Top headlines: Paytm IPO subscribed 48% on Day 2; M&M Q2 net surges 8-fold

Business Standard brings you the top stories from today

M&M Q2 standalone net surges over 8-fold to Rs 1,432 cr; revenue rises 15%

Homegrown auto major Mahindra & Mahindra (M&M) on Tuesday reported an over eight-fold increase in its standalone profit after tax (PAT) at Rs 1,432 crore for the second quarter ended September 30, 2021, riding on the back of robust sales.

The Mumbai-based company had posted a standalone PAT of Rs 162 crore in the July-September period of previous fiscal. Read more

Paytm IPO half covered on Day-2 on interest from retail investors

The initial public offering (IPO) by Paytm parent One97 Communications was subscribed nearly 48 per cent at 4 pm on Tuesday — the second day of the issue.

The company is eyeing bids worth at least Rs 5,000 crore on the final day. While most of the bids in any IPO come on the final day, the response so far is nevertheless subdued, said market watchers. Read more

RBI lifts restrictions on Diners Club, allows onboarding of fresh customers

The Reserve Bank of India (RBI) on Tuesday lifted its restrictions on credit card issuer Diners Club International, allowing it to onboard fresh customers, in view of the satisfactory compliance of RBI norms on local data storage as stipulated by the central bank.

The RBI had barred Diners Club from onboarding fresh customers from May 1, through an order on April 23, and said the restrictions would remain in place till the card issuer met RBI norms on local data storage. Read more

Cryptocurrency market cap hits $3 trn mark for 1st time, Bitcoin on fire

The global cryptocurrency market has hit the $3 trillion mark for the first time, taking Bitcoin and Ethereum values to an all-time high.

Bitcoin and Ether created a new all-time high of $68,641.57 and $4,857.25 on Tuesday. Read more