MG Morning Breeze: Updates to Skim before Market

July 25, 2024 (MLN): Morning Breeze aims to lessen the load for its readers by curating noteworthy updates from the preceding day.

• Islamabad High Court approves Scheme of Arrangement for ENGRO, DAWH

Islamabad High Court has sanctioned the Scheme of Arrangement filed jointly by Engro Corporation Limited (PSX: ENGRO), Dawood Hercules Corporation Limited. Read more

• Govt raises Rs481bn through T-bills, yields fall 30-56bps

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs481.17 billion. Read more

• SBP raises Rs170.5bn through PIB-PFL

The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Pakistan Investment Bond – Floating Rate (PIB-PFL). Read more

• HCAR hits it out of the park with 40% profit surge

Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) recorded an increase of 40% YoY in its profits for the quarter ended June 2024. Read more

• CAT cracks down on anti-competitive behavior in Pakistan’s media industry

In a decisive ruling, the Competition Appellate Tribunal (CAT) has dismissed the appeal filed by the Pakistan Broadcasters Association (PBA). Read more

• PSX Closing Bell: Lap of Luxury

Bulls dominated today’s trading session at the Pakistan Stock Exchange, driving the benchmark KSE-100 index to close 409.91 points (0.52%) higher at 79,397. Read more

• PKR loses over 9 paisa against USD

The Pakistani rupee (PKR) depreciated by 9.28 paisa against the US dollar in Wednesday’s interbank session as the currency settled the trade at PKR 278.5. Read more

• Gold price in Pakistan gains Rs2,300 per tola

Gold price in Pakistan increased on Wednesday, with 24-karat gold being sold at Rs252,800 per tola, up Rs2,300. Read more

• Lucky TG concludes share repurchase from LCI, TGL

Lucky TG (Private) Limited (Lucky TG), a subsidiary of Lucky Core Industries Limited (PSX: LCI)) has completed the process of buying back its shares. Read more

• SBP orders banks to create NPL strategy within six months

The State Bank of Pakistan (SBP) instructed banks to develop a comprehensive Non-Performing Loans (NPLs). Read more

• SBP introduces key amendments to NPA transfer guidelines

In order to facilitate banks/DFIs in transferring Non-Performing Assets (NPAs) to Credit Resolution Companies (CRCs) and help in the revival of sick. Read more

• SBP permits charge-off of fully provisioned legacy NPLs

To address the issues concerning these legacy Non-performing loans/finances (NPLs), the State Bank of Pakistan (SBP) allowed banks to. Read more

• LCI expands Khewra Soda Ash plant capacity by 200,000 tons per annum

The Board of Directors of Lucky Core Industries Limited (PSX: LCI) has formally approved a capacity expansion of 200,000 tons per annum (TPA). Read more

• China leads as top investor in Pakistan with $568m FDI in FY24

China emerged as the largest investor in Pakistan in fiscal year 2024 (FY24) with a net foreign direct investment (FDI) of $568.2 million. Read more

• Pakistan’s power sector leads FDI influx in FY24

Pakistan’s Power Sector witnessed the highest net Foreign Direct Investment (FDI) worth $799.87m in the fiscal year 2024 (FY24). Read more

• SECP amends Companies Act 2017 to include securities brokers in new subclause

The Securities and Exchange Commission of Pakistan (SECP) has inserted a new subclause pertaining to securities brokers in the Third Schedule. Read more

• Govt vows to ensure stable sugar prices

Federal Minister for Industries and Production Rana Tanveer Hussain on Tuesday directed chief secretaries to take all possible measures to ensure stable. Read more

• SIFC executive committee reviews cross-sector progress across provinces

The Special Investment Facilitation Council (SIFC) convened the 10th meeting of its Executive Committee on 23 July 2024 to review progress on cross-sectoral. Read more

• Commerce Minister commits support to enhance Pakistan’s automotive sector

In a significant move to bolster the local automotive industry, Federal Minister for Commerce Jam Kamal Khan assured members of the Pakistan Automotive. Read more

• PSX investors to pay CGT on July 31: NCCPL

The aggregate amount of CGT arising on the disposal of shares at the Pakistan Stock Exchange (PSX) for the period June 01, 2024 to June 30, 2024. Read more

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