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The rising stock market and economy of India have boosted the net worth of the richest people of India.

As per the latest India Rich List by Forbes the net worth of top 100 richest people of India is 300 billion dollars combined up from 276 billion dollars in the last year. According to the list, there are 69 billionaires in India this year which is up by 17 new names.

The Reserve Bank of India has warned the banks to put a conservative limit on their investment in zero coupon bonds which also include the non bank finance companies (NBFCs).

RBI has advised the banks to invest in zero coupon bonds only if the issuer builds up a sinking fund and invests in liquid investments or securities such as government bonds.

The investments in zero coupon bonds on a large scale could be a risk to the banks and it could harm the economy and banking operations of the country.

The state owned utility firm, Power Grid Corporation is expected to issue its follow-on public offer in the second week of the November. The chairman and managing director of the firm, S. K. Chaturvedi has made this announcement in his statement on Wednesday. This issue will reportedly follow the initial public offer of Coal which is one of the biggest equity offering.

The Airport Express Metro Line of Delhi has missed its deadline of 30th September as the Commissioner of Metro Railway Safety (CMRS) has not issued the mandatory clearance for the track yet and the speed trails have to be tested on the track to get the clearance.

The 22 kilometer long high speed metro corridor was scheduled to be opened for public use by 30th of September, just three days ahead of the Commonwealth Games.

The software firm Mahindra Satyam, which was Satyam Computers formerly has released its financial results for the year 2009-10 on Wednesday and the performance report for the first two quarters of the current fiscal year is scheduled to be released on 15th of November.

After that the company will approach the High Courts of Maharashtra and Andhra Pradesh to start the procedure of merger which will take 9 to 10 months of time to be completed.

The center has rejected the new and revised model of Goods and Services Tax (GST), which was proposed by some of the states of the country. The center rejected the new proposal by saying that a constitutional amendment was not needed for altering in the proposed indirect tax regime.

Some of the states like Gujarat and Madhya Pradesh had suggested for an interim GST model by which the states could tax services and share the earnings with the center but the tax on the goods will remain in the current regime.