Browsing: Business

Utility Stores Corporation achieved a milestone with its highest-ever sales of Rs. 137.155 billion in FY23, recording a net profit of Rs. 764 million, attributed to government subsidies on essential items. The state-run utility has maintained profitability for three consecutive years, reflecting consistent growth.

The Pakistani rupee continued its upward trend for the ninth day, opening at 279 against the US Dollar and closing at 280.24, marking a 0.04 percent appreciation. It also showed strength against various major currencies in the interbank market.

Roshan Digital Accounts (RDAs) recorded $7.195 billion in foreign exchange inflows by December 2023, with $1.538 billion repatriated and $4.442 billion utilized locally. In December, $160 million was received, $7 million repatriated, and $120 million utilized locally, reflecting a growing trend with 651,057 RDAs opened since their launch.

The caretaker government has lowered petrol prices by Rs. 8 per liter to Rs. 259.34, keeping high-speed diesel unchanged at Rs. 276.21, considering global oil dynamics and maintaining a Rs. 60 per liter petroleum development levy.

The Pakistani rupee extended its 8-day winning streak against the US Dollar, closing at 280.35 after gaining 0.27%, propelled by favorable market conditions and the recent IMF disbursement of around $700 million. The rupee’s strengthening trend reflects positive sentiment in both domestic and international financial landscapes.

The Pakistani rupee continued its upward trend against the US Dollar for the seventh day, opening at 281 and closing at 281.11 in the interbank market. The currency showed a marginal gain, maintaining stability within the 280-283 range in open market rates.

In a successful Treasury Bills auction, Pakistan saw significant yield reductions, with the government surpassing its Rs. 100 billion target by raising Rs. 283 billion, indicating strong market demand. The cut-off yields for 3-month, 6-month, and 12-month T-Bills notably decreased by up to 59 basis points, according to data from the State Bank of Pakistan.

Mari Petroleum Company Limited reports a noteworthy gas discovery at the Shewa-2 well in Khyber Pakhtunkhwa, confirming hydrocarbon potential in the Kawagarh formation alongside previously discovered Lockhart and Hangu formations. The successful drill reveals sustainable gas flow rates, marking a significant development in North Waziristan.

The Pakistani rupee continued its upward trend, gaining against the US Dollar for the sixth day, closing at 281.13. Despite recent gains, the rupee has seen a substantial decrease of over Rs. 109 against the greenback since April 2022.

Pakistan aims to elevate trade ties with Egypt, proposing a Preferential Trade Agreement to surge bilateral trade from $400 million to $4 billion. Led by Minister Dr. Gohar Ejaz, the delegation is actively promoting Pakistani companies in Cairo, aligning with the Look Africa Mission to foster economic cooperation and tap into shared potentials.