BUSINESS
Imran lied to IMF on petrol, diesel prices
Ismail said former Khan's government had promised the IMF to impose 17 per cent general sales tax (GST) and 30 PKR levy on petrol and diesel prices, reports Samaa TV. "They (the PTI government) promised the IMF it won't bear the loss on petrol and diesel prices. But today, (the country) is losing 70 PKR on diesel."
US Fed raises interest rates by half point, sharpest hike in 22 yrs
The Federal Open Market Committee (FOMC), the Fed's policy-making body, decided to raise the target range for the federal funds rate to 0.75 to 1 per cent, the Fed said in a statement issued on Wednesday after a two-day policy meeting. According to the statement, the committee also decided to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1
LIC IPO Day 1: 67% issue subscribed; policyholder, employee portion oversubscribed
The LIC policyholders led the initial share of buying in the insurance major's IPO as they subscribed 1.99 times the portion reserved for them. The LIC employees' reserved portion has been subscribed 117 per cent, while the retail investors' portion has been subscribed 60 per cent, as per reports.
ATGL's revenue from operations at Rs 3,206 crore in FY22, increase of 80%
The financial highlights for FY22 ATGL's revenue from operations increased by 80 per cent to Rs 3,206 crore with an EBITDA of Rs 815 crore, up by 9 per cent. The company reported PBT (profit before tax) of Rs 679 crore, up by 8 per cent, PAT (profit after tax) at Rs 505 crore, up by 7 per cent and consolidated PAT at Rs 510 crore, up by 10 per cent.
Rate hike good for banking sector as risk getting re-priced: SBI report
"The situation is different than during the global financial crisis wherein the lending started increasing aggressively much before the rate hike cycle began (March 2010 till October 2011)," said Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India. Currently, the rate hike cycle has begun and now bank lending will increase factoring in the risk.
'Indian plastic exports to grow to $25 billion by 2025'
"The current business environment, bolstered by the launch of the government of India's 'Atmanirbhar' movement and 'Vocal for Local' initiative gives an impetus to the plastics industry to grow and provides excellent export opportunities. We are expecting that the exports would reach $25 billion by 2025," he said at an event for unveiling the logo, brochure and the goals of PLASTINDIA 2023 to be held in February 2023 here.
'Consultants come and go in PSU non-life insurers but nothing changes'
However, a top leader of a major union is of the view that consultants come and go regularly but nothing much has changed except the companies getting poorer by lakhs of rupees as their fee. As per the stipulations laid down by the four insurers, the public sector organisation could be a bank/insurance company or a central public sector enterprise with pan India presence, having a turnover of more than Rs 10,000 crore and a minimum employee base of 5,000.
SC appoints high-powered committee to execute decrees against NSEL defaulters
The apex court exercised its powers under Article 142 of the Constitution to constitute the committee to execute awards and decrees against the defaulters in the Rs 5,600 crore NSEL payment crisis.
Arrest of 'Ma' in China erodes $27 bn from Alibaba's share value
CCTV alleged late on Tuesday that Ma had been apprehended on charges of using the internet to engage in activities endangering national security. The shocked Investors quickly dumped their shares, causing the stock to crash by as much as 9.4 per cent, erasing about $27 billion in share value.
Equities tank after RBI's policy rate hike, settle sharply low
In a surprise and unscheduled move, the central bank raised the repo rate by 40 basis points (bps) to 4.40 per cent. The US Federal Reserve is also expected to raise rates at its ongoing policy meet to fight the prevailing higher inflation. Following the RBI announcement, the Sensex declined 1,307 points, or 2.29 per cent, and settled at 55,669 points, whereas Nifty fell 392 points, or 2.29 per cent, to 16,678 points.
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