Market and Business News

Elon Musk has once again topped the list of the richest people in the world. With a net worth of $187 billion, Musk has once again topped the rich list, according to the Billionaire Index. He has overtaken Bernard Arnault, CEO of French luxury brand Louis Finance, who rose to the top spot on the rich list last year. Elon Musk is the world's richest person again https://t.co/VtVepNB3t8 — Bloomberg Wealth (@wealth) February 27, 2023 So much wealth increased in 2 months At the beginning of this year, Elon Musk's net worth was $137 billion. According to the Billionaire Index, his wealth has seen a jump of over $50 billion in just 2 months. Now his wealth has reached $187 billion. Bernard Arnault's net worth increased by $23.3 billion this year to $185 billion. Jeff Bezos is in third place. His wealth is 117 billion dollars. Bill Gates ranks fourth with a net worth of $114 billion. Elon Musk's Net Worth Increase Last year Musk was the top loser in terms of wealth, wh...

Mumbai: Mergers and acquisitions (M&A) by Indian companies have declined by 80 percent year-on-year so far in the current year. Due to high volatility in Indian stock markets and reduction in profit margins of companies, M&A deals have been sluggish. According to the received statistics, M&A deals worth 3.30 billion dollars have been done so far in the current year, which is 80 percent less year-on-year. In terms of volume, the number of deals has been 253. Cross-border deals by Indian companies also fell by 84 percent to $1.50 billion. Buyers are waiting for companies' margins to improve. According to an analysis, the combined net profit of 2,790 listed companies fell by 14.20 percent year-on-year to Rs 1.49 trillion in the December quarter. Talking about the global level, in the current year till date, there have been 50.70 billion dollars of M&A contracts at the global level, which is 70 percent less.

Mumbai: Economists are predicting that the Gross Domestic Product (GDP) data for the December quarter of the current financial year to be released tomorrow will be weak. Due to weak demand and increase in repo rate by the Reserve Bank of India, the economic growth rate is likely to be affected. The Reserve Bank has been aggressively increasing interest rates since May last year. In the last ten months, the Reserve Bank has increased the repo rate by 2.50 percent to 6.50 percent. Interest rates are increased to bring down inflation. While inflation is still high, the possibility of an interest rate hike in the upcoming meetings is not ruled out. According to a survey conducted by a news organization, it has been concluded that the economic growth rate of the country is slowing down. Demand dampening due to higher interest rates is having an impact on business activities, an economist said. He expected the economic growth rate of December quarter to be below five percent. An officia...

Mumbai: Gold and silver prices continued to fall in the Mumbai jewelery market today. With import costs falling at home amid a retreat in the world market, falling prices in the jewelery markets had to dampen the mood due to lack of new demand. Funds in global gold and silver were easing as the dollar index rose in the world market. Gold prices fell to a two-month low in the global market. Global gold prices were at a low of 1811 to 1812 at 1806 and a high of 1814 to 1811 to 1812 dollars per ounce. Global silver prices were at $20.57 to $20.71 to $20.72 an ounce, down from $20.76 to $20.77 an ounce. Meanwhile, at home today, Ahmedabad silver prices fell by Rs.500 to Rs.64,500 per kg. Ahmedabad gold prices fell by Rs.300 per 10 grams to Rs.57,200 at 99.50 and Rs.57,400 at 99.90. Meanwhile, platinum, palladium and copper prices in the global market rose today on optimism of Chinese demand. Global copper prices rose by 0.80 percent. The price of platinum in the world market was 928 t...

Mumbai: While the Reserve Bank of India has been tightening monetary policy and increasing the repo rate for some time to bring down inflation, the trend of seeing El Nino conditions in the current year's monsoon has raised the possibility that the Reserve Bank's anti-inflation exercise may fail. In 2015, there was a 13 percent deficit in rainfall due to El Nino. Due to El Nino conditions, drought and lack of rain often occur in the country, it has a wide impact on the agricultural economy of the country. America's National Oceanic and Atmospheric Administration has declared El Nino conditions this year, raising concerns among policymakers about what the next southwest monsoon will be like for India. As the country's agricultural crops depend on the southwest monsoon, the lack of rainfall is unlikely to affect crop production, an agricultural expert said. Crops like rice, mung bean, tuver dal, soybean and groundnut require good rainfall. While barely 45 percent of ...

Image: Envato If you are also thinking of buying gold jewelry, then there is a good news for you today. Today gold price is trading around Rs.55000. Gold prices are registering a decline of 3500 rupees from the high level today. If we talk about silver, its price is seen close to Rs.63800. Last week too, gold prices saw a steady decline. Gold became cheaper by Rs 3500 The price of gold has decreased in the multi commodity exchange. Today, gold prices on MCX are seen trading at Rs 55,342 per 10 grams with a decrease of 0.16 per cent. On 2 February 2023, gold prices hit record highs. On this day, the price of gold reached the level of Rs 58,882 per 10 grams. The price of silver also fell Silver prices also fell on MCX today. Today, silver price is trading at the level of Rs 63,821 per kg with a decrease of 1.10 percent. Today the price of silver is seeing a decrease of 2250 rupees.

Ahmedabad. 22 February, Wednesday HDFC, the country's largest private sector bank, has increased interest rates on fixed deposits. HDFC Bank has increased interest on FDs up to Rs 2 crore. After the Reserve Bank hiked the repo rate in February, most of the banks hiked interest on FDs and now HDFC Bank's name has also been included in the list. HDFC Bank new rates are effective from 21 February 2023. HDFC Bank offers FDs from 7 days to 10 years. The bank offers interest from 3% to 7.10% to general public and 3.50% to 7.60% to senior citizens. Which category has the highest interest? HDFC Bank is offering 7.10 percent interest on FDs of tenure of more than 15 months and less than 18 months to the general public. At the same time, 7.60 percent interest is being given to senior citizens on this FD. The bank has increased interest by 0.10 percent on FDs of tenor more than 1 year and less than 15 months. Now the bank will pay 6.60 percent interest to the general public on FDs of...

- The UK market remained attractive to investors due to the weakening of the pound New delhi date. 23 February 2023, Thursday The Indian stock market has been falling for the last few days. The market closed lower for the fourth consecutive session on Wednesday. It has affected the Indian equity market. The UK has now overtaken India to become the sixth largest equity market in the world. For the first time in nine months, Britain has beaten India in this matter. The combined market cap of UK primary listings reached $3.11 trillion on Tuesday, $5.1 billion more than India's. For the first time since May 29, the UK equity market has outperformed India. The UK market has been an attraction for investors due to the weakening of the pound. On the other hand, the Indian stock market has seen a decline recently. The BSE Sensex fell by over 900 points today. Investors have been washed away Rs.7 lakh crore by the decline of the last four days. The Sensex has lost more than 1,500 points...

MUMBAI: The push by mutual fund houses to collect assets from small towns and villages in the country, which is called Beyond 30 (B30) in industry parlance, is likely to be scrapped by capital market regulator Securities and Exchange Board of India (SEBI). Currently, mutual funds can charge up to 30 basis points above the Total Expense Ratio (TER) on assets sourced from such venues. Any city or village that does not fall into the so-called T30 category, or the top 30 centers in terms of Assets Under Management (AUM), is part of the B30. B30 incentives were introduced in 2018 to boost penetration of mutual funds in small towns. According to sources, SEBI is planning to discontinue the B30 incentive and allow a one-time fee for distributors who bring in new investors, irrespective of location. Of course the one time fee will be part of the TER. This may leave some room for fund houses to pay additional incentives to distributors. This planned move by the regulatory body is taking int...

MUMBAI: SEBI has proposed to allow pension funds sponsored by entities that are associates of lead managers to participate as anchor investors in public issues. Currently pension funds that are not affiliates of lead managers can participate as anchor investors in the book building process. However, an exception is made for pension funds of entities that are affiliates of lead managers to participate as anchor investors in public issues of real estate investment trusts (REITs). Sebi has proposed in its consultation paper that the rules should be amended to allow institutional pension funds to participate as anchor investors in public issues. In addition, SEBI has proposed amendments to the rules relating to public issues in dematerialized form such as initial public offering (IPO) and follow-on public offering (FPO) as well as underwriting agreement for declaration of bonus issue by listed entities and preconditions for issuance of bonus issue. . Apart from this, SEBI has proposed t...

image : Twitter Dt. 27 February 2023, Monday Once the world's top mobile company, Nokia has announced to change its brand image. Nokia has changed its logo for the first time in 60 years. This new logo has Nokia written in different letters, using blue, pink, purple along with many other colors, while earlier the company's logo was only in blue. The company is associated with the technology sector Speaking about the new logo, the company's CEO Pekka Lundmark said, 'It used to represent the company's feeling with smartphones, but today the company's business has changed and it is connected to the technology sector. Nokia is still a successful mobile brand in the minds of many people but it is not. A new brand focusing on network and industrial digitization, quite different from the mobile phone legacy. This is Nokia, but not as the world has seen us before. Our new brand signals who Nokia is today. We're unleashing the exponential potential of networks ...

Indian tycoon Gautam Adani's woes are not abating. On January 24, 2023, they are facing heavy losses every day since the publication of the Hindenburg report by the American research firm. Not only that, one deal after another is also slipping out of their hands. Within a month, Adani has slipped from second to fourth, then 10th, then 20th and then 25th on the list of billionaires. Along with this, he has also left the list of top-25 richest people in the world. Out of the list of top-25 richest people in Forbes index According to the Forbes Real Time Billionaires Index, Gautam Adani suffered a major setback yesterday and lost over $6 billion in wealth. Shares of all 10 of its companies traded in the red mark once again during trading in the stock market. The deal with this company was cancelled Gautam Adani's net worth is continuously decreasing, on the other hand, one after another big deal has been canceled from his hands. With the move taken by him, the deal he was abo...

- Food inflation in Zimbabwe exceeds 300 percent - Turkey faces catastrophic inflation with earthquake, neighboring Sri Lanka faring worse New Delhi: The effect of Ukraine war is being seen on the economy of many countries of the world. Many countries have fallen into recession. In India too, the retail inflation rate for the month of January reached 6 percent. But, the condition of many other countries of the world has become dire due to inflation. Britain fell into the depths of recession just last year. Whereas, the Federal Reserve of America has announced hikes in interest rates for a long time as part of measures to curb inflation. Having said this, there is also a country in the midst of the world's most viable economy, where the inflation rate has reached 100 percent. There is another country where food inflation has crossed 300 percent. In Argentina, a country spread over 2,780,400 square kilometers in South America, the inflation rate has reached close to 100 percent. ...

Mumbai: In the fortnight ended February 10, there was a growth of 16.10 percent in the credit figure in the country's banking system to Rs 134.17 trillion. The credit growth figure was around nine percent in the same period last year compared to which the current credit growth is significantly higher. In the banking system, deposit growth has been sluggish compared to credit. Despite higher rates, deposits in banks are not seeing the expected increase. RBI sources said credit withdrawal remained robust due to working capital requirement by corporates in addition to retail demand. The banking sector is not witnessing the increase in deposits that should be seen against credit withdrawals. The rate of deposit growth in the respective fortnight has been 10.20 percent. Deposit growth in the fortnight of January 27 was 10.50 percent. Credit withdrawals are expected to slow down in the coming financial year in view of high interest rates. On the other hand, despite the increase in d...

Mumbai: In the December quarter, the microfinance industry has grown by 26 percent year-on-year to reach Rs 3.24 lakh crore. The growth in the microfinance industry has been witnessed with Non-Banking Finance Companies-Micro Finance Institutions (NBFCs-MFIs) supporting a growth of 43.40 percent. According to a report, the market share of NBFCs-MFIs has increased to 38.50 percent in the microfinance industry. NBFCs-MFIs have overtaken banks in providing credit to economically weaker sections. The share of banks in the micro credit market is 35.70 percent. In the December quarter, a year-on-year growth of 9.20 percent has been seen in the lending of banks in micro credit. The December quarter has been strong in terms of microcredit due to the festive season and momentum in the economy.

Mumbai: Under the announcement made to sell 30 lakh tonnes of wheat in the open market from February 1 to bring down the price of wheat and its flour, the government has so far sold 18.05 lakh tonnes of wheat through three e-auctions. Food Corporation of India (FCI) sources said that 11 lakh tonnes of wheat has been taken delivery by the successful bidder. Government plans to conduct e-auction for sale of wheat every Wednesday till 15th March 2023. The government has decided to release goods from buffer stocks. With the release of wheat in the open market, the price of wheat has been reduced by seven to twenty percent among private traders in various mandis of the country. According to an official statement issued by the government, a total of 50 lakh tonnes of wheat will be sold in the open market under the open market sale scheme. The sale of first 30 lakh tonnes and later 20 lakh tonnes has been announced by the government. Flour mills, private traders, wholesale buyers can par...

There is an urgent need for policies to establish telecommunications through wireless given the high cost of installing fiber Digitization and digital communication are critical infrastructure needs in India, including transport and energy. From the policies and other announcements related to digitization, it can be inferred that the government prioritizes these sectors. India prides itself on its strength in this sector but it is not reflected in the ground reality of expenditure on this sector, its policies and actual reforms etc. Many of the immediate needs are not for government funding but for timely and appropriate policy responses. If we look at the expenditure on road, rail and communication in the revised figures for 2022, the expenditure on road and rail was double the expenditure on communication. A small increase has been made for communication in the next year as well. Rs. 1.23 lakh crore to BSNL Rs. 52,937 crore while the rest of the telecom companies got Rs. 44,642 cr...

- In 2022, 2.25 lakh people renounced their citizenship and left India - India slips from 101st to 107th position out of 123 countries in Global Hunger Index 2022 - There are 1.17 lakh schools in India with only one teacher each As we are in the amrit period, the current government has many questions that the common people keep asking me and expect to get answers to. 1. No matter the state of development, the government believes that India has high levels of poverty, right? What is the percentage of poor in the country? If the bottom 50 percent of the country's population owns only 3 percent of the country's total wealth, can they not be considered poor? Does the government agree with the Global Multidimensional Poverty Index which indicates that 16 percent (22.40 crore) people of India are poor? Whatever the percentage, why is the government not having any discussion for the poor? Why did the finance minister use the word poor only twice in his budget speech on 1st Februa...

Impact on India's exports India's exports are being affected due to monetary policy. Its impact can be seen after the financial year starting from 1st April-2023. The figures for 2022 are also weak and its effect can be seen in 2023 as well. Not only the monetary policy but also the war between Ukraine and Russia can be said to have an impact. The impact of global recession should also be considered. - Early manufacturing of semiconductors Electronics and IT Secretary Alkesh Kumar Sharma has said that manufacturing of semiconductors will be started in India soon. As the shortage of chips used to make mother board or circuit board arose, demand for local production started. IT Minister Ashwini Vaishnav also announced the chip manufacturing. - 31,179 There are reports of 31,179 fake phone accounts have been spotted deceiving consumers in India. 44 percent of fake numbers are from outside India. About 80 percent of the numbers are working. When a customer calls a reputed com...

- Atapata of Arthakarana-Dhawal Mehta - An important indicator of globalization is the rapidly growing global trade The agricultural revolution (invention of agriculture) in the world took place about ten thousand years ago, it took ten thousand years to spread in the world, then the industrialization that started in England after 1760 took 200 years to become global, while IT started only after 1980. The revolution has spread to all countries in the world in just 40 years. In the last twenty-two years, i.e. after the beginning of the 21st century, tremendous changes have taken place in the economy of the world. The speed of globalization has put me on edge. This speed has increased due to information technology and now robotics will accelerate globalization even more. One indicator of globalization is rapidly increasing global trade (world trade). In 1970, the contribution of business to the world's gross income (GDP) was 25 percent, which has increased to 52 percent in 2020. I...

Lithium is nature's lottery for India. It seems that nature has declared support for India, which is going to become self-sufficient New roads, bridges and related infrastructure are being built in India. In India's progress, the amount of lithium will be like gold Due to the abundance of lithium found in India, electric vehicles will be slightly cheaper and boast of being completely Indian-made. 5.9 million tonnes of lithium is nature's lottery for India. It seems that nature has declared support for India, which is going to become self-sufficient. Lithium will be very helpful for India in many areas including electric vehicle sector and mobile batteries. India's reliance on imports for lithium will be a thing of the past. Even so, new roads, bridges and related infrastructure are being built in India. In India's progress, the amount of lithium will be like gold. While the government is issuing tenders for lithium, some negative elements in India ran that who ...