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 -
      24 August
      290

      Adani’s NDTV buyout: A saga with many twists and turns, 13 years in the making

      It all seems to have happened in a matter of two days.   On August 22, NDTV said in a stock exchange announcement that a query related to founders Prannoy Roy and wife Radhika Roy selling their stake in the company held through RRPR Holding Private Limited was a “baseless rumour” and that they are “not in discussions now, nor have been, with any entity for a change in ownership or a divestment of their stake in NDTV”. Next day – August 23rd – saw another announcement announcing an open offer, triggered by Vishvapradhan Commercial Private Limited (VCPL), a wholly-owned subsidiary of Adani’s Group’s AMG Media Networks, acquiring 29.18 per cent in the media major by converting its warrants into…

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    • 24 August
      280

      T-Hub, Hyderabad Angels join hands to support startups

      Hyderabad: Startup innovation enabler T-Hub announced its partnership with angel investors Hyderabad Angels in Hyderabad. Hyderabad Angels will provide access to investment opportunities from India, the USA, the UK, Singapore, Dubai, and UAE, among other countries, to the startups. It will also have a presence at the new facility of T-Hub. “Joining forces with Hyderabad Angels elevates our value proposition, and we look forward to creating an impact together for our startup community. This will play a key role in providing the startups with access to technology, mentorship, funding avenues and tools they require to accelerate their innovation agendas,” said M Srinivas Rao, CEO of T-Hub. “Hyderabad Angels have successfully invested in more than 60 startups till date. We work with…

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    • 24 August
      298

      Ford confirms to layoff 3,000 staff in US, India: Report

      San Francisco: The US-based car maker Ford Motor has reportedly confirmed that it is laying off roughly 3,000 employees and contract workers, with the cuts primarily affecting staff in the US, Canada and India. According to The Wall Street Journal, Ford sent an internal email to employees, saying it would begin notifying affected salaried and agency workers this week of the cuts. About 2,000 of the targeted cuts will be salaried jobs at Dearborn, Michigan. The remaining 1,000 employees are working in contract positions with outside agencies, the company said. The email, signed by Executive Chairman Bill Ford and Chief Executive Jim Farley, said Ford is changing the way it operates and redeploying resources as it embraces new technologies that were not previously…

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    • 23 August
      295

      Only 1% Indians plan to buy e-scooters in next 6 months, safety top concern

      New Delhi: As the government probes multiple fires in electric two-wheelers, only 1 percent household consumers plan to buy an e-scooter in the next six months amid safety and performance concerns, a new report showed on Monday. Around 32 percent of respondents are not convinced about the safety and performance of electric scooters in August while in March this year, the number stood at 17 percent – as more than two dozen electric two-wheelers caught fire in March and April, according to data provided by community social media platform LocalCircles. After more than two dozen electric two-wheelers caught fire in March and April, around 7,000 units were “voluntarily” recalled by electric scooter makers such as Ola, Pure EV, and Okinawa. The government set…

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    • 23 August
      312

      Gautam Adani widens gap with Mukesh Ambani, likely to surpass Jeff Bezos

      Mumbai: Adani Group founder and India’s richest person Gautam Adani on Monday widened the gap with Mukesh Ambani, chairman of Reliance Industries Limited (RIL). Currently, the net worth of Adani is $143.2 billion whereas Ambani’s net worth is $94.2 billion. In around one month, Adani’s net worth increased by over 25 percent i.e., $28.8 billion. If the similar surge continues, the net worth of Adani is likely to surpass Amazon CEO Jeff Bezos’s net worth. At present, the net worth of Jeff Bezos is $162.7 billion. The gap between Gautam Adani and Bernard Arnault, the second richest person in the world, also got narrowed in the past few days. Last month, Gautam Adani bagged the fourth spot on the billionaires’ list…

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    • 23 August
      285

      CEO of NSO group, famed for Israeli spyware Pegasus, steps down

      The chief executive of Israeli spyware firm, Shalev Hulio of NSO group has stepped down from his position and chief operating officer Yaron Shohat is appointed to look after the reorganisation of the company until the next CEO is appointed. A source close to the company assured us on Sunday that about 100 employees will be released as a part of the firm’s reorganisation and Shohat will guide the company until the board appoints a new CEO. The security company, which makes Pegasus software, has been facing legal action as its tools were used by governments and other agencies to hack the smartphones of protesters, human rights activists and journalists. NSO also said that its technology is planned to help catch…

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    • 22 August
      523

      Dubai’s Emaar to sell fashion platform Namshi to Noon

      Abu Dhabi: Dubai’s Emaar Properties has announced that it has decided to sell its online fashion platform Namshi to e-commerce company Noon for $335.2 million. Emaar said in a disclosure submitted to the Dubai Financial Market on Saturday that its board of directors “has decided in principle to sell Namshi company to Noon, for the benefit of a related party to the company”. The company stated in its statement that the selling price amounted to 335.2 million dollars (1.23 billion dirhams) in cash. The company confirmed that detailed information will be disclosed; once the official approval is obtained from the board of directors of Noon company. It is noteworthy that Dubai businessman Mohammed Alabbar, founder of Emaar Properties, is the same founder and owner of…

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    • 22 August
      475

      Apple CFO Luca Maestri sells stock worth $16.9 mn

      San Francisco: Apple’s Chief Financial Officer Luca Maestri has sold shares worth $16.9 million as part of an arranged trading plan. According to a filing with the US Securities and Exchange Commission (SEC), the transactions was executed in two tranches. One transaction was for 66,390 shares, sold for $174.66 each, while the other was 30,345 shares fetching $175.60 apiece. MacRumors reports that a total of 96,735 shares were sold by Maestri. “The transactions were made pursuant to a predetermined trading plan adopted by Maestri in November 2020, in accordance with insider trading laws”, the report mentioned. Maestri still holds around 110,000 shares of Apple stock following the sale, according to the US SEC filing. Maestri joined Apple in 2013 and…

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    • 21 August
      307

      Zero-cost term insurance policies woo policyholders

      Hyderabad: Term insurance is the cheapest and effective investment channel that provides financial protection to a family. However, there are still many who think there is no real need or a benefit for them personally. In a step that will encourage such fence sitters to consider a term policy, insurance companies are now offering zero-cost term insurance policies that return the premiums paid if the subscribers discontinue the policy at a later stage.“Some subscribers may feel that they no longer need a term policy as they do not have any liabilities. Mostly this is around the retirement phase. At this point, they can exit the zero-cost term insurance policies and get back the premiums paid,” said Sajja Praveen Chowdary, Head Term…

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    • 20 August
      312

      Netflix not to stream ads during movies, TV series for kids

      New Delhi: Streaming giant Netflix is likely planning not to show ads during kids’ movies and TV series, and will keep kids’ programming ad-free like its rival Disney+ announced in May this year. Netflix has told its partners that kids’ programming would stay commercial-free, reports TechCrunch. However, original series such as ‘Stranger Things’, ‘Bridgerton’, and ‘Squid Game’ are expected to still see ads. Organisations like the American Psychological Association have called for strict restrictions on advertising for children. According to analysts, Netflix is likely to be one of the key players in online video advertising, generating an estimated $4 billion a year in ad sales. Google-owned YouTube now officially limits the amount of data it and creators can collect on content…

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