Oil Marketing Companies revise cooking gas and ATF prices on the 1st of every month based on the average international price in the previous month

LPG price hike: Government increases commercial cylinder rates, check latest price in your city

<h2>Oil Marketing Companies revise cooking gas and ATF prices on the 1st of every month based on the average international price in the previous month</h2>

<p><strong>LPG Price Hike:&nbsp;</strong>Oil Marketing Companies increased the prices of commercial LPG cylinders by Rs 21 , effective immediately. The prices of domestic LPG cylinders are unchanged at ₹903 per 14.2-kg cylinder.</p>
<p>This comes after Rs 100 increase on November 1, and a subsequent reduction of ₹57 on November 16. Meanwhile the last modification in non-subsidized domestic LPG cylinder rates occurred on August 30</p>
<p><strong>Also Read:<a href="https://www.editorji.com/business-news/economy/commercial-lpg-cylinder-price-hike-ahead-of-diwali-1698829509603">Commercial LPG cylinder price hike ahead of Diwali</a></strong></p>
<p>&nbsp;Jet fuel or ATF price was also slashed by 4.6% - the second reduction in one month. Aviation turbine fuel (ATF) price was reduced to Rs 1,06,155.67 per kilolitre in the national capital from Rs 1,11,344.92 per kl, according to a price notification of state-owned fuel retailers</p>
<h3><strong>Commercial LPG cylinders price - Indian Top Cities</strong></h3>
<p>Delhi - Rs 1796.50</p>
<p>Mumbai - Rs 1749</p>
<p>Kolkata - Rs 1908</p>
<p>Chennai - Rs 1968.50</p>
<p>&nbsp;</p>

The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹79,500

Gold, Silver Rates today December 01, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,811 while the cost for 24K gold prices stood at ₹6,339 and 1 kg silver stood at ₹78,500

<h2>The average price of 1 gram of 22K Gold stood at ₹5,770 while the cost for 24K gold prices stood at ₹6,295 and 1 kg silver stood at ₹79,500</h2>

<p><strong>Gold Silver Price Today 01 December 2023:</strong> Gold prices declined and silver prices remained unchanged on the Multi Commodity Index on Friday.&nbsp;</p>
<p>The average price of 1 gram of 22K Gold stood at ₹5,770 while the 24K gold prices stood at ₹6,295.&nbsp;</p>
<p>The rate of 10 grams of 24K gold in Chennai stood at ₹63,820, which was followed by Delhi and Jaipur where the gold costs ₹63,100.&nbsp;</p>
<p>The average price of 10gm of Silver was at ₹795 and 1 kg of silver stood at ₹79,500.</p>
<p>However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹82,500 followed by Delhi and Mumbai where the metal was sold at ₹79,500</p>
<h3><strong>24 Carat Gold Price Today December 01 (per 10gm) - Indian Top Cities</strong></h3>
<p>Delhi - ₹63,100<br>Chennai - ₹63,820<br>Mumbai - ₹62,950<br>Kolkata - ₹62,950<br>Bengaluru - ₹62,950</p>
<h3><strong>1 KG Silver Price Today December 01</strong> - Indian Top Cities</h3>
<p>Delhi - ₹79,500<br>Chennai - ₹82,500<br>Mumbai - ₹79,500<br>Kolkata - ₹79,500<br>Bengaluru - ₹78,500</p>

The Nifty climbed almost 100 points, touching 20,229. The Sensex gained over 300 points to rise to around 67,300

Nifty hits an all-time high driven by strong Q2 GDP growth, renewed FPI interest

<h2>The Nifty climbed almost 100 points, touching 20,229. The Sensex gained over 300 points to rise to around 67,300</h2>

<p>Indian stock market opened with strong gains on Friday, with the Nifty Fifty hitting an all time high. Better than expected economic growth during the second quarter and a resurgence in Foreign Portfolio Investor (FPI) contributions boosted the sentiment on Dalal Street. The Nifty climbed almost 100 points, touching 20,229.</p>
<p>The Sensex gained over 300 points to rise to around 67,300.Among the notable winners driving the Nifty up were NTPC, Apollo Hospitals, UltraTech Cement, IndusInd Bank, and Asian Paints. Conversely, Bajaj Auto, Wipro, Axis Bank, HDFC Bank, and ICICI Bank faced declines, tempering the overall gains.</p>
<p><strong>Also read/watch - <a title="Bankrupt Go First's CEO Kaushik Khona resigns" href="https://www.editorji.com/business-news/markets/bankrupt-go-first-s-ceo-kaushik-khona-resigns-1701402511313">Bankrupt Go First's CEO Kaushik Khona resigns</a></strong></p>
<h3>India's Q2FY24 GDP surges 7.6%</h3>
<p>India's economic landscape has shown remarkable resilience as the Gross Domestic Product (GDP) surged by 7.6% in the second quarter (July-September) of the fiscal year 2023-24, as per the latest data unveiled by the National Statistical Office (NSO) on Thursday. This notable growth outpaced the projections set by financial analysts, marking a substantial upturn for the nation.</p>
<p>The figures depict a significant improvement compared to the previous year, with the year-on-year (YoY) growth standing at 6.2%. On a quarter-on-quarter (QoQ) basis, the growth stood slightly below at 7.8%, signaling a robust economic recovery trajectory.&nbsp;</p>

Gold, Silver Rates today November 30, 2023: Check Prices in Mumbai, Delhi, Chennai

<h2>The average price of 1 gram of 22K Gold stood at ₹5,811 while the cost for 24K gold prices stood at ₹6,339 and 1 kg silver stood at ₹78,500</h2>

<p>Gold Silver Price Today 30 November 2023: Gold prices went up and silver prices remained unchanged on the Multi Commodity Index on Thursday.&nbsp;</p>
<p>The average price of 1 gram of 22K Gold stood at ₹5,811 while the 24K gold prices stood at ₹6,339.&nbsp;</p>
<p>The rate of 10 grams of 24K gold in Chennai stood at ₹64,040, which was followed by Delhi and Jaipur where the gold costs ₹63,540.&nbsp;</p>
<p>The average price of 10gm of Silver was at ₹785 and 1 kg of silver stood at ₹78,500.</p>
<p>However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹81,500 followed by Delhi and Mumbai where the metal was sold at ₹78,500</p>
<p><strong>24 Carat Gold Price Today November 30 (per 10gm) - Indian Top Cities</strong><br><br>Delhi - ₹63,540<br>Chennai - ₹64,040<br>Mumbai - ₹63,390<br>Kolkata - ₹63,390<br>Bengaluru - ₹63,390</p>
<p><strong>1 KG Silver Price Today November 30 - Indian Top Cities</strong><br><br>Delhi - ₹78,500<br>Chennai - ₹81,500<br>Mumbai - ₹78,500<br>Kolkata - ₹78,500<br>Bengaluru - ₹76,250</p>

Khona had returned to Go First in August 2020 as its CEO

Bankrupt Go First's CEO Kaushik Khona resigns

<h2>Khona has put in his papers, nearly seven months after the no-frills airline suspended operations and went into insolvency proceedings</h2>

<p>Kaushik Khona, CEO of Grounded Go First, has stepped down, marking his departure from the company nearly seven months after the airline ceased operations and entered insolvency proceedings.</p>
<p>In an email addressed to the airline's employees, Khona conveyed that November 30 would be his final day at the organization. He expressed gratitude for the support received during his tenure, stating, "With a heavy heart, I have to inform that today is my last day with the company. I got an opportunity to work for Go FIRST once again in August 2020 and with your able and active support, I tried to perform to my best abilities."</p>
<p>Having returned to Go First as CEO in August 2020, Khona previously served the carrier from 2008 to 2011. In the email, he lamented the company's current state, hoping for a resolution that ensures pending salaries and dues for all employees. However, the challenges faced in reviving operations took a toll on his and his family's health, leading to his decision to depart.</p>
<p><strong>Also read/watch -<a title=" India's Q2FY24 GDP surges 7.6% " href="https://www.editorji.com/business-news/india-s-q2fy24-gdp-surges-7-6-1701350316078"> India's Q2FY24 GDP surges 7.6%</a></strong></p>
<p>Khona revealed that despite efforts, including the submission of a Section 10 application under the Insolvency and Bankruptcy Code (IBC) for voluntary insolvency resolution proceedings, the company struggled to resume operations. The team diligently pursued Directorate General of Civil Aviation (DGCA) approval, conducted comprehensive audits, and put in sincere efforts. Regrettably, the anticipated revival was continually delayed, leaving employees unpaid for nearly six months.</p>
<p>The inability to find a path forward amid significant value within the company was cited by Khona. The Resolution Professional (RP) failed to identify interested parties willing to take the company ahead.</p>
<p>Go First ceased operations in early May and sought voluntary bankruptcy proceedings due to financial challenges, primarily stemming from Pratt &amp; Whitney engine issues.</p>

NR Narayana Murthy while talking at the 26th edition of Bengaluru Tech Summit 2023 mentioned that Compassionate Capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism

Nothing should be given free: Narayana Murthy opposes freebies

<h2>NR Narayana Murthy while talking at the 26th edition of Bengaluru Tech Summit 2023 mentioned that Compassionate Capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism</h2>

<p>Infosys founder NR Narayana Murthy has opposed freebies and has called for an alternative approach. Narayana Murthy said, "nothing should be given free". He further suggested that people availing government services and subsidies should be made to contribute back to the betterment of society.</p>
<p>"When you provide those services, when you provide those subsidies, there must be something in return that they're willing to do. For example, if you say -- I will give you free electricity, then it would have been a very nice thing for the government to have said, but we want to see the percentage attendance in primary schools and middle schools go up by 20%, then only we will give you that," Narayana Murthy said</p>
<h3><strong>Narayana Murthy on Freebies</strong></h3>
<p>Talking at the 26th edition of Bengaluru Tech Summit 2023 on Wednesday, Murthy batted for compassionate capitalism and regarded it as the only solution for a poor country like India to become prosperous.</p>
<p>After expressing his idea, Narayana Murthy also made it clear that he is not against freebies while stressing on the importance of these subsidies for the poor and underprivileged. &nbsp;</p>
<p>"I am not against free services being provided. I fully understand, as I also came from a poor background once upon a time. But I think we should expect something in return from those people who received those free subsidies to take a slightly bigger responsibility towards making their future generation, their own children and grandchildren, better in terms of going to school, you know, performing better. That's what I mean," he added.</p>
<h3><strong>Narayana Murthy on Tax</strong></h3>
<p>He also expressed his views on India levying higher taxes on its citizens. Murthy said that in a developing country like India it is obvious to have higher taxation compared to developed countries.</p>
<p>"In order to create efficient, corruption-free and effective public goods in our country, the taxation will have to be obviously higher than what you see in developed countries. So, I personally would not at all grudge, if I have to pay a higher level of taxation," he said.&nbsp;</p>
<p>Explaining the higher taxation need on the basis of per capita GDP, Murthy pointed out that with $2,300 per capita GDP India has twice that of what is called "low income countries" by the United Nations and other bodies. However, he pointed out that India is still behind middle income country where the per capita GDP is somewhere between USD 6,000 to about 12,000 to 15,000.</p>
<p>He also went on to explain about his transformation from a leftist to a "determined compassionate capitalist". He said that compassionate capitalism is the only solution for a poor country like India to become prosperous and not socialism and communism.</p>

The growth in the agriculture, livestock, forestry, and fishing sector was 1.2% in Q2FY24, a decline from the 2.5% growth recorded in Q2FY23.

India's Q2FY24 GDP surges 7.6%

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<p>The growth in the agriculture, livestock, forestry, and fishing sector was 1.2% in Q2FY24, a decline from the 2.5% growth recorded in Q2FY23.</p>
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<p>India's economic landscape has shown remarkable resilience as the Gross Domestic Product (GDP) surged by 7.6% in the second quarter (July-September) of the fiscal year 2023-24, as per the latest data unveiled by the National Statistical Office (NSO) on Thursday. This notable growth outpaced the projections set by financial analysts, marking a substantial upturn for the nation.</p>
<p>The figures depict a significant improvement compared to the previous year, with the year-on-year (YoY) growth standing at 6.2%. On a quarter-on-quarter (QoQ) basis, the growth stood slightly below at 7.8%, signaling a robust economic recovery trajectory.</p>
<p>Breaking down the sector-wise performance, the agricultural sector, encompassing agriculture, livestock, forestry, and fishing, witnessed a growth of 1.2% in Q2FY24, down from 2.5% recorded in the same period of the previous fiscal year.</p>
<p>Furthermore, the mining and quarrying industry marked a substantial upswing, growing by 10% in Q2FY24, in stark contrast to a contraction of 0.1% witnessed in Q2FY23.</p>
<p>The manufacturing sector notably rebounded with a remarkable growth rate of 13.9%, recovering from a contraction of 3.8% experienced in Q2FY23, showcasing an impressive resurgence.</p>
<p>Likewise, the construction sector displayed a robust performance, expanding by 13.3% in Q2FY24, a substantial increase from the 5.7% growth reported in Q2FY23.</p>
<p>However, there was a visible slowdown in the growth of the trade, hotels, transport, communications, and other related services sector, which recorded a growth rate of 4.3% in Q2FY24, significantly lower than the 15.6% growth observed in the same period of the previous fiscal year.</p>
<p><strong>Also Watch: <a href="https://www.editorji.com/business-news/economy/india-s-q2fy24-gdp-growth-expected-to-outpace-rbi-s-projections-1701321716160#google_vignette">India's Q2FY24 GDP growth expected to outpace RBI's projections</a></strong></p>

The Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth & Harsh Jain of Dream11 are part of the list

India's richest self-made entrepreneur: DMart's Radhakishan Damani tops list, here's the full list

<h2>The Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth &amp; Harsh Jain of Dream11 are part of the list</h2>

<p>Radhakishan Damani, the brains behind DMart, stands atop the 'IDFC FIRST Private Hurun India Top 200 Self-Made Entrepreneurs of the Millennium 2023'. His company, Avenue Supermarts, boasts an impressive market capitalization of Rs 2,38,188 crore, securing him the top spot. Notably, this list diverges from the usual narrative, as it's predominantly occupied by younger founders from startups such as Paytm, Zomato, Flipkart, and others.</p>
<p>Following Damani are industry stalwarts like the Bansals of Flipkart, Zomato's Deepinder Goyal, and Bhavit Sheth &amp; Harsh Jain of Dream11. The lineup includes luminaries like Vijay Shekhar Sharma of Paytm, Kunal Shah of Cred, and Nithin Kamath &amp; Nikhil Kamath of Zerodha, showcasing a blend of seasoned veterans and emerging talents.</p>
<p><strong>Also read/watch - <a title="Ultra luxury homes see 247% Y-O-Y sales value surge in 2023" href="https://www.editorji.com/business-news/economy/ultra-luxury-homes-see-247-y-o-y-sales-value-surge-in-2023-1701343826641">Ultra luxury homes see 247% Y-O-Y sales value surge in 2023</a></strong></p>
<p>Surprisingly, Damani, at 68, isn't the oldest; entrepreneurs like Ashok Soota of Happiest Minds and Naresh Trehan of Medanta, among others in their 70s and 80s, also make the prestigious list.</p>
<p>Conversely, the list features youthful prodigies like Kaivalya Vohra of Zepto (21) and Shashvat Nakrani of BharatPe (25), reflecting the rising wave of young entrepreneurial talent. The youngest women on the list include Ghazal Alagh of mamaearth, Saumya Singh Rathore of Winzo, and Garima Sawhney of Pristyn Care, all under 40, displaying a commendable achievement in their respective domains.</p>
<p>The list comprises a mix of well-known listed firms and numerous unlisted ventures, with cities like Bengaluru, Mumbai, Gurugram, New Delhi, and Chennai making significant contributions to India's entrepreneurial landscape.</p>

India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them

Indian IT firms invest Rs 1.97 crore on average every year to train employees

India’s Best Workplaces in IT & IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them

<h2>India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report has revealed that this sector spends Rs 1.97 crore to train employees and upskill them</h2>

<p>Indian IT &amp; IT-BPM services sector spends an average of Rs 1.97 crore in a company to train employees. India&rsquo;s Best Workplaces in IT &amp; IT-BPM 2023 report released on November 30 said that around 68% companies are closely involved in the development of employees across levels.</p>
<h3><strong>Training Employees</strong></h3>
<p>This comes when the IT sector is investing heavily in skilling employees in artificial intelligence (AI), generative AI and cloud computing skills. The report also mentions that the companies have started sharing quarterly updates on employees whose training has been completed, targets of workforces to be trained by the end of the financial year and more.</p>
<h3><strong>Best Companies to work</strong></h3>
<p>The report has also named the top 25 workplaces in IT &amp; IT-BPM 2023 report in which Accenture and Wipro are named. Other companies in the Top 25 include VOIS, Akamai Technologies, Atlassian, Blue Yonder, Cadence Design Systems, CGI Information Systems and Management, Consultants, Cisco Systems, Encora Innovation Labs and H &amp; R Block.</p>
<p>The companies are picked based on how they prioritised work culture. This became increasingly important to improve the productivity and employee retention. The report pointed out that amid the slowdown in hiring and the layoffs undertaken by some companies along with cut in salary has led to a decline in employee morale and satisfaction.</p>
<p>&nbsp;The prominent theme in the 2023 report that highlighted several aspects of employee well-being includes burnout. As per the data the burnout risk has affected 27% of employees in large companies, 3% higher than their mid-sized counterparts.&nbsp;</p>
<p>&ldquo;Female senior managers in particular experience a 5 percent higher burnout rate than male counterparts. The trend draws the importance of maintaining a delicate balance between growth and employee well-being,&rdquo; the report said.</p>

In November, the Federal Labor Agency reported a 5.9% unemployment rate, up from the previous month's 5.8%. Joblessness rose by 22,000, surpassing economists' median estimate in a Bloomberg survey by a slight margin.

Germany's unemployment soars to 2 1/2-year high amid economic slump

<h2>In November, the Federal Labor Agency reported a 5.9% unemployment rate, up from the previous month's 5.8%. Joblessness rose by 22,000, surpassing economists' median estimate in a Bloomberg survey by a slight margin.</h2>

<p>Germany, the largest economy in Europe, has encountered an unexpected rise in its unemployment rate, reaching its highest level in two and a half years. The Federal Labor Agency reported an increase to 5.9% in November, up from 5.8% the previous month. <br><br>This surge in joblessness, exceeding economist predictions by 22,000, signals the impact of economic weakness on the country's labor market, reported Bloomberg.</p>
<p>Andrea Nahles, the head of Germany&rsquo;s Federal Labor Agency, highlighted the repercussions of the economic slowdown. "The economic slump is leaving its mark," Nahles stated. "Employment is now only growing marginally, and demand for workers continues to weaken."</p>
<p>Despite Germany's traditionally robust labor market, the recent challenges have stemmed from the country's struggle to recover from the energy-induced crisis of the past winter. <br><br>The third-quarter saw a contraction in output, leading the Bundesbank to indicate that Germany might be heading into a recession.</p>
<p>A significant hurdle exacerbating this situation is the acute shortage of skilled labor, affecting approximately half of German companies. The industry lobby DIHK Chambers of Industry and Commerce estimated that this shortage could potentially result in a loss of about 2% of the country's gross domestic product (GDP).</p>
<p>Adding to the concerns is Germany's fiscal uncertainty following a surprising ruling by its top court. This chaos in fiscal matters poses an additional risk to the nation's recovery. In response, European Central Bank President Christine Lagarde and Bundesbank chief Joachim Nagel have urged Berlin to swiftly provide clarity on the budget.</p>
<p>The confluence of economic challenges, including a weakening labor market, skill shortages, and fiscal uncertainties, presents a complex scenario for Germany's economic recovery. The authorities face mounting pressure to take decisive actions to mitigate these issues and steer the country towards stability and growth.<br><br><strong>Also Watch: <a href="https://www.editorji.com/business-news/economy/india-hits-historic-low-in-unemployment-figures-sbi-report-1700023042099#google_vignette">India hits historic low in unemployment figures: SBI report</a></strong></p>

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India may be taking a step forward towards Putin as reports indicate the govt is working on a bilateral trade system with Russia that will bypass the sanctions. Reports indicate that the government may soon give the green light to bilateral trade between Moscow and New Delhi to be conducted directly in Ruble-Rupee. This would bypasses the ban Russia is facing fromthe international payments system SWIFT.“The finance ministry and the RBI will take a call on how to peg the two currencies,” a senior government official told Business Standard .

India to bypass sanctions on Russia? Rupee to Ruble trade likely 

Reports indicate that the government may soon give the green light to bilateral trade between Moscow and New Delhi to be conducted directly in Ruble-Rupee. This would bypasses the ban Russia is facing fromthe international payments system SWIFT.

<p>The government may soon give the green light to bilateral trade between Russia and India</p>

<p>India may be taking a step forward towards Putin as reports indicate the govt is working on a bilateral trade system with Russia that will bypass the sanctions.&nbsp;</p>
<p>Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/bitcoin-in-war-u-s-to-impose-sanctions-on-cryptocurrencies-1646278746481" target="_blank">Bitcoin in war: U.S. to impose sanctions on cryptocurrencies?</a><br /><br />Reports indicate that the government may soon give the green light to bilateral trade between Moscow and New Delhi to be conducted directly in Ruble-Rupee. This would&nbsp;bypasses the ban Russia is facing fromthe international payments&nbsp;system SWIFT.</p>
<p>Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/ej-explains-why-in-the-russia-ukraine-war-economic-sanctions-may-not-work-1645783043404" target="_blank">EJ Explains: Why in the Russia-Ukraine war, economic sanctions may not work</a><br /><br />&ldquo;The finance ministry and the RBI will take a call on how to peg the two currencies,&rdquo; a senior government official told Business Standard .<br /><br />Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/russia-ukraine-latest-how-bitcoin-and-other-crypto-becoming-critical-in-the-war-1645778847700" target="_blank">Russia Ukraine Crisis: How Bitcoin and other crypto becoming critical in the war</a></p>

As the rate of inflation eases to the lowest in 40 months along with the strengthening client demand and more favourable input supply, the Manufacturing PMI for November has risen to 56

November manufacturing PMI rises to 56 as inflationary pressure retreat

<h2>As the rate of inflation eases to the lowest in 40 months along with the strengthening client demand and more favourable input supply, the Manufacturing PMI for November has risen to 56</h2>

<p><strong>Manufacturing PMI:&nbsp;</strong>The manufacturing sector has continued to do well in November with PMI rising to 56. After slowing a bit in October, the growth gathered pace as strengthening client demand and more favourable input supply boosted production volumes.&nbsp;</p>
<p>A reading of over 50 indicates expansion, while that of below 50 denotes contraction.</p>
<h3><strong>Inflationary pressure retreat</strong></h3>
<p>The inflationary pressure has retreated as the rise in purchase cost was modest in the month. This compared to the series of price rise that started in August 2020. Although average purchasing costs rose again, the rate of inflation eased to the lowest in the current 40-month sequence of increases.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/india-s-manufacturing-activity-hits-three-month-high-in-august-pmi-rises-to-58-6-1693559123351">India's Manufacturing Activity Hits Three-Month High In August, PMI Rises To 58.6</a></strong></p>
<p>The rise in cost has translated into increased selling prices. Pollyanna De Lima, Economics Associate Director at S&amp;P Global Market Intelligence noted that Firms' ability to secure new business, both domestically and from abroad, remained central to the success of the sector</p>
<p>As per PTI, the strong performance of the manufacturing sector is expected to continue in 2024 as well.&nbsp;</p>

While emphasising on having a proper financial plan, Suresh Sadagopan also pointed out at the need for having enough trust between the clients and the financial advisors

Invest Smart: How to decide if you need a financial advisor?

<h2>While emphasising on having a proper financial plan, Suresh Sadagopan also pointed out at the need for having enough trust between the clients and the financial advisors</h2>

<p>Comfort comes with planning. Having a financial plan in place propels you towards the goals you want to achieve to have a life of your dreams. While some are well-versed in handling their finance, some might prefer to have a financial advisor.</p>
<p>In this episode of Invest Smart we dwell in to the deciding factors of hiring a financial advisor. Suresh Sadagopan, Founder, Ladder7 Financial Advisories sheds light on what a financial advisor brings to the table.</p>
<h3><strong>Financial Planning</strong></h3>
<p>Sadagopan emphasises on having a proper financial plan as the major part of our prime years are spent in earning money. However, with time, as the earnings increase we stop paying the attention it requires. Sadagopan points out that this lack of attention stems from the lack of interest most people have towards finances. But anybody who is earning should have a plan for their money, he insists.</p>
<p>"Over a period of time we start earning a very significant amount of money. Once we start earning that much amount of money, we don't pay too much attention to it", says Suresh Sadagopan. "You need to have a plan for your money", he adds.</p>
<h3><strong>Who needs a financial advisor?</strong></h3>
<p>According to Sadagopan, a financial advisor is not neccessary if you are able to spend your time on keeping yourself up to date on all the developments regarding product, economy and markets. This inclination, he estimates, is exhibited by only 1% of the people.</p>
<p>The rest 99% get influenced by their friends, colleagues, television and newspaper while taking financial decisions. These people require a financial advisor, Sadagopan says.</p>
<p>"Mostly you do what your friend is doing, what your colleague is doing, what you have watched on television, what you have read on newspaper. That doesn't work well for most people. 99% of people require a financial advisor", Said Sadagopan</p>
<h3><strong>Financial advisor's role</strong></h3>
<p>Meanwhile, a financial advisor must be well aware of the status and requirement of their clients before suggesting an investment strategy. Sadagopan says having a full account of the investor's goals and financial state will help in deciding the kind of products, asset allocation, and risk.</p>
<p>Sadagopan also insists on establishing trust between the clients and advisors. He mentions that a client should both trust the advisor as well as understand the advices.&nbsp;</p>
<p>If you do not have a financial advisor yet, Sadagopan insists on having a liquidity to cover 3 to 6 months of expenses including the EMIs and the near term goals. He also pointed out the importance of having a contigency fund, appropriate insurances (medical and life). Sadagopan further insisted on creating a retirement fund. He says, once all of this is done, you can spend the rest of the money guilt free.</p>

On Monday, Singhania, however, assured employees and board members that it is "business as usual" in the company and he is fully committed towards its smooth functioning

Raymond's independent directors hire legal counsel amidst Gautam Singhania's family feud

<h2>On Monday, Singhania, however, assured employees and board members that it is "business as usual" in the company and he is fully committed towards its smooth functioning</h2>

<p>Raymond's independent directors have taken a proactive step by engaging senior legal counsel, Berjis Desai, to guide them through the ongoing marital discord between Chairman Gautam Singhania and his estranged wife, Nawaz Modi. In response to the situation, the IDs emphasized their vigilance and assurance to protect stakeholders' interests while maintaining a dispassionate approach.</p>
<p>The IDs clarified that while they remain watchful, they aren't mandated to delve into the personal disputes between the company's promoter directors. This move follows allegations of assault made by Modi against Singhania, prompting proxy advisory firm IiAS to recommend an investigation by the IDs.</p>
<p>Meanwhile, Singhania assured the company's normal functioning, addressing employees and the board, emphasizing that his personal life should not affect the company's dignity. This comes amidst Raymond's recent financial report, citing a slight profit increase in Q2 FY24, even as the company.&nbsp;</p>
<p><strong>Also read/watch - <a title="₹2,000 notes: 2.74% of notes still with public says RBI" href="https://www.editorji.com/business-news/economy/2-000-notes-ban-2-74-of-notes-still-with-public-says-rbi-1701419660967">₹2,000 notes: 2.74% of notes still with public says RBI</a></strong><br><br><strong>Gautam Singhania's family feud</strong></p>
<p>Earlier November, Singhania announced that he has separated from his wife Nawaz, in an announcement that comes amid speculation over the future of their 32-year relationship.</p>
<p>The billionaire industrialist, whose net worth is reported to be over Rs 11,000 crore, made the announcement over microblogging platform X, saying it was not the same Diwali as in the past.</p>
<p>The industrialist is helming the multi-decade old group having roots in textiles, which branched out into newer ones like real estate. The couple has two children.&nbsp;</p>

On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation

₹2,000 notes: 2.74% of notes still with public says RBI 

<h2>On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation</h2>

<p>The Reserve Bank of India (RBI) reported that approximately 97.26% of the Rs 2,000 banknotes have been returned to the banking system, leaving only around Rs 9,760 crore still in circulation among the public.</p>
<p>Since the announcement of withdrawal on May 19, the total value of Rs 2,000 banknotes in circulation decreased from Rs 3.56 lakh crore to Rs 9,760 crore as of November 30, 2023.</p>
<p>Despite this reduction, the RBI confirmed that Rs 2,000 notes remain legal tender and can be deposited or exchanged at any of the 19 RBI offices across India. India Post also facilitates the sending of Rs 2,000 notes to RBI Issue Offices for credit to bank accounts.</p>
<p><strong>Also read/watch - <a title="Profit Booking: Tata Technologies shares crash 8%; m-cap slips below Rs 50,000 crore" href="https://www.editorji.com/business-news/markets/profit-booking-tata-technologies-shares-crash-8-m-cap-slips-below-rs-50-000-crore-1701417177382">Profit Booking: Tata Technologies shares crash 8%; m-cap slips below Rs 50,000 crore</a></strong></p>
<p>Initially, the deadline for depositing or exchanging these notes was September 30, later extended to October 7. As of October 8, individuals have the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.</p>
<p>There have been observed queues at RBI offices during working hours for the exchange or deposit of Rs 2,000 notes. These offices are located in major cities across India.</p>
<p>The Rs 2,000 banknotes were introduced in November 2016 following the demonetisation of the Rs 1,000 and Rs 500 notes that were then in circulation.</p>

After a marvelous show on the first day of its listing in the Dalal Street with share price closing at Rs 1,314.25, Tata Technologies shares plunged 8% during the early trade on Friday due to profit booking

Profit Booking: Tata Technologies shares crash 8%; m-cap slips below Rs 50,000 crore

<h2>After a marvelous show on the first day of its listing in the Dalal Street with share price closing at Rs 1,314.25, Tata Technologies shares plunged 8% during the early trade on Friday due to profit booking</h2>

<p><strong>Tata Technologies shares:&nbsp;</strong>Amid profit booking, the shares of Tata Technologies plunged about 8% during the early trading session on Friday. On the second day of trading the stock fell sharply, heading towards its listing price.</p>
<h3><strong>Share Price</strong></h3>
<p>On its maiden trading session Tata Technologies shares closed at Rs 1,314.25. At around 12:15 PM, the stock was trading at around Rs 1,229. The total market capitalization also dropped below Rs 50,000 crore before making a slight recovery to reclaim the mark.</p>
<p><strong>Also Read: <a href="https://www.editorji.com/business-news/markets/tata-technologies-ipo-shares-list-at-140-premium-over-ipo-price-1701325241530">Tata Technologies IPO: Shares list at 140% premium over IPO price</a></strong></p>
<h3><strong>Profit Booking</strong></h3>
<p>Profit Booking is a strategy adopted by investors to gain profit by selling the shares they are holding. In the stock market world, when you invest your money in stocks, or buy shares of any company with the expectation that it will rise and you can sell at a higher point and book some profits. It is simply the act of selling the security to gain some profits by liquidating your investment in the stock market whether it's in the cash market or derivatives segment.</p>
<h3><strong>Tata Technologies IPO</strong></h3>
<p>The share prices of Tata Tech on the first day of its listing was at Rs 1,200 - a 140% premium over its issue price at Rs 500. By the time of closing, the stock surged another 17% and settled at Rs 1,400 taking the overall gains to 180 per cent over the issue price.</p>
<p>Tata Technologies was the first company of the Tata group to go public in nearly two decades. It sold its IPO in the range of Rs 475-500 apiece with a lot size of 30 shares. The issue was open for bidding between November 22 and November 24 to raise a total of Rs 3,042.51 crore, which was entirely an offer for sale by the promoter and other selling shareholders of the company.</p>
<p>The issue saw a huge demand across all the categories of investors. It saw an overall subscription of 69.43 times, attaching 73,58,222 bids worth more than Rs 1 lakh crore.</p>

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