Business

Pakistan State Oil (PSO) on Friday reported that its unconsolidated profit for fiscal year 2022 after tax deduction came in at Rs86.22 billion, a 196 per cent increase from last year’s Rs29.13bn. According to the company filing available on the Pakistan Stock Exchange website, PSO’s net sales during the year rose to Rs2.45 trillion compared to Rs1.2tr last year, which equates to …

Finance Minister Miftah Ismail said on Friday that the government was weighing options to provide further relief to people burdened by high electricity bills. Prime Minister Shehbaz Sharif has formed a committee to deliberate what relief can be given to people using between 200 and 300 units of electricity per month, he said while addressing a press conference in Islamabad. …

Inflation measured by the Sensitive Price Index (SPI) continued to climb in the week that ended on August 25, jumping to a record 44.58 per cent year-on-year. Data shared by the Pakistan Bureau of Statistics (PBS) on Friday showed that the index rose due to higher prices of essential food items — tomatoes, onions, pulses and cooking oil — and fuel. …

Elon Musk’s lawyers jumped on Wednesday on the revelations of a Twitter whistleblower to try to force the platform to surrender vast amounts of information for their fight to cancel the billionaire’s buyout bid. The Tesla boss’s team told a US judge the former Twitter security chief’s allegations of major security gaps and problematic practices had bolstered their case, which has struggled …

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a United States refinery. Brent crude rose 59 cents, or 0.6 per cent, to $101.81 a barrel by 0400 GMT, while US West Texas Intermediate crude was up 42 cents, or 0.4pc, …

Located on the northern shores of the Gulf of Kutch, the Mundra Port is the largest private port in India. Handling almost 150 million tons a year, the port began operations in 1998 and is operated by Adani Ports & SEZ Limited, whose CEO is Karan Adani. Karan is the son of Gautam Adani, one of the world’s richest men …

The PKR continued to lose its value on Thursday, with analysts attributing the fall to a higher demand for dollars, particularly by travellers flying to the United Arab Emirates. According to the State Bank of Pakistan (SBP), the local currency closed at Rs219.41 per dollar in the interbank market — a depreciation of Rs1.03 or 0.47 per cent. In the …

India’s New Delhi Television Ltd (NDTV) on Thursday sought to block Gautam Adani’s attempt to acquire a majority stake in the news network, saying regulatory restrictions meant the bid from the billionaire tycoon’s group could not proceed. In a stock exchange filing, NDTV said its founders Prannoy and Radhika Roy have since 2020 been barred from buying or selling shares in India’s securities market, and so …

The rupee extended its losses for the second consecutive session on Tuesday, falling to Rs217.66 against the dollar in the interbank market. According to the State Bank of Pakistan (SBP), the local currency closed down Re1, having depreciated 0.46 per cent. Saad bin Naseer, director of web-based financial data and analytics portal Mettis Global, said the rupee would remain under pressure …

After opening the week in the red, stocks recovered on Tuesday, gaining more than 500 points. According to the Pakistan Stock Exchange (PSX) website, the benchmark KSE-100 index closed at 43,366.78 points, up 540.12 points or 1.26 per cent. The index reached an intraday high of 43,419.59 points around 10:40am. First National Equities Limited Chief Executive Ali Malik said the decision …