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

    • Feb- 2024 -
      21 February
      3,901

      UPI, Aadhaar set to drive India to $8 trillion economy by 2030

      New Delhi: Digital Public Infrastructure (DPIs) like Unified Payments Interface (UPI) and Aadhaar are poised to propel India towards a $8 trillion economy by 2030, helping the country achieve a $1 trillion digital economy target, a Nasscom-led report said on Wednesday. With successful mass adoption and larger economic impact, DPIs are impacting approximately 1.3 billion citizens, covering 97 per cent of India’s population. The matured DPIs enabled a value creation of $31.8 billion, equivalent to 0.9 per cent of India’s GDP in 2022. Aadhaar has enabled an economic value of $15.2 billion, primarily through the elimination of Direct Benefits Transfer leakages. UPI, on the other hand, has replaced cash transactions and electronic transfers across sectors, contributing $16.2 billion, according to the…

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    • 21 February
      3,925

      Amazon plans to launch low-priced fashion vertical ‘Bazaar’ in India

      New Delhi: E-commerce giant Amazon is set to launch a low-priced fashion and lifestyle vertical called ‘Bazaar’ in India. According to a communication the company has sent to its partners, the new vertical Bazaar is a special store where no “extra charges” will be imposed on vendors supplying unbranded and “trendy” fashion and lifestyle products, reports TechCrunch. “Your products will be featured in a special store on Amazon, making them easy for customers to find,” the company wrote in the communication. The items sold via Bazaar will be priced under Rs 600, the report noted. In the communication, the e-commerce giant also mentioned that Bazaar will offer sellers access to tens of millions of customers, “hassle-free” delivery and levy zero referral fee.…

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    • Dec- 2023 -
      28 December
      3,550

      Tesla’s first India manufacturing plant likely to be set up in Gujarat: Report

      Electric vehicle (EV) manufacturing giant Tesla is likely to establish its first local India manufacturing plant in Gujarat, reported Ahmedabad Mirror. An announcement is likely to be made during the Vibrant Gujarat Summit scheduled for January 2024, with Tesla CEO Elon Musk likely to be present for the occasion. As per the report, Gujarat’s strategic advantages, including its favourable business environment and strategic location, have positioned it as the preferred destination for Tesla’s manufacturing endeavours. It added that the state government has proposed multiple locations, including Sanand, Dholera, and Becharaji, as potential sites for the Tesla plant. This move aligns with Tesla’s goal of addressing both domestic and international demands, including exports, from its Indian manufacturing base. Speculation about Tesla’s entry into…

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    • 19 December
      3,866

      Sensex, Nifty end higher as heavyweight stocks gain; Nestle India up 5%

      The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory. Benchmark stock market indices ended the trading session on a positive note on Tuesday as heavyweight stocks such as Reliance Industries Limited, ITC and SBI registered gains. The S&P BSE Sensex rose 122.10 points to 71,437.19, while the NSE Nifty 50 ended 34.45 points higher to settle at 21,453.10. Broader market indices were mixed, with midcaps and smallcaps ending in negative territory.

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    • 19 December
      3,593

      EV sale picking up despite removal of tax exemptions in Telangana

      Hyderabad: Electric car sales, which saw a substantial drop after the State government withdrew the lifetime road tax and registration fee exemption enjoyed by electric passenger cars in July, are once again picking up with EV car manufacturers and dealers deciding not to pass on the tax amount to customers. The government has replaced the exemption from paying road tax for electric cars with a fee that ranges from 11 to 15 percent. Currently, EV car dealers in the State are deducting the road tax amount from the total price of the vehicle. In fact, they are using the tax amount as an incentive to attract customers. The customers are saving amounts ranging between Rs.1.6 lakh to Rs.2.5 lakh (Under Rs.…

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    • 18 December
      3,567

      Tata Motors to increase price of commercial vehicles from January

      Hyderabad: Heavy and commercial vehicle manufacturer Tata Motor has on Monday announced that it will increase the prices of all its commercial vehicles from January 1, 2024. In an official release, Tata Motors stated that there will be a price increase of up to 3 percent across the entire range of commercial vehicles. The increase, the company says, is to offset the residual impact of the past input costs. The global automobile manufacturer produces cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market. With operations in India, the UK, South Korea, Thailand, South…

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    • 18 December
      3,003

      Adani acquires majority stake in news agency IANS

      New Delhi: Billionaire Gautam Adani’s group has acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expands its presence in the media space. In a regulatory filing, Adani Enterprises — the firm that holds the group’s media interest — said its subsidiary “AMG Media Networks Ltd has acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.” The company did not disclose the acquisition price. Adani had forayed into media business in March last year when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV. AMNL was the…

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    • Jun- 2023 -
      10 June
      10,989

      Despite best Saudi attempts, crude ends another week in the red

      Investing.com — “Patience, patience,” the Saudi oil minister must be telling himself. While OPEC’s top brain did his best to get a barrel nearer to $80 or above, crude prices finished Friday’s trading even lower than before last weekend’s meeting of the world’s top oil producers, where Saudi Arabia tried to “surprise” the market with another production cut. That surprise is in inverted commas because many market watchers had already appeared to know that minister Abdulaziz bin Salman and his Saudi contingent would announce a unilateral output cut if there was no willingness by the rest to put up one. The million-barrel cut that Abdulaziz tried to cutely label as a “Saudi lollipop” couldn’t sustain its sweetness beyond a couple…

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    • 9 June
      9,962

      Oil Marketing Companies Likely To Slash Petrol, Diesel Prices

      Oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, citing government sources news agency ANI reported on Thursday. The OMCs have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the source from the government said on Wednesday. Sources privy to the development said, “OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol.” According to the sources, oil…

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    • 7 June
      9,846

      US car giant Ford recalls 125,000 vehicles over engine failures that can cause fires

      Ford Motor Co said on Tuesday it is expanding and issuing a new recall for 125,000 sport utility vehicles and trucks because engine failures may cause a fire. The recall covers various Escape and Lincoln Corsair SUVs and Maverick compact pickup trucks from the 2020-2023 model years with 2.5L hybrid or plug-in hybrid engines, according to a filing with the National Highway Traffic Safety Administration. Ford said isolated engine manufacturing issues can cause the engine to fail prematurely and in that event engine oil or fuel vapor may be released, increasing the risk of fire and injury. Ford initially recalled 100,000 Escape, Corsair and Maverick in the United States in July 2022 after identifying 23 reports globally of a fire…

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