Business
Gold records first weekly loss after nine-week surge
New Delhi, Oct 24: Gold ended a nine-week winning streak this week, with a sharp correction as the market reassessed a rally that had pushed prices into overbought territory.
The price of 24-carat gold (10 grams) ended at Rs 1,22,419 on Friday, down from Rs 1,23,827 from its previous close, according to data published by the India Bullion and Jewellers Association (IBJA).
Spot gold fell 0.3 per cent to close at $4,113.05 an ounce in New York, resulting in a weekly loss of approximately 3.3 per cent.
The price for 10 grams of bullion closed last week at Rs 1,30,874, and the price had been declining throughout the week. Analysts said that the pullback was sharp, but the yellow metal pared losses on Friday due to a weaker-than-expected U.S. inflation report, which bolstered expectations for further monetary easing by the Federal Reserve.
This development also led to a slight decline in bond yields and an increase in bullion prices. Traders anticipate two rate cuts before year-end, a scenario that bolstered gold prices.
Investors also assessed the potential for improved US-China relations as US President Donald Trump and his Chinese counterpart Xi Jinping prepare for their upcoming meeting. There are forecasts that a de-escalation of trade tensions may lessen demand for safe-haven assets like gold.
A recent correction occurred after a strong rally that started in mid-August, which saw prices reach an all-time high of $4,381.52 an ounce on Monday. Profit-taking and significant outflows from gold-backed ETFs intensified the selling pressure.
Gold is up by 57 per cent this year, driven by central-bank purchases, dovish signals from the US Federal Reserve and strong ETF inflows.
Earlier this week, a Ventura Securities report said that gold has generated returns of approximately 63 per cent in rupee terms since last Dhanteras, and a possible rally towards Rs.1.5 lakh per 10 grams is possible by 2026.
Business
Centre okays Berth redevelopment at New Mangalore Port to boost maritime efficiency

New Delhi, March 30: The government has approved the proposal of New Mangalore Port Authority (NMPA) for the redevelopment of Berth No. 9 for handling liquid bulk cargo on a Public-Private Partnership (PPP) basis under the DBFOT model, it was announced on Monday.
The approval for implementation was conveyed on March 25, 2026, in a major step towards augmenting India’s port infrastructure and strengthening maritime logistics, according to the Minister of Ports, Shipping and Waterways.
With an estimated project cost of Rs 438.29 crore, the redevelopment will be undertaken by a private concessionaire selected through an open competitive bidding process (single-stage, two-envelope system).
The project will have a capacity of 10.90 MTPA, and the concessionaire will commit to a Minimum Guaranteed Cargo (MGC) of 7.63 MTPA by the 5th year of operations. The construction period is 2 years, with a concession period of 30 years, inclusive of construction.
The project envisages the dismantling of legacy infrastructure and comprehensive redevelopment of Berth No. 9 to handle liquid bulk cargo such as crude oil, petroleum products (POL), and LPG.
“As part of the modernisation, the berth draft will be enhanced from the existing 10.5 metres to 14 metres, with a future-ready design provision up to 19.8 metres, enabling the port to accommodate vessels up to 2,00,000 DWT, including Very Large Gas Carriers (VLGCs),” said the ministry.
“This transformative project is a reflection of the visionary leadership of Prime Minister Narendra Modi, under whom India’s maritime infrastructure is being modernised at an unprecedented pace,” said Minister of Ports, Shipping and Waterways, Sarbananda Sonowal.
By replacing ageing facilities with world-class marine infrastructure, enhancing cargo handling capacity to 10.90 MTPA, and enabling the handling of larger vessels including VLGCs, “we are positioning our ports to meet future energy and trade demands while strengthening India’s role as a global maritime leader”, he added.
The project will replace nearly 50-year-old structures with modern marine infrastructure designed for a 50-year structural life, ensuring long-term sustainability and resilience.
The enhanced capacity will strengthen the port’s ability to meet the growing regional demand for liquid bulk cargo, particularly energy commodities.
By enabling the handling of larger vessels and VLGCs, the project will improve economies of scale, reduce logistics costs, and enhance overall port competitiveness, said the ministry.
Business
Bharti Airtel Receives ₹1,74,000 Penalty Notice From DoT For Subscriber Verification Lapses

New Delhi: Bharti Airtel has disclosed a regulatory development involving a minor financial penalty tied to compliance checks on customer onboarding processes.
The Department of Telecommunications, Madhya Pradesh Licensed Service Area, has issued a notice imposing a penalty of Rs 1,74,000 on the company. The action relates to alleged non-compliance with subscriber verification requirements under telecom licensing conditions, as detailed in Annexure A on page 2.
The issue stems from a Customer Application Form audit conducted by the DoT for January 2026. These audits are carried out periodically to ensure telecom operators adhere to rules governing customer identity verification before activating services.
Under the license agreement, telecom operators are required to maintain strict verification processes when enrolling subscribers. The audit identified alleged gaps in meeting these standards, prompting regulatory action from the authority.
Bharti Airtel has decided not to contest the notice and will pay the penalty. The company clarified that the financial impact is limited to the amount levied, with no broader operational implications highlighted in the filing. The disclosure reflects routine regulatory oversight in the telecom sector, where periodic audits ensure adherence to compliance norms.
Business
Maharashtra Minister Nitesh Rane Announces AI Project For Mango, Cashew Farming In Sindhudurg With 400 Farmers In Pilot Phase

Mumbai, March 27: Maharashtra Fisheries and Ports Minister Nitesh Rane on Friday announced that an Artificial Intelligence (AI)-based project will be implemented to enhance mango and cashew cultivation in Sindhudurg district.
Initially, 400 farmers—200 each cultivating mango and cashew—will be selected for the pilot phase. The project aims to digitise farms by collecting basic data such as farmers’ names, contact details and village information. Based on the success of the initial phase, the initiative will be expanded to include more farmers.
The proposal was presented by experts from ADT Krishi Vigyan Kendra Baramati in the presence of agricultural scientists and officials, including representatives from Dr Balasaheb Sawant Konkan Krishi Vidyapeeth.
Under the project, sensors will be installed to monitor soil health, crop conditions and yield patterns. Farmers will receive training and awareness about AI technology through group-based sessions conducted over a 150-day initial phase.
The use of drones for pesticide spraying is expected to significantly reduce time from several days to just a few hours, ensuring quicker and more effective disease control. Additionally, AI-based predictive models will help detect crop diseases in advance, reducing excessive pesticide use and curbing black marketing.
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