HDFC Bank begins CEO selection process, submits two names to RBI for approval
HDFC Bank’s board has approved the process to appoint its next Managing Director and CEO, subject to RBI approval. The bank will submit two shortlisted candidates for consideration, along with proposed remuneration details. The move comes ahead of current CEO Sashidhar Jagdishan’s retirement on October 26. The board also approved executive director appointments for Srinivasa Rangan and Jimmy Tata.
Samsung India Begins Layoffs Of 100 Executives Amid Business Pressure
Samsung India has reportedly begun handing termination letters to 80-100 executives across its television and home appliances businesses amid rising costs and margin pressure. The restructuring has affected director-level officials and senior managers, while smartphone operations remain largely spared. Employees leaving under the move may receive severance equivalent to three months’ salary, with additional compensation based on service and tenur
RBI Announces ₹5 Lakh Crore Overnight VRRR Auction After Technical Glitch
The Reserve Bank of India announced an overnight variable rate reverse repo (VRRR) auction worth ₹5 lakh crore on Monday after technical issues disrupted a 30-day auction. Banks had bid for only ₹2.59 lakh crore in the longer-term auction before bidding was shifted to another platform following problems with the RBI’s E-Kuber system, Reuters reported amid the technical disruption.
India Becomes World’s 4th-Largest Fuel Producer, Coal Drives the Record Output
India has emerged as the world’s fourth-largest fuel producer, recording around 1.14 billion metric tonnes in 2024. China topped the list, followed by the US and Russia. Coal accounted for nearly 95% of India’s total output, while crude oil and natural gas contributed the rest. India also has a major refining capacity of around 258.12 million tonnes annually.
Gold, Silver Prices Rise as Rates Reach Fresh Levels
Gold prices in India rose on September 2, with 24-carat gold reaching ₹1,51,328 per 10 grams and silver touching ₹2.28 lakh per kilogram. Gold has remained elevated amid market fluctuations, while silver prices have also climbed. Rates vary across cities due to taxes, local jewellery demand, transportation costs and market conditions.
Apple’s New CEO John Ternus: How Much Will He Earn Compared to Tim Cook?
John Ternus became Apple’s CEO on September 1, succeeding Tim Cook after nearly 15 years. Ternus joined Apple in 2001 and has held several senior hardware roles. Reports suggest he will receive a $58 million compensation package, including a $3 million base salary, $55 million in target stock awards and a one-time $2.5 million RSU grant.
Indian Markets Slide as Iran-US Tensions Send Oil Prices Higher
Indian equities opened sharply lower on Wednesday amid escalating Iran-US tensions and rising crude prices. The Sensex fell nearly 700 points, while the Nifty dropped over 200 points. Brent crude climbed to $96.6 a barrel, raising inflation concerns. Investors remained cautious as fears of prolonged Middle East conflict pressured Asian markets and global investor sentiment.
Gold, Silver Prices Slide; Gold Drops ₹4,453
Gold and silver prices fell sharply on Monday. The price of 10 grams of 24-carat gold declined by ₹4,453 to ₹1,55,125, while 22-carat gold stood at ₹1,42,095. Silver fell by ₹8,437 to ₹2,35,000 per kilogram. Gold is now about ₹21,000 below its January peak, according to the provided data across major Indian cities.
Zomato to Cut 250 Jobs in Hyderabad
Zomato is shutting down its customer support operations in Hyderabad, putting around 250 employees at risk of losing their jobs, according to reports. The move is part of an internal restructuring plan to consolidate support functions at the company’s Gurugram headquarters. Affected employees will reportedly receive their August salary along with compensation equivalent to four months’ pay under the restructuring.
