Day: November 24, 2020

  • Agha Steel enlisted as supplier for military projects

    Agha Steel enlisted as supplier for military projects

    KARACHI: Agha Steel Industries on Tuesday announced that Military Engineering Services (MES) of the Pakistan Army has enlisted the company as manufacturer-cum-supplier.

    In a communication sent to Pakistan Stock Exchange (PSX), the company informed that Military Engineering Services (MES) of Pakistan Army had enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bars for its projects.

    The Engineer-in-Chief’s branch has already issued the company a provisional certificate of enlistment/registration.

    “It is a major milestone for us,” Hussain Agha, the young chief executive officer (CEO) of Agha Steel said in a statement.

    “We are grateful to the MES for enlisting us as a manufacturer-cum-supplier of quality steel products. God willing our company will come up to their expectations of the military, meet its requirements and help it build Pakistan.”

    MES is an inter services organization responsible for designing, construction and maintenance of buildings, road, airfields, bridges, electricity, water supply, sewerage, Sui gas, drainage, furniture and stores services for Army, Navy, Air Force and DP Division.

  • Stock market gains 231 points on positivity in banking, energy sectors

    Stock market gains 231 points on positivity in banking, energy sectors

    KARACHI: The stock market gained 231 points on Tuesday as investors have showing positive sentiments in banking and energy sectors.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,863 points as against 39,632 points showing an increase of 231 points.

    Analysts at Arif Habib Limited said that the market traded in the positive zone today, even though Government announced lock down and School closures yesterday.

    Consistent increase in international crude oil prices helped E&P stocks stage a comeback, whereas Banks and O&GMCs also traded positively for most part of the session.

    Cement sector saw selling pressure, which came on the back of anticipation of slow growth in Cement dispatches due to winter season.

    The underlying Cement sector stocks saw trading at discount of 12 percent to 18 percent from their respective recent peaks.

    By the end of session, renewed buying interest was seen in Cement sector, which brought the index up, closing +231 points. Trading volumes remained below 200 million.

    Sectors contributing to the performance include E&P (+67 points), Banks (+41 points), Fertilizer (+26 points), Technology (+22 points) and O&GMCs (+18 points).

    Volumes declined from 174.7 million shares as against 195.1 million shares (-11 percent DoD). Average traded value also declined by 9 percent to reach US$ 42.4 million as against US$ 46.7 million.

    Stocks that contributed significantly to the volumes include UNITY, MLCF, TRG, HUMNL and PRL, which formed 37 percent of total volumes.

    Stocks that contributed positively to the index include POL (+23 points), DAWH (+18 points), MARI (+18 points), LUCK (+16 points) and OGDC (+16 points). Stocks that contributed negatively include COLG (-6 points), INDU (-6 points), DGKC (-5 points), ENGRO (-4 points) and MLCF (-4 points).

  • Customs valuation enhanced for garments on EDE data variations

    Customs valuation enhanced for garments on EDE data variations

    KARACHI: Pakistan Customs has enhanced the imported low-end brand garments from China and other destinations after identifying data variations in Electronic Data Exchange (EDE).

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  • Rupee recovers 96 paisas against dollar

    Rupee recovers 96 paisas against dollar

    KARACHI: The Pak Rupee recovered 96 paisas against the dollar on Tuesday following the central bank kept the policy rate unchanged and lower demand of the foreign currency from importers.

    The rupee ended Rs160.09 to the dollar from the previous day’s closing of Rs161.05 in the interbank foreign exchange market.

    Currency dealers said that a day earlier the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 7 percent giving confidence to trade and industry.

    They further said that the imposition of lockdown to prevent spread of coronavirus in international markets also discouraged importers from placing new orders to their foreign suppliers.

    The rupee gained to Rs158.30 against the dollar on November 17, 2020. However, since then the local currency witnessed a declining trend.

  • FBR cuts staff strength to half on coronavirus resurgence

    FBR cuts staff strength to half on coronavirus resurgence

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed all the tax offices to cut the staff (BS-1 to BS-15) by 50 percent with immediate effect in the wake of resurgence of coronavirus.

    In a circular issued by the FBR, stated that due to resurgence of COVID-19 and keeping in view the NCOC decision, the directions/instructions to reduce the staff strength (BS-1 to BS-15) by 50 percent is required to be implemented with immediate effect.

    “It is once again advised to reduce the staff strength within the available human resource limit (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect from November 24, 2020, and to strictly follow all other instructions issued vide FBR Circular dated November 11, 2020.”

    The competent authority has desired that instructions/orders in this regard must be issued by respective Members/Chiefs FBR (HQ) immediately and copy of the same must be shared by 12:00pm on Tuesday November 24, 2020.

    Earlier, the FBR issued detailed SOPs for all the field offices for strictly compliance, which included:

    i. FBR (HQ) and all its field formations are advised to reduce the staff strength (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect as per the following plan:

    a. Anyone suffering from flue and fever may remain off but to be available in respective stations and on cell phone.

    b. All Members / Chiefs FBR (HQ) and heads of all field formations are advised to decide about rotation of their offices, prepare the list (duty/off) of officials (BS-1 to BS-15).

    ii. Any employee who has symptoms of COVID-19 i.e. fever, cough, shortness of breath should get himself/herself tested immediately and report to the Admin Wing of FBR (HQ) of Headquarters of their respective field formations to be allowed to stay isolated till he/she is tested negative.

    iii. The employees are also directed to wear face masks during office hours, avoid hand-shakes, hugs and maintain social distance as per standard SOPs.

    iv. Employees above 50 years of age may be allowed to work from their homes except those employees whose presence is unavoidable for smooth functioning of the official business. Heads of all field formations area advised to take decision in this regard, accordingly. Field offices are further advised to allow female staff (mother of children) to work from their homes.

    v. it is advised that all those employees who are suffering from flu, fever or carrying medical history of frequent chest infections, asthma, cardiac related problems or any other major disease shall be allowed to work from their homes. Moreover, reception staff will monitor everyone who enters office premises with the help of infrared thermal thermometers.