Silver prices soared to an unprecedented Rs 1,14,875 per kg in futures trading, fueled by robust global cues and a weakening US dollar. Simultaneously, gold futures also experienced gains, climbing to Rs 98,138 per 10 grams amid strong spot market demand.
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Kumar Mangalam Birla, Chairman of Aditya Birla Group, joins the US-India Strategic Partnership Forum's Executive Committee, following his Global Leadership Award. The Aditya Birla Group, the largest Indian greenfield investor in the US with over $15 billion, is committed to expanding its American investments. USISPF leaders welcome Birla's expertise in strengthening US-India business ties and fostering innovation.
Paytm founder Vijay Shekhar Sharma predicts AI's inevitable integration into business, even as CFO. He envisions AI automating tasks, urging focus on core product development as Paytm transitions into an AI-first company. Despite recent layoffs partly due to RBI restrictions, Paytm is innovating with AI, including a rap song expense tracker.
Mercedes-Benz India is set to increase its prices by 1% to 1.5% starting in September. This decision comes as a direct response to the sustained weakness of the Indian rupee against the euro. According to MD and CEO Santosh Iyer, the exchange rate has remained consistently at the 100 INR mark, necessitating the price adjustment to mitigate the financial impact.
CoinDCX is investigating a security breach of an internal operational account, assuring customers that their funds are safe. Blockchain experts detected suspicious fund transfers, estimating a loss of around $44 million. The exchange has isolated the affected account, is working with cybersecurity firms, and will cover the loss from its treasury while tracing the funds.
RBI's new directive allows banks to accept voluntary gold and silver pledges for agricultural and MSME loans up to Rs 2 lakh, even within collateral-free limits. This aims to enhance financial inclusion in rural areas where gold is a liquid asset, enabling faster loan processing and reducing reliance on informal lenders.
Infosys McCamish Systems (IMS) settled with Vermont's Department of Financial Regulation for failing to provide timely information during a cybersecurity incident investigation and delaying notifications to affected parties. IMS will pay a $125,000 penalty without admitting violations. This follows a $17.5 million settlement in March to resolve class-action lawsuits related to the 2023 breach.
Prime Minister Narendra Modi is set to visit London on July 24 to sign a free trade agreement with the United Kingdom, accompanied by Commerce Minister Piyush Goyal. The FTA, finalized on May 6, aims to boost bilateral trade to $120 billion by 2030 by eliminating duties on key exports and reducing import tariffs.
VinFast Auto India is gearing up for its Indian market entry by partnering with 13 dealer groups to establish 32 dealerships across 27 cities. Aiming for 35 dealerships by 2025, this move supports the launch of VinFast's electric SUVs. Pre-booking for the VF 6 and VF 7 models starts on July 15.
Flipkart has announced a $50 million employee stock buyback plan for approximately 7,000-7,500 employees as it prepares for a potential IPO filing next year. Employees can liquidate up to 5% of vested stock options at $174.32 per option, with disbursal in August 2025.
The Federation of Indian Export Organisations (Fieo) has pinpointed over 300 promising export items to the US, urging tariff reductions. These items, ranging from frozen shrimps to smartphones, are commercially significant and strategically stable.