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Pakistan's foreign minister Ishaq Dar has been appointed deputy prime minister, the Ministry of Foreign Affairs said on Sunday in a post on X. "The Prime Minister has been pleased to designate Mr. Mohammad Ishaq Dar, Federal Minister for Foreign Affairs, as Deputy Prime Minister with immediate effect," a Pakistan government gazette posted by the foreign ministry read. Dar will continue in his role as foreign minister, Pakistani media said. The appointment comes a month after Pakistan's parliament elected Shehbaz Sharif as prime minister after a national election marred by mobile internet shutdown, arrests and violence. Pakistan struggled for over four months to lock in a stand-by arrangement with the International Monetary Fund last summer when Dar was finance minister, and it took the intervention of his prime minister, Shehbaz Sharif, to secure a last-ditch deal. Dar has also regularly criticised the IMF on public platforms in the middle of negotiations, and has long favoured market interventions to prop up the Pakistani rupee - something the IMF has warned against. (Reporting by Akanksha Khushi in Bengaluru; Editing by Ros Russell)

The ascent of steep mud volcanoes marks the start of Hindu pilgrims' religious rituals in southwestern Pakistan. They climb hundreds of stairs or clamber over rocks to reach the summit, tossing coconuts and rose petals into the shallow crater while seeking divine permission to visit Hinglaj Mata, an ancient cave temple that is the focus of their three-day worship. The dramatic surroundings of Hingol National Park in Baluchistan province are the setting for Pakistan's largest Hindu festival, Hinglaj Yatra, which started on Friday and ends on Sunday. Organisers say more than 100,000 Hindus are expected to participate. Muslim-majority Pakistan is home to 4.4 million Hindus, just 2.14% of the population, and Hinglaj Mata is one of the few Hindu sites that continues to draw large numbers of pilgrims every year from across the country. Muslims and Hindus generally live peacefully in Pakistan, from where most of the Hindus migrated to India when it was divided by British colonialists in 1947. But there have been attacks on Hindu temples in recent years as relations between the rivals remain tense. Hindus believe Hinglaj Mata is one the places where the remains of Sati, the goddess of marital felicity and longevity, fell to earth after she ended her life. Maharaj Gopal, the temple's most senior cleric, explains why people flock to it. "It is the most sacred pilgrimage in the Hindu religion," said Gopal. "Whoever visits the temple and worships accordingly during these three days will have all of their sins forgiven." The journeys begin hundreds of kilometres (miles) away, mostly from neighbouring Sindh province. Hundreds of packed buses set off from cities like Hyderabad and Karachi, travelling along the Makran Coastal Highway that hugs Pakistan's south and southwest. But there's scant parking and vehicular access to the holy sites, so many pilgrims disembark and complete their travel by walking over parched and rocky terrain, sometimes barefoot and carrying children or luggage. It's a few kilometres (miles) from the main road to the mud volcano and then, from there, almost 45 kilometres (25 miles) to Hinglaj Mata. Winds buffet the desert-like conditions, churning up dust that whips the eyes, nose and mouth. The pilgrims' festive cheer and brightly coloured apparel are a contrast to the arid landscape. Strong gusts distort people's celebratory cries of "Jai mata di" and "Jai shiv shankar." Kanwal Kumar, 28, was visiting the temple for the first time with her husband. "We have yet to conceive a child after six years of marriage, so we are hopeful for help from the goddess," she said. "We believe that no one returns empty-handed. All wishes are granted by Hinglaj Mata." The Hindu festival brings the Pakistani park to life. Hundreds of stalls spring up to sell snacks, drinks, jewellery, and clothing. Vats of hot food are prepared in the open air or thatched huts. Pilgrims purchase coconuts, sweetmeats, flowers, and incense for their ritualistic offerings. Aloo Kumar, 55, wanted to express her gratitude to Lord Shiva, one of Hinduism's three most important deities. "He blessed our family with a grandson," Kumar said, gesturing toward the boy beside her cradling his baby sibling. "We prayed for a grandson during last year's festival." Hinglaj Mata thrums with activity, even after dark. Fairy lights and other decorations adorn the shrine and pilgrims jostle for position in front of it, sometimes holding up babies so the deities can bless them. Stewards urge them to pay their respects and move along. The park's Hingol River provides Hindu pilgrims with the opportunity for ritual bathing, like the Ganges in India. While there is no ban on Hindu worship in Pakistan, openly practising the faith is not routine as ties between India and Pakistan are broken. Travel restrictions and hostile bureaucracies largely keep people from crossing the border for leisure, study and work, although the countries sometimes make exceptions for religious pilgrimages, usually for India's Sikhs. Versimal Divani, the general-secretary of Hinglaj Mata, lamented that only Hindus in Pakistan can attend the festival. "We can visit this temple in our beloved country whenever our heart desires," said Divani. "But this is not the case for the rest of the world's Hindus. I would like the Pakistani government to issue them visas so they can come here and take blessings with them. It's good for people-to-people contact and it's good for the economy too."

With the fourth quarter earnings underway, as many as 211 companies will announce their quarterly results this week with some major names in the mix. Investors will be particularly watching out for some major earnings of Kotak Mahindra Bank, DMart, Ultratech Cement, Indian Oil, Adani Energy, Adani Power, Ambuja Cements, Adani Wilmar, Adani Enterprises, Coal India, Titan among others.Here's what's on the earnings calendar this weekApril 29Ultratech Cement, Trent, UCO Bank, KPIT Technologies, Poonawalla Fincorp, Tata Chemicals, PNB Housing, Gillette India, Birlasoft, Kfin Technologies, Canfin Homes, Vesuvius India, Shoppers Stop among others will announce their earnings on Monday.April 30Indian Oil, REC, Adani Energy, Havells India, Adani Total Gas, Cholamandalam Investment, Indus Towers, Central Bank of India, P&G, Exide Industries, Sona BLW Precision, Star Health, Vedant Fashions, Five-Star Business, Castrol India, Indiamart Intermesh among others will declare results on April 30.May 1Adani Power, Ambuja Cements, Adani Wilmar, Netweb Technologies, SIS, Orient Cement, Greenpanel Industries, Cigniti Technologies, Bondada Engineering, Vardhaman Special Steels, Mangalam Cement, PNB Gilts, Dhampur Sugar Mills, Alliance Integrated Metaliks, Zenotech Labs among others will announce their results on Wednesday.May 2Adani Enterprises, Adani Ports, Coal India, Dabur India, Federal Bank, Lloyds Metals, KEI Industries, Coforge, KPR Mill, Blue Star, Ajantha Pharma, JBM Auto, CIE Automotive, Blue Dart, Ramkrishna Forgings, RailTel, Voltamp Transformers, Ceat, South Indian Bank and many others will declare results for the quarter ended March 2024 on May 2.May 3Titan Company, Adani Green Energy, Britannia Industries, Godrej Properties, MRF, JSW Infra, Mangalore Refinery, Tata Technologies, Firstsource Solutions, Raymond, HFCL, Go Fashion, Lloyds Enterprises, Aarti Drugs, Tatva Chintan Pharma, Steel Exchange India, Paushak, Kabra Extrusion, Asian Energy Services will announce results on May 4.May 4Kotak Mahindra Bank, Avenue Supermarts, IDBI Bank, Kansai Nerolac, CDSL, J&K, Birla Corp and others will release their quarterly results on May 4.

Indian market snapped 5-day winning streak on Friday to close in the red tracking muted global cues.The S&P BSE Sensex fell more than 600 points while the Nifty50 managed to hold on to 22,400 levels.Sectorally, buying was seen in healthcare, realty, public sector and consumer durable while selling was seen in capital goods, auto and banks.Stocks that were in focus include names like Havells India which was up nearly 5% to hit a fresh high, Container Corporation of India closed with gains of more than 6% and ICICI Bank closed lower ahead of results.We have collated a list of three stocks that either hit a fresh 52-week high, or an all-time high or saw a volume or a price breakout.We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Sanket Thakar, CMT, Founder- Alpha Bot CapitalHavells India: Target Rs 1657-1692| Support 1540Havells has entered its all-time high levels after breakout sharply from a channel pattern on the 2 hourly chart suggesting continuation of its bull rally till 1657 & 1692 levels in the near future. The support level is placed below Rs 1540. 109652470Container Corporation: Support Rs 1010-989Container Corporation is currently in a bullish trend since the breakout of its Cup and Handle pattern which took place on intraday charts 15-days before.Though on Friday, the stock hit an all-time high level and is in a bullish trend, but it is also in a bit of overbought state and could cool down a bit and retrace back to its 23.6 % retracement in the coming days at level of 1036 before continuing its uptrend rally moving forward.Further down, 1010 and 989 will also serve as support areas. 109652473ICICI Bank: Resistance Rs 1170| Support Rs 1096ICICI Bank is on a trendline resistance on the intraday charts, which is currently suggesting that it could again pull back down to its support levels of 1096 & 1087 levels.The fresh trend will resume once the price is sustained above the resistance level which can lead it to 1170 levels on the upside. 109652495(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Ever since the Taliban seized power in Afghanistan, China has kept its aim sharp at the country's mining sector through its investment initiatives, thus ensuring an influence on it, reported Khaama Press.Beijing, has notably, focused on the country's vast mineral deposits since the Taliban gained control of Afghanistan.The Taliban ambassador to China, in a meeting with the Minister of Mines and Petroleum of the group, stated that China desires further investment in Afghanistan's mines. According to the Ministry of Mines and Petroleum's social media platform X, the Taliban's ambassador to China, Bilal Karimi, and Shahabuddin Delawar, the Minister of Mines and Petroleum of this group, met on Saturday, April 27. Bilal Karimi pledged to spare no effort in attracting Chinese investors.Chinese companies have expressed a keen interest in exerting influence through economic and mining investments, spanning sectors such as oil, copper, and even lithium, reported Khaama Press.Their eagerness to invest in Afghanistan's mineral wealth underscores their strategic interest in its resources.Last year, China made a substantial proposal to Afghanistan's Ministry of Mines and Petroleum, offering to invest a significant sum of 10 billion dollars in a quest to deepen its presence in Afghanistan's resource-rich landscape of the nation.

Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses.Last month, nearly 72% shareholders approved the scheme of arrangement for the merger of ICICI Securities with its promoter ICICI Bank.The voting on the merger scheme was done following a NCLT order to consider approving the scheme.According to the proposed delisting scheme, ICICI Securities shareholders are slated to receive 67 shares of ICICI Bank for every 100 shares held.ICICI Bank has been under the fire for allegedly coaxing minority shareholders of ICICI Securities (I-Sec) to support the private lender's proposal to delist the broking and investment banking arm.The move cames after some shareholders of ICICI Securities claimed on social media that the bank's executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary.Quantum Mutual Fund, which has opposed ICICI Bank's plan to delist ICICI Securities, is also considering legal action against the bank, ET reported earlier.Capital markets regulator Sebi has granted ICICI Bank exemption from the delisting regulation involving the requirement of the listed holding company and listed subsidiary being in the same line of business.ICICI Bank in its defence said the scheme of arrangement was recommended by independent valuers.In the recent fourth quarter, ICICI Securities reported more than doubling of its net profit of Rs 536 crore and the consolidated revenue from operations stood at Rs 1,543 crore.Its debt-to-equity ratio in the January-March quarter went up to 4.25 from 3.26 in the corresponding quarter of FY2023. Meanwhile, the debt service coverage ratio was down to 0.18% in the period ended March 31, 2024, versus 0.21% in the quarter ended March 31, 2023.On Friday, ICICI Securities closed 1.56% lower at Rs 729.65 on NSE.

Rallies in the markets may not present a clear picture of certain key developments. This is the very nature of the markets. A little bit of digging helps reveal stories which may not be apparent in the broad sentiment which engulfs the markets. Take for instance, the banking index. In the past one year ended April 22, 2024, the Nifty Bank index has given only 12.41% returns compared to 25.89% returns by the Nifty 50 index. Beneath this underperformance lies a story. Let us explore it in detail:Investors preferred public sector banks (BPSUs) to private sector banks. BPSUs largely finance institutional and corporate borrowers and private sector banks are known for catering retail credit needs. Despite strong credit offtake, stocks of private sector banks did not do well. There is a reason. Private sector banks were richly valued compared to BPSUs. In a high interest rate regime, value conscious investors preferred to stick to BPSU. The PSU rally also improved the sentiment around PSU bank stocks. However, these stocks have a relatively low weight (around 15%) in the Nifty Bank index. Hence the positive impact on Nifty Bank Index was not as much.The largest stock in the Nifty Bank Index – HDFC Bank--with 29% weight remained under pressure through the year due to a variety of reasons. Investors have concerns about the challenges related to compliance and funding post the merger of HDFC Bank with its parent: Housing Development Finance Limited (HDFC). In the past one year, HDFC Bank's shares have lost 10.3%.Another important reason for weak performance of banks' stocks is the regulatory actions by the Reserve Bank of India. RBI slapped fines to many lenders due to slippages in the areas of know-your-client, risk categorisation, and provisioning among others. Though, fines looked small in the context of the quantum of profits of banks. RBI also made a few banks stop onboarding new clients and selling new credit cards. These actions impacted stock prices of banks. Investors also factored in lower earnings from other banks offering similar products, anticipating similar regulatory actions. These facts turned investors cautious.In contrast to this, stocks from auto, power and energy sectors did well and lifted the returns offered by the Nifty 50 index. Among constituents of the Nifty 50 Index, Bajaj Auto, National Thermal Power Corporation (NTPC) and Tata Motors gained more than 100% in the past one year. All in all, this was not a year for banking stocks. Even Q4 numbers announced by HDFC Bank were below expectations. However, things are expected to change for the better going ahead.Going forward, as net interest margins (NIM) of banks stabilise due to increasing deposits and credit offtake, profitability of banks should improve. If inflation comes down and interest rates are cut towards the end of the current year, then it should improve banks' earnings. This can trigger upward movement in the Nifty Bank index.In the near term, geo-political tensions in the Middle East and the Lok Sabha elections are the two events which could trigger volatility in the broad markets. The Nifty Bank Index should get a strong support at 46,950 and then at 45,500. A close above previous high of 49,057, should take the Nifty Bank index to a new high of 51,300 if possible.On the Nifty 50 index, 21800 should act as a strong support. If the Nifty 50 index does not break it and manages to stay above the psychologically important level of 22,000, then the Nifty 50 index should see an upside of 22500-22800. A new high around 23,150 is possible. However, a break below 21,800 will take nifty 50 to 21,250 and 20,800 levels.