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Author: Faisal Shahnawaz

  • KAPCO to contest NEPRA’s show cause notice

    KAPCO to contest NEPRA’s show cause notice

    KARACHI: Kot Addu Power Company (KAPCO) on Tuesday announced to contest a show cause notice issued by a regulatory authority.

    In a communication sent to Pakistan Stock Exchange (PSX), the company said it will contest the show cause notice as per law by, inter alia, submitting a detailed reply within the stipulated period and will vehemently present its case before NEPRA and all relevant forums that there is no breach by the Company of any rules and regulations under the NEPRA Act.

    READ MORE: Pakistan approves LNG at $9 per MMBTU for export sector

    The National Electric Power Regulatory Authority (NEPRA) has issued a show cause notice (received on July 25, 2022) to the Company under section 27B of Regulatory of Generation, Transmission and Distribution of Electric Power Act, 1997 (NEPRA Act) read with relevant rules and regulations alleging prima facie violation of Regulation 6 (2) of NEPRA Interim Power Procurement (Procedures and Standards) Regulations, 2005 in respect of the extension of the Company’s Power Purchase Agreement (PPA) for a period of 485 days pursuant to the terms agreed between the Company and the Power Purchaser for settlement of the liquidated damages dispute between the Company and the Power Purchaser by invoking the terms of the PPA under Other Force Majeure Events (OFME).

    READ MORE: NEPRA to conduct public hearing on KE’s petition on July 28

    Through the show cause notice, NEPRA has sought reply of the Company, to be submitted not later than fifteen days of receipt of the show cause notice, as to why appropriate legal action may not be taken against the Company under relevant rules and regulations of the NEPRA Act, inter alia, including imposition of fine as prescribed.

    It is Company’s position that the extension of the PPA for 485 days is within the terms of the PPA and Company’s application for extension of generation license was filed with NEPRA within the period stipulated in the applicable regulations. Hence, there is no breach by the Company of any applicable regulations.

  • SBP issues KIBOR rates – July 26, 2022

    SBP issues KIBOR rates – July 26, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 26, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.6615.16
    2 – Week14.7115.21
    1 – Month14.7815.28
    3 – Month15.1015.35
    6 – Month15.4315.68
    9 – Month15.5216.02
    1 – Year15.6016.10

    READ MORE: SBP issues KIBOR rates – July 25, 2022

  • Pakistan stocks end up in mixed trading session

    Pakistan stocks end up in mixed trading session

    KARACHI: Pakistan stocks ended up by 50 points on Tuesday in a mixed trading session due to markets was waiting decision from the Supreme Court.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,894 points from previous day’s closing of 39,844 points, showing a gain of 50 points.

    READ MORE: Pakistan stocks fall amid political uncertainty

    Analysts at Topline Securities said that Pakistan equities had a mixed session today as all eyes were on Supreme Court Verdict (scheduled to be announce at 5:45 PM today) regarding recently held Voting at Punjab Assembly for the Chief Minister Position.

    The KSE 100 index initially opened on a negative note and made an intraday low at 39,713 (-131 points; down 0.33 per cent).

    READ MORE: Weekly Review: market likely to stay positive on financial results

    However, some buying interest kicked in at the aforesaid low level and assisted market to gain some lost ground by making an intraday high at 40,135 points (+291 points; up 0.73 per cent) before eventually settled at 39,894 points (+50 points; up 0.13 per cent) for the day.

    READ MORE: Weekly Review: stocks likely to stay positive

    OMC, Banks, E&P, Tech and Chemical sector stocks contributed positively to the index where PSO, MEBL, POL, TRG & LOTCHEM added 73 points, cumulatively. On the flip side, HUBC, INDU and BAFL have witnessed some profit taking as they lost 37 points collectively, today.

    Around 131 million shares traded today at the bourse while total value clocked in at Rs4.2 billion.

    TPLP led the volumes chart today with trading of 19.63 million shares in it, today.

    READ MORE: Weekly Review: market likely to stay range-bound

  • Rupee crashes Rs232.93 to dollar at interbank closing

    Rupee crashes Rs232.93 to dollar at interbank closing

    KARACHI: Pakistani rupee (PKR) on Tuesday crashed at Rs232.93 to the US dollar at closing of interbank foreign exchange market.

    The exchange rate recorded a loss of Rs3.05 in rupee value to end at Rs232.93 as compared with last day’s closing of Rs229.88 in the interbank foreign exchange market.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    Currency dealers said that political instability and fiscal weakness putting pressure on exchange rate.

    The rupee recorded a decline of Rs28.08 or 13.75 per cent during first 26 days of the current fiscal year.

    The fiscal year 2022/2023 initiated at Rs204.85 to the dollar and now at Rs232.93 till July 26, 2022.

    The dealers said that the continuous decline in rupee value may be attributed to the fall in foreign exchange reserves.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee hits fresh low Rs224.92 to dollar at interbank closing

  • SBP’s customer forex rates – July 26, 2022

    SBP’s customer forex rates – July 26, 2022

    On Tuesday, July 26, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, detailing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

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  • FFBL declares Rs1.7 billion in 2QCY22

    FFBL declares Rs1.7 billion in 2QCY22

    KARACHI: Fauji Fertilizers Bin Qasim Limited (FFBL) on Tuesday declared Rs1.7 billion profit after tax (PAT) for the quarter ended June 30, 2022.

    The company announced financial results for its 2QCY22 results, where it posted unconsolidated PAT of Rs1.7 billion (EPS: 1.38), down 32 per cent YoY.

    This takes cumulative 1HCY22 PAT to Rs3.4 billion (earnings per share (EPS): Rs2.64) vs PAT of Rs3.8 billion (EPS: Rs3.0) in same period last year.

    READ MORE: Hyundai announces second quarter financial results

    The result is above our expectation due to higher other income and higher volumetric sales.

    Company posted topline of Rs46.1 billion vs Rs16.9 billion in same period last year (SPLY), depicting an increase of 173 per cent. The primary reason for higher sales is attributable to higher realized Diammonium phosphate (DAP) prices and 50 per cent increase in DAP volumetric sales.

    On QoQ basis, topline recorded a growth of 86 per cent, on the back of higher volumetric sale and fertilizer prices.

    READ MORE: PTCL declares 39% growth in half year net profit

    Gross margins clocked in at 19 per cent during 2QCY22, down the 270 basis points (bps) on QoQ basis, attributable to higher phosacid prices (up by 9 per cent QoQ).

    Finance cost witnessed a jump of 49 per cent/ 28 per cent on YoY/QoQ basis, amid rising financing cost.

    Other income clocked in at Rs3.2 billion, up by 31 per cent/ 191 per cent YoY/QoQ. The increase is mainly attributable to dividend from PMP.

    Other expenses for 2QCY22, clocked in at Rs2.9 billion, vs Rs0.94 billion in 1QCY22. The significant jump in other charges is due to exchange loss on account of trade payables.

    READ MORE: Pakistan banks register record profit in 1Q2022

    Effective tax rate for the quarter clocked in at 71 per cent, attributable to imposition of super tax and poverty alleviation tax announced in federal budget. As per management, company has recorded super tax of Rs2.7 billion in June, 2022.

  • Rupee plummets to Rs232 against dollar in midday trading

    Rupee plummets to Rs232 against dollar in midday trading

    KARACHI: The Pakistani Rupee (PKR) fell to record low at Rs232 against the US dollar during midday trading of foreign exchange market on Tuesday.

    The dollar is being traded at Rs232 after gaining another Rs2.12 so far as compared with last day’s closing of Rs 229.88 in the interbank foreign exchange market.

    Currency experts said that the deepening political crisis had created panic in the currency market and rise in dollar demand.

    READ MORE: Dollar hits new high Rs229.86 on political crisis

    The recent election for the chief minister in the Punjab Assembly was challenged by PTI and PML (Q) seeking relief from the Supreme Court. Meanwhile, other coalition partners are demanding the Supreme Court to form a full court to decide the case.

    Currency experts said that the rupee under severe pressure due to high dollar demand for external payments.

    The foreign exchange reserves of the country have further declined.

    READ MORE: Dollar hits new high at Rs228.37 at interbank closing

    Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022. The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    READ MORE: Rupee ends to new low at Rs226.81 against dollar in interbank

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.817 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring it to 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Bitcoin to Pak Rupee on July 26, 2022

    Bitcoin to Pak Rupee on July 26, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,865,207.43 on July 26, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Ripple to Pak Rupee on July 26, 2022

    Ripple to Pak Rupee on July 26, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs76.76 on July 26, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Dogecoin to Pak Rupee on July 26, 2022

    Dogecoin to Pak Rupee on July 26, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs14.20 on July 26, 2022 at 10:01 AM Pakistan Standard Time (PST), in the open exchange market.

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