Business News - English

The gold prices on Friday declined on the Multi Commodity Index while the Silver prices have risen The average price of 1 gram of 22K Gold stood at ₹5,485 while the 24K gold prices stood at ₹5,984. The rate of 10 grams of 24K gold in Chennai stood at ₹60,110, which was followed by Delhi and Lucknow where the gold costs ₹59,940. The average price of 10gm of Silver was at ₹75.5 and 1 kg of silver st...

In a big boost to India's debt market, JP Morgan Chase & Co is set to add Indian government bonds to its benchmark emerging-market index. This will drive significant foreign fund inflows to the debt market. The Indian bonds will be added to the JP Morgan Government Bond Index-Emerging Markets from June 28, 2024. India will have a maximum weight of 10% on the index, said a statement. The firm's glo...

A Chennai cab driver, Rajkumar, was left bewildered when he received a message notifying him of a staggering Rs 9,000 crore deposit in his bank account. The shocking incident unfolded on September 9, and Rajkumar initially dismissed it as a potential scam, according to a report by India Today. The message, purportedly from Tamil Nadu Mercantile Bank, claimed the mammoth sum had been credited to Ra...

A recent report suggests that the resurgence of office-based workforces, combined with a stable tax environment, is poised to drive an estimated 7-9% increase in cigarette demand for the current fiscal year. The report, authored by Crisil Ratings, revealed that cigarette sales experienced a notable 18% rebound in the previous fiscal year following a dip in demand due to the pandemic's impact in th...

Diplomatic tensions between India and Canada have reached new heights, with serious repercussions for their long-standing economic ties. The recent exchange of diplomatic measures, including expulsions and visa suspensions, has cast a shadow over the bilateral trade relationship, the Free Trade Agreement (FTA) negotiations, Canadian pension fund investments in India, and even Canadian brands opera...

Smoking kills! And it makes your insurance premium skyrocket. For smokers, the premium becomes anywhere between 40%-75% higher than the premium for a non-smoker. Even though several other factors like age, premium payment term, policy term and plan option impact the cost, smokers are statistically most likely to make insurance claims due to increased health risks. This leads to higher premiums to...

Delhi Master Plan 2041, still pending approval from the government, has the potential to unleash a massive economic opportunity worth $100 billion, according to an analysis by the Delhi Consortium think tank. This plan promises to turbocharge Delhi's growth, with the GDP potentially doubling every 7 years. The driving force behind this growth will be private sector investments in urban development...

The finance ministry has responded to concerns regarding the impact of declining household savings on the economy, asserting that there is no cause for distress as people are diversifying their investments in various financial products. The ministry's statement, published on X, rebuffed criticisms regarding the decade-long drop in household savings and its potential repercussions on the overall ec...

The Directorate General of Civil Aviation (DGCA) has suspended the approval of Air India's Flight Safety Chief for a period of one month due to identified lapses in safety protocols. This decision comes following a thorough evaluation carried out by the DGCA's inspection team on July 25 and 26. The inspection encompassed various critical aspects, including internal audit processes, accident preven...

TVS Motor Company, in partnership with TVS Racing, has announced the launch of India's first-ever electric two-wheeler racing championship. This marks a significant development in motorsports and highlights the company's commitment to sustainable mobility solutions. TVS Motor Company is now the first Indian manufacturer to enter the world of electric motorcycle racing. The TVS Racing Electric One...

For the second day in a row, both gold and silver prices have recorded a downfall on the Multi Commodity Exchange (MCX) on Thursday The average price of 1 gram of 22K Gold stood at ₹5,505 while the 24K gold prices stood at ₹6,005. The rate of 10 grams of 24K gold in Chennai stood at ₹60,330, which was followed by Delhi and Lucknow where the gold costs ₹60,200. The average price of 10gm of Silver w...

The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending rates will need to remain higher for longer to definitively cool inflation. "We are prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we're confident that inflation is moving sustainably toward our objective," Fed Chair Jerome Powell...

A new report by Azim Premji University has revealed that 42% of Indian graduates under 25 are unable to find jobs. The report titled State of Working India 2023 also showed that the unemployment rate in India declined post-covid for all educational qualifications. However it continues to stay over 15% for graduates. “There is large variation in the rate of unemployment even within the higher educa...

Indian equity markets tanked for the second straight day today. Benchmark Indices Sensex and Nifty fell over 1% due to heavy selling in banking and oil stocks in tandem with weak global trends ahead of the US Federal Reserve's interest rate decision. BSE Sensex tumbled 796 points or 1.18% to settle at 66,800.84. During the day, it tanked as much as 868.7 points or 1.28% to 66,728.14. Meanwhile, th...

At the Conversation event in India, Meta announced a slew of business-focussed features for Whatsapp. Meta has introduced Flows for business using WhatsApp Business Platform to create and provide rich menus and customisable forms that support different needs. One more feature that allows payment via different platforms apart from Whatsapp Money is also introduced. These platforms include UPI apps,...

HDFC bank has refuted reports of its Country head of Retail Banking Arvind Vohra's exit from the bank, reported ET Now. Certain reports claimed that Vohra is set to join another bank. However the bank has called those reports baseless and inaccurate. Arvind Vohra joined HDFC bank in 2018 and has been responsible for retail branch banking business and trade & forex business. Prior to joining HDFC b...

Government is mulling buying tomatoes from farmers, amid falling prices in certain parts of the country, reported Mint. As per the report, the idea is to use the consumer affairs ministry’s price stabilization fund (PSF), typically used to cool vegetable prices, to lift stocks from areas flooded with tomatoes and sell them in markets nearby where prices are more remunerative. This comes amid repor...

India's newly launched airline, Akasa Air has told the Delhi High Court on Tuesday that it is in a state of crisis and may have to shut down its operations. This comes as 43 pilots quit the airline without serving the required notice period. The airline also told the court that they have cancelled 24 flights per day so far in September due to the abrupt resignation. Akasa Air had earlier accused A...

The gold prices on Wednesday rose during the early trades while the Silver prices saw a decline. The average price of 1 gram of 22K Gold stood at ₹5,520 while the 24K gold prices stood at ₹6,023. The rate of 10 grams of 24K gold in Chennai stood at ₹60,550, which was followed by Delhi and Lucknow where the gold costs ₹60,370. The average price of 10gm of Silver was at ₹74.8 and 1 kg of silver stoo...

Elon Musk, the owner of the transformed online platform, X, formerly known as Twitter, has indicated that the platform may introduce a monthly fee for all users in an effort to combat the proliferation of bots. Musk, who acquired the platform for $44 billion in October last year, has been implementing a series of changes since taking the reins. Among these changes have been the termination of thou...

Despite serious allegations made by Canada regarding the alleged involvement of the Indian government in the murder of a Sikh separatist leader on Canadian soil, the United Kingdom has affirmed its commitment to continue trade talks with India. Prime Minister Rishi Sunak's spokesperson, in a statement on Tuesday, emphasized that the allegations raised by Canada would not hinder the ongoing trade n...

Indian households experienced a significant drop in their net savings during the fiscal year 2022-23, with data from the Reserve Bank of India revealing a 19% decrease compared to the previous fiscal year. This decline brought the total savings down to just 5.1% of the nation's GDP, reaching its lowest point in 34 years, as stated by Nikhil Gupta, the chief economist at Motilal Oswal Financial Ser...

The Income Tax Department has extended the income tax return filing deadline for charitable trusts, religious institutions and professional bodies by one month till November 30. Also, the due date for furnishing audit reports for 2022-23 by a fund, trust, institution or any university or educational institution or medical institution in Form 10B/10BB has been extended by a month till October 31, 2...

Jawan, Bollywood superstar Shah Rukh Khan's latest film, has achieved a milestone by securing a place in the coveted top 5 movies at the US Box Office for September 2023 releases. Released on September 7 and distributed by Yash Raj Films USA Inc., the film has raked in $12,108,639 (₹100 crore) in the United States. This achievement is all the more significant considering that the film achieved thi...

Mumbai International Airport experienced a significant surge in domestic air traffic during the month of August, reaching 108% of the pre-pandemic levels seen in August 2019 as per a Mint report. The airport recorded a total of over 4.32 million passengers, marking a remarkable 32% year-on-year increase. In addition to this, international air traffic also witnessed robust growth, with over 1.1 mil...