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 -
      17 August
      307

      Researcher hacks Musk’s Starlink system with $25 homemade device

      New Delhi: A cyber-security researcher has hacked the Elon Musk-run Starlink satellite-based internet system by using a $25 homemade device. Belgian security researcher Lennert Wouters revealed the first-ever hacking of Starlink’s user terminals or satellite dishes located at homes and buildings. At the Black Hat security conference in Las Vegas in the US, Wouters successfully hacked the Starlink internet system using a homemade circuit board or modchip that cost around $25 to develop, reports Wired. Wouters revealed a voltage fault injection attack on a Starlink User Terminal (UT), that allowed him to break into the dish and explore the Starlink network. He developed the modchip using low-cost, off-the-shelf parts and was able to use it to obtain root access “by glitching…

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    • 16 August
      285

      Global oil prices to fall to $70 per barrel: Moody’s Analytics

      Global oil prices are expected to fall to almost $70 per barrel by the end of 2024, said Moody’s Analytics in a recent report on the Asia Pacific (APAC) region. Pointing out the increase in oil prices to $120/barrel in June after Russia’s invasion of Ukraine and its fall to $100/barrel in August Moody’s Analytic said: “This trend will continue; we expect crude prices to fall to almost $70 a barrel by the end of next year.” “For the APAC region’s big oil importers, notably Singapore and Hong Kong, this will ease pinching price pressures,” Moody’s Analytics said. According to Moody’s Analytics, the impact of oil price increase has been varied for the APAC region. “For net energy importers such…

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    • 16 August
      292

      From 4 to 80: A look back at journey of Rupee since India’s Independence

      New Delhi: India is celebrating its 75th year of Independence and is at the crossroads of realising a resilient economic growth for its people during the next 25 years – what the government terms the country’s “Amrit Kaal”. Keeping other aspects of the economy aside, let us have a glance at how the Indian currency rupee fared against other global benchmark peers since 1947. The value of a country’s currency is a key indicator for gauging its economic pathway. A lot has happened on the macroeconomic front ever since 1947 including economic stress in the 1960s led by a slump in food and industrial production. Then came the Indo-China and Indo-Pakistan which widened spending and gave birth to the balance of…

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    • 16 August
      286

      Bhavish Aggarwal unveils Ola electric car with 500 km range

      New Delhi: Ola Founder and CEO Bhavish Aggarwal on Monday shifted gears and entered a new territory by showcasing a homegrown electric car that will arrive in the country by 2024. Aggarwal said the Ola Electric car will have a 500-km range on single change and will go from zero to 100 km within 4 seconds. “Designed to deliver a drag coefficient of less than 0.21, it will be the sportiest car ever built in India with an all glass roof,” said the company. The car will be equipped with one of the most advanced computers in a 4W, assisted driving capabilities, keyless and handless doors among many other features etc, the company added. The car will also come with…

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    • 16 August
      298

      Tesla surpasses 3 mn car production mark: Elon Musk

      New Delhi: Elon Musk has announced that his electric car company Tesla surpassed the milestone of producing 3 million vehicles. Tesla cars have so far achieved over 40 million miles and the company expects to reach 100 million miles at the end of this year. “Congrats Giga Shanghai on making the millionth car! Total Teslas made now over 3 mn,” Musk tweeted late on Sunday. Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M. pic.twitter.com/2Aee6slCuv— Elon Musk (@elonmusk) August 14, 2022 Earlier this month, Musk hinted that Tesla would probably build “at least 10 or 12 gigafactories” in years to come. Musk said that the long-awaited Cybertruck (announced in 2019) will also be unveiled soon, though…

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    • 16 August
      317

      Reliance Industries celebrates the joy of Independence

      Mumbai: Reliance Industries on Sunday celebrated the joy of a vibrant democracy and Independence across all geographies it operates in. RIL corporate office, all 13-plus manufacturing sites, Reliance Corporate Park (RCP) in Navi Mumbai, all 28 state headquarters, 1,072 Jio Centres, 6,000-plus Jio Points and each and every Reliance Retail store participated with great vigour to celebrate the joy of Independence. Reliance Corporate Park (RCP) saw employees and their families come in great numbers to witness the hoisting of the national flag and participate in the festivities. On the occasion, RIL honoured ex-servicemen who have been at the forefront of protecting the country’s Independence across all locations and distributed sweets, national flags, lapel pins and other commemorative tokens to mark the…

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    • 16 August
      341

      Saudi Aramco profit surges 90% in Q2 amid rise in oil prices

      Riyadh: The Saudi oil company, Aramco announced on Sunday that it achieved a record profit of 181.16 billion riyals (48.4 billion dollars) in the second quarter (Q2) of 2022, an increase of 90.2 per cent compared to the same period in 2021, due to the rise in oil prices against the background of the war in Ukraine. Aramco’s profits in the second quarter were better than the average expectations of analysts on a quarterly basis. The giant company said in a statement that it achieved an increase in its quarterly net income by 90.2 per cent, from 95.5 billion riyals (25.5 billion dollars) in the second quarter of 2021 to 181.16 billion riyals (48.4 billion dollars) in the second quarter of 2022.…

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    • 11 August
      308

      Jio Independence offer announced, provides benefits worth Rs 3,000 with one prepaid plan

      Reliance Jio has launched a new Independence Day offer, which is available for only one annual prepaid plan. The telecom giant is giving benefits worth Rs 3,000 with the Rs 2,999 long-term pack. The company is giving free data as well as access to some services that are free of cost. The offer is already live on the official app of Jio. If you are someone who usually buys a long-term prepaid plan, then keep reading to know more about the benefits. Reliance Jio is offering Rs 3,000 benefits with Rs 2,999 annual plan The telecom giant has a Rs 2,999 annual prepaid Jio plan that offers 2.5GB of data per day. This basically means that users are getting 912.5GB…

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    • 11 August
      295

      PM Modi unveils Rs 900 crore ethanol plant to help Delhi-NCR breathe easy

      PANIPAT: PM Narendra Modi on Wednesday marked world biofuel day by inaugurating a Rs 900 crore plant in Haryana for producing ethanol from farm waste using indigenously developed 2G (second generation) technology, a development he said would help Delhi and its neighbourhood breathe easy by reducing pollution from burning of farm stubble. The plant, first of its kind in the country, built by state-run IndianOil at its Panipat refinery complex, puts India in league with the US and Brazil, the only countries that had 2G ethanol technology till now. “Instead of following short-cuts, our government is engaged in permanent solutions to the problems. A lot has been said about the problems of stubble burning over the years. But those with…

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    • 6 August
      308

      India’s forex reserves rise by $2.31 billion after 4 straight weekly fall

      Mumbai: India’s foreign exchange (forex) reserves rose by $2.315 billion to $573.875 billion for the week ended July 29 on the back of robust capital inflows in the equities markets and strengthening of rupee from the record low, the Reserve Bank of India (RBI) data showed. The country’s forex reserves have risen for the first time in the last five weeks under review. The forex reserves had declined by around $17 billion in the previous four weeks. For the week ended July 22, the forex reserves had dropped by $1.152 billion. After four straight weeks of decline, the country’s forex reserves have registered significant gains.There was a sharp jump in the foreign currency assets and gold reserves.According to the Reserve Bank…

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