Mukesh Ambani has regained his spot as Asia's richest person after rival Gautam Adani tumbled to No. 24, Forbes said in its Billionaire 2023 list released on Tuesday.

"Adani was the world's third-richest person on January 24, when he was worth nearly USD 126 billion. A report issued by US short-seller Hindenburg Research later that day, however, sent his companies' shares plummeting," Forbes said.

Shares of Larsen & Toubro (L&T) moved higher by nearly 3 per cent to Rs 2,228.90 on the BSE in Wednesday’s intra-day trade after the company announced it won mega orders for its hydrocarbon business.

The engineering and construction company, however, did not provide the exact value of the contract, but specified that as per its classification, a mega project is of over Rs 7,000 crore.

The Reserve Bank of India (RBI) has raised the policy repo rate by 250 basis points (bps) in the last financial year. The repo rate was 4 per cent in May 2022 and it was subsequently raised to 6.5 per cent by February 2023.

However, private banks have been slower in hiking the interest rates on new loans as compared to public sector banks and foreign banks, according to a report in Businessline (BL).

In the quarter ending March 2023, Paytm recorded a 40 per cent rise in the Gross Merchandise Value (GMV) as compared to the same quarter last year. From Rs 2.59 trillion in Q4FY22, the GMV rose to Rs 3.62 trillion in Q4FY23, the company said in an exchange filing on Wednesday.

The value of total loans disbursed jumped 253 per cent from Rs 3,553 crore in Q4FY22 to Rs 12,554 crore in Q4FY23.

Maharashtra has reported eight Covid-19 deaths so far in April, with case fatality touching 1.82 percent in the state.

On Tuesday the state reported 711 new cases and four Covid19 deaths, according to the Public Health Department. This is a 186 percent increase from Mondays 248 fresh cases.

The White House has said that the United States acknowledges Arunachal Pradesh as a part of India and strongly opposes unilateral moves to advance territorial claims by renaming places by China.

The United States reacted when China announced Chinese names for 11 more locations in Arunachal Pradesh, which China's neighbour believes is the southern section of Tibet.

IRB Infrastructure Trust (IRB InvIT), a privately placed InvIT sponsored by highway developer IRB Infrastructure, on Monday listed itself with the National Stock Exchange (NSE), the trust announced.
The move came months after the Securities and Exchange Board of India's (SEBI's) guidelines for conversion of private unlisted InvITs into listed ones were issued.

"The valuation of the trust units was determined basis third party evaluation and further endorsed by Trusts’ investors as well. The value ascertained comes to around 16 times FY 24 revenue, which will further keep appreciating with more projects coming in," the trust said.

Edtech giant Byju’s has appointed Ajay Goel as its Chief Financial Officer (CFO). The seasoned global finance professional has been hired to strengthen the company's financial operations, long-term business strategies, and path to profitability.

As CFO, Goel will be responsible for overseeing financial strategy and management for Byju’s. He will work closely with the founders and the senior leadership on strategy development, capital planning and financial analysis.

Gold price fell Rs 330 from yesterday's close during Tuesday's early trade with ten grams of 24-carat gold trading at Rs 59,670, according to the GoodReturns website. Silver prices, on the other hand, declined Rs 500, with 1 kg of the precious metal selling at Rs 74,000. The price of ten grams of 22-carat gold fell Rs 300 to Rs 54,700.

The price of ten grams of 24-carat gold in Mumbai is at par with the price of gold in Kolkata and Hyderabad, at Rs 59,670.

Rents in India’s technology hub of Bangalore have nearly doubled since the start of last year, making it the country’s hottest residential market.

Landlords in the city, often referred to as India’s Silicon Valley, now charge the highest proportion of their property’s value as rent, edging out financial center Mumbai, according to data from market researchers.

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