Alibaba's Jack Ma was dethroned as China's richest person and the second richest person in Asia by Zhong Shanshan. As per the Bloomberg Billionaires Index on 24 September, Shashan's net worth stood at $56.6 billion when compared to Ma's $56.3 billion. Reliance Industries' Mukesh Ambani continues to be Asia's richest.
Gold Finance company stocks have been on a roll ever since the outbreak of Covid. Stocks like Muthoot Finance have rallied almost 200 per cent and has now crossed the Rs 1,000 levels.
Mannapuram Finance too has almost doubled from its March levels. Advantage of gold loan companies against banks While banks too lend against gold at attractive interest rates,
Gold prices in the international markets fell to its lowest in over two months, however, in India, rates remain steady as the slump was outweighed by the rupee's weakness. Spot gold was down 0.1 percent at $1,862.41 per ounce, after hitting its lowest since 22 July at $1,847.57 on Thursday. On MCX gold was down marginally trading at Rs 49,750 per 10 grams on Friday.
Benchmark indices began the day higher on the first day of the Futures and Options for the October series. Global cues were relatively better with most Asian markets trading with gains, and the Dow Futures too pointed to higher openings. The Sensex was up almost 400 points, after losing as much as 7 per cent in the last six trading sessions.