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Site update: July 13 2018, at 17:45 PKST
Stock update: July 13 2018.

Recent Financial News in the 'company-news' category

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Wednesday, July 11 2018

PSMCL to discontinue Mehran VX from end November
KARACHI: Pak Suzuki Motor Company Limited (PSMCL) has finally decided to discontinue Mehran VX model from end of November due to its thin demand as compared to the hot-selling VXR model. The company has informed its vendors that it would produce 6,734 units from June to end November. Pakistan Association of Automotive Parts and Accessories Manufacturers Senior Vice Chairman Mohammad Ashraf Sheikh foresees “no big loss to the vending industry due to production closure of Mehran VX.” He said “Mehran VXR actually enjoys major share of sale instead of VX, which is evident from the overall production and sales data of Pakistan Automotive Manufacturers Association (Pama) and the tentative production plan of VX Mehran given by Pak Suzuki to its vendors.”
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: psmc (news stock)

Thursday, July 05 2018

Senate body endorses PIA’s expansion, appreciate improvement in service
KARACHI: Senate Standing Committee on Aviation has asked the national flag carrier, Pakistan International Airlines (PIA) to expand its fleet and network. This was stated during a meeting of the committee held at PIA Head office here on Wednesday. The meeting was chaired by Senator Mushahidullah Khan whereas Senator Sherry Rehman, Senator Fida Muhammad and Senator Momin Khan Afridi members of committee also attended. Secretary Aviation Dr. Ijaz Munir, President & CEO of PIA Dr. Musharraf Rasool Cyan, Director General of Civil Aviation G. Hassan Baig, Deputy DG CAA Khawar Ghayas, Addl. DG Metrological Deptt. Dr. Muhammad Hanif, and Director Operations ASF Col Navaid were present on the occasion to represent their respective organizations. Senator Mushahidullah Khan said that there is an improvement in PIA’s performance especially its fleet has doubled as compared to five years ago while a reduction in losses are also being witnessed. However, there is a need to expand it further for the convenience of public. Senator Sherry Rehman also appreciated remarkable improvement especially in the behavior of its flight crew who are very courteous and hardworking.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

Tuesday, July 03 2018

Honda Pakistan increases car prices by up to Rs100,000
KARACHI: Honda Atlas Cars Pakistan has increased prices of its variants by up to Rs100,000, with rupee devaluation denting the company’s cost of production. The rate hike is the third made by the company this year, each following the rupee’s plunge against the US dollar. Indus Motor Company – the maker of Toyota Corolla – and Pak Suzuki have also increased car prices three times since rupee started its downward journey against the dollar in December last year. Prices of Civic’s 1.8 I-VTEC and 1.8L Oriel variants have been increased by Rs100,000. They will now be priced at Rs2.6 million and Rs 2.75 million, respectively. Rates of City’s 1.5L Aspire MT and AT have been increased by Rs50,000, pricing them at Rs1.94 million and Rs2.08 million, respectively.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: hcar (news stock)

SSGC conducts more raids to uproot menace of gas theft
KARACHI (PR) SSGC’s Counter Gas Theft Operations (CGTO) team has intensified its drive against miscreants involved in blatant use of gas theft in its franchise areas in Sindh and Balochistan. As part of the Operation Grift, the team conducted around 35 raids during the last three days in Karachi and made numerous illegal disconnections. A raid was conducted in a hotel located in Karachi’s F.B. Area where the offenders were found using gas directly through rubber pipe. The load found at the site was approximately 75 cubic feet per hour. The hotel owner was apprehended in accordance with the Gas (Theft and Recovery) Act 2016; FIR was lodged and subsequently claim was generated against the miscreant. Similarly more than 30 domestic connections were dismantled in F.B. Area where gas was being used directly through main line. In Hyderabad, the team cracked down on Fareed Ahmed Medico Company which was found using gas for power generation purposes. The team removed the tampered meter and regulator and killed the service line. The load found at the site was 230 cubic feet per hour. The claim was raised accordingly.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

Friday, June 29 2018

PACRA maintains Soneri Bank’s rating
KARACHI: The Pakistan Credit Rating Agency Limited (Pacra) has maintained the Soneri Bank’s long-term rating of “AA-”(double A minus) and a short-term rating of “A1+” (single A one plus). Pacra also maintained the rating of unsecured, sub-ordinated and listed Term Finance Certificates (2nd issue) of Rs3,000 million at A+ (single A plus). The above rating is a function of bank’s ability to maintain its market position in the banking industry, while strengthening its overall risk profile with stable outlook.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: snbl (news stock)

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