Morning Buzz for April 18, 2014 – MR Securities

Karachi, April 18, 2014 (PPI-OT): Current account deficit over $2.1 billion, data reveals

Pakistan’s current account deficit in the first nine months of the ongoing fiscal year increased to more than $2.1 billion as opposed to $1.2 billion recorded in July-March of 2012-13, according to data released by SBP.

Going up: State Bank’s reserves rise $41 million

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week increase of 0.82% on April 11, according to data released by the SBP on Thursday.

Decisions: ECC scraps ban on gold import

The government has imposed 5% customs duty on import of cotton yarn in an attempt to support domestic industries and decided to lift a ban on gold import that had been slapped last year to save foreign currency reserves and discourage its smuggling to India.

Meezan Bank sale terminated

Kuwait’s Noor Financial Investment Company proposed sale of its 49 percent stake in Meezan Bank has failed to materialise as the prospective buyer was not able to meet its standards for suitability.

POL posts 9MFY14 EPS of Rs 42.71

Pakistan Oilfields Limited (POL) on Thursday posted 9MFY14 EPS of Rs 42.71, up 17 percent from 9MFY13 EPS of Rs 36.46. Hike in earnings came from increase in company’s top line, said Top line Securities.

Attock Petroleum announces 9MFY14 result

Attock Petroleum Limited (APL) on Thursday announced 9MFY14 result where the company booked 24% YoY higher profits of Rs 3.65bn (EPS: Rs 44.00) in 9MFY14 as against earnings of Rs 2.95bn (EPS: Rs 35.50) in 9MFY13, said analysts at JS Global.

EFOODS registers Q1 earnings of Rs 190 million

Engro Foods (EFOODS) on Thursday posted earnings of Rs 190m (EPS Rs 0.25) in 1Q2014 which is significantly higher than 4Q2013 loss of Rs 370m (Rs 0.48 per share) but down by 71%YoY.

Dubai Islamic Bank records Rs 211 million profit before tax

The Board of Directors of Dubai Islamic Bank Pakistan Limited (DIBPL) recently held a meeting to approve its financial statements for the year ended December 31, 2013. DIBPL is a fully owned subsidiary of Dubai Islamic Bank UAE, the world’s first Islamic Bank.

LNG terminal services: Cabinet likely to clear way for award of contract

The cabinet is likely to award a multi-million-dollar liquefied natural gas (LNG) terminal contract to Elengy Terminal Pakistan Limited (ETPL) in its meeting scheduled for Friday, though Fauji Foundation has taken a firm stand against using existing terminals for gas import, sources say.

Dial T for tax directory

Former president Asif Ali Zardari paid Rs1.4 million in income tax, almost half the amount paid by Pakistan cricketer Shahid Afridi who paid Rs2.7 million last year, according to the tax directory published by the Federal Board of Revenue (FBR).

FBR launches investigation into money laundering cases

The Intelligence Wing of the Federal Board of Revenue (FBR) has launched a probe in money laundering cases of suspected persons, official sources said on Thursday.

Under capacity: Government revising marginal gas field policy

Petroleum ministry is updating policy guidelines for marginal gas fields, which have been abandoned due to lack of economic viability but collectively hold sizeable quantity of hydrocarbon reserves, said senior official.

APTMA laments energy situation again

At a time when Pakistan should enjoy the Generalised System of Preferences (GSP) Plus status to its fullest, Punjab-based industrialists are fearing the closure of around 100 textile spinning and weaving units by the end of April that could result in one million people being rendered jobless.

Fighting crime: SNGPL should introduce cyber lock, says regulator

Sui Northern Gas Pipelines Limited (SNGPL) should introduce a cyber-lock system at its consumer meter station, a step that will facilitate the company in tackling gas theft by industrial and compressed natural gas (CNG) consumers, says the industry regulator in fresh directives.

Prime Minister to inaugurate two thermal power plants

Prime Minister Nawaz Sharif will inaugurate 747 MW Guddu and 404 MW Uch II thermal power plants on April 21 and 25, 2014 respectively. A team of senior officials of Water and Power Ministry has already reached Guddu power plant to finalise the arrangements for plant’s inauguration.

Cars given to staff at throwaway prices: PAC panel tells OGDCL to furnish details

Public Accounts Committee (PAC) sub-committee directed Oil and Gas Development Company (OGDCL) to submit the details pertaining to 72 vehicles given to employees of the company at throwaway prices.

The post Morning Buzz for April 18, 2014 – MR Securities appeared first on Business News Pakistan.

The post Morning Buzz for April 18, 2014 – MR Securities appeared first on AsiaNet-Pakistan.

Leave a Reply