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Morning Buzz for July 31, 2012 – MR Securities

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by July 31, 2012 Brokerage

Karachi, July 31, 2012 (PPI-OT): Monetary policy on August 10

SBP will release its Monetary Policy Statement in the second week of August.

According to MR Securities, the central bank’s board is going to meet on August 10, to deliberate on key economic issues and finalise policy for next two months.

Fresh currency notes: SBP to facilitate public during Ramadan
SBP has decided to fully utilise the large network of over 10,000 branches of commercial banks for distribution of fresh currency notes to the general public during the holy month of Ramadan-. For this purpose, the SBP Banking Services Corporation (SBP BSC) has made elaborate arrangements for the supply of adequate quantity of fresh currency notes particularly of small denominations (Rs 10 to Rs 100) to commercial banks depending upon their branch network.

Nato supplies: Pakistan, US to sign MoU today
The 16-clause Memorandum of Understanding (MoU) regarding restoration of Nato supplies will be signed between Pakistan and the United States on Tuesday (today). According to the pact, transportation of commercial cargo to Nato forces in Afghanistan will be allowed via Pakistan through road and railways – but the movement of weapons will be disallowed

Indus Motor launches incentive scheme
Indus Motor Company (IMC) is introducing a partial payment scheme for all of its Toyota variants in an effort to boost sales which have dropped to a record low because of lethargic demand in Ramadan and huge influx of imported used cars in the local market.

Exemption from 5pc GST: FBR rejects demand of unregistered power looms
National Assembly Standing Committee on Textile Industry on Monday demanded of the Federal Board of Revenue (FBR) to exempt the un-registered power looms, sizing, hosiery and towel sectors from 5 percent General Sales Tax (GST).

Up to 9pc hike in POL prices proposed
The highest increase of Rs7.66, or 8.9 per cent, has been proposed in the price of petrol to Rs93.56 pet litre.

Licenses not to be renewed: Government to wipe out CNG sector gradually
Minister for Petroleum Dr Asim Hussein, while terming CNG promotion policy by the previous government as a false step, has aimed to phase-out the CNG sector gradually throughout Pakistan in coming years to save the industrial and domestic sector from gas curtailments in future.

Licences of CNG stations won’t be renewed: Asim
ECC of the Cabinet, which is meeting in Islamabad (today), will also consider besides others the proposal regarding fixation of petroleum products” prices on weekly basis instead of fortnightly basis, said Advisor to Prime Minister on Petroleum and Natural Resources, Dr Asim Hussein.

Surgical goods supplier inks deal with Malaysian firm
A Malaysian supplier of surgical instruments and implants has concluded a deal worth Rs135 million with a Pakistani company, to market the latter’s products.

$21.3 million foreign assistance received in July 2012
Pakistan received total foreign assistance of $21.3m including a grant of $1.5m in first month of FY12-13. Documents available with this scribe show that in first month of current fiscal year, Pakistan did not receive any support from multilateral like Asian Development Bank , World Bank and Islamic Development Bank.

BoP loan case: NAB asked to settle matter in four weeks
Resuming the hearing of Rs 9 billion Bank of Punjab loan case on Monday, the Supreme Court (SC) asked National Accountability Bureau (NAB) to settle the matter in four weeks.

Samsung announces $41.79 billion revenues for second quarter
Samsung Electronics Company Limited has announced revenues of 41.79 billion dollars on a consolidated basis for the second quarter ended June 30.

Profit after tax of Colgate Palmolive increases
The profit after tax of Colgate Palmolive (Pakistan) Limited has increased to Rs 1.619 billion in the year ended June 30, 2012 as compared to Rs 1.167 billion earned in the same period in 2011.

Diversion of gas supply to power sector: sharp divisions emerge
Sharp divisions are apparent among the Ministries of Petroleum, Water and Power and Finance over the suspension of gas supply to fertiliser sector in order to divert it to the power sector.

Non-payments of dues: IPPs refuse to sign side agreements
Independent Power Producers refused to sign side agreements with GoP until resolution of outstanding liabilities for capacity payments and energy payments over and above 90 and 33 days thresholds.

Renewable power projects: SBP enhances capacity limit
The State Bank of Pakistan (SBP) has enhanced the capacity limit of all renewable power projects from 10MW to 20MW for financing under the ”Scheme for Financing Power Plants Using Renewable Energy.”

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