Business

Buzz this week [31st October-6th November ’21 news]

News you might have missed this week. This is your one stop for all the news surrounding technology, businesses and startups.

Technology News

“WhatsApp ended support for Android phones with OS 4.0.4 & older”
WhatsApp ended support for Android phones running OS 4.0.4 and older from November 1, 2021. Please switch to a supported device or save your chat history before then,” WhatsApp’s FAQ page says. WhatsApp for iPhone requires iOS 10 or a newer version of the iOS.

“’Squid Game’ cryptocurrency grows by 600% after falling to $0”

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Squid Game

SQUID, a cryptocurrency taking its name from the popular Netflix series ‘Squid Game’, has grown over 600% within 24 hours after nearly slipping to $0 amid scam suspicion. This also comes at a time when Binance initiated a probe into the token and froze the wallet addresses of the token developers. Reports claim that token’s developers have evaded with the investors’ money.

Business News

“IRCTC’s profit jumps 386% to ₹158.57 crore in September quarter”
Revenue for the second quarter showed robust growth of 357 percent to Rs 405 crore as compared to Rs 88.5 crore reported last year. Indian Railway Catering and Tourism Corporation (IRCTC) on Monday reported a 386% year-on-year rise in net profit to ₹158.57 crore for the July-September quarter. The revenue growth was witnessed across its business segments of Ticketing, Catering etc. IRCTC’s sales from internet ticketing surged 355% to ₹265.3 crore.

“China expected to suffer a loss of ₹50,000 crore on exports this Diwali: CAIT”

Diwali news


‘Like previous year, this year too CAIT gave a call of ‘boycott Chinese goods’ and it is certain that China is going to suffer a business loss of about Rs 50,000 crore in terms of stoppage of import of chinese goods by Indian traders,” CAIT said on Monday.

“Apple lost its crown: Microsoft overtakes Apple to become the most valuable company”
Apple took a $6 billion hit to its sales during the fiscal fourth quarter due to persistent global supply chain problems. iPhone maker’s shares continued to fall after missing earnings expectations on Thursday. Apple’s shares dropped 1.8%, giving the company a market capitalization of $2.48 trillion. By contrast, shares of Windows software maker Microsoft rose 2.2% to a record high of $331.62, making a market capitalization of $2.49 trillion.

Startup News

“Nykaa’s IPO subscribed 82 times on final day (1st Nov)”
Nykaa’s ₹5,352-crore initial public offering (IPO) was subscribed 82 times on Monday, the final day of bidding. The offer has received bids for 216.59 crore equity shares against an IPO size of 2.64 crore equity shares, as per the subscription data. The price band for the offer has been fixed at Rs 1,085-1,125 per share. ‘The company posted strong growth without a substantial cash burn and made profits along with a strong improvement in capital turnover ratio from 3.1 times in the FY19 to 4.2 times in FY21’, Astha Jain, Senior Research Analyst at Hem Securities, said.
In an another news, Policybazaar’s 5,625-crore IPO subscribed 16.59 times on the final day. It received bids for 57.23 crore equity shares against the offer size of 3.45 crore equity shares.

Source: https://inshorts.com/