Shares of Hyundai Motor India made a muted Dalal Street debut on Tuesday as the passenger vehicle maker was listed at Rs 1,931 on BSE, a discount of 1.48 per cent over its issue price of Rs 1,960. Similarly, the stock was listed with a discount of 1.33 per cent at Rs 1,934 on BSE over the given issue price....
Business
Zomato’s CEO Deepinder Goyal launches health, wellness startup ‘Continue’
Zomato co-founder and chief executive Deepinder Goyal has launched a new venture called Continue in his personal capacity, focused on health tracking and mental wellness. Incorporated in April this year under the name Upslope Advisors, the firm counts Deepinder Goyal—who is the majority stakeholder—and former Zomato and Blinkit executive Ashish Goel as directors. Goyal has invested as much as Rs...
India’s steel industry faces challenges as Chinese exports continue to rise
Indian steel exports have been struggling due to overcapacity and weak domestic demand in China, prompting the world’s second-largest economy to flood the global market with ultra-cheap steel. In May 2024, Indian steel exports were recorded at 0.5 million tonnes (MT), nearly 25% lower than the previous month. According to BigMint, a market research firm, export prices of hot-rolled coil...
“Byju’s Worth Zero,” Says Founder Of India’s Once Biggest Startup
Byju Raveendran, the founder of what was once India’s biggest start-up, Byju’s, said he overestimated the growth potential of his education-technology company which is now “worth zero” as it faces insolvency, but remains hopeful of rescuing it. Byju’s, which operates in more than 21 countries, became popular during the COVID-19 pandemic by offering online education courses. Its valuation shot up...
Bitcoin approaches $70,000 with speculators eyeing record highs
Bitcoin bulls are setting their sights again on the record highs reached in March with optimism building around riskier assets and the looming US elections. “After six months of price consolidation this year, the stage is set for a perfect storm in favor of Bitcoin and other crypto assets,” wrote Blockforce Capital’s Brett Munster. He cited a rise in global...
Centre rejects satellite spectrum auction; Elon Musk says much appreciated
Billionaire Elon Musk appreciated Centre’s hint over preferring allocation route for satellite spectrum on Tuesday, hours after Union Minister Jyotiraditya Scindia indicated that the Centre does not plan to opt for the auction route. The development followed a day after Musk had criticised the auction plan sought by industrialist Mukesh Ambani, labelling it as “unprecedented”. At an event in New Delhi, Scindia,...
Rs 5,600 crore drug seizure case: Delhi Police recover cocaine worth Rs 10 cr from Amritsar
The Special Cell of Delhi Police, probing a Rs 5,600 crore drug seizure case, has recovered cocaine worth Rs 10 crore from Punjab’s Amritsar and apprehended a man, officials on Sunday said. The accused was planning to flee the country. A Toyota Fortuner car was also recovered from his possession during the raid at a village in Amritsar On October...
No stopping the bulls: Sensex, Nifty record sixth straight quarterly gains
Equity benchmark indices Sensex and the Nifty managed to log gains of around 7 per cent for the quarter ended September 2024, despite recording their worst single-day fall in two months on Monday. This was the sixth straight quarterly gain for the domestic equity markets, the longest gaining streak in three years. Between June 2020 and September 2021, the markets...
SpaceX launches rescue mission to bring home stranded astronauts
The Falcon 9 rocket lifted off from Cape Canaveral, Florida, at 1:17pm, carrying Nasa astronaut Nick Hague and Russian cosmonaut Alexander Gorbunov to the ISS. The mission, Crew-9, features two empty seats intended to return Butch Wilmore and Suni Williams, who have been stranded on the ISS for months due to issues with their Boeingdesigned Starliner spacecraft. “Congrats to Nasa...
Sensex hits fresh record high in early trade on buying in IT stocks, rally in global markets
The BSE benchmark Sensex hit its fresh all-time high level in early trade on Friday amid heavy buying in IT stocks and a rally in global markets. The BSE Sensex climbed 119.38 points to reach a record peak of 85,955.50 in early trade. The NSE Nifty went up 34.5 points to 26,250.55. From the 30 Sensex firms, Infosys, Tech Mahindra,...
Hyundai Motor India’s $3 billion IPO gets SEBI’s approval
Hyundai Motor India has secured approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), according to two insiders familiar with the matter, Reuters reported. The South Korean automaker is expected to raise $3 billion, with a company valuation of approximately $20 billion, sources previously told Reuters. This would mark the first car manufacturer...
Sebi fines Jai Anmol Ambani ₹1 crore for loan approvals in Reliance Home Finance case
The Securities and Exchange Board of India has fined Jai Anmol Ambani, son of industrialist Anil Ambani, ₹1 crore for failing to exercise due diligence while approving general purpose corporate loans (GPCLs) in the Reliance Home Finance case. It also imposed a fine of ₹15 lakh on Krishnan Gopalakrishnan, the former chief risk officer of Reliance Home Finance, for his involvement in the approvals....