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 -
      6 June
      370

      Sensex slides 227 points in early trade; Nifty falls to 16,517 level

      Mumbai: Benchmark indices continued to fall on Monday, with the Sensex declining 227 points in early trade as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices. The 30-share BSE Sensex was trading 226.7 points lower at 55,542.53 points. The broader NSE Nifty fell by 67.05 points to 16,517.25 points. From the Sensex pack, Tech Mahindra, Asian Paints, Wipro, Hindustan Unilever Limited, Bajaj Finserv, Infosys, Tata Steel and Titan were the biggest laggards. In contrast, M&M and Axis Bank were the gainers. Elsewhere in Asia, markets in Tokyo, Shanghai and Hong Kong were trading in the green. Stock markets in the US had ended lower on Friday. “The market mood has turned a bit cautious with…

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    • 6 June
      432

      Rupee rises 4 paise to 77.62 against US dollar in early trade

      Mumbai: The rupee appreciated 4 paise to 77.62 against the US dollar in opening trade on Monday, supported by a weak American currency in the overseas markets. However, muted domestic equities, elevated crude oil prices and persistent foreign fund outflows restricted the rupee’s rise, forex traders said. At the interbank foreign exchange, the rupee opened slightly strong at 77.65 against the American dollar and gained further momentum to quote 77.62, registering a rise of 4 paise from the last close. In the previous session, the rupee had settled at 77.66 against the US dollar. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent lower at 102.10. Global oil benchmark Brent crude…

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    • 6 June
      407

      Tata Motors looks to strengthen R&D capabilities with aggressive hiring this year

      Tata Motors is gearing up to strengthen its R&D with fresh hiring as well as upskilling of the current employees this fiscal year in order to scale up capabilities across various business verticals, including the electric vehicle segment, as per a top company official. In the EV space, the company is looking to enhance its expertise in the area of battery packs and vehicle architecture, among others. “As far as hiring in R&D is concerned we are going for major hiring, especially this year, but there is also another area which we have looked into very deeply and that is upskilling the current engineers within R&D,” Tata Motors President Passenger Vehicle and Electric Vehicles Shailesh Chandra said in an analyst…

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    • 5 June
      417

      2022 Mahindra Scorpio-N to get ‘Highest Command Seating in its class,’ claims SUV maker

      “The big daddy of SUVs” is back with a new teaser claiming that the upcoming 2022 Mahindra Scorpio-N will get the Highest Command Seating in its class which will give more comfort and fun to the driver. The Indian automaker has been revealing the details of the upcoming new Mahindra Scorpio-N for quite a while now. Earlier, the company revealed a glimpse of its exterior via teaser, however, interior details and power figures of the SUV were ‘leaked’ via documents. As per the report, the SUV will get a 2.0-litre turbocharged petrol engine and the 2.2-litre diesel engine as its power source. 2022 Mahindra Scorpio-N Engine Both the engines have been taken from already on-sale Mahindra SUVs, namely Thar and…

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    • 4 June
      329

      Stanley Lifestyles opens luxury home store in Hyderabad

      Hyderabad: Stanley Lifestyles opened its first luxury home solution store Stanley Level Next in Hyderabad. The store offers complete luxury home interior solutions to customers. With the store, it was also the launch of the kitchen and cabinets Cabinetry Cult by Stanley. The cabinets come in a variety of styles, colours, sizes and floor plans offering customers a range of styles and layouts for their kitchen and cabinetry needs of the entire home. The store spanning an area of 12,000 sqft, houses a range of furniture, cabinetry, accessories and a complete range of home solutions under one roof. Sunil Suresh, founder and CEO, Stanley Group, said, “As makers of beautiful, we chose India’s most eclectic city Hyderabad to launch our first…

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    • 2 June
      324

      After 51 years, Maharaja ‘retires’ his ‘queens of the skies’

      NEW DELHI: Air India’s iconic Boeing 747s may have finally reached the end of the road after colouring international skies in the tricolour for over half a century. The Tata Group recently revamped the airline’s website and the jumbo jets are not shown as part of the fleet. The Directorate General of Civil Aviation (DGCA) had this April deregistered the Maharaja’s last remaining four queen of the skies. If and when AI plans to use them again for commercial flights, it will have to undergo a return to service program leading to their re-registration. What’s Going On With 08-18 Mercedes Diesels? AdBond Turner Diesel Claims So technically AI can use these nearly 30-year-old planes again after going through this process.…

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    • 2 June
      295

      Elon Musk’s ultimatum to Tesla employees: Return to office or get out

       Elon Musk on Wednesday gave an ultimatum to Tesla employees to either return to office or get out, saying they “should pretend to work somewhere else” if they disagree with the company’s policy. He sent a series of emails that asked employees to come back to the office or be terminated. “Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers,” Musk wrote, reports Electrek. “Everyone at Tesla is required to spend a minimum of 40 hours in the office per week. Moreover, the office must be where your actual colleagues are located, not…

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    • 1 June
      291

      GST revenue collection for May jumps 44 per cent to Rs 1,40,885 crore

      New Delhi: The gross revenue collection from goods and services tax (GST) surged to Rs 1,40,885 crore in May 2022, posting a year-on-year increase of 44 per cent, the government data showed on Wednesday. This is the third consecutive month when the gross GST collection is over Rs 1.40 lakh crore mark. The gross GST collection has crossed Rs 1.40 lakh crore mark for 4th time since the inception of GST regime. The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs…

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    • 1 June
      305

      Top Indian firms show resilience post pandemic, TATA Group at top spot

      New Delhi: Top Indian companies have shown resilience in post pandemic business conditions and TATA Group, with its brand value up 12 per cent to $24 billion, continues to be the most valuable brand in the country, a new report showed on Wednesday. Taj Hotels (brand value up 6 per cent to $314 million) is the strongest brand in the ranking with a Brand Strength Index (BSI) score of 88.9 out of 100 and a corresponding AAA brand rating, according to leading brand valuation consultancy Brand Finance. Brands in the banking (brand value up 16 per cent), IT services (brand value up 15 per cent) and telecoms (brand value up 7 per cent) sectors in India achieve high brand value as…

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    • 1 June
      329

      Rupee recovers from record low, rises 14 paise against US dollar in early trade

      Mumbai: Recovering from its record low, the rupee rose by 14 paise to 77.57 against the US dollar in early morning trade on Wednesday. At the interbank foreign exchange, the rupee opened at 77.58 against the American dollar, then inched higher to quote at 77.57, registering a rise of 14 paise from the last close. On Tuesday, the rupee declined by 17 paise to close at its all-time low of 77.71 against the US currency as surging US bond yields dampened the appeal of riskier assets. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.17 per cent higher at 101.92. Global oil benchmark Brent crude futures rose 0.96 per cent to USD…

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