Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said wrong and controversial policies have weakened the economy to an extent that it cannot be revived without the IMF loan.… Continue
· Market took pressure from the negative news vibes due to delay in negotiating the resumption of IMF package. Though, the Ministry of Finance highlighted that the negotiations are ongoing and underlying terms will be negotiated soon, the investors didn’t like the uncertainty resulting in the index losing 379pts during the session and closing -217pts (unadjusted).… Continue
Pakistan Petroleum Limited (PPL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services for PPL’s Retirement Funds. This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL.… Continue
Mr. Kashif Imtiaz, Director Owner Imtiaz Group of Companies presenting crest to Mr. Tolga Ucak, Consul General of Republic of Turkey after the conclusion of fruitful/successful meeting for enhancement of bilateral ties between Pakistani Retail Sector Giants and Turkish Retail Sector.… Continue
Experts estimate Indus Motor to post PAT of PKR4,762mn (EPS: PKR60.59) compared to PKR PKR1,846mn (EPS: PKR 23.48) in the corresponding period last year, depicting the massive increase of 1.58x YoY owing to an increase in sales volume by 33%YoY, the last year sales volume was depressed due to covid-19 pandemic.… Continue
Telenor Microfinance Bank, operator of Pakistan’s leading digital payments platform Easypaisa, has gone live on Temenos’ modern core banking platform with NdcTech to power its digital banking services.
By employing Temenos best-in-class solution and NdcTech’s implementation expertise, Telenor Microfinance Bank will be able to innovate faster and provide customers with much-needed access to digital savings accounts and micro-loans.… Continue
Engro Polymer (EPCL) announced its 3Q2021 financial results today, where the company booked a consolidated profit of R3,107mn (EPS: Rs3.42) compared to Rs1,881mn (EPS: Rs2.07) in 3Q2020.
It takes 9M2021 earnings to Rs10,372mn (EPS: Rs11.41) compared to Rs2,103mn (EPS: Rs2.31) in 9M2020.… Continue
Jazz, Pakistan’s number one 4G operator and the largest internet and broadband service provider, has been awarded the ‘Most Preferred Employer in the Telecom Industry’ at the Best Place to Work Awards Gala 2021 (BPTW 2021) hosted by Pakistan Society of Human Resources Management (PSHRM) and Engage Consulting. … Continue
As we get closer to resuming the IMF program and receiving a USD 1bn tranche, we expect the market to perform well in-tandem. Whereas recent bouts of selling at the index has once again opened up valuations; we advise investors to cherry-pick blue chip stocks with a long term focus.… Continue
Korangi Association of Trade and Industry (KATI) President Salman Aslam has rejected the rise in prices of petroleum products, which have reached the highest level in the history of Pakistan.
He appealed to Prime Minister Imran Khan to reverse the recent rise in prices of petroleum products.… Continue
Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices by Rs10.49 per liter, appealed the Government to subsidize the impact of international oil prices as the increase in petroleum prices would not only affect the overall economic performance but would also intensify the hardships for businesses and the masses who were already overburdened because of inflation and their budgeting would be further disturbed due to hike in petroleum prices and also the electricity tariff.… Continue
A month-long breast cancer awareness campaign — initiated by RINSTRA.com, Pakistan’s first on-line app created by Pakistanis with only Pakistani content — which took off on October 1 with a webinar on Rinstra’s facebook page, saw the screening of Abhi Nahi in a college and ladies’ club in Quetta.… Continue
As per latest trade data released by Pakistan Bureau of Statistics, textile exports increased by 25% YoY to USD 1.5bn in Sep’21 compared to USD 1.2bn in Sep’20. On monthly basis too, textile exports increased by 2% MoM despite logistics and supply chain issues such as congestions on ports and higher freight cost.… Continue
This Global Handwashing Day, Dettol, one of Pakistan’s leading Germ-kill brand, partnered with The Citizens Foundation (“TCF”) to support the cause of education and specifically hygiene education to educate the school going kids on the importance of hand washing with soap. … Continue
Jazz has been bestowed the ‘Best Taxpaying Company’ award under the large taxpayer’s category (largest withholding agent nationwide) at the inaugural Taxpayer Recognition Awards organized by the Rawalpindi Chambers of Commerce and Industry (RCCI) in collaboration with the Federal Board of Revenue (FBR).… Continue
Ericsson (NASDAQ: ERIC) will light up the Swedish Pavilion at Expo 2020 Dubai by being physically present inside the pavilion for several days during 2021 and 2022. During these days, Ericsson will showcase exciting demonstrations and sessions on next-generation innovations that will address some of the planet’s most pressing issues.… Continue
Pakistan Water and Power Development Authority (WAPDA) is committed to the water, food and energy security of the country. At present, it has been constructing as many as 10 projects in water and hydropower sectors under ‘Decade of Dams’, to be completed in a phased manner from 2023 to 2029.… Continue
Shell Pakistan organized the Shell Eco-Marathon (SEM) 2021 Student event today at Rawalpindi, where engineering students from leading Pakistani universities demonstrated the performance of their self-built vehicles across 2 categories –’Prototype’ (Battery powered) or ‘Urban Concept’ (Gasoline run) in line with Shell’s mission to power progress with innovative and cleaner energy solutions.… Continue
Telenor Pakistan has been recognised as one of the largest taxpayers at the first Taxpayers Recognition Award Ceremony in the esteemed presence of the Honourable President of Pakistan, Dr Arif Alvi, as Chief Guest.
The award ceremony was organised by the Rawalpindi Chamber of Commerce and Industries (RCCI) in collaboration with the Federal Board of Revenue (FBR).… Continue
AAA Associates has been awarded as “The Best taxpayer in Real Estate Regional” in the “First Taxpayer Recognition Awards” organized by Rawalpindi Chamber of Commerce & Industry (RCCI) in collaboration with the Federal Bureau of Revenue (FBR). The event was attended by members from high profile multinationals and representatives of blue-chip corporate companies.… Continue
· National Foods Limited held its analyst briefing session today to discuss it FY21 results. To recall, the company posted consolidated NPAT of PkR1.97bn (Bonus adjusted EPS: PkR8.47) in contrast to NPAT of PkR1.65bn (Bonus Adjusted EPS: PkR7.02), up 19.64%YoY.
· The topline of NATF has grown by 20%YoY after being listed on global e-commerce platforms such as Amazon and Walmart resulting in a boost in international sales (30% contribution from exports in FY21 vs 6% in FY20).… Continue
High global growth as countries bounce back from the economic effects of the pandemic weakened in Q3, but confidence and orders remain at high levels, according to the latest Global Economic Survey from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants).… Continue
The United States is shipping an additional 9.6 million doses of Pfizer COVID-19 vaccines through the COVAX facility to Pakistan. This donation brings the total number of COVID-19 vaccines donated by the U.S. government to the Pakistani people to more than 25 million.… Continue
The second annual Tape Ball Cricket Tournament organized by the National Highway Authority has come to an end. Regular cricket tournament competitions were held at G-9 Cricket Ground, Islamabad. These teams include Admin, Audit, Revenue, Champion XI, RAMD XI, P&CA XI, CP Fund, Falcon and Accounts Cadre officers and staff.… Continue
Continuing its positive momentum, benchmark KSE100 index remained in green zone on the last trading session of the week to settle at 44,821.5pts, up 487.85(+1.10%). Increase in international oil prices along with the clarity on appointment of DG ISI has boosted investors’ confidence.… Continue