Business News - English

Gold and Silver prices on Monday remained unchanged on the Multi Commodity Index The average price of 1 gram of 22K Gold stood at ₹5,475 while the 24K gold prices stood at ₹5,973. The rate of 10 grams of 24K gold in Chennai stood at ₹60,050, which was followed by Delhi and Lucknow where the gold costs ₹59,880. The average price of 10gm of Silver was at ₹748 and 1 kg of silver stood at ₹74,800. How...

The Centre responded to Moody's global credit agency, dismissing their claims of Aadhaar's privacy and security risks, as well as the unreliability of its biometric technology in humid climates, as baseless and unsupported by evidence. In a statement, the Unique Identification Authority of India strongly refuted Moody's allegations, which claimed that Aadhaar frequently leads to service denials an...

Dunzo, the quick commerce platform backed by Reliance and Google, is once again implementing a fresh round of layoffs in an effort to trim costs, as per a Business Today report. The company has informed affected employees that they will receive their full and final settlements in January. The exact number of employees impacted by these layoffs remains undisclosed, but the report suggests that mult...

In less than a week, India's highest denomination banknote, the Rs 2,000 note, is scheduled to be phased out, with approximately Rs 24,000 crore ($2.9 billion) worth of these notes still in circulation. The Reserve Bank of India (RBI) commenced the withdrawal of the Rs 2,000 notes on May 19, allowing individuals to exchange or deposit them in banks until the end of September. While the majority of...

A First Information Report (FIR) has been lodged against billionaire Anand Mahindra, Chairman of Mahindra and Mahindra Ltd., on the directive of a Kanpur court regarding a fatal accident involving the company's Scorpio multi-utility vehicle. The FIR, which also includes the company's Managing Director and Chief Executive Officer, CP Gurnani, and 11 others, including the dealer, is based on allegat...

Studying abroad has long been a dream for many students, offering the promise of diverse experiences and educational opportunities. However, as the rupee continues to weaken against the dollar, the cost of living for students pursuing education overseas has surged, prompting many to consider their financial options carefully. Here's what students thinking about studying abroad should keep in mind....

Quick-Commerce company, Dunzo is in advanced stages of closing $25-30 million deal, reported MoneyControl. As per the report, key investors including Reliance Retail, Google, Lightrock are participating in the round. The investors will pump in money on a pro-rata basis which means investment will be done based on the investors' existing stake in the company. As per Moneyconytrol, Reliance Retail w...

The Centre is mulling spending Rs 60,000 crore to provide subsidised loans for small urban housing over the next five years, reported Reuters. As per the report, the banks are likely to roll out the scheme in a couple of months, ahead of key state elections later this year and general elections due in mid-2024. During the Independence Day speech in August, Prime Minister Narendra Modi had announce...

The National Stock Exchange (NSE) is reportedly planning to introduce extended trading hours for equity derivatives, as per an Economic Times report. The NSE is considering an evening trading session from 6 pm to 9 pm, allowing market participants to trade futures and options contracts after the regular trading hours from 9:15 am to 3:30 pm. There's also the possibility of further extending this s...

Multi Commodity Exchange (MCX) witnessed a surge in its share price, soaring over 9% and hitting a new 52-week high on Monday. This surge comes as MCX is gearing up to go live with its brand-new trading platform, serviced by Tata Consultancy Services. While MCX has not officially confirmed the exact date of its transition to the TCS-backed platform, it could be as early as the 3rd of October. This...

The shares of online gaming firm Delta Corp tanked 20% in Monday morning trade after the gaming and casino firm said it has received tax notices totalling Rs 16,822 crore from the Directorate General of GST Intelligence. The company said that the tax demand is for the period between July 2017 and March 2022. The GST money is based on the gross bet value of all the games played at the casinos durin...

Former Finance Secretary Subhash Chandra Garg in his book, 'We also Make Policy' has claimed that PM Modi compared Former RBI Chief Urjit Patel to 'a snake who sits over a hoard of money'. The book describes all the event that led to the break down in the relationship between the Central government and the RBI when Urjit Patel was serving as the RBI chief. Excerpts from the book say that by 2018 t...

The Reserve Bank is expected to maintain its current policy rates for the fourth consecutive time at its upcoming bi-monthly monetary policy review in early October, according to experts. This decision comes as retail inflation remains persistently high, and the US Federal Reserve maintains a hawkish stance. The benchmark repo rate was raised to 6.5% on February 8, 2023, and has remained unchanged...

India ranks 4th in the world in the number of startups that have received over $50 million of venture capital (VC) investment. The first three countries ranked by the first edition of Startup Genome's Scaleup Report are U.S, China and the UK. However, the report mentions that India is ahead of the UK in terms of the total VC investments and in the cumulative tech value investment of the startups....

Hollywood's historic screenwriters strike, which has gripped the entertainment industry for nearly five months, may be nearing its end as union leaders and studios reached a tentative agreement on Sunday. The Writers Guild of America (WGA) and the Alliance of Motion Picture and Television Producers (AMPTP) jointly announced this breakthrough. In an email to its members, the WGA stated, "WGA has re...

Gold and Silver prices on Monday remained unchanged on the Multi Commodity Index The average price of 1 gram of 22K Gold stood at ₹5,495 while the 24K gold prices stood at ₹5,995. The rate of 10 grams of 24K gold in Chennai stood at ₹60,220, which was followed by Delhi and Lucknow where the gold costs ₹60,100. The average price of 10gm of Silver was at ₹758 and 1 kg of silver stood at ₹75,800. How...

Listed firms and banks are gearing up to raise a sum of over ₹18,000 crore during the two-day span of September 25-26 through debt instruments. The bulk of this fundraising, approximately ₹4,671 crore, is slated to take place on Monday. The financial sector has been buzzing with activity this September, with banks and corporations already having raised more than ₹31,000 crore by September 22. This...

As per a Money Control report, Pune-based financial giant Bajaj Finance is gearing up for a massive fundraising effort, targeting a whopping $800 million to $1 billion through a Qualified Institutions Placement (QIP) or preferential issue. The company has engaged the services of four prominent investment banks, signalling its intention to bolster its financial position and embark on a new phase of...

Apple's latest iPhone 15 series has sent tech enthusiasts in India into a frenzy, but for those looking to snag the top-of-the-line iPhone 15 Pro Max, a surprising money-saving strategy has emerged – take a flight to Dubai. The price gap between the iPhone 15 Pro Max in India and Dubai has prompted netizens to create memes about the potential savings. In India, the iPhone 15 Pro Max is priced at a...

Travel operators and tour agents are expressing concerns about the upcoming year end tourist season. This, as India has temporarily halted visa services for Canada amid the escalating tensions between the two countries. The Ministry of External Affairs announced the suspension of visas for all categories for Canada, citing concerns over incitement of violence, Canadian authorities' inaction, and a...

In today's episode of 'Invest Smart,' we delve into the world of health insurance, an essential topic when it comes to safeguarding your financial future. Health insurance can be a complex subject, but Lovaii Navlakhi MD & CEO of International Money Matters will simplify it for you. In this conversation with Avni Raja, Lovaii highlighted a significant shift in people's perception of health insuran...

Online food delivery platform Swiggy was accused of charging extra Rs 3 after rounding up the total on its orders. CapitalMind Chief Executive Officer Deepak Shenoy and other users raised concerns over Swiggy's billing system. Swiggy later explained that the issue was a technical bug and assured users were only charged the appropriate amount at checkout. Deepak Shenoy took to X and posted that Swi...

The Board of Control for Cricket in India announced SBI Life as an official partner for the upcoming BCCI Domestic and International Season from 2023 to 2026. Under the terms of the agreement, SBI Life has entered into a 3-year partnership with the BCCI. This collaboration will kick off with the three-match One Day International (ODI) series against Australia, scheduled to begin on September 22. B...

Apple is giving out smaller hikes to its retail employees this year. The iphone maker, during the pandemic, rolled out higher pay hikes. As per Bloomberg, the company is disclosing average annual raises this week, of about 4%, a return to the levels from 2020 and earlier. The latest range was typically between 2% and 5%. AppleCare technical support employees also got raises in the same range. Also...

As the festive season approaches, Indian consumers are gearing up for a lavish spending spree, signaling a newfound confidence in the economy. According to Deloitte's Wave 46 global consumer signal survey, 56% of Indian consumers are eager to splurge on celebratory items, while a remarkable 75% reported improved financial situations over the past year. Rajeev Singh, partner and consumer industry l...