Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News section. In this section, you can read the updated Economy, Stocks, Industry and Cryptocurrency related Business News in the week.
Google’s parent company, Alphabet reaches $2 trillion market cap
Alphabet, Google’s parent company, has surpassed the market capitalization of $2 trillion.
The market valuation of the tech giant is now at $1.98 trillion. However, it edged past the $2 trillion mark, eventually ending at $2,987.03 per share on November 8.
Since January 2020, Alphabet’s market worth has nearly risen from $1 trillion.
Alphabet was on the verge of joining Apple and Microsoft as one of just three US-based businesses in the $2 trillion club.
In fact, Apple passed the $2 trillion benchmark in April of last year, while Microsoft did it this June.
Moreover, Amazon is on the edge of entering the $2 trillion club, but its current valuation drops to $1.7 trillion.
Manali Petrochemicals reports Q2 net profit of ₹120 crores
Manali Petrochemicals Ltd (MPL) recorded a net profit after tax (PAT) of 120 crores for the quarter ended September 30, up from a PAT of 18 crores the previous year.
It had a greater EBITDA of ₹166 crores (38 crores).
According to MPL Managing Director Ravi, demand for all goods raised throughout the quarter following the easing of controls across the country.
He said, “The product pricing and margins have increased overall. In addition, the quarter saw the highest turnover in history. So, we expect similar results in the following quarters.”
Mahindra Group reports profit surge of 800% in Q2 of ₹1,400 crores
Mahindra & Mahindra (M&M) announced a more than an eight-fold rise in its net profit after tax (PAT) at ₹1,432 crores for the second quarter ended September 30, 2021.
In the previous fiscal year’s July-September period, the Mumbai-based business reported a standalone PAT of ₹162 crores.
M&M stated that revenue for the second quarter increased by 15% to ₹13,305 crores from ₹11,590 crores the previous year.
Due to the increased sales in cars and tractors, the Mahindra Group recorded a PAT of ₹1,929 crores, up from ₹615 crores in the second quarter of 2020-21.
Hence, revenue increased to ₹21,470 crores in the second quarter, up from ₹19,227 crores the previous year.
Sapphire Foods IPO opens on November 9, available for next three days
Sapphire Foods India, which runs KFC and Pizza Hut restaurants in India, launched its initial public offering (IPO) on November 9.
The share price range for the IPO is Rs 1,120-1,180 per share. The deal is valid until Thursday, November 11, 2021.
Sapphire Foods India plans to raise ₹2,000 crores in total. So, the IPO offers to sell 1.75 crore equity shares by the promoters and existing shareholders.
Paytm IPO raised more than ₹8,000 crores in just 2 days
Paytm, the subsidiary of One97 Communications opened the initial public offering (IPO) for subscription on November 8.
The share price range for the sale, which ends on November 10, has been set at ₹2,080-₹2,150 per share.
Paytm has received ₹8,235 crores from anchor investors ahead of its first public offering.
Paytm is India’s leading digital ecosystem for online payments. With a GMV of over 4 lakh crores in FY21, it is India’s largest payments platform.
It provides payment services, commerce and cloud services, and financial services to nearly 34 crore clients and over 2.2 crore merchants as of June 30, 2021.