Morning Buzz for June 28, 2012 – MR Securities

Karachi, June 28, 2012 (PPI-OT): SBP wants urea price gap eliminated

The State Bank of Pakistan (SBP) has urged the government to eliminate price gap between locally produced and imported urea as domestic producers are facing trouble in selling their stocks.

According to MR Securities, besides this is creating incentives for black-marketing and market manipulation.

SBP allows NIB Bank to conduct due diligence of citibank
SBP has allowed NIB Bank limited to conduct due diligence of Citibank N.A Pakistan’s Consumer Finance Business including credit card, auto and personal loan, according to an information sent by NIB Bank to Karachi Stock Exchange.

KASB to acquire 99.99 percent shares of Sigma Leasing
The KASB Finance Limited has agreed to acquire around 99.99 percent of the issued shares of Sigma Leasing Corporation Limited, subject to necessary regulatory approvals.

SBP allows banks to get Rs 500 old notes exchanged till October 1
The State Bank of Pakistan (SBP) has allowed all commercial banks/microfinance banks (MFBs) and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to get Rs 500 old design (bigger size) banknote exchanged until close of banking hours on October 1, 2012.

NCCPL revises list of SLB eligible securities
National Clearing Company of Pakistan Limited (NCCPL) has revised the list of SLB eligible securities, a KSE notice issued here on Wednesday said.

Pakistan to award gas pipeline contracts to Russia
Pakistan has agreed to award contracts without bidding for multi-billion-dollar Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline projects to Russia.

Rice exports once again cross $2b mark
Rice exports have consistently remained perched at high levels and crossed the mark of $2 billion for the fourth consecutive year, which comes without any state support in the form of subsidies Power tariff up Rs 1.51 a unit The National Electric Power Regulatory Authority (Nepra) on Wednesday increased power Distribution Companies” (Discos) tariff by Rs 1.51 per unit across the board, except for lifeline consumers, for May 2012 under its monthly fuel adjustment formula.

PSEs, law and order still formidable challenges: Hafeez
Finance Minister Dr Abdul Hafeez Sheikh said economic challenges continue to remain in form of public sector organizations and the security situation that acts as an impediment towards attracting investment.

Kerry-Lugar Bills: US seeks $1.1 billion for Pakistan
The Obama administration has asked US Congress to authorize financial assistance of $1.1 billion under Kerry-Lugar Bills to Pakistan for the upcoming fiscal year 2012-13.

E and P companies to miss annual drilling target again
Though there is a dire need to accelerate the exploration program in the country to meet the energy shortfall, E and P companies are likely to miss annual drilling target of 76 wells in FY12.

Power supply to federal, provincial governments, public, private sector departments
The government has directed Ministries of Finance and Water and Power to recover outstanding electricity dues from all the federal and provincial governments, departments and private sector.

SSGC reduces gas supply to KESC to 160mmcfd on Wednesday
Sui Southern Gas Company (SSGC) curtailed gas supply to Karachi Electric Supply Company (KESC).

Aisha Steel Mills aims to raise Rs100 million
Aisha Steel Mills decided to offer a piece of itself to the public through issuance of initial public offering.

Award of $50m contract brought into question
Oil and Gas Development Company (OGDC) may award a $50 million contract to a favoured firm for the procurement of drilling rigs in violation of competitive procedures and practices.

Govt has not made any formal request to World Bank: sources
Pakistan has not yet made any formal request to World Bank for diverting committed resources envelop of soft international donor agencies (IDA) funding towards the multi-billion dollar Diamer-Basha dam.

Power tariff up Rs 1.51 a unit
The National Electric Power Regulatory Authority (Nepra) on Wednesday increased power Distribution Companies’ (Discos) tariff by Rs 1.51 per unit across the board, except for lifeline consumers, for May 2012 under its monthly fuel adjustment formula.

Fertilizer off-take down by 24 percent
Fertilizer off-take for the month of May was reported at 491,000 tonnes, which was down by 24 percent year-on-year and 10 percent on a month-on-month basis, said a National Fertilizer Development Centre (NFDC) report on Wednesday. During five months of 2012, fertilizer sales declined by 24 percent year-onyear to 2.25 million tonnes.

Leave a Reply