Fri Nov 08 10:38:52 UTC 2024: ## Business News Roundup: Swiggy IPO Fully Subscribed, SBI Reports Strong Q2 Results, and More

**Mumbai, India (November 8, 2024):** India’s business scene is abuzz with activity as the week unfolds, with a major IPO coming to a close, strong Q2 earnings reports, and news of regulatory action in the food delivery space.

**Swiggy’s IPO concludes on a successful note**

Swiggy, the popular food delivery platform, saw its IPO fully subscribed today, the final day of bidding. The initial public offering, valued at Rs 11,327.43 crore, received bids for 19.41 crore shares, exceeding the 16 crore shares on offer. This follows a tepid response on the first two days of the offer.

**SBI posts strong Q2 earnings**

State Bank of India (SBI) reported a robust 28% jump in net profit for the quarter ended September 30, 2024, reaching Rs 18,331 crore. Despite this positive news, the company’s shares were trading 1% lower at Rs 851.15 apiece by 1:40 pm.

**Antitrust investigation finds Zomato and Swiggy violated competition laws**

India’s antitrust body, the Competition Commission of India (CCI), has concluded an investigation finding that Zomato and Swiggy engaged in anti-competitive practices. The CCI found that both companies entered into exclusivity contracts with restaurant chains listed on their platforms, potentially harming competition.

**China approves increase in local government debt limit**

The National People’s Congress (NPC) of China approved a proposal to increase the local government debt limit to 35.52 trillion Yuan. This move aims to substitute current hidden debt and includes a 6 trillion Yuan debt swap plan to be implemented over three years.

**Other key business updates**

* Britannia Industries will announce its earnings results for the quarter ended September on November 11, 2024. The company is expected to see strong volume growth due to price cuts.
* The stock market will observe a trading holiday on November 20, 2024, due to assembly elections in Maharashtra.
* India plans to create a mini-Silicon Valley in Goa to attract Global Capacity Centers (GCCs) in the country.

**Outlook**

The Indian business landscape continues to evolve rapidly, with a mix of positive developments and regulatory scrutiny. Investors will be closely watching the performance of companies like Swiggy and Britannia Industries, as well as developments in the IT and banking sectors.

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