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 -
      6 August
      306

      SBI PAT fall 6.70% on-year to Rs 6,068 cr in Q1FY23

      Mumbai: India’s largest state-owned bank, State Bank of India (SBI) reported a marginal fall in net profit of 6.70 per cent year-on-year to Rs 6,068 crore on back of fall in operating profit. On sequential basis, the net profit fell 33.42 per cent. In the similar period last year, the bank had reported a net profit of Rs 6,504 crore and in previous quarter it reported a net profit of Rs 9,114 crore. The operating profit of the bank fell sharply by 32.79 per cent on-year to Rs 12,753 crore during the quarter under review. The bank reported operating profit of Rs 18,975 crore in the same period last year. The net interest income of the bank increased by 12.87 per…

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    • 6 August
      320

      Gulf NRIs, businessmen evince interest in Kashmir after abrogation of 370

      Jeddah: Touting itself as “Paradise on Earth”, Kashmir now attracts many Indian tourists including NRIs from the Gulf region keen to visit it. Some Kashmiris living abroad and also playing their part of role to promote tourism and investments in their state amidst the improving situation since the abrogation of Article 370. In the latest webinar, some prominent NRIs in the port city of Jeddah have been impressed by latest developments in Jammu and Kashmir. The webinar, hosted by a prominent NRI, Pradeep Sharma, hails from Jammu, has explained the changes in terms of development and economic prosperity in Jammu and Kashmir since abrogation of the article 370. Sharma said that for the first time after a gap of decades, people…

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    • 6 August
      288

      Alibaba lays off nearly 10K employees amid poor sales

      Beijing, Aug 6 (IANS) Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country, the media reported on Saturday. According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700. “That put the total decrease in employee numbers for Alibaba, owner of the South China Morning Post, to 13,616 over the six months to June, marking the firm’s first drop in payroll size since March 2016,” the report noted. Alibaba reported a 50 per cent drop in net income to 22.74 billion yuan ($3.4 billion) in the June quarter,…

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    • 6 August
      344

      Bank of Baroda to raise Rs 1,000 cr via infrastructure & affordable housing bonds

      Mumbai: Bank of Baroda, the second largest state-owned bank, is planning to raise Rs 1,000 crore through issuance of infrastructure and affordable housing bonds on August 12, a source close to the development told IANS. “The likely tenure for the bonds is seven years and have Rs 250 crore as base issue and Rs 750 crore as greenshoe,” the source said. The auction for the infrastructure and affordable housing bonds is expected to be held on August 12 on the BSE’s bidding platform. During the bidding, better coupon is expected to set on the bonds considering the higher demand for PSU bonds. The bonds have got ‘AAA’ ratings with ‘Stable’ outlook from ICRA and India Ratings and Research. On June 27,…

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    • 5 August
      290

      RBI to widen Internal Ombudsman mechanism by including CICs

      Mumbai: The Reserve Bank on Friday decided to expand the scope of Internal Ombudsman framework by including Credit Information Companies (CICs) with a view to strengthening grievance redressal system. The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) has improved the customer grievance redressal mechanism. The turnaround time of grievance redressal under RB-IOS has declined considerably, RBI said in Statement on Developmental and Regulatory Policies. “With a view to strengthen the internal grievance redress by CICs themselves, it has been decided to mandate CICs to have their own Internal Ombudsman (IO) framework,” RBI Governor Shaktikanta Das said after unveiling the bi-monthly monetary policy. The RB-IOS 2021 covers Regulated Entities (REs) such as scheduled commercial banks including urban cooperative banks, non-banking financial companies (NBFCs) and…

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    • 5 August
      283

      Rupee gains 26 paise in afternoon trade to 79.20 against US dollar

      Mumbai: The Indian rupee appreciated 26 paise during the afternoon trade at 79.20 against the US dollar by 12.37 p.m. on Friday, as against 79.46 close on the previous trading session. In the morning trade, the rupee had appreciated more than 50 paise, but as soon as crude oil prices rises the gains has reduced. At the interbank foreign exchange, the rupee opened at 79.15 against the US dollar, then touched 78.94, registering a gain of 46 paise over the last close in the morning trade. The gains in the local currency was account of persistent inflows by the foreign investors and easing Brent crude oil prices. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six…

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    • 5 August
      286

      iPhone 14 base model likely to cost $799 like its predecessor

      San Francisco: Tech giant Apple’s upcoming iPhone 14 base model is rumoured to cost $799, which is the same price as the iPhone 13. The move is aimed at boosting sales for the model. The global smartphone market has experienced a squeeze and the tipster said Apple is adjusting to coping with the reality, GizmoChina quoted a South Korean blog as saying. The source of information is said to come from a major US financial institution. The iPhone 14 lineup includes the iPhone 14, iPhone 14 Pro, iPhone 14 Max, and the 6.7-inch iPhone 14 Pro Max, which is the top of the pick. As per media reports, the tech giant has likely discontinued the 5.4-inch iPhone mini this year. While…

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    • 5 August
      303

      Sensex rises more than 150 points; Nifty rises above 17,427 after RBI hikes 50 bps repo rate

      Mumbai: The benchmark indices rose during the afternoon trade on Friday, after falling marginally the previous day as 50 basis points rate hike by the Reserve Bank of India (RBI) was in line with the market expectations and inflows from foreign investors. By 1 p.m., Sensex was trading up 175.73 points or 0.30 per cent at 58,475.53, and Nifty was trading 45.75 points or 0.26 per cent higher at 17,427.75. Ultratech Cement, ICICI Bank, Bharti Airtel, Infosys, among others were major gainers of the Sensex during the afternoon trade. “Markets were expecting a rate hike between 35-50 bps, so the RBI hike of 50 bps is on the higher side of the expectations. The RBI emphasized that it remains committed to…

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    • 5 August
      301

      HDFC announces completion of $1.1 billion syndicated social loan facility

      Mumbai: HDFC Ltd has announced the completion of the USD 1.1 billion Syndicated Social Loan Facility for the financing of affordable housing in India. The loan has been priced 90 basis points over Secured Overnight Financing Rate (SOFR). “Affordable housing is a critical component of quality infrastructure as also a growth driver for the real estate industry and the economy at large given its strong linkages to nearly 300 industries. It contributes to capital formation, employment, and income opportunities,” said Deepak Parekh, Chairman, HDFC Ltd. MUFG Bank Ltd is the Lead Social Loan Coordinator for this transaction along with being one of the Mandated Lead Arranger and Borrowers (MLAB). CTBC Bank, Co. Ltd, Mizuho Bank Ltd., State Bank of India and…

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    • 5 August
      260

      Airtel to launch 5G services later this month

      New Delhi: Telecom operator Bharti Airtel will start rolling out 5G services later this month as it signed requisite agreements with Ericsson, Nokia and Samsung. At the recently held much-awaited spectrum auction for 5G services by the Department of Telecom, Airtel bid for and acquired 19867.8 MHZ spectrum in 900 MHz, 1800 MHz, 2100 MHz, 3300 MHz, and 26 GHz frequencies. “We are delighted to announce that Airtel will commence roll out of 5G services in August. Our network agreements are finalized and Airtel will work with the best technology partners from across the world to deliver the full benefits of 5G connectivity to our consumers,” said Gopal Vittal, MD and CEO, of Airtel. “India’s transition into a digital economy will…

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