MG Morning Breeze: Updates to Skim before Market

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

• KE gets lowest Rs8.91 bid from JCM Power for 220mw hybrid project

Canadian renewable energy firm JCM Power has clinched the spotlight with the lowest tariff bid of Rs8.9189. Read more

• PIA privatization final draft prepared: 60% shares to be sold on Oct 1

The final draft for Pakistan International Airlines’ privatization has been prepared, with 60% of the carrier’s shares set for sale on October 01. Read more

• Economic stability brings Pakistan near to IMF program approval: FM

The country’s restored economic stability has paved the way towards. Read more

• Pakistan bond yields hit near 2.5-year low

Pakistan’s bond yields have plummeted to their lowest level in up to 2.5 years following an aggressive policy rate cut, with the rejection of all bids. Read more

• Mari Petroleum to invest Rs10bn in tech subsidiary

The board of Mari Petroleum Company Limited (PSX: MARI) has approved an investment of Rs10 billion in a proposed wholly owned subsidiary by way of equity. Read more

• TOMCL secures $12m beef supply contract with China

The Organic Meat Company Limited (PSX: TOMCL) has secured a contract of $12 million for the supply of frozen cooked beef meat to People’s Republic of China. Read more

• Nishat Chunian set for restructuring following CCP approval

The Competition Commission of Pakistan (CCP) has approved internal restructuring involving Nishat Chunian Limited (NCL), Nishat Chunian Power Limited (NCPL). Read more

• FFC tops KSE-100 with largest market capitalization

Fauji Fertilizer Company Limited (PSX: FFC) has emerged as the company with the largest market capitalization among the remaining companies of the KSE-100. Read more

• PSX Closing Bell: On standby

The benchmark KSE-100 Index concluded Tuesday’s trading session at 81,483.64, showing a decrease of 366.86 points or 0.45%. Read more

• PKR gains around 7 paisa against USD

The Pakistani rupee (PKR) appreciated by 6.6 paisa or 0.02% against the US dollar in Tuesday’s interbank session to settle the trade at PKR 277.8 per USD. Read more

• TPL Trakker Q4 profit falls 20% to Rs29.4m

TPL Trakker Limited (PSX: TPLT) posted a profit after tax of Rs29.44 million [EPS: Rs0.16] for the quarter ending June 2024, down 20.2%. Read more

• Pakistan produces 20.44m mobile phones in 8MCY24

Local mobile assembly and manufacturers have assembled 20.44 million mobile phones during the first eight months of the ongoing calendar year (January-August. Read more

• Sindh High Court approves Landmark Spinning Industries merger

The High Court of Sindh has sanctioned the merger of Liven Pharmaceuticals (Pvt.) Limited (LPL) with Landmark Spinning Industries Limited (PSX: LMSM). Read more

• Gold jumps Rs1,100 per tola

Gold price in Pakistan increased on Tuesday, with 24-karat gold being sold at Rs273,000 per tola, up Rs1,100. Read more

• Maple Leaf Power secures initial ‘A’ rating from VIS

The VIS Credit Rating Company Limited (VIS) has assigned an initial rating to Maple Leaf Power Limited of ‘A’ for long term and ‘A-1’ for short term. Read more

• Amreli Steels to halt production at Karachi facility, 30% production affected

The Board of Directors (BoD) of Amreli Steels Limited (PSX: ASTL) has decided to temporarily suspend operations at its oldest manufacturing facility. Read more

• Reducing power tariffs top priority of govt: Minister

The government is implementing all possible strategies to reduce power tariffs and protect consumer rights, Federal Minister for Energy said on Monday. Read more

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