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 -
      16 June
      329

      Ford recalls about 49K Mustang EVs over battery safety issues

      Ford Motor has recalled nearly 49,000 Mustang Mach-E electric crossovers over battery safety concerns, and told dealers to temporarily halt selling the popular electric vehicle. The battery safety defect may render the vehicle immobile. The malfunction involves a potential overheating of the vehicle’s battery high-voltage contactors, which can lead the vehicle to fail to start or lose power while in motion, reports CNBC. “An overheated contactor that opens while driving can result in a loss of motive power, which can increase the risk of an accident,” according to the Ford notice. The battery issue affects Mach-Es that were built from May 27, 2020, through May 24, 2022, at the automaker’s Mexico plant. Nearly 49,000 of around 100,000 Mach-Es produced during…

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    • 15 June
      310

      Equity indices open in green, Sensex up by 44 points

      Mumbai: The Indian stock market opened in green on Tuesday with less than 0.5 per cent slump in the key indices, Sensex and Nifty. The 30 stock S&P BSE Sensex rose by 43.76 per cent points or 0.08 per cent to close at 52,737.33 points at 9.17 am The broader Nifty 50 of the National Stock Exchange was up by 17.80 points or 0.11 per cent to 15,749.90 points. Heavy selling pressure was witnessed in Hindmotors, Tata Steel, Reliance, Adani Power and HCL Technologies stocks. From the Sensex pack, Tata Motors, Bajaj Finance, IndusInd Bank, Asian Paints and Bajaj Auto were the major gainers in the early trade, while Tata Steel, HUL, HDFC, HDFC Bank and Britannia were the top losers.…

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    • 14 June
      315

      The Gmail and Hotmail spam email that could break your PC or laptop just by opening it

      Email users have been warned to be careful of spam messages that could contain dangerous malware. Gmail, Hotmail, Outlook, and other users could be exposed to spam emails that could break their Windows, PC with just one click. The dangerous malware on the spam emails could steal sensitive personal and financial, data and also steal credentials for Windows and banking services. According to Express, security experts have said that threat actors are taking advantage of a vulnerability that hasn’t been fixed yet by Microsoft to distribute the dangerous Qbot banking trojan malware. This malicious software has reportedly been found in infected Word documents that are being spread by email. The Qbot malware also apparently allows bad actors to deploy a backdoor on…

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    • 12 June
      468

      India’s first Display FAB coming up in Telangana, to invest Rs 24,000 cr

      Hyderabad: Industries Minister KT Rama Rao said Telangana puts India on the world map of advanced high-tech manufacturing. India’s first Display FAB to manufacture the most advanced AMOLED displays is coming up in the State with a whopping investment of Rs 24,000 crore. The Minister on Sunday tweeted, “Historic day for Telangana. Rajesh Exports (Elest), a Fortune-500 company, to setup India’s first Display FAB to manufacture the most advanced AMOLED displays, with an investment of Rs 24,000 Cr, making it one of the largest investments in high-tech manufacturing sector in India.” The Minister further tweeted, “Telangana puts India on the world map of advanced high-tech manufacturing. What was hitherto possible only in Japan, Korea & Taiwan, will now happen in Telangana.…

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    • 11 June
      345

      Why IIM prof opted out of Gurugram college convocation over HUL invite, & what firm had to say

       A professor at the Indian Institute of Management Bangalore (IIM-B) said Thursday that he had turned down a guest invite from a Gurugram college for its annual convocation ceremony on 15 June, because it had invited Sanjiv Mehta, the Chief Executive Officer and Managing Director of Hindustan Unilever Limited (HUL) India, as chief guest. Best running shoes for sale in Chellaston: these are almost gifted AdWomens running shoes | Search ads He attributed his stance to a 2001 episode when an HUL thermometer plant in Kodaikanal was forced to shut down after the Tamil Nadu government reportedly found it had been dumping tonnes of toxic waste at its plant site. HUL employees subsequently sued the company, seeking damages for exposure to mercury,…

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    • 11 June
      311

      Industrial production grows 7.1% in April led by power, mining sector

      Industrial output grew by 7.1 per cent in April on better performance by power and mining sectors, as per the data released by the National Statistical Office (NSO). Manufacturing sector recorded a growth of 6.3 per cent in the first month of the current financial year, government data released on Friday.  It further said growth rates over corresponding period of the previous year are to be interpreted considering the unusual circumstances on account of the COVID-19 pandemic since March 2020. As per the data, power and mining sectors grew by 11.8 per cent and 7.8 per cent, respectively. As per the use-based classification, the capital goods segment recorded a growth of 14.7 per cent, while the consumer durables sector expanded by 8.5…

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    • 10 June
      308

      Amazon to pull out of IPL media rights race leaving the arena to Reliance Industries

      Amazon.com Inc. is planning to withdraw from a heated competition for the rights to stream Indian Premier League cricket matches, according to people familiar with the matter, ceding one of the world’s most popular sporting contests to rivals from Walt Disney Co. to Mukesh Ambani’s Reliance Industries Ltd, according to Bloomberg. The IPL rights had been estimated to fetch an unprecedented $7.7 billion. The US giant is planning to throw in the towel rather than get into a bidding war, the people said, to Bloomberg asking not to be identified as discussing internal deliberations. While Amazon has already invested more than $6 billion in the country, more spending merely for the online streaming rights to the league didn’t make business sense, said…

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    • 10 June
      328

      Rupee hits record low of 77.82 against US dollar in early trade

      Mumbai: The rupee depreciated 8 paise to a record low of 77.82 against the US dollar in opening trade on Friday, tracking the strength of the greenback in the overseas market. At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, then lost ground to quote at 77.82 — its all-time low level, registering a fall of 8 paise from the last close. On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The rupee opened weaker against the dollar this Friday tracking the overnight strength of the greenback, said Sriram Iyer, Senior Research Analyst at Reliance Securities. Asian and emerging market peers have started mixed, while…

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    • 10 June
      319

      Hyderabad-based Way2News raises Rs 130 crore

      Hyderabad: Hyderabad-based vernacular short news app, Way2News, has raised $16.75 million (about Rs 130 crore) as part of its Series-A round from investors WestBridge Capital and from venture capitalist Sashi Reddi. This marks WestBridge Capital’s debut investment in the media and entertainment sector in India. The company plans to use the fresh capital to expand its user base across Tamil Nadu, Karnataka and Kerala. The company will be hiring teams in editorial, sales, marketing, and scale up their AI-based technology to minimise human intervention in delivering news. “Way2News is enabling users find news from small towns and villages while ensuring depth of coverage. Our mobile-first, crowd-sourced news platform, coupled with AI-based quality checks, is sustainable,” said Raju Vanapala, Founder and CEO.…

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    • 10 June
      315

      Hyderabad-based Way2News raises Rs 130 crore

      Hyderabad-based vernacular short news app, Way2News, has raised $16.75 million (about Rs 130 crore) as part of its Series-A round from investors WestBridge Capital and from venture capitalist Sashi Reddi. This marks WestBridge Capital’s debut investment in the media and entertainment sector in India. The company plans to use the fresh capital to expand its user base across Tamil Nadu, Karnataka and Kerala. The company will be hiring teams in editorial, sales, marketing, and scale up their AI-based technology to minimise human intervention in delivering news. “Way2News is enabling users find news from small towns and villages while ensuring depth of coverage. Our mobile-first, crowd-sourced news platform, coupled with AI-based quality checks, is sustainable,” said Raju Vanapala, Founder and CEO.…

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