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Author: Mrs. Anjum Shahnawaz

  • Engro Fertilizers wins three awards

    Engro Fertilizers wins three awards

     KARACHI: Engro Fertilizers Limited has been recognized at the prestigious Pakistan Digital Awards 2021. The company received three key awards for “Most Innovative Fintech Solution Provider”, “Best Payment Technology” and “Best Banking Tech of the Year”.

    Faced with the challenges of COVID-19 pandemic, Engro Fertilizers was quick to adapt to the new normal and led the industry towards digitization in all respects, from customer and vendor support to digital payment solutions and virtual operations.

    This was the first time that the Company was participating at the Pakistan Digital Awards. Out of the 94 categories, it was able to bag three Best in Class awards at the ceremony.

    Receiving this award, Imran Ahmed, CFO of Engro Fertilizers Limited, shared: “The digitization journey that we embarked on a couple of years back has finally started to deliver results as we are now benefiting from improved availability of quality information and better control environment.

    “We are thrilled by this recognition that was in the face of stiff competition. This encourages us to redouble our efforts in leveraging digitization to deliver operational excellence and differentiated customer experiences in the days and years to come”.

    With “The Best Banking Tech of the Year” and “Best Payment Technology” award, Engro Fertilizers has been celebrated for setting new standards in the fertilizer industry through the launch of various innovative and automated financing solutions in engagement with its banking partners. It co-created Pakistan’s first-ever solution to electronically manage bank guarantees that will transform this banking process.

    The initiative has reduced ordering cycle, provided customers convenience by not requiring them to make a physical visit to the bank and enhanced corporate services. Further, the move towards paperless operations has resulted in a favorable impact on the environment, and ensured transparency and swiftness of transactions.

    In the “Most Innovative Fintech Data Solution Provider” category, the Company has been recognized for the group-wide implementation of new Enterprise Resource Planning (ERP) system OneSAP, which has been endorsed as Pakistan’s largest SAP S/4 HANA digital business transformation.

    By leveraging this technology, the Company was able to achieve the global benchmark in financial reporting by ensuring monthly closing within 24-hours. The OneSAP implementation has enabled the Company to manage business operations remotely with flexibility for the employees, reduced operational costs, and timely and accurate flow of financial information to the Management to facilitate timely decision making.

    Expressing his delight at winning the awards, Nadir Qureshi – CEO of Engro Fertilizers – said: “It is humbling for us to have received these awards in the face of incredibly tough and distinguished competition. Guided by the Board’s vision and persistent efforts of our team, we have been able to make a swift transition towards digital platforms to navigate the challenges of global pandemic.

    “By embracing digitization, we have improved business efficiency, customer service and set a precedent for others to follow in the industry. Going forward, we will InshAllah continue to lead the industry in setting new standards of digital excellence.”

  • Rupee weakens by 22 paisas in interbank

    Rupee weakens by 22 paisas in interbank

    KARACHI: The Pak Rupee (PKR) ended down by 22 paisas against the dollar on Tuesday as demand for external payment remained high.

    The rupee ended at Rs163.89 to the dollar from previous day’s closing of Rs163.67 in the interbank foreign exchange market.

    Currency experts said that the external payment had put pressure on the local currency.

    However, they said that the pressure would ease in coming days as recent pledge of the International Monetary Fund (IMF) for providing $650 billion to boost global liquidity.

    The experts said that Pakistan would also get around $2.8 billion under this allocation by month end.

    The local currency fell to Rs164 in intraday trading in the interbank foreign exchange market. However, it made some recovery later in the day.

  • Income tax return filing hits record high

    Income tax return filing hits record high

    The income tax return filing in Pakistan has hit an all-time high, with a remarkable 3.53 million returns submitted for Tax Year 2020.

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  • ICI Pakistan Limited acquires NutriCo

    ICI Pakistan Limited acquires NutriCo

    KARACHI: ICI Pakistan Limited on Tuesday announced 51 per cent shareholding and making NutriCo Pakistan (Private) Limited its subsidiary.

    In a communication to Pakistan Stock Exchange (PSX), the company said that ICI Pakistan Limited had successfully completed the acquisition of 55,013 ordinary shares (equivalent to 11 per cent shareholding) of NutriCo Pakistan (Private) Limited.

    Following the acquisition, the total shareholding of ICI Pakistan Limited in NutriCo Pakistan (Private) Limited stands 51 per cent, making NutriCo Pakistan (Private) Limited a subsidiary of ICI Pakistan Limited.

  • PKR slips to Rs164 against dollar in midday trading

    PKR slips to Rs164 against dollar in midday trading

    KARACHI: The Pak Rupee (PKR) slipped to Rs164 against the dollar in midday trading o Tuesday.

    The rupee shed 33 paisas against the dollar from previous day’s closing during intraday trading in interbank foreign exchange market.

    The local currency hits the lowest against the dollar since October 2020.

    Currency dealers said that pressure of external payments deteriorated the rupee value.

  • Tax rates on brokerage and commission for 2021-2022

    Tax rates on brokerage and commission for 2021-2022

    The tax rates on brokerage and commission under Section 33 of the Income Tax Ordinance, 2001 for the year 2021-2022, shall be as follow:

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  • Ten-day quarantine must for Pakistanis arriving Turkey

    Ten-day quarantine must for Pakistanis arriving Turkey

    ANKARA: The 10-day quarantine period is remained applicable for Pakistani passengers arriving in Turkey. Pakistani nationals intending to travel to Turkey are advised that the quarantine rules pertaining to passengers arriving in Turkey from Pakistan, announced by the Turkish Government on 28 June 2021 that came into effect on 1 July 2021 are still applicable.

    As per these rules, passengers arriving from Pakistan will be subject to mandatory 10-day quarantine.

    The quarantine will be either at the Turkish Government provided facility or at the designated hotels.

    The decision whether passengers will be sent to the Turkish Government provided facilities or self-paid hotel quarantine is entirely at the discretion of the Turkish authorities.

    Self-paid hotel rates are stated to be approximately Euros 200 per night per person.

    Those in quarantine can take a PCR test after 7 days and if it is negative, they can leave the quarantine facility. However, according to our information, the hotels are charging for the full 10 days.

    In view of the above, Pakistani nationals are advised to fully familiarize themselves with the rules governing their travel to Turkey and make an informed choice about visiting Turkey under the present circumstances.

    They should also be prepared to pay for their quarantine at government-designated hotels at rates determined by the Turkish authorities and be prepared to deal with any inconvenience they may encounter as a result of their informed decision.

    The Pakistan Missions in Turkey are available to assist our nationals to the best of our abilities.

  • Date extended for implementing capital requirement

    Date extended for implementing capital requirement

    KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Monday extended the implementation of liquid capital requirement on securities brokers up to September 01, 2021.

    Pakistan Stock Exchange (PSX) in a notice said that the SECP had approved that the cutoff date for phased implementation of minimum of Liquid Capital (LC) and relevant ratios had been further extended till September 01, 2021. Securities brokers shall be required to maintain minimum LC effective from September 01, 2021.

    Securities brokers shall submit to the securities exchange and the clearing house the audited financial statements disclosing the LC or submit reviewed half yearly LC statements, whichever is applicable, depending on the end of financial year, from cutoff date of June 30, 2021 onwards as par the regulatory requirements.

  • KSE-100 gains 398 points amid COVID lockdown

    KSE-100 gains 398 points amid COVID lockdown

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday gained 398 points despite implementation of strict lockdown.

    The index closed at 47,453 points as against last Friday’s closing of 447,055 points, showing an increase of 398 points.

    Analysts at Arif Habib Limited said Disregarding the stringent COVID lockdown conditions, the KSE-100 index performed well today, adding a total of 453 points during the session.

    Traded volumes remained thin in comparison with daily traded volumes. Activity was tilted towards Technology and Textile sectors, which was mainly due to the ascend in PKR parity against USD, climbing 163 in the kerb market.

    Besides these sectors, investors took fresh positions in chemical, O&GMCs and Cement sector stocks after the successful closure of the rollover week on Friday.

    Financial results posted earlier in the session also helped reinforce and restores investor confidence. Among scrips, WTL led the volumes with 16.7 million shares, followed by HUMNL (15.9 million) and BYCO (13.7 million).

    Sectors contributing to the performance include Banks (+62 points), Technology (+58 points), Chemical (+48 points), Textile (+47 points) and Power (+31 points).

    Volumes declined from 399 million shares to 252.3 million shares (-37 per cent DoD). Average traded value also declined by 33 per cent to reach US$ 56.5 million as against US$ 84.1 million

    Stocks that contributed significantly to the volumes include WTL, HUMNL, BYCO, TELE and HASCOL, which formed 27 per cent of total volumes.

    Stocks that contributed positively to the index include TRG (+32 points), EPCL (+29 points), MCB (+27 points), HUBC (+25 points) and SYS (+25 points). Stocks that contributed negatively include DAWH (-10 points), LUCK (-7 points), POL (-5 points), AGP (-5 points) and BAFL (-4 points).

  • PKR falls by Rs1.24 against dollar in interbank

    PKR falls by Rs1.24 against dollar in interbank

    KARACHI: The Pak Rupee (PKR) fell by Rs1.24 against the dollar on Monday due to higher import and other external payments.

    The rupee ended Rs163.67 to the dollar from previous closing on July 30, 2021 at Rs162.43 in the interbank foreign exchange market.

    The rupee was remained under pressure during the day due to dollar demand for import payment as market was opened after two weekly holidays.

    The local currency depreciated by around 3.9 per cent against the dollar since July 01, 2021.