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

    • Sep- 2024 -
      24 September
      364

      Sensex hits 85,000 for first time, Nifty trades at all-time high

      Nifty midcap 100 index was up 147 points or 0.24 per cent at 60,860 and Nifty smallcap 100 index was up 37 points or 0.19 per cent at 19,586 Mumbai: India equity benchmarks were trading at an all-time high on Tuesday following positive cues from the Asian and US markets. At 9:48 am, Sensex was up 75 points or 0.09 per cent at 85,004 and Nifty was up 25 points or 0.09 per cent at 25,964. It was the first time the BSE’s benchmark traded above 85,000. Sensex and Nifty both made a new all-time high of 85,008 and 25,967. The broader market trend remained positive. Nifty midcap 100 index was up 147 points or 0.24 per cent at 60,860 and Nifty smallcap 100 index…

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    • 23 September
      281

      Overwhelming response for iPhone 16 in India, Pro Max models in demand

      As per trade experts, the demand has been at a new high owing to attractive financing offers, trade-in schemes and a growing craze to own most advanced iPhones ever made New Delhi: Riding on strong tailwinds from the premiumisation wave in the Indian smartphone market, Apple iPhone 16 series received overwhelming response in the country, with Pro Max devices leading the pack. As per trade experts, the demand of iPhone 16 Pro and Pro Max has been at a new high in the country compared to previous generations, owing to attractive financing offers, trade-in schemes and a growing craze to own the most advanced iPhones ever made. According to industry watchers, the demand for top-end iPhone 16 Pro and Pro Max is gaining…

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    • 23 September
      274

      Domestic equity markets hit fresh all-time high in early trade

      Sensex jumps 318.58 points to hit all-time high of 84,862.89, NSE Nifty surges 120.75 points to reach new record high of 25,911.70 Mumbai: Domestic equity indices Sensex and Nifty scaled their new record high levels in early trade on Monday, helped by strong foreign fund inflows and rally in Asian markets. The 30-share BSE Sensex jumped 318.58 points to hit an all-time high of 84,862.89. The NSE Nifty surged 120.75 points to reach a new record high of 25,911.70. From the 30 Sensex firms, Mahindra & Mahindra, Bharti Airtel, NTPC, State Bank of India, Kotak Mahindra Bank, Adani Ports, Tata Steel and Tata Motors were the biggest gainers. ICICI Bank, HCL Technologies, JSW Steel and ITC were among the laggards. Foreign Institutional Investors (FIIs) bought…

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    • 21 September
      358

      Qualcomm approaches Intel about potential acquisition

      Multiple reports on Saturday indicated that Qualcomm is exploring a potential “full takeover” of the US semiconductor manufacturer Intel. The Wall Street Journal first revealed that while a deal is “far from certain,” the two companies have engaged in discussions. San Francisco: Chip giant Qualcomm has reportedly approached rival semiconductor firm Intel about the possibility of acquiring it but has not made any official offer yet. Multiple reports on Saturday claimed that Qualcomm has been considering a “full takeover” of US semiconductor manufacturer. A report in The Wall Street Journal first revealed that although a deal is “far from certain,” the two companies have held talks on the subject. Both Qualcomm and Intel declined to comment on the reports. With a market…

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    • 17 September
      614

      Triumph Motorcycles adds new member to modern classic line-up, launches ‘Speed T4’

      The Speed T4 is the latest member of the Triumph 400 cc modern classic family. Delhi: Bajaj Auto Ltd unveiled two new Triumph modern classic motorcycles on Tuesday – the all-new Speed T4 and the MY25 Speed 400. The Speed T4 is the latest member of the Triumph 400 cc modern classic family. It is a perfect ride for those who prefer a modern classic with an easy riding character, a press release said According to the release, the Speed T4 comes with all the relevant technology that suits its relaxed ride character. The motorcycle will be available in 3 stunning colours – Pearl Metallic White, Cocktail Wine Red & Phantom Black. The Speed 400 was launched in July 2023 and…

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    • 16 September
      556

      Bajaj Housing Finance shares debut at Rs 150, 114% premium over issue price

      Bajaj Group’s housing finance arm became the most sought-after IPO of the year, with its public issue subscribed 63.61 times on the final day. The institutional investors’ reserved quota saw the highest demand, subscribed over 200 times. Although the IPO size was Rs 6,560 crore, it received subscriptions worth Rs 3.23 lakh crore. Mumbai: Shares of the Bajaj Housing Finance Limited listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) at Rs 150 per share each with a premium of 114 per cent against its issue price of Rs 70 per share. Bajaj Group’s housing finance arm became the most demanding IPO this year. Its public issue was subscribed 63.61 times on its final day. Reserve quota for the Institutional…

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    • 16 September
      588

      Nifty hits all-time high as equity indices rebound amid foreign inflows, US market rally

      The 30-share BSE Sensex rose by 180.92 points to 83,071.86 in early trade. The NSE Nifty increased by 55.1 points to 25,411.60, and later surged by 89.2 points to reach a new record high of 25,445.70. Mumbai: Equity benchmark indices rebounded in early trade on Monday, with the Nifty hitting a fresh all-time high level, amid foreign fund inflows and a rally in the US markets. The 30-share BSE Sensex climbed 180.92 points to 83,071.86 in early trade. The NSE Nifty went up by 55.1 points to 25,411.60. Later, the NSE benchmark jumped 89.2 points to hit a new record peak of 25,445.70. Among the 30 Sensex firms, NTPC, Axis Bank, Tata Steel, JSW Steel, Kotak Mahindra Bank, Bajaj Finserv, Larsen & Toubro…

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    • 15 September
      570

      EESL wins Impact Player of the Year at CII Awards

      The Confederation of Indian Industry (CII) Awards saw participation from over 500 organizations, with 207 selected for detailed scrutiny by an esteemed jury panel. Hyderabad: Energy Efficiency Services Limited (EESL) won the “Impact Player of the Year 2023-24” award at the 25th Silver Jubilee Anniversary of the CII Awards here in the city. The Confederation of Indian Industry (CII) Awards saw participation from over 500 organizations, with 207 selected for detailed scrutiny by an esteemed jury panel. EESL received the recognition for its role in transforming India’s lighting industry, particularly through the UJALA programme. Under the UJALA programme, over 36 crore LED bulbs were distributed and installed more than 1.3 crore streetlights, covering 3.5 lakh kilometers of roads across the nation,…

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    • 14 September
      597

      Hyundai ALCAZAR launched with prices starting at Rs. 14.99 lakh

      The launch event was conducted by C. Vardha Raju, Regional Manager of HDFC Car Loans, Madhan Mohan Reddy, a current customer, and Rubertanto TSM HMIL. Kun United staff in attendance included A. Karthik, DGM of Sales; G. Raghavender Reddy, Branch Head; and R. Muthu Kumar, Marketing Head. Hyderabad: Hyundai Motor India Limited (HMIL)’s bold new Hyundai ALCAZAR was launched at Kun United Hyundai, Lakdi-ka-pul, with a starting price of Rs.14,99,000 for the 1.5 l Turbo GDi Petrol and Rs.15,99,000 for the 1.5 l U2 CRDi Diesel. The launch event here was done by C Vardha Raju, Regional Manager, HDFC Car Loans, Madhan Mohan Reddy, an existing customer and Rubertanto TSM HMIL. The Kun United staff including A.Karthik, DGM sales, G Raghavender…

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    • 13 September
      647

      Jio unveils premium JioPhone Prima 2 with innovative features

      The JioPhone Prima 2 comes with native video calling, enabling face-to-face connections without the need for additional apps. It supports popular platforms like YouTube, Facebook, and Google voice assistant, along with Jio apps such as JioTV, JioSaavn, JioNews, and JioCinema. The phone also enables UPI payments through JioPay and offers group chat, voice messaging, and media sharing via JioChat. Hyderabad: Jio has launched the JioPhone Prima 2, a smart feature phone that sets a new standard in premium mobile experiences. With its sleek, curved design and luxurious leather-like finish, the Prima 2 combines elegance with functionality, redefining the traditional feature phone. Equipped with native video calling, the JioPhone Prima 2 allows users to connect face-to-face without additional apps. It supports popular services…

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