BUSINESS
Paytm IPO oversubscribed 1.33 times so far with half a day left
As per data available on the exchange at 1.47 p.m., Paytm IPO has been subscribed 1.33 times so far, with the QIB tranche being 1.88x subscribed. A total of 6,41,16,546 Paytm shares have been bid for as opposed to the 4,83,89,422 shares available. Earlier, on Day 1, Paytm's IPO had secured the highest ever retail percentage subscription for IPOs with retail sizes in excess of Rs 1,000 cr, over the last decade, which was subsequently oversubscribed early on Day 2.
Electric vehicle sales set to jump 80% in 2021: Report at COP26
The Factbook documents the progress that has been made towards global net-zero emissions in the road transport sector, and shows that the future is brighter than ever for zero-emission vehicles. In the first half of 2021, sales of passenger electric vehicles (including battery electric, plug-in hybrid and fuel cell vehicles) were 140 per cent higher than the same period in 2019, reaching seven per cent of global passenger vehicle sales.
General insurers log Rs 17,679 crore premium in Oct
According to IRDAI, the 31-non-life insurers had earned a premium of Rs 17,679.98 crore last month up from Rs 15,906.71 crore earned in October 2020. Government owned The New India Assurance Company Ltd led the industry earning Rs 2,705.84 crore followed by ICICI Lombard General Insurance Company Ltd with Rs 1,675.29 crore and HDFC Ergo General Insurance with Rs 1,236.10 crore.
India's Covid vax campaign, teeming festivities lend renewed optimism to economic recovery: Finance Minister
The Monthly Economic Review for October, 2021 released by the Department of Economic Affairs (DEA) on Wednesday said that with India's Covid-19 vaccination campaign crossing new milestones in rapid succession and teeming festivities lending renewed optimism to India's ongoing economic recovery, further demand stimulation, fuller restoration of supply chains, narrowing of demand-supply mismatches and greater employment generation, are in the offing.
P&G Health reports higher sales in Sept quarter, profit falls marginally
The company has recorded a strong performance with sales of Rs 267.8 crore, up 4 per cent vs a year ago. The Profit After Tax (PAT), however, fell marginally to Rs 55.4 crore against Rs 59.3 crore a year ago. Milind Thatte, Managing Director, Procter & Gamble Health Limited said: "We delivered a strong performance in our first quarter of fiscal 2022 focused on executing our strategies of offering superior brands, driving productivity, increasing reach, and improving awareness.
Iloilo: First city in Asia where 3 properties were sold for cryptocurrencies
Iloilo, located in the Panay region of the Philippines, has a population of just over 2 million. World renowned for its Spanish colonial churches and old houses, it is the premier city in the Asia Pacific where three properties have been sold in exchange for Bitcoin and Litecoin according to several reports from LeapRate, Asia Property Awards, and Asia's largest online property portal group, Property Guru's Property Report.
Fuel prices remain unchanged even as global oil rates firm up
Accordingly, petrol and diesel prices continued to be stable for sixth consecutive day on Wednesday under the daily price revision mechanism followed by oil marketing companies. The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a.m. on Tuesday from previous day's Rs 110.04 a litre, remains the same. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre. In the financial capital Mumbai, petrol continues to be priced at Rs 109.98 a litre, while diesel is being sold at Rs 94.14 a litre.
Raj govt likely to reduce VAT on petrol, diesel
Many state governments have reduced the VAT after the initiative taken by the Central government. In a meeting organised in Jodhpur's Jaleli Faujdar village on Tuesday, Gehlot said, "When all the states have reduced the prices of petrol and diesel, then we will also have to reduce them." Earlier, Gehlot remained adamant saying that this slash would affect the income of the state.
Africa may have to depend more on Indian rice as supplies from China remain static
While prior to the outbreak of the Covid 19 pandemic, China had increased exports of rice to Africa and had overtaken India in several African markets, Beijing has not managed to sustain the export quantum due to heavy floods in the country that dented production. Chinese State agency COFCO, in fact, was aggressively looking to acquire new markets in Africa "to liquidate old stocks of 3-4 million tonnes."
2021 wedding season likely to generate an estimated Rs 3 lakh cr
Around 25 lakh weddings are expected to be solemnised between November 14 and December 13. The CAIT cited that in Delhi alone, more than 1.5 lakh weddings are expected to take place in this season, which are likely to generate a business of about Rs 50,000 crore. Since March last year, the Covid-19 pandemic as well as the associated restrictions and few Muhurt dates have scaled down wedding spends.
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