Fantasy gaming companies start laying off employees in India; Gold and silver prices rise to all-time high levels

Credit: Maddiwar Ajit Kumar

Here’s a brief outlook on today’s key events and a recap of major business news headlines on Monday.

Before yesterday’s big news, today’s headlines to watch out for…

Now read yesterday’s big news…

1. Supreme Court dismisses petition challenging Centre’s ethanol blending plan:Government says an English petitioner can’t tell us which fuel to use in our vehicles

The Supreme Court today dismissed a petition challenging the government’s ethanol blending plan. Under this plan, the government’s target is that by 2025-26, the petrol sold in the country will be E20 petrol (ie, 20% ethanol mix).

2. Fantasy gaming companies laying off employees in India: MPL hatches off 60% and PokerBaazi fires 45% of staff

After the ban on real money gaming in India, fantasy gaming companies have started laying off their employees. According to a report by Moneycontrol, Games 24×7, the company running platforms like My 11 Circle and Rummy Circle, has started laying off employees.

In addition, PokerBaazi has laid off 45% of its staff, approximately 200 people. Meanwhile, one of India’s largest gaming companies, Mobile Premier League (MPL), has decided to lay off 60% of its local employees in India, around 300 people.

3. Gold and silver prices hit new records: Gold up by ₹2,404 to ₹1.05 lakh per 10.gm; silver climbs to ₹1.23 lakh per kg; gold rose by ₹28,630 this year

Gold-silver prices have reached their all-time high on September 1. According to the India Bullion and Jewelers Association (IBJA), gold increased by ₹2,404 to reach ₹1,04,792 per 10 grams. Meanwhile, silver prices have increased by ₹5,678 to reach ₹1,23,250 per kilo.

4. India responds to US accusation of ‘funding’ Russia-Ukraine war:”Purchased under international rules, saved the world from spending $200 per barrel of crude,” says Union petroleum minister

India has responded to allegations of funding the Russia-Ukraine war through oil purchases. Petroleum Minister Hardeep Singh Puri said that India bought oil while following international rules, which helped keep oil prices stable in the global market.

5. GST collections surge to ₹1.86 lakh crore in August: A 6.5% increase compared to last year; July tax revenue stood at ₹1.96 lakh crore

The government collected ₹1.86 lakh crore from Goods and Services Tax (GST) in August 2025. This represents a 6.5% increase on an annual basis. According to figures released on Monday September 1, the government had collected ₹1.75 lakh crore GST a year ago in August 2024.

However, August’s collection decreased by ₹10,000 crore compared to the previous month of July. In July, ₹1.96 lakh crore GST was collected. Before this, record amounts of ₹2.37 lakh crore in April 2025 and ₹2.01 lakh crore in May were collected as GST.