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 -
      11 September
      739

      Rupee gains 2 paise to 83.96 amid easing crude prices, Asian peers

      Forex traders noted that foreign institutional inflows, along with notable corrections in asset classes such as the dollar index and crude oil prices, supported the rupee. Additionally, the Reserve Bank’s active intervention helped maintain the rupee within a narrow range. Mumbai: The rupee traded in a narrow range on Wednesday and appreciated 2 paise to 83.96 against the American currency, on easing crude oil prices and tracking its Asian peers. Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the dollar index and crude oil prices, supported the rupee, while the Reserve Bank’s active intervention kept the rupee in a tight range. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at…

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    • 11 September
      734

      Equity indices fall in early trade amid Tata Motors sell-off, weak Asian markets

      Asian Paints, Bharti Airtel, ITC, and Hindustan Unilever were among the gainers. Meanwhile, Seoul, Tokyo, Shanghai, and Hong Kong markets were trading lower. US markets mostly ended higher on Tuesday. Foreign Institutional Investors (FIIs) purchased equities worth Rs 2,208.23 crore on Tuesday, according to exchange data. Mumbai: Equity benchmark indices declined in early trade on Wednesday after two day of gains amid selling in Tata Motors and weak trends in Asian markets. The 30-share BSE Sensex fell 111.85 points to 81,809.44. The NSE Nifty dipped 39.2 points to 25,001.90.Among the 30 Sensex firms, Tata Motors, ICICI Bank, Titan, HDFC Bank, JSW Steel, Tech Mahindra, UltraTech Cement and Axis Bank were the major laggards. Asian Paints, Bharti Airtel, ITC and Hindustan Unilever were among…

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    • 7 September
      821

      Apple Watch series 10 to feature upgraded ECG sensor for sleep apnea detection

      Sleep apnea is a serious disorder characterized by repeated interruptions in breathing during sleep, causing individuals to snore, gasp, and experience drops in blood oxygen levels. This condition can be life-threatening. The new Apple Watch Series 10 is expected to include a sleep tracking feature capable of detecting sleep apnea. It will alert users to potential issues and recommend follow-up tests. New Delhi: The soon-to-be-launched Apple Watch Series 10 is likely to feature an upgraded ECG sensor that can help detect sleep apnoea, according to media reports. Sleep apnoea is a serious sleep disorder where breathing repeatedly stops and starts. People suffering from the condition repeatedly take pauses in breathing, as well as snort and gasp — all while in sleep.…

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    • 6 September
      796

      Rupee opens 2 paise higher at 83.95 against US dollar

      Forex traders noted that gains in the rupee were limited by rising international crude oil prices, a decline in domestic equity markets, and foreign capital outflows. On the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the dollar, following a 4 paisa increase to 83.97 on Thursday. Mumbai: Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback.…

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    • 6 September
      648

      Markets fall in early trade due to weak global peers, foreign fund outflows

      The 30-share BSE Sensex fell for the third consecutive day, dropping 233.98 points to 81,967.18 in early trade. The NSE Nifty decreased by 60 points to 25,085.10. Major laggards among the Sensex firms included State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank, and Titan. Mumbai: Benchmark equity indices declined in early trade on Friday tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex declined 233.98 points to 81,967.18 in early trade. The NSE Nifty dropped 60 points to 25,085.10. Among the 30 Sensex firms, State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank and Titan were the biggest laggards. Bajaj Finance, Bajaj Finserv,…

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    • 5 September
      705

      Hyderabad: Jubilee Hills nets ultra-luxury home deals worth Rs 80 crore by mid-year

      Anarock’s report reveals that a total of 25 ultra-luxury homes were sold across major Indian cities, including Mumbai, Hyderabad, Gurugram, and Bengaluru, during January-August. Hyderabad: Ultra-luxury home sales in Hyderabad have hit approximately Rs 80 crore in the first eight months of 2024, according to the latest data from real estate consultancy Anarock. Two major transactions in the city’s upscale Jubilee Hills neighborhood accounted for this figure. Anarock’s report further reveals that a total of 25 ultra-luxury homes were sold across major Indian cities, including Mumbai, Hyderabad, Gurugram, and Bengaluru, during January-August. The combined sales value of these deals stands at approximately Rs 2,443 crore. Mumbai continues to dominate the ultra-luxury residential market, registering 21 deals worth around Rs 2,200 crore, representing 84 per…

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    • 4 September
      749

      Sensex, Nifty tumble in early trade amid global market weakness

      The 30-share BSE Sensex plunged 721.75 points to 81,833.69 following a weak start to trading. The NSE Nifty dropped 196.05 points to 25,083.80. Among the 30 Sensex companies, JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra, Bharti Airtel, and Axis Bank were the major decliners. Mumbai: Benchmark equity indices Sensex and Nifty tumbled in early trade on Wednesday after a record-breaking rally, tracking extremely weak trends from the global markets. The 30-share BSE Sensex tumbled 721.75 points to 81,833.69 after a weak beginning to the trade. The NSE Nifty tanked 196.05 points to 25,083.80. Among the 30 Sensex firms, JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra,…

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    • 4 September
      679

      Rupee gains 2 paise, hits 83.96 against US dollar

      The dollar index, measuring the greenback’s strength against six major currencies, fell 0.14% to 101.67. Meanwhile, Brent crude, the global oil benchmark, dropped 0.62% to 73.29 in futures trading. Mumbai: The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.14 per cent to 101.67. Brent crude, the international oil benchmark, declined 0.62 per cent to 73.29 in futures trade. At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The…

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    • Aug- 2024 -
      30 August
      986

      Air India merger: Vistara’s final flight scheduled for November 11

      Thereafter, Vistara aircraft will be operated by Air India and bookings for the routes operated by these planes will be redirected to Air India’s website New Delhi/Mumbai: Vistara will operate the last flight under its brand on November 11 and the full service carrier’s operations will be unified with Air India from November 12, 2024. The government has given its nod for the foreign direct investment by Singapore Airlines as part of the Air India-Vistara merger. Vistara is a joint venture between Tata Group and Singapore Airlines. Air India is owned by the Tata Group. “Starting 03 September 2024, customers will, progressively, no longer be able to make bookings with Vistara for travel on or after 12 November 2024,” Vistara said in a release on Friday. Thereafter,…

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    • 28 August
      1,083

      Hyderabad sees significant surge in residential property price over 5 years; Kokapet tops list with 89 pc increase

      In 2019, the average price in Kokapet was Rs 4,750 per sq. ft., which surged to Rs 9,000 per sq. ft. by the first half of 2024 Hyderabad: Hyderabad’s real estate market has seen remarkable growth over the last five years, with several micro-markets recording substantial price appreciation, according to the recent ANAROCK research report. Leading the charge is Kokapet, which experienced an impressive 89 per cent rise in residential property prices. In 2019, the average price in Kokapet was Rs 4,750 per sq. ft., which surged to Rs 9,000 per sq. ft. by the first half of 2024, the ANAROCK report said. This growth is largely driven by the area’s attraction as a premium residential hub, with 52 per cent of new…

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