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 -
      18 August
      268

      Sunil Mittal heaps praise on Modi government for ease of doing business as Bharti Airtel gets 5G bands within hours of payment

      Bharti Airtel founder and chairman Sunil Bharti Mittal has hailed the Modi government for ease of doing business after the company received an allocation letter for the designated 5G frequency bands within hours of payment of the dues. “No Fuss, No Follow Up, No running around the corridors, and No tall claims. This is the ease of doing business at work in its full glory,” Bharti Airtel’s chairman said in a statement appreciating the Department of Telecommunications, which comes under the Ministry of Communications. “In my over 30 years of first-hand experience with DOT, this is a first! Business as it should be. Leadership at work-Right at the top and at the helm of telecom. What a change, change that can…

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    • 18 August
      279

      Mahindra XUV400 electric SUV confirmed to launch next month, will rival Tata Nexon EV

      Mahindra has kept us busy with a multitude of launches, and the company will continue to do so as a lot more new products are yet to come from the brand. The next on the list is the Mahindra XUV400 electric SUV that will go on sale in the Indian market next month. To be precise, the electric SUV will launch in our market on September 6. It was showcased to the masses for the first time in the year 2020 at the Auto Expo. Quintessentially, the electrified version of the Mahindra XUV300 without the chop-job to sit in the sub-4m band is the new Mahindra XUV400, but with an electric powertrain. Read on for more details about this upcoming…

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    • 18 August
      297

      Apple lays off 100 contract recruiters: Report

      San Francisco: Tech giant Apple has laid off about 100 contract-based recruiters in the past week in an effort to slow hiring and spending, media reports say. The recruiters, who are responsible for hiring new employees at the company, were told that the layoffs reflect changes to Apple’s business needs, citing Bloomberg, CNBC reported. As per the report, though the move is unusual for the California-based tech giant, Apple is not the only company slowing hiring.A Other tech giants, including Microsoft, Amazon, Meta, Tesla, and Oracle, have all slowed hiring or cut back on some departments in recent months as they grapple with inflation and tighten their belts ahead of a potential economic downturn. “We do see inflation in our cost…

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    • 18 August
      282

      Airtel pays Rs 8,312.4 cr for 5G spectrum, settles 4 yrs’ dues upfront

      New Delhi: Bharti Airtel on Wednesday said it has paid Rs 8,312.4 crore to the Department of Telecom (DoT) towards dues for spectrum acquired in the recently concluded 5G auctions. Airtel said it has paid four years of 2022 5G spectrum dues upfront. “This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow,” said Gopal Vittal, MD and CEO, Bharti Airtel. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue which is yet to be called. “With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world class 5G experience,” Vittal added. Over…

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    • 17 August
      293

      Sensex rises 379 pts, Nifty closes above 17,800 on easing inflation concerns

      Mumbai: Benchmark BSE Sensex rose by over 379 points while Nifty closed above the 17,800 level following gains in oil & gas, banking and auto shares on easing inflation concerns. The 30-share BSE benchmark index advanced 379.43 points or 0.64 per cent to settle at 59,842.21, logging its third straight day of gains. During the day, it jumped 460.25 points or 0.77 per cent to 59,923.03. Extending its gaining streak to a sixth session in a row, the broader NSE Nifty climbed 127.10 points or 0.72 per cent to close at 17,825.25 as 42 of its constituents advanced. Easing inflation concerns after the wholesale price-based inflation slowed down to a five-month low of 13.93 per cent in July and buying…

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    • 17 August
      275

      India’s semiconductor component market to reach $300 bn by 2026

      New Delhi: India’s semiconductor component market is likel to reach $300 billion in cumulative revenues by 2026, as ‘Make in India’ and production-linked incentive (PLI) schemes will boost local sourcing of semi-components in the coming years, a new report said on Tuesday. Mobile and wearables, IT and industrial segments currently contribute around 80 per cent of the semiconductor revenues in the country in 2021. Further policy reforms and building of a semiconductor ecosystem will reduce reliance on imports going forward, according to the report by the India Electronics & Semiconductor Association (IESA) and Counterpoint Research. “Before the end of this decade, there will be nothing that will not be touched by electronics and the ubiquitous ‘chip’. Be it fighting carbon…

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    • 17 August
      285

      Dell introduces new XPS 13 laptop in India

      Bengaluru: US technology company Dell on Tuesday launched a new XPS 13 laptop in the Indian market that is powered by the latest 12th Gen Intel EVO processors. With a starting price of Rs 99,990, the newly-launched laptop is available on the company’s official website and select Dell stores. “At Dell Technologies, our mission is to provide consumers with PCs that are an extension of their personalities and help them get things done seamlessly. This approach is exemplified by our new XPS 13,” said Raj Kumar Rishi, MD and General Manager, Consumer & Small Business, Dell Technologies India. Weighing 1.17 kg and 0.55-inch thin, the new XPS 13 laptop comes with a four-sided ‘InfinityEdge’ display and a Full HD+ screen. The…

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    • 17 August
      317

      T-Hub’s new programme to boost semiconductor startups

      New Delhi: India’s largest technology incubator T-Hub on Tuesday launched the semiconductor cohort of the AIC T-Hub Foundation programme to foster innovation and entrepreneurship across the semiconductor sector startups. The programme will help entrepreneurs navigate the challenges of scaling the startup through expert-led workshops, specialised mentorship, market access, and investor and industry connections. “Indian engineers have contributed massively to the semiconductor sector while working with global companies. Therefore, we must aid them in setting up and scaling their design startups with solid support from the ecosystem,”AMSR, CEO of T-Hub, said in a statement. “T-Hub and AIC, together with other ecosystem enablers through this program, are trying to provide the semiconductor startups access to the right mentorship, funding channels and networking opportunities,”…

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    • 17 August
      288

      HireMee to assess, prepare 1.5 lakh fresh students for jobs

      New Delhi: Homegrown AI-based skilling and job platform HireMee on Tuesday collaborated with the Telangana government to assess and prepare 1.5 lakh students for jobs for new and emerging technologies. Bengaluru-based job enablement platform tied up with the Telangana Academy for Skill and Knowledge (TASK) to assess the students’ quantitative and qualitative aptitude using its artificial intelligence (AI)-based well established proctored assessment. The students of 1,50,000 students from 716 colleges registered on the TASK website can take HireMee’s ‘Link Diagnostic Analysis Test’ to calibrate employability skills free of cost. “HireMee as an assessment partner of TASK offers placement preparation solutions to students to make them employable,” said Chocko Valliappa, Founder, HireMee. The assessment report covers an objective evaluation of several skill-sets…

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    • 17 August
      285

      Smart home devices to surpass 2 billion units globally this year

      New Delhi: Led by smart speakers, the global installed base of smart home devices is set to exceed 2 billion devices this year, a new report has shown. Smart speakers had the most global shipments in 2021, with 195 million, followed by lighting, plugs/switches and connected health devices, according to global research firm Omdia. The devices forecast to grow the fastest over the next five years include water leak sensors/shutoff valves, connected major home appliances, plugs/switches, air quality monitors and smart door locks, projected to have a compound annual growth rate (CAGR) greater than 30 per cent from 2021 to 2026. “It is an exciting time for the smart home industry as brands rapidly innovate and produce devices that combine advanced…

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