Morning Buzz for July 13, 2012 – MR Securities

Karachi, July 13, 2012 (PPI-OT): NATIONAL BANK OF PAKISTAN DECLARES PROFIT RATES

According to MR Securities,

National Bank of Pakistan has declared the following rates of return on PLS deposits/other deposits for the period of six months ended 30th June 2012.

PSO FLOATS TENDERS TO IMPORT MOGAS, HSFO, LSFO
Pakistan State Oil (PSO) has floated tenders for the import of 245,000 tons of Mogas, 650,000 tons of high-sulphur fuel oil (HSFO) and 165,000 tons of light sulphur fuel oil (LSFO) to meet demand in the coming months.

UBL INTRODUCES FIRST ONLINE SHARE SUBSCRIPTION SYSTEM
United Bank Limited “UBL” marks another milestone by introducing the first online share subscription mechanism in capital markets of Pakistan. This initiative is a joint achievement of UBL with Securities and Exchange Commission of Pakistan, Aisha Steel Mills Limited and Arif Habib Limited.

HBL DECLARES FINAL DIVIDEND FOR SIX FUNDS
The Board of Directors of Habib Bank Limited (HBL) Asset Management Limited in the meeting held on July 6 2012, declared final dividend for six funds under management. HBL Money Market Fund.

MINISTRIES ASKED TO CONSIDER IMPORTING POWER, LNG FROM INDIA
The Federal Cabinet has directed concerned Ministries to seriously consider importing electricity and Liquefied Natural Gas (LNG) from India with a view to dealing with energy crisis, a major priority of the incumbent government.

UP TO RS 5.6/LITRE HIKE IN POL PRICES LIKELY
The prices of petroleum, oil and lubricants (POL) products excluding high speed diesel are likely to increase ranging between Rs 1.6 to Rs 5.6 per litre from July 16.

LPG IMPORTS CANCELLED AHEAD OF RAMAZAN
The Oil and Gas Regulatory Authority (Ogra) announced in a notification to cap the price of imported LPG below its landed cost, LPG importers have begun to cancel their shipments ahead of Ramazan.

PRIME MINISTER FORMS BODY TO PREPARE PROPOSALS
Prime Minister Raja Pervez Ashraf Thursday presided over a meeting, which was attended by Minister for Law Farooq H Naek, Advisor to Prime Minister on Petroleum Dr Asim Hussain and the secretaries of Cabinet and Petroleum Divisions, and Chairman Ogra to discuss the import of LNG and LPG on fast-track basis in a transparent manner.

FUNDS NEEDED TO ADD 10,276 MW TO NATIONAL GRID BY 2020: WAPDA CHAIRMAN
Water and Power Development Authority (Wapda) has said that it would be able to add 10,276 MW hydel power to the system by 2020 subject to provision of funds by the government.

PROSPECTS OF INCREASING DOMESTIC GAS OUTPUT DIM: SECRETARY
There is very little likelihood of increasing gas production through traditional (domestic) sources and the country has to go for immediate short-term import projects to bridge the gas deficit of 2 Billion Cubic Feet (BCF), Secretary Petroleum Dr Waqar Masood said on Thursday.

PESCO PROMISES FAIR LOADSHEDDING
Pesco Chief Executive Officer, Tariq Seduzai has assured Sarhad Chamber of Chamber and Industry (SCCI) for issuance of equitable loadshedding scheduled to all industrial estates.

GORAKH HILLS STATION: SESCO FAILS TO RESTORE SUPPLY DESPITE PAYMENT BY GOVERNMENT
Despite payment of Rs39 million by the Sindh Government, Sesco has not restored the electricity supply to Gorakh Hills Station, which is causing difficulties to the tourists and visitors during night stay.

TEN WIND PROJECTS TO ACHIEVE FINANCIAL CLOSE THIS YEAR
Ten wind power projects with a combined capacity of 500 megawatts will achieve financial close in the current year, giving the hope that tapping of alternative energy resources will help ease power shortage.

LPG SHORTAGE FEARED IN RAMAZAN
LPG industry has expressed fear that there will be a shortage of gas in Ramazan as importers have started cancelling LPG shipments following a cap on the import price below landed cost.

FESCO ON TOP IN EFFICIENCY INDEX, CLAIMS BOARD
Faisalabad Electric Supply Company (Fesco) has attained top position in the Combined Efficiency Index (CEI) of power companies because of minimum losses and best bill recovery in financial year 2011-12, claims board of directors Chairman Nadeem Aftab Sindhu.