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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News in the 'textile-composite' category

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Thursday, January 13 2022

Nishat Chunian requests Nepra to add 11 new BPCs in generation licence
Nishat Chunain Limited (NCL) has requested Nepra to delete 2 Bulk Power Consumers (BPC) and add 11 new BPCs in its generation licence, a notice issued by the authority showed today. In a notice, the authority informed that NCL has communicated an LPM in the generation licence no. SGC/ 115/2016, issued on April 14, 2016. As per the notice, NCL stated that the proposed modification shall be in the public interest as it will enable the company to supply surplus power generation of the project to 11 more entities, being 16.50MW for the term of the generation licence, which shall result in a more resourceful project and the BPCs shall benefit from a continuous supply of electricity to run their businesses effectively to produce goods and materials carrying economic value. In addition, the company informed that the proposed modification will not adversely affect the tariff, quality of service and the performance of the company of its obligations under the generation licence.
Related news categories: business economic-indicators psx stock-exchanges textile-composite
Related symbols: ncl (news stock)

Fateh Sports Wear to resume operations on receipt of $2mn stuck-up funds
Fateh Sports Wear Limited (FSWL) has informed that production activities will be started in the shortest possible time on the availability of working capital and the receipt of stuck-up funds of $2 million, the progress report of the company revealed today. The management is quite hopeful that the company will receive the stuck-up funds as the company is constantly pursuing the case. Meantime, the management of the company has developed a marketing strategy to promote and selling of their products to the international market. as per the notice, a list of expected buyers is being made and has started making contacts with the buyers for obtaining export orders.
Related news categories: business economic-indicators psx stock-exchanges textile-composite
Related symbols: fswl (news stock)

Wednesday, January 12 2022

Sugar industry, textile biggest defaulters of bank loans
Generally known for profit making, sugar sector has emerged with the biggest infection ratio of banking loans during the third quarter of the calendar year 2021. The State Bank’s Statis­tical Bulletin for January 2022 revealed that the sugar sector’s infection ratio of loans rose to 29.1 per cent in 3Q2021. The infection ratio has been increasing in each quarter — from 16.37pc in the first quarter to 19.8pc in the second quarter of the same year. For the last couple of years the sector remained in limelight due to massive increase in sugar prices — almost double — before they receded to below Rs100 per kg prevailing prices in domestic markets. On March 25, 2021, The Federal Investigation Agen­­cy (FIA) detected Rs110 billion earnings by the sugar mafia during the last one year through ‘speculative pricing’. It is believed that the sugar industry has been a profit making sector which is the reason that sugar production went up along with an increase in area under cultivation for sugarcane. The Federal Committee on Agriculture (FCA) on Oct 7, 2021was informed that sugarcane production for 2021-22 was estimated at 87.67 million tonnes. However, Special Assistant to the Prime Minister on Agriculture Jamshed Iqbal Cheema claimed that sugarcane production would exceed 100m tonnes. The country needs about 6.2m tonnes sugar while early government estimates for production were at 7m tonnes.
Related news categories: business economic-indicators misc sugar textile-composite textile-spinning textile-weaving

Tuesday, January 11 2022

Textile policy, duty drawback to continue
The Ministry of Commerce has not withdrawn the Textile and Apparel Policy 2020-25 and the Drawback of Local Taxes and Levies (DLTL) scheme will continue in future to enhance export of value-added textile, remarked Adviser to Prime Minister on Commerce Abdul Razak Dawood. Speaking at a meeting arranged by the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Monday, the adviser assured businessmen that their problems would be taken up with Prime Minister Imran Khan and in the federal cabinet. “The government will consider and resolve all issues,” he said. “Textile sector is playing a major role in stabilising the national economy, therefore, the government is striving to address its issues on a priority basis.” Highlighting the positive outcome of the “Make in Pakistan” strategy, the adviser pointed out that investment of billions of rupees was in the pipeline and new textile units were expected to be established. “Such industrial concerns will help enhance the export capacity and create hundreds of thousands of jobs,” he said. The government has reversed the de-industrialisation process and “Pakistan is now on the path of industrial growth.” In August 2020, the government had announced the “Make in Pakistan” policy to promote export-oriented industrialisation in the country, Dawood said.
Related news categories: business economic-indicators misc textile-composite textile-spinning textile-weaving

Friday, January 07 2022

Samin Textiles requests PSX to shift to regular counter from defaulter
Samin Textiles Limited has requested PSX to shift the company from defaulter to regular counter as it is now a going concern as per the audit report, company’s progress report issued to exchange said. In the report, the company updated that it has already resumed operations since August 2021, which will further strengthen its acquisition of home appliances business from Waves Singer Pakistan Limited (WSPL). To recall, on December 23, the board of Samin Textiles approved the draft Scheme of Arrangement between the company and WSPL as per which the company will acquire the Home Appliances Business of WSPL. “In order to comply with the requirements of the Scheme of Arrangement, the Company engaged KPMG (Statutory Auditor of the Company) to conduct a special audit of the Company for the Period ended 31 August 2021. The accounts of the Company have now been prepared on Going Concern Basis with an unqualified/clean opinion received from the Auditors,” the notice stated. To note, in September 2020, the management of Samin Textiles informed that the company is no longer a going concern as it was impossible to run the company at an economically viable level due to poor economic / market conditions for the textile sector and high energy costs.
Related news categories: business economic-indicators psx stock-exchanges textile-composite
Related symbols: smtm (news stock)

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