August 18, 2024 (MLN): From a cement giant cashing in on a major deal to a tech company shining bright on a global stage, the outgoing week has displayed ingenuity at the Pakistan Stock Exchange (PSX).
Alongside these headline-grabbing moves, companies have also entered the spotlight with their financial results.
Here is a quick update on the latest happenings at the local bourse. Let’s dive into the top highlights.
Attock Cement cashes in
Attock Cement Pakistan Limited (PSX: ACPL) has pocketed a $5.85m after selling 4.5m shares in its subsidiary, Saqr AI Keetan for Cement Production Company Limited.
Diamond Paint slapped with Rs5m penalty
The Competition Commission of Pakistan has slapped a Rs5 million fine on Diamond Paint Industries for deceptive marketing practices in its Durasilk campaign.
PIA debt soars
The outstanding domestic debt of Pakistan International Airlines Corporation (PIA) as a Public Sector Enterprise (PSE) increased by Rs5 billion or 2.7% to Rs190bn in FY24.
NBP Mustahkum Fund-II set for PSX debut
The local bourse has given the green light to the NBP Mustahkum Fund – II for listing, with trading to kick off on August 16, 2024.
Calcorp Acquisition Deadline Extended
Asif Ali Shaikh, eyeing a takeover of 83.96% in Calcorp Limited (PSX: CASH), has extended the offer deadline by 90 days to November 16, 2024.
BYD's bold move to work in Pakistan's EV Market
Chinese giant BYD Co. is set to launch three EV models in Pakistan, with plans for a manufacturing plant in Karachi to tap into the country’s growing electric vehicle market.
ADM Group to invest $250m in Pakistan’s EV market
A major milestone has emerged for Pakistan's automobile industry, as ADM Group has announced a $250m investment for the manufacturing of electric vehicles in Pakistan.
Systems Limited Shines on Forbes Asia's 'Best Under A Billion' List
For the fifth consecutive year, Systems Limited (PSX: SYS) has clinched a spot on Forbes Asia's prestigious 'Best Under A Billion' list.
BF Biosciences unveils life-saving 'Ferulin'
BF Biosciences, a Ferozsons Laboratories Limited (PSX: FEROZ) subsidiary, has rolled out 'Ferulin,' a human insulin product.
Wah Nobel Chemicals boosts production capacity
Wah Nobel Chemicals Limited (PSX: WAHN) has approved an increase in its Urea Formaldehyde Moulding Compound (UFMC) plant's capacity from 13,000 to 19,000 metric tons per annum.
OGDC Strikes Gas and ramps up production
Oil and Gas Development Company Limited (PSX: OGDC) has hit the gas at its exploratory well in Rahim Yar Khan and started early commercial production at the Nur West Well-1 in Sujawal.
International Industries backs Reko Diq project
International Industries Limited (PSX: INIL) shareholders have authorized a guarantee for Chinoy Engineering & Construction (CECL) in its Reko Diq contract and approved buying 4.85m CECL shares.
SAZEW: A Star Company
Sazgar Engineering Works Limited (PSX: SAZEW) is set to launch the ORA-07 EV, a new imported electric vehicle, while also securing a spot in MSCI’s Frontier Market Index and posting a staggering 511% YoY sales surge in July 2024.
UBL Fund Managers halts new unit issuance
UBL Fund Managers Limited has suspended new unit issuance and Conversion-in for its UBL Growth and Income Fund (UGIF) and Al Ameen Islamic Aggressive Income Fund (AIAIF), effective August 13, 2024.
Millat Tractors denies supply chain disruption
Millat Tractors Limited (PSX: MTL) has quashed rumours of a supply halt, clarifying that operations continue despite pending GST refunds from the Federal Board of Revenue.
Al-Ghazi Tractors refutes supply chain disruption claims
Al-Ghazi Tractors Limited (PSX: AGTL) has officially denied claims of disruptions in the supply of tractor parts, clarifying that the news report highlighted this was not based on factual information.
PSX's investor base keeps growing
The Pakistan Stock Exchange's registered investor base swelled to 332,819 in July 2024, with 8,776 new accounts opened.
EFU Health exits the market
Following the merger of EFU Health Insurance Limited, a fully owned subsidiary of EFU Life Assurance Limited into its parent company, EFU Health Insurance Limited is no longer authorized to conduct insurance business in Pakistan.
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.
- Pakistan Cables Limited (PSX: PCAL) reported a profit after tax of Rs208.86m [EPS: Rs4.22] for the year ended June 30, 2024.
- Agritech Limited (PSX: AGL) recorded an increase of 11.6% YoY in its losses during the second quarter of 2024 amid a decline in its gross margins coupled with higher expense costs.
- Unilever Pakistan Foods Limited (PSX: UPFL) profit rose 8.23% to Rs1.98 billion [EPS: Rs311.46] in Q2 CY24.
- Frieslandcampina Engro Foods Limited (PSX: FCEPL) recorded an increase of 75% YoY in its profitability during the second quarter of 2024, earning a profit after tax of Rs587.95m [EPS: Rs0.76].
- Engro Polymer and Chemicals Limited (PSX: EPCL) incurred a loss after tax clocked of Rs480.49m [LPS: Rs0.53] in the second quarter of 2024 as gross margins slumped.
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Posted on: 2024-08-18T12:07:50+05:00
