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

    • Sep- 2024 -
      30 September
      403

      Benchmark indices fall in early trade amid foreign fund outflows, weak Asian markets

      The BSE Sensex dropped 464.22 points to 85,107.63 in early trading, while the NSE Nifty fell 133.85 points to 26,045.10. Among the 30 Sensex firms, major laggards included Tech Mahindra, Mahindra & Mahindra, ICICI Bank, Reliance Industries, Axis Bank, and UltraTech Cement. Mumbai: Benchmark indices declined in early trade on Monday amid foreign fund outflows and a largely weak Asian markets where the Japan’s Nikkei index tanked nearly 5 per cent. Markets were also dragged by decline in frontline stocks like ICICI Bank and Reliance Industries. The BSE Sensex tumbled 464.22 points to 85,107.63 in early trade. The NSE Nifty tanked 133.85 points to 26,045.10.From the 30 Sensex firms, Tech Mahindra, Mahindra & Mahindra, ICICI Bank, Reliance Industries, Axis Bank and…

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    • 27 September
      637

      ‘Made in India’ iPhone 16 sells like hot cakes in tier 2, 3 cities

      Analysts say more Indians are buying new iPhones rather than going for older generation devices, as purchasing power increased in country New Delhi: Riding on aspirational India as private consumption surges in tier 2, 3 cities and even beyond, Apple has seen its ‘Made in India’ iPhone 16 flying off the shelves in the country. According to trade analysts on Friday, the new iPhone, which has several top-notch features such as Camera Control, a powerful 48 MP fusion lens system (two optical-quality cameras in one), new A18 chip and a better battery life, are selling like hot cakes due to attractive financing schemes and trade-in offers at Apple retail stories as well as online. Counterpoint Research Vice President, Neil Shah, said that the momentum for…

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    • 27 September
      555

      UPI continues to be the preferred choice of payment method in India

      The immense popularity of UPI is seen from transaction volume ratio which stands at 38.4 times of credit card transaction volumes, according to the report by Axis Securities Mumbai: The Unified Payments Interface (UPI) transactions have grown at a stellar pace of 75 per cent Compound Annual Growth Rate (CAGR), while UPI spends surged at 68 per cent CAGR in the August 2019-August 2024 period, a report showed on Friday, as the card industry’s growth remained tepid. The immense popularity of UPI is seen from the transaction volume ratio which stands at 38.4 times of credit card transaction volumes, according to the report by Axis Securities. UPI remains a preferred medium for lower-value payments as 96 per cent of the transaction volume is…

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    • 26 September
      528

      LinkedIn goes local, adds 10 new language options, including Telugu

      The new language options are Vietnamese, Greek, Persian, Finnish, Hebrew, Hungarian, along with four Indian regional languages — Bengali, Marathi, Telugu and Punjabi New Delhi: Leading professional networking platform LinkedIn on Thursday announced it has added 10 new language options, including four Indian regional languages. The new language options are Vietnamese, Greek, Persian, Finnish, Hebrew, Hungarian, along with four Indian regional languages — Bengali, Marathi, Telugu and Punjabi. The new additions bring LinkedIn’s support to five Indian languages, including Hindi, it said in a statement. “We’re excited to announce that LinkedIn is now more inclusive and accessible than ever. We’ve expanded our language support to include 10 new languages, each representing a vibrant part of our global community,” said Chief Product Officer Tomer Cohen. LinkedIn’s member base in India has…

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    • 26 September
      436

      Rupee falls 11 paise to 83.69 against US dollar amid rising dollar, crude oil prices

      Foreign Institutional Investors (FIIs) turned net sellers on Wednesday, adding further pressure on the domestic currency against the dollar, according to forex experts. In the interbank foreign exchange market, the local unit opened at 83.66, down 8 paise from the previous close of 83.58 against the American currency. Mumbai: Rupee declined 11 paise to 83.69 against the US dollar in early trade on Thursday amid a strengthening dollar against overseas currencies and an increase in crude oil prices. FIIs turning net sellers on Wednesday put further pressure on the domestic currency against the greenback, according to forex experts. At the interbank foreign exchange, the local unit opened at 83.66, down 8 paise from its previous close of 83.58 against the American currency.…

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    • 26 September
      424

      Sensex, Nifty reach new all-time highs in early trade amid Asian market rally

      The BSE Sensex surged 202.3 points to an all-time high of 85,372.17 in early trade, while the NSE Nifty rose 51.85 points, reaching a new record of 26,056. Among the 30 Sensex firms, the biggest gainers included Maruti, Nestle, Tata Motors, Infosys, Tech Mahindra, HCL Technologies, Bajaj Finserv, Tata Consultancy Services, ITC, and Bharti Airtel. Mumbai: Equity benchmark indices Sensex and Nifty hit fresh all-time high levels in early trade on Thursday amid a sharp rally in Asian markets and buying in IT stocks. The BSE Sensex climbed 202.3 points to reach an all-time record peak of 85,372.17 in early trade. The NSE Nifty went up 51.85 points to hit a fresh lifetime high of 26,056. From the 30 Sensex firms,…

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    • 26 September
      361

      Three top executives, including CTO Mira Murati, depart OpenAI under Sam Altman

      According to Altman, their decision to leave was made independently and amicably. Of the 13 co-founders of OpenAI in 2015, only three remain with the company. He noted on the X social media platform that the timing of Mira’s departure aligned with a collective transition, allowing for a smooth handover to the next generation of leadership. San Francisco: In a significant development at the Sam Altman-run OpenAI, three top executives — including Chief Technical Officer Mira Murati — have left the ChatGPT developer. According to Altman, they made the decision to leave independently of each other and amicably. Of the 13 people who helped found OpenAI in 2015, only three now remain at the company. “But the timing of Mira’s decision…

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    • 25 September
      203

      Mahindra announces prices starting at ₹18.79 lakh for 4×4 variants of Thar ROXX

      Bookings for the Thar ROXX 4×4 variants open online and at dealerships starting October 3 with deliveries set to commence this Dussehra. Mumbai: Mahindra & Mahindra Ltd., India’s leading SUV manufacturer, on Wednesday revealed the introductory pricing for the 4×4 variants of the Thar ROXX. Prices for the 4×4 variants start at ₹18.79lakh. Thar ROXX, powered by the 2.2L mHawk diesel engine, comes in two power configurations. The 4×4 MT options delivers111.9 kW and 330 Nm of torque, while the 4×4 AT boasts 128.6 kW and 370 Nm of torque for an exhilarating driving experience. Coupled with either a 6-speed manual or automatic transmission, and enhanced by the 4XPLOR system, this vehicle is designed to conquer all terrains. With brake locking…

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    • 25 September
      424

      Airtel launches India’s first AI-powered network-based spam detection solution

      This free solution, the first of its kind from a telecom provider in India, will alert customers in real time about suspected spam calls and SMS messages. It will be automatically activated for all Airtel customers, requiring no service request or app download. New Delhi: In a pioneering move to curb the country’s spam menace, Bharti Airtel on Wednesday launched India’s first network-based, AI-powered spam detection solution. The free-of-cost solution — a first by a telecom service provider in the country — will alert customers in real time to all suspected spam calls and SMSes. It will get auto-activated for all Airtel customers without them having to raise a service request or download an app. “Spam has become a menace for customers. Today…

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    • 24 September
      325

      Revolt Motors receives over 16,000 bookings for RV1, RV1+ within one week of launch

      The RV1 and its premium variant, RV1+, are offered at an introductory price of ₹ 84,990 for the RV1 and ₹ 99,990 for the RV1+. New Delhi: Revolt Motors, has achieved over 16,000 booking of the newly launched RV1 and RV1+ electric motorcycles within the first week of launch. In a press release, the company said that the overwhelming demand reflects the massive acceptability and excitement for India’s first commuter electric motorcycle, positioning the RV1 as a game-changer in the country’s two-wheeler segment. Launched on September 17, by Minister of Road Transport & Highways, Nitin Gadkari, the RV1 and its premium variant, RV1+, are offered at an introductory price of ₹ 84,990 for the RV1 and ₹ 99,990 for the RV1+.…

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