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A worker adjusts a hoarding of Paytm in Ahmedabad.

Paytm snaps two-day losing streak, shares rise 6%

One97 Communications Limited, Paytm's parent company, made a weak market debut on November 18 and tumbled over 27 per cent during the day from the issue price of 2,150.

British Prime Minister Rishi Sunak.

UK PM Sunak trusts UK Banking system safe despite Credit Suisse collapse

UK Prime Minister Rishi Sunak's spokesman Max Blain has said the country's banking system is "safe and well-capitalized" despite the collapse of Swiss giant Credit Suisse. Sunak has faith in the country's "strong regulatory system" and has been in regular contact with the Swiss president. The Bank of England is largely responsible for the issue.

The move comes after the UIDAI implemented the scheme of assigning Aadhaar numbers along with birth certificates. (HT Photo)

Aadhaar deactivation for a deceased person soon: Report

UIDAI and RGI are collaborating with state governments to roll out a mechanism to deactivate Aadhaar card of deceased persons. Family members will have to provide information and give permission for the deactivation. The scheme is already in place in 20 states and will be expanded soon. Aadhaar holders can update documents for free for 3 months starting March 15, 2023.

UBS Chairman Colm Kelleher (R) shakes hands with Credit Suisse chairman Axel Lehmann (L) after a press conference. (AFP)

Who are the winners and losers after UBS takes over Credit Suisse for $3.3 billion

UBS Group AG is emerging as a rare winner in Credit Suisse Group AG?s crisis, with a government-brokered deal for a $3.3 billion share purchase that includes extensive guarantees and liquidity provisions. The big winner is UBS CEO Ralph Hamers, who will see the bank's wealth and asset management invested assets soar to $5 trillion. Credit Suisse's top shareholders, including Saudi National Bank and Qatar Investment Authority, lost big, while CEO Ulrich Koerner is expected to depart.

According to jewellers, the introduction of GST at 3% on gold and 18% on making charges has led to a hike in gold jewellery price.

At 1,400, gold achieves life-time high; silver zooms 1,860

Gold prices rose to a life-time high of 60,100 per 10 grams in the national capital on Monday, driven by strong global trends. Silver also surged 1,860 to 69,340 per kilogramme. Comex Gold prices rose to USD 2,005 per ounce in Asian trading hours, amid bets for a less aggressive Fed in its fight against inflation.

Market updates: People walk past the Bombay Stock Exchange building in Mumbai. (Reuters)

Sensex slumps by 360 pts to end at 57,628, Nifty settles at 16,988

On Monday, the Sensex and Nifty fell by 360 and 111 points respectively, due to global sell-off in equities amid fears of US banking crisis. 40 Nifty stocks declined as investors fretted over the crisis. Bajaj Finserv, Bajaj Finance, Tata Steel, Wipro, and IndusInd Bank were among the worst performers. FIIs were net sellers while DIIs were net buyers.

A view of the Credit Suisse building at Circular Quay in Sydney, Australia.

Stocks slump as Credit Suisse rescue fails to ease fear of global crisis

Stock markets dropped on Monday as investors worried that a bigger financial crisis is brewing. Asia Pacific shares outside Japan dropped 1.6%, while S&P 500 futures and European futures fell 1.0% and 1.2% respectively. In Hong Kong, HSBC and Standard Chartered stocks dropped 7% and 8% respectively. Over the weekend, UBS agreed to buy Credit Suisse for $3.2 billion, and central banks pledged to make it easier to buy dollars. Despite these measures, investors remain wary of regional U.S. lenders and European banks, driving the yield on two-year and 10-year Treasuries to their lowest levels in six months.

Tamil Nadu finance minister PTR Palanivel Thiagarajan

From packages for women homemaker to UPSC aspirants: Highlights of Tamil Nadu budget

The Tamil Nadu government on Monday presented the state budget 2023-24 in the assembly, with finance minister Palanivel Thiaga Rajan announcing a reduction in the annual revenue deficit from around Rs 62,000 crore to Rs 30,000 crore. The budget includes a monthly honorarium of Rs. 1,000 for 'eligible' women family heads, upgrading of 54 government polytechnics, a new scheme to promote SC/ST entrepreneurs, assistance to civil service aspirants, the construction of a Global Sports City in Chennai, an International Conference on Tamil Computing, construction of classrooms and toilets, inauguration of the Kalaignar Memorial Multi-Super Speciality Hospital, expansion of Makkalai Thedi Maruthuvam scheme, and construction of 3,959 houses for Sri Lankan Tamils.

India is the world's third-largest oil consumer. (HT PHOTO.)

Centre to extend diesel, petrol export curbs to ensure domestic availability: Report

India, the world's third-largest oil consumer, is extending restrictions on the export of diesel and gasoline to ensure the availability of refined fuels for the domestic market. This may discourage Indian refiners, mainly private companies, from buying Russian fuels for re-exports due to Russia's invasion of Ukraine. The restrictions were imposed last year after private refiners began reaping major profits by boosting fuel exports instead of domestic sales. The government is discussing the extension of the order beyond this fiscal year and a notification is expected soon.

Market updates: People walk past the Bombay Stock Exchange building in Mumbai.

Sensex slumps 474 points to start at 57,514; Nifty in red at 16,960

The Indian stock market opened on a weak note on Tuesday with the BSE Sensex plunging 376 points to start at 57,613. The NSE Nifty too was in the red, trading at 16,986. The sell-off was led by banking and financial stocks, with the Nifty Bank index declining 1.2%. The sell-off in the Indian markets was in line with the weak global cues, with Asian stocks trading lower.

On Monday, the price of 10 grams of 24k gold was <span class='webrupee'>₹</span>60,320.

Gold and silver prices on March 20: Check rates in your city

On Monday, the price of 10 grams of gold was Rs 55,300 for 22 carat and Rs 60,320 for 24 carat, while 10 grams of silver cost Rs 721. This is unchanged from the day before. The gold prices in India are determined by a range of factors including volatile policies, slowing economic growth and the strength of the Rupee against US dollar. Last month, the 22 carat gold achieved the highest rate of Rs 53,600 on February 2.

Representatives for the two banks declined to comment.

UBS agrees to buy Credit Suisse for more than $2 billion to end crisis: Report

UBS Group AG has agreed to purchase Credit Suisse Group AG in a government-brokered deal to contain a crisis of confidence in global financial markets. The Swiss bank is paying more than $2 billion for its rival, and the Swiss National Bank has agreed to offer a $100 billion liquidity line to UBS as part of the deal. The 166 year-old lender's takeover marks a historic event for the nation and global finance, with UBS tracing its roots back through some 370 separate institutions over 160 years. The purchase comes after Credit Suisse had been hammered over recent years by a series of blowups, scandals, leadership changes and legal issues, leading to clients withdrawing more than $100 billion of assets in the last three months of last year.

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland. (Reuters)

Credit Suisse opposes ‘too low’ offer of $1 billion by UBS: Report

UBS Group AG has offered to buy Credit Suisse Group AG for up to $1 billion, an offer that Credit Suisse has pushed back on with backing from its biggest shareholder. Credit Suisse believes the offer is too low and would hurt shareholders and employees. Swiss authorities are trying to broker a deal that would address the rout in Credit Suisse, which sent shock waves across the global financial system after investors dumped its shares and bonds. Talks have accelerated, with all sides pushing for a quick solution to prevent clients from pulling money and counterparties from stepping back from dealings with Credit Suisse.

For Income Tax Return filing, the Income Tax Department has made it mandatory for all taxpayers to link their Aadhaar card with their PAN.

Income Tax Return: What is ITR-1 or Sahaj ? Who is eligible to file?

Income Tax Returns (ITRs) are forms used by the Income Tax Department in India to declare net tax liabilities, claim tax deductions, and report gross taxable income. It must be filed by firms, HUFs, and self-employed or salaried individuals before the due date determined by the taxpayer's income and category. The Income Tax Department has made it mandatory for all taxpayers to link their Aadhaar card with their PAN. There are 7 types of ITRs, of which ITR-1 can be filed by a resident individual with total income not exceeding 50 lakh, and income from sources such as salary, house property, family pension, agricultural income, savings account interest, and more. Certain taxpayers, such as NRIs, those with total income exceeding 50 lakh, and those earning from lottery, racehorses, etc. are not allowed to file ITR-1.

According to reports, Wipro has some 20,500 employees across the US, Canada, Mexico and Brazil (Bloomberg file photo)

In 'isolated incident’, Wipro lays off 120 employees in Tampa, US: Reports

Wipro has laid off 120 employees in the United States, citing a ?realignment in business needs?. The company has also terminated 452 freshers in India, with some candidates being asked to join at a lower package than originally agreed. Wipro stated that all other employees in the Tampa area are unaffected and that it remains deeply committed to the region.

Biollionaire Gautam Adani. (File)

Adani Group halts work on 34,900 crore petrochemical project at Mundra after Hindenburg crisis

Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller. The group has shot off mails to vendors and suppliers to "suspend all activities" on immediate basis and re-evaluate various projects based on future cashflow and finance available. The group has denied all allegations levelled by Hindenburg, and is hoping to claw back and calm jittery investors and lenders through a comeback strategy.

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