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 -
      26 July
      312

      Policybazaar admits cyber security incident, says customer data safe

       Leading insuretech platform Policybazaar has admitted it was hit by a cyber security incident last week but no significant customer data was exposed. Powered ByPlayUnmute Loaded: 1.17%Fullscreen In a stock exchange filing, the platform which sells several insurable coverage, said that on July 19, certain vulnerabilities were identified in Policybazaar IT systems and the same were subject to “illegal and unauthorised access”. The company, that serves more than 9 million customers, said the identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated. “The matter is currently being reviewed by the information security team along with external advisors. While we are in the process of undertaking a detailed review, as on date, our review has found…

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    • 26 July
      299

      Amazon Prime subscription price raised by £1 a month

      Amazon is to raise the price of its Prime service for UK customers. From September, monthly subscriptions will go up £1 to £8.99 and annual membership will increase from £79 to £95. Amazon said the price rise was its first in the UK since 2014 and was due to “increased inflation and operating costs”. Other services such as Netflix have also increased subscription prices due to increasing costs. Prime services offer unlimited delivery of products, and entertainment streaming services. Amazon said the new pricing will begin from September, or at the customer’s next membership renewal date – adding that switching to an annual plan or cancellation of membership is also an option. The increased competition in the entertainment streaming industry…

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    • 25 July
      464

      Apple ships 1.2 mn iPhones in India in Q2, logs 94% growth

      New Delhi: Continuing its growth in India driven by local manufacturing, Apple sold over 1.2 million iPhones in the country in the second quarter (Q2) this year, registering a massive 94 per cent growth (year-on-year), the data showed on Monday. According to data shared by market intelligence firm CyberMedia Research (CMR), the growth was driven by the stupendous sale of iPhone 12 and 13 models. Nearly 1 million of the total shipped iPhones were ‘Make in India’ devices. “Through the course of the second quarter, Apple continued its India market momentum with a stupendous YoY growth, driven by increased local iPhone manufacturing. The iPhone 12 series, along with the iPhone 13 series, accounted for the most iPhones shipped into the market,”…

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    • 25 July
      401

      Markets fall in early trade dragged down by Reliance, weak global equities

      Mumbai: Benchmark indices fell in early trade on Monday with the BSE Sensex declining over 255 points, largely dragged down by Reliance Industries and weak global equity markets. The 30-share BSE benchmark fell 255.39 points to 55,816.84 in early trade. The broader NSE Nifty dipped 70.35 points to 16,649.10. Among the Sensex constituents, Reliance Industries fell the most by over 3 per cent despite the company reporting 46 per cent jump in June quarter net profit. The other laggards from the pack were Sun Pharma, Tech Mahindra, Nestle, HDFC, UltraTech Cement, NTPC and ITC. IndusInd Bank, ICICI Bank, Axis Bank and Tata Steel were among the gainers. Shares of ICICI Bank were trading 1 per cent higher post announcement of…

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    • 25 July
      430

      Rupee rises 9 paise to 79.81 against US dollar in early trade

      Mumbai: The rupee appreciated 9 paise to 79.81 against the US dollar in early trade on Monday, supported by the fall in crude oil prices. At the interbank foreign exchange, the rupee opened at 79.86 against the American dollar. In initial trade, the local currency witnessed a high of 79.81 and a low of 79.87 against the US dollar. In the previous session, the rupee had closed at 79.90 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.10 per cent to 106.62. Global oil benchmark Brent crude futures fell 0.54 per cent to USD 102.62 per barrel. According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors,…

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    • 24 July
      502

      BNI hosts the biggest business networking initiative Hyderabad ever witnessed

      Hyderabad: BNI (Business Network International), India, celebrated crossing the momentous milestone of 40000+ members, at HITEX with the legendary marketing guru, Prahlad Kakkar, unveiling the placard inscribed with the landmark figure on the occasion. Sanjana Shah, Executive Director, BNI Hyderabad, and over 800 entrepreneurs, were present. BNI hosted the biggest business networking initiative Hyderabad ever witnessed, the BNI Networking Conclave, on the occasion, a press release said. Entrepreneurs comprising of a mix of BNI members and non BNI business persons, explored opportunities of potential collaboration and several found new business partners and avenues of businesses growth. The session concluded with Prahlad Kakkar sharing valuable insights and strategies, specifically for the MSME owners, to elevate their businesses to the next level.

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    • 24 July
      354

      T-Hub launches new cohort for its Lab32 programme

      Hyderabad: Innovation ecosystem enabler T-Hub launched its ninth cohort of Lab32 seed accelerator programme. It will focus on startups working in deep technology, artificial intelligence, machine learning, augmented reality(AR) and virtual reality, blockchain, metaverse, Web 3.0, fintech, agritech and healthTech. The curriculum will be based on guidance by consultants, mentors, and entrepreneurs to promote collaboration and peer-to-peer engagement within startups. The programme has workshops, mentorship, peer review, product evaluations and other essential interventions. “Lab32 has been focused on supporting technology entrepreneurs and innovators for more than five years. The new cohort will be focus on providing mentorship across growth, product, fundraising, design, talent, market-fit and others,” said M Srinivas Rao, T-Hub CEO. It will commence on September 6 in a hybrid…

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    • 24 July
      307

      Olectra gets Rs 500 crore order to supply 300 electric buses to TSRTC

      Hyderabad: Olectra Greentech has bagged an order worth Rs 500 crore to supply 300 electric buses. The MEIL Group company, Evey Trans Private Limited (EVEY), has received the Letter of Award (LoA) from TSRTC. The order is under the FAME-II scheme of the Government of India. These buses will be supplied on a Gross Cost Contract (GCC) /OPEX model basis for 12 years. EVEY will procure these buses from Olectra, which will be delivered over 20 months. During the contract period, Olectra will undertake the maintenance of these buses. This transaction between Olectra and EVEY is a related party transaction and will be on an arm’s length basis (transactions between parties that are not associated with one another outside of the…

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    • 23 July
      339

      Gold prices in India at multi-month low, trading below Rs 50,000

      New Delhi: Strong likelihood of a sharp rise in interest rates by the US Fed and other central banks to rein in the red-hot inflation has melted international gold prices to a nearly one-year low. In India too, the prices of the yellow metal in physical markets fell to a multi-month low and breached the psychologically crucial level of Rs 50,000 per 10 gm. One of the most important factors influencing the price of gold is the value of the dollar. A strong dollar normally leads to weak gold prices and vice versa. When the US Fed hikes interest rates, gold is negatively impacted because higher interest rates will increase the demand for dollar assets and make the dollar stronger. Higher…

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    • 23 July
      316

      Akasa Air to launch commercial operation from August 7

      New Delhi: Akasa Air, the airline promoted by billionaire investor Rakesh Jhunjhunwala, is set to launch its commercial operation with its first flight on August 7 on the Mumbai-Ahmedabad route. The airline said that it will deploy a Boeing 737 Max plane on the route for commercial operation. Flight operations will be conducted on two Boeing 737 Max aircraft. Boeing has already delivered one aircraft and the second one will be delivered later this month. Akasa Air, in a statement issued on Friday, said it has begun sale of tickets on 28 flights that will operate weekly on the Mumbai-Ahmedabad route from August 7 as well as 28 flights on the Bengaluru-Kochi route from August 13. “We kick-start operations with flights…

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