Morning Buzz for Mar 01, 2012 – MR Securities

Karachi: Monthly hike: Diesel price frozen; petrol, CNG rise by up to Rs8.67

According to MR Securities,

Indicating that the international price of oil warranted an increase, the government on Wednesday, contrary to recent speculation, increased oil prices by up to Rs8.67 per litre – a 7.3% increase – effective March 1 (today).

Energy costs: Power tariffs for most consumers to rise by 39%
Power tariffs are set to rise by an average of about 39% for most consumers throughout the country as the National Electric Power Regulatory Authority approved the increase requested by the power companies in order to account for their rising fuel costs.

Federal Cabinet approves roadmap to normalize trade with India
The Federal Cabinet on Wednesday approved a roadmap to normalize trade with India by gradually eliminating the list containing 1209 negative items till December 31

ENGRO’s Mega urea plant assured of gas supply
“SNGPL has assured to restore gas supply from March 4, 2012 and with supply of gas the operation of world’s largest plant will also resume”, confirmed a high office of Engro fertilizer.

US again warns Pakistan over IP gas line
US Secretary of State Hillary Clinton on Wednesday warned Pakistan of serious consequences if it continues to build Iran-Pakistan gas pipeline project, a private TV channel reported.

KSE index hits four-year high
The Karachi Stock Exchange’s (KSE) benchmark KSE 100 share index gained 139 points to close at four-year high above 12,877 points on Wednesday on significant buying in energy, fertilizer and cement stocks after foreigners poured in more funds in the surging market.

Silkbank posts Rs1.359bn profit for 2011
The Silkbank has announced a profit before tax of Rs1.359 billion for 2011 which is a phenomenal increase of 210 percent compared to last year’s figures. Similarly, profit after tax increased 161 percent with respect to last year’s figures, the bank said in a statement.

SSGC’s profit after tax falls
Profit of the Sui Southern Gas Company (SSGC) after tax has declined to Rs 1.539 billion in the half year period ended December 31, 2011 as compared to Rs 2.113 billion in the corresponding period in 2010.

Faysal Bank’s profit after tax rises to Rs 1.28 billion
The profit after tax of Faysal Bank has increased to Rs 1.28 billion in the year ended December 31, 2011 as compared to Rs 1.19 billion earned in the year 2010.

Samba Bank posts after tax profit of Rs 236.515 million
Samba Bank Limited has posted after-tax profit of Rs 236.515 million as against a loss of Rs 119.594 million in 2010, registering a growth rate of almost 300 percent.

Bestway Cement posts Rs 724.991 million profit after tax
Bestway Cement Limited has posted Rs 724.991 million as profit after tax in the half year period ended December 31, 2011 as compared to after tax loss of Rs 477.050 million in the corresponding period in 2010.

Standard Chartered PLC announces record profits
Income was up 10 per cent to US $17.64 billion and operating profit increased 11 per cent to US $6.78 billion.

PTCL acquisition: Pakistan and UAE to find solution for pending $800m
United Arab Emirates and Pakistan will find an amicable solution within weeks to a standoff on final payment of a $2.6 billion telecom deal under which Emirates Telecommunication Corporation Etisalat, acquired a 26 per cent stake in Pakistan Telecommunication Company Limited (PTCL).

E&P sector in spotlight on expected production increase
Positive developments on the production front has again put the exploration and production (E&P) sector in the limelight fuelling optimism amongst the companies about higher revenues and, consequently, bigger exploration spending.

Court suspends bank privatization process
The Peshawar High Court (PHC) has suspended privatization process of the Bank of Khyber (BoK), saying the sell-off is a result of a bargain and is aimed at depriving employees of their jobs

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