The ECC today approved removal of Regulatory Duty on Cotton Yarn. This will facilitate the exports of apparel sector. This is in line with our policy of getting more value added exports. The ECC decision will now go to the Cabinet for ratification, after which it will be notified
PIOC newly installed Coal Power Plant started power generation
In a latest notification to the Pakistan Stock Exchange, Pioneer Cement Company Limited (PSX:PIOC) announced that its newly installed Coal Power Plant 1×12 MW out of 12 MW has started Power generation from today.
TPL Trakker Ltd has been awarded the contract for consultancy services for Mapping of Historical and Religious Sites in Pakistan
In a latest notification to PSX, TPL Trakker Limited (“TPLT”) announced that it has been awarded the contract for consultancy services for Mapping of Historical and Religious Sites in Pakistan in order to bring to light all the diverse aspects of Pakistan’s history and culture (“Project”).
The Project will enable local and foreign tourists, as well as researchers, to access valuable information concerning the entire historical and religious site in Pakistan.
Avanceon’s subsidiaries received three contracts worth multi-million-dollars
Avanceon Automation and Control WLL, and Avanceon FZE, both subsidiaries of Avanceon Limited, have received three contracts worth multi-million-dollars.
Avanceon FZE, a subsidiary of Avanceon Limited, has been contracted to provide a sophisticated SCADA System for Pumping Stations Pipeline 1 & 2 in Al Qassim Province worth 1.3 Million AED. The scope of work for Avanceon will be to ensure a reliable water solution for more than a hundred thousand of the region’s residents. The Saudi Ministry of Environment, Water and Agriculture (MEWA) aims to ensure water security and improve the quality of life for residents in KSA. The MEWA led projects in Al Qassim Province include construction of pumping stations, expansion and upgradation of treatment plants and lines for the transfer of safe drinking water and sewage facilities.
Avanceon FZE, a subsidiary of Avanceon Limited, has been contracted to provide a comprehensive Building Management System for the Khalifa Port Expansion. The Building Management System to be provided by Avanceon will include CCTV, PAVA and Access Control Systems for the Data Centerat Khalifa Port.
Agha Steels enlisted as manufacturer cum supplier to Military Engineering Services
In a latest notification to the PSX, Agha Steel Industries announced that Military Engineering Services (MES) of Pakistan Army has enlisted Agha Steel Industries Limited as the manufacturer cum supplier of deformed steel bar for its projects.
The Engineer-in-chief’s branch already issued the company a provisional certificate of enlistment/ registration.
Military Engineering Services (MES) is an inter service organization responsible for designing, construction and maintenance of buildings, road, airfields, bridges, electricity, water supply. Sewerage, Sui gas, drainage, furniture and stores services for Army, Navy, Air Force and DP Division.
Monetary Policy: SBP maintained the Policy rate at 7%
The Monetary Policy Committee (MPC) decided to maintain the
policy rate at 7 percent. The MPC noted that since the last meeting in September, the domestic recovery has gradually gained traction, in line with expectations for growth of slightly above 2 percent in FY21, and business sentiment has improved further. Nevertheless, there are risks to the outlook.
The recent rise in Covid cases in Pakistan and many other countries presents considerable downside risks. On the upside, while it could take some time to fully implement worldwide, there has been recent encouraging news on vaccine development.
On the inflation front, recent out-turns have been on the higher side, primarily due to increases in food prices. However, these supply-side pressures are likely to be temporary and average inflation is expected to fall within the previously announced range of 7-9 percent for FY21. Taken together, risks to the outlook for both growth and inflation appear balanced.
Given the broadly unchanged outlook for growth and inflation, the MPC viewed the existing stance of monetary policy as appropriate to support the nascent recovery while keeping inflation expectations wellanchored and maintaining financial stability. The MPC noted that the lagged effects of the significant fiscal, monetary and credit stimulus injected during the pandemic should continue to shore up growth in coming quarters
In reaching its decision, the MPC considered key trends and prospects in the real, external and fiscal sectors, and the resulting outlook for monetary conditions and inflation.
MCB Bank has informed that the sale of its wholly owned subsidiary MCB Financial Services Ltd (MCBFSL) has now completed
In a notification to PSX, MCB Bank Limited , has informed that the sale of its wholly owned subsidiary MCB Financial Services Limited (“MCBFSL”), through Share Purchase Agreement has now completed in accordance with necessary approvals, including the approval granted by the Securities and Exchange Commission of Pakistan (SECP).
Following this transaction, MCBFSL is no longer a subsidiary of MCB, and is fully owned by ISE REIT and lnfotech.
FBR selected TPL Trakker to avail its real-time video monitoring system
We are pleased to announce that the Federal Board of Revenue (“FBR”), after a rigorous qualification process, vide its approval letter dated November 23, 2020 has selected TPL Trakker Limited (the “TPLT”), as one of the approved vendors till December 30, 2023 to avail video monitoring system (“System”) as required under the newly implemented Video Analytics Rules 2020.
This System has been introduced to monitor the production of specified goods through high technology video cameras which will be installed on the production lines of the manufacturing industry enabling FBR to receive real-time video analytics data of production from the manufacturing sites and use it for tax collection purpose.
PAKOXY approved an investment plan of Rs. 6.3Bn to setup an efficient Air Separation Unit
The Board of Directors of the Company in its meeting held on November 20, 2020 has approved an investment plan of about Rs. 6.3 billion to setup the latest and the most energy efficient Air Separation Unit (the “Plant”) in its class.
The new state-of-the-art Plant will be sourced from Linde GmbH, Linde Engineering Pullach Germany, and will be capable of producing opt° 270 tons per day air separation (ASU) products. The Plant is superior due to higher capacity, better Specific Power Consumption (SPC), product quality, reliability and advanced control system.
The investment will include the Plant and associated storage equipment as required to support the volume growth with existing and new customers.
The Plant is expected to come on stream in 2023. The Company is a leading supplier of industrial & medical gases, pipeline services and welding solutions in Pakistan since 1935. The Company services customers across a wide spectrum of industries ranging from chemical and petrochemical to steel, food and healthcare.
