<ul><li>A rise in crude oil prices due to the Russia-Ukraine war spells more trouble for the <keyword id="6355302" type="General" weightage="100" keywordseo="rupee" source="Orion">rupee</keyword> and the Indian economy. </li><li>While India’s central bank maintained that it won’t let a runaway decline in rupee take place, analysts predict that a fall to ₹81 a dollar is on the cards. </li><li>For the average Indian, this could mean that a respite from inflation might take a lot longer than they would have hoped for. </li></ul>As if a seemingly unending surge in inflation and rising petrol prices were not enough, experts now predict that the rupee might see a further decline, sliding to as low as ₹81 in the next 5-6 months. This is in spite of the Indian central bank’s conviction and actions to stall a freefall. The central bank has been firefighting to keep the rupee from falling. In May, it used India’s huge stockpile forex reserves to prevent the rupee from hitting the ₹77.5 level against the US dollar. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> governor Shaktikanta Das too <a href="https://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/GOVERNORCNBC368CE29E1BEB436AA753460CE776C9B1.PDF">said</a> that the bank won’t let a runaway decline of the rupee happen. <cmsannotation type="cmsannotation" annotationid="Rupee at ₹81 – is but a modest depreciation" comment="subhead" text="Rupee at ₹81 – is but a modest depreciation">Rupee at ₹81 – is but a modest depreciation</cmsannotation> As of June 6, the rupee stands at ₹77.66 against the US dollar. Experts believe this could worsen a lot more in the coming months, but some suggest that this is a “modest depreciation”. <div type="Article" hostid="261" msid="92029328" title="Why a rate hike is not all bad news for you – and how you can take advantage of rising interest rates" mstype="2" mssubtype="0"></div> “A grind higher for <keyword id="514864" type="General" weightage="20" keywordseo="usd/inr" source="Orion">USD/INR</keyword> from here toward 80 in the next couple of months is not a big ask. Nor do I think ₹80 is a runaway depreciation by any metric. It’s a very modest adjustment of a currency with deteriorating fundamentals,” <a href="https://timesofindia.indiatimes.com/business/india-business/rupee-may-fall-to-a-new-record-low-on-worsening-current-account/articleshow/92027886.cms">said</a> Rohan Arora, emerging markets Asia strategist at UBS. As per analysts, the underlying fundamentals of the Indian economy have deteriorated, which should be a bigger cause for concern for the government as well as us. “We have been a little more bearish than consensus because we think the underlying balance of payments dynamics have deteriorated quite significantly,” said Divya Devesh, head of ASEAN and South Asia forex research at Standard Chartered, Singapore. Overall, between Nomura, Standard Chartered and Bloomberg Economics, the rupee could fall to as low as ₹81 come November. It remains to be seen how well India’s central bank manages this, or if it is able to turnaround the Indian economy’s fortunes. <cmsannotation type="cmsannotation" annotationid="How does a falling rupee affect the common man?" comment="subhead" text="How does a falling rupee affect the common man?">How does a falling rupee affect the common man?</cmsannotation> Inflationary pressures and a declining value of rupee mean that everything we import in the country is now more expensive than before. While a declining rupee increases the value of exports, it similarly also increases the cost of imports. Since India has a deficit of over $100 billion in foreign trade – where imports are higher than exports – and it is heavily dependent on import of crude oil, this creates a feedback loop wherein a declining rupee makes petrol and diesel more expensive, which also then increases the cost of everything else because goods need to be transported. Essentially, for a common person like you and I, this can result in a consistently increasing negative impact on our savings. <cmsannotation type="cmsannotation" annotationid="What has triggered this fall in rupee?" comment="subhead" text="What has triggered this fall in rupee?">What has triggered this fall in rupee?</cmsannotation> It all started when the <keyword id="117388" type="General" weightage="50" keywordseo="us-fed" source="Orion">US Fed</keyword> went in for quantitative easing – and printed trillions of dollars to keep its economy from crashing. The end result is that it – <a href="https://www.wsj.com/articles/SB10001424052748704405704576064252782421930">exported inflation</a> to the rest of the world. The US dollar is the world’s reserve currency – it means that the rest of the world uses US dollars which only one country prints. The subsequent rise in inflation has forced central banks around the world to raise interest rates, thereby making it more expensive to borrow. This reduces the liquidity in the market, and people start reallocating their money towards more essential items. The idea is to eventually balance demand and supply of commodities, which should bring prices back in control. The RBI’s current target is to maintain inflation in the 4-6% range. To do that, and also maintain the <keyword id="109488" type="General" weightage="20" keywordseo="rupee-value" source="Orion">Rupee value</keyword> when international commodity prices are still high, is but a tightrope walk. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/dmart-owner-radhakrishna-damani-loses-5-bn-as-even-essentials-become-too-expensive-for-indians/articleshow/92031475.cms">DMart owner Radhakrishna Damani loses $5 bn as even essentials become too expensive for Indians</a> <a href="https://www.businessinsider.in/business/corporates/news/indian-corporates-made-a-full-comeback-with-111-billion-profits-but-the-same-cant-be-said-for-2023/articleshow/92033485.cms">Indian corporates made a full comeback with $111 billion profits, but the same can’t be said for 2023</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-1-display-specifications-leaked-ahead-of-launch-heres-everything-we-know-so-far/articleshow/92029049.cms">Nothing phone (1) to launch this week – everything we know so far about the device</a>

Indian rupee is all set for a dark winter – could fall to ₹81 a dollar

With the <keyword id="9306575" type="UNKNOWN" weightage="20" keywordseo="sudden-spike">sudden spike</keyword> in coronavirus cases, the <keyword id="6360078" type="PERSON" weightage="20" keywordseo="chandigarh">Chandigarh</keyword> administration on Tuesday announced night <keyword id="23410" type="PERSON" weightage="20" keywordseo="Curfew">curfew</keyword> in the city from 10 p.m. to 5 a.m. daily Only essential services will be allowed to function during the curfew, an official release said. However, no gatherings will be allowed during the curfew and all restaurants must shut down by 10 p.m. <keyword id="6354953" type="LOCATION" weightage="20" keywordseo="punjab">Punjab</keyword> Governor V.P. Singh Badnore, who is also the Administrator of Chandigarh, took the decision in this regard at a high-level meeting presided over by him. Postgraduate Institute of Medical Education and Research's (PGIMER) G.D. Puri said the hospital has tested 17,000 samples, out of which 1,900 were found <keyword id="6439681" type="UNKNOWN" weightage="20" keywordseo="positive">positive</keyword>. The positivity rate was 11.2 per cent. He said the hospital has admitted 170 positive patients, out of which 50 per cent belong to Punjab, 25 per cent to Chandigarh and remaining to other states. Director Health Services Amandeep Kang said they have conducted 31,394 tests and the positivity rate was 12.7 per cent. In March, the positivity rate was 9.1 per cent, the fatality rate 0.5 per cent and the recovery rate 87.3 per cent. The Administrator directed the police to ensure strict implementation of the night curfew. He favoured stricter measures like weekend curfew and closure of Apni Mandis and other crowded places, if the residents failed to follow the appropriate Covid-19 protocols. SEE ALSO: <a href="https://www.businessinsider.in/business/news/restaurants-in-maharashtra-are-staring-at-a-slow-death-as-another-lockdown-threatens-to-kill-their-business/articleshow/81924727.cms">Maharashtra restaurant owners fear the current lockdown could be the final nail in the coffin for their business</a> <a href="https://www.businessinsider.in/science/space/news/earth-isnt-the-only-planet-with-rain-and-it-could-be-the-key-to-finding-a-habitable-planet-outside-the-solar-system/articleshow/81926108.cms">Raindrops on other planets could be key in search for life beyond the solar system</a> <a href="https://www.businessinsider.in/retail/news/at-least-one-in-three-dmart-stores-are-in-maharashtra-and-that-is-squeezing-radhakishan-damani-fortunes/articleshow/81928702.cms">At least one in three DMart stores are in Maharashtra and that is squeezing Radhakishan Damani’s fortunes</a>

Night curfew announced in Chandigarh from 10 pm to 5am

The number of <keyword id="8873443" type="UNKNOWN" weightage="20" keywordseo="New-coronavirus-cases">new coronavirus cases</keyword> in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> hit a <keyword id="6385420" type="UNKNOWN" weightage="20" keywordseo="record">record</keyword> daily high since the outbreak of the pandemic with over 1.15 lakh new <keyword id="6418348" type="UNKNOWN" weightage="20" keywordseo="infections">infections</keyword> being reported in a span of 24 hours, pushing the nationwide COVID-19 tally to 1,28,01,785, according to the <keyword id="83655" type="COMPANY" weightage="20" keywordseo="Union-health-ministry">Union Health Ministry</keyword> data updated on Wednesday. The single-day rise in coronavirus cases breached the 1-lakh mark for the second time in three days. A total of 1,15,736 infections were reported in a day, while the death toll increased to 1,66,177 with 630 daily new fatalities, the data updated at 8 am showed. Registering a steady increase for the 28th day in row, the active cases have increased to 8,43,473 comprising 6.59 per cent of the total infections, while the recovery rate has further dropped to 92.11 per cent, the data stated. The active caseload was at its lowest at 1, 35,926 on February 12 comprising 1.25 per cent of the total infections. The number of people who have recuperated from the disease surged to 1,17,92,135, while the case fatality rate has further dropped to 1.30 per cent, the data stated. India's COVID-19 tally had crossed the 2 million mark on August 7, 3 million on August 23, 4 million on September 5 and 5 million on September 16.It went past 6 million on September 28, 7 million on October 11, crossed 8 million on October 29, 9 million on November 20 and surpassed the one-crore mark on December 19. According to the ICMR, 25,14, 39,598 samples have been tested up to April 6 with 12,08, 339 samples being tested on Tuesday. SEE ALSO: <a href="https://www.businessinsider.in/business/news/restaurants-in-maharashtra-are-staring-at-a-slow-death-as-another-lockdown-threatens-to-kill-their-business/articleshow/81924727.cms">Maharashtra restaurant owners fear the current lockdown could be the final nail in the coffin for their business</a> <a href="https://www.businessinsider.in/science/space/news/earth-isnt-the-only-planet-with-rain-and-it-could-be-the-key-to-finding-a-habitable-planet-outside-the-solar-system/articleshow/81926108.cms">Raindrops on other planets could be key in search for life beyond the solar system</a> <a href="https://www.businessinsider.in/retail/news/at-least-one-in-three-dmart-stores-are-in-maharashtra-and-that-is-squeezing-radhakishan-damani-fortunes/articleshow/81928702.cms">At least one in three DMart stores are in Maharashtra and that is squeezing Radhakishan Damani’s fortunes</a>

India records 1,15,736 new COVID-19 cases and 630 fatalities in last 24 hours, crossing 1-lakh mark second time in three days

Nursing mothers who receive a <keyword id="8904563" type="UNKNOWN" weightage="20" keywordseo="covid-19-vaccine">Covid-19 vaccine</keyword> may pass protective <keyword id="102007" type="TECHNOLOGY" weightage="20" keywordseo="Antibodies">antibodies</keyword> to their babies through <keyword id="29754" type="PERSON" weightage="20" keywordseo="Breast-milk">breast milk</keyword> for at least 80 days following <keyword id="54639" type="ORGANIZATION" weightage="20" keywordseo="vaccination">vaccination</keyword>, suggests a small <keyword id="6355244" type="UNKNOWN" weightage="20" keywordseo="study">study</keyword>. The findings showed that breast milk contained elevated levels of the IgA and IgG antibodies -- antibodies deployed by the immune system to fight infections in babies -- immediately following the first dose of vaccination. Both antibodies reached immune-significant levels within 14 to 20 days of first vaccination in all participants, according to the study, published in the American Journal of Obstetrics and Gynecology. "Our study showed a huge boost in antibodies against the Covid-19 virus in breast milk starting two weeks after the first shot, and this response was sustained for the course of our study, which was almost three months long," said lead author Jeannie Kelly, Assistant Professor of obstetrics and gynecology at Washington University School of Medicine in St Louis, the US. "The antibodies levels were still high at the end of our study, so the protection likely extends even longer," Kelly added. The study involved five mothers who provided frozen breast milk samples after receiving the two-dose Pfizer-BioNTech coronavirus vaccine. They were tracked for antibodies before the first vaccinations and on a weekly basis for 80 days after it. "Our study is limited by a small number of participants, but the findings provide encouraging news about the potential immune benefit to breast-feeding infants after vaccination," said Misty Good, Assistant Professor of pediatrics, at the Washington University. The findings provides some of the first peer-reviewed evidence that breastfeeding confers a long-lasting immune response in the nursing infants and toddlers of vaccinated mothers, the researchers said. While further studies of maternal Covid-19 vaccination are needed to characterize the length of antibody production in breast milk and the effect on infant infection rates, recent research continues to confirm that the Covid-19 vaccine offers real benefits for protecting both mother and child. SEE ALSO: <a href="https://www.businessinsider.in/business/news/restaurants-in-maharashtra-are-staring-at-a-slow-death-as-another-lockdown-threatens-to-kill-their-business/articleshow/81924727.cms">Maharashtra restaurant owners fear the current lockdown could be the final nail in the coffin for their business</a> <a href="https://www.businessinsider.in/science/space/news/earth-isnt-the-only-planet-with-rain-and-it-could-be-the-key-to-finding-a-habitable-planet-outside-the-solar-system/articleshow/81926108.cms">Raindrops on other planets could be key in search for life beyond the solar system</a> <a href="https://www.businessinsider.in/retail/news/at-least-one-in-three-dmart-stores-are-in-maharashtra-and-that-is-squeezing-radhakishan-damani-fortunes/articleshow/81928702.cms">At least one in three DMart stores are in Maharashtra and that is squeezing Radhakishan Damani’s fortunes</a>

Nursing mothers who have taken COVID-19 vaccines may pass antibodies to their babies for 80 days after vaccination, says study

<ul><li><keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has lifted the ban on <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> from issuing new credit cards.</li><li>In December 2020, India’s apex bank had barred HDFC Bank from launching any digital services along with a ban on sourcing new credit card customers.</li><li>The ban on launching any digital services or products continues for the lender.</li></ul>The Reserve Bank of India (RBI) has partially lifted its technology ban on the leading private sector lender HDFC Bank after eight months. The banking regulator has finally allowed the lender to issue credit cards to new customers. In December last year, the RBI had barred HDFC Bank from launching any new digital products or services and issuing credit cards to new customers till the bank resolves its technical issues. The private sector lender was penalised for repeated instances of outages in its internet banking, mobile banking and payment utilities over the past 2 years. Now after eight months, the RBI has lifted the ban on credit card issuance, but has kept the restrictions on all new launches of the digital business until further notice. Shares of the bank gained 2% on Wednesday morning as investors cheered the move. At 1:15 p.m., on August 18, the stock was up 0.7% at ₹1,525.25. <div type="image" title="hdfc chart 2" height="900" width="1200" msid="85424794" hostid="261"></div> “The restrictions on all new launches of the digital business generating activities planned under Digital 2.0 will continue till further review by RBI. We will continue to engage with RBI and ensure compliance on all parameters,” said the bank in a stock exchange filing on Wednesday. Since the RBI had barred the bank from issuing credit cards to new customers, the lender made a strategy to sell credit cards to existing customers. “In the credit card business, the RBI, through its order dated December 2, 2020, advised your Bank against sourcing new credit card customers. Your Bank subsequently recalibrated its strategy and began selling more to existing customers of the Bank. Credit cards constitute about 6% of the overall bank book,” said HDFC Bank in its annual report. The strategy may have helped the bank to be the leader in credit card business. HDFC Bank continues to be the market leader with 1.48 crore outstanding credit cards as of June 2021, as per latest RBI data. The second largest leader in this business is State Bank of India with 1.20 crore of credit card customer base as on June 2021. Meanwhile, ICICI bank has buckled up its shoes and has been growing its credit card business since December last year. ICICI bank has increased its credit card base from 99.11 lakh in December to 1.10 crore in June. It has the third largest credit card customer base. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 5 banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit card customer base as on June </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 1.48 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 1.20 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 1.10 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 71.36 lakh </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 23.55 lakh </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/dmart-owner-radhakishan-damani-enters-the-bloombergs-100-richest-people-in-the-world-list/articleshow/85423396.cms">DMart owner Radhakishan Damani enters the Bloomberg's 100 richest people in the world list</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/investing-in-gold-if-you-dont-want-to-buy-jewellery-or-bars-there-are-several-ways-to-do-it-digitally/articleshow/85421865.cms">Investing in gold: If you don’t want to buy jewellery or bars, there are several ways to do it digitally</a>

HDFC Bank remains the market leader despite an eight-month ban on selling new credit cards

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has generated a good number of billionaires, many of them even ranking substantially among the richest persons in the world. Hailing from a variety of industry backgrounds, Indian billionaires have helped build the country’s economy in a significant way. Wealth is bound to fluctuate under the volatile market conditions, especially since most billionaires have their fortune invested in publicly traded stocks. Here is the latest ranking of 10 richest persons in India in 2022 as per ‘The World’s Real Time Billionaires 2022’ published by Forbes. <cmsannotation type="cmsannotation" annotationid="1. Gautam Adani and family" comment="subhead" text="1. Gautam Adani and family">1. Gautam <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> and family</cmsannotation> India’s first richest person, Gautam Adani &amp; family has a staggering net worth of $135.8 billion. Gautam Adani controls the Mundra Port, which is the largest in Gujarat. Adani Group has its interests spread across sectors like power generation and transmission, real estate, commodities and infrastructure. In September 2020, Adani acquired a 74% stake in the second busiest airport of India, the Mumbai International Airport. Adani also owns a coal mining project in Australia known as Abbot Point. <cmsannotation type="cmsannotation" annotationid="2. Mukesh Ambani" comment="subhead" text="2. Mukesh Ambani">2. Mukesh <keyword id="10924" type="General" weightage="20" keywordseo="ambani" source="Orion">Ambani</keyword></cmsannotation> Scoring tenth place among the richest persons in the world in 2022, Mukesh Ambani has $91 billion in net worth. The founder and chairman of Reliance Industries has his interests across petrochemicals, oil and gas, retail and telecom. The launch of 4G phone services in the Indian telecom market by Reliance in 2016 spiked a price war creating strong whirls and sending several networks out of business. During the COVID-19 lockdown period, Mukesh Ambani sold one third of Jio to some investors like Google and Facebook raising over $20 billion. <cmsannotation type="cmsannotation" annotationid="3. Shiv Nadar" comment="subhead" text="3. Shiv Nadar">3. <keyword id="44903" type="General" weightage="50" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword></cmsannotation> Shiv Nadar, the cofounder of HCL ranks in the third place among India’s richest billionaires with his wealth estimated at $25.5 billion in 2022. HCL started in 1976 manufacturing calculators and microprocessors and today it is among the largest providers of software services in the country with a $102 billion revenue. HCL technologies has employed 169,000 people across 50 countries. After Shiv Nadar stepped down as the CEO of HCL in 2020, his daughter occupied his seat. Shiv Nadar is currently chairman emeritus. A leading philanthropist in the country, he has given away over $662 million to Shiv Nadar Foundation to support causes related to education. <cmsannotation type="cmsannotation" annotationid="4. Cyrus Poonawalla" comment="subhead" text="4. Cyrus Poonawalla">4. Cyrus Poonawalla</cmsannotation> Cyrus Poonawalla’s net worth stands at $21.6 billion making him the fourth richest person in India in 2022. He founded Serum Institute of India in 1966, which is today the largest vaccine maker in the world in terms of doses. The firm produces more than 1.5 billion doses of a variety of vaccines for flu, polio and measles. His son Adar is the CEO of Serum which has also invested around $800 million to build a new factory producing Covid-19 vaccines. <cmsannotation type="cmsannotation" annotationid="5. Radhakishan Damani" comment="subhead" text="5. Radhakishan Damani">5. Radhakishan Damani</cmsannotation> Radhakishan Damani’s $17.7 billion net worth places him in the fifth place among India’s richest persons. The champion of Avenue Supermarket, he became the retail king of the country after the supermarket chain completed the I|PO in March 2017. He started retailing in India with just one supermarket in the suburb of Mumbai. Now the retail chain has over 221 DMart stores across the country. Damani has his stakes in other businesses like the tobacco firm VST and India Cements. He owns the 156-room <keyword id="3532545" type="General" weightage="50" keywordseo="radisson-blu-resort" source="Orion">Radisson Blu Resort</keyword> in Alibag, which is a famous beachfront getaway near Mumbai. <cmsannotation type="cmsannotation" annotationid="6. Savitri Jindal and family" comment="subhead" text="6. Savitri Jindal and family">6. Savitri Jindal and family</cmsannotation> With their $17.3 billion net worth in 2022, Savitri Jindal and family occupy the sixth position among the richest persons in India. The interests of Jindal Group range across power, cement, infrastructure and steel. The group is now chaired by Savitri Jindal, widow of Om Prakash Jindal who founded the Jindal Group. In 2005, Om Prakash Jindal died in a helicopter crash after which the group’s firms were divided under his four sons. <cmsannotation type="cmsannotation" annotationid="7. Dilip Shanghvi" comment="subhead" text="7. Dilip Shanghvi">7. Dilip <keyword id="2739999" type="General" weightage="50" keywordseo="shanghvi" source="Orion">Shanghvi</keyword></cmsannotation> Dilip Shanghvi’s $16.2 billion net worth places him in the seventh position among the country’s richest persons in 2022. In 1983, his father gave him $200 to start Sun Pharma manufacturing psychiatric drugs. Today, the firm is among the nation’s leaders in pharmaceutical supplies with an annual revenue of $4.5 billion. Sun Pharma grew through several acquisitions and the notable one was the purchase of Ranbaxy Laboratories in 2014 in a deal worth $4 billion. Over the recent past, Shanghvi has also invested in oil and gas and renewable energy. <cmsannotation type="cmsannotation" annotationid="8. Lakshmi Mittal" comment="subhead" text="8. Lakshmi Mittal">8. Lakshmi <keyword id="6367997" type="General" weightage="80" keywordseo="mittal" source="Orion">Mittal</keyword></cmsannotation> The eighth rank in the list of India’s richest persons in 2022 is scored by Lakshmi Mittal who has a net worth of $15.9 billion. He is the chairman of ArcelorMittal, the largest steel and mining company of the world in terms of output, generating $53.3 billion in revenue. In 2019, Arcelor and Nippon Steel acquired Essar Steel, earlier controlled by billionaires Ravi Ruia and Shashi. After ceding the firm’s CEo position to his son Aditya Mittal, Lakshmi Mittal continues to be Arcelor Mittal’s executive chairman. <cmsannotation type="cmsannotation" annotationid="9. Sunil Mittal and family" comment="subhead" text="9. Sunil Mittal and family">9. <keyword id="6358599" type="General" weightage="50" keywordseo="sunil-mittal" source="Orion">Sunil Mittal</keyword> and family</cmsannotation> The ninth place in the list of India’s top 10 richest persons is occupied by Sunil Mittal with his $15.7 billion net worth. Founder and chairperson of Bharti Enterprises, <keyword id="6442632" type="General" weightage="50" keywordseo="sunil-bharti-mittal" source="Orion">Sunil Bharti Mittal</keyword>, a first-generation entrepreneur is the owner of India's second largest telecom company – Bharti Airtel. Mittal is also known to work towards educating India through the Bharti Foundation, the philanthropic arm of Bharti Enterprises. <cmsannotation type="cmsannotation" annotationid="10. Kumar Birla" comment="subhead" text="10. Kumar Birla">10. Kumar Birla</cmsannotation> Kumar Birla is the tenth richest person in India with his $15.1 billion net worth. Known as the commodities king, he is the head of the Aditya Birla Group making $46 billion in revenue. The group has its interests in aluminum and cement besides offering telecom and financial services too. In August 2021, Kumar Birla stepped down as the chairman of Vodafone India, a debt strapped firm after which Idea Cellular and Vodafone India merged in 2018.

Top 10 richest persons in India in 2022

<ul><li>The 30-share BSE index Sensex was up 434 points, and the NSE Nifty was trading 0.94% higher at 9:52 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened higher on Monday, as hopes of a US fiscal package and expectations of a COVID-19 vaccine by the end of this year kept investors optimistic globally. The 30-share BSE index Sensex was up 434 points, and the NSE Nifty was trading 0.94% higher at 9:52 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divis Lab </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NTPC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td></tr></tbody></table>*as of October 19, 09:50 am These are the top stocks in news today. Dewan Housing Finance Corporation (DHFL) leaps 10% The shares of DHFL were<a href="https://www.businessinsider.in/business/corporates/news/adani-group-piramal-among-4-bidders-for-dhfl-lenders-stare-at-over-60000-crore-write-off/articleshow/78740854.cms"> trading 10% after news reports surfaced</a> that Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-headquartered SC Lowy are the four entities that have placed bids for the first financial services player DHFL, which is undergoing an insolvency process. Jet Airways locked in 5% upper circuit The shares of cash strapped Jet Airways were locked in a 5% upper circuit in minutes after market opening as the company secured new owners. The airline-approved the resolution plan submitted by London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan to acquire the business. Tata Communications locked in 5% upper circuit The shares of Tata Communications were locked in 5% upper circuit after it reported around seven-fold jump in its consolidated net profit to ₹384.81 crore for the second quarter ended September 30. Its consolidated revenue grew 4.5% to ₹4,477.18 crore during the quarter. Avenue Supermarts gains over 3% Radhakishan Damani-led, D-Mart retail chain operator, Avenue Supermarts gained over 3% on Monday. The rally came after the saw its profit grow five-fold compared to the sequential quarter amid easing of lockdown restrictions. However, the profit growth was 38.5% down compared to the same period last year. HDFC Bank opens 2% higher The shares of India’s largest private sector lender, HDFC Bank opened 2% higher on Monday. The bank reported <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-increases-provisions-for-bad-loans-as-impact-of-covid-19-continued-to-bear-down-in-second-quarter/articleshow/78719656.cms">an 18.4% year-on-year (y-o-y) </a>growth in profit at ₹7,513.11 crore for the quarter ended September 30. DLF up over 2% The shares of commercial real estate developer, DLF gained over 2% after its rental arm DCCDL has raised ₹2,400 crore debt from India’s largest lender SBI to refinance its existing debt and fund future expansion plans. SEE ALSO: <a href="https://www.businessinsider.in/international/news/20-charts-explain-why-indian-americans-are-more-likely-to-vote-for-joe-biden-in-2020-us-presidential-election/slidelist/78717893.cms" data-type="tilCustomLink">20 charts that explain why Indian Americans are more likely to vote for Joe Biden in the 2020 US Presidential Election</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-avenue-supermarts-jet-airways-ril-airtel-vodafone-idea-tata-communications-hdfc-bank-and-others/articleshow/78740639.cms" data-type="tilCustomLink">Top stocks to watch — Avenue Supermarts, Jet Airways, RIL, Airtel, Vodafone-Idea, Tata Communications, HDFC Bank and others</a> <a href="https://www.businessinsider.in/politics/world/news/pelosis-office-says-the-latest-coronavirus-stimulus-talk-with-mnuchin-had-encouraging-news-on-testing/articleshow/78734327.cms">Pelosi's office says the latest coronavirus stimulus talk with Mnuchin had 'encouraging news on testing'</a> <a href="https://www.businessinsider.in/defense/news/india-china-militaries-to-hold-eighth-round-of-talks-over-border-dispute/articleshow/78735795.cms" data-type="tilCustomLink">India, China militaries to hold eighth round of talks over border dispute</a>

Top stock movers — DHFL, Jet Airways, Avenue Supermarts, HDFC Bank, DLF, Tata Communications and others

<ul><li>Even before the coronavirus outbreak, Indian economy has been slowing down which has led <keyword id="390386" type="PERSON" weightage="20" keywordseo="Indian-billionaires">Indian billionaires</keyword> to collectively lose 23% of their net worth. </li><li>Mukesh Ambani is still the richest man in India with a networth of $36.8 billion though he fell to 21st rank from the tenth rank he held earlier, globally. </li><li>The other billionaires who lost wealth include Uday Kotak, Gautam Adani, and Shiv Nadar. Radhakishan Damani and Sunil Bharati Mittal were the only exceptions.</li></ul>The Covid-19 outbreak and slowdown has cost many people their salaries, jobs and much more. Indian billionaires are not immune to it either. Collectively all of India’s 102 billionaires lost $93 billion - or a quarter of their wealth. Indian billionaires are now worth $313 billion as opposed to $406 billion last year - that is 23% lower than what they held last year. “The COVID-19 pandemic was a double whammy for India’s billionaires, whose fortunes had already taken a hit from a slowing economy and falling consumer demand. Even before India went into a total lockdown at the end of March, its stock market had plunged to a three-year low as of March 18, the date we finalized this year’s list,” <a href="https://www.forbes.com/sites/naazneenkarmali/2020/04/07/indias-10-richest-billionaires-in-2020/#498bb74b7c23">reported Forbes</a>. As all Indian billionaires lost, Mukesh Ambani could retain his title as India’s richest man. But his net worth slumped to $36.8 billion from $50 billion earlier, which made him lose his global ranking. He is now the 21st richest man in the world as opposed to 9th richest man earlier. Many other billionaires including Uday Kotak, Cyrus Poonawalla, and Shiv Nadar lost over a billion dollars each. Radhakishan Damani of DMart and Sunil Bharati Mittal were the only exceptions. Damani is now the second richest man in India. His net worth rose by a quarter to $13.8 billion from $11.1 billion earlier after shares of Avenue Supermarts surged 31% between January 1 and February 18. But slowdown is not the only reason why many billionaires lost their wealth. This number was greatly affected by generosity, and mostly from one person. Tech tycoon <a href="https://www.businessinsider.in/india/news/azim-premji-foundation-and-wipro-donate-1125-crore-to-fight-coronavirus-pandemic/articleshow/74927786.cms">and owner of Wipro Azim Premji donated 73% of his wealth</a>, reducing the collective net worth by a substantial amount. Here are the latest set of 10 richest people in India and net worth, according to Forbes Note: All the net worth are current estimates as of March 18, 2020 <ol><li>Mukesh Ambani, Chairman and managing director of Reliance Industries <div type="image" title="3500BF99-ADA7-4187-AFC5-5DF385AB4058" msid="75045524" hostid="261"></div></li></ol>Net worth 2020: $36.8 billion Networth 2019: $50 billion Residence: Mumbai Source of wealth: Petrochemicals, Oil &amp; Gas 2. Radhakishan Damani, Founder of Avenue Supermart <div type="image" title="06C7A9DE-52BF-4316-9635-5EEC5EA4890C" msid="75045582" hostid="261"></div> Net worth 2020: $13.8 billion Net worth 2019: $11.3 billion Residence: Mumbai Source of wealth: Retail, Investments 3. Shiv Nadar, Founder and chairman of HCL <div type="image" title="C8AD9138-2839-45DC-8C94-46256308BFCB" msid="75045592" hostid="261"></div> Net worth 2020: $11.9 billion Net worth 2019: $14.6 billion Residence: Delhi Source of wealth: Software Services 4. Uday Kotak, Executive VC and MD of Kotak Mahindra Bank <div type="image" title="ABC9EE1B-76CF-4463-B54C-B7457AC758DE" msid="75045640" hostid="261"></div> Net worth 2020: $10.4 billion Net worth 2019: $11.8 billion Residence: Mumbai Source of wealth: Banking 5. Gautam Adani, Chairman and founder of the Adani Group <div type="image" title="A6E80505-C2D3-48CC-A228-08FEBD998BA9" msid="75045766" hostid="261"></div>Net worth 2020: $8.9 billion Net worth 2019: $8.7 billion Residence: Ahmedabad Source of wealth: Commodities, Ports 6. Sunil Mittal, Founder and chairman of Bharti Enterprises <div type="image" title="4A9E7EB2-CF33-4723-876C-21F540D987DC" msid="75045796" hostid="261"></div> Net worth 2020: $8.8 billion Net worth 2019: $6.5 billion Residence: Delhi Source of Wealth: Telecom 7. Cyrus Poonawalla, Chairman of Poonawalla Group <div type="image" title="248E9904-19C2-413C-8FD5-C86D30E8A0F3" msid="75045921" hostid="261"></div> Net worth 2020: $8.2 billion Net worth 2019: $9.5 billion Residence: Pune Source of wealth: Vaccines 8. Kumar Mangalam Birla, Chairman of the Aditya Birla Group <div type="image" title="5E1CAFDB-A6D1-46A9-B3D1-EE21862E28BD" msid="75045951" hostid="261"></div>Net worth 2020: $7.6 billion Net worth 2019: $11.1 billion Residence: Mumbai Source of wealth: Commodities 9. Lakshmi Mittal, Chairman and CEO of ArcelorMittal <div type="image" title="12A0597E-8231-43FA-99BB-19EBDEDFE9D4" msid="75045988" hostid="261"></div>Net worth 2020: $7.4 billion Net worth 2019: $10.5 billion Residence: London Source of wealth: Steel 10. Azim Premji , Chairman of Wipro (rank tied with Dilip Sanghvi), <div type="image" title="7BC8A475-B3D0-4213-8014-2D33120E441B" msid="75046024" hostid="261"></div> Net worth 2020: $6.1 billion Net worth 2019: $22.6 billion Residence: Bangalore Source of wealth: Software Services 10. Dilip Shanghvi, Founder Sun Pharmaceuticals <div type="image" title="Dilip_Shanghvi1" msid="75046063" hostid="261"></div>Net worth 2020: $6.1 billion Net worth 2019: $7.6 billion Residence: Mumbai Source of Wealth: Pharmaceuticals <a href="https://www.businessinsider.in/politics/india/news/mukesh-ambani-drops-11-places-in-forbes-rich-list-after-coronacrash-is-now-the-21st-richest-man/articleshow/75040009.cms" data-type="tilCustomLink">Mukesh Ambani drops 12 places in Forbes rich list after Coronacrash — is now the 21st richest man in the world</a>

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Indian rupee is all set for a dark winter – could fall to ₹81 a dollar

Rounak Jain

Night curfew announced in Chandigarh from 10 pm to 5am

IANS

India records 1,15,736 new COVID-19 cases and 630 fatalities in last 24 hours, crossing 1-lakh mark second time in three days

PTI

Nursing mothers who have taken COVID-19 vaccines may pass antibodies to their babies for 80 days after vaccination, says study

IANS

HDFC Bank remains the market leader despite an eight-month ban on selling new credit cards

Bhakti Makwana

Top 10 richest persons in India in 2022

BI India Bureau

Top stock movers — DHFL, Jet Airways, Avenue Supermarts, HDFC Bank, DLF, Tata Communications and others

Navdeep Yadav

Indian billionaires lost $93 billion in a year as Covid-19 and slowdown ate into their wealth

Preeti Soni