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 -
      20 August
      301

      Foreign exchange reserves decline to USD 570.74 bn

      Mumbai: The country’s foreign exchange reserves fell USD 2.238 billion to USD 570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data. In the previous week ended August 5, the foreign exchange reserves declined USD 897 million to USD 572.978 billion. The fall in the reserves in the reporting week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI on Friday. FCA declined USD 2.652 billion to USD 506.994 billion, the data showed. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound…

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    • 20 August
      303

      India’s smartwatch market grows highest ever at 312%, Fire-Boltt leads

      New Delhi: India’s smartwatch market grew an impressive 312 per cent (on-year) in the June quarter, and homegrown company Fire-Boltt led the market for the first time with a 28 per cent share, a new report said on Friday. Noise was second with a 26 per cent share (best-selling brand in online channels) and boAt, together with its sub-brands, maintained the third place with a 19 per cent share, according to Counterpoint Research. Online channels contributed 67 per cent to the total shipment volume with Amazon as the leader. “India’s Smartwatch shipments grew by 4 times annually in Q2 2022, with Fire-Boltt leading. Fire Boltt and Noise captured more than half of the total smartwatch market,” said senior research analyst Anshika…

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    • 19 August
      329

      Consumer court slaps Rs 95k fine on Ola Cabs for poor service, overcharging

      The consumer court has penalised Ola Cabs for charging a customer an exorbitant amount and not providing air conditioning. Following a petition filed by Jabez Samuel stating that he and his wife were left stranded for four hours after the cab driver asked them to get down after covering 5 kilometers in October last year, the court asked the ridesharing company to pay Rs 88,000 compensation to the customer and Rs 7,000 as costs of the hearing. The time for compliance is 45 days and if the firm fails to comply with court orders it would be liable to pay interest. Samuel and his wife boarded the Ola cab and found it to be messy. Upon being requested to turn…

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    • 19 August
      326

      Kore.ai opens its AI platform to SMBs, developers

      Hyderabad: Artificial intelligence solutions provider Kore.ai announced plans to widen the availability of its solution- Kore.ai Experience Optimization XO platform- to companies of all sizes. Small and medium businesses, startups, entrepreneurs and developer community will benefit from the platform’s do-it-yourself (DIY) functionalities for driving AI adoption without a big initial investment. “Kore.ai’s platform technology, which is typically used by our large enterprise clients, is now accessible to everyone who wishes to explore the power of conversational AI. Entrepreneurs can test their proof-of-concepts,” said Raj Koneru, CEO and Founder of Kore.ai. The platform enables businesses to design, build, test and deploy sophisticated conversational virtual assistants and process apps with minimal technical know-how or support. This approach reduces an organisation’s reliance on skilled…

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    • 19 August
      302

      You may have to pay a fee for UPI transactions in future

      Hyderabad: Many do not mind going out without carrying any cash on person. They believe they can just scan and pay through the UPI for all purchases they make. UPI is a convenience and is free. But that might change soon and there might be a fee to pay on UPI transactions. The RBI on Wednesday released a discussion paper on ‘Charges in payment systems’ for public feedback. It sought feedback and suggestions by October 3. It sought to know if subsidising costs was a more effective alternative to zero charges, if UPI transactions were to be charged, should the merchant discount rate (MDR) be a percentage of transaction value or a fixed amount and should the charges be administered or…

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    • 19 August
      297

      Centre to form panel to seek views on universal charger model

      New Delhi: The Central government is looking at the possibility of adopting a universal charger model for all electronic devices like mobile phones, laptops, electric watches, and will set up a panel seeking views on the proposal, informed sources said. The sources said the Centre will set up three expert groups which will submit their report after taking the views of all stakeholders on the proposal. They further informed that the groups will be notified in August itself and they will submit their report within a couple of months. This was decided after the Department of Consumer Affairs on Wednesday held a meeting with representatives of mobile phone and electronic devices manufacturers to seek their views on adopting the universal charger…

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    • 19 August
      322

      Markets halt rally tracking weak global markets

      Mumbai: Equity benchmarks halted their rally on Thursday, with the Sensex falling over 214 points in early trade, tracking weak global market trends. The 30-share BSE index declined 214.11 points to 60,046.02 in early deals. The broader NSE Nifty went lower by 61.85 points to 17,882.40. From the Sensex pack, Dr Reddy’s Laboratories, Sun Pharma, Wipro, Infosys, Tata Consultancy Services, Reliance Industries, Bajaj Finserv and Nestle were among the biggest laggards. On the other hand, Power Grid, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were among the gainers. In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower in mid-session deals. Markets on the Wall Street had ended lower on Wednesday. The BSE index jumped…

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    • 19 August
      302

      Gold slips Rs 53; silver declines Rs 256

      New Delhi: Gold in the national capital has slipped Rs 53 to Rs 52,340 per 10 grams amid a decline in international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 52,393 per 10 grams. Silver also declined Rs 256 to Rs 57,957 per kg from Rs 58,213 per kg in the previous trade. The rupee appreciated 44 paise to 79.30 against the US dollar in the opening trade on Wednesday, mainly on account of foreign fund inflows. In the international market, gold was quoting lower at USD 1,772 per ounce while silver was flat at USD 19.96 per ounce. “Gold prices have kept a steady trading range on…

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    • 19 August
      302

      Samsung launches Galaxy Z series smartphones in Hyderabad

      Hyderabad: Consumer electronics brand Samsung on Thursday launched its Galaxy Z Flip4 and Galaxy Z Fold4 premium smartphones in Hyderabad. They are now open for booking online and across retail stores. Galaxy Z Flip4 is priced at Rs 89,999 for 8GB 128GB variant and Rs 94,999 for 8GB 256GB variants. Its bespoke edition that offers glass colours and frame options will be available on Samsung Live and Samsung Exclusive Stores for Rs 97,999. Galaxy Z Flip4 comes with a Snapdragon 8 Gen1 processor and a 3700 mAh battery, which can be charged up to 50 percent in 30 minutes. Galaxy Z Fold4 is priced at Rs 1,54,999 for the 12GB 256GB variant and Rs 1,64,999 for 12GB 512GB variant. Consumers can…

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    • 18 August
      314

      Ratan Tata backs startup Goodfellows, which helps lonely senior citizens

       Industrialist and former Chairman of Tata Group, Ratan Tata has extended his support to Goodfellows, a startup that connects youngsters with senior citizens. The 84-years-old business tycoon has always been one to be known for his philanthropy. The startup was founded by Shantanu Naidu and received a seed investment of an undisclosed amount. According to various news reports, the founder also manages Ratan Tata’s office and his startup investment portfolio, in the role of general manager. He also assists Tata as chairman of the group’s massive philanthropy arm, Tata Trusts. Goodfellows aims to help senior citizens who are often left unattended to and feel lonely. In today’s times, most elderly individuals live alone as their children are overseas and face…

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