BUSINESS
BharatPe losses swell in FY22 after change in fair value of CCPS
In FY21, the company had posted a net loss of Rs 1,619.2 crore. Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year, according to its financial statement with the Registrar of Company (RoC).
Tesla reports record Q4 net income, announces $3.6 billion investment for Nevada truck manufacturing
The announcement of the expansion was made on Tuesday by Nevada Governor, Joe Lombardo, after he met with Tesla CEO, Elon Musk. In a tweet, Lombardo said, "This is an incredible investment in our state." The White House also issued a statement, hailing the expansion as proof of a continued "manufacturing boom" since President Joe Biden took office two years ago.
Pakistan rupee reaches all-time low after devaluation
Commenting on the development, Arif Habib Limited's Head of Research, Tahir Abbas, said that the rupee's steep fall has triggered a positive sentiment in the market, Geo News reported. "The driving factor behind the market is the rupee's market-based exchange rate. This has helped clear the uncertainty that was surrounding the investors," Abbas said.
Pakistan's economy at risk of collapse
According to the report, rolling blackouts and a severe foreign currency shortage are making it difficult for businesses to continue operations. Shipping containers full of imports are piling up at ports as the buyers are unable to secure the dollars to pay for them, it added, Geo News reported.
US economy grows at 2.9% in Q4, exceeds market expectation of 2.6%
This was slightly higher than the market expectation of 2.6% and followed the 3.2% growth recorded in the previous quarter. The BEA attributed the increase in real GDP to a variety of factors, including an increase in private inventory investment, consumer spending, and government spending.
Global output growth to fall to 1.9% in 2023 from 3%: UN report
It has listed a series of severe and mutually reinforcing shocks - the Covid-19 pandemic, the war in Ukraine and resulting food and energy crises, surging inflation, debt tightening, as well as the climate emergency behind the expected deceleration in global output growth in 2023. The report titled "The World Economic Situation and Prospects 2023" has been released by the United Nation's department of economic and social affairs.
Hyundai Q4 net more than doubles on improved chip supplies, SUV demand
Net profit for the three months ended Dec. 31 jumped to 1.709 trillion won (US$1.38 billion) from 701.37 billion won during the same period of last year, the South Korean carmaker said in a statement. "An improved product mix, low incentives, the won's weakness (against the dollar) buoyed the quarterly bottomline despite high inflation and global economic slowdown," Seo Gang-hyun, executive vice president in charge of Hyundai's finance and accounting division, said in the company's earnings conference call.
FM participates in 'Halwa' ceremony to mark final stage of budget preparations
The ceremony was held within North Block premises, which houses the finance ministry. A customary Halwa ceremony is performed every year before the 'lock-in' process of budget preparation begins. Like the previous two budgets, Union budget 2023-24 will also be delivered in paperless form.
Adani evaluating remedial and punitive action against Hindenburg Research
"The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens", Jatin Jalundhwala, Group Head, Legal, Adani, said. "Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research.
9 out of 10 individual traders in F&O segment making losses
There has been a significant increase of over 500 per cent in the number of individual traders in the equity F&O segment in FY 2021-22, as compared to FY 2018-19. Ninety-eight per cent of individual traders in the equity F&O segment traded in options during FY 2021-22. On average, loss makers registered net trading loss close to Rs 50,000 in FY 2021-22.
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