Morning Buzz for Feb 21, 2012 – MR Securities
Karachi: Fauji Cement posts Rs 102.486 million after tax loss Fauji Cement Company has posted Rs 102.486 million as after tax loss in the half year period ended December 31, 2011 as compared after tax profit of Rs 251.132 million in the corresponding period in 2010. According to MR Securities, the company posted Re 0.081 per share loss in the period under review against earning per share of Re 0.362 in the same period a year back. Circular debt: Loan swap deal worth Rs151b finalized
The Federal Government has formalized a debt swap deals with banks, according to which private power sector companies debts amounting to Rs 136.4 billion – Rs 24.6 billion less than the amount approved by the ECC – would be transferred to the books of the Power Holding Company Limited (PHCL). However, load shedding duration will remain at 6 and 12 hours per day.
July-January fiscal deficit restricted to three percent of GDP The government has succeeded in containing the fiscal deficit at 3 percent of GDP during the first seven months of current fiscal year due to tight fiscal management, it was learnt. Sources in the Finance Ministry revealed that during the first seven months disbursements to defense stood at 50 percent against the budgetary target of 54 percent.
Govt borrowing from banks up by 70% The scheduled banks net outstanding loan position to government sector increased by 70 percent to Rs2.43 trillion by the end of January against Rs1.43 trillion in the same month last year, according to the provisional figures released by the State Bank of Pakistan (SBP) on Monday.
Inflation may stay below 12pc: SBP chief
The inflation is likely to remain within 11 to 12 percent target set by the government for the ongoing fiscal, the State Bank of Pakistan Governor Yaseen Anwar said on Monday.
Meezan Bank achieves Rs nine billion MCR in advance
Meezan Bank Limited has achieved Minimum Capital Requirement (MCR) of rupees nine billion in advance, set by the SBP, who had asked all banks to maintain a MCR of rupees nine billion by end of December 2012; however, with the massive growth in profit and issuance of bonus shares, Meezan Bank has fulfilled this condition in advance.
Pakistan begins importing rice from India
Soon after the announcement of 636 negative items while replacing the already existing positive list for trade with India, Pakistan for the first time in history started importing rice from the neighbouring country. Pakistani buyers have placed the first import order for at least 2,500 tonnes rice, while almost 100 tonnes have reached the markets in Punjab.
Munda Dam Project: French Development Agency keen to provide funds
The French Development Agency – Agence Francaise de Development (AFD) has shown interest in providing financial assistance for design and construction phase of Munda Dam Project and the case is being forwarded to AFD Board of Directors for formal approval, a Wapda statement said.
Govt exempts OMCs from up to 3% VAT
The federal government exempted oil marketing companies (OMCs) from the payment of up to 3 per cent value added tax (VAT) on the import of certain petroleum products.
OGDC likely to declare Rs 1 0.10 EPS for first half fiscal year 2012
Oil and Gas Development Company (OGDC), Pakistan’s largest oil and gas explorer is likely to declare Rs 10.10 Earning Per Share (EPS) for the first half of 2012 on February 23.
SSGC, KESC boards express determination to resolve issues
The management’s of KESC and SSGC on Monday resolved to amicably settle major issues including gas supplies and long standing arrears. According to SSGC, the chairman and board of directors of KESC and SSGC took this decision during a joint meeting held at SSGC House.