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Weekly News Roundup

October 3, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

  • In response to Karachi Chamber’s concerns expressed over Amendment in tax laws through Tax Laws (Third Amendment) Ordinance 2021, Ministry for Finance would review the possibility of re-examining the term ‘non-filer’ and ‘under-filer’
  • Federal Minister for Finance & Revenue, Mr. Shaukat Tarin, inaugurated the Track & Trace System of the Federal Board of Revenue (FBR) on Friday at Pakistan Tobacco Company Jhelum.
  • The National Consumer Price Index (NCPI) for September 2021 has increased by 8.98% over the corresponding month of the last year i.e. September 2020.
  • On the same day, Saudi Arabia affirmed financial support worth $3.6 billion to Pakistan to buy petroleum products or crude oil.
  • The Chinese investors have planned to invest in various agriculture and dairy sectors of Pakistan, the Chinese ambassador to Pakistan informed in his recent interview.
  • Federal Minister for Finance and Revenue, Shaukat Tarin here reiterated that the government was absorbing the impact of the decade’s highest price-hike at the international level.
  • Prime Minister Imran Khan directed concerned authorities to exploit the full potential of exports diversification in the salt and pharmaceutical sectors.
  • Pak-US Business Council (PUBC) expressed grave concern over the anti-Pakistan bill moved in US Senate.
  • Premier Motors Limited (PML) will launch Skoda Crossovers, SUVs, and Volkswagen premium cars in Pakistan which are expected to be on the roads by mid-2023.
  • On Thursday, the government decided to increase the price of petroleum products by up to Rs8.82 per litre.
  • The Economic Coordination Committee (ECC) of the Cabinet approved the summary to import 550,000 MT (after the matching process) of wheat for the FY 2021-22.
  • On the SMEs side, Government would launch an SME policy next month with a focus on productivity enhancement and competitiveness.
  • The Federal Board of Revenue (FBR) has collected net revenue of Rs.1,395 billion during the first quarter of the current Financial Year.
  • During the week, Pakistan and Kazakhstan discussed avenues for strengthening cooperation in the field of science and technology sector.
  • After listening to the problems being faced by taxpayers in filing income tax returns, the Federal Minister for Finance & Revenue Shaukat Tarin announced to extend the last date for filing income tax returns by 15 days till October 15, 2021.
  • In a recent development on the import side, SBP has decided to impose 100% Cash Margin Requirements (CMR) on the import of 114 items.
  • Furthermore, SBP has granted an extension in the deadline for encashment, conversion, and redemption of prize bonds of denomination of Rs15,000, Rs25,000, and Rs40,000 for another three months.
  • The National Electric Power Regulatory Authority (NEPRA), on Thursday, concluded a public hearing into monthly fuel cost adjustment (FCA) for XWDISCOs for August.
  • During the departed week, the Federal Cabinet approved the proposal related to contract manufacturing for the pharmaceutical sector.
  • Adviser on Commerce Abdul Razak Dawood has informed that an export target of $38bn has been set for the current fiscal year after consultations with the relevant stakeholders.
  • With regards to currency, Fitch Solutions has revised its forecast for the Pakistani rupee to average PKR164.00/USD in 2021 and PKR180.00/USD in 2022, from PKR158.00/USD and PKR165.00/US previously.
  • During the same week, Engro Corporation announced its partnership with Pakistan Pavilion at Dubai Expo-2020 to project the immense opportunities for investment in different sectors.
  • On the CPEC front, Engineering News-Record awarded the Karakoram Highway Phase-II (Thahkot-Havelian) as the winner of the Global Best Projects Juried Competition.
  • On Monday, Prime Minister Imran Khan performed ground-breaking of Rs207bn Karachi Circular Railway project, at a ceremony held at Cantt Railway Station.
  • On the upside, Ejad labs in collaboration with MOC’s Consul General of Pakistan is hosting Pakistan Tech Summit in Istanbul on 29-30 October.
  • The Federal Board of Revenue (FBR) has categorically rebutted the malicious propaganda being advanced by some irresponsible elements that there was a huge flight of dollars from Pakistan.
  • Pakistan and China have agreed to include Karachi Coastal Comprehensive Development Zone KCCDZ in the China Pakistan Economic Corridor framework.

Announcements:

  • On the equity side, Aisha Steel Mills Limited (ASL) announced its financial results of FY21 as per which the company witnessed profit worth Rs6.37 billion, compared to the losses of Rs616.57 million in FY20.
  • The Cash balance of Fauji Fertilizer Bin Qasim Limited (FFBL) has jumped to Rs19bn in 1HCY21 against Rs5.3bn in Dec-19.
  • The Oil and Gas Development Company Limited (OGDCL) has injected 12 new wells, producing 584,808 barrels (BBL) crude oil and 12,092 million cubic feet (MMCF) gas, in its production gathering system during the last fiscal year.
  • Attock Refinery Limited (ATRL) informed that the company is targeting three new projects that include Continuous Catalyst Regeneration (CCR) plant, revamping of Diesel Hydro desulphurization (DHDS) plant, and Joint project of FFO up-gradation.
  • Fauji Fertilizer Bin Qasim Limited (FFBL) successfully completed the sale and transfer of its 122.587mn shares in Foundation Wind Energy-I Limited (“FWEL-I”), constituting 35% of the entire issued and paid-up share capital of FWEL-I to Fauji Fertilizer Company Limited (FFC).
  • Pakistan Oilfields Limited (POL) aims to spud four wells in FY22 which includes two exploratory wells (DGK-1 at DG Khan and Bandhak-1 at Kirthar South) and two development wells (Adhi South-5 and 6 at Adhi).
  • Byco Petroleum Pakistan Limited (BYCO) informed that Axens has been engaged to support BYCO's Refinery upgrading Project by providing advanced technical solutions in order to achieve Euro V Gasoline and Diesel specifications in Pakistan.
  • Pioneer Cement Limited (PIOC) posted a net profit of Rs1.97 billion for FY21, against losses of Rs209.62 million (LPS: Rs0.92) incurred during FY20.
  • In view of revision in the scope of the Paper & Board Project, the Board of Directors of Mirpurkhas Sugar Mills Ltd (MIRKS) approved the revised project cost of Rs3.2 billion.
  • The shareholders of Maple Leaf Cement Factory (MLCF) approved investment in the form of loans/advances from time to time to Kohinoor Textile Mills Limited up to an aggregate sum of Rs500 million for a period of one year.
  • Service Fabrics Limited (SERF) is in the process of setting up the import substitute Calcium Carbide project already announced to be set up in the Hattar Economic Zone.
  • Oil and Gas Development Company Limited (OGDCL) managed to earn a profit after tax of Rs91.53bn in FY21.
  • The Board of Directors of Popular Islamic Modaraba Management Co. (Pvt) Ltd decided to increase the authorized capital of PIM from Rs140million to Rs200mn.
  • OGDCL, being the operator of Wali Exploration Licence with 100% Working Interest has successfully tested gas and condensate in Lockhart Limestone at Wali-1 well which is located in FR Lakki, Khyber Pakhtunkhwa Province, Pakistan.
  • During the past week, Biafo Industries Limited signed an agreement for the purchase and installation of a new signal transmission tube manufacturing plant.
  • Nishat Chunian Power Limited (NCPL) posted a profit after tax (PAT) of Rs2.51billion for FY21, down by 45.52% YoY as opposed to Rs4.61bn in FY20.
  • The shareholders of Service Fabric Limited (SERF) approved the investment of Rs650million in Kilowatt Labs Technologies Limited for the setup of the supercapacitor project.
  • Sitara Peroxide Limited (SPL) announced its FY21 results today, as per which the company posted profits after tax of Rs34.7mn which was 53% YoY lower than the profits of Rs74.26mn in FY20.
  • The management of the Organic Meat Company Limited (TOMCL) informed that the company has secured a high-value contract from Global Developing Food Industries Company, Saudi Arabia.

Copyright Mettis Link News

Posted on: 2021-10-03T10:18:17+05:00

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