BUSINESS
Va Tech Wabag logs Rs 37 crore net for Q3
According to Va Tech Wabag, for the period under review, it earned an operational revenue of Rs 518.85 crore (Q3FY22 Rs 516.16 crore) and a net profit of Rs 37.27 crore (Q3FY22 Rs 30.18 crore). According to Rajiv Mittal, Chairman and Managing Director, Va Tech Wabag, the company is well-placed in few large desalination and waste water treatment orders which are expected to be realised soon.
China's Alibaba Group exits Paytm, sells its entire remaining 3.4% stake: Report
According to news agency ANI, a total of 3.4% of equity, or 2.1 crore shares, changed hands in the block deal. This means that Alibaba is no longer a stakeholder in Paytm. The company had previously sold 3.1% of its 6.26% equity in Paytm in January. The bulk and deal data for the day will be released after market hours.
Air India signs deals with Airbus, Boeing for purchasing around 450 planes: Report
The PTI report quoted a source familiar with the matter as saying that the agreement with Airbus, for around 250 aircraft, is expected to be announced next week and will likely include 40 Airbus A350 wide-body planes, making Air India the first Indian carrier to operate this type of aircraft. The airline has signed a deal with Boeing for about 200 planes, the PTI source added.
Petrol crisis to hit Pakistan by mid-February
"The situation will become extremely critical by mid-February if remedial measures are not taken immediately," local refineries warned Petroleum Minister Musadik Malik and the Governor of State Bank of Pakistan (SBP), Jameel Ahmed, in separate letters. The letters were jointly written by Pakistan Refinery Limited, National Refinery, Attock Refinery and Cnergyico Refinery, The News reported.
Moody's turn 'moody' on 4 Adani Group companies
The credit rating agency changed its outlook to 'negative' from 'stable' in the case of four Adani Group companies. According to Moody's, the eight companies are: Adani Ports and Special Economic Zone Limited (APSEZ) - Baa3 ratings affirmed; outlook remains stable, Adani International Container Terminal Private Ltd (AICTPL) - Baa3 ratings affirmed; outlook remains stable
Alarm bells in Pakistan as reserves drop below $3 bn
The country has $8.54 billion in reserves in total, including $5.62 billion held by commercial banks, The News reported. The country is struggling to service extremely high levels of external debt, and has barely enough dollars to cover less than three weeks worth of imports, the report said.
Mumbai ranks 7th among top 10 APAC cities in Investor Intentions survey
CBRE, the world's leading real estate consulting firm, on Friday announced the findings of its 2023 Asia Pacific Investor Intentions Survey. According to the survey, Mumbai ranks ahead of Shanghai (ranked #8), Hanoi (ranked #9) and Seoul (ranked #10)on the list. No other Indian city had featured in the list in the last two years.
India needs 30 mn digitally skilled professionals by 2026: Report
Currently, India has about 500 million people of working age, and industry data suggests that only 49 per cent of total youth (age group of 22-25 years) in the country is employable, according to employment services provider TeamLease. "Our own survey have indicated that 75 per cent of companies face a skill gap in the industry. Even among people.
Ford sells majority stake in EV startup Rivian
The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 per cent, or 10.5 million shares, reports TechCrunch. The report also said that the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year. Rivian's stock has fallen almost 70 per cent since February 2022.
IMF bailout deal eludes Pakistan
A deepening economic crisis has all but emptied Pakistan's foreign exchange reserves, leaving it barely enough dollars to cover a month of imports and it is struggling to service sky-high levels of foreign debt, the BBC reported. The IMF team, which leaves Islamabad on Friday, said "considerable progress" had been made after 10 days of talks.
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