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 -
      17 July
      396

      Opt for engine protection cover in car insurance

       It is prudent to move in a car for the protection it offers during the rains. However, there is a risk of waterlogging in some areas and the car getting damaged. While a comprehensive insurance cover will cover engine damages due to accidents, those happening due to water logging are excluded. Buying an engine protection cover will rescue car owners from these avoidable expenses, which sometimes are hefty, according to Ashwini Dubey, Head- Motor Insurance Renewals, Policybazaar.comThe costs are small compared to the coverage they offer, he said. This comes with the new policies or can be bought while renewing policies. The premium cost varies with the age and make of the vehicle. There is no waiting period. However, existing…

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    • 16 July
      316

      Jio announces 100 GB of data for 365 days with new eligible HP Smart SIM laptops

      Jio has announced a first-of-its-kind smart LTE laptop offer that enables users to enjoy the benefits of Jio Digital Life with 100GB of data at no extra cost with eligible HP Smart SIM laptops. It should be noted that the offer is applicable for new customers of select HP laptops and provides 100 GB of data for 365 days (worth Rs 1500) at no extra cost on subscribing to a new Jio SIM with a new eligible HP LTE laptop. The eligible HP laptop models are HP 14ef1003tu and HP 14ef1002tu. The Jio HP Smart SIM Laptop offer can be availed with eligible HP Smart Laptops purchased at Reliance Digital stores or online via reliance digital. in or JioMart.com. Customers…

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    • 15 July
      292

      Rupee at life-time low to hit imports, overseas education, travel

      New Delhi: The Indian rupee nearing 80 to a US dollar will make imports of items from crude oil to electronic goods, overseas education and foreign travel costlier while raising fears that the inflation situation could worsen. The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels. India is 85 per cent dependent on foreign oil to meet its needs for…

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    • 15 July
      262

      Rupee gains 7 paise to 79.92 against US dollar in early trade

      Mumbai: The rupee appreciated 7 paise to 79.92 against the US dollar in early trade on Friday as a firm trend in domestic equities and fresh foreign fund inflows strengthened investor sentiment. However, a strong greenback in the overseas markets capped the gains of the local unit, forex traders said. At the interbank foreign exchange, the rupee opened up at 79.95 against the American dollar, then gained further strength to trade at 79.92 in early deals, registering a gain of 7 paise over the last close. In the previous session, the rupee had closed at an all-time low of 79.99 against the greenback. The local currency was moving in a range of 79.95 and 79.88 in the morning trade. On the…

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    • 14 July
      308

      Govt should not allow backdoor entry to Big Tech for 5G: COAI

      New Delhi: The Cellular Operators Association of India (COAI), the industry’s apex body representing telcos, on Thursday urged the government not to allow Big Tech companies to enter the 5G spectrum auction this month via back door channels. The COAI said in a statement that the 5G spectrum should not be provided on an administrative basis as it leads to no business case for the rollout of 5G networks in the country. “If the independent entities set up private captive networks with direct 5G spectrum allotment by Department of Telecommunications (DoT), it will diminish the revenue so much that there will be no viable business case left for the telecom service providers (TSPs) and there will not remain any need for…

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    • 14 July
      312

      Rupee gains 7 paise to 79.74 against US dollar in early trade

      Mumbai: The rupee appreciated 7 paise to 79.74 against the US dollar in early trade on Thursday as a positive trend in domestic equities supported the local unit. However, a strong American currency overseas and forex outflows restricted the rupee’s gain, dealers said. At the interbank foreign exchange, the rupee opened at 79.72 against the American dollar, then went lower to trade at 79.74 against the greenback in early deals, registering a gain of 7 paise over the last close. In the previous session, the rupee had closed at an all-time low of 79.81 against the greenback. The local unit was moving in a tight range of 79.71 to 79.74 in early trade. On the domestic equity front, the 30-share Sensex…

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    • 14 July
      314

      Inflation in India to be about 5% by March 23

       The State Bank of India (SBI) expects the inflation in India to be about five per cent by March 23. In a research report, the SBI also said the 7.01 per cent consumer price index (CPI) inflation announced by the Indian government on Tuesday for June 2022 confirms the fact that the peak point has passed. According to the SBI report, CPI inflation attributable to supply side factors started moving up after September’21 while demand led CPI remained more or less constant. “The two have been moving together post February’22 (since the starting of Russia-Ukraine conflict). However, in the recent months demand led CPI inflation has moved up a bit, while supply led CPI inflation continues to moderate,” the SBI…

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    • 13 July
      298

      Rupee almost flat against US dollar in early trade

      Mumbai: The rupee started the session on a flat note against the US dollar on Wednesday amid a rally in the equity markets and easing retail inflation. A strong greenback against major currencies and foreign capital outflows kept investors cautious in early trading, forex dealers said. At the interbank foreign exchange, the rupee opened strong at 79.55 against the American dollar, then turned volatile to trade in a tight range of 79.53 to 79.60. The domestic unit was trading at 79.58 against the greenback in early deals, registering a gain of just 1 paisa over the last close. In the previous session, the rupee had closed at an all-time low of 79.59 against the greenback. On the domestic equity front, the…

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    • 12 July
      314

      Xiaomi 8th anniversary sale: Check top offers on phones, laptops, TVs and more

      Xiaomi is completing its eighth anniversary in India and to celebrate the occasion the brand is hosting an anniversary sale across select smartphones, laptops, smart TVs, and more. The sale kicked off and will go on till July 13 on Mi.com and across Mi Home stores. Here is all you need to know about the 8-year anniversary sale and its offers, along with a list of top offers to look forward to. Xiaomi will be hosting some sale activities, which we have seen the brand do in some previous sales. This includes ‘Jackpot Deals’ which will take place every day at 10 am where select products will see big discounts on prices. At 12pm is the ‘Surprise Store’ which will…

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    • 12 July
      305

      Varun Motors unveils and delivers all new Brezza in Hyderabad

      Hyderabad: Varun Motors has unveiled and delivered the next generation Brezza at its Begumpet showroom on Monday. The updated feature-packed version of Brezza was unveiled in the presence of Begumpet Corporator, T Maheshwari Srihari and was delivered to the first customer Hema Prasad in the presence of RC Raju, Executive Director, Varun Motors, Gurram Neeraj, General Manager, Ram Kumar, AGM, A Srikanth, Branch Manager of Varun Motors, Begumpet, according to the press release. The all-new Brezza is powered by a next-generation K-series 1.5L Dual Jet, Dual VVT engine with Progressive Smart Hybrid System with a promise of providing fuel efficiency of up to 20.15 km. The updated Brezza also offers a host of technologically advanced convenience, infotainment and connected features including…

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