MG Morning Breeze: Updates to Skim before Market

February 15, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Govt likely to increase diesel price by Rs6.3 per litre, no change in petrol prices expected

The government may hike the high-speed diesel price by Rs6.3 per litre, while leaving the petrol price unchanged, for the second half of February. Read more

• PSX Closing Bell: Green Tide

The benchmark KSE-100 index extended gains for a second day, gaining 926.92 points or 1.51% to end the session at 62,153.84. Read more

• PKR remains stable at 279.32 against USD

The Pakistani rupee (PKR) depreciated by 0.06 paisa against the US dollar in Wednesday's interbank session as the currency settled the trade at PKR 279.32 per USD, compared to the previous session's closing of PKR 279.31 per USD. Read more

• Stakeholders sign MoU for Machike-Thallian-Tarujabba white oil pipeline project

In a landmark achievement, an MoU was signed between the stakeholders for the consortium formation regarding the Machike-Thallian-Tarujabba White Oil Pipeline Project on February 14, 2024, at the Special Investment Facilitation Council (SIFC) Secretariat, PM Office. Read more

• OGDC initiates production at Chak 63-2 well in Sanghar field

Oil & Gas Development Company Limited (PSX: OGDC) has announced the commencement of production from well Chak 63-2 in Chak 63 D&PL, Sanghar, as revealed by the company in its latest post on X (Formerly known as Twitter). Read more

• RMS Limited extends offer deadline for 57.96% stake in ESBL by 90 days

RMS (Private) Limited has extended its offer to acquire 119,279,077 shares, representing 87.96% of the total issued and paid-up capital of Escorts Investment Bank Limited (PSX: ESBL), by 90 days. Read more

• Kohat Cement’s profit grows 19% YoY to Rs4.45bn in 1HFY24

Kohat Cement Limited (PSX: KOHC) experienced a rise of 19.1% YoY in its earnings in 1HFY24, clocking in its profit after tax at Rs4.45 billion [EPS: Rs22.6], compared to a profit of Rs3.74bn [EPS: Rs18.62] in the same period last year (SPLY). Read more

• Pakistan textile industry warns of shutdowns amid energy crisis

Pakistan's textile and apparel sector is facing an existential threat from soaring energy costs and power shortages, and more than half of the industry is at risk of closing down over the next few weeks if corrective action is not urgently taken, All Pakistan Textile Mills Association (APTMA) stressed in a letter to the government. Read more

• Symmetry Group secures three new clients, eyes Rs20m revenue boost

Symmetry Group Limited (PSX: SYM) has secured digital services contracts from three new customers that are expected to generate a revenue of Rs20 million in a year for the company. Read more

• Digitt+ achieves Rs1bn in agri-payments

Digitt+, an agri-based fintech company in Pakistan, has announced a significant achievement in the agricultural sector, having reached a throughput of Rs1 billion in agri-payments. Read more

• Gold price plummets Rs3,500 per tola amid hot US inflation report

The price of 24-karat gold in the local bullion market plummeted Rs3,500 to Rs210,800 per tola amid hotter-than-expected US inflation data, which fueled bets that Federal Reserve may not cut rates as soon as expected earlier. Read more

• HUBC earnings jump to Rs17.2bn in 2QFY24, announces Rs4 per share dividend

Hub Power Company Limited (PSX: HUBC) unveiled its first-quarter fiscal year 2024 financial performance, wherein the profit after tax clocked in at Rs17.18 billion. Read more

• Pakistan’s election outcome draws credit negativity from Moody’s

The political uncertainty in Pakistan following the elections, where no political party won an outright majority, is credit-negative. Read more

• Govt awards Rs825m cash price to top IT export companies

The Caretaker Federal Minister for IT and Telecommunication Dr. Umar Saif distributed Rs825 million as a cash prize among the companies playing a significant role in IT and IT enable Services exports. Read more

Copyright Mettis Link News