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 -
      10 June
      296

      Cybertruck will be Tesla’s best product ever: Musk

      Tech billionaire Elon Musk said he believes that the upcoming Cybertruck will be the company’s “best product ever”. According to Teslarati, the Cybertruck was spotted at the Moss Landing Battery System’s commissioning event in California earlier this week. It was sporting its 30X Cold-Rolled Stainless-Steel exoskeleton and its somewhat challenging wiper blade, which has been in development for some time, along with other portions of the vehicle, which have been modified since the vehicle’s unveiling in late 2019. The new interior images showed slight modifications to the cabin design, the report said. Along with a new dashboard design and instrument cluster, the accelerator and brake pedals were also newly-designed, and it appeared to be running a version of the new…

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    • 9 June
      301

      Rupee slips 10 paise to 77.78 against US dollar in early trade

      Mumbai: The rupee slipped 10 paise to 77.78 against the US dollar in early trade on Thursday, as elevated crude oil prices and persistent foreign capital outflows weighed on investor sentiments. At the interbank foreign exchange, the rupee opened at 77.74 against the American dollar, then lost ground to quote at 77.78, registering a fall of 10 paise from the last close. On Wednesday, the rupee recovered from its record low to close 10 paise higher at 77.68 against the American currency. Rupee is hovering around its lifetime low of 77.78 against the US dollar tracking the strength of the American currency in the overseas market and firm crude oil prices. Rupee opened on a bearish note as crude oil neared…

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    • 9 June
      307

      Apple Made More Money From Gaming Than Giants Like Nintendo And Microsoft

      Apple is a technology behemoth and we already knew that, but did you know that the company managed to earn more in revenue from gaming than hard-core brands like Nintendo? That’s right. According to a new report, Apple earned the third-highest revenue among the so-called gaming giants, just behind China’s Tencent and Sony from Japan. Asics running shoes for sale in Chellaston: these are almost gifted AdAsics shoes | Search ads It is hardly surprising to see Tencent leading the charts, with a revenue of over $32 billion in 2021. The company has popular gaming titles like the League of Legends and PUBG Mobile in the market, which offers in-app purchases for different items. Sony ranks second on the list…

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    • 9 June
      296

      Amazon scrapped over 3 million fake products, 4 billion bad listings in 2021

      After being under immense pressure to tackle counterfeit products, Amazon identified, seized and disposed of over three million such products in 2021 and prevented four billion bad listings on the site, the company said in its Brand Protection Report. In 2020, Amazon had barred 10 billion listings and got rid of two million counterfeit products. The Seattle-based company also witnessed a fall in complaints of intellectual property infringement in 2021 even as it grew the number of active brands on its site. Last year, the e-commerce giant had invested over $900 million and employed more than 12,000 people, including software developers, expert investigators and machine learning scientists, to tackle counterfeit, fraud, and other forms of abuse on the platform. During…

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    • 8 June
      292

      Rupee gains 9 paise to 77.69 against US dollar in early trade ahead of RBI policy outcome

      Mumbai: The rupee strengthened by 9 paise to 77.69 against the US dollar in opening trade on Wednesday, ahead of the Reserve Bank of India’s monetary policy decision. A weak trend in domestic equities, surging crude oil prices and unabated foreign fund outflows capped the appreciation bias of the rupee, forex dealers said. The RBI’s Monetary Policy Committee (MPC) is slated to announce its policy decision later in the day. At the interbank foreign exchange, the rupee opened strong at 77.70 against the US dollar, then gained further ground to quote 77.69, registering a rise of 9 paise over the last close. In the previous session, the rupee had closed at a record 77.78 against the US dollar. On the domestic…

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    • 8 June
      280

      Sensex tumbles 205 points as RBI increases policy repo rate

      Mumbai: Indian stock market’s benchmark Sensex opened 205 points down on Wednesday as the Reserve Bank of India (RBI) increased the policy repo rate by 50 basis points to 4.9 per cent. The 30 stock S&P BSE Sensex fell 205.27 points or 0.37 per cent to close at 54,902.07 points at 10:30 am. The broader Nifty 50 of the National Stock Exchange fell 53.05 points or 0.32 per cent to 16,363.30 points. There was selling pressure in telecom and healthcare stocks. GTL Infrastructure fell 4.83 per cent to Rs 1.38. Bharti Airtel slipped 1.17 per cent to Rs 677.90. MTNL closed 0.70 per cent down at Rs 21.30. In the Healthcare sector, Metropolis Lab slumped 2.65 per cent to Rs 1551.20.…

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    • 8 June
      347

      RBI retains growth projection at 7.2 pc for FY23

      Mumbai: The Reserve Bank of India on Wednesday retained its growth projection at 7.2 per cent for the current fiscal on the back of improvement in urban demand and gradual recovery in rural India. Unveiling the third monetary policy for the current fiscal, RBI Governor Shaktikanta Das said the Indian economy remained resilient, and the central bank will continue to support growth. The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter. He, however, cautioned that there are risks from the ongoing Russia-Ukraine war. The central bank earlier in April slashed the GDP growth projection for 2022-23 to 7.2 per cent from its earlier…

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    • 8 June
      313

      World Bank cuts growth forecast to 7.5%

      NEW DELHI: The World Bank on Tuesday cut India’s GDP growth forecast for 2022-23 to 7.5% from the earlier estimate of 8%, citing the impact of high inflation, supply chain disruptions and geopolitical tensions. “Growth will also be supported by fixed investment undertaken by the private sector and by the government, which has introduced incentives and reforms to improve the business climate. This forecast reflects a 1.2-percentage-point downward revision of growth from the January projection. Growth is expected to slow further to 7.1% in FY24 back towards its longer-run potential,” the World Bank said in its latest report. In April, the World Bank had cut India’s growth estimate to 8% for FY23 from the earlier 8.7% due to the impact…

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    • 7 June
      296

      Telangana gets Rs 400 crore investment across pet food, confectionery, EV segments

      Telangana landed four fresh investments across pet food, chocolates, bakery products and mobility segments. Of them, three have announced cumulative investments to the tune of about Rs 400 crore. One company chose not to disclose the investment size. The investment announcements were made at the launch event of Industries Department’s annual report by Industries Minister KT Rama Rao. Mankind Consumer Healthcare, a leading company in pharmaceuticals and consumer products, said it will invest Rs 159 crore to establish a pet food manufacturing plant. It will augment the agri-food ecosystem of the State as it will use cereals such as rice and maize. Further, it will also use meat and fish waste, lending support to the growing meat and fisheries sector…

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    • 6 June
      396

      MS Dhoni becomes a shareholder in Indian Garuda Drone Company 

       Former Indian skipper Mahendra Singh Dhoni has become the shareholder of the Indian drone company Garuda Aerospace. MS Dhoni has decided to invest in a company that makes Drones and supports the Agriculture ecosystem in the country. Leaving cricket aside, Dhoni has stepped into his next career. After retirement, Dhoni has been involved in various industries such as clothing, liquor, and agriculture. He is currently contracted to invest in drones as well. That too for agriculture. Garuda Aerospace Company on Monday called it a proud association after Mahendra Singh Dhoni became a shareholder in drone start-up Garuda Aerospace. Dhoni has invested an undisclosed sum in Chennai-based Garuda Aerospace. On the occasion of his association with Garuda, M S Dhoni said,…

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