Tag: alltime

FCIK Congratulates JK Bank For Making All-Time High Profit

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SRINAGAR: The Federation of Chambers of Industries Kashmir (FCIK) congratulated JK Bank for making an all-time high net profit of 1197 Crores in the last financial year besides improving significantly upon all other banking parameters.
In a statement FCIK while attributing the remarkable achievement of the bank to its dedicated and hardworking management and staff, the apex industrial body said that the bank has improved its outlook towards accelerated regrowth of the J&K economy and high-end sustainability.
FCIK equally attributed the success and achievement of J&K Bank to its loyal depositors from Jammu, Kashmir and Ladakh whose deposits accounted for 88.20% of total deposits of Rs.122038 Crores with 6% growth from the last year. FCIK observed that this deposit profile has played an important role in maintaining the margins of the bank as the cost of these deposits stood at one of the lowest rates amoung the Indian scheduled commercial banks, implying lower than peers’ deposit costs @ 3.67%.
“Such a gesture depicted and displayed an emotional bonding of the people of UTJKL with the bank since its inception in 1938 which needed to be respected, maintained and enhanced further.
“The achievement is also attributed to the borrowers of the bank who have obtained loans from the bank and returned the same with one of the highest interest rates among the Indian scheduled commercial banks” observed FCIK adding that the bank might have been within its right to cover prevalent risk factors while overcharging their borrowers during turbulent times when all other banks had backed out from flowing credit to various economic sectors including MSMEs.
“Although the improvement upon Credit-Deposit ratio to 67.43% by the bank was fair yet it was much below the national average of 75%” observed FCIK adding that J&K Bank needed to fully concentrate on the increased credit flow to all economic sectors in UTJKL as it was observed that out of total advances of Rs.82285 a significant portion has been advanced to large corporate and other enterprises outside the Union Territory.
“The recoveries made from the NPA account holders after the launch of OTS-2022, Karz Mukti Scheme etc. have also aided in the increased profit earning of the bank”, observed FCIK adding that the profit could have increased further had the bank authorities conceded to the demand of FCIK and other business chambers for modification of the OTS schemes.
FCIK said that it was gratifying that the net NPA of J&K Bank stood just at 1.62% to net advances probably one of the lowest in the banking industry and that all borrowers of UTJKL were anxious to repay every penny of their loans borrowed from the bank on launch of a uniform, non-discriminatory OTS with trouble-free provisions and repayment schedule in consultation with the UT government and stakeholders. FCIK hoped that J&K Bank now initiated necessary steps towards launching such a policy which, among other things, could surely enable them to increase the current year’s profits to an all-time high by surpassing the profit figures of the previous year.

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#FCIK #Congratulates #Bank #Making #AllTime #High #Profit
( With inputs from : kashmirlife.net )

May 7, 2023
Domestic air traffic touches all-time high on April 30; Scindia says India rising

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New Delhi: Domestic air traffic touched an “all-time high” of 4,56,082 passengers in a single day on Sunday, with Civil Aviation Minister Jyotiraditya Scindia saying that the skyrocketing passenger number is a sign of the country’s rising prosperity.
The country’s domestic air traffic has been on the recovery path for the past many months after being severely hit by the coronavirus pandemic.
भारतीय नागर विमानन क्षेत्र नित नए कीर्तिमान स्थापित कर रहा है – कोविड-उपरांत, आसमान छूती घरेलू हवाई यात्रियों की संख्या भारत के बढ़ते विकास और समृद्धि का संकेत है। pic.twitter.com/Iobij1asnk
— Jyotiraditya M. Scindia (@JM_Scindia) May 1, 2023
“Indian Domestic Air Travel Hits New High, surpasses pre-Covid Average”, on April 30, the civil aviation ministry said in a tweet on Monday.

A total of 4,56,082 passengers flew on 2,978 flights on Sunday, as per the ministry. India’s domestic air traffic reaches new heights with an all-time high!” it said.
Prior to Covid, the average daily domestic passenger number was 3,98,579. In a tweet, Scindia said that the country’s civil aviation sector is setting new records every day.
Post Covid, skyrocketing domestic air passenger number is a sign of the country’s rising growth and prosperity, he added.
In March, domestic carriers flew 128.93 lakh passengers, an increase of 21.4 per cent compared to the year-ago period.
During the January-March period, the airlines carried 375.04 lakh passengers, according to the latest data from the aviation regulator DGCA.

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#Domestic #air #traffic #touches #alltime #high #April #Scindia #India #rising
( With inputs from www.siasat.com )

May 1, 2023
Gold rates surpass all-time high records in Hyderabad, other Indian cities

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Hyderabad: Gold rates in Hyderabad and other Indian cities today broke all-time high records once again due to various reasons including economic uncertainties.
In Hyderabad, the rates of 10 grams of 24-carat and 22-carat yellow metal reached Rs 61360 and Rs 56250 respectively. Similarly, the rates of yellow metals in the international market hit a 13-month high, while silver rates reached a 12-month high.
The rates in other cities are as follows:

Cities 22K (in rupees) 24K (in rupees)
Hyderabad 56250 61360
New Delhi 56400 61510
Mumbai 56250 61360
Chennai 56900 62070
Kolkata 56250 61360
Reasons for rise in gold rates in Hyderabad, other cities
According to market experts, the gold rates in Hyderabad and other Indian cities have climbed due to various reasons, including weakness in the US dollar rate, poor US data, peaking out US interest rates, economic uncertainties, and a rise in oil prices.
Interestingly, gold has outperformed the stock markets in 2023 so far, with its overall return surpassing that of the Sensex and Nifty 50. While the 24-carat gold rate has increased from Rs 55,200 to Rs 60,000 from January 1, 2023, to March 31, 2023, the Sensex and Nifty 50 have dipped from Rs 60,840.74 to Rs 58,991.52 and from Rs 18,105.30 to Rs 17,359.75, respectively, during the same period.
This means that gold has given an overall return of more than 8 percent, while the profits of the Sensex and Nifty 50 have turned negative in the current year so far.
Gold likely to touch Rs 68 thousand
Many experts predict that the demand for the safe haven has increased due to the banking-industry turmoil and concerns that the US economy may tip into a recession. As a result, the gold rates are likely to touch Rs 68,000 in Hyderabad and other cities in the current financial year, giving a return on investment (ROI) of 10-15 percent in FY24.
With the current uncertainty in the stock markets, investors are looking for a reliable and safe investment, and gold seems to be the right choice.

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#Gold #rates #surpass #alltime #high #records #Hyderabad #Indian #cities
( With inputs from www.siasat.com )

April 5, 2023
Pakistanis drown under cost of living as inflation hits all-time high

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Islamabad: Pakistans monthly inflation blew past forecasts in March and soared to a nearly all-time high level — 35.4 per cent — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as cost of living continues to outstrip average incomes, according to a media report.
The fresh inflation reading issued by the Pakistan Bureau of Statistics (PBS) on Saturday also multiplied the prospects of a further rise in interest rates in the upcoming monetary policy committee (MPC) meeting scheduled for April 4, Geo News reported.
The pace of increase in the prices endorsed the expectations of the Finance Ministry that said inflation was expected to stay at an elevated level owing to market frictions caused by relative demand and supply gap of essential items, exchange rate depreciation, and recent upward adjustment of administered prices of petrol and diesel, the report said.

The monthly inflation rate, however, declined to 3.7 per cent in March over February.
The inflation situation has worsened to its worst, steeping the masses, whose purchasing power has eroded by leaps and bounds, into misery, as the price of almost every edible item has gone through the roof over a period of months.
Core inflation, which was calculated after excluding the volatile energy and food prices, increased in March to 18.6 per cent in urban areas and 23.1 per cent in rural areas.
Analysts believe Pakistan is now heading towards hyperinflation a situation when prices are out of control and in the territory of a 50 per cent surge, Geo News reported.

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#Pakistanis #drown #cost #living #inflation #hits #alltime #high
( With inputs from www.siasat.com )

April 1, 2023
Gold rates in Hyderabad reach near all-time high

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Hyderabad: Gold rates in Hyderabad and other cities in India on Friday climbed to a near all-time high. The rates of 24-carat and 22-carat gold reached Rs. 60, 0000, and Rs. 55, 0000 respectively.
In the current month, the rates of the yellow metal saw nearly a seven percent jump.
In the international market, gold rates reached nearly USD 2000 per ounce. There are speculations that it may breach the all-time high of USD 2072 per ounce.
Reasons for rise in gold rates in Hyderabad
Market experts attribute the rise in gold rates in Hyderabad and other Indian cities to the softening of the US dollar rate and the slipping of the dollar index below 102 levels.
Additionally, the collapse of two regional banks in the US and the crisis in a Swiss bank have also contributed to the increase in gold rates in the international market.
The Federal Reserve’s decision on interest rates has also played a key role in the fluctuation of gold rates.
Rates depend on demand and supply
As gold is also a commodity, its rates depend on demand and supply. During times of uncertainty, the rates of the yellow metal increase drastically as investors consider it a safe haven.
However, during market boom periods, its rates return to normal as investors start exploring options that can give them higher returns when compared to gold.

Gold is not only seen as an investment option as many people purchase the yellow for weddings, festivals, and other occasions.
With the rise in gold rates in Hyderabad and other Indian cities, it is likely that the demand for yellow may decrease in the short term.
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#Gold #rates #Hyderabad #reach #alltime #high
( With inputs from www.siasat.com )

March 31, 2023
Gold rates in Hyderabad, other cities cool down after reaching all-time high

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Hyderabad: Providing a much-needed relief to the gold buyers, the yellow metal rates today dipped in Hyderabad and other cities. Yesterday it reached an all-time high due to the banking crisis in the US and Europe.
Amid the banking crisis, investors are moving their funds toward gold which is considered a safe haven.
The gold rates in Hyderabad for 24-carat and 22-carat that reached to Rs 60320 and Rs 55300 per 10 grams respectively yesterday dropped to Rs 59780 and Rs 54800 per 10 grams today.
Gold rates on MCX
On MCX, the yellow metal hit Rs 60000 for the first time on Monday. However, it later started trading at around Rs 59,700 mark.
Apart from the banking crisis, rising inflation and a hike in interest rates are also responsible for the rise in gold rates in Hyderabad and other cities.
The banking crisis was triggered by Silicon Valley Bank, Signature Bank and now Europe’s Credit Suisse.
It is expected that the gold rate of 24-carat can reach Rs 60500 per 10 grams.
In the current month itself, the gold rates increased by over 6 percent.

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#Gold #rates #Hyderabad #cities #cool #reaching #alltime #high
( With inputs from www.siasat.com )

March 20, 2023
Lebanese currency hits all-time low amid financial crisis

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Beirut: The Lebanese currency (LBP) has collapsed to 100,000 LBP per US dollar for the first time in history as the country’s financial crisis and political deadlock continues.
The value of the Lebanese currency lost 8,000 pounds from two weeks ago when it stood at 92,000 pounds against the dollar, reports Xinhua news agency.
In 1997, the pound was pegged to the dollar at 1,500 LBP to $1, and the two were convertible until October 2019.
On February 1, the Central Bank of Lebanon shifted its long-standing official exchange rate from 1,507.5 LBP to 15,000 LBP against the dollar, but is still well below the real value of the dollar.
Lebanon’s economists have been calling on authorities to elect a new President and form a new cabinet to end the political deadlock and allow the country to implement necessary reforms and stop the collapse.
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#Lebanese #currency #hits #alltime #financial #crisis

( With inputs from www.siasat.com )

March 15, 2023
Pathaan becomes all-time number one Hindi film in India

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Mumbai: Superstar Shah Rukh Khan’s “Pathaan” has become the all-time number one Hindi film in India by raising Rs 1028 crore worldwide since its release in January, said Yash Raj Films (YRF).
According to the studio, the Siddharth Anand directorial raised Rs 1.07 crore nett in India (Hindi – Rs 1.05 crore, all dubbed versions – Rs 0.02 crore) on its sixth Friday.
“The nett collection in India stand at Rs 529.96 crore (Hindi – Rs 511.70 crore, dubbed – Rs 18.26 crore) The total worldwide gross is an incredible 1028 crore (India gross: Rs 641.50 crore, overseas: Rs 386.50 crore)” YRF said in a press note.
The movie, a mega comeback vehicle for Shah Rukh after his absence from leading man roles for more than four years, released on January 25 to great hype and record advance bookings.
“It feels incredible that ‘Pathaan’ is now the number one Hindi film in India today! The love and appreciation that has been showered on ‘Pathaan’ by audiences is historic and it shows in the box office result. As a director, I’m proud that I made a film that has entertained people globally,” Anand said in a statement.
The new milestone comes days after “Pathaan” became the highest grossing Hindi film worldwide in the history of Hindi cinema in its initial run. “Dangal” is the highest grossing Indian film with a reported earnings of around Rs 2,000 crore.
In its initial run or phase one of the release, the Aamir Khan-starrer earned over Rs 700 crore. In its second phase, when it was released in theatres in China, the film’s box office crossed the Rs 1,000 crore mark in worldwide gross.
Other Indian films that crossed Rs 1,000 crore mark at the global box office include “Baahubali 2: The Conclusion”, “RRR” and “K.G.F: Chapter 2”.

“Pathaan”, which also stars John Abraham and Deepika Padukone, is an important step in YRF’s spy franchise where characters from different films will cross paths at some point. The film follows the titular spy (Shah Rukh) who comes out of exile to stop terrorist group Outfit X from launching a debilitating attack on India.
It is the fourth film in producer Aditya Chopra’s spy universe, following Salman Khan’s “Ek Tha Tiger” and “Tiger Zinda Hai”, and “War”, featuring Hrithik Roshan.
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#Pathaan #alltime #number #Hindi #film #India
( With inputs from www.siasat.com )

March 5, 2023
Pakistan inflation hits all-time high

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Karachi: Pakistan’s annual inflation, measured by the Consumer Price Index (CPI), soared to a record high of 31.55 percent in February, compared to 27.6 percent in the previous month, driven by massive increases in food and transport prices, local media reported.
According to Arif Habib Corporation, this is the highest-ever CPI increase based on data available from July 1965, Dawn reported.
In February, 2022, inflation clocked in at 12.2 percent.
According to data released by the Pakistan Bureau of Statistics (PBS), inflation in urban and rural areas increased to 28.82 percent and 35.56 percent year-on-year respectively.
On a month-on-month basis, inflation rose 4.32 percent.
Consumer prices have risen sharply over the past several months, with annual inflation staying above 20 percent since June last year, Dawn reported.
In February, the increase in inflation was driven by a double-digit rise in all sub-indices except one.
The inflation figure is higher than the Ministry of Finance’s forecast of 30 percent.

The CPI-based inflation on a year-on-year basis will be 28-30pc in coming months, said the ministry in its monthly economic update & outlook for February, adding that the recent political and economic uncertainties were pushing up inflationary expectations.
The ministry expects inflation to remain high due to the uncertain political and economic environment, pass-through of currency depreciation, rise in energy prices and increase in administered prices in February, Dawn reported.
Although the State Bank of Pakistan has been enacting contractionary monetary policy, the inflationary expectation would take some time to settle. The Centre, in liaison with provincial governments, is closely monitoring the demand-supply gap of essential items and taking necessary measures to stabilise their prices, the report added.
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#Pakistan #inflation #hits #alltime #high
( With inputs from www.siasat.com )

March 1, 2023
Gold rates break all-time high records in Hyderabad, other cities

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Hyderabad: After the United States Federal Reserve approved a quarter-point interest rate hike marking the return to a more traditional interest-rate policy, the gold rates broke all-time high records in Hyderabad and other Indian cities.
Today, the gold rates jumped by over 1.1 percent in Hyderabad. Currently, the rates of 22-carat and 24-carat yellow metal are Rs 53600 and Rs 58470 respectively.
Meanwhile, the rates of 22-carat and 24-carat yellow metal in the national capital are Rs 53750 and Rs 58610 respectively.
The rates in other cities are as follows:
Cities 22K (in rupees) 24K (in rupees)
Hyderabad 53600 58470
New Delhi 53750 58610
Mumbai 53600 58470
Chennai 54750 59730
Kolkata 53600 58470
Domestic, international reasons for rise in gold rates in Hyderabad, other cities
Both domestic and international reasons are responsible for the rise in gold rates in Hyderabad and other Indian cities. As India is an importer of yellow metal, international reasons play a major role.
On February 1, the US Federal Reserve approved a quarter-point interest rate hike which indicates progress in the Central Bank’s fierce battle with inflation.
Though Fed indicated that more hikes are needed to control inflation, it is unlikely that the central bank will go for any bigger hikes due to weakening growth.
As Fed is moving towards the policy of milder rate hikes, interest-bearing assets are becoming less preferable investment option. It is pushing investors to prefer gold.

At the domestic level, the announcement of hike in custom duties on articles of gold, silver, and platinum made precious metal jewelry costly.
No cut in import duty on gold
Due to continuous hikes in gold rates in Hyderabad and other Indian cities, traders were demanding cut in import duty on the yellow metal.
They were of the opinion that the cut in the duty will not only push the sales but also help the government in putting a curb on smuggling.
Despite gold traders’ huge expectations, the union budget left them disheartened as no change was introduced. The import duty continues to remain at 15 percent.
As per market experts, soon the rates in India are likely to touch Rs 60000 per 10 grams.
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#Gold #rates #break #alltime #high #records #Hyderabad #cities
( With inputs from www.siasat.com )

February 2, 2023