Author: Faisal Shahnawaz

  • Supernet wins ZTBL projects worth Rs450 million

    Supernet wins ZTBL projects worth Rs450 million

    KARACHI: Supernet Limited has been awarded multiple contracts worth over Rs450 million by Zarai Taraqiati Bank Limited (ZTBL) after competitive bidding process.

    The contracts will help ZTBL strengthen the communication and IT infrastructure of their nationwide branch network, mostly in the rural areas of Pakistan.

    Supernet is actively upgrading communication infrastructure of the bank with multi-medium communication networks enabling availability of high level uptimes for branches to communicate with their head office.

    READ MORE: Supernet, Avara awarded project for supply, maintenance

    This will be a managed service model where Supernet will do installation and configuration of its Wide Area Network with ZTBL’s already existing devices for end-to-end seamless communication. The nationwide presence of Supernet’s engineering resources will ensure smooth and fast deployment of this system.

    Furthermore, Supernet will also upgrade current Local Area Network (LAN) at all of the bank’s 450+ branches across Pakistan, ensuring installation of high quality passive infrastructure of power and data communication. Bank’s appetite, demand and design of next generation LAN will ensure a long term and durable infrastructure availability in remote areas, which is quite a challenge. 

    READ MORE: Supernet awarded telecom projects worth Rs100 million

    ZTBL’s Executive Vice President and CIO, Aamir Zaffar Chaudry commented, “We are depending upon the Supernet outreach in rural areas to help us in our LAN & WAN projects /operations. Our past experience with Supernet gives us the confident that they will come good on our expectations”.

    Hassan Jafri, Vice President and Business Unit Head of Supernet commented, “Award of these contracts translates trust of our client in our services. We are excited and keen to be part of strengthening networks for ZTBL that will ensure helping our country’s agriculture -ecosystem. We will continue working with ZTBL to bring further innovative solutions and their implementation to deliver a true essence of technology for agriculture.”

    READ MORE: Suprenet gets project for optic fiber supply

    Supernet Limited, one of Pakistan’s leading telecommunications service provider and systems integrator, has been operating since 1995. Supernet offers a complete range of enabling ICT solutions with the expertise to, delver, deploy and maintain them anywhere in the country through a dedicated team of technology professionals.

    With presence of its engineering resources all over Pakistan, Supernet has a long-standing experience of providing ICT services to corporate customers. Supernet has expanded its portfolio of services to include cyber security solutions, power solutions, IT Infrastructure solution and software & application solutions.

  • Equities shed 313 points in lackluster trading

    Equities shed 313 points in lackluster trading

    KARACHI: Pakistan equities lost 313 points on Monday owing to lackluster trading activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,363 points from last Friday’s closing of 45,676 points, showing a decline of 313 points.

    READ MORE: Weekly Review: positive sentiments likely on PM Moscow visit

    Analysts at Topline Securities said that Pakistan equities started the week with lackluster activity.

    During trading hours, the KSE-100 index lingered in a negative zone most of the day because of dismal investors’ sentiment.

    During the day, the KSE 100 index made an intraday low at 45,342 level (-334 points; down 0.74 per cent) and eventually settled at 45,363 level (-313 points; down 0.69 per cent) for the day.

    READ MORE: Stocks gain 235 points on declining crude oil prices

    On corporate announcement front, Meezan Bank Limited disclosed its year 2021 result where the bank posted earnings of Rs. 17.35, an improvement of 26 per cent over YoY, along with the final cash dividend of Rs. 1.50, making total cash payout of Rs. 6 for the calendar year. The aforesaid result was better than expectation due to higher than anticipated Net Spread Earned and Fee Commission Income.

    READ MORE: Stocks end down by 244 points on corporate results

    In addition to this, Nishat Mills Limited (NML) also declared its half yearly 2021/2022 accounts where earning per shares (EPS) clocked in at Rs. 15.9 an improvement of 216 per cent YoY. The company didn’t announced any payout with the result.

    Bank, Tech, Cement and E&P sectors’ stocks saw some selling today where MEBL, TRG, LUCK and MARI contributed negatively by losing 97 points. On the flip side, BAHL, DCR and FATIMA added 20 points collectively, today.

    READ MORE: Stocks shed 47 points on inflation concerns

    About 138 million shares traded today while total value clocked in at Rs. 3.6 billion. WTL was volume leader of the day with 19.1 million shares traded in it, today.

  • MCB Bank gets approval for Telenor Bank due diligence

    MCB Bank gets approval for Telenor Bank due diligence

    KARACHI: State Bank of Pakistan (SBP) has granted MCB Bank to conduct due diligence for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank, a statement said on Monday.

    According to it the SBP had granted in-principal conditional approval to MCB to conduct due diligence for a potential transaction for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank Limited held by Telenor Pakistan BV (operates under the Easypaisa brand name)

    The board of directors of MCB had already, in its meeting held on October 27, 2021 accorded its in-principle approval to conduct a due diligence for the potential transaction.

  • Customers’ exchange rates on February 21, 2022

    Customers’ exchange rates on February 21, 2022

    Karachi, February 21, 2022: The State Bank of Pakistan (SBP) has issued the official exchange rates for February 21, 2022, providing important information on currency values against the Pakistani Rupee.

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  • SBP launches electronic warehouse receipt financing

    SBP launches electronic warehouse receipt financing

    KARACHI: The State Bank of Pakistan (SBP) is launching Electronic Warehouse Receipt Financing (EWRF) on Tuesday February 22, 2022 for Maize Crop.

    The financing scheme will be launched at an event in Tehsil Chunian, District Kasur, according to a SBP statement issued on Monday.

    READ MORE: SBP expands export finance scheme to improve inflows

    At the event banks will be signing their System Usage Agreements with Naymat Collateral Management Company Ltd. (NCMCL) to commence operations under this newly developed system.

    This mechanism will not only provide farmers with an adequate facility to store their produce, but also address their liquidity requirement as these receipts will be used as a collateral to avail financing from banks.

    The warehouse receipts will be issued by approved collateral management companies in arrangement with their accredited storage facility operators.

    READ MORE: SBP softens conditions for renewable energy financing

    The value of stored harvest will be assessed and marked on the electronically issued warehouse receipts, which can then be used to avail financing from banks.

    Through this initiative, SBP aims to achieve multiple objectives including; enhanced availability of formal credit to farmers who otherwise do not have acceptable collateral to secure bank financing; minimize post-harvest losses through a network of accredited warehouses where standardized agricultural produce can be stored; and ensure better price discovery to increase farmers’ profitability and guide them in making better farming decisions.

    READ MORE: Exchange companies get incentive for dollar surrender

    The system has been developed through collaborative efforts of various stakeholders including the State Bank of Pakistan, Securities & Exchange Commission of Pakistan, Federal and Provincial Governments, and banks, among others.

    READ MORE: Incentives approved for exchange companies on dollar surrender

  • Dollar falls 11 paisas to PKR

    Dollar falls 11 paisas to PKR

    KARACHI: The US dollar fell by 11 paisas against the Pak Rupee (PKR) on Monday owing to lower dollar demand for import payments.

    The rupee ended Rs175.75 to the dollar from last Friday’s closing of Rs175.86 in the interbank foreign exchange market.

    READ MORE: PKR slides 47 paisas to dollar on payment demand

    Currency experts said that the market witnessed advance trading because financial markets are closing in the US due to public holiday.

    They also said that the ease in international oil prices also helped the local currency to make gain.

    The dealers said that possible diplomatic talks on Russia-Ukraine tensions had brought down the oil prices in the international markets.

    READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

    Pakistan is net importers of energy products to meet the domestic demand. The oil bill of the country sharply increased by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Dollar falls 11 paisas to PKR as global oil prices ease

    The experts said that the falling foreign exchange reserves however a major concern for the rupee stability in coming days.

    The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

    READ MORE: PKR slips for second straight day against dollar

  • Ripple to Pak Rupee on February 21, 2022

    Ripple to Pak Rupee on February 21, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs140.06 on February 21, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs139.20 on February 20, 2022.

    The rate of Ripple in US Dollar (USD) is $0.80 on February 21, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.79 on February 20, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to Pak Rupee on February 21, 2022

    Dogecoin to Pak Rupee on February 21, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.59 on February 21, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs24.26 on February 20, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on February 21, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on February 20, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Bitcoin to Pak Rupee on February 20, 2022

    Bitcoin to Pak Rupee on February 20, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,002,995.77 on February 20, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,051,015.01 on February 19, 2022.

    The rate of Bitcoin in US Dollar (USD) is $39,937.24 on February 20, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $40,211.09 on February 19, 2022.

    Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Ripple to Pak Rupee on February 20, 2022

    Ripple to Pak Rupee on February 20, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs139.20 on February 20, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs138.91 on February 19, 2022.

    The rate of Ripple in US Dollar (USD) is $0.79 on February 20, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.79 on February 19, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.