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Site update: September 20 2019, at 18:15 PKST
Stock update: September 20 2019.

Recent Financial News in the 'company-news' category

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Friday, September 20 2019

Indus Motor shuts down plant
KARACHI: Indus Motor Company (IMC), the maker of Toyota vehicles, has decided to shut down all production for the remaining days of September, bringing the total number of “non-production days” (NPDs) to 15 in the month due to continuing fall in demand. An IMC official, who asked not be named, said the company had already observed eight NPDs in July and 11-12 NPD in August. He said the federal excise duty (FED) of 2.5-7.5 per cent on various engine capacity cars, sky rocketing prices on account of rupee-dollar parity coupled with additional customs duty on imported parts and raw material and high interest rates had priced most of their vehicles out of the market. For September, “half of the current month is off,” the official said.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: indu (news stock)

Wednesday, September 18 2019

OGDCL strikes oil, gas discovery in Kohat
ISLAMABAD - Oil and Gas Development Company (OGDCL) Tuesday announced to strike oil and gas discovery at its Chanda Well-05 in Kohat district of Khyber Pakhtunkhwa province. According to a preliminary test, the well could produce 76 Barrel per Day (BPD) crude oil and 0.512 Million Standard Cubic Feet per Day (MMSCFD) gas. “This is the first discovery of crude oil and gas from Wargal Formation in Chanda Oil Field,” an OGDCL press release said. The Well-05 was drilled 5,440 meters deep and tested using the OGDCL’s in house expertise. The OGDCL is operator of the Chanda Well with 72 percent shares, while Government Holdings (Private) Limited (GHPL) and Zaver Petroleum Corporation (Private) Limited (ZPCL) have 17.5 percent and 10.5 percent shares respectively. The OGDCL said the discovery was the result of aggressive exploration strategy adopted by the company, which opened “a new avenue in Khyber Pakhtunkhwa for exploration of deeper prospects for other exploration and production companies operating in the area. Discovery will certainly add to the hydrocarbon reserves base of the country.”
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Tuesday, September 03 2019

Nishat Chunian to buy back 32m shares at higher price
KARACHI: Nishat Chunian has announced that it will voluntarily buy back its 32 million shares from the stock market at Rs34 per share. Earlier, the company had said that it would buy back the shares at Rs32 per share, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Monday. “PSX is at its lowest levels in five years these days. In this situation, some companies think that their share prices are undervalued not because of the company itself but due to the general fear and undervaluation of the market as a whole,” remarked Shankar Talreja, an analyst at Topline Research. In this situation, the companies decide to buy back shares to give confidence to their shareholders. For instance, Nishat Chunian’s stock price had dropped around 50% to Rs32 from its 52-week high hit in the current year, he said. Initially, Nishat Chunian gave an indication of buying back its shares at Rs32, which it increased to Rs34 in an extraordinary general meeting, according to the company notice.
Related news categories: business chemical company-news economic-indicators misc psx stock-exchanges
Related symbols: ncl (news stock)

Friday, August 30 2019

BankIslami, Soneri Bank announce results
KARACHI - The Board of Directors of BankIslami Pakistan Limited approved the Bank’s financial results for the half year ended June 30, 2019 in meeting held in Karachi. During half year ended June 30, 2019, the Bank generated operating profit before provisions to the tune of Rs. 1,789m which is 13.7 times higher than numbers reported for the same period last year. The surge in operating profits was mainly attributable to overall increase in net revenue of the Bank by 63.6% as compared to HY2018. The cost to income ratio has reduced to 66.8% during HY2019 as compared to 96.3% in HY2018. Adopting a conservative approach, the Bank has booked accelerated provisions against Islamic Financing and other assets and posted a profit after tax of Rs. 531m for HY 2019 which is over 8 times higher than profit after tax of Rs 65m for HY2018. Meanwhile, Soneri Bank Limited posted profit before tax (PBT) of Rs 1,633 million and profit after tax (PAT) of Rs. 975 million for the half year ended 30 June 2019, as compared to Rs. 1,624 million and Rs. 976 million respectively in the same period last year.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: bipl (news stock) snbl (news stock)

Thursday, August 29 2019

PTI govt to recover $800m PTCL dues from Etisalat
ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) government has vowed to recover $800 million from United Arab Emirates telecom giant Etisalat on account of privatisation of Pakistan Telecommunication Company Limited (PTCL). Addressing a press conference in the federal capital on Wednesday, Federal Minister for Information Technology and Telecommunication (MoITT), Dr Khalid Maqbool Siddiqui said that a meeting was held with Etisalat for recovery of outstanding $800 million. “The government is committed to fulfilling all legal requirements for the recovery of the accrued amount,” he said. “Though both sides have cordial relations, but Pakistan will fight for its due rights,” Dr Maqbool added.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges tech-comm
Related symbols: ptc (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)