Morning Buzz for March 07, 2013 – MR Securities

Karachi, March 07, 2013 (PPI-OT): Forex reserves up by $83 million

According to MR Securities,

The country’s total liquid foreign exchange reserves posted an increase of $83 million during the last week. According to State Bank of Pakistan (SBP), Pakistan’s total liquid foreign exchange reserves surged to $8.737 billion as on February 28, 2014 compared to $8.654 billion on February 21, 2014.

Prime Minister links high growth to a thriving industry
Prime Minister Muhammad Nawaz Sharif, addressing the inaugural ceremony of a three-day Pakistan Auto Show 2014, expressed the hope that the volume of Pakistani exports will be increased by US $1.5 billion during the fiscal year 2014-15.

Summit Bank to launch first Islamic branch today
Summit Bank Ltd will launch the first Islamic banking branch here Friday. The bank aims to provide Shariahcompliant financial services to its customers. Summit Bank has decided to transform its conventional core banking operations into Shariah-based Islamic banking and got approval from State Bank of Pakistan (SBP).

Insurance business: NICL must shun its restricted role: IIRC

Insurance Industry Reforms Committee (IIRC) has observed that the National Insurance Company Limited (NICL) has restricted itself to insuring the public property and that too in certain specific classes of insurance with almost stagnant market share over the years.

Pak Suzuki announces Rs 1.9 billion profits for year 2013

Pakistan Suzuki Motors Company (PSMC) on Thursday announced full year 2013 profits of Rs 1.9 billion (EPS Rs 22.47) which is up 89 percent against Rs 0.98 billion (EPS Rs 11.88) last year. The announcement was also accompanied with Rs 4 per share final cash payout, analysts at Topline Securities said.

Jubilee Life earns profit of Rs1.39 billion
Jubilee Life Insurance Company Limited announced towering financial results for the year ended December 31, 2013, cementing its position as the leading insurance company of the private sector.

Bureaucratic wrangling: Govt withdraws Dasu project from ECNEC agenda
The $7.5 billion Dasu hydropower project that is given preference even over the Diamer Basha dam is becoming a victim of bureaucratic wrangling, as the federal government withdrew it at the eleventh hour from the agenda of the highest project approval body due to incomplete work.

‘Power firms to be put up for sale’
Some power generation and distribution companies will be offered for strategic partnership to investors, said Chairman Privatisation Commission Mohammad Zubair on Thursday.

First phase: Hascol Petroleum’s IPO receives positive response
The first phase of the initial public offering (IPO) of Hascol Petroleum has concluded with as many as 1,191 bidders taking part in the book-building portion, which was oversubscribed by more than seven times.

US, Wapda sign accord to rehabilitate Mangla Dam
United States and Pakistan signed a $72 million project implementation agreement to refurbish and upgrade the Mangla Dam located in the Mirpur district of Azad Kashmir. The rehabilitation will improve the operating capacity of the hydroelectric plant by 90MW, enough electricity for about 119,000 Pakistani households.

Dent in revenues: Govt admits to revising tax target downwards
The federal government has admitted that the Rs2.475 trillion tax target has been revised downward, which will have direct implications for the development budget that has also been sliced by one-fifth.

MOL completes work on $225m gas processing plant
MOL Pakistan has announced that its joint venture in Tal block has completed work on Makori gas processing plant at a cost of $225 million, ready to immediately produce 300 tons of LPG per day.

Pakistan to ink initial deal on CASA power import project
Pakistan and countries participating in the US-backed Casa-1,000 megawatt (MW) project are set to sign the initial deal in Istanbul, Turkey. Sources told The Express Tribune that State Minister for Water and Power Abid Sher Ali and additional secretary left for Istanbul on Thursday to ink the deal.

Privatisation problems: ‘Excess employees to be given opportunity in Dubai, Qatar’
In what could be a matter of concern for the government, Privatisation Commission Chairman Muhammad Zubair has said that a ‘minimum’ number of workers would be laid off during the privatisation process.

TIP asks Sindh to follow public procurement rules
Transparency International-Pakistan (TIP) has said that the Sindh Engro Coal Mining Company (SECMC) must follow public procurement rules as it is not an independent company and is owned in a majority by the Sindh government. The province has a 60% stake in the company.

The post Morning Buzz for March 07, 2013 – MR Securities appeared first on AsiaNet-Pakistan.

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