Zerodha, valued at $3.61 billion and 10-15 times the company's earnings, recently reported a 38.5% revenue growth for FY23 ($6,875 crore). The Bengaluru-based online stock trading platform also reported higher profits and diversified into mutual funds, insurance advisory, and loan against securities. Co-Founder Nithin Kamath expects future growth of 10-15%.

The RBI has imposed monetary penalties on three co-operative banks for violating rules. These penalties range from Rs. 13 lakh to Rs 25 lakh. The action is based on deficiencies in regulatory compliance and not intended to challenge the validity of any transaction or agreement between the bank and its customers.

Brookfield Asset Management and Axis Energy Ventures have teamed up to launch a renewable energy development platform targeting growth in India, which already has set a goal of 500 GW of renewable energy by 2030. Brookfield currently has 16 GW of wind and solar assets in operation or in the development pipeline in India, while the duo have built 1.8 GW together in their 2019 venture.

QSW, a linen management startup, has raised $5.15M from Elan Corporation and plans to expand capacity to 55 tonnes (165,000 clothes) per day. Founded in 2013, QSW leverages technology and services to prevent healthcare-associated infections. Indian laundry care market value is estimated at $5.46Bn with 4.18% CAGR, so entrepreneurs and investors have been flocking to the sector.

Malabar Gold and Diamonds plans to invest up to Rs 4,000 crore in capacity expansion and opening 95 stores in India and abroad. Indian-based retailer, headquartered in Kozhikode, Kerala currently has 330 stores across 11 countries, including 189 in India and will increase to 25-27 in Maharashtra alone by 2024. Investment will be used for new markets such as Africa and create 4,000 jobs.

Ashok Soota, Executive Chairman of Happiest Minds Technologies has sold 17 lakh equity shares off his 51.24% holding bringing it down to 50.13%. The transaction is meant to fund SKAN, a not-for-profit medical research firm, and Happiest Health while maintaining 40% shareholding in Happiest Minds. The value of the sale was over Rs 148 crore.

AlphaSense, an AI-driven market intelligence platform, has raised $150 million in new round of funding from investors like BOND and existing backers such as CapitalG. The fresh capital raise values the firm at $2.5b and will be used to invest in new initiatives like generative AI and acquire other platforms. Mary Meeker, General Partner at BOND, believes AlphaSense is witnessing tremendous growth.

Union Minister Piyush Goyal approved 18 R&D projects worth Rs 46.74 crore during the 7th Mission Steering Group meeting, covering areas of strategic importance such as Geotech, Protech, Indutech, Sustainable Textiles, Sportech, Smart & E-Textiles and Meditech. The projects are spread out amongst public and private institutes including BTRA, ATIRA, IIT Delhi, CSIR New Delhi, and IIT Madras.

India has banned the export of non-basmati white rice to boost domestic supply and keep retail prices under check. A group of WTO members, including the US, has raised concerns about this decision and its impact on import-dependent countries, but India has said the regulation is necessary for food security.

Securities and Exchange Board of India (SEBI) have renewed the licence of NSE Clearing Ltd (NSE's wholly-owned subsidiary) and Indian Clearing Corporation Ltd (BSE's arm). This three year renewal will be valid till October 2, 2026 as per two gazette notifications. By doing so, SEBI has demonstrated their intention to protect the interest of securities market, trade and also in the public interest.

Sebi has imposed a fine of Rs 5 lakh on YES Securities (India). YES Securities was found to have provided retention statements after the prescribed time of five days, mailed statements of accounts to wrong addresses, projected a wrong reporting margin, not maintained adequate margin for clients, and overstated net worth by Rs 1,89,45,070.32.

Mortgage rates are at its highest since 2000, making it increasingly unaffordable to buy homes. This is the third consecutive week of increased rates and the average 30-year mortgage rate is more than twice what it was 2 years ago. Multiple factors influence mortgage rates including 10-year Treasury yield, inflation expectations, global demand for US Treasurys and Fed rate movements.

Amazon and Flipkart's year-end sales begin on October 8, with a potential "glitch" in Amazon shifting their sale date two days earlier. Both companies will offer mega discounts to customers, expecting up to 14 Cr shoppers this year and GMV of INR 90,000 Cr. With 1.4 Mn sellers, AI capabilities, and expanded portfolios, the ecommerce players are all set to bring the most out of the festive spirit!

Godrej Agrovet Limited (GAVL) traded 0.21% higher on the NSE, indicating investor confidence boosted by its recent agreement with Malaysian firm SDP to supply oil palm seeds for the company's oil palm business units. In Q1FY23, the agri-business company recorded slightly unchanged revenue of Rs 2,510.2 crore, yet grew net profit 21% to Rs 124.5 crore YoY.

MCX gold prices got a breather on Friday after experiencing losses from ongoing correction. Dollar index slipped slightly, with positive bias in trading at the market opening. Physical price of gold is around Rs 58,800 per 10 gram while Rs 72,500 for silver. Anuj Gupta suggests MCX Gold futures should be sold at Rs 57,570 with a stop loss of Rs 58,120.