Category: BUSINESS

New Delhi: Tesla and SpaceX CEO Elon Musk’s net worth rose to nearly $750 billion after a US court reinstated Tesla stock options worth $139 billion.

According to Forbes’ billionaires index, this development has taken Musk closer to become the world’s first trillionaire.

Earlier, the Delaware Supreme Court in the US restored Musk’s 2018 pay package from Tesla, overturning a lower‑court decision that had struck it down as “unfathomable”.

The ruling reverses a 2024 decision that rescinded the package and found that total rescission “leaves Musk uncompensated for his time and efforts over a period of six years,” the 49‑page ruling said, according to reports.

The 2018 package was worth about $139 billion based on Tesla’s closing stock price on Friday, and if Musk exercises all stock options from the pay package, his stake would rise from about 12.4 per cent to 18.1 per cent of an expanded share base.

The 2018 pay deal provided Musk options to buy about 304 million shares at a discounted price if Tesla met specific milestones. Tesla’s board had warned that Musk, the world’s ‍richest person, leading the SpaceX rocket venture, could leave the electric car company if his pay was disrupted.

Earlier this week, the Tesla CEO became the first person ever to surpass $600 billion in net worth over reports that SpaceX was likely to go public. With his company SpaceX reportedly launching a tender offer, valuing the firm at $800 billion, Musk’s net worth has surged by $168 billion to an estimated $677 billion.

SpaceX is aiming for an initial public offering (IPO) next year that may value the firm at around $1.5 trillion. Also, Musk’s 12 per cent stake in electric vehicle maker Tesla is worth $197 billion, excluding stock options.

Moreover, Musk’s xAI Holdings is reportedly in talks to raise new funding at around $230 billion valuation. Musk owns a 53 per cent stake in xAI Holdings, worth $60 billion.

Silver prices retreated from the record levels on Thursday, declining by Rs 751 to Rs 2,06,684 per kg in the futures trade, as traders booked profits amid weak global cues.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery depreciated by Rs 751, or 0.36 per cent, to Rs 2,06,684 per kg. Silver prices had zoomed by Rs 10,078, or 5.10 per cent, to hit a record high of Rs 2,07,833 per kg in the previous session.

Gold prices also eased, with the February contract of the metal falling by Rs 580, or 0.43 per cent, to Rs 1,34,314 per 10 grams.

Analysts said precious metals retreated due to weak global cues.

In international markets, Comex gold futures for February delivery dropped by USD 12.6, or 0.29 per cent, to USD 4,361.3 per ounce. Silver futures for March 2026 delivery fell by USD 1.18, or 1.76 per cent, to USD 65.72 per ounce.

“Gold has made its biggest jump since the 1979 oil crisis in 2025, with prices doubling in the last two years and silver has crossed all barriers, posting gains of more than 120 per cent and breaking USD 65 as well,” Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said.

“Backwardation in silver rises once again, difference in spot and futures rose once again to 50-60 cents, suggesting supply tightness and speculative buying driving prices at such a high pace,” Modi added. The white metal on Wednesday scaled a fresh peak of USD 67.18 per ounce.

“Silver made history by closing at an all-time record high, reaffirming that it’s far more than just a runner-up to gold,” Vijay Kuppa, Chief Executive Officer, InCred Money, said.

He added that investors are no longer viewing silver only through the lens of jewellery or industrial use.

New Delhi: Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.

Speaking at ‘Times Network’s India Economic Conclave 2025‘, Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the Reserve Bank of India (RBI) uses its reserves to intervene in either direction to stop excessive volatility.

“I am not concerned about the rupee at all… Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness,” he said.

The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday.

“So you go back to, for example, when the Japanese economy was growing very, very fast, their exchange rate was kept quite weak. The Chinese had that in the 90s and 2000s till they began to allow the yuan to strengthen.

“So in itself, it (weakening of rupee) does not mean anything, as long as it is not generating domestic inflation, which clearly, it is not,” Sanyal argued.

Since April 2, 2025, when the US announced sweeping tariff hikes across economies, the Indian rupee (INR) has depreciated 5.7 per cent against USD (most amongst the major economies), notwithstanding sporadic phases of appreciation owing to optimism over the US-India trade deal.

Responding to a question on the India-US trade deal, Sanyal said India is pursuing trade negotiations very aggressively with the European Union and the US.

“But let me also be very clear here that as we pursue these, we will have to make decisions where some trade-offs have to be made, but we will work to make sure that they are done to our best national interest,” he said.

So for example, Sanyal said in the case of the US, India has not escalated anything.

“We have been careful not to do that. But at the same time, we have not bent down,” he said, adding that China and India are now only two countries that have not really bent down to the US pressure.

India and the US are “very close” to finalising the framework for their proposed bilateral trade agreement.

The two countries are holding two parallel negotiations — one on a framework trade deal to address the high tariffs and another on a comprehensive bilateral trade agreement (BTA).

These talks are important as the Trump administration has imposed steep 50 per cent tariffs on Indian goods entering American markets. The outcomes will also have a positive influence on the trajectory of the rupee, which has depreciated to lifetime lows lately and also breached the psychologically important 90-to-a-dollar mark.

New Delhi: Fintech firm One97 Communications on Thursday said its subsidiary Paytm Payments Services Limited (PPSL) has received authorisation from the Reserve Bank of India to operate as a Payment Aggregator for physical (offline) payments and cross-border transactions.

The approval is in addition to the authorisation for Online Payment Aggregation already granted by the central bank to PPSL last month.

“Reserve Bank of India (RBI) on December 17, 2025 has authorised Paytm Payments Services Limited (PPSL), a wholly-owned subsidiary of One 97 Communications Limited, to operate as a Payment Aggregator for Physical (offline) payments and Cross-Border transactions (both inward and outward), in addition to the online Payment Aggregator authorisation already granted by RBI on November 26, 2025, under the Payment and Settlement Systems Act, 2007,” Paytm said in a regulatory filing.

With the new license, PPSL now holds Payment Aggregator authorisations across online, offline, and cross-border segments use cases, enabling end-to-end payment aggregation services for merchants.

In November 2020, PPSL applied for a license with the RBI to operate as a payment aggregator under the guidelines on Regulation of Payment Aggregators and Payment Gateways.

However, in November 2022, the RBI rejected PPSL’s application and asked the company to resubmit it, so as to comply with Press Note 3 under FDI rules.

Subsequently, the company filed the required application on December 14, 2022, with the Government of India for the past downward investment from OCL (One97 Communications Ltd) into the company in order to comply with Press Note 3 prescribed under FDI guidelines.

Mumbai: The rupee traded in a narrow range against the US dollar in early trade on Thursday as the support from fresh foreign fund inflows was negated by trade deal uncertainty and risk-off sentiment.

Forex traders said lack of progress in the India-US trade negotiations and strong dollar demand from corporates and importers weighed on the local unit, even as Brent crude prices hovering near USD 60 per barrel supported investor sentiment.

At the interbank foreign exchange market, the rupee opened at 90.35 against the US dollar, then gained some ground and touched 90.32 against the US dollar. In initial trade it also touched 90.38 against the American currency.

On Wednesday, the rupee recovered 55 paise from its all-time low level to close at 90.38 against the greenback.

“The PSU banks were the sellers of dollars on Wednesday on behalf of the RBI. The intervention amount could have been as high as USD 6 billion,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

“We expect the range of 90 to 91.00 on Thursday with 90.25 as support and 90.75 as resistance,” Bhansali added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent higher at 98.41.

Brent crude, the global oil benchmark, was trading higher by 0.67 per cent at USD 60.08 per barrel in futures trade.

On the domestic equity market front, the 30-share benchmark index Sensex was trading 114.06 points lower at 84,445.59, while the Nifty was down 41.10 points at 25,777.45.

Foreign Institutional Investors purchased equities worth Rs 1,171.71 crore on Wednesday, according to exchange data.

Mumbai: The rupee recovered 55 paise from its all-time low level to close at 90.38 (provisional) against the US dollar after a volatile trade on Wednesday, amid suspected aggressive central bank intervention.

Analysts said the rupee’s recent fall against the US dollar was primarily driven by external factors, not domestic economic weakness, and the high volatility in the forex market is expected to persist amid shifting economic and geopolitical cues.

The lack of progress in the US–India trade negotiations and extended selling by foreign portfolio investors have weighed on the sentiment, while Brent crude oil prices hovering near USD 60 per barrel supported the domestic unit at lower levels.

At the interbank foreign exchange, the rupee opened at 91.05 against the US dollar, then recovered some lost ground to touch an intra-day high of 89.96, registering a 97 paise gain from its previous close.

At the end of trade on Wednesday, the rupee was quoted at 90.38 (provisional), up 55 paise over its last close.

On Tuesday, the rupee tanked below 91 per dollar, hitting a low of 91.14. It finally settled at an all-time low of 90.93 against the American currency.

“The Indian rupee appreciated after a five-day losing streak, bolstered by suspected aggressive intervention from the central bank,” Dilip Parmar, Research Analyst, HDFC Securities, said.

Parmar further added that high volatility is expected to persist in the forex market amid shifting economic and geopolitical headlines. “Technically, USD/INR has immediate resistance at 90.60 and support at 89.70,” he said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.42 per cent higher at 98.56.

Brent crude, the global oil benchmark, was trading 2.09 per cent higher at USD 60.16 per barrel in futures trade.

“The rupee’s record low against the US dollar was primarily driven by external factors, not domestic economic weakness. Key reasons, apart from the imposition of steep US tariffs (50 per cent) on Indian exports, include persistent capital outflows and dollar demand linked to non-deliverable forward maturities.

“These factors have led to a roughly 6 per cent year-to-date depreciation, making the rupee Asia’s most negatively impacted currency in 2025,” said Deepak Agrawal, Chief Investment Officer – Debt and Product Head, Kotak Mutual Fund.

Agrawal said despite India’s strong GDP growth, robust forex reserves, and a manageable current account deficit, the lack of progress in the US–India trade negotiations and extended selling by foreign portfolio investors have weighed on the sentiment.

“The RBI remains focused on curbing volatility rather than defending a specific level, supporting a market-driven approach. Looking ahead to 2026, the rupee is expected to relatively appreciate if the India-US trade deal is finalised and capital flows improve,” Agrawal said.

On the domestic equity market front, Sensex declined 120.21 points to settle at 84,559.65, while the Nifty dropped 41.55 points to 25,818.55.

Foreign Institutional Investors sold equities worth Rs 2,381.92 crore on Tuesday, according to exchange data.

Mumbai: Benchmark indices Sensex and Nifty rebounded in early trade on Wednesday driven by value buying at lower levels and a positive trend in Asian markets.

Steady buying activity by domestic institutional investors also brought comfort to the markets, according to experts.

The 30-share BSE Sensex climbed 201.23 points to 84,881.09 in early trade. The 50-share NSE Nifty went up by 64.8 points to 25,924.90.

From the Sensex firms, Eternal, State Bank of India, Bajaj Finance, Axis Bank, Tata Consultancy Services and Tata Motors Passenger Vehicles were among the major gainers.

However, ICICI Bank, Trent, HDFC Bank and Sun Pharma were among the laggards.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index, and Hong Kong’s Hang Seng index quoted in positive territory.

US markets ended mostly lower on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,381.92 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 1,077.48 crore, according to exchange data.

Steady domestic inflows through SIPs and insurance channels continue to provide a strong structural buffer, helping to limit downside risks, Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

Brent crude, the global oil benchmark, jumped 1.19 per cent to USD 59.62 per barrel.

On Tuesday, the Sensex tanked 533.50 points or 0.63 per cent to settle at 84,679.86. The Nifty dropped 167.20 points or 0.64 per cent to 25,860.10.

New Delhi: Snapping the four-day record rally, gold prices declined by Rs 1,700 to Rs 1,35,900 per 10 grams in the national capital on Tuesday as investors booked profits amid weak global cues, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams on Monday. The metal rose by Rs 6,000 over the previous four days, trading at record highs.

“Gold prices witnessed profit booking and remained volatile, with the yellow metal slipping towards the USD 4,275 level in global markets and staying under pressure,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.

Echoing sentiments, Dilip Parmar, Research Analyst, HDFC Securities, said, “Domestic gold prices also softened, curtailing a four-day advance. These losses were, however, notably mitigated by the persistent weakness in the Indian Rupee which quoted at a record low level”.

In the local bullion markets, silver prices also depreciated by Rs 1,000 to Rs 1,98,500 per kilogram (inclusive of all taxes). The white metal had ended flat at Rs 1,99,500 per kg, also its all-time high level, as per the association.

Parmar added that physical jewellery demand is expected to be subdued commensurate with the onset of the inauspicious period, investment demand is forecast to remain robust, a tendency driven by prevailing risk-averse market sentiments.

In the international markets, spot gold snapped a five-day winning streak, declining by USD 27.80, or 0.65 per cent, to USD 4,277.42 per ounce.

“Gold prices experienced a modest decline, easing following five consecutive sessions of appreciation, as market participants strategically positioned themselves ahead of a critical suite of US economic data releases this week,” Dilip Parmar said.

These incoming reports are poised to offer significant clarity regarding the Federal Reserve’s predilection for implementing further interest-rate cuts, a key macroeconomic catalyst for the non-yielding asset, he added.

Spot silver also dropped by USD 1.07, or 1.67 per cent, to USD 63.02 per ounce in the overseas markets.

Bullion prices are trading lower as caution prevails ahead of US nonfarm payroll (NFP) data to be released later in the day, which will show NFP figures of both October and November, Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.

New Delhi: Tesla and SpaceX CEO Elon Musk has taken another step towards becoming the world’s first trillionaire, according to reports.

With his company SpaceX reportedly launching a tender offer, valuing the firm at $800 billion, Musk’s net worth has surged by $168 billion to an estimated $677 billion, according to reports.

Musk is now the first person ever worth $600 billion or more, reports Forbes.

SpaceX is aiming for an initial public offering (IPO) next year that may value the firm at around $1.5 trillion.

Musk’s 12 per cent stake in electric vehicle maker Tesla is worth $197 billion, excluding stock options.

Moreover, Musk’s xAI Holdings is reportedly in talks to raise new funding at around $230 billion valuation. Musk owns a 53 per cent stake in xAI Holdings, worth $60 billion.

In September 2021, Musk became the third person ever worth $200 billion. He went on to reach $300 billion net worth in November 2021, $400 billion in December 2024 and $500 billion in October.

Earlier this month, Musk refuted reports that SpaceX is raising money worth $800 billion or NASA gives subsidies to his space company. The Wall Street Journal first reported that SpaceX is kicking off a secondary share sale that would value the rocket maker at $800 billion, surpassing OpenAI to make it the most valuable US private company.

“There has been a lot of press claiming @SpaceX is raising money at $800B, which is not accurate. SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” said the billionaire in a series of X posts.

He further stated that valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market. “And one other thing that is arguably most significant by far,” he added.