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 -
      11 July
      441

      KTR, Anand Mahindra on managing committee for Formula-E in Hyderabad

      Hyderabad: With Hyderabad all set to host Formula-E racing on February 11, a managing committee has been formed to oversee arrangements including event preparation, review of work progress, marketing and outreach etc. The committee will be headed by Municipal Administration & Urban Development Minister KT Rama Rao, while Urban Development Special Chief Secretary Arvind Kumar is the member convener. Anand Mahindra, chairman of Mahindra Group, Dilbagh Gill, Chief Executive Officer & Team Principal Mahindra Racing, are the other members. Three subject experts/ brand ambassadors will also be decided by the committee. There will also be an executive committee, chaired by Arvind Kumar. Officials of Hyderabad Metropolitan Development Authority, Greater Hyderabad Municipal Corporation, Police Department, Roads & Buildings Department and other line…

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    • 11 July
      409

      Toyota Urban Cruiser Hyryder — The next mid-size SUV blockbuster?

      The mid-size SUV segment in India has grown with many new models incoming, like the Hyundai Creta, Kia Seltos, Tata Harrier, Volkswagen Taigun, MG Astor, and more. Now, Toyota is venturing into this segment too, in the form of the Urban Cruiser Hyryder that was recently unveiled. Well, time will tell whether it can gain a reputation within its segment, maybe similar to what the Corolla built in the D-segment. But for now, let’s see if it’s worthy of fighting the current segment leaders — the Creta and the Seltos. Looks matter However subjective this might be, we Indians want our car to look good and have a road presence, hence the demand for SUVs has also shot up. This Urban Cruiser Hyryder is not a sub-four metre SUV and will be…

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    • 9 July
      288

      Elon Musk to pay $1 billion as deal termination fee to Twitter

      Tesla CEO Elon Musk, who has cancelled the $44 billion Twitter buyout deal, will have to pay $1 billion in termination fee to the micro-blogging platform. As per an earlier filing with the US Securities and Exchange Commission (SEC), “Musk will be required to pay Twitter a termination fee of $1 billion”, if he cancels the deal. Musk was expected to provide equity financing of approximately $21 billion on his own. The Tesla CEO had said that Twitter is violating the terms of his $54.20-per-share offer by refusing to give him more information about how much of the platform’s traffic is driven by fake accounts. He then threatened to blow up the deal over the issue. With him terminating the…

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    • 9 July
      310

      Elon Musk says he’s terminating $44 billion Twitter deal: Report

      San Francisco: Tech billionaire Elon Musk is officially trying to pull out of his $44 billion agreement to purchase microblogging site Twitter. In a filing on Friday afternoon with the US Securities and Exchange Commission (SEC), Musk’s team claimed he is terminating the deal because Twitter was in “material breach” of their agreement and had made “false and misleading” statements during negotiations. “For nearly two months, Musk has sought the data and information necessary to make an independent assessment of the prevalence of fake or spam accounts on Twitter’s platform’,” Musk’s legal team wrote. “Twitter has failed or refused to provide this information,” they added. Twitter still hopes to close the deal, despite Musk’s attempted termination. Twitter board chairman Bret Taylor…

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    • 8 July
      313

      Rupee falls 12 paise to 79.25 against US dollar in early trade

      Mumbai: The rupee depreciated 12 paise to 79.25 against the US dollar in early trade on Friday tracking the strength of the American currency and persistent foreign fund outflows. At the interbank foreign exchange, the rupee opened at 79.20 against the American dollar, then lost ground to quote at 79.25, registering a fall of 12 paise from the last close. On Thursday, the rupee closed at 79.13 against the dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent lower at 107.07. “As the dollar index rises towards 107 and with crude up above USD 100 per barrel, it does not seem that we will get lower levels on the…

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    • 8 July
      314

      Indian-origin Ramesh Balwani was found guilty of defrauding investors, and patients in the US

      Indian-origin Ramesh ‘Sunny’ Balwani, the former business partner and ‘boyfriend in secret’ of Elizabeth Holmes, founder, and CEO of healthcare company Theranos, has been found guilty of defrauding Theranos investors and patients in the US. Balwani faced 10 counts of wire fraud and two counts of conspiracy to commit wire fraud. After a three-month trial, a jury found him guilty of all 12 counts. He now faces up to 20 years in prison for each count, The Verge reported late on Thursday. Youngest billionaire Holmes has already been found guilty of defrauding investors. Indian-origin Balwani was Holmes’ “boyfriend in secret”. “They met when Holmes was 18 and Balwani was 37 — she moved in with him the year after she…

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    • 7 July
      335

      Telangana gets major investment as Safran decides to set up MRO in Hyderabad

      Safran Group, the French multinational company that designs, develops, and manufactures aircraft engines, rocket engines as well as various aerospace and defense-related equipment or their components, has decided to set up its MRO facility in Hyderabad. It will come up with an initial investment of $ 150 million (about Rs 1,185 crore). The new announcement further strengthens Hyderabad’s position as the hub of aerospace and defense activities. This will be the largest MRO globally and the first engine MRO established by a global original equipment manufacturer (OEM) in India. “Jubilant to welcome @SAFRAN group’s decision to select Hyderabad for its Mega Aero Engine MRO in India. This will be SAFRAN’s largest MRO globally and will be the first Engine MRO established by a…

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    • 7 July
      323

      Rupee falls 12 paise to 79.06 against US dollar in early trade

      Mumbai: The rupee depreciated 12 paise to 79.06 against the US dollar in early trade on Thursday as the hawkish stance of the US Federal Reserve increased the possibility of another rate hike this month. However, the steps announced by the Reserve Bank of India (RBI) on Wednesday limited the depreciation bias in the rupee, according to forex traders. At the interbank foreign exchange, the rupee opened at 79.05 against the American dollar, then lost ground to quote at 79.06, registering a fall of 12 paise from the last close. In initial trade, the rupee witnessed a high of 78.90 against the American currency. On Wednesday, the rupee closed at 78.94 against the US dollar. RBI took several steps to increase…

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    • 7 July
      325

      Hyderabad sees 3.2 million sqft office space transactions from Jan- June

      Hyderabad: Sales in Hyderabad’s residential market were pegged at 14,693 units from January to June this year. This is an increase of 23% over the corresponding period last year. This is the highest sales volume since 2011. New home launches during the same time increased to 21,356, up 28% over last year. West Hyderabad continued to dominate the city’s residential space, accounting for a market share of 62% of the total sales, said consultancy Knight Frank India in report `India Real Estate: H1’ released Wednesday. In the office space segment, the transaction volumes from January to June this year increased 101% to 3.2 million sqft from 1.60 million sqft last year. About 5.3 million sqft was completed in the same period.…

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    • 7 July
      302

      RailTel finalizes agencies for Video Surveillance System at 756 stations, 76 in SCR

      Hyderabad: RailTel, a Mini Ratna Central Government PSU under Ministry of Railways, entrusted with the implementation of Video Surveillance System (VSS) project (CCTV cameras network) under Nirbhaya Fund at railway stations has finalized agencies for executing the job. The first phase of the project will cover major stations of category A1, A, B, C numbering 756 across Indian Railways, including 76 Railway Stations in the South Central Railways. The work is likely to be completed by January 2023, according to a press release. The remaining stations will be covered in phase-2 of implementation. The project envisages Internet Protocol (IP) based VSS at waiting halls, reservation counters, parking areas, main entrance/exit, platforms, foot over bridges, booking offices etc. The system will have…

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