs covering more than 15 types of cancers, including…

      Read More »
    • 25 August
      293

      Jhunjhunwala left a will, set to bequeath Rs 50,000 cr fortune to his wife and children

      The bull has sadly left the sand pit before his time, very much at the peak of his prowess. Putting an end to all speculation, legal fraternity sources have revealed that top stockbroker and Big Bull Rakesh Jhunjhunwala has left a will which will provide direction and intent on his heirs and the handling of his colossal fortune hereafter. Jhunjhunwala, whose fortune is believed to be worth approximately Rs 50,000 crore, had arranged to ensure his estate, including shares and property, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child – charity. A part of his fortune will thus definitely go towards his favorite charities. His assets – direct holdings in…

      Read More »
    • 25 August
      300

      India application software spending to reach $4.7 bn in 2022

      Mumbai: End-user spending on enterprise application software in India is likely to total $4.7 billion in 2022, an increase of 14.8 per cent from 2021, a Gartner report said on Wednesday. However, the growth in software spending will be lower in 2022 than in 2021 owing to a volatile global macroeconomic situation that has increased business uncertainty. “Organisations will continue to put new long-term projects on hold selectively and cut the scope of high-cost projects and instead look to ‘quick win’ projects that either have a shorter return on investment (ROI) or provide a competitive edge,” said Neha Gupta, vice president analyst. The increased spending will be directed towards improving customers’ digital experiences. “Driven by the digital transformation agenda, Indian enterprises…

      Read More »
    • 25 August
      307

      ASUS unveils six laptops to empower content creators in India

      New Delhi: With the aim to cater to content creators, Taiwanese tech giant ASUS on Wednesday launched six new laptops in the Indian market that start at Rs 67,990 and go up to Rs 329,990. The Creator Series laptops include the flagship Zenbook Pro 14 Duo OLED and Pro16X OLED, along with ProArtStudioBook Pro 16 OLED and 16 OLED and VivoBook Pro 15 OLED and 16X OLED. “The pandemic has acted as a further catalyst in this shift. These shifts have enabled the rise of content creators and knowledgeable professionals in the country. Therefore, to cater to India’s burgeoning content creator ecosystem, we are introducing the six new Creator Series laptops today,” Arnold Su, Business Head, Consumer and Gaming PC, System…

      Read More »
    • 25 August
      287

      Maruti Suzuki to recall 166 Dzire Tour S cars for Airbag control unit defect

      New Delhi: India’s largest carmaker Maruti Suzuki on Wednesday said it will recall 166 Dzire Tour S vehicles for replacing Airbag Control Unit free of cost for possible defects. The vehicles that will be recalled have been manufactured between 6th August 2022 to 16th August 2022. The recall is being undertaken to replace the Airbag Control Unit, free of cost, in these vehicles. It is suspected that there is a possible defect in Airbag Control Unit, which in rare case might result in malfunctioning during deployment, Maruti Suzuki said in a regulatory filing to the stock exchanges. “Customers of suspected vehicles are advised not to drive/use the vehicle till the Airbag Control Unit is replaced,” Maruti Suzuki said. Affected vehicle owners…

      Read More »
    • 25 August
      309

      Snap agrees to pay $35 mn over illegal user data collection in US

      San Francisco: Snap, the parent company of photo-sharing platform Snapchat, has reached a $35 million settlement with the state of Illinois in the US in a class-action lawsuit over illegal user data collection. The lawsuit alleged that Snapchat’s filters and lenses violated the state’s Biometric Information Privacy Act (BIPA). The company stored “biometric data without users’ consent,” reports Chicago Tribune. People who used lenses and filters between November 17, 2015, and till today are eligible for a cut of the settlement, “estimated to be between $58 and $117,” the report said late on Tuesday. The state law requires companies to tell people in writing why their biometric data is being collected and how long it will be kept. A company spokesperson,…

      Read More »
    • 24 August
      352

      IT HAPPENED! Elon Musk’s $10,000 House FINALLY Hitting The Market

      Read More »
    Previous page Next page
    Back to top button

    Notice: ob_end_flush(): Failed to send buffer of zlib output compression (0) in /home4/eveningd/public_html/wp-includes/functions.php on line 5464