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 -
      22 July
      288

      Hyundai sells 1.88 mn vehicles in first 6 months, Q2 profit jumps 56%

      Seoul: Hyundai Motor said on Thursday that its second-quarter net profit jumped 56 per cent from a year earlier on improved product mix and a weak won. Net profit for the three months ended in June rose to 3.08 trillion won (US$2.34 billion) from 1.98 trillion won during the same period of last year, the company said in a statement. In the six-month period, Hyundai sold a total of 1.88 million vehicles, achieving 43 per cent of its sales target of 4.34 million units for the year. The second-quarter bottom line was buoyed by increased sales of Hyundai’s independent brand Genesis models, decreased incentives and the won’s weakness against the dollar, reports Yonhap news agency. The dollar rose to an average…

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    • 22 July
      287

      Oracle Database Service for Microsoft Azure now available for all users

      San Francisco: The Oracle Database Service for Microsoft Azure is now generally available and Azure Cloud customers can directly access and monitor enterprise-grade services in Oracle Cloud Infrastructure (OCI), the companies have announced. Oracle and Microsoft partnered to deliver the Oracle Interconnect for Microsoft Azure in 2019 and hundreds of organisations have used the secure and private interconnections in 11 global regions. Users can now migrate or build new applications on Azure and then connect to high-performance and high-availability managed Oracle Database services such as Autonomous Database running on OCI. “Microsoft and Oracle have a long history of working together to support the needs of our joint customers, and this partnership is an example of how we offer customer choice and…

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    • 22 July
      325

      Ford plans to cut 8K jobs to help fund its EV plans: Report

      San Francisco: With an aim to fund its plans to build electric vehicles (EVs), popular automaker Ford is likely planning to cut up to 8,000 jobs over the coming weeks, media reports said. According to Bloomberg, the layoffs would occur at its Ford Blue unit, recently created to develop vehicles with internal combustion engines (ICE), and would affect other salaried positions in the company. The bulk of cuts are expected to occur in the US, the report said. In March, CEO Jim Farley restructured the company, dividing it into the Ford Blue and Model E divisions, with the latter dedicated to electric cars and pickups like the Mach E and F150 Lightning. As part of that, he announced plans to cut…

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    • 22 July
      310

      Rupee rises 20 paise to close at 79.85 against US dollar

      Mumbai: The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 (provisional) against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows. At the interbank forex market, the local unit opened lower at 80.03 against the greenback and fell further to an intra-day low of 80.06. The local unit recouped losses later and settled at 79.85 (provisional), registering a rise of 20 paise over its previous close. On Wednesday, the rupee for the first time settled below the 80-level against the US currency due to strong dollar demand from importers and fiscal slippage concerns. The dollar index, which measures the greenback’s strength against a basket of…

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    • 22 July
      291

      ADB cuts India GDP forecast for FY23 to 7.2 pc on Covid

      New Delhi: Asian Development Bank (ADB) on Thursday trimmed India’s economic growth forecast for current fiscal year to 7.2 percent from 7.5 percent as pandemic and war impact is weighing down alongside inflationary pressures. India, however, will continue to surpass China which is expected to grow by 4 percent in 2022 as against the earlier estimate of 5 percent. In 2023 also, China is expected to grow by 4.8 percent. In April, the Manila-headquartered multilateral funding agency had forecast the Indian economy to grow by 7.5 percent. China grew by 8.1 percent in 2021, as against 8.7 percent economic growth recorded by India during the fiscal 2021-22. For India, ADB also revised downwards the economic growth in fiscal ended March 2022…

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    • 20 July
      295

      Koo Signs MoU with Telangana Government, to open Development Center in Hyderabad

      Hyderabad: India’s multi-lingual social media platform – Koo – has signed a Memorandum of Understanding (MoU) with the Telangana Government to open a Development Center in Hyderabad. With Hyderabad being an IT hub, boasting access to a robust technology ecosystem and a large pool of IT talent, Koo envisions its presence in the region to grow in a significant manner. As an independent and inclusive platform which empowers users to express in 10 languages, Koo boasts of a sizable community of users from the region.  As part of this MoU, the Government of Telangana will work jointly with Koo on the use of Telugu to increase reach among non-English speakers in the state. The collaboration will also promote the rich legacy…

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    • 20 July
      275

      UK-based Kagool to recruit 1,000 people in Hyderabad

      Hyderabad: UK-based data analyst and ERP consultancy company Kagool will recruit about 1,000 employees in Hyderabad in two to three years, said Dan Barlow, CEO of Kagool Group. The company now has 260 employees in Hyderabad. The company on Tuesday inaugurated a 17,000 sqft office space at Kapil Towers in Nanakramguda. This will accommodate 200 employees. “The expansion of Hyderabad operations is in line with our growth plans for India involving investments, footprint expansion and shoring up bench strength. We see growth opportunities in this region to support our global customer base. Kagool wants to add about 2,000 employees and about 50 per cent of that will be in Hyderabad,” said Barlow, adding that the company will invest about $ 8…

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    • 19 July
      300

      Rupee hits all-time low of 80 against US dollar, subdues Indian stock indices

      New Delhi: After two consecutive days of gains, Indian stock indices declined marginally in early trade on Tuesday, weighed down by a consistent depreciation of the rupee.On Tuesday, the rupee hit yet another historical low and touched the key psychological level of 80 against the US dollar. At 9.40 a.m., Sensex was at 54,389.79 points, down 131.36 points or 0.24 per cent, whereas Nifty was at 16,252.95 points, down 25.55 points or 0.16 per cent.Among the Nifty 50 stocks, 29 were in the green and the rest in the red, National Stock Exchange data showed. Consistent depreciation in the value of the rupee has been weighing on the domestic stocks. A depreciation in the rupee is typically negative for foreign investors.“We…

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    • 18 July
      449

      GST rate hike comes into effect; check which items will get costlier

      The recommendations on Goods and Services Tax rates that were made during the 47th GST Council meeting held in June come into effect today. Following is a list of items that will get costlier: 1. GST on paper knives, spoons, forks, ladles, skimmers, cake-servers increased from 12 per cent to 18 per cent. 2. GST on power driven pumps such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps, bicycle pumps increased from 12 per cent to 18 per cent. 3. Pre-packaged and labelled pulses, and cereals like rice, wheat, and flour (atta) will now attract 5 per cent GST when branded and packed in a unit container. 4. Curd, lassi, and puffed rice would attract GST at the rate…

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    • 18 July
      410

      JetSetGo to manage aircraft owned by HNIs in Middle East; to lease planes from Gift City

      NEW DELHI: Leading Indian charter player JetSetGo has now diversified into managing aircraft owned by high net worth individuals in the Middle East. The company, that currently owns 10 business jets and has been managing aircraft for HNIs in India, is looking big time at Ahmedabad’s Gift City to lease more planes for both its own business here as well as for its customers in the Gulf. New $49.99 Wireless Earbuds Break Sales Record Adgetblxbuds.com “We are now managing 28 aircraft for HNIs in India and the Middle East where our company takes care of everything from providing crew to maintenance, getting flight despatches, route clearances, overflying permissions and inflight amenities. We have converted these planes into revenue generators for…

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