Name: Gold, Silver Rates today October 09, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata
Uploaded: 2023-10-09T10:33:41.000+05:30
Duration: T00M24S
Channel: Editorji News Desk
Description: The average price of 1 gram of 22K Gold stood at ₹5,335 while the cost for 24K gold prices stood at ₹5,820 and 1 kg silver stood at ₹72,100

Successful candidates of the prestigious Indian civil services exam must now disassociate from coaching institutes upon accepting their civil services appointment letter.

UPSC toppers restricted from earning through coaching institute ads

<h2>Successful candidates of the prestigious Indian civil services exam must now disassociate from coaching institutes upon accepting their civil services appointment letter.</h2>

Indian civil service exam toppers will no longer be able to earn through advertisements of coaching institutes.&nbsp; As per a report by Mint, as per new rules, successful candidates will have to sever their ties with coaching institutes after receiving their acceptance letter for the civil services.&nbsp; This comes after, the Central Consumer Protection Authority (CCPA) raised concerns, labeling the utilization of Union Public Service Commission (UPSC) exam toppers by these institutes as a form of "misleading ads" and "unfair trade practices" under the Consumer Protection Act of 2019.
According to the Mint report, CCPA has taken proactive measures by issuing notices to 20 IAS coaching institutes, citing misleading advertisements. Furthermore, Byju's, a prominent ed-tech firm, faced a penalty of ₹10 lakh imposed by CCPA for similar misleading ads.
Responding to the penalty, Byju's spokesperson expressed dissent, stating, "We respectfully disagree with the findings in the order and intend to appeal the same as we believe that the advertisements are not misleading." Byju's intends to appeal against the decision through the relevant appellate authority, the National Consumer Disputes Redressal Commission (NCDRC).
The Department of Personnel and Training (DoPT), responsible for enforcing the Central Civil Services (Conduct) Rules of 1964, has been urged by CCPA to take action. These rules explicitly prohibit government servants, including UPSC exam qualifiers turned civil servants, from engaging in trade or business activities or pursuing additional employment.
The UPSC civil service examination in India comprises three stages: the preliminary test (prelims), a series of written tests known as Mains, and finally, an interview and personality test. These recent regulatory changes seek to curtail post-selection engagements with coaching institutes, marking a notable shift in the approach toward advertising practices involving successful UPSC candidates. Also Watch: <a href="https://www.editorji.com/business-news/markets/markets-climb-in-early-trade-as-foreign-fund-inflows-ireda-makes-a-bumper-debut-on-bourses-1701240771040">Markets climb in early trade as foreign fund inflows; IREDA makes a bumper debut on bourses</a>

Re enters the top 20 billionaires club as all ten listed companies under the Adani Group surged following the Supreme Court's dismissal of the Hindenburg and OCCRP reports as not "credible"

Gautam Adani returns to top 20 rich list amid stock surge

Re enters the top 20 billionaires club as all ten listed companies under the Adani Group surged following the Supreme Court's dismissal of the Hindenburg and OCCRP reports as not "credible"

Gautam Adani, India&rsquo;s second wealthiest individual, reclaims a spot in the top 20 billionaires globally as all ten listed companies under the Adani Group surged following the Supreme Court's dismissal of the Hindenburg and OCCRP reports as not "credible".
This dismissal, along with the absence of incriminating evidence presented by the markets regulator Sebi, saw Adani's wealth soar by $6.5 billion in a single day, propelling him to the 19th position on the Bloomberg Billionaire Index, with a net worth of $66.7 billion.
Also read/watch - <a title="Uttarakhand Tunnel Rescue: From Gautam Adani to Anand Mahindra, here's what business leaders had to say" href="https://www.editorji.com/business-news/uttarakhand-tunnel-rescue-from-gautam-adani-to-anand-mahindra-here-s-what-business-leaders-had-to-say-1701252510528">Uttarakhand Tunnel Rescue: From Gautam Adani to Anand Mahindra, here's what business leaders had to say</a>
This resurgence follows a setback earlier this year when US-based research firm Hindenburg's report accused Gautam Adani's companies of various wrongdoings, leading to a significant decline in their stock value. However, the group's stocks surged by $15 billion in a day, marking the most substantial increase since the report's release, led by Adani Enterprises with a 13% rise. Despite this rally, Gautam Adani's net worth remains down by more than $53.8 billion year-to-date.&nbsp;

For the first time ever the BSE listed companies' m-cap has hit $40.1 trillion as the IT sector has moved 1.5% higher

BSE listed companies' market capitalisation hits $4 trillion for the first time ever

<h2>For the first time ever the BSE listed companies' m-cap has hit $40.1 trillion as the IT sector has moved 1.5% higher</h2>

M-cap Milestone:&nbsp;For the first time ever, the market-capitalisation (m-cap) of companies listed in BSE has hit $4.01 trillion or over Rs 333 lakh crore on Wednesday. This shows that the m-cap has climbed over $600 billion since the starting of the year.&nbsp;
<h3>Indian equity benchmarks advances</h3>
It was in May 2007, the BSE-listed firms achieved the feat of touching $ 1 trillion m-cap. Later in July 2017 it surpassed $2 trillion &nbsp;and $3 trillion in May 2021.
The advancement in the Indian equity benchmarks was led by information technology (IT) stocks. The IT stocks moved 1.5% higher, after a dovish commentary from a US Federal Reserve official elevated bets of rate cuts by as early as March 2024. The Nifty50 index also regained its 20,000 mark for the first time since September 20, 2023.
"Nifty's crossing the psychological level of 20,000 and the BSE market cap's ascent to the $4 trillion mark signal the start of a fresh momentum. Domestic liquidity has provided support, but the lack of foreign inflows due to high US bond yields has been a hindrance. Fortunately, interest rates in the US have peaked, and the dollar index is declining, which is expected to attract foreign institutional investor (FII) inflows into the Indian equity market," Santosh Meena, Head of Research at Swastika Investmart told Business Today.&nbsp;
Among global markets, the Indian stock indices is ranked fifth in terms of market value, behind the US ($47 trillion), China ($9.7 trillion), Japan ($5.9 trillion) and Hong Kong ($4.8 trillion).
&nbsp;

In the last year, the Bengaluru edtech giant faced upheaval with layoffs, high-level departures, and scrutiny by the Enforcement Directorate for alleged FEMA violations

Byju’s valuation: Prosus slashes it to below $3 billion

<h2>In the past year, the Bengaluru edtech giant faced upheaval with layoffs, high-level departures, and scrutiny by the Enforcement Directorate for alleged FEMA violations</h2>

Prosus, an investment firm, drastically devalued its stake in Byju&rsquo;s to under $3 billion, representing an 86% reduction from its peak valuation of $22 billion in October the previous year.
Ervin Tu, interim CEO of Prosus, confirmed the stake's devaluation without specifying the exact figure, during the firm's earnings call. This markdown follows previous adjustments, with Prosus having invested $536 million in Byju&rsquo;s since 2018, revalued at $493 million in June, indicating an 8% decline. Notably, Blackrock, an early backer of Byju&rsquo;s, also marked down its investment in the company.
Also read/watch- <a title="Barclays set to slash 900 Jobs in UK: Report" href="https://www.editorji.com/business-news/barclays-set-to-slash-900-jobs-in-uk-report-1701250641865">Barclays set to slash 900 Jobs in UK: Report</a>
This substantial devaluation by a key investor intensifies challenges for Byju&rsquo;s, which has faced criticism from investors, its board, employees, and the media. Despite being a prominent player in the edtech realm, Byju&rsquo;s experienced upheaval in the past year, including layoffs, high-level departures, and legal issues such as alleged violations leading to scrutiny by the Enforcement Directorate. The Board of Control for Cricket in India (BCCI) further added pressure by involving Byju&rsquo;s in a jersey sponsor dispute at the National Company Law Tribunal (NCLAT).
Additionally, Byju&rsquo;s faced legal action from debt investors over missed repayment deadlines. Notably, key stakeholders like Peak XV (formerly Sequoia), Prosus, and Chan Zuckerberg withdrew their representation from Byju&rsquo;s board due to the firm's failure to disclose audited financial statements for FY22 and FY23.ed

Gautam Adani, Anand Mahindra, Kiran Mazumdar, Harsh Goenka and Anil Aggarwal took to X to post their elation and gratitude to the rescue workers while appreciating the courage and resilience showed by the trapped workers

Uttarakhand Tunnel Rescue: From Gautam Adani to Anand Mahindra, here's what business leaders had to say

<h2>Gautam Adani, Anand Mahindra, Kiran Mazumdar, Harsh Goenka and Anil Aggarwal took to X to post their elation and gratitude to the rescue workers while appreciating the courage and resilience showed by the trapped workers</h2>

Uttarakhand Tunnel Rescue:&nbsp;In the biggest rescue operation of 2023, India rescued the 41 workers who were trapped in a tunnel on November 28. The 14 days ordeal finally came to an end when the workers came out all well, depicting a story of resilience and perseverance.&nbsp;
The entire nation heaved a sigh of relief on Tuesday night. It was no different for India's business leaders too. From Gautam Adani to Anand Mahindra, the leaders took to X (formerly Twitter) and posted their elation and gratitude to the rescue workers. Here's what they said.
<h3>Business leaders' reaction</h3>
Adani group's chairman Gautam Adani posted on X (formerly Twitter), that the rescue is the victory of hope of crores of countrymen and saluted the rescue team for their efforts.
He said, "This is the victory of 'hope' of crores of countrymen amidst the marathon struggle of life and death. I salute the courage of all the 41 workers who returned from a tunnel for 17 days without losing courage. Thanks to every member who made this rescue mission successful, including the team sof NDRF and SDRF. We wish better health and long life to all these labour brothers who pave the way for the country's progress"
<blockquote class="twitter-tweet">
जीवन और मृत्यु के मैराथन संघर्ष के बीच यह करोड़ों देशवासियों के &lsquo;उम्मीद&rsquo; की जीत है। 17 दिन तक एक सुरंग से बिना हिम्मत हारे वापिस लौटने वाले सभी 41 श्रमिकों के आत्मबल को मेरा प्रणाम। NDRF और SDRF की टीमों समेत इस रेस्क्यू मिशन को सफल बनाने वाले हर एक सदस्य को साधुवाद। हम देश की&hellip;
&mdash; Gautam Adani (@gautam_adani) <a href="https://twitter.com/gautam_adani/status/1729522145326404055?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
Mahindra Group chairperson Anand Mahindra hailed the role of the "humble 'rathole miners' " behind the Uttarkashi tunnel rescue operation success.
<blockquote class="twitter-tweet">
And after all the sophisticated drilling equipment, it&rsquo;s the humble &lsquo;rathole miners&rsquo; who make the vital breakthrough! It&rsquo;s a heartwarming reminder that at the end of the day, heroism is most often a case of individual effort &amp; sacrifice. 🙏🏽👏🏽👏🏽👏🏽🇮🇳 <a href="https://twitter.com/hashtag/UttarakhandTunnelRescue?src=hash&amp;ref_src=twsrc%5Etfw">#UttarakhandTunnelRescue</a> <a href="https://t.co/qPBmqc2EiL">pic.twitter.com/qPBmqc2EiL</a>
&mdash; anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/1729417119396434082?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
He further praised the efforts of Australia-based underground expert Professor Arnold Dix for his articulation of the rescue situation. Sharing the video of Dix explaining the process he captioned it as "Here's an Australian giving us a master class"
<blockquote class="twitter-tweet">
The art of communication is essentially the art of storytelling. Our ancient culture has its roots in storytelling. But we need to revive &amp; refine those skills. In the meantime, here&rsquo;s an Australian giving us a master class&hellip;👏🏽👏🏽👏🏽 <a href="https://t.co/QP4huuS78u">pic.twitter.com/QP4huuS78u</a>
&mdash; anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/1729462859678077183?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
Biocons's Kiran Mazumdar also praised the rescuers for displaying Heroic and outstanding sense of duty while calling the rescued 'resilient'.&nbsp;
<blockquote class="twitter-tweet">
Uttarkashi Tunnel Rescue Operation Live Updates: All Workers Rescued Safely - Heroic and outstanding sense of duty displayed by rescuers. Enduring resilience displayed by those rescued. Makes our nation proud🙏🙏👏👏👏 <a href="https://t.co/q2vqmUTRsG">https://t.co/q2vqmUTRsG</a>
&mdash; Kiran Mazumdar-Shaw (@kiranshaw) <a href="https://twitter.com/kiranshaw/status/1729560017446277551?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
Meanwhile, Harsh Goenka, Chairperson of RPG Enterprises drew a parallel between the ICC World Cup finals and the Uttarkashi rescue operation. He compared Australian cricketer Maxwell digging a hole for the Indian team with Professor Arnold Dix's expertise in digging to rescue the trapped workers. He quipped that, "Maxwell digs a hole against India. But hey, an Aussie led a different kind of dig saving 41 lives!"&nbsp;
He further extended his gratitude to NDRF, SDRF, Army, rat miners and all those involved in this incredible rescue mission.
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/Maxwell?src=hash&amp;ref_src=twsrc%5Etfw">#Maxwell</a> digs a hole against India <a href="https://twitter.com/hashtag/INDvsAUS?src=hash&amp;ref_src=twsrc%5Etfw">#INDvsAUS</a> But hey, an Aussie led a different kind of dig saving 41 lives! 💪 My gratitude to NDRF , SDRF, Army, our rat miners and all those involved in this incredible rescue mission. 🇮🇳🇮🇳 <a href="https://twitter.com/hashtag/UttarakhandTunnelRescue?src=hash&amp;ref_src=twsrc%5Etfw">#UttarakhandTunnelRescue</a>
&mdash; Harsh Goenka (@hvgoenka) <a href="https://twitter.com/hvgoenka/status/1729572434821681550?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
Vedanta chairman Anil Agarwal also said that the Uttarkashi rescue operation was "an excellent example of working collaboratively to accomplish a complex feat."&nbsp;
<blockquote class="twitter-tweet">
I am so relieved and happy to learn that the 41 men trapped in the tunnel in Uttarkashi for 17 days have come out safely. I salute their resilience. And I congratulate all those who organized the rescue, the government, government agencies, private sector and engineering experts&hellip;
&mdash; Anil Agarwal (@AnilAgarwal_Ved) <a href="https://twitter.com/AnilAgarwal_Ved/status/1729528118384423268?ref_src=twsrc%5Etfw">November 28, 2023</a></blockquote>
Also Read: <a href="https://www.editorji.com/business-news/economy/formal-job-creation-declines-by-10-in-first-half-of-fiscal-year-1700739742543">Formal job creation declines by 10% in first half of fiscal year</a>

Last week, Barclays revealed it is considering a wider restructuring plan that could potentially lead to cutting up to 2,000 positions.

Barclays set to slash 900 Jobs in UK: Report

<h2>Last week, Barclays revealed it is considering a wider restructuring plan that could potentially lead to cutting up to 2,000 positions.</h2>

Barclays, is likely to slash up to 900 jobs within its British operations, according to statements made by the employee union Unite. The move aligns with the bank's overarching strategy aimed at substantial cost reductions to bolster its financial performance, reported Reuters
An official from Unite revealed in the report that Barclays staff received notification about the potential job cuts around 1300 GMT. While the precise number of job cuts were not confirmed by a Barclays spokesperson to Reuters, the bank had previously indicated its intent to curtail expenses in its recent announcement during the third quarter results.
"We are implementing several measures to streamline our operations, enhance service quality, and generate better returns. This includes restructuring management levels and augmenting our technological and automated capabilities," stated a spokesperson representing Barclays to Reuters.
In a bid to save up to &pound;1 billion (equivalent to $1.25 billion), Barclays is likely to set a broader restructuring scheme that might involve reducing as many as 2,000 positions, the firm informed last week.
Barclays' CEO C.S. Venkatakrishnan is aggressively working towards elevating the bank's profitability in anticipation of an investor update scheduled for February. This forthcoming presentation will unveil comprehensive details of the cost-cutting strategy and the bank's blueprint for augmenting revenue streams, reported Reuters.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/barclays-layoffs-plans-to-cut-2-000-jobs-as-part-of-1-25-billion-cost-cutting-effort-1700803643144#google_vignette">Barclays Layoffs: Plans to cut 2,000 jobs as part of $1.25 billion cost-cutting effort</a>

Microsoft extensively supports and integrates OpenAI's technologies in Bing chat and Windows Copilot

OpenAI unlikely to grant board seats to Microsoft, signals governance shift: Report

<h2>Microsoft extensively supports and integrates OpenAI's technologies in Bing chat and Windows Copilot</h2>

OpenAI may exclude major investors, notably Microsoft, from securing seats on its board, signaling a potential shift in the AI company's governance structure, reported Reuters.
Despite Microsoft's significant backing and extensive integration of OpenAI's technologies into products such as Bing chat and Windows Copilot, doubts loom over the tech giant's immediate prospect of obtaining a board seat. This development follows the tumultuous exit and subsequent reinstatement of Sam Altman as CEO at OpenAI. Altman, initially ousted from the company, was later rehired to lead, although the reinstatement of his board seat remains uncertain.
Reuters reported a notable absence of discussions around Microsoft's inclusion in OpenAI's board highlights a potential reshaping of relationships within the AI realm. Microsoft's immense investment of over $10 billion and its utilization of OpenAI's innovations underscore a curious disconnect in securing a board position.
Furthermore, other heavyweight investors like Thrive Capital, Sequoia Capital, and Khosla Ventures also find themselves potentially sidelined from board membership, despite their substantial contributions to OpenAI.
In the report, Thomas Hayes, CEO of Great Hill Capital, expressed skepticism about the exclusion, citing Microsoft's influential financial involvement. He emphasized the importance of Microsoft's role in OpenAI, hinting at the unlikelihood of the tech giant remaining passive in this scenario.
As OpenAI's newly formed board has yet to officially convene, speculation remains rife about the company's future governance dynamics. The decision to potentially sideline major backers like Microsoft and other influential entities signifies a pivotal moment that could reshape power dynamics within the AI industry.

As the consumer lending business became costlier than expected, Goldman Sachs is looking to pull away from it and is in talks with American Express Co. and Synchrony Financial to take over the Apple credit card and other services

Apple to terminate credit card partnership with Goldman Sachs: Reports

<h2>As the consumer lending business became costlier than expected, Goldman Sachs is looking to pull away from it and is in talks with American Express Co. and Synchrony Financial to take over the Apple credit card and other services</h2>

Tech giant Apple is ending its partnership with Goldman Sachs in the credit card business, reported Wall Street Journal and Bloomberg. As per Bloomberg, the iPhone maker which offers credit card and savings account with the Goldman Sachs recently sent a term sheet to the financial giant that would be a first step toward severing the contract.
<h3>Apple-Goldman Sachs partnership&nbsp;&nbsp;</h3>
While the Wall Street Journal reported that it would take 12-15 months for the contract to end, as per sources quoted by Bloomberg it would take several years. The partnership had been slated to last at least another five years.
Goldman Sachs is looking at ways to pull away from consumer lending business after it proved to be costlier than expected. As per Bloomberg, Goldman Sachs has said that it pushed too quickly into the effort, contributing to missteps. Goldman also is expected to scrap a credit card partnership with General Motors Co.
Also Read: <a href="https://www.editorji.com/business-news/layoffs-2023-goldman-sachs-plans-another-round-of-layoffs-to-let-go-underperformers-1694153527292">Layoffs 2023: Goldman Sachs plans another round of layoffs; to let go underperformers</a>
Meanwhile, Apple entered the partnership as it was looking to generate more revenue from services as sales of its hardware products slow. Apple got 22% of its sales from that category last year, up from less than 10% a decade ago.
The Bloomberg report also mentioned that the iPhone maker will continue its Apple Card credit card and savings account and doesn&rsquo;t plan to discontinue the products. Apple in a statement mentioned that it was &ldquo;focused on providing an incredible experience for our customers to help them lead healthier financial lives. The award-winning Apple Card has seen a great reception from consumers, and we will continue to innovate and deliver the best tools and services for them&rdquo;&nbsp;
<h3>Contract Termination</h3>
As per The Wall Street Journal, Goldman Sachs has held talks with American Express Co. to take over the Apple credit card and other services. However, American Express Co has expressed concerns about loss rates. The Investment Bank is also in touch with Synchrony Financial to take over the business

Munger's passing follows closely after Buffett's donation of $866 million worth of Berkshire's stock, marking the end of a remarkable six-decade journey

Charlie Munger, investing legend and Warren Buffett's right-hand man passes away at 99

<h2>Munger's passing follows closely after Buffett's donation of $866 million worth of Berkshire's stock, marking the end of a remarkable six-decade journey</h2>

Billionaire philanthropist Charlie Munger, vice chairman of Berkshire Hathaway and close confidant of Warren Buffett, passed away peacefully at the age of 99 on Tuesday night in California, as confirmed by a statement from Berkshire Hathaway.
Warren Buffett, CEO of Berkshire Hathaway, expressed the profound impact of Munger's wisdom and participation, acknowledging that the company's current stature owes much to Munger's inspiration.
Born in 1924, Munger would have celebrated his 100th birthday on New Year's day. Initially trained as an attorney specializing in real estate, Munger was a prominent name partner at the Los Angeles-based law firm Munger, Tolles &amp; Olson before his pivotal collaboration with Buffett and Berkshire Hathaway in 1978.
Also read/watch - Private Bank Recruitment: <a title="Over 50,000 junior officers to be hired to battle FY23 attrition" href="https://www.editorji.com/business-news/economy/private-bank-recruitment-over-50-000-junior-officers-to-be-hired-to-battle-fy23-attrition-1701180744932">Over 50,000 junior officers to be hired to battle FY23 attrition</a>
An alumnus of Harvard Law School, Munger's diverse interests included a degree in meteorology. His passion for engineering influenced Berkshire Hathaway's investment in the Chinese auto company BYD, although the company has gradually reduced its stake in BYD over time, with the most recent sale occurring on October 25, bringing their ownership down to 7.98%.
Munger's passing follows closely after Buffett's donation of $866 million worth of Berkshire's stock, marking the end of a remarkable six-decade journey. Buffett had previously hinted at retiring, acknowledging that, at 93, he was well into "extra innings."
Buffett and Munger's friendship predates Buffett's leadership of Berkshire Hathaway. In fact, Buffett played a pivotal role in initiating Munger's investment career.
Renowned investor Mohnish Pabrai shared a tweet a month earlier, indicating a recent meeting with Munger and highlighting the latter's good health.
Apple CEO Tim Cook commemorated Munger as a "business titan" and astute observer of the world around him.
Munger was notably critical of cryptocurrencies, branding them as "worthless" and likening their proliferation to a harmful phenomenon. He adamantly opposed their investment potential, equating them to a "venereal disease" and criticizing governments for allowing their growth.
Among Munger's notable quotes was his emphasis on lifelong learning: "I think a life properly lived is just learn, learn, learn all the time."

Indices rallied in early trade on Wednesday amid continuous foreign fund inflows along with buying in heavyweight IT stocks, Reliance Industries and HDFC Bank

Markets climb in early trade as foreign fund inflows; IREDA makes a bumper debut on bourses

<h2>Indices rallied in early trade on Wednesday amid continuous foreign fund inflows along with buying in heavyweight IT stocks, Reliance Industries and HDFC Bank</h2>

Equity benchmark indices surged in early trading today, boosted by consistent foreign fund inflows and robust buying in heavyweight IT stocks, Reliance Industries, and HDFC Bank.
The 30-share BSE Sensex opened on a positive note and soared 305.44 points to reach 66,479.64, while the Nifty rose by 103 points, reaching 19,992.70.
Key gainers among the Sensex firms included Bharti Airtel, Tech Mahindra, Wipro, Tata Consultancy Services, HCL Technologies, Infosys, Mahindra &amp; Mahindra, HDFC Bank, Axis Bank, and Reliance Industries.
Also read/watch - <a title="Gold, Silver Rates today November 29, 2023: Check Prices in Mumbai, Delhi, Chennai" href="https://www.editorji.com/business-news/gold-silver-rates-today-november-29-2023-check-prices-in-mumbai-delhi-chennai-1701234324979">Gold, Silver Rates today November 29, 2023: Check Prices in Mumbai, Delhi, Chennai</a>
However, Power Grid and NTPC were among the laggards during this early trading phase.
Tuesday saw Foreign Institutional Investors (FIIs) purchasing equities worth Rs 783.82 crore, according to exchange data.
<h3>IREDA's Bumper debut</h3>
In parallel news, IREDA had a striking market debut on November 29, commencing at Rs 50, marking an impressive 56.25 percent premium compared to its issue price of Rs 32 on both NSE and BSE. Pre-listing, the stock had already commanded a 37 percent premium in the grey market, often a precursor indicating the expected listing price.
The Initial Public Offering (IPO) of Indian Renewable Energy Development Agency was subscribed 38.80 times on the last day of bidding on Thursday.
The IPO had a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares.
The price range for the offer was Rs 30-32 a share.

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The average price of 1 gram of 22K Gold stood at ₹5,335 while the cost for 24K gold prices stood at ₹5,820 and 1 kg silver stood at ₹72,100

Gold, Silver Rates today October 09, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

<h2>The average price of 1 gram of 22K Gold stood at ₹5,335 while the cost for 24K gold prices stood at ₹5,820 and 1 kg silver stood at ₹72,100</h2>

Gold prices saw a spike and Silver prices remained unchanged on the Multi Commodity Index on Monday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,335 while the 24K gold prices stood at ₹5,820.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹58,530, which was followed by Delhi and Lucknow where the gold costs ₹58,130.&nbsp;
The average price of 10gm of Silver was at ₹721 and 1 kg of silver stood at ₹72,100.
However, in Chennai, Hyderabad and Kerala the metal was sold at ₹75,500, followed by Mumbai and Delhi where the metal was sold at ₹72,100
Indian Major Cities 24 Carat Gold Rate per 10gm Today October 09
Delhi - ₹58,130 Chennai - ₹58,530 Mumbai - ₹58,200 Kolkata - ₹58,200 Bengaluru - ₹58,200
Indian Major Cities 1 KG Silver Rate Today October 09
Delhi - ₹72,100 Chennai - ₹75,500 Mumbai - ₹72,100 Kolkata - ₹72,100 Bengaluru - ₹72,100

The government had previously estimated that the economy grew at a 4.9% annual rate last quarter

US 3rd quarter's economic growth revised upward to a 5.2% annual rate

<h2>The government had previously estimated that the economy grew at a 4.9% annual rate last quarter</h2>

Consumers in America shrugged off higher interest rates, driving the economy to a robust 5.2% annual pace from July through September, as per the government's revised report released Wednesday. This was an upgrade from the initial estimate of 4.9% growth.
However, economists anticipate a significant slowdown in the current fourth quarter due to the cumulative impact of increased borrowing costs on both consumer and business spending. Projections suggest growth might drop to a 1.8% annual rate in the October-December period.
The latest assessment confirmed a sharp acceleration from the 2.1% growth rate in the second quarter (April-June). Notably, the US gross domestic product surged at its fastest quarterly rate in almost two years during the July-September period.
Also read/watch - <a title="Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore" href="https://www.editorji.com/business-news/markets/bharti-airtel-shares-cross-rs-1-000-mark-for-the-first-time-m-cap-close-to-rs-6-lakh-crore-1701266236904">Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore</a>
Consumer spending, crucial for the economy, increased at a 3.6% annual rate in July-September, slightly lower than the previous estimate of 4%. Private investment saw a significant surge of 10.5% annually, including a 6.2% rise in housing investment, defying higher mortgage rates.
The economy also benefited from companies building inventories in anticipation of future sales, contributing 1.4 percentage points to the quarterly growth. Additionally, government spending and investment at various levels&mdash;federal, state, and local&mdash;played a role in driving growth in the third quarter.
Also read/watch - <a title="Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028" href="https://www.editorji.com/business-news/union-cabinet-extends-pmgkay-free-ration-scheme-for-81-crore-till-2028-1701266092365">Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028</a>
Despite the Federal Reserve's 11 interest rate hikes since March 2022 to combat high inflation, the US economy has shown resilience. Higher interest rates increased borrowing costs for consumers and businesses but also helped alleviate inflation pressures. Consumer prices rose by 3.2% last month compared to a year earlier, a significant improvement from the 9.1% year-over-year inflation recorded in June 2022.
Although the US job market is cooling compared to the past two years, it remains healthy by historical standards. The average addition of 239,000 jobs per month this year and an unemployment rate below 4% for 21 consecutive months reflect this stability.
The combination of easing inflation and consistent hiring has fueled optimism that the Federal Reserve can achieve a "soft landing." The aim is to raise rates adequately to moderate the economy and control price increases without pushing it into recession.

For the first time ever, the shares of Bharti Airtel has reached Rs 1,007 per share by gaining 2.24% and the market-capitalisation has reached Rs 5,71,291 crore

Bharti Airtel shares cross Rs 1,000 mark for the first time; m-cap close to Rs 6 lakh crore

<h2>For the first time ever, the shares of Bharti Airtel has reached Rs 1,007 per share by gaining 2.24% and the market-capitalisation has reached Rs 5,71,291 crore</h2>

Bharti Airtel has hit a new milestone with its shares crossing Rs 1,000 a piece for the first time ever. In today's trading session, the stock successfully crossed this significant threshold, reaching an all-time high of Rs 1,007 apiece, gaining 2.24%
<h3>Bharti Airtel's Milestone hit</h3>
In the current year, Bharti Airtel has recorded a return of 23.56%, outperforming the benchmark Nifty 50, which registered a 10.62% gain during the same period. With this historic high, the stock has propelled the market capitalisation to Rs 6 lakh crore. At its peak price of Rs 1,007, the company's market cap reached an impressive Rs 5,71,291 crore.
BSE data reveals that so far in India there are only nine Indian publicly listed firms with a market capitalisation of over Rs 5,00,000 crore. Out of this, Bharti Airtel has found itself in seventh position.
Also Read: <a href="https://www.editorji.com/business-news/markets/bse-listed-companies-market-capitalisation-hits-4-trillion-for-the-first-time-ever-1701255620489">BSE listed companies' market capitalisation hits $4 trillion for the first time ever</a>
This comes after the company recorded a bullish performance in Q2FY24. The company recorded a net profit of&nbsp; Rs 1,341 crore in the September quarter of this financial year. Though this profit is 37% decrease compared to the Rs 2,145.2 crore reported in the same period last year, the profit after tax (PAT) demonstrated robust growth, registering an increase of 44.2% YoY during the quarter. Its revenue for the September 2023 quarter stood at Rs 34,527 crore, reflecting a 7% growth compared to Rs 37,044 crore in the corresponding period last year.
Following this robust performance, brokerage firms gave the stock a buy rating. Geojit Financial Services has upgraded its rating on the stock to 'buy' and revised the target price to Rs 1,042 per share.
Similarly, Axis Securities has also retained its 'buy' recommendation on the stock with a Target Price of Rs 1,155 apiece. Motilal Oswal and ICICI Securities have also retained a 'buy' call on the stock, maintaining target prices of Rs 1,070 each

Union Minister Anurag Thakur unveiled the proposal, highlighting its estimated ₹11.8 lakh crore financial impact on the exchequer.

Union cabinet extends PMGKAY: Free ration scheme for 81 crore till 2028

<h2>Union Minister Anurag Thakur unveiled the proposal, highlighting its estimated ₹11.8 lakh crore financial impact on the exchequer.</h2>

The Union Cabinet has given its nod to an extensive extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). This decision marks a significant move aimed at providing free food grains to approximately 81 crore impoverished individuals across the nation for an additional five years, extending the scheme until December 2028.
The proposal, announced by Union Minister Anurag Thakur following the Cabinet briefing, outlined the financial implications of approximately ₹11.8 lakh crore for the exchequer. This extended initiative will come into effect from January 1, 2024, with the Cabinet's unanimous agreement during their meeting held on November 28.
Minister Thakur assured that the government is well-prepared to handle any fiscal challenges arising from the extended duration of the scheme. Addressing concerns regarding inflated food subsidy bills, Thakur emphasized the government's assurance of sufficient funds, affirming that budget constraints would not impede the initiative.
The PMGKAY, initially introduced in April 2020 as a response to support the economically challenged during the COVID-19 pandemic, was later extended beyond its initial timeline. This scheme entails the allocation of 5 kilograms of food grains per month to families in need.
Last December, the government merged the PMGKAY, which distributed additional free food grains, with the National Food Security Act (NFSA). NFSA encompasses rural and urban populations, with coverage including the Antyodaya Anna Yojana (AAY) and priority households, accounting for 75% and 50% respectively.
 Also Watch: <a href="https://www.editorji.com/business-news/markets/bse-listed-companies-market-capitalisation-hits-4-trillion-for-the-first-time-ever-1701255620489">BSE listed companies' market capitalisation hits $4 trillion for the first time ever</a>

Startup to Scaleup| Focus on Radian Finserv that aims to transform the gold loans landscape

<h2>Bulk of gold in India is not monetised says Sumit Sharma, Co-founder of Radian Finserv</h2>

When faced with financial emergencies, individuals often grapple with the choice between a personal loan and a gold loan. While personal loans offer convenience, gold loans present distinct advantages: quick access to funds, collateralized security, lower interest rates, flexibility in usage, repayment options, and minimal documentation. To delve deeper into this topic, we interviewed Sumit Sharma, Co-founder of Radian Finserv for our 15th episode of the Startup to Scaleup show.
Founded in Bangalore in 2021, Radian Finserv gained notice in the financial services sector for its unique gold loan approach. It swiftly expanded to 35 branches, serving approximately 5,000 customers, demonstrating notable growth in a brief span.
Also read/watch - <a title="Startup to Scaleup: Focus on Sugmya Finance which is transforming micro-lending with its digital focus" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-focus-on-sugmya-finance-which-is-transforming-micro-lending-with-its-digital-focus-1700655566313#google_vignette">Startup to Scaleup: Focus on Sugmya Finance which is transforming micro-lending with its digital focus</a>&nbsp;
Sharma highlighted that Indian households have the largest gold holdings globally, surpassing even the gold reserves of the United States government. However, he added that the potential of this substantial gold reserve in Indian households, estimated at 25,000-28,000 tons, remains untapped. Sharma emphasized that most of these gold holdings remain unutilized or non-monetized. However, he noted a growing comfort among individuals in leveraging gold loans, signifying a changing attitude towards utilizing this dormant asset for financial support. Also read/watch - <a title="Startup to Scaleup: FableStreet, brand that redefines western workwear for Indian women" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-fablestreet-brand-that-redefines-western-workwear-for-indian-women-1699445267706">Startup to Scaleup: FableStreet, brand that redefines western workwear for Indian women</a> &nbsp; While discussing some tips for gold loan customers, Sharma cautioned that while low-interest rates might seem attractive, they often come with various conditions and complexities. Sharma also emphasized the importance of responsible borrowing, urging customers to be diligent and mindful of the fine print regarding repayment terms. "This is crucial to avoid unforeseen challenges and ensure a smooth borrowing experience while using gold as collateral," Sharma added.&nbsp;

The Income Tax department operation on Hinduja group companies adheres to IT law for survey operations which is confined to office premises

Income Tax department conducts survey on Hinduja Group entities for alleged tax evasion

<h2>The Income Tax department operation on Hinduja group companies adheres to IT law for survey operations which is confined to office premises</h2>

The Income Tax department has conducted survey in some entities of Hinduja Companies in different cities including Mumbai. The operation comes as part of a tax evasion investigation.
<h3>IT dept survey</h3>
As per CNBC-TV18, it is believed that Ashok Hinduja, the Chairman of Hinduja Group of Companies (India) is also covered under the survey. As per PTI, the operation adheres to I-T law for survey operations which is confined to office premises. They also indicated the tax department's action connects with the General Anti-Avoidance Rules (GAAR).
Also Read: <a href="https://www.editorji.com/business-news/ed-attaches-hero-motocorp-cmd-chairman-pawan-kant-munjal-s-assets-worth-rs-24-95-crore-1699619839166">ED attaches Hero MotoCorp CMD &amp; Chairman Pawan Kant Munjal's assets worth Rs 24.95 crore</a>
General Anti-avoidance Rule (GAAR) is a concept which generally empowers the Revenue Authority in a country to deny tax benefit of transactions or arrangements which do not have any commercial substance and the only purpose of such a transaction is achieving the tax benefit.
<h3>Hinduja group's performance</h3>
Hinduja group which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.
Hinduja Group Solutions witnessed a 92% decline in consolidated profit to ₹18.4 crore for the second quarter ending on September 30, 2023. This is substantially down from the ₹222.88 crore recorded in the corresponding period last year.

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Gold, Silver Rates today October 09, 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,335 while the cost for 24K gold prices stood at ₹5,820 and 1 kg silver stood at ₹72,100

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