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

    • Jul- 2022 -
      31 July
      360

      Ather Energy, Ola Electric see sharpest drop in EV 2-wheeler sales in July

      New Delhi: Hero Electric has piped Okinawa Autotech, Ola Electric and Ather Energy in selling maximum number of EV two-wheelers in the month of July, with Ather Energy and Ola Electric suffering biggest drop as customers delay purchasing EVs amid battery fire incidents and government probes. According to the latest VAHAN data, Ather Energy sold a mere 1,095 EV two-wheelers (till July 30) from 3,829 in June, registering the biggest drop among the EV manufacturers. The Bhavish Aggarwal-run Ola Electric sold 3,690 vehicles (till July 30), a significant drop from 5,891 vehicles in the month of June. The company has sold 45,698 vehicles to date this year. At its peak, before the fire episodes rocked the nation, Ola Electric had…

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    • 31 July
      396

      India’s 5G auction hits Rs 1.5 lakh cr, bids to continue: Union IT minister

      New Delhi: The 5G spectrum auction has crossed Rs 1.5 lakh crore after 30 rounds and the auction will continue for a few more days, Union IT Minister Ashwini Vaishnaw said on Saturday. Led by Reliance Jio so far, the 5G spectrum auction by the Department of Telecom (DoT) received bids for more than Rs 112 crore in seven rounds on day 5. Addressing the ‘Telecom Investors Roundtable’ in Mumbai, Vaishnaw said that there is no upfront paymentA and the winning telecom companies can pay the money over a period of 20 years. “There is no upfront payment so that reduces the cash flow stress significantly. Since the auction has crossed Rs 1.5 lakh crore, give a big round of applause…

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    • 31 July
      318

      Some Asia economies may need rapid rate hikes to cool inflation

      Several Asian central banks must raise interest rates rapidly, because inflationary pressures are rising due to a global surge in food and fuel costs caused by the war in Ukraine, said a senior International Monetary Fund (IMF) official. “Asia’s growing inflation pressures remain more moderate compared with other regions, but price increases in many countries have been moving above central bank targets,” Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, wrote in a blog published on Thursday. “Several economies will need to raise rates rapidly as inflation is broadening to core prices, which exclude the more volatile food and energy categories, to prevent an upward spiral of inflation expectations and wages that would later require larger hikes to…

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    • 31 July
      300

      Raghuram Rajan lauds RBI, says India not facing economic problems like Sri Lanka, Pakistan

      Former RBI governor Raghuram Rajan Saturday stated that India has sufficient foreign exchange reserves and that the country would not experience economic problems like Sri Lanka and Pakistan. “We have sufficient foreign exchange reserves. The RBI has done a good job in increasing the reserves. We are not having problems like Sri Lanka and Pakistan. Our foreign debts are also less,” Rajan was quoted as saying by news agency ANI. The former RBI governor also said there is “inflation all over the world” at present. “The RBI is increasing the interest rate, which will help in reducing inflation. Most inflation is in food and fuel. As we can see food inflation is coming down in the world and will decrease…

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    • 30 July
      335

      Indofil launches three plant protection products in Hyderabad

      Hyderabad: Farm input products company Indofil Industries on Thursday launched three products- Skystar for BPH on paddy, Sapper (an early sucking complex on Cotton) and Alecto (Lepidopteran and Thrips on chili and other vegetables) in Hyderabad. The six-decade company has been serving the farming community with its products and services. Indofil has a presence in many countries and brings products that improve productivity in India. Last year, it launched miticides (that acts on ticks and mites) like Dammu and Ceasemite. It also launched a plant growth regulator Indolizer. The previous year it launched herbicides like Pixomaxima, Striker and Nami. Company Agro Domestic Business Head GK Venugopal, Sr Vice President Dr AN Chandrani, Growth Office ‐ Head Koshal Bisen, General Manager (Sales)…

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    • 30 July
      290

      Income Tax Return filing: Here are the consequences of missing July 31 deadline

      New Delhi: The due date for income tax return (ITR) filing for the financial year 2021-22 or assessment year 2022-23 is July 31, 2022. If you have already filed the return or manage to file it before the due date, it’s well and good. But, what happens if you fail to file the ITR before the July 31 deadline? If you miss the July 31 deadline, you can still file the return by December 31, 2022. However, you will have to pay a late fee. It will also have some other financial consequences. The late fee for the taxpayers whose annual income is up to Rs 5 lakh is Rs 1,000. If your annual income is more than Rs 5 lakh…

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    • 30 July
      326

      AWS now has $79 bn annual sales run rate as top Cloud provider

      New Delhi: Amazon Web Services (AWS), the Cloud arm of Amazon, now represent an annualised sales run rate of nearly $79 billion that has made it the leading Cloud provider once again. AWS reported $19.7 billion net sales in the June quarter, up 33 per cent year over year. The operating income of AWS was $5.7 billion in Q2. “Right now, we are at 84 availability zones, so that’s 26 geographic regions and we’ve got plans to launch 24 more of those availability zones across eight regions — Australia, Canada, India, Israel, New Zealand, Spain, Switzerland and the UAE,” said Dave Fildes, Director of Investor Relations, Amazon’s quarter earnings report. AWS continues to grow at a fast pace, and the…

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    • 30 July
      355

      5G auction: 71% of spectrum on block sold, bids of Rs 1,49,855 cr received

      New Delhi: India’s 5G spectrum auction received bids worth about Rs 1,49,855 crore as of Friday, the fourth day of sale, as continued interest for radiowaves stretched the bidding process to Saturday. About 71 per cent of the total spectrum put on the block has been provisionally sold, Telecom Minister Ashwini Vaishnaw said. “This is a very good response,” Vaishnaw said. Seven rounds of bidding took place and incrementally Rs 231.6 crore came in on Friday. In all, 23 rounds of bidding have been conducted so far. Billionaire Mukesh Ambani’s Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani’s flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about…

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    • 29 July
      327

      Domino’s Cheesy Rewards Program rewards pizza lovers with free pizza 

       Domino’s Pizza recently launched the “Cheesy Rewards Loyalty Program”. The first-of-its-kind rewards programme allows customers to collect 100 points (1 pie) on every order and, after collecting 600 points, offers the customer the opportunity to get a free pizza. This allows customers to enjoy their favourite Domino’s Pizza and get rewarded for their orders from Domino’s. * One of the most rewarding initiatives for pizza lovers * All existing and new users will be eligible to be part of the Cheesy Rewards Loyalty Program by ordering through Domino’s app or walk- in to any nearby restaurant * After every order, a pizza slice shows in the account * On completing six orders, a complete pizza will reflect in the account,…

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    • 28 July
      304

      Google now monetising YouTube Shorts, early results encouraging

      New Delhi: In the era of TikTok, Google-owned YouTube Shorts is catching up fast and the company has seen encouraging results in its early monetisating efforts on the short-video making platform. Philipp Schindler, Senior Vice President and Chief Business Officer at Alphabet (Google’s parent company), said that consumers are increasing and consuming short-form videos obviously and they are seeing this across multiple platforms, including YouTube. “We’re continuing to see good user engagement on YouTube. Early results in Shorts’ monetisation are also encouraging, and we’re excited about the opportunities here,” Schindler said during a call with analysts late on Tuesday. “We’re excited about the opportunity,” he added. YouTube Shorts is now being watched by over 1.5 billion signed-in users every month with…

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