The net worth of India's richest man, Mukesh Ambani, dropped 28 per cent, or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his wealth decline by USD 19 billion (app Rs 144,400 crores) in the February-March period, taking his global ranking down eight places to 17th, the Hurun Global Rich List said.
"We will be guided by our national interest," he said.
India's gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC). The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Noah Dominic, Maya Dominic, Durga Dominic and Dominic Xavier recall via sketches a spectacular vacation in Lucknow.
The annual award includes a pure gold medal, a citation and a prize purse worth $ 100,000 or its equivalent in the Indian rupees.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Ambani is also the year's biggest gainer, adding USD 9.3 billion to his wealth amid the continuing success of his Reliance Jio broadband telco service.
Foreign institutional investors (FIIs) have a reason to worry because the falling rupee is putting at risk the $100 billion they have pumped into Indian equities since 2009.
Keeps open the option to make payments in yen or yuan in the face of sanctions
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
The fall was led by banking stocks, with IndusInd Bank, Kotak Bank, Federal Bank, Axis Bank, ICICI Bank, HDFC Bank and SBI declining up to 2.36 per cent.
However, it has an auditory feature that throws up a soft but audible whirring sound like a spaceship while driving as well as a different tone on the outside to let bystanders know a car is on its way, says Pavan Lall.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
Speaking during a video interaction with Pradhan Mantri Garib Kalyan Anna Yojana beneficiaries from Madhya Pradesh, he also said that there was 'vikriti' (distortion) in the system of the previous government.
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
India's foreign reserves continue to march to record highs, touching USD 393 billion early this month backed by strong foreign portfolio and investment flows, according to Development Bank of Singapore.
Will Ishan Kishan get Rs 15.25 crore for one year, or for three years? Do the players get their IPL payments, whether it is in full or in part, and what is the payment schedule? Harish Kotian/Rediff.com explains all you need to know about IPL player payments.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Referring to Modi, Adityanath and Union Home Minister Amit Shah as 'outsiders', the farmer leader said he has no objection if they become prime ministers after winning polls from Uttarakhand or Gujarat.
India procured around 5 lakh rapid antibody test kits from the two Chinese firms, Guongzhou Wondfo Biotech and Livzon Diagnostics, and they were distributed to several states reporting rising cases of the coronavirus infection.
The apex court said 'baseless and reckless' allegations are made against its registry at the time of pandemic when the registry officials are putting themselves in danger to serve the litigants and several of the dealing staff as well as officers have suffered due to COVID-19.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
Total income of Wipro was almost flat at Rs 15,571.4 crore at the end of the first quarter of 2020-21 compared to Rs 15,566.6 crore in the corresponding quarter of the fiscal year 2019-20.
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Pakistan will not be able to send its national team for Azlan Shah tournament in Malaysia next month and the junior team to Singapore unless the government released the promised funds, Pakistan Hockey Federation (PHF) has said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Having seen reinforcement from North Block, analysts have begun to see the silver lining in the Indian markets.
Taking a dig at the construction of a wall on a plot having several slum structures in Ahmedabad ahead of Trump's visit there, the Sena said the US president's trip would neither stop the fall of rupee's value in forex market nor offer betterment to those (slum dwellers) behind the wall.
The central bank operationalised these special windows on September 4 to prop the rupee which had fallen close to 30 per cent between April and August.
'Let us stand together in displaying our utter and complete lack of spine, in safeguarding our hundreds of crore rupees of income and in supporting this military-style mobilisation against the very masses who have practically treated us as gods and to whom we owe everything we enjoy.'
Government will soon relax the external commercial borrowings norms in view of the unfolding global scenario, Department of Economic Affairs Secretary Ashok Chawla said on Monday. "You cannot rule that out. The government and the regulator is watching the situation carefully and will take a position soon", he said while addressing a press conference.
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
The BJP chief also came down heavily on the Congress, which had seized on the report to attack him as well as Prime Minister Narendra Modi.
Here is how the two countries stack up militarily, according to a report in AlJazeera.com.
gold prices fell by Rs 210 to Rs 26,600 per 10 grams.
