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 -
      6 July
      288

      Rupee rises 9 paise to 79.24 against US dollar in early trade

      Mumbai: Recovering from its record low level, the rupee appreciated 9 paise to 79.24 against the US dollar in early trade on Wednesday. At the interbank foreign exchange, the rupee opened at 79.29 against the American dollar. In initial trade, the local currency witnessed a high of 79.24 and a low of 79.31 against the US dollar. In the previous session, the rupee had closed at an all-time low of 79.33 against the US dollar. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened higher this Wednesday tracking an overnight fall in crude oil prices. “However, appreciation bias could remain capped and possibly the rupee could witness new lows against the dollar weighed down by fears of…

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    • 6 July
      374

      The Yamaha MT-15 2.0 packs a punch!

      Hyderabad: Are you looking for a stylish, powerful and affordable motorcycle with a promising performance? Look no further! Because the upgraded version of the MT 15 2.0 is here and fits the bill just right. The Yamaha MT-15 2.0 looks great and comes with improvements, upgrades and some visible cosmetic changes. Its new colour schemes and the golden-coloured inverted front forks are sure to grab attention. Its exhaust note, like any other Yamaha, is music to my ears. The MT-15 2.0’s peculiar ‘whoosh’ could be its USP, I reckon. Getting into details… Yamaha scores big on styling and ride quality. Styling: Yamaha, is popular for making some of the best-looking motorcycles of all time and their new offering MT-15 2.0 is…

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    • 4 July
      466

      Sensex climbs nearly 160 points in early trade

      Mumbai: The BSE benchmark index Sensex climbed nearly 160 points in early trade on Monday, tracking gains in index majors RIL, ICICI Bank and ITC amid a mixed trend in global markets. The BSE benchmark was trading with a gain of 159.56 points at 53,067.49 in early trade. The NSE Nifty also went higher by 45.4 points to 15,797.45. However, the indices failed to hold on to the gains and turned volatile in the morning trade. Among the Sensex pack, IndusInd Bank, ITC, Reliance Industries, Sun Pharma, ICICI Bank, Nestle, Hindustan Unilever and Maruti were among the gainers in early trade. Tata Steel, TCS, Mahindra & Mahindra, Wipro, Infosys, Tech Mahindra and HDFC were among the laggards. Elsewhere in Asia, markets…

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    • 4 July
      390

      Rupee falls 9 paise to 79.03 against US dollar in early trade

      Mumbai: The rupee depreciated 9 paise to 79.03 against the US dollar in opening trade on Monday, as persistent foreign funds outflows weighed on investor sentiments. Forex traders said the weakness of crude oil prices is supporting the local unit. However, inflation and growth worries in India and globally could cap the appreciation bias, they added. At the interbank foreign exchange, the rupee opened at 78.97 against the US dollar, then fell to quote 79.03, registering a decline of 9 paise over the last close. In the previous session on Friday, the rupee had closed at 78.94 against the US dollar. “Today is a US holiday therefore cash demand of USD will be absent. Maybe we could see some lower levels…

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    • 2 July
      314

      ”Increase in import duty on gold, will not have major impact on demand”

      The increase in customs duty on gold will not have any major impact on the yellow metal`s demand or the price, said a top official of Madras Jewelers and Diamond Merchants Association. Nor the duty hike will result in any increased smuggling activity of the yellow metal, he added. On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports. The government said, there has been a sudden surge of gold imports. In May, a total of 107 ton of gold was imported and the import volume last month was also significant, the government said. “The surge in gold imports is putting pressure on current account deficit. To…

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    • 2 July
      320

      India facing ‘collapse of nation crisis’: Amartya Sen

      The biggest crisis facing India at this juncture is “collapse of the nation”, Nobel laureate Amartya Sen said on Thursday at the inauguration of the Amartya Sen Research Centre in Kolkata’s Salt Lake area. What scared him most, Sen said, were the divisions he saw in the country right now. It was also “extraordinary” that colonial laws were being used to put people behind bars, he added without specifically mentioning the recent arrest of activist Teesta Setalvad by Gujarat police. The Best Men’s Shoes for Walking and Standing All Day AdMadzarato Mere tolerance would not be enough to counter all this, he said. “India has an inherent culture of being tolerant but the need of the hour is that Hindus…

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    • 1 July
      311

      N.Korean hackers stole $100 mn in crypto from Harmony Blockchain bridge

      San Francisco: Cyber-security researchers have linked North Korea-backed notorious Lazarus Group with stealing $100 million worth digital tokens from Harmony, the crypto startup behind Horizon Blockchain Bridge. The Lazarus Group has perpetrated several large cryptocurrency thefts totalling over $2 billion, and has recently turned its attention to Decentralised Finance (DeFi) services such as cross-chain bridges, according to London-based blockchain analysis provider Elliptic. The same group is believed to be behind the $540 million hack of Ronin Bridge. “The theft was perpetrated by compromising the cryptographic keys of a multi-signature wallet — likely through a social engineering attack on Harmony team members. Such techniques have frequently been used by the Lazarus Group,” the researchers wrote in a blog post. Harmony admitted that…

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    • 1 July
      308

      Rupee hits record low of 79.11 against US dollar in early trade

      Mumbai: The rupee depreciated 5 paise to a record low of 79.11 against the US dollar in opening trade on Friday as persistent foreign funds outflows weighed on investor sentiments. At the interbank foreign exchange, the rupee opened on a weak note at 78.99 against the American dollar, then lost ground to quote at 79.11 — its all-time low level, registering a fall of 5 paise from the last close. On Thursday, the rupee fell 3 paise to close at a fresh lifetime low of 79.06 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 per cent higher at 104.90. According to Anil Kumar Bhansali, Head of Treasury,…

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    • 1 July
      338

      Reliance brings UK’s Pret a Manger to India to take on Starbucks

      Reliance Brands (RBL) is set to take on Tata Starbucks by bringing to India British sandwich and coffee chain Pret a Manger. RBL, a subsidiary of Reliance Retail, plans to launch and build the Pret a Manger restaurant chain in India with a long-term master franchise agreement. The contours of the deal were not disclosed. Get A Single Source Of Truth In Your Procurement Processes AdRosslyn With the consolidation of Cafe Coffee Day (CCD), once the largest cafe chain in India, Tata Starbucks, an equal joint venture between Mumbai-based conglomerate Tata Group and Seattle-headquartered Starbucks, has emerged as the strongest contender in the space with 272 outlets across 28 cities. While Pret a Manger is perceived as predominantly a food-led…

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    • 1 July
      309

      Volkswagen chief says they will beat Tesla by 2025

      Herbert Diess, the current chairman of the board of management of the German motor vehicle manufacturer Volkswagen Group, has said that the carmaker will take the lead over Elon Musk’s Tesla by 2025. During a meeting at the company’s headquarters in Germany, Diess said that Tesla will lose its strength trying to ramp up two gigafactories — one in Austin, Texas and the other in Grunheide, Germany, reports the Daily Mail. He sees this as an opportunity to take the lead, as Volkswagen is running at full capacity. “Elon must simultaneously ramp up two highly complex factories in Austin and Grunheide — and expand production in Shanghai. That will cost him strength,” he told workers on Tuesday, as first reported…

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