BUSINESS
Pakistan political upheaval raises significant uncertainty over policy continuity, warns Moody's
Commenting on the ouster of former Prime Minister Imran Khan through a no-confidence vote and the subsequent confirmation of Shehbaz Sharif as the new Prime Minister until August 2023, Moody's said that "the political upheaval reflects the volatility that besets Pakistan's political environment and raises significant uncertainty over policy continuity, at a time when Pakistan is encumbered with surging inflation, widening current account deficits and declining foreign-exchange reserves."
PNB loan fraud: Nirav Modi's aide Subhash Shankar brought to India
Shankar was DGM Finance in Nirav Modi's company. Red corner notice had been issued against him. The federal probe agency was working to bring him back to India for a long time in connection with the loan fraud case of PNB. "He has been placed under arrest. We will produce him before a Mumbai court and will seek his custodial remand. He will be then further interrogated," said a CBI official.
Crisis in Ukraine could slash global trade growth by half in 2022: WTO
The conflict has pushed up food and energy prices, and reduced the availability of goods exported by Russia and Ukraine, said the Secretariat note. Russia and Ukraine are both important suppliers of essential products, notably food and energy, according to the note. The two countries supplied around 25 per cent of wheat, 15 per cent of barley and 45 per cent of sunflower product exports globally in 2019.
'Inability to pass on soaring input cost to dent Q4FY22 corp profitability'
As per a Crisil Research's analysis of over 300 companies, corporate profitability, or the average Ebitda (earnings before interest, taxes, depreciation and amortisation) margin, likely declined by 200-300 basis points (bps) on-year and 40-60 bps sequentially in the fourth quarter (Q4) of fiscal 2022. This marks the second on-year decline in 12 quarters, it said.
TCS' Q4FY22 net profit up over 7% at Rs 9,926 cr
The company's net profit for the quarter under review rose to Rs 9,926 crore from Rs 9,246 crore for Q4FY21. Consolidated revenue during the period under review rose by 16.3 per cent YoY to Rs 5,059.1 crore from Rs 4,370.5 crore. In terms of full fiscal FY22, the IT major's consolidated net profit fell on a YoY basis.
RBI to restore regulated markets' trading hours to pre-pandemic timings
The opening time for regulated financial markets will be restored to their pre-pandemic timing of 9 a.m., an RBI statement said. The trading hours for various markets regulated by the Reserve Bank were amended effective from April 7, 2020 in view of the operational dislocations and elevated levels of health risks posed by Covid-19. Subsequently, with abatement of operational constraints, the trading hours were partially restored with effect from November 9, 2020.
Pakistan stocks make history with biggest single day gain
The bulls dominated trading at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index rallied, reaching new records by gaining 1,700 points on the back of easing political turmoil. A report from Topline Securities noted that PSX made history with the KSE-100 index posting a record single-day gain in terms of index points.
Shares of Bharat Dynamics doubled in 2022 over 'Atma Nirbhar' push
The shares price rose over 96 per cent in the year-to-date period of 2022, exchange data showed. The company, which is under the Defence Ministry, manufactures surface to air missiles, anti-tank guided missiles, torpedoes, and allied defence equipments. The Centre's 'Atmanirbhar' push on indigenous defence manufacturing likely to have supported the company's shares.
General insurers close FY22 with 11% growth
According to it, the general insurance industry had earned a total premium of Rs 220,634.73 crore as against Rs 198,714.72 crore earned during 2020-21. Within the overall figure, the standalone health insurers earned Rs 20,880.08 crore in FY22 up from Rs 15,755.18 crore in FY21.
Shares of Adani Group cos surge after $2 bn foreign investments
Adani Green Energy shares were locked in the 20 per cent upper circuit, Adani Transmission locked in at 10 per cent upper circuit, and Adani Enterprises rose 0.4 per cent. Analysts attribute the rise in share prices with International Holding Company PJSC (IHC), the Abu Dhabi-based conglomerate's investment of $2 billion as primary capital in these Adani Group companies.
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