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

    • Jun- 2022 -
      21 June
      294

      About 1,100 workers resume duty at Ford India’s Chennai plant

      About 1,100 workers have resumed work at the Ford India Private Ltd’s Maraimalainagar plant near here even though an agreement between the workers’ union and the management on severance package has not been reached, sources said. “There is no progress in the talks with the management on the severance package. However, workers have started reporting to duty after (a) agreeing with the severance package (b) not agreeing with the severance package,” a worker union official told IANS preferring anonymity. He said a tripartite meeting – workers union representatives, management officials and the officials of Tamil Nadu Labour Department- is slated on Monday. At the previous meetings, the Labour Department officials had said the issue is between Ford India and its…

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    • 20 June
      422

      Markets tumble after initial rally amid mixed global trends

      Mumbai: Equity indices started the trade on a firm note on Monday with the Sensex climbing 254 points, but within minutes, the benchmarks pared all early gains to trade in the negative territory. The BSE benchmark was trading with a jump of 253.69 points at 51,614.11 in early trade. The Nifty too gained 69.6 points to 15,363.10. But, the benchmark indices failed to hold on to the initial gains, with the Sensex quoting 287.1 points lower at 51,073.32, while the Nifty declined by 94.75 points to 15,198.75. From the Sensex pack, Tata Steel, M&M, PowerGrid, Tech Mahindra, Larsen & Toubro and ICICI Bank were among the major laggards. On the other hand, HDFC, Hindustan Unilever, Sun Pharma and HDFC Bank were…

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    • 20 June
      374

      Rupee rises 12 paise to 77.93 against US dollar in early trade

      Mumbai: The rupee strengthened by 12 paise to 77.93 against the US dollar in opening trade on Monday as easing crude oil prices supported the local unit. However, unabated foreign fund outflows, a lacklustre trend in domestic equities and strong American dollar overseas restricted the gain, forex dealers said. At the interbank foreign exchange, the rupee opened strong at 77.98 against the US dollar, then inched higher to quote 77.93, registering a rise of 12 paise over the last close. In the previous session, the rupee advanced 5 paise to settle at 78.05 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.30 per cent to 104.38. Global oil benchmark…

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    • 19 June
      306

      End of the crypto craze? Indian investors wary as mega sell-off continues

      As foreign portfolio investors continue to pull out money from the Indian equity market, the sell-off in the crypto market and the digital asset space has also accelerated in the wake of global economic meltdown. More than $200 billion were wiped off the entire cryptocurrency market this week and the globally crypto market capitalisation fell below $1 trillion for the first time since February 2021, according to data from CoinMarketCap. The already sinking cryptocurrency market in India is also witnessing a huge sell-off as the prices of Bitcoin and other cryptocurrencies nosedive amid volatile market conditions triggered by factors like high inflation, rising interest rates, the Russia-Ukraine war, and China lockdowns. According to experts, crypto investors and traders in India…

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    • 17 June
      292

      Toyota Urban Cruiser Hyryder imagined digitally: Hyundai Creta rivalling SUV to unveil on July 1

      Toyota SUVs are celebrated across the world for the bulletproof reliability they offer. For the same reason, Toyota Innova and Fortuner are the most celebrated names in their respective segments. In international markets, Toyota has been selling SUVs in different shapes and sizes. Sadly, the Indian market has been kept at a distance from an affordable mid-size SUV. Now, it seems like Toyota is ready to change its portfolio for good. The company is developing a Hyundai Creta rival for the Indian market, and it will be called Toyota Urban Cruiser Hyryder. Confirmed to be unveiled on July 1, the Hyryder is assumed to hit the showroom floors by Diwali this year. The primary question around the buyers is what…

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    • 17 June
      318

      Rakesh Jhunjhunwala Loses Rs 842 Crore in These Two Stocks Today; Do you Own Any?

      The domestic markets were volatile in Friday’s trade after a sharp selloff the previous day amid lingering global weakness.` Big Bull Rakesh Jhunjhunwala lost nearly Rs 842 crore in early trade on Friday morning trade in his 2 favourite stocks namely Titan, Star Health & Allied Insurance Company Ltd. Titan Company share price today opened lower and hit Rs 1997 apiece levels by 9:30 AM, logging Rs 63.95 per share dip from its yesterday’s close of Rs 2060.95 levels on NSE. In the past three months, the stock has declined 28.32 per cent while the benchmark Sensex has lost 11.26 per cent during the same period. On the technical front, the stock’s daily RSI (relative strength index) stood at 26.756. The…

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    • 17 June
      303

      Tesla employees who were fired earlier this month share their experience on LinkedIn

      Tesla CEO Elon Musk recently announced that the company will let go 10 per cent of its staff as he was concerned about the country’s economy. The electric car company fired employees from different divisions and departments. A few of these former Tesla employees took to LinkedIn to share their experience at work while seeking new opportunities. Dani Benjamin was one among the 10 per cent of Tesla employees who were asked to leave. Benjamin led the general assembly of Tesla’s first customer cars produced at Giga Texas. “It was an extremely rewarding experience to build a strong assembly team while accelerating and improving the production process. Another highlight during my time with Tesla was to help execute and witness…

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    • 16 June
      293

      US Fed makes biggest rate hike since 1994

      Washington: The US Federal Reserve raised the interest rate by 0.75 percentage points, the highest on-shot increase since 1994, to tackle inflation that is at its highest in 40 years. The rate hike was announced at the end of the two-day policy meeting of the fed. It ran contrary to smaller rate hikes of 0.50 percentage points that had been indicated by several members of the fed’s top decision making committee, the Federal Open Market Committee. “We thought that strong action was warranted at this meeting and we delivered on that,” Federal Reserve Chair Jerome H. Powell said in a news conference announcing the decision. “It is essential that we bring inflation down if we are to have a sustained period…

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    • 16 June
      322

      Rupee gains 15 paise against US dollar in early trade

      Mumbai: The rupee strengthened by 15 paise to 78.07 against the US dollar in opening trade on Thursday after the US Federal Reserve hiked interest rate by 75 basis points and signalled more rate action to fight inflation. Besides, a firm trend in domestic equities and weak American dollar in the overseas market supported the domestic unit, forex dealers said. However, unabated foreign fund outflows and surging crude oil prices capped the appreciation bias of the rupee, they added. At the interbank foreign exchange, the rupee opened strong at 78.06 against the US dollar, then inched lower to quote 78.07, registering a rise of 15 paise over the last close. It was moving in a very tight range in early deals.…

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    • 16 June
      319

      Sensex gains 500 points, Nifty crosses 15,800 after Fed hikes rate

      Mumbai: The Indian stock market soared higher on Thursday morning with the Sensex gaining over 500 points and the Nifty climbing around 150 points, amid positive global cues. The 30 stock S&P BSE Sensex rose by 548.17 points or 1.04 per cent to close at 53,089.56 points at 9.20 am. The broader Nifty 50 of the National Stock Exchange was up by 153.90 points or 0.98 per cent to 15,846.10 points. From the Sensex pack, Reliance, Bajaj Finance, BPCL, Baja Finserv and ICICI Bank were the major gainers in the early trade, while ONGC, Bharti Airtel, Nestle, Dr Reddys Labs and SBI Life Insura were the top losers. On Wednesday, the key indices closed in the red for the fourth straight…

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