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Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

Recent Financial News in the 'chemical' category

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Friday, January 13 2017

PPP slams, govt defends fertiliser subsidy’s withdrawal
ISLAMABAD: The Pakistan Peoples Party has termed withdrawal of subsidy on fertilisers “a callous and inhuman decision and a conspiracy against poor and under-privileged rural population” while the government has defended the move, saying the subsidy had been withdrawn after the amount allocated for it exhausted. Former president and PPP chief Asif Ali Zardari said in a statement issued by the party’s media centre that the government would only compensate the farmers of Punjab, a measure harmful to inter-provincial harmony. Only to “achieve cheap political mileage”, he said, the government had on one hand withdrawn the subsidy of Rs400 per bag on fertiliser and, on the other, was secretly compensating farmers of their own political constituency. “The federal government is playing with fire as such measures will create provincial rifts and disharmony,” Mr Zardari warned. It will create a sense of deprivation among the people of three smaller provinces with far-reaching consequences.
Related news categories: business chemical economic-indicators fertilizers misc

Withdrawal of subsidy on fertilizer to directly burden farmers
The withdrawal of subsidy on fertilizer would directly burden farmers and give a major setback to their fertilizer buying capacity with ultimate affect on maize and sugarcane growers. Industry sources said that the already suffering agricultural sector faced a setback in the form of withdrawal of the cash subsidy on urea that will exacerbate its problems. Farmers were already suffering from the absence of appropriate long-term policies and the fresh move would further hit them. There is no denying that the farmers have benefited from the subsidy which resulted in a better per acre yield; however withdrawal of subsidy can affect the per acre yield of crops if farmers do not apply adequate fertilizer due to high prices after subsidy withdrawal. The government had announced a subsidy of Rs 390 per urea bag including cash subsidy of Rs 156, GST subsidy of Rs 184 and price reduction of Rs 50 by the manufacturers. The price of urea had gone down from Rs 1,790 to Rs 1,400 per bag following the announcement of the subsidy. The market dynamics further reduced per bag price and producers were selling urea bag as low as Rs 1,200-1,300 and same trend was observed in DAP and other fertilisers. This helped the farmer economics improve substantially. But after the withdrawal of subsidy, now already burdened farmers will face a major setback to their fertilizer buying capacity. The immediate burden will be felt by maize and sugar cane growers.
Related news categories: business chemical economic-indicators fertilizers misc

Thursday, January 12 2017

Govt withdraws cash subsidy on fertiliser sales
ISLAMABAD/KARACHI: The government has withdrawn the cash subsidy on fertiliser sales, which was offered to the industry in the budget for fiscal year 2016-17 to provide support to the manufacturers, farmers and the overall agricultural sector. However, it has not ended the General Sales Tax (GST) subsidy that amounts close to Rs184 per 50kg bag of urea. Fertiliser subsidy: Sindh and K-P remain stingy in contribution “Under the subsidy programme, sales tax had been reduced from 17% to 5%, estimated at Rs184 per bag of urea,” said an official of the Ministry of National Food Security and Research while talking to The Express Tribune.
Related news categories: business chemical economic-indicators fertilizers misc

Friday, December 30 2016

Favourable outlook: Fertiliser sales in November jump 20% year-on-year
KARACHI: Total fertiliser sales jumped to 1.58 million tons in November 2016 compared with 1.32 million tons in the same month of the previous year (up 20% year-on-year and 68% month-on-month), according to figures released by the National Fertilizer Development Centre (NFDC). Following its previous month performance, fertiliser off-take remained promising in November 2016 as well on the arrival of Rabi season coupled with continued support from the subsidy package announced in the budget for fiscal year 2017.
Related news categories: business chemical economic-indicators fertilizers misc

Monday, December 19 2016

ICI’s focus on acquisitions
ICI Pakistan Limited operates under the umbrella of the Yunus Brothers Group, which also owns the country’s largest cement company, Lucky Cement Limited. The group acquired three-quarter shares of ICI Pakistan for Rs14.4bn a few years back. The company now operates in four diverse businesses: polyester, soda ash, chemicals and life sciences. In its quest to expand its scope in various business areas, the company announced last week that it was considering the potential acquisition of certain assets representing the life sciences business portfolio of the pharmaceutical firm, Wyeth Pakistan Limited, subject to regulatory approvals. Both companies held back information regarding the terms of sale/purchase, which were perhaps still getting finalised.
Related news categories: business chemical company-news misc pharma stock-exchanges
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