Business News #3 | NF World Latest News

Petrol price cut

Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News Section.

Cutting Petrol and Diesel Price by Indian Government on Diwali Eve

Diwali bonus to the people of the Indian sub-continent by the Government of India, as reducing fuel tax. The petrol has a reduction in price by ₹ 5 from excise duty. Similarly, ₹ 10 has reduced diesel price.

This gives the people a huge relief from the hiking fuel price. In the past few months uprise in fuel prices made people handle a highly stressful life.

Centre urging states to reduce (VAT) Value Added Tax on the fuels. Indian states ruling by NDA reduced VAT on petrol and diesel varied from state to state.

In fact, Congress leader Rahul Gandhi has tweeted on an excise duty cut, “Beware of pickpockets” in Hindi. As centre collected ₹ 2.3 lakh crore and ₹ 2.58 lakh crore in past years.

Business News #3

Paytm IPO opens on November 8; plans to raise more than ₹7500 crores.

Paytm, a digital payments company wants to raise more than ₹7500 crores from anchor investors ahead of its IPO next week. The initial public offering (IPO) will begin on November 8 and open for subscription until November 10.

The capital markets regulator approved Paytm’s initial public offering (IPO) by last month. And, The Securities and Exchanges Board had already approved it.

The company’s revenue stood at ₹689.4 crores in the first quarter of FY’22, accounting for 77% of total revenue. In the fiscal quarter ended June 2021, the company lost nearly ₹2.9 crores.

Paytm began as a digital wallet and quickly expanded into an all-around quick payment option.

Tata Motors shown ₹ 4,440 crores net loss in Q2 FY 21-22

The second financial quarter of FY 2021-22 ends in September 2021. Tata Motors, one of the leading carmakers in the Indian sub-continent. Tata Motors is a part of the Indian multinational conglomerate Tata Group founded in 1945.

In this financial quarter, Tata Motors reported a net loss of ₹ 4,441.6 crores. The previous financial quarter reported a net loss of ₹ 314.5 crores. In the Q2 of FY 21-22, Tata Motors reported ₹ 61,378.8 crores operational revenue.

Semiconductor shortage and inflation in commodities impacted the performance of the company. Especially on luxury car brand Jaguar Land Rover by 11.1 per cent. JLR generated 664 million pounds of free cash flow to be credited.

Squid Game inspired Cryptocurrency ‘Squid’: The sudden rise and fall

Squid game inspired cryptocurrency named “Squid” began trading early last week for one cent per token. It grabbed the attention of many mainstream media sources in the days that followed. 

“Squid” went upside down in just a few minutes. According to CoinMarketCap, the token’s value increased from $628 to $2,857 in 10 minutes on Monday. Then, in just 5 minutes, the price dropped nearly to zero. 

The reasons behind Squid’s collapse, as previously revealed by Gizmodo, were unclear. And the developers had ghosted themselves. 

Therefore, It’s always important to do your research before investing in cryptocurrencies.

SBI Q2 net profit rises 70% to ₹9,000 crores

India’s largest bank, State Bank of India (SBI), reported a 70% increase in its consolidated net profit for the second quarter ended September 30 to ₹9,000 crores, owing to a decrease in bad loans.

The bank’s asset quality improved, with gross non-performing assets (NPAs) falling to 4.90% of gross loans as of the last year of September 30, down from 5.30 % a year before.

In the July-September quarter of the previous fiscal year, the bank’s net profit was Rs 5,246 crore.

Thus, The SBI group’s overall income increased to ₹1 lakh crores in the quarter under review, up from Rs 95,000 crore the previous year.

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