India’s Adani Group issued a detailed riposte on Sunday to a Hindenburg Research report that sparked a $48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures. The conglomerate led by Asia’s richest man, the Indian billionaire Gautam Adani, said last week’s Hindenburg report was intended to enable the US-based short seller to book
Foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to $3.678 billion on January 20 from $4.601bn due to external debt repayments. At this level, the reserves provide imports cover of three weeks against a standard minimum of three months. The SBP reported a new level of the forex reserves on January 26 and simultaneously removed the cap on the official exchange rate. Conseque
Bulls extended their gains on Wednesday as a wave of optimism swept up the trading floor on positive news triggers. Arif Habib Ltd said the index of representative shares opened at a higher level as bulls pushed up the benchmark to an intraday high of 889.97 points. Investors took stock of the recent developments on the economic front that have paved the way for the revival of a loan program
AKD Group Holdings Ltd of stockbroker Aqeel Karim Dhedhi said on Wednesday it intends to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, a brokerage house listed on the Pakistan Stock Exchange. The regulatory filing offered few details about the expected price or the exact shareholding that the potential acquirer is looking for, except that it should be at least 51pc of the
PML-N leader Miftah Ismail said on Thursday that Pakistan suffered “a big loss” due to Finance Minister Ishaq Dar’s approach of “giving a cold shoulder” to the International Monetary Fund (IMF). “All of our experts knew this approach was bound to fail and we have seen its result,” the former finance czar said on Geo News programme ‘Geo Pakistan’. This is not the first time that Ismail, who s