BUSINESS
Pakistan on the brink: Any delay in bailout package could lead to solvency issues
While Ismail has been in favour of removing the subsidies, Ishaq Dar, Pakistan's former Finance Minister, who is also a senior Pakistan Muslim League member, has warned of dire consequences in case Islamabad accepted the IMF diktat. "We have to run the country and not ruin it by taking dictations," Dar told Geo News. Dar told the news channel that the government should renegotiate the bailout package provided by the IMF.
FHRAI asks SEBI to axe Oyo's IPO citing massive losses
FHRAI cautioned that Oyo’s IPO will allegedly wipe out public wealth whereas enriching its founders and key administration. As per reviews, Oyo incurred losses of Rs 3943.84 crore in FY20-21, translating to a lack of over Rs 76,077 each minute. In accordance with the highest lodge business physique, since its inception in 2013, Oyo has been operating in losses and its whole turnover fell a drastic 69 per cent from Rs 13,413 crore in 2020 to Rs 4,157 crore in 2021.
Toyota cuts production due to Covid lockdown in Shanghai
The firm says the production halt will come into effect on Monday and stay in place until of end of next week, the BBC reported. It is the latest big car maker to announce that it is being impacted by the Covid-19 measures in China.
Cost push pressure weighs on paint stocks, Nerolac down 30% in 2022
The paint industry uses crude oil derivatives such as monomers as well as titanium dioxide as raw materials, which typically account for more than 50 per cent of a company's total expense. Shares of Berger Paints fell 14 per cent in 2022, Kansai Nerolac Paints was down over 30 per cent during the period, whereas Asian Paints dropped nearly 11 per cent, data showed.
Insurers need not file paper returns relating to actuarial/reinsurance: IRDAI
In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) said that the insurers are not required to submit hard copies of any reports, returns or other documents related to actuarial valuation or reinsurance. The insurers can file the returns, reports or other documents in either PDF format or in Excel sheet, it said.
SC moved against LIC IPO, seeks scrapping of process
The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.
Americans avoid going to work but Chinese burn 3 a.m. oil: Musk
The world's richest man, during the 'Financial Times Future of the Car' summit, said that China is a land of super-talented people. "I think there will be some very strong companies coming out of China, there are just a lot of super-talented hardworking people in China who strongly believe in manufacturing," he told the audience late on Tuesday.
Maruti, Hyundai led domestic, export sales in April
As per the export data released by SIAM, Maruti Suzuki had shipped out 18,216 units (17,131 units in April 2021) while Hyundai Motors exported 12,200 units last month (10,201 units).
No business entity can escape data tech, AI adoption: Tata Chairman Chandrasekaran
In his address at virtual event "Being Future Ready" organised by industry body Confederation of Indian Industry (CII), he pointed out five mega trends that will give directions to future growth. First in his list was digital adoption -- in work to health to education to shopping. "In the last two years, the internet has penetrated ever further into our daily lives. At the same time, advances in AI, cloud, and data technology have raised forward."
Indices fall for fourth straight session amid high volatility
The indices opened higher to later give up all of their gains as investors awaited the US inflation data, which is expected later in the day. For fresh cues, investors would keep an eye on India's inflation for April, which is expected to be released on Thursday.
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