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

    • Oct- 2024 -
      10 October
      400

      Infosys co-founder Narayana Murthy calls loss of “dear friend” Ratan Tata “very painful”

      “He was truly a moral compass for me during times of ambiguity and confusion regarding ethical issues,” the 78-year-old remarked. After honoring Tata in 2020, the software icon bent down to touch his feet and sought his blessings. Bengaluru: Losing “dear friend” Tata Sons Chairman Emeritus Ratan Tata is “very painful”, IT industry veteran and Infosys co founder N R Narayana Murthy on Thursday said as he acknowledged that he was a role model for him in value-based leadership. “He (Tata) was indeed a moral compass for me whenever I had some ambiguity and confusion in ethical issues,” the 78-year-old said. After conferring an honour on Tata in 2020, the software icon had bent down to touch his feet and sought his blessings. “Losing…

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    • 10 October
      380

      India’s 100 richest surpass $1 trillion, Gautam Adani ranks 2nd: Forbes

      India’s wealthiest are now valued at $1.1 trillion, more than double their worth in 2019, according to Forbes’ list of the top 100 billionaires. The report highlights infrastructure magnate Gautam Adani as the biggest dollar gainer, citing his strong recovery from last year’s short-selling attack and the recent appointment of his sons and nephews to key positions. New Delhi: The collective wealth of India’s 100 richest tycoons surpassed the trillion dollar milestone for the first time as more than 80 per cent of the country’s richest tycoons are now wealthier than they were a year ago, a Forbes report showed on Thursday. In a record-breaking year, India’s wealthiest are now worth $1.1 trillion, more than twice as rich as they were…

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    • 10 October
      342

      Ratan Tata avenged Ford’s humiliation by acquiring Jaguar, Land Rover

      In 1998, the legendary industrialist launched his dream project, the Tata Indica, which was India’s first hatchback with a diesel engine. However, sales were slow initially, prompting Tata Motors to consider selling its nascent car business within a year of its debut. The US auto giant Ford was viewed as an ideal candidate for the acquisition. Mumbai: The story of two iconic brands Jaguar and Land Rover entering the Tata stable began with an insult Ratan Tata couldn’t bear. Back in 1998, the legendary industrialist launched his dream project, Tata Indica — India’s first hatchback with a diesel engine. But sales initially were slow and Tata Motors decided to sell off its fledgling car business within a year of its debut. US auto…

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    • 10 October
      304

      Tata Group shares surge up to 10%, led by gains in Tata Chemicals, Tata Teleservices

      New Delhi: Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. “Investors can pay […] New Delhi: Shares of Tata Group companies on Thursday rose up to 10 per cent, with Tata Chemicals and Tata Teleservices among the major gainers. Tata Sons Chairman Emeritus Ratan Tata, who played a key role in transforming the group into a global conglomerate, passed away late on Wednesday. He was 86. “Investors can pay tribute to Ratan Tata and the great corporate empire he built…

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    • 7 October
      294

      Ola Electric’s share tanks to Rs 90 as angry customers flood social media over poor after-sale service

      Since touching all-time high, company’s share is trading 42-43% lower amid innumerable hardware and software issues with its e-scooters and poor conditions at its service centres Mumbai: Bhavish Aggarwal-led Ola Electric saw its stock crashing to about Rs 90 a piece in the morning trade on Monday, as aggrieved customers flooded social media platforms again with a myriad of issues with its flagship electric two-wheeler. The Ola Electric share nosedived to Rs 90.26 apiece, a drop of 8.5 per cent from the last trading session. The EV firm debuted on the stock market with Rs 76 and even touched Rs 157.40, before crashing like a pack of cards over innumerable hardware and software issues with its e-scooters and poor conditions at its service…

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    • 5 October
      349

      Gold prices surge amid rising tensions in Middle East due to Iran-Israel conflict

      Gold prices saw a slight increase on Saturday, with the cost of 24-carat gold reaching Rs 7,785.3 per gram in morning trading, reflecting a rise of Rs 120. Meanwhile, 22-carat gold was priced at Rs 7,138.3 per gram, up by Rs 110 compared to Friday. New Delhi: Gold prices continue to rise amid heightened tension in the Middle East, as the precious metal saw a definitive surge this week. The Iran-Israel conflict has kept buyers position intact even after prices were overbought. Gold prices experienced a minor increase on Saturday as the cost of 24 carat gold was Rs 7,785.3 per gram in the morning trade, reflecting an increase of Rs 120. The cost of 22 carat gold was Rs 7,138.3 per…

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    • 3 October
      438

      Rupee drops 11 paise to 83.93 against dollar amid rising crude prices, Middle East tensions

      The continued outflow of foreign funds from capital markets and a stronger U.S. dollar put pressure on the Indian currency, according to forex traders. At the interbank exchange, the rupee opened at 83.91 and slipped further to 83.93 against the dollar, trading 11 paise lower than the previous session’s close. Mumbai: Rupee depreciated 11 paise to 83.93 against the US dollar in early trade on Thursday due to rising crude oil prices and negative sentiment in the domestic equity markets amid concerns over escalating tension in the Middle East. Unabated outflow of foreign funds from capital markets and a strengthening American currency also weighed on the Indian currency, forex traders said. At the interbank foreign exchange, the local unit opened at…

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    • 3 October
      376

      Sensex, Nifty fall in early trade amid escalating Middle East conflict

      The BSE Sensex plummeted 1,264.2 points to 83,002.09 in early trading, while the NSE Nifty fell 345.3 points to 25,451.60. Among the 30 Sensex companies, major laggards included Tata Motors, Asian Paints, Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Reliance Industries, Maruti, Kotak Mahindra Bank, ICICI Bank, and HDFC Bank. Mumbai: Equity benchmark indices Sensex and Nifty tanked in early trade on Thursday, dragged by decline in heavyweight stocks Reliance Industries, HDFC Bank, ICICI Bank and spiralling conflict in the Middle East. The BSE Sensex tumbled 1,264.2 points to 83,002.09 in early trade. The NSE Nifty slumped 345.3 points to 25,451.60. From the 30 Sensex firms, Tata Motors, Asian Paints, Larsen & Toubro, Axis Bank, Mahindra & Mahindra, Reliance Industries,…

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    • 1 October
      387

      Government hikes commercial LPG cylinder prices; check revised rates

      ATF price cut by Rs 5,883 per kilolitre, or 6.29 per cent, to Rs 87,597.22 per kl in the national capital, according to state-owned fuel retailers New Delhi: Jet fuel, or ATF, price was on Tuesday reduced by 6.3 per cent to its lowest level this year, while the rate of commercial LPG used in hotels and restaurants was hiked by Rs 48.5 per 19-kg cylinder in the monthly revision done in line with international oil price trends. Aviation Turbine Fuel (ATF) price was cut by Rs 5,883 per kilolitre, or 6.29 per cent, to Rs 87,597.22 per kl in the national capital, according to state-owned fuel retailers. This is the lowest price of jet fuel this year. The price reduction,…

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    • Sep- 2024 -
      30 September
      420

      Rupee falls 6 paise to 83.75 against US dollar amid negative market sentiment

      Forex traders noted that rising crude oil prices and a strong U.S. dollar against major global currencies, driven by increased demand from importers at the month’s end, exerted pressure on the local currency. Additionally, they mentioned that investor participation was subdued as they awaited cues from the upcoming domestic manufacturing PMI (Purchasing Managers’ Index) figures to be released this week. Mumbai: Rupee depreciated 6 paise to 83.75 against the US dollar in early trade on Monday amid negative equity market sentiment and outflow of foreign funds. Forex traders said an upward movement in crude oil prices and a strong greenback against major overseas rivals due to its increased demand from importers at the month end put pressure on the local unit. Also,…

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