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Shipping agents have warned the cash-strapped Pakistan government that all exports could come to a halt as foreign shipping lines are considering stopping their services for the country after banks stopped remitting freight charges to them due to a lack of dollar availability, according to a media report. Pakistan's forex reserves had dwindled rapidly to over $4bn in recent weeks, creating fear it may default.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/eBbvVmr
Private sector lender ICICI Bank on Saturday reported a 34 per cent jump in its standalone profit at Rs 8,312 crore for the quarter ended in December 2022, helped by healthy growth in net interest income. The bank's total income increased to Rs 33,529 crore in the latest December quarter from Rs 27,069 crore in the year-ago period, the bank said in a regulatory filing.
The Bombay High Court granted interim bail to Videocon Group founder Venugopal Dhoot on Friday, nearly a month after he was arrested by the Central Bureau of Investigation (CBI) in the ICICI Bank-Videocon loan fraud case.
European equities also fell, posting their worst trading day in 2023 so far after the president of the European Central Bank, Christine Lagarde, underscored the bank's determination to tackle the rise in inflation through rate hikes.
Worries about more Fed tightening were heightened by robust US employment data and fresh hawkish rhetoric from central bank officials.
From the sensex pack, Kotak Mahindra Bank, Titan, Bajaj Finserv, UltraTech Cement, Infosys, Hindustan Unilever, Larsen & Toubro, Wipro, HCL Technologies, Tata Consultancy Services and Nestle were the biggest laggards.
The Reserve Bank of India on Monday tweaked norms related to acquisition and holding of shares in banks to ensure that their ultimate ownership and control remain well diversified and the major shareholders are 'fit and proper' on a continuing basis.
HDFC Bank on Saturday reported 19.9 per cent jump in net profit at Rs 12,698 crore for the third quarter ended December 2022, helped by a healthy rise in core income.
HDFC Bank rose 0.5%, and was among the top gainers on the Nifty 50 index, after reporting a jump in third-quarter profit, aided by higher top-line and healthy loan growth.
Reserve Bank of India (RBI) governor Shaktikanta Das has said interest rates could remain high for long if the Ukraine conflict continues to remain where it is without any new flashpoints, but did not rule out a quicker adjustment to supply chain issues that could ease inflation and, hence, the cost of funds.
