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In the latest quarterly report, the internet giant Google has encountered a sharp rise in its revenue and profits but even after that rise it has failed to reach at its previously estimated figures.

The net profit of the firm for the three months till June has been recorded 1.84 billion dollars, which is up by 0.36 billion dollars as compared to the same period of a year ago.

Entertainment World Developers Pvt. Ltd has filed for a maiden public offer. The Mumbai-based firm has done so that its investor ICICI Venture can go ahead with its partial exit.

And as a part of this, the firm is going to buy a a portion of the unsecured fully convertible debenture which are currently with ICICI Ventures.

No details about the total amount of the debentures and the kind of proceeds expected were made public. But people close to the development said that it will be close to Rs.75 crore.

Despite a rally in the value of euro on Friday, the rupee weakened. One of the major reasons, say analysts is the increase in demand for US dollar because of rise in defense related payments. It worked as a major denting factor for rupee.

The partial convertible rupee stood at 46.75/76 per dollar. It is 0.3 per cent higher than the closing figure on Thursday when it stood at 46.60/61. per dollar.

IL&FS Investment Managers, the private equity fund management company listed on the bourses said that it has seen a marginal decline in its net profit for the quarter ending June 30,2010.

Despite the fluctuations it managed to have a net profit of Rs 17.68 crore during the period. This is a bit lower than what it did last year when it posted Rs. 17.70 crore as profit.

Lack of any major news allowed Indian equities market to trade within a narrow range only. Nevertheless it carried on the positive trail to end the day in green.

While the benchmark Bombay Stock Exchange Sensex closed 46.36 points or 0.26 per cent up at 17,955.82, the 50 scrip-based Nifty at the National Stock Exchange ended the day 15.15 points or 0.28 per cent up.

However, the broader indices outperformed the benchmarks, even if it's by a smaller margin, at both BSE and NSE.

On Wednesday, Mahindra & Mahindra (M&M) said that it is planning to roll out a sub Rs. 5 lakh car. This is expected to be a sports-utility vehicle and will come under the brand of Xylo. The information was given by two people familiar with the development.

One of the major automakers in India was forced to take this step after Tata came out Nano and grabbed a big chunk in the Indian markets. Now, M&M is trying to do the same thing but in the sports-utility segment.