Business
PSX climbs past 163,000 for the first time in history – SUCH TV
The Pakistan Stock Exchange (PSX) on Monday extended its bullish momentum at the start of a new business week to reach another all-time high as economic and geopolitical developments boosted investors’ confidence.
As trading underway, the PSX’s benchmark KSE-100 index gained 854.18 points to climb to all-time high of 163,111.18 points, marking a change of 0.53 percent.
But later profit-taking set in forcing the index to lose over 400 points to reach 162,726.32 points or 0.29 percent before noon.
Share prices of 448 companies were traded so far, out of which 264 witnessed gains and 165 losses, while 19 remained unchanged.
Experts said the recent cordial meeting between Pakistan’s civil-military leadership and US President Donald Trump has sparked positive sentiments among investors.
Furthermore, the successful resolution of Rs1,225 billion power sector circular debt has provided as a decisive step towards fiscal discipline, investor confidence through collective efforts.
This historic joint effort was led by the Prime Minister’s Task Force on Power in coordination with the Ministry of Energy, the State Bank of Pakistan, the Pakistan Banks Association, and 18 partner banks.
This landmark restructuring represented a major breakthrough in addressing one of the most chronic challenges to Pakistan’s energy sector.
On Friday, the 100-index of the Pakistan Stock Exchange (PSX) had gained 2,976.92 points, an increase of 1.87 percent, closing at 162,257.01 points.
A total of 1,714,917,163 shares valuing Rs70.744 billion were traded during the day as compared to 1,673,571,032 shares valuing Rs. 55.278 billion on the last trading day.
As many as 484 companies transacted their shares in the stock market; 228 recorded gains and 230 sustained losses, whereas the share prices of 26 remained unchanged.
The three top trading companies were WorldCall Telecom with 450,584,981 shares at Rs.1.85 per share, followed by K-Electric Limited with 112,632,537 shares at Rs.7.13 per share, and Cnergyico PK with 73,630,584 shares at Rs.8.81 per share.
The top gainers were Rafhan Maize Products Company Limited, share prices of which increased by Rs.911.15 to close at Rs.10,506.10, and Sapphire Textile Mills Limited, which rose by Rs.128.91 to close at Rs.1,422.08.
The major losers were PIA Holding Company LimitedB, which declined by Rs.1,353.22 to close at Rs.26,689.60, and Unilever Pakistan Foods Limited, which fell by Rs.148.99 to close at Rs.32,308.01.
In the futures market, 633,777,000 shares were traded as compared to 557,601,500 shares on the previous trading day, while the total value stood at Rs.35.935 billion against Rs. 27.119 billion previously.
Business
Index reshuffle: IndiGo parent to enter Sensex from Dec 22; Tata Motors Passenger Vehicles dropped – The Times of India
InterGlobe Aviation, the operator of IndiGo, will be included in the BSE’s 30-stock benchmark index Sensex from December 22, the BSE Index Services said on Saturday.As part of the reconstitution exercise, Tata Motors Passenger Vehicles Ltd will be dropped from the index, the announcement added, PTI reported.The changes will take effect from market open on Monday, December 22, and have been made by BSE Index Services Pvt Ltd (formerly Asia Index Pvt Ltd).In the broader BSE 100 index, IDFC First Bank Ltd will be added, replacing Adani Green Energy Ltd. Within the BSE Sensex 50 index, Max Healthcare Institute Ltd will be included, while IndusInd Bank Ltd will be removed.Further, in the BSE Sensex Next 50 index, IndusInd Bank and IDFC First Bank will replace Max Healthcare Institute and Adani Green Energy.
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US court orders Byju Raveendran to repay USD 1 billion to BYJU’s Alpha and GLAS Trust Company LLC. Raveendran plans to appeal.
Byju’s founder Byju Raveendran has challenged a recent default judgment by a US bankruptcy court that holds him liable for repaying over USD 1 billion.
In a major setback, the US Delaware court has ordered Byju Raveendran, the founder of ed-tech, to repay USD 1 billion to BYJU’s Alpha and US-based GLAS Trust Company LLC, according to a report of PTI. The court has held Raveendran personally liable for the damage upon the petition filed by the lender.
The court also found that Raveendran lapsed to comply with the discovery order and continued to be evasive on several occasions. “The court will enter default judgment against Defendant Raveendran…in the amount of USD 533,000,000, and on Counts II, V and VI in the amount of USD 540,647,109.29,” the judgement said, as reported by PTI.
Byju Raveendran is going to contest the US court judgement.
In a press statement, Raveendran’s lawyers said they will “promptly appeal” the ruling, arguing that the court issued the judgment on an expedited timeline that “precluded” him from presenting his side. Raveendran has denied all allegations made in the case.
The legal team also accused GLAS Trust of misleading the Delaware Courts and the public, claiming the judgment should not have been issued at all. According to them, the court granted monetary relief even though GLAS had withdrawn its damages claim in September 2025.
“This judgment stems from an accelerated procedure triggered by serious misrepresentations made by GLAS,” the release stated. The team added that Raveendran will soon submit evidence of this alleged misconduct as part of a separate claim worth at least USD 2.5 billion, which he plans to file before the US courts.
The statement further said the latest Delaware Court ruling was a direct result of GLAS “securing judicial relief by misleading the courts,” with the aim of harming Raveendran personally and indirectly affecting other suspended directors of Think & Learn Pvt. Ltd.
Raveendran’s team also highlighted that he was given insufficient time to hire legal counsel and respond to the accelerated court actions.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
November 22, 2025, 18:19 IST
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Getty ImagesThe publisher of the Daily Mail has agreed to buy the Daily and Sunday Telegraph for £500m.
The Daily Mail and General Trust (DMGT) said it had entered a period of discussion with RedBird IMI, which is a joint venture between the United Arab Emirates and the US private equity firm RedBird Capital Partners.
RedBird Capital’s own bid for control of the Telegraph collapsed last week.
The deal needs to be signed off by Culture Secretary Lisa Nandy. A spokesperson said Nandy would “review any new buyer acquiring the Telegraph in line with the public interest and foreign state influence media mergers regimes”.
DMGT and RedBird IMI have said they expect the deal to be finalised “quickly”.
DMGT chairman Lord Rothermere said he had “long admired the Daily Telegraph” and the deal would give “much-needed certainty and confidence” to its employees.
He said: “The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper and I have grown up respecting it. It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades.”
He added: “Chris Evans is an excellent editor and we intend to give him the resources to invest in the newsroom. Under our ownership, the Daily Telegraph will become a global brand, just as the Daily Mail has.”
The purchase would see the Telegraph become part of DMGT’s portfolio of media organisations, which includes the i Paper, Metro and New Scientist, along with the Daily and Sunday Mail papers.
The group said the Telegraph would remain editorially independent from DMGT’s other titles.
It also said its case for having the deal approved was “compelling” and would comply with UK regulations, as there would be no foreign state investment or capital in the funding structure.
A spokesman for RedBird IMI said: “DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the secretary of state.”
RedBird Capital pulled out of a deal to buy the Telegraph last week.
It had a previous attempt to buy the group rebuffed by politicians as it was majority-funded by Abu Dhabi’s IMI group – which is owned in turn by the Abu Dhabi royal family.
A law change meant that foreign sovereign wealth funds could take a maximum stake of 15% in newspapers or periodicals.
Its more recent bid complied with that rule, but it was understood that the government intended to submit the deal to regulatory review.
Sources close to RedBird insisted that they were confident that the bid would have passed a government review process, but cited negative articles toward the bid from the current Telegraph newsroom as a factor in shelving their interest.
RedBird founder Gerry Cardinale had planned to expand the Telegraph’s reach and subscriber base in the US, believing there to be a gap in the market.
Among other investments, RedBird owns the Italian football team AC Milan.
The Telegraph has been in limbo for over two years, when the RedBird IMI consortium paid off the debts of the Telegraph’s previous owners, the Barclay family, hoping to take eventual ownership of the newspapers.
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Index reshuffle: IndiGo parent to enter Sensex from Dec 22; Tata Motors Passenger Vehicles dropped – The Times of India
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