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AVN subsidiary Octopus Digial awarded 2-years extension on Dubai Metro Contract

In a latest notification to the Pakistan Stock Exchange (PSX), Avanceon Limited (PSX:AVN) informs that the Octopus Digital (subsidiary of AVN) has been granted a two year extension to maintain and operate Dubai Metro. According to Avanceon Limited, the contract is worth approximately 2 Mn AED and will be valid through 2021. The scope of maintenance services includes the iECS...

Pakistan Yearly Inflation recorded at 8.59% in June, 2020

Pakistan's Yearly Inflation Rate in June 2020 was recorded at 8.59% as compared to 8.22% in May 2020. Whereas, the Inflation rate was 8.0% in the last year for same corresponding period. On a monthly basis, CPI increased by 0.82 percent in June compared to an increase of 0.32 percent in May. The July-June average inflation is 10.77%compared to 6.80% from...

Power cement commence the production of TPD Clinker plant

In a notification to the Pakistan Stock Exchange, Power Cement Limited (PSX: POWER) has informed about the exchange about trial run of its 7700 TPD Clinker Production plant. The plant has achieved its rated capacity the successful trial run with effect from today 01 July, 2020 the plant has started commercial operations from July 1, 2020.  

Corporate Result: Silk Bank reports Loss of Rs. 580.5 Mn in 1st Quarter

Silk Bank Limited (PSX: SILK) has announced the Financial results for the quarter ended March 31, 2020, whereby it has reported Loss After Tax of Rs. 580.5 Mn showing that Silk Bank has gone into loss whereas the same period in previous year reported a profit of Rs.68.7 Mn. The company announced the loss per share of Rs. 0.06 for...

NPL Long Term Project Financing fully settled today

In a latest notification to the Pakistan Stock Exchange, the Nishat Power Limited (PSX:NPL) has announced that the company’s long term Project financing has been settled today. The company has secured this project financing from a consortium of banks for a period of 10 years. The company further informed that the finance was repayable in 40 quarterly installments starting from...

Ghani Chemical Industries increased the production capacity of gases

In a notification to the Pakistan Stock Exchange on Tuesday, Ghani Global Holdings (PSX:GGL) announced that its subsidiary Ghani Chemical Industries has maximised its plant production capacity of medical gases. This decision has been made in light of increase in demand for Oxygen Cylinder for COVID-19 patients. The company would be producing 330 tons of medical gases per day. As...

SBP receives $1.3 Bn as loan from Chinese Banks

The State Bank of Pakistan (SBP) has received $1.3 billion as loan disbursements from Chinese banks this week, the central bank announced on Tuesday. The central bank informed that with the latest disbursement, the total amount of official inflows received by Pakistan since 23rd June 2020 total to around $3 billion. Previously SBP had received $1.5 Bn that included $500 Mn from the World Bank, Asian Development Bank...

Corporate Result: Silk Bank witnessed loss of Rs. 2.76 Bn in 3rd Quarter

Silk Bank Limited (PSX: SILK) has announced the Financial results for the nine months ended September 30, 2019, whereby it has reported Loss After Tax of Rs. Rs.2.76 Bn showing that Silk Bank has gone into loss whereas the same period in previous year reported a profits of Rs.1.23 Bn. The company announced the loss per share of Rs. (0.3)...

OGRA imposes Rs. 15 Mn fine on OMC’s for artificial fuel shortage

Oil and Gas Regulatory Authority (OGRA) on Monday fined Rs. 15 million to the three Oil Marketing Companies (OMCs) for causing a fake fuel shortage in the nation. Prior on June 11, OGRA had given show prompt notification to Byco, Askar and BE Energy for infringement of permit conditions looking for clarification from them within 24 hours. OGRA had likewise issued...

ISL announced the commercial production of Service Center

In a notification to the Pakistan Stock Exchange, International Steel Mills (PSX:ISL) announced the commencement of commercial production of Service Center located at National Industrial Park, Bin Qasim, Karachi.  On January 23, 2018 the company set-up its state of the art service center . This center will provide service for installation of Slitter and CTL machines.