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corporate results: Honda Atlas posts Rs1.5 billion profit in Jul-Sept

KARACHI: Honda Atlas Cars has posted an impressive net profit of Rs1.5 billion in the quarter ended September 30, 2016, up 107% compared with Rs726 million in the same period of previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX). Earnings per share improved to …

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Easing shortages: IESCO provides 16 net-metering connections

ISLAMABAD: The Islamabad Electric Supply Company (Iesco) has given 16 net-metering connections to the consumers of twin cities Rawalpindi and Islamabad so far, which are contributing 1.66 megawatts of electricity. “All these connections have been granted this year,” a spokesman for the power utility said on Tuesday. “Dozens of other …

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Thar coal project enters construction phase

THAR: The coal mining and power project in Thar, called a project of national importance, has finally entered its construction phase at a swift pace, which will give a boost to economic activities and development in the desert area where poverty and health problems haunt people because of a lack …

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Early announcement of textile package demanded

LAHORE: Drawing attention to the plight of textile manufacturers, Pakistan Hosiery Manufacturers and Exporters Association Chairman Adil Butt has said the increasing delay in announcement of a textile package is aggravating things for the sector. “The much-awaited textile package, hinted and promised by the prime minister to bring the industry …

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Court stops gas utility from collecting high UFG

ISLAMABAD: Textile millers have won a stay order from court against imposition of a high rate of unaccounted-for-gas (UFG) – a loss caused by theft and leakages – on gas consumption, which will hurt earnings of Sui Northern Gas Pipelines Limited (SNGPL). In spite of Oil and Gas Regulatory Authority …

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India, Bangladesh owe Pakistan Rs15.25 billion

KARACHI: The federal government has decided to demand its outstanding amount from India and Bangladesh. The State Bank of Pakistan (SBP) has written to all commercial banks and development finance institutions, asking for details of accounts of assets and other dues receivable from the two countries. The purpose is to …

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Export of Chinese goods via Gwadar a successful step

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Vice President Shaikh Khalid Tawab has said that the successful export of Chinese goods through Gwadar is a giant step towards the success of China-Pakistan Economic Corridor (CPEC). He appreciated the efforts of the prime minister for taking significant interest …

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India to use indelible ink to ensure people change cash only once

NEW DELHI/MUMBAI: Indian banks will use indelible ink to ensure that people only change old notes for new ones once under Prime Minister Narendra Modi’s scheme to fight “black money”, resorting to a tactic used to prevent multiple voting in elections. The step comes a week after Modi ordered the …

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Seedless kinnows snatch Pakistan’s market

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that the demand for Pakistani oranges (kinnows) has dropped in overseas markets as India, Turkey and Egypt have started producing seedless kinnows. “The demand for seedless kinnows remains high, especially in the West, but unfortunately Pakistan does …

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market watch: Stocks fall amid selling pressure

KARACHI: It was a dull start to the week for the bourse on Monday as it failed to maintain Friday’s buoyance in the wake of regional uncertainty. At close, the Pakistan Stock Exchange’s benchmark KSE 100-share index recorded a loss of 0.75% or 323.19 points to end at 42,525.93. Elixir …

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