BUSINESS
Pakistani rupee plunges to historic low
The Pakistani rupee depreciated by Rs 2.52 to settle at Rs 271.35 at the close of the day. However, the local currency touched 272.17 against the dollar during intra-day trade, Geo News reported. The rupee had closed at Rs 268.83 on Wednesday. Since the start of this year, the rupee has depreciated by 44.92, Geo News reported.
Coromandel International Q3 net profit at Rs 539 cr
Total Income for nine months period ended 31st Dec 2022 was at Rs 24,265 crore compared with Rs. 14,937 crore of same period previous year, registering a growth of 62 per cent over previous year. The net profit for nine months was Rs 1,773 crore as against Rs 1,229 crore of previous year.
Samsung partners with Qualcomm, Google to build XR ecosystem
"We will transform the future of the mobile industry by building the XR ecosystem together with Qualcomm and Google," TM Roh, president of Samsung Electronics' Mobile eXperience business, said at the event. XR is an umbrella term covering virtual reality (VR) and augmented reality (AR).
Tea sector unhappy over total negligence in Union Budget
According to the Darjeeling Tea Association (DTA)'s principal advisor S. Mukherjee, the tea sector was probably the only industrial segment which was not spared even a word as regards to any industry stimulation package or subsidy.He pointed out that even the recommendations of the Parliamentary Standing Committee of Commerce & Industry for a one- time package for the revival of the tea sector in Darjeeling was also ignored.
Adani Enterprises withdraws RHP, cancels agreements with several parties
The move is a follow up to the company's decision on Wednesday not to proceed with its Rs 20,000 crore follow-on public offer and withdraw the RHP on account of the prevailing market conditions. The company said owing to the extreme volatility in the company's stock price, other commercial and strategic considerations, and to protect the interest of the investors it is withdrawing the follow-on public offer.
Life insurance scrips suffer from 'Halahala' poison in Amrit Kaal budget
Barring the ICICI Prudential Life Insurance scrip which opened positive, the shares of other listed life insurers were in red for a second consecutive day. The shares of ICICI Prudential that closed at Rs 402.55 on Wednesday opened at Rs 396.95 and went up to Rs 410.61 and changed hands for Rs 407.
Indian aviation industry suffers over Rs 24,000 cr loss in 2020-22
As per the Union Ministry of Civil Aviation, the industry in FY 2020-21 suffered a loss of Rs 12,479 crore and in FY 2021-22 it was Rs 11,658 crore. In a reply at the Lok Sabha on Thursday, the Ministry said the Centre has taken various initiatives to support the aviation industry. The reduction in Value Added Tax (VAT) on Aviation Turbine Fuel (ATF) was taken up with state governments and union territories levying high VAT on ATF.
Budget Effect: About 15% premium impact on some private life insurers
In a research report, Emkay Global's insurance sector analysts Avinash Singh and Mahek Shah said the Rs 5 lakh cap is likely to affect growth of about 10 per cent premium base for HDFC Life Insurance and Max Life and about 5 per cent premium base for SBI Life Insurance and ICICI Prudential Life Insurance.
Inflation in Pakistan at 48-yr high
Consumer Price Index (CPI) inflation in January 2023 accelerated to 27.55 per cent from 24.47 per cent a month earlier, as the unprecedented surge in food items' prices in the month jacked up the general inflation, The News reported.
E-auction of wheat for sale in open market begins
Official sources said that more than 1,100 bidders came forward for participation in the e-auction.A quantity of 8.88 lakh metric tonnes of wheat was sold on the first day of the auction in 22 states.In Rajasthan, bidding would be conducted today, while further sale of wheat through e-auction will continue throughout the country
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