Shares of Adani Group companies were trading higher on Monday after the conglomerate announced on Friday plans to spend Rs 7 lakh crore towards capital expenditure over the next 10 years

Adani group stocks make investors richer by over Rs 1.14 lakh crore

Shares of Adani Group companies were trading higher on Monday after the conglomerate announced on Friday plans to spend Rs 7 lakh crore towards capital expenditure over the next 10 years

On Monday, Adani group shares were trading higher, adding as much as Rs 1.14 lakh crore to investors' wealth. For the first time after the Hindenburg fiasco the total market capitalisation of the group has hit Rs 12 lakh crore.
<h3>Adani group shares</h3>
Adani Green Energy was leading the gains with a jump of 8% in the afternoon trade. This was followed by Adani Enterprises extending a 7% gain. ACC, Ambuja Cements and Adani Energy Solutions was up 6%. The rest of the Adani group companies were also extending gains.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/markets/equity-markets-rally-nifty-sensex-hit-new-high-after-bjp-wins-in-three-states-1701668170592">Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states</a>
Meanwhile, the Sensex and Nifty also hit an all-time high. Sensex surged over 1,000 and Nifty was above 20,550 in the early trade.
<h3>Capital expenditure plans</h3>
The rally in Adani shares come after the group announced its plans to spend Rs 7 lakh crore on its capital expenditure over the next 10 years. At an industry event on Friday, the group's Chief Financial Officer Jugeshinder Singh said that even though the group has a capacity to invest Rs 20 lakh crore it has stalled the move due to lack of high quality vendors.&nbsp;
"As we develop the vendor pool, our capex will go up. If we manage our core strengths of execution and operations to develop and run infrastructure properly, in a 25-year period we will invest up to Rs 80 lakh crore," Singh said.
He further said that the group will focus on the infrastructure business as the margins in FMCG are much lower.&nbsp;

In 2017, Spotify had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022. Spotify  has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market

Layoff wave 2023: Spotify to cut staff by 17%

In 2017, Spotify had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022. Spotify&nbsp; has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market

Music streaming giant Spotify said Monday it will reduce the number of its employees by around 17% in a bid to cut costs amid "dramatically" slower economic growth.
Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter.
CEO's Letter to Employees
"I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and our performance," chief executive Daniel Ek wrote in a letter to employees, which was seen by AFP. Also read/watch - <a title="Bitcoin breaks $40,000 amid US interest rate cut expectations" href="https://www.editorji.com/business-news/cryptocurrency/bitcoin-breaks-40-000-amid-us-interest-rate-cut-expectations-1701677232967">Bitcoin breaks $40,000 amid US interest rate cut expectations</a>
He said that in 2020 and 2021, the company "took advantage of the opportunity presented by lower-cost capital and invested significantly in team expansion, content enhancement, marketing and new verticals."
"However, we now find ourselves in a very different environment. And despite our efforts to reduce costs this past year, our cost structure for where we need to be is still too big."
Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.
Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a>
It has invested over one billion dollars into podcasts alone.
Profit Challenges: Spotify's Financial History
In 2017, the company had around 3,000 staff members, more than tripling the figure to around 9,800 at the end of 2022.
The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market.

This marks a significant milestone as it will be the first product from Honda Cars India Ltd (HCIL), a wholly-owned subsidiary, to enter the tightly regulated Japanese market

Honda's milestone move: Elevate SUV set for debut in Japan

This marks a significant milestone as it will be the first product from Honda Cars India Ltd (HCIL), a wholly-owned subsidiary, to enter the tightly regulated Japanese market

Honda, the renowned Japanese automotive giant, is poised to introduce its mid-sized SUV, Elevate, into the Japanese market next year. This marks a significant milestone as it will be the first product from Honda Cars India Ltd (HCIL), a wholly-owned subsidiary, to enter the tightly regulated Japanese market, reported PTI.
The Elevate, crafted by Honda Cars India Ltd (HCIL) at its Tapukara facility in Rajasthan, is set to make its debut in Japan in Spring 2024 under the brand name WR-V, as confirmed by an HCIL spokesperson.
This move signifies HCIL's groundbreaking venture, manufacturing a model in India for export to Japan for the first time. The spokesperson highlighted this as a testament to India's manufacturing capabilities, positioning the country as a pivotal export hub within Honda's global business strategy.
Also read/watch - <a title="RBI Monetary policy expectations: Interest rates likely to remain unchanged" href="https://www.editorji.com/business-news/markets/rbi-monetary-policy-expectations-interest-rates-likely-to-remain-unchanged-1701678873930#google_vignette">RBI Monetary policy expectations: Interest rates likely to remain unchanged</a>
Emphasizing the readiness of HCIL's Tapukara plant to cater to both domestic and export requirements, the spokesperson reiterated that Elevate had already made a successful entry into the Indian market in September this year. As part of its strategic roadmap, HCIL aims to unveil five SUV models in India by 2030, commencing with this launch.
Electric Evolution: Elevate's Next Phase
In a forward-looking approach, HCIL has plans to introduce a battery-electric variant of the Elevate within the next three years. Presently, the vehicle runs on a 1.5-liter petrol engine, coupled with a choice between a six-speed manual transmission and a seven-speed continuously variable transmission (CVT).
Also read/watch - <a title="Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states" href="https://www.editorji.com/business-news/markets/equity-markets-rally-nifty-sensex-hit-new-high-after-bjp-wins-in-three-states-1701668170592">Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states</a>
Notably, Honda Cars India previously announced intentions to introduce an all-electric version of the Elevate mid-size SUV by 2026. The company is now intensifying efforts to deliver an electric iteration of the Elevate within the next three years.
According to PTI, Takuya Tsumura, President and CEO of Honda Cars India, has underscored the company's dedication to developing a battery-electric variant of the Honda Elevate.

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

RBI Monetary policy expectation: May keep interest rates unchanged

The retail inflation eased to a four-month low of 4.87% in October, mainly due to cooling prices of food items. The Reserve Bank's MPC, in its October meeting, projected CPI inflation at 5.4% for 2023-24, a moderation from 6.7% in 2022-23

As India's inflation stays within a comfortable range and economic growth continuing at an accelerated pace, the Reserve Bank of India is likely to continue to remain status quo on policy rates, as per forecasts.&nbsp;
The RBI has held the benchmark policy rate steady in its last four bi-monthly monetary policies, having last increased the repo rate in February to 6.5%. This move halted a series of interest rate hikes initiated in response to the Russia-Ukraine conflict and subsequent global supply chain disruptions, which led to heightened inflation in India.
The RBI Governor Shaktikanta Das-led Monetary Policy Committee (MPC) is scheduled from December 6 to December 8. The decision of the six-member MPC will be announced on the morning of December 8.
Also read/watch - <a title="Bitcoin breaks $40,000 amid US interest rate cut expectations" href="https://www.editorji.com/business-news/cryptocurrency/bitcoin-breaks-40-000-amid-us-interest-rate-cut-expectations-1701677232967">Bitcoin breaks $40,000 amid US interest rate cut expectations</a> &nbsp; India and growing economy&nbsp;
India has maintained its position as the world's fastest-growing major economy, registering a robust GDP expansion of 7.6% in the July-September quarter. This growth was largely driven by government spending and advancements in manufacturing.
The government's target for retail inflation based on the Consumer Price Index (CPI) remains at 4%, allowing a margin of 2% on either side.
While the expectation leans towards maintaining the current lending rate, R G Agarwal, Chairman of Dhanuka Group, emphasizes the need for technological advancements and farm mechanization in Indian agriculture to enhance crop yields and uplift farmers' livelihoods. This necessitates investments, both public and private, with access to affordable financing being crucial. Also read/watch - <a title="RBI unveils Sovereign Gold Bond series X redemption, 112% profit" href="https://www.editorji.com/business-news/rbi-unveils-sovereign-gold-bond-series-x-redemption-112-profit-1701673690666">RBI unveils Sovereign Gold Bond series X redemption, 112% profit</a>
Retail inflation eased to a four-month low of 4.87% in October, primarily due to reduced food prices. The MPC's projection for CPI inflation in 2023-24 stands at 5.4%, indicating a moderation from 6.7% in the previous year.
The MPC, comprising three external members and three RBI officials, is responsible for determining the policy repo rate with the objective of achieving the inflation target while supporting growth.&nbsp;

The consolidation proposal, first authorized in January, received RBI approval in March, paving the way for smooth subsidiary integration into the parent company.

L&T Finance Holdings finalizes merger of three subsidiaries into its entity

The consolidation proposal, first authorized in January, received RBI approval in March, paving the way for smooth subsidiary integration into the parent company

L&amp;T Finance Holdings successfully concluded the merger of three of its subsidiaries - L&amp;T Finance Limited, L&amp;T Infra Credit Limited, and L&amp;T Mutual Fund Trustee Limited, today, solidifying a unified lending entity. This strategic move, effective from December 4, consolidates all lending businesses under a single operational Non-Banking Financial Company (NBFC), marking a significant milestone for the organization.
In a statement released on Monday, the company highlighted that the merger establishes a streamlined 'Single Lending Entity,' positioning the entirety of its lending operations within L&amp;T Finance Holdings Ltd. This decision aligns with the company's vision for enhanced operational efficiency and growth opportunities.
The consolidation plan, initially sanctioned in January this year, garnered approval from the Reserve Bank of India (RBI) in March, setting the stage for the seamless integration of the subsidiaries into the parent company.
Dinanath Dubhashi, the Managing Director and CEO of L&amp;T Finance Holdings Ltd, expressed optimism about the merger, citing its potential to unlock new growth prospects, foster innovation, and ensure long-term success. He emphasized the move's positive impact on governance, promising sustainable value creation for all stakeholders.
Dubhashi further remarked on the timely completion of the merger, underscoring its significance within the broader strategic framework of the company. He highlighted the reduction of the number of NBFCs from eight to one over the past seven years, demonstrating a concerted effort towards achieving a streamlined and efficient corporate structure, reported Business Today.
Simultaneously, the company announced the appointment of Amresh Kumar as its Chief Risk Officer for a tenure of two years, effective from the merger's completion date. Kumar's appointment is expected to reinforce the organization's risk management framework, ensuring robust governance and compliance measures.
Also Watch: <a href="https://www.editorji.com/business-news/startups/startup-to-scaleup-focus-on-radian-finserv-that-empowers-financial-emergency-through-gold-loans-1701259980079#google_vignette">Startup to Scaleup| Focus on Radian Finserv that aims to transform the gold loans landscape</a>

As BJP sweeps three states, the sensex and nifty hit an all-time high. The state election result is expected to trigger renewed optimism and further rally in the market

Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states

As BJP sweeps three states, the Sensex and Nifty hit an all-time high. The state election result is expected to trigger renewed optimism and further rally in the market

As BJP sweeps three states, the sensex and nifty hit an all-time high. The state election result is expected to trigger renewed optimism and further rally in the market

Market opening: The Indian equity benchmark indices have opened to a fresh record high on December 4. This after BJP emerged victorious in three states - Madhya Pradesh, Rajasthan and Chhattisgarh.
During opening the sensex was up 882.38 points or 1.31% at 68,363.57, and the Nifty was up 276.40 points or 1.36% at 20,544.30. About 2,194 shares advanced, 259 shares declined, and 119 shares unchanged. The benchmark indices continue their gaining streak in the fifth consecutive session with sensex crossing 1,000 points at 9.40 am
Also Read: <a href="https://www.editorji.com/business-news/markets/foreign-investors-resume-buying-after-2-months-invest-rs-9-001-crore-in-november-1701661760505">Foreign investors resume buying after 2 months, invest Rs 9,001 crore in November</a>
In the pre-open session the sensex was up 954.15 points, or 1.41%, at 68,435 while the NSE Nifty 50 was 334.05 points or 1.65% higher at 20,601.95. The BSE Power Index is nearly 3%, lead by Adani Green Energy, Adani Power and Adani Energy. The investors have now became richer by over Rs 4.97 lakh crore
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services told Moneycontrol that the state election results could trigger renewed optimism and further rally in the market. He went on to say that from the market perspective the poll result was better than expected.
"The state elections results have turned out to be a big event which can trigger renewed optimism and further rally in the market. Market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better-than-expected. The market has already partly discounted a BJP victory with a 500 point rally during the last 4 sessions. But the mood is so exuberant that the rally will continue. The global backdrop also is favourable with the US 10-year bond yield declining to 4.23%. An across the board rally in stocks is in the offing", VK Vijayakumar told Moneycontrol
&nbsp;
&nbsp;

Even as Bitcoin is below its 2021 record highs of $60,000, the cryptocurrency has hit $40,210 going past $40,000 for the first time in 2023 amid expectations of interest rate cut by US Federal Reserve Bank

Bitcoin breaks $40,000 amid US interest rate cut expectations

Even as Bitcoin is below its 2021 record highs of $60,000, the cryptocurrency has hit $40,210 going past $40,000 for the first time in 2023 amid expectations of interest rate cut by US Federal Reserve Bank

Bitcoin has broken above $40,000 for the first time in 2023. This, due to a broad enthusiasm about US interest rate cuts and also as traders are anticipating approval of US stockmarket traded bitcoin funds.
<h3>Bitcoin Rally</h3>
At $40,210 Bitcoin hits its highest since April 2022 on Sunday trade. It was steady at $40,011 in thin trade early in the Asia day on Monday. Despite the alleged crypto winter, bitcoins has more than doubled this year.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/u-s-money-laundering-richard-teng-becomes-binance-s-ceo-after-changpeng-zhao-pleads-guilty-steps-down-1700630320585">US money laundering: Richard Teng becomes Binance's CEO after Changpeng Zhao pleads guilty &amp; steps down</a>
Expectations on US Federal Reserve to pause the rate hike has propelled riskier investments and other interest-rate sensitive assets, such as gold to rally over the last few weeks. Reports of US Securities and Exchange Commission not appealing a court ruling that found the agency had been wrong to reject an exchange-traded fund application from crypto firm Grayscale Investments emerged in October. This have also driven the bitcoin prices up.
However, Bitcoin still remains below its 2021 record highs of $60,000

Decline in U.S. bond yields and the resilience of the Indian market have forced the FPIs to halt their selling leading to foreign portfolio investment to reach Rs 9,001 crore in Indian equities in November

Foreign investors resume buying after 2 months, invest Rs 9,001 crore in November

Decline in U.S. bond yields and the resilience of the Indian market have forced the FPIs to halt their selling leading to foreign portfolio investment to reach Rs 9,001 crore in Indian equities in November

FPI inflow:&nbsp;Foreign portfolio investors have turned into net buyers in November after two consecutive months of being net sellers. This could be attributed to the softening of US Treasury yields and the resilience of the domestic market. In November, FPIs have invested Rs 9,001 crore in Indian equities.
In the domestic debt market the FPI hit a six-year high in November. This was driven by robust yields and the domestic bonds' inclusion in JPMorgan's Emerging Market Global Bond Index.
Also Read: <a href="https://www.editorji.com/business-news/foreign-portfolio-investors-invest-over-rs-9-700-crore-in-indian-equities-in-june-so-far-1686544383768">Foreign Portfolio Investors invest over Rs 9,700 crore in Indian equities in June so far</a>
Foreign portfolio investors have infused Rs 14,556 crore as of Nov. 29, according to data from the National Securities Depository Ltd. The previous highest monthly inflow by FPIs was recorded in October 2017.
<h3>Foreign Portfolio Investment</h3>
In the first 15 days of the month the FPI flows were negative. However, the quantum was less than the previous fortnights. As per the NSDL data, foreign investors have bought equities worth Rs 1,14,716 crore so far this year.
"FPIs have reversed their selling strategy in India. Decline in U.S. bond yields and the resilience of the Indian market have forced the FPIs to halt their selling," Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services told BQPrime. He further added that the better-than-expected decline in inflation in the US has given investors confidence that the US FED will pause the rate hike.
In most sessions over the month the FPI inflow experienced a downward trend after the US Treasury Yields peaked at 5% in October. The Nifty50 also recorded its best month of 2023 in November with 5.52% gains.
&nbsp;
&nbsp;
&nbsp;
&nbsp;

The redemption amount is derived from a three-day average of 999 purity gold prices provided by the India Bullion and Jewellers Association.

RBI unveils Sovereign Gold Bond series X redemption, 112% profit

The redemption amount is derived from a three-day average of 999 purity gold prices provided by the India Bullion and Jewellers Association.

The Reserve Bank of India has unveiled the redemption price for Sovereign Gold Bond Series X of 2017-18, slated for maturity on December 4, 2023. At a profitable ₹6,265 per unit, this redemption fetches a significant gain of ₹3,304 per unit, marking a 111.58% surge over the initial issue price of ₹2,961 per unit.
The computation of the redemption price for SGB involves a straightforward average of the closing gold price of 999 purity over the preceding three business days before the redemption date, sourced from the India Bullion and Jewellers Association (IBJA). In this instance, the redemption price is calculated using the simple average of the closing gold prices for November 29, 30, and December 1, 2023. What are Sovereign Gold Bonds?
Sovereign Gold Bonds are government-issued securities offered to investors in exchange for a holding certificate. These bonds, denominated in gold, require investors to pay the issue price in cash. While the tenure of the bond spans 8 years, early encashment or redemption is permissible after the fifth year from the issuance date on coupon payment dates.
Can you prematurely withdraw SGBs? For those looking to prematurely withdraw SGBs, the process entails approaching the relevant bank/SHCIL offices/post office/agent at least thirty days before the coupon payment date. A request for early redemption can only be processed if submitted at least one day before the coupon payment date, as per the directives laid out by the RBI. The proceeds from such redemptions are credited to the investor's specified bank account provided during the bond application.
Upon maturity, these bonds are redeemed in Indian rupees, with the redemption price determined by the average of the closing price of gold of 999 purity over the prior three business days from the repayment date, as published by the India Bullion and Jewelers Association Limited. Investors receive advance notification regarding the impending maturity of the bond one month beforehand. The maturity proceeds are then credited to the registered bank account. Any changes in details, such as account numbers or email IDs, require prompt notification to the bank/SHCIL/PO for proper processing. Also Watch: <a href="https://www.editorji.com/business-news/sovereign-gold-bond-scheme-2023-24-series-1-is-now-open-key-things-you-should-know-1687273614507#google_vignette">Sovereign Gold Bond Scheme 2023-24 Series 1 is now open: Key things you should know</a>

The average price of 1 gram of 22K Gold stood at ₹5,885 while the cost for 24K gold prices stood at ₹6,420 and 1 kg silver stood at ₹80,500

Gold, Silver Rates today December 04, 2023: Check Prices in Mumbai, Delhi, Chennai

The average price of 1 gram of 22K Gold stood at ₹5,885 while the cost for 24K gold prices stood at ₹6,420 and 1 kg silver stood at ₹80,500

Gold Silver Price Today 04 December 2023: Gold prices increased and silver prices remained unchanged on the Multi Commodity Index on Monday.&nbsp;
The average price of 1 gram of 22K Gold stood at ₹5,885 while the 24K gold prices stood at ₹6,420.&nbsp;
The rate of 10 grams of 24K gold in Chennai stood at ₹65,180, which was followed by Delhi and Jaipur where the gold costs ₹64,350.&nbsp;
The average price of 10gm of Silver was at ₹805 and 1 kg of silver stood at ₹80,500.
However, in Chennai, Hyderabad, and Kerala the metal was sold at ₹83,500 followed by Delhi and Mumbai where the metal was sold at ₹80,500
<h3>24 Carat Gold Price Today December 04 (per 10gm) - Indian Top Cities</h3>
Delhi - ₹64,350 Chennai - ₹65,180 Mumbai - ₹64,200 Kolkata - ₹64,200 Bengaluru - ₹64,200
<h3>1 KG Silver Price Today December 04 - Indian Top Cities</h3>
Delhi - ₹80,500 Chennai - ₹83,500 Mumbai - ₹80,500 Kolkata - ₹80,500 Bengaluru - ₹79,000

Editorji is your personalised video news platform, we learn about your interests in order to show the news that matters to you! Watch it on your phone, tablet or TV.

ABOUT US

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

#AssemblyElections

FM Nirmala&nbsp;Sitharaman&nbsp;announced a mega package to boost health and medical infrastructure especially outside the main 8 metros. The Finance&nbsp;Minister&nbsp;announced the following -:&nbsp;

Loan guarantee scheme of Rs 50,000 crore for health sector
Loan guarantee to cover 75% of loan in aspirational districts and 50% coverage in other regions
Maximum loan of Rs 100 crore will be provided for three years
Interest rate will be capped at 7.95%


FM announces Rs 50,000 cr stimulus for health infrastructure sector

A healthy stimulus announced by Finance Minister focused on non-metro regions.&nbsp;

FM announces fresh stimulus

FM Nirmala&nbsp;Sitharaman&nbsp;announced a mega package to boost health and medical infrastructure especially outside the main 8 metros. The Finance&nbsp;Minister&nbsp;announced the following -:&nbsp;
Loan guarantee scheme of Rs 50,000 crore for health sector Loan guarantee to cover 75% of loan in aspirational districts and 50% coverage in other regions Maximum loan of Rs 100 crore will be provided for three years Interest rate will be capped at 7.95%

Covid&nbsp;relief package focused health infrastructure outside 8 metros.&nbsp;

FM Nirmala&nbsp;Sitharaman&nbsp;announced a mega package to boost health and medical infrastructure especially outside the main 8 metros. The Finance&nbsp;Minister&nbsp;announced the following -:&nbsp;
<ul>
<li>Loan guarantee scheme of Rs 50,000 crore for health sector</li>
<li>Loan guarantee to cover 75% of loan in aspirational districts and 50% coverage in other regions</li>
<li>Maximum loan of Rs 100 crore will be provided for three years</li>
<li>Interest rate will be capped at 7.95%</li>
</ul>

The domestic market, the gold future contract for February 2024 on MCX spiked to an unprecedented ₹64,000 per 10 grams

Gold hits record high amid US Fed rate cut expectations: Time to buy or sell the yellow metal? 

The domestic market, the gold future contract for February 2024 on MCX spiked to an unprecedented ₹64,000 per 10 grams. Concurrently, silver prices on MCX started at ₹78,450 per kg, peaking at ₹78,549&nbsp;

Gold rates on Monday surged to record highs amidst speculations of a potential US Fed rate cut following remarks by Jerome Powell. Early in the Asian stock market, gold soared past $2,100 (₹175,197), hitting an all-time peak of $2,146 (₹179,319) per ounce.
Similarly, in the domestic market, the gold future contract for February 2024 on MCX spiked to an unprecedented ₹64,000 per 10 grams. However, profit booking led to a retracement from these highs, pulling gold prices below $2,100 (₹175,197).
In tandem, silver prices (March 2024 expiry) on MCX started at ₹78,450 per kg, surging to an intraday high of ₹78,549 within minutes of market opening. Internationally, silver hovered around $25.50 per ounce.
Also read/watch - <a title="Stock markets zoom: Post election rally propels Sensex, Nifty to new highs" href="https://www.editorji.com/business-news/markets/stock-markets-zoom-post-election-rally-propels-sensex-nifty-to-new-highs-1701689750620">Stock markets zoom: Post election rally propels Sensex, Nifty to new highs</a> HDFC Securities on factors driving the Gold surge
Anuj Gupta from HDFC Securities attributed the surge in gold prices to expectations of a US Fed rate cut. Speculation arose after Jerome Powell's speech, suggesting a potential rate cut by March 2024, likely impacting bond yields and further weakening the US dollar.
According to an ICICI Securities report, gold's rise is linked to weakened treasury yields and the US dollar. German yields hit recent lows, and the 10-year US treasury yields dropped amid speculation that the Fed might conclude its tightening cycle. Powell's speech hinted at the impact of tighter monetary policies on slowing the economy, aligning with their forecasts.
Commenting on gold's outlook, Anuj Gupta highlighted strong support at $2,050 per ounce, with resistance at $2,025. On MCX, gold has support at ₹62,800 and faces a hurdle at ₹64,800 per 10 grams. Gupta suggested a buy-on-dips strategy, citing an overall positive trend for the precious metal in the near term.

Tata Group continues to lead with an aggregate market capitalization of ₹26.4 lakh cr, followed by Reliance at ₹16.6 lakh crore. HDFC Group stands third at ₹14.2 lakh cr, and the Adani Group settles at the fourth position with a valuation of ₹11.9 lakh cr

Bajaj Group joins ₹10 Lakh crore market cap club, Bajaj auto and Bajaj finance surge

Tata Group continues to lead with an aggregate market capitalization of ₹26.4 lakh cr, followed by Reliance at ₹16.6 lakh crore. HDFC Group stands third at ₹14.2 lakh cr, and the Adani Group settles at the fourth position with a valuation of ₹11.9 lakh cr

On December 4th, the Bajaj Group surpassed ₹10 lakh crore in market capitalization, securing its place as the fifth business conglomerate to achieve this milestone, joining the ranks of Tata, Reliance Industries led by Mukesh Ambani, HDFC Bank, and the Adani Group.
Bajaj Auto notably propelled the group's valuation this year, contributing nearly ₹75,000 crore, followed closely by Bajaj Finance, which added approximately ₹60,000 crore to the overall market capitalization.
Bajaj Group's Steady Rise Amidst FY24 Performances
The launch of the Triumph Bike and strong performance in the first half of FY24 significantly boosted Bajaj Auto's shares. Similarly, Bajaj Finance saw a surge after impressive numbers and recent fundraising efforts.
Since April, the Pune-based conglomerate's market value has soared by 41%, with Bajaj Auto marking a 63% increase during the same period. Notably, Bajaj Finance and Bajaj Finserv account for 73% of the group's combined valuation.
Also read/watch - <a title="Urban youth unemployment peaks in Himachal Pradesh: Labour survey" href="https://www.editorji.com/business-news/economy/urban-youth-unemployment-peaks-in-himachal-pradesh-labour-survey-1701696874920">Urban youth unemployment peaks in Himachal Pradesh: Labour survey</a>
Analysts Bullish on Bajaj Finance
In H1FY24, Bajaj Finance reported a robust 33% growth in assets under management (AUM), reaching ₹2.9 lakh crore by Q2FY24. Analysts at BOB Capital Markets express confidence in Bajaj Finance, highlighting its strong AUM growth, diverse business model, and adept leadership to navigate risks in newer ventures like microfinance.
Bajaj Group's Position Among Top Indian Conglomerates
In comparison, the Tata Group continues to lead with an aggregate market capitalization of ₹26.4 lakh crore, followed by Reliance at ₹16.6 lakh crore. HDFC Group stands third at ₹14.2 lakh crore, and the Adani Group settles at the fourth position with a valuation of ₹11.9 lakh crore, according to Bloomberg data.&nbsp;

The conflict involving BCCI and Think and Learn Pvt Ltd, Byju’s parent company, was formally documented on November 15 following its initial submission on September 8.

BCCI claims Byju’s defaulted ₹158 crore payment, NCLT proceedings initiated

The conflict involving BCCI and Think and Learn Pvt Ltd, Byju&rsquo;s parent company, was formally documented on November 15 following its initial submission on September 8.

The Board of Control for Cricket in India has raised concerns regarding an alleged default in payment by Byju&rsquo;s amounting to a substantial ₹158 crore. The information, available on the National Company Law Tribunal (NCLT) website, highlights the purported default by Byju&rsquo;s, excluding TDS, as communicated in a general notice issued via email on January 6, 2023.
According to details on the NCLT platform, Byju&rsquo;s has been granted a two-week period by the NCLT to respond to these claims. Subsequently, BCCI will be allowed an additional week to file a rejoinder in this matter.
This ongoing dispute between BCCI and Think and Learn Pvt Ltd, the parent company of Byju&rsquo;s, was officially registered on November 15 after its initial filing on September 8. Notably, a recent report by Moneycontrol indicated that although the case was scheduled for a hearing on November 28, it has now been rescheduled for December 22.
The NCLT's decision to grant specific timeframes for responses from both parties indicates the legal process's adherence to fair proceedings. By providing this opportunity for Byju&rsquo;s to present its reply and subsequently allowing BCCI to counter, the tribunal aims to ensure a comprehensive and just resolution to this financial dispute.
As this case progresses, stakeholders and observers within the realms of cricket and business will likely keep a close eye on the developments. The outcome of this legal confrontation could potentially have implications for both Byju&rsquo;s and BCCI, impacting their financial standings and public perception. Also Watch: <a href="https://www.editorji.com/business-news/markets/byju-s-valuation-prosus-slashes-it-to-below-3-billion-1701255421348#google_vignette">Byju&rsquo;s valuation: Prosus slashes it to below $3 billion</a>

The statistics indicated a 17.3% nationwide urban youth unemployment rate.

Urban youth unemployment peaks in Himachal Pradesh: Labour survey

The statistics indicated a 17.3% nationwide urban youth unemployment rate.

Himachal Pradesh has witnessed the highest overall unemployment rate of 33.9%, followed by Rajasthan at 30.2%, among the age group of 15 to 29 years in cities during July-September 2023, according to the Periodic Labour Force Survey (PLFS).
The PLFS data of the National Sample Survey Office (NSSO) also revealed that unemployment among the 15-29 age group in urban areas was high among females at 49.2% in the July-September quarter of this fiscal year as compared to 25.3% among males in Himachal Pradesh.
in the case of Rajasthan, the joblessness in females in cities was high at 39.4% in the quarter as against 27.2% in males.
Jammu &amp; Kashmir also reported a high rate of joblessness at 29.8% in the age group in cities.
In the case of Jammu &amp; Kashmir, unemployment was high among females at 51.8% in the quarter compared to 19.8% among males in the period in cities.
The data showed that the overall unemployment in the country was 17.3% in the 15-29 age group in cities as per the current weekly status.
The activity status determined on the basis of a reference period of the last seven days preceding the date of survey is known as the current weekly status (CWS) of the person.
The overall unemployment was high among 22.9% in cities in the country in the 15-29 age group compared to 15.5% among females in the July-September quarter 2023, showed the data.
The survey conducted in 22 states, showed that the lowest unemployment rate was 7.1% in Gujarat followed by Delhi at 8.4% in the July-September quarter among persons of the age group of 15-29%.
Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force.
The NSSO launched PLFS in April 2017. This Bulletin for the quarter ending September 2023 is the twentieth in the series.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/germany-s-unemployment-soars-to-2-1-2-year-high-amid-economic-slump-1701345993277#google_vignette">Germany's unemployment soars to 2 1/2-year high amid economic slump</a>

ICICI Bank and SBI spearheaded the Sensex gains at 4.68% and 3.99%. Additional contributors were Larsen & Toubro, Kotak Mahindra Bank, and HDFC Bank.

Stock markets zoom: Post election rally propels Sensex, Nifty to new highs

ICICI Bank and SBI spearheaded the Sensex gains at 4.68% and 3.99%. Additional contributors were Larsen &amp; Toubro, Kotak Mahindra Bank, and HDFC Bank.

Equity markets exhibited a robust surge on Monday, with both the Sensex and Nifty indices closing with gains of over 2%, crossing record highs yet again. Investors wealth has surged by over 5.5 lakh crore.&nbsp;
The BSE Sensex, comprising 30 key stocks, showcased remarkable growth by leaping an impressive 1,383 points, culminating at an all-time peak of 68,865 at the close of trading. Notably, the index also reached an intra-day pinnacle of 68,918, registering its most substantial single-day surge since May 20, 2022.
Similarly, the broader Nifty index exhibited remarkable progress, scaling up by 418 points, achieving an unprecedented closing figure of 20,686. Among the 50 stocks constituting the Nifty, an impressive 44 concluded the trading session on a positive note.
Major players within the Sensex index, including ICICI Bank and SBI, led the charge with notable gains of 4.68% and 3.99%, respectively. Other significant gainers contributing to this upward trend were Larsen &amp; Toubro, Kotak Mahindra Bank, and HDFC Bank. However, amidst this optimistic market sentiment, Wipro and Tata Motors were outliers, witnessing a downtrend in their respective trading positions.
In further bolstering market positivity, foreign institutional investors demonstrated substantial confidence by purchasing shares valued at ₹1,589 crore on Friday, as per exchange data.
The market's consistent upward trajectory and the attainment of these remarkable milestones reflect the growing optimism and confidence among investors, underlining the resilience and potential of India's financial landscape amidst global economic dynamics.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/markets/equity-markets-rally-nifty-sensex-hit-new-high-after-bjp-wins-in-three-states-1701668170592">Equity markets rally: Nifty, Sensex hit new high after BJP wins in three states</a>

Latest news

FM announces Rs 50,000 cr stimulus for health infrastructure sector

Up Next

More videos

Categories

Trending topics