Check out below to read the Top 5 Prime Business News of the Week in the NF World Latest News Section.
Tesla joins the $1 trillion company club; Elon Musk regains the world’s richest person position
Elon Musk’s Tesla surpassed the $1 trillion market capitalization benchmark on 25 October. The stock price climbed 12.66 per cent because of a large order from the car rental company Hertz.
According to the Bloomberg Billionaires Index, Elon Musk’s net worth has increased by a tremendous $36 billion in one day. Consequently, it helped extend his lead as the world’s richest person ahead of Amazon’s Jeff Bezos.
Tesla company joins the trillion-dollar company club along with Apple, Microsoft, Saudi Aramco and Amazon. Furthermore, Tesla is now the second company to hit the fastest $1 trillion market cap valuation.
Chromatography Data System Market: Experts say rapid growth anticipated in this industry
Liquid Chromatography-Mass Spectrometry (LCMS) Market 2021 study provides high-quality analysis of segments in high-growth industries. In addition, as competition by kinds, applications, major regions, and nations.
The market study on Liquid Chromatography-Mass Spectrometry (LCMS) provides innovations with management strategies, market drivers, industry problems, and threats.
The Liquid Chromatography-Mass Spectrometry (LCMS) market study examined growth estimates while considering previous industry conditions and future strategies.
ICICI Bank: Stock price reaches new record high with a sudden hike of 13%
ICICI Bank shares set a record high on 25 October, rising over 13% on the stock market. Its shares touched an all-time high of Rs 859 in early trade after announcing an almost 30% increase in net profit while reporting second-quarter earnings.
The company’s stock market rise today was due to the company’s good second-quarter results, led by robust loan growth.
During the quarter, the private lender’s net income increased to ₹5,510 crores. Meanwhile, the domestic credit portfolio progressed by more than 19% year on year.
ICICI Bank’s bad loan ratio fell to 4.82 per cent in the September quarter, down more than 5.15% from the previous quarter. In the second quarter, the bank put aside Rs 2,713 crore in provisions compared to Rs 2,852 crore in the preceding quarter.
India wants big companies to manufacture batteries locally: Report from Reuters.
India intends to appeal to businesses such as Tesla Inc, Samsung, and LG Energy to urge them to participate in domestic battery production. It seeks to develop a domestic supply chain for sustainable transportation, the government officials said.
The plan is part of a larger $2.4 billion incentive scheme to expand battery manufacture. Hence, the government has begun soliciting investment ideas from businesses.
Under the conditions of the $2.4 billion initiative, India intends to build a total of 50-gigawatt hours (Gwh) of battery storage capacity over five years, with an estimated $6 billion in direct investment.
Businesses must install a minimum of 5 GWh of storage capacity and fulfil specific local content requirements to be eligible for the incentives. According to the source, this would need a minimum investment of more than $850 million.
Nykaa IPO opens on October 28 for the subscription
Nykaa announced that it would open its initial public offering (IPO). It has set a price range of Rs 1,085-1,125 per share, which will open for a subscription later this week.
The IPO will go on the market on October 28 and close on November 1. It consists of equity shares worth up to Rs 630 crore and an offer for sale up to more than 4.19 crore equity shares by trading shareholders.