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 -
      1 June
      326

      NCC receives orders worth Rs 6,388 crore in May

      Hyderabad: NCC Limited has received three orders worth Rs 6,388 cr in May. These were secured by its Buildings Division. Out of these, one order of Rs 5,688 cr is from Brihanmumbai Municipal Corporation for design, build, operation and maintenance of Malad Wastewater Treatment Facility under MSDP Stage-II. This work comprises Rs 3,833 cr towards design, build in six years and Rs 1,855 crs towards operation and maintenance for 15 years from the date of completion of the work. The other two orders are from State Government agencies and do not include any internal orders, the company said in a release.

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    • 1 June
      364

      KPMG to identify tech innovators via new competition

       With an aim to identify technology innovators and startups, KPMG Private Enterprise Global Tech Innovator competition is underway to search for India’s most influential tech innovators. Companies from startup to accelerated growth stages are invited to pitch their innovations and present their strategic ambitions to panels of local and global industry experts. Shortlisted companies will be given exclusive networking opportunities among industry experts and tech leaders. The Tech Innovator in India and the winners from other participating countries will progress to the Global Tech Innovator final event at Web Summit 2022 in Lisbon Portugal, where they will pitch their growth plans to an international judging panel and receive global recognition in the KPMG Private Enterprise 2022 Winners Report. Applications are…

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    • May- 2022 -
      31 May
      329

      T-Hub 2.0 to be inaugurated on June 28: KTR

      Hyderabad: It is time for the big to turn to be the biggest. The T-Hub 2.0 with a 3.5 lakh sft space will be inaugurated on June 28, disclosed IT Minister KT Rama Rao. He said the new premises of T-works would also be launched soon and that it would be India’s largest prototypng facility. Making these announcements at the launch of ‘An update to an India Economic Strategy to 2035: Navigating from Potential to Delivery’ organised by the Australian Consulate-General in Chennai on Monday, Rama Rao said the T-Hub 2.0 was being taken up at a cost of about Rs 276 crore. The building will house more than 1,500 startups, making it the largest startup incubation centre in the world.…

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    • 30 May
      408

      Airtel announced new all-in-one plans

      Hyderabad: Airtel Xstream Fiber has announced the launch of its new all-in-one plans which includes unlimited high-speed broadband, 17 premium OTTs, 350 TV channels and Airtel Black service. To serve the needs of premium households who want the next generational connectivity and entertainment experience, Bharti Airtel (Airtel), has raised the bar in the home broadband segment with the launch of three new all-in-one plans built for the evolving entertainment needs of today’s connected homes. Bharti Airtel CEO (Homes) Vir Inder Nath said, “Our new plans are built for India’s emerging entertainment needs. Through these bundle offers we plan to offer our discerning customers great value, convenience and unlock a multi-faceted digital experience.” Airtel’s plans are the first of their kind in…

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    • 30 May
      474

      Rupee surges 12 paise to 77.46 against US dollar in early trade

      Mumbai: The rupee appreciated 12 paise to 77.46 against the US dollar in opening trade on Monday, supported by a fall in the dollar index and positive domestic equities. At the interbank foreign exchange, the rupee opened at 77.53 against the American dollar, then gained further ground to quote 77.46, registering a rise of 12 paise from the last close. On Friday, the rupee had settled at 77.58 against the US dollar. Global oil benchmark Brent crude futures surged 0.54 per cent to USD 120.08 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent lower at 101.55. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian…

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    • 30 May
      445

      Indices extend gains from previous week, Sensex up over 800 pts

      New Delhi: Domestic equity indices extended their gains from the previous week and jumped sharply during the opening session on Monday. At 9.42 a.m., Sensex was 820 points up at 55,705, whereas Nifty 241 points up at 16,594 points. Other Asian markets too were in the green. Indices jumped as investors are reacting to growing optimism that the US Federal Reserve will be able to tighten the monetary policy without tipping the economy into recession, said Mohit Nigam, Head, PMS, Hem Securities.

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    • 29 May
      493

      India commences groundwork for 5G spectrum auction, to introduce services by 2022-23

      New Delhi: India has started the groundwork for 5G spectrum auctions slated to take place this year, as announced by the Secretary of the Telecommunications Department and Chairman of the Digital Communications Commission, K Rajaraman late last year. The country being the world’s second-largest telecommunications market is planning to roll out 5G mobile services within 2022-23 by telecom providers. It is expected that the 5G will contribute USD 450 billion to the Indian economy, increasing the pace of development and creating jobs. It will help in digitising the economy, boosting the Startup ecosystem, improving governance, ease of living and ease of doing business in the country It is also expected to open up opportunities for collaboration with like-minded partners, including Australia…

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    • 29 May
      308

      After 10 straight weekly fall, India’s forex reserves rise by USD 4.23 billion

      Mumbai: Snapping 10 consecutive weeks of decline, India’s foreign exchange (forex) reserves rose by USD 4.23 billion to USD 597.509 billion for the week ended May 20, the Reserve Bank of India (RBI) data showed. This is the first increase in India’s forex reserves in the past 11 weeks. The forex reserves had declined by USD 2.676 billion in the week ended May 13. India’s forex reserves have fallen sharply after touching an all-time high of USD 642.453 billion on September 3, 2021. According to the Reserve Bank of India’s weekly statistical supplement, all the components of the forex reserves rose during the week ended May 20 led by a sharp jump in the foreign currency assets. India’s foreign currency assets,…

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    • 28 May
      300

      Elon Musk clarifies why he will not manufacture Tesla cars in India

      New Delhi: Breaking his silence on India plans, Elon Musk has said that Tesla will not manufacture cars in India unless it is allowed to sell and provide service to its electric vehicles. On Starlink, he said that SpaceX is still waiting for the Indian government’s approval. “Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars,” Musk tweeted late on Friday. He responded to a user asking about the companya¿s manufacturing plans for India. Responding to another follower on Starlink, he said: “We are waiting for government approval”. Union Ministers, especially Road Transport and Highways Minister Nitin Gadkari, keep on making a beeline to Musk to come and manufacture…

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    • 28 May
      331

      RBI to adopt graded approach to introduce digital currency

      New Delhi: The Reserve Bank of India (RBI) on Friday said that it is proposing to adopt a graded approach to the introduction of Central Bank Digital Currency (CBDC) in conformity with the objectives of monetary policy, financial stability and efficient operations of currency and payment systems. “The Reserve Bank proposes to adopt a graded approach to the introduction of CBDC, going step by step through stages of Proof of Concept 12, pilots and the launch,” the RBI said in its annual report for 2021-22. The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are…

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