Bihar is latest to join the list of 11 states and union territories where petrol price has crossed the ₹100 a litre mark. In Delhi, petrol hit an all-time high of ₹98.46 a litre, while diesel is now priced at ₹88.90 per litre.
Petrol and diesel prices remained unchanged on Thursday, continuing an eight-month trend of price stability. The cost of fuel is revised daily at 6am by Oil Marketing Companies (OMCs) and is controlled by the government through excise duty, base prices and cap prices. The most recent nationwide adjustment was made in May 2022, when Finance Minister Nirmala Sitharaman slashed the excise duty on petrol and diesel by ?8 and ?6 per litre, respectively.
Gold prices in India dropped on Thursday with 22 carat gold costing ?5,420 per gram and 24 carat gold costing ?5,913 per gram. Silver prices also saw a marginal dip with one gram costing ?71.60. Prices are determined by a range of factors including volatile policies, economic growth, and the Rupee-US dollar exchange rate.
41 Indian billionaires lost a total of $122.7 billion in the past year, according to the M3M Hurun Global Rich List 2023. India was third in terms of losses, behind China and the US, with the global wealth depletion rate at 10%. Interest rate hikes, currency appreciation, tech bubble burst, and the Russia-Ukraine war all had an impact. India ranks sixth in terms of billionaires who have added $1 billion or more in the last year.
China has the most billionaires in the world, followed by the US with 53% of the total. India stands at third with 187 billionaires, while Germany overtook the UK to rank fourth. Mukesh Ambani is the richest Indian, according to the Hurun Global Rich List 2023. Mumbai is the ‘richest’ Indian city with 66 billionaires, followed by Delhi and Bengaluru. Serum Institute of India’s Cyrus S. Poonawalla is the richest healthcare billionaire in the world.
Gautam Adani, India's second richest man before Hindenburg's January report alleging financial misconduct, has lost $28 billion over the last year, dropping him outside the top 35 in Forbes' global rich list. Adani has been overtaken by Reliance Industries Limited chairman Mukesh Ambani, now the only Indian to feature in the top 10 billionaires. India has 41 billionaires who have lost more than a billion dollars year over year, compared to 178 and 123 billionaires in China and the US respectively.
Equity benchmarks Sensex and Nifty ended on a positive note on Wednesday, due to buying in healthcare, financial and commodity stocks. Major gainers included Bajaj Finance, Bajaj Finserv, Sun Pharma, IndusInd Bank, and Tata Motors. Asia, Europe and US markets ended in the green, while Brent crude dipped 0.31 per cent. Foreign Portfolio Investors offloaded equities worth Rs 1,454.63 crore.
SEBI has mandated nomination in MFs for existing and new unitholders by March 31, 2023. Unitholders can nominate a person to claim their funds in the event of death or opt out of the nomination. AMCs must provide both online and offline facility for unitholders to choose their nominees or opt out of nomination. Nominations can be changed online or by writing to the fund house.
The OnePlus 11R, a true flagship phone, is priced at ?39,999-44,999, offering 8GB/128GB or 16GB/256GB RAM/storage options and two colour choices. It has a similar design to the OnePlus 11, but without the Hasselblad branding, and runs on a Qualcomm Snapdragon 8+ Gen 1 processor. It offers a flagship-like experience with slick animations, no strain when running multiple apps, and gaming with no dropped frames. It has a 5000mAh battery with 100-watt fast charging and 50-megapixel main camera.
Billionaire investor Rakesh Jhunjhunwala, who passed away last year, will be posthumously conferred with India's third-highest civilian honour, Padma Shri. PM Modi had paid tribute to the 'India's own Warren Buffet', commending his contributions to the financial world. He will be joined by Areez Khambatta, founder of the popular soft drink brand Rasna, and Aditya Birla Group Chairman Kumar Mangalam Birla who will be awarded Padma Bhushan.
Adani Airports, part of Gautam Adani's conglomerate, plans to bid for more airports in India to become the leading airport operator. After winning bids to operate six airports in the last round of privatisation, the group will participate in the upcoming bidding for a dozen more airports.
Foreign carriers are demanding more access to India, the world's fastest-growing economy, as Air India is being transformed into a global airline, with 470 jets ordered. Indian airlines are urged to order more big jets to meet demand and government is not currently looking at easing curbs. Airlines like Emirates, Turkish Airlines and Jazeera Airways all requested more traffic rights to and from India. Government wants to recapture traffic lost to foreign carriers and is likely to take action after the elections.
The Indian stock markets have opened in the green, with the Sensex trading above 58,380 and the Nifty above 17,200. Investors are optimistic as the market continues to move in the positive direction.
RBI has directed banks to keep branches open until the end of the working hours on March 31 to facilitate government transactions. Transactions through NEFT and RTGS will continue till midnight on March 31. Reporting window for March 31 will be kept open till noon on April 1.
Fuel prices in India are revised daily at 6 am and not controlled by the government. On Wednesday, the petrol prices in Delhi, Mumbai, Kolkata and Chennai were ₹96.72, ₹106.31, ₹106.03 and ₹102.63 per litre respectively. Diesel prices for the same cities were ₹89.62, ₹94.27, ₹92.76 and ₹94.24 per litre. The Centre collects excise duty and states collect VAT, which varies from state to state.
Gold prices in India witnessed a marginal increase on Wednesday with 22 carat gold costing Rs 5,500 per gram and 24 carat gold priced at ?6,000 per gram. Silver prices also saw a slight increase, with a gram of silver costing ?72.10. Factors such as policies, economic growth and Rupee-dollar exchange rate determine gold and silver prices in India.