Weekly Corporate Buzz

September 07, 2024 (MLN): The pulse of Chundrigar Road continued to beat stronger throughout the week as we witnessed strategic expansions, mergers, noteworthy companies’ performances, regulatory actions, warnings and market shake-ups.

Here is a quick update on the latest happenings at the local bourse. Let’s dive into the top highlights.

Symmetry Group’s global leap

The Board of Directors of Symmetry Group Limited (PSX: SYM) approved the formation of the wholly owned subsidiary in UAE.

PSX’s warning bell

The Pakistan Stock Exchange Limited (PSX) issued a stern notice to the public, highlighting the illegal and unauthorized use of its logo and other proprietary materials.

Scam alert

AKD Securities Limited (AKDSL) warned the general public about a scam being perpetrated by unauthorized individuals falsely claiming to represent the company.

JS Index shake-up

The Pakistan Stock Exchange Limited (PSX) has conducted the JS Momentum Factor Index (JSMFI) recomposition exercise as of August 30, 2024.

Bold bet of Kohat Cement

The Board of Directors of Kohat Cement Company Limited (PSX: KOHC) approved the renewal of an investment through a mark-up bearing, short-term running finance of up to Rs600 million in Ultra Kraft (Private) Limited (UKPL), an associated company.

Siddiqsons Tin Plate says goodbye

Siddiqsons Tin Plate Limited (PSX: STPL) initiated the formal process for the closure of the tinplate plant located at Winder, Balochistan.

Sazgar’s sales surge

Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial rise of 219.8% YoY in the sale of four-wheel off-road and passenger vehicles in August 2024, with 953 units sold compared to the topline of 298 vehicles in the same month last year.

Meezan and Mastercard

Meezan Bank renewed the strategic partnership to enhance Meezan Bank's debit card portfolio, transforming the banking experience for its customers across Pakistan.

K-Electric’s hybrid hype

After receiving 15 bids for 150MW solar power projects in Balochistan, there has been further activity in the energy sector as K-Electric Limited (KEL) has now received seven bids for its 220 MW hybrid project in Dhabeji, Sindh.

Engro Powergen’s ratings

VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Engro Powergen Qadirpur Limited (PSX: EPQL) at ‘AA-’ for long-term and ‘A-1’ for short-term.

SECP’s KAP study

The Securities and Exchange Commission of Pakistan (SECP) is conducting a Knowledge, Attitude, and Practices (KAP) study of the Islamic Capital Market.

Pakistan Cables to sell property

The Board of Directors of Pakistan Cables Limited (PSX: PCAL) allowed the sale of the company’s bifurcated land located in Karachi.

Archroma’s cloudy outlook

VIS Credit Rating Company Limited (VIS) revised the future outlook of Archroma Pakistan Limited (‘PSX: APL)  from ‘stable’ to ‘negative.’

Solid standing of Fatima Fertilizer

VIS reaffirmed the entity ratings of Fatima Fertilizer Company Limited (PSX: FATIMA) at ‘AA+’ for long-term and ‘A-1+’ for short-term with a stable future outlook.

Chakwal Spinning’s drama

Chakwal Spinning Mills Ltd (PSX: CLOUD) vehemently denied recent reports suggesting that its management was involved in insider trading activities with certain investors.

Earlier, the Securities Exchange Commission of Pakistan (SECP) has flagged the trading activity of Nadeem Ejaz in the shares of Chakwal Spinning as unusual and suspicious during the review period from December 21, 2023, to August 12, 2024.

BF Biosciences & Lucky Core’s deal

BF Biosciences Limited (BFBL) entered into a contract manufacturing and supply agreement with Lucky Core Industries Limited (LCI) for the products "Esopase IV 40 mg" & "Etipro IV 40 mg”.

NBP’s noteworthy progress

The country’s sole government-owned bank, the National Bank of Pakistan (PSX: NBP) recently been applauded for a series of noteworthy developments across financial, technological, and administrative domains.

Merger of Liven Pharma & Landmark Spinning

The High Court of Sindh has sanctioned the merger of Liven Pharmaceuticals (Pvt.) Limited with Landmark Spinning Industries Limited (PSX: LMSM) through an order dated September 02, 2024.

Secure Logistics Group’s TIR Triumph

Secure Logistics Group Limited (PSX: SLGL) has successfully obtained the Transports Internationaux Routiers (TIR) International Road Transport License as of August 7, 2024.

Meezan Fixed Term Fund gets listed

The Pakistan Stock Exchange Limited (PSX) has approved the formal listing and quotation of units for the Meezan Fixed Term Fund.

Nishat Mills Expands to the UK

The Board of Directors of Nishat Mills Limited (PSX: NML) accorded its approval to the incorporation of a private limited company in the United Kingdom.

Pakistani startups shine in Forbes

Two Pakistani startups, DealCart and Nayapay, have made it to Forbes’ ‘Asia 100 to Watch 2024’ list.

Nimir Industrial’s soap deal

Nimir Industrial Chemicals Limited (PSX: NICL) has completed the acquisition of the soap manufacturing facility located in Hub, Balochistan, previously owned by Procter & Gamble Pakistan (Pvt.) Limited.

Billion rupee investment of Indus Motor

The Board of Directors (BoD) of Indus Motor Company Limited (PSX: INDU) approved a further Investment of Rs1.1 billion to be made by the company for additional localization of parts and components of various existing vehicles.

Blue-Ex moves to main board

The board of directors of Blue-Ex Limited (PSX: GEMBLUEX) has allowed the migration of the company from GEM board of PSX to its main board.

Financial Results

Amidst the earnings season, numerous companies have announced their financial results for the recent quarter. Most of them witnessed remarkable performance across various sectors.

• Agriautos Industries Limited (PSX: AGIL) incurred a loss after tax of Rs84.11 million [LPS: Rs2.34] in the April-June quarter.
• Kohat Cement Limited (PSX: KOHC) recorded an increase of 420.4% in its profitability during the quarter ending June 2024 compared to last year despite a decline in sales revenue.
• Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) bounced back in fiscal year 2024 with a net profit of Rs229.06 million [EPS: Rs1.88] as sales jumped.
• Nishat Chunian Power Limited (PSX: NCPL) recorded a net profit of Rs1.06 billion [EPS: Rs2.89] in April-June, down 13.1% year-on-year on account of a significant drop in sales.
• Nishat Power Limited (PSX: NPL) posted the highest ever profit after tax of Rs5.39 billion [EPS: Rs15.22] in the fiscal year 2024.
• Kot Addu Power Company Limited (PSX: KAPCO) earned a profit after tax of Rs731.92 million [EPS: Rs0.83] during the fourth quarter of its fiscal year that ended June 2024.
• Air Link Communication Limited (PSX: AIRLINK) recorded an increase of 242% in its profits in fiscal year 2024 from a year ago as sales surged.
• Attock Cement (Pakistan) Limited (PSX: ACPL) recorded an increase of 193.9% YoY in its earnings for Q2 CY24, with the company's after-tax profits rising to Rs1.35 billion [EPS: Rs0.3].
• Attock Refinery Limited (PSX: ATRL) experienced a fall of 16.4% in its earnings during the second quarter of 2024, with its profit after tax declining to Rs3.56 billion [EPS: Rs33.40].
• Pakistan Oilfields Limited (PSX: POL) earned a profit after tax of Rs9.21 billion [EPS: Rs32.46] in April-June quarter 2024.
• Attock Petroleum Limited (PSX: APL) earned a profit after tax of Rs3.04 billion [EPS: Rs24.44] during the April-June quarter despite a slump in gross margins.
• Indus Motor Company Limited (PSX: INDU) recorded an increase of 48.3% in its profitability in the second quarter of 2024, earning profit after tax of Rs5.67 billion [EPS: Rs72.09].
• National Refinery Limited (PSX: NRL) incurred a loss after tax of Rs8.27 billion [LPS: Rs103.39] during the quarter ending June 2024.

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