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 -
      4 August
      303

      Reliance Jio may launch 5G services in India on Independence Day

      New Delhi: As the race to launch 5G services for millions of smartphone and internet users take steam, Reliance Jio may launch its 5G services on August 15. Earlier this week, Akash Ambani, Chairman, Reliance Jio Infocomm, said that they will celebrate ‘Azadi ka Amrit Mahotsav’ with a pan-India 5G rollout. “Jio is committed to offering world-class, affordable 5G and 5G-enabled services. We will provide services, platforms and solutions that will accelerate India’s digital revolution, especially in crucial sectors like education, healthcare, agriculture, manufacturing and e-governance,” he had emphasised after emerging as the leader in the 5G spectrum auction, including the pricey 700 MHz band. With ‘Azadi ka Amrit Mahotsav,’ Prime Minister Narendra Modi has shared his vision of building a…

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    • 4 August
      304

      Markets maintain winning momentum on firm global trends, foreign fund inflows

      Mumbai: Equity benchmarks started the trade on a firm note on Thursday, with the Sensex climbing over 362 points, mirroring positive trend in global markets and foreign fund inflows. Buying in IT counters also added to the momentum. The 30-share BSE benchmark gained 362.13 points to 58,712.66. The broader NSE Nifty went up by 102.55 points to 17,490.70. Among the Sensex constituents, Infosys, Wipro, Tech Mahindra, Tata Consultancy Services, Dr Reddy’s, Larsen & Toubro, HCL Technologies, Bajaj Finance and UltraTech Cement were the major gainers. NTPC, State Bank of India, Maruti Suzuki India, Reliance Industries and Titan were among the laggards. In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. The US markets had ended…

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    • 4 August
      305

      Rupee falls 36 paise to 79.51 against US dollar in early trade

      Mumbai: The rupee depreciated 36 paise to 79.51 against the US dollar in opening trade on Thursday, as disappointing macroeconomic data and US-China tensions weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 79.21 against the US dollar, then fell to 79.51, registering a decline of 36 paise over the last close. On Wednesday, the rupee slumped by 62 paise to close at 79.15 against the dollar, marking its worst single-day fall in current fiscal year. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 per cent to 106.41. Forex traders said the rupee is underperforming among Asian currencies amid a record high trade deficit number and safe-haven demand for…

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    • 4 August
      312

      Telangana creating one IT job out of every three created in the country

      Hyderabad: One in three jobs created in the IT sector across India is in Telangana. At the country level, about 4,50,000 jobs have been added in the technology industry during the financial year 2021-22.  Of them, about 1,53,000 jobs are created in Hyderabad alone, reflecting why it is the top choice for IT companies. Bengaluru, the largest IT hub in the country, came in second by creating 1,48,500 jobs during FY22. State’s top performance in the IT sector is being noticed far and wide. India Tech & Infra, which tweets industry developments, put out a post asserting Telangana’s good show in the sector. As per the tweet, Hyderabad (in first place) and Bengaluru both combined have created more than three lakh…

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    • 4 August
      275

      Uber to enable Delhi-NCR users book a ride via WhatsApp in Hindi

      New Delhi: Uber on Wednesday announced the launch and expansion of the WhatsApp to Ride (WA2R) product feature for users in Delhi-NCR. Through this integration, riders across Delhi NCR will be able to book an Uber ride via its official WhatsApp chatbot in Hindi, the company said in a statement. Following a successful pilot in Lucknow in December last year, the Delhi NCR — one of Uber’s top cities globally by volume — launch marks a superior and more intuitive product experience as well as multilingual capabilities in English and Hindi for enhanced user experience. Built on the WhatsApp Business Platform, the partnership will expand access to Uber’s mobility services to a new segment of consumers through integration in two languages.…

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    • 3 August
      315

      India’s services sector growth falls to 4-month low in July

      New Delhi: India’s services sector lost momentum in July as demand was curtailed by competitive pressures, elevated inflation and unfavourable weather, a monthly survey said on Wednesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 59.2 in June to 55.5 in July, pointing to the slowest rate of growth in four months. For the 12th straight month, the services sector witnessed an expansion in output. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. As per the survey, service providers that reported higher sales in July mentioned favourable demand conditions and fruitful advertising. However, growth was dampened by fierce competition and unfavourable weather, survey participants…

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    • 2 August
      301

      Reliance Jio leads 5G spectrum auction with Rs 88,078 cr: Ashwini Vaishnaw

      New Delhi: Mukesh Ambani-led Reliance Jio emerged the top bidder in India’s 5G spectrum auction, acquiring 24,740 MHz spectrum worth Rs 88,078 crore, IT Minister Ashwini Vaishnaw announced on Monday. Sunil Mittal’s Bharti Airtel was the second-highest bidder with 19,867 MHz spectrum in various bands worth Rs 43,084 crore, in the auction that spanned for seven days with 40 rounds. Vodafone Idea, at third place, received 2,668 MHz worth Rs 18,784 crore while a unit of Adani Group acquired 400 MHz spectrum in 26 GHz band worth Rs 212 crore. Overall, the country saw bids worth Rs 1,50,173 crore for 71 per cent of total 5G airwaves spectrum out in this latest auction. “About 72,098 MHz of spectrum was offered for…

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    • 1 August
      449

      ‘Stop calling your company a family’: CEO’s LinkedIn post sparks debate

      hen the CEO of a Sydney-based digital media agency shared a note on LinkedIn on stating why employees must avoid calling their company their “family”, it sparked a debate with some people agreeing wholeheartedly with it while others claiming that their employers supported them even when their families didn’t. The week-old post by Hustlr CEO Daniel Abrahams has about 50,000 likes. It stated, “Stop calling your company ‘a family’. Parents don’t fire their children for poor performance, or lay them off to cut household costs when they’re struggling to put food on the table.” “Focus on being a team, built on trust and respect, where every person feels valued. Ultimately, your company isn’t defined by your words, but by your actions.”…

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    • 1 August
      383

      After Raghuram Rajan’s comment on India’s economy, BJP reacts: ‘Even critics…’

      Aday after former Reserve Bank of India (RBI) governor Raghuram Rajan said India is not facing any economic crisis like Sri Lanka and Pakistan, the BJP said on Sunday decisions taken by the Narendra Modi government to handle the economy have turned out to be correct as even its critics acknowledging that. Rajan has often in the past raised concerns about the government’s economic and social policies. “The world has acknowledged that the Indian economy is not only on track but is also running at a fast pace. While the world is battling inflation and other headwinds, the Indian economy is strong,” BJP spokesperson Syed Zafar Islam said. “Those who used to criticise us have changed that into appreciation,” he…

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    • Jul- 2022 -
      31 July
      362

      Indian Bank Q1 net profit at Rs 1,213 crore

      Chennai: Public sector Indian Bank closed the first quarter of FY23 with net profit of Rs 1,213.44 crore, higher than what it had logged during Q1FY22. According to Indian Bank, it had earned a net profit of Rs 1,213.44 crore for the period ended June 30, up from Rs 1,181.66 crore earned during the corresponding period of the previous year. During this period, the bank’s advances grew by nine per cent to Rs 425,203 crore over Rs 389,626 crore a year ago, primarily driven by the growth in the retail, agriculture, and MSME segments. Indian Bank’s total deposits grew by eight per cent to Rs 584,251 crore as compared to Rs 540,082 crore during the corresponding period a year ago.…

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