PRO 11-04-2012_Layout 1 4/11/2012 12:59 AM Page 1
Doctor prescribes new medicine Page 02
profit.com.pk
Wednesday, 11 April, 2012
CHICKEN SOUP FOR THE SOULLESS
Is the bid in cement sustainable? How tax-free budgets win you elections, T Book 3, Chapter 12 SITUATIONER Shahab Jafry
KaraChI
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ISMAIL DILAWAR
ne can aptly smell politicking on the part of the present democratically-elected government which is all set to present a tax-free federal budget for FY13 on the eve of general elections expected to be held in March next year. The federal government on Tuesday unveiled its four-point budgetary “priorities” for next fiscal year which, the finance minister said, include economic stability, unemployment and inflation, welfare of “forgotten” segments and the improvement of taxation system. Also, Federal Finance Minister Dr Abdul Hafeez Sheikh said the government in an indiscriminate action was able to collect around Rs 4 billion embezzled by “some of the biggest” names of Pakistan on account of tax adjustments with the Federal Board of Revenue (FBR). Talking to reporters at the 28th Corporate excellence Awards ceremony here, the finance minister said the forthcoming Budget 2012-13 would neither bring any new tax nor would the existing tax rates be increased. However, the finance minister said, the rich but untaxed would be brought into the tax net to make the resource-constrained country financially self-sufficient. Outlining the four priorities his government had “principally” set for the new fiscal budget, Dr Hafeez said the international and national negatives, like global contraction in economic growth, backbreaking floods etc., warranted Islamabad to focus on budgetary measures that could lead the country to
economic stability. “Of course, (economic) austerity is essential,” for economic stability, he noted. The finance minister said ensuring that its tax collection policies be improved and implemented in letter and spirit, his government would tax the country’s rich for achieving economic self-sufficiency. “The existing taxpayers would not be burdened any further nor the existing tax rates would be increased,” said he adding “So, naturally, there would be no new taxes or increase in the existing ones.” Also, Dr Hafeez said like this year’s allocation of Rs 50 billion under Benazir Income Support Program (BISP) the country’s “forgotten” segments would not be forgotten in the new budget. It would be ensured that the “weak” and the poor are provided with insurance, small loans and other basic facilities. Unemployment and the present double-digit inflation were cited by the finance minister as a fourth priority of his government. Other areas the budget would focus are: law and order, health, education, availability of drinking water and infrastructure development. earlier, the finance minister told the best performing corporate giants at the awards ceremony that the government was determined to take indiscriminate action against those involved in financial irregularities of any kind. Recalling a list comprising the names “who is who of Pakistan” show to him by the ex-FBR Chief Salman Siddiqui, he said he had ordered the lodging of an FIR against the bigwigs without any hesitation. “Rs 4 billion were collected from that one act alone,” the minister said.
He cement sector’s recent bull run is an interesting extension of the market’s current behaviour – stellar uptrend decoupled from the real economy. It outperformed the wider market by approximately 30 per cent, even as 8M-’12 y-o-y growth in total dispatch was an unimpressive 3.5 per cent (exports actually dropped 5.6pc!). Yet the sector posted healthy gains, mainly because leading companies employed costcutting measures just in time to leverage higher retention prices in both local and international markets. EXOGENOUS FACTORS, DEMOGRAPHICS: Of course, it helped that the international price of coal – the main cost driver – fell 22 per cent (y-o-y) as weakening global growth dimmed demand for commodities across the board. “Higher retention prices, along with reduced input cost, improved margins across the sector”, notes Husain Asghar of Synergistic Financial Advisors, a Lahore based consultancy. “Investors started mounting as prices rose in the local market, reaching around Rs410-430”. Signs of marked improvement have also appeared on the external side, despite dismal numbers so far in the outgoing fiscal. There is a sudden spike in demand owing to imminent postnato reconstruction in Afghanistan, where Pakistani cement furnishes approximately 90 per cent of the market, and unprecedented improvement in trade relations with India. Demographics will now determine company earnings in the immediate term, says Hamad Malik, market strategist at First national equities. Companies in the north will cash in on the Afghan trade while the likes of DG Khan, closest by road to India, will benefit from phasing out of the India-specific negative list. RUSH TO EXPORT: exports to Afghanistan alone have risen 11.5 per cent month-on-month, and seven per cent y-oy. Increased cross-border demand has obviously bid up prices, leaving supply bottlenecks in the local market. “The rush to export is interesting, to say the least,”
says Hamad, adding that “margins are higher locally, yet there is an overwhelming focus on increasing exports, which is difficult to explain in normal market conditions”. Analysts including the Fne strategist believe local companies are happy exploiting higher prices in the international market, especially since the supply shock leaves subsequent internal prices higher, much to the benefit of manufacturers. And this practice will continue at least so long as reconstruction momentum remains in Afghanistan, and Indian market demand reacts favourably. HOMEGROWN DEMAND, GOING LONG: Domestic off-take, which has formed the basis of the sector’s profitability so far, is set to continue strongly as the last quarter plays out. “A number of factors are converging just as election year compulsions demand an expansionist, people-friendly budget,” says Hussain. “You have post-flood reconstruction in affected areas of Sindh, setting up of new hydral projects, and cyclical uptick in demand that generally follows the end of winter”. And since these factors coincide with increased external demand – Afghanistan, India, even Saudi Arabia and Qatar – market sentiment is strongly in favour of long positions even as the sector is clearly overweight, raising expectations that the bid in cement is tied to the strong uptrend in the wider market. Yet a closer look shows that bullish fundamentals might not hold beyond the current fiscal, though brokers remain divergent. POTENTIAL HEADWINDS: “There are potential headwinds that can put a halt to the current sprint-run in the cement sector, or even turn the tide the other way around,” according to Sarfraz Abbasi, senior analyst at the Karachi based Summit Capital. One, the sector’s capacity utilisation is 71 per cent, the lowest in five years. Two, increased production from Iran threatens blunting our competitive advantage in our most lucrative markets (Afghanistan, India, Iraq). Three, depletion in foreign inflows due to financial and security breakdown has caused a hemorrhaging of funds from the development budget, squeezing room for fiscal expansion. Four, unnatural and perhaps engineered rise in cement prices has started
unnerving consumers and authorities alike, and chances of continued abnormal bid that catapulted the sector in the last few quarters are practically zero. Five, the government’s incurable addiction to borrowing continues to crowd out private sector investment, compromising the sector’s most ambitious point of leverage. “Thus we believe with modest growth in demand and cement prices, cement stocks might lose excitement in FY13,” concludes Abbasi. TAKE PROFITS?: It’s still difficult to figure exactly which bit of fundamental news will best signal profit taking, since market analysis is limited by near complete absence of technical tendencies chartists can leverage. Mid-level punters have had repeated experiences of getting their fingers burnt in times of furious selling, and an untimely repeat will send worrying signals about the market. Hamad notes clear bubble-tendencies, that too in the near burst stage. “There are clear abnormalities in cement,” he says. “When DGK increases 100 per cent in two months, for example, I tend to doubt there is long term fundamental bid”. He eyes an end-June deadline for the sector to return to stable earnings. SEASONAL, CYCLICAL: There are still contrarian views though. Synergistic Financial doubts the trend is likely to peter out with the change of fiscal year. With increasing demand both internally and externally, input costs reduced and companies nicely positioned to exploit underlying advantages, they expect the bullish sentiment to waltz into the new fiscal. The only threat, notes their sector newsletter, is unforeseen rise in the international coal price. “If coal price rises and cement players are unable to pass it on, margins could come under pressure,” it notes. But for the more prudent, especially those sitting on healthy gains, perhaps its best to avoid unnecessary uncertainty. Sometimes seasonal and cyclical signals are best to take cue from. “April onwards is a good time to shift interest to the fertiliser sector,” says Hamad. “ Demand increases as cultivation season approaches, and market interest shifts to fertiliser scrips.” There’s a good chance that return of rationality to cement will coincide with a bull rampage in fertiliser.
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Wednesday, 11 April, 2012
02
news WATCHING THE WHEAT
Procurement policy to separate the wheat from the chaff
The Doctor prescribes new medicine
Punjab Food Department announces Wheat Procurement Policy 2012-13 g Growers owning less than 12.5 acres of land to be fully accommodated g Thieves in department to be smoked out g
LahOrE g
Dr Hafeez conjures up his own 14 points via new code of corporate governance KaraChI
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STAFF REPORT
eDeRAL Minister for Finance Dr Abdul Hafeez Sheikh Tuesday launched the Code of Corporate Governance, 2012 here at a ceremony organized by the Securities and exchange Commission of Pakistan (SeCP). Held in collaboration with the Center for International Private enterprise (CIPe), the ceremony was attended by participants from various segments of corporate sector including market associations, corporates, capital market institutions and commercial and investment banks, nonbank finance companies, lawyers, regulators, auditors, institutions and media. The Code sets a minimum benchmark in terms of governance standards, brings consistency in the corporate practices and promotes transparency through enhanced disclosure requirements. The Code will result in availability of enhanced information to markets participants and hence will provide better protection of the rights of all investors, particularly minority shareholders. Governance standards are dynamic and changing with the development of constantly evolving corporate sector and financial markets. This calls for a constant review of governance framework to keep pace with globally set benchmarks. In an endeavor to align our governance regime with enhanced requirements of present times and global best practices, the SeCP
mandated the Institute of Corporate Governance to initiate work on review of the Code. The SeCP, while finalizing the Code, conducted a thorough consultative process which included holding of three roundtables, a number of bilateral meetings with stakeholders, written and verbal comments and suggestions received from a wide range of stakeholders. While finalizing the Code, due consideration was given to all the suggestions received, keeping in the view the global developments in corporate governance and the overall objective of raising the standards of corporate governance in the country. Salient features of the new code are given below: 1. The Code, 2012 requires at least one independent director while preference is for 1/3rd of the total members of the board to be independent directors. 2. Criteria for assessment of independence have been substantially expanded. 3. Maximum number of executive Directors has been decreased from 75% to 1/3rd of elected directors including CeO. 4. number of directorships has been decreased from 10 to 7 that a director can hold at the same time. 5. Requirement of board evaluation has been introduced. 6. Office of the Chairman and CeO has been separated. The Chairman shall now be elected from amongst the non-executive directors of a listed company. 7. It will now be mandatory for directors of listed companies to attain certification under any director
training program offered by any institution (local or foreign), which meets the criteria specified by the SeCP. The criteria are available at the websites of the stock exchanges and the SeCP. 8. The appointment, remuneration and terms and conditions of employment of the Chief Financial Officers (CFO), Company Secretary (CS) and the Head of Internal Audit (IA) of listed companies shall be determined by the Board rather than CeO. The removal will also be by the Board for CS and CFO. 9. Qualification introduced for Head of IA. The removal of Head of IA is with the approval of the Board only upon recommendation of the Chairman of the Audit Committee. 10. A formal and transparent procedure to be followed regarding remuneration of Directors and disclosure of aggregate remuneration in the annual report. 11. It is now mandatory for the Chairman of the audit committee to be an independent director, who shall not be the chairman of the board. Audit Committee shall comprise of nonexecutive directors. 12. The secretary of Audit Committee shall either be the Company Secretary or Head of Internal Audit. However, the CFO shall not be appointed as the secretary to the Audit Committee. 13. Human Resources and Remuneration Committees have been introduced. 14. The internal audit function may be outsourced by a listed company to a professional services firm or be performed by the internal audit staff of the holding company.
BUDGET BASH
LCCI’s turn to exercise its little grey cells over FY 2012-2013 budget LahOrE STAFF REPORT
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He budget for the year 2012-13 must be focused on energy sector as country’s economic revival hinges on availability of cheaper and uninterrupted power and gas supply. This was the crux of the LCCI Budget proposals for the year 2012-13, finalized after getting feedback from various sectors. Almost all the sectors called for immediate measures to bridge electricity demand-supply gap. Irfan Qaiser Sheikh said that austerity should be the theme of the budget document and for the purpose the government would have to cut off the unnecessary expenditures as excessive government borrowing was not only resulting in higher interest rates but also restricting availability of cheaper liquidity for the private sector. The LCCI President urged the government to broaden the tax net by bringing the agriculture and services sectors into the tax net. Public Sector enterprises (PSes) like PIA, Railways and Pakistan Steel Mills, generating a loss of Rs. 400 billion annually should be managed professionally or be privatized to avoid the huge loss to the national exchequer. The SRO 111 about whitening of capital through TT must be withdrawn in order to promote tax culture and broadening of tax net. Annex “D”
should be abolished From the Income Tax return. The government should withdraw SRO 191 immediately. Rate of minimum income tax of 1% of turnover under section 113 is too high. It is suggested that rate be reduced to 0.5% of the turnover. Minimum Turnover Tax u/s 113 shall not be levied on entities which are bearing loses. If, however, government intends to apply the minimum tax rate, it should not exceed previous 0.5% tax of the turnover. While 0.2% rate should be applied on distributors, whole sellers and retailers, due to their very thin margin of profit. Corporate tax shall be reduced to 25% from 35% for limited companies quoted on stock exchanges. The rate of withholding tax on contracts should be reduced to 1 percent. The basic exemption limit for income tax should be raised to Rs.500,000/- which is in line with the overall inflation of our economy and rising prices of consumer products. The WHT at imports U/S 154 is different for Commercial and Industrial Importers which creates an imbalance and opens room for corruption. LCCI demand that WHT should be equalized for both commercial and industrial importers @ 3%. Presumptive income should be allowed and withholding tax should be adjustable. Turnover Tax be reduced from 1% to 0.2% for the indigenous seed industry/companies. There
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STAFF REPORT
UnJAB Food Department has announced its wheat procurement policy for the year 2012-13 with an aim to purchase 3.5 million metric tons of wheat from 20th April directly from the farmers to discourage the role of middle man in entire process of wheat procurement. Secretary food, Punjab, Irfan Ali along with Director Food najam Shah during a press briefing on Tuesday highlight the salient features of the procurement policy. The procurement price has been set to Rs 1050 per 40kg along with Rs 7.50 per 100 kg wheat as delivery charges. Issuance of Gani bags (Bardana) will commence from 15th April and will be issued to farmers on first come first serve basis.
A grower who applies for the gani bags will be entertained for maximum 200 jute bags or 400 polyethylene bags once during the first 15 days of procurement at the center, in case of overcrowding, maximum aforesaid limits may be reduced by the department. Director food najam shah said that the logic behind this arrangement is that maximum number of growers who own less or up to 12.5 acre land will be fully accommodated. Over 90 percent of the growers fall into this category, he added. The price of jute bag is set at Rs 112 per bag and Rs 29 per polyethylene bag, 8 jute bags or 16 PP bags per acre will be issued to growers, the number will not exceed the limit of 200 jute or 400 PP bags, he said. incase the entitlement is more than the maximum limit then further bags will be issued to the farmers after he brings back
the first consignment, he added. We will start purchasing wheat through our 375 centers from 20th April, but I feared that the date might further extend up to 25th April due to weather conditions, shah said. Bank of Punjab will provide a loan of Rs 92 billion to food department for wheat purchase, he said. We are trying to create space at our godowns, however private godowns will also be hired to store maximum wheat stocks in covered accommodation, till date food department has open stocks of 0.997 Mmt and covered stocks of 0.892 Mmt, Shah said. he said that all private buyers will be free to procure and store wheat as per their requirements, wheat exporters will be allowed to procure wheat under public private partnership agreement as per last year practice, in order to stabilize the prices in open market, he added.
Pessimistic traders, apprehensive farmers PIAF fails to dig out optimism from Energy Conference g KBP finds Wheat Procurement Policy bordering on a joke g
LahOrE STAFF REPORT
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AKISTAn Industrial & Traders Association Front (PIAF) has said that energy Conference must give some long term solution to the aggravating energy crisis but it has failed to come up with any such breakthrough. In their joint reaction on the outcomes of energy conference, Chairman PIAF engr. Sohail Lashari, Chairman Lahore Township Industries Associa-
should be no Sales Tax on import and local supply of plant and machinery. All taxes should be waived off on I.T based items:- The LCCI recommends that the Sales Tax on Agricultural Diesel engine shall be reduced in the same manner as it has been reduced on agricultural tractors from 16% to 5%. It is proposed that government should bring down custom duty on light truck tyres from 20% to 15%. Custom duty on all raw materials of tyre manufacturing should be reduced to 5%.The LCCI strongly recommends that government should bring down custom duty on all plastic raw materials, which are not produced in the country to 5%. Grand Parent Stock is basic seed/raw material for poultry sector; its import should be allowed as duty free instead of 5% duty, being charged presently. To impose 15% duty on the import of broiler parent stock or hatching eggs to produce broiler parent stock day old chicks. Duty free Import of fertilizer raw materials should be allowed into Pakistan. LCCI strongly recommend that there should be absolute exemption of Sales Tax and Custom Duties on import of industrial raw material and plant & equipment. Paper & paperboard should be categorized as a semifinished raw material for the printing, Converting and Packaging Industry and as such import duty of Chapter 48 be brought down to 5% in existing duty. LCCI President urged the govt to fix the duty of Digital Camera up to Rs. 500-. Through this, legal import & proper documentation will start with better revenue to the Govt of Pakistan. It is proposed that, 5% custom duty be charged on import of PeT bottle scrap only.
tion Iftikhar Bashir Chaudhry and Chairman Autoparts Manufacturers & exporters Association Tahir Javed Malik said that decisions like closure of markets at 8 pm, electricity suspension to the neon signs and two holidays in the government departments would hardly help in bridging gap between demand and supply of the electricity. Particularly two holidays would create more hurdles for the trade and industry. KBP NOT BEST PLEASED: Kisan Board Pakistan (KBP) ex-
pressing its reservations on wheat procurement policy announced by the Punjab government has demanded to make it more transparent and efficient. The Board urged the government to end political intervention in the coming procurement drive and small growers should be given gunny bags on priority basis. This demand was raised at a meeting of the Lahore Division wing of the Kisan Board Pakistan here on Tuesday. KBP Central President Sardar Zafar Hussein Khan chaired the meeting, which was also attended by the KBP Central Punjab President Chaudhry noor elahi Tatla.
NO MONEY NO HONEY
Power investors are a bunch of meanies! No investment in power sector till circular debt perseveres g IPPs invoke sovereign guarantees for third time this year g And it seems as if no one gives a rabbit about Thar coal project either g
ISLaMabaD AMER SIAL
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HAT was the best excuse given by the incumbent government on the persistent energy shortage as “they (Musharraf regime) did nothing”, will be soon used against it at every forum as the ruling party has failed to address the root cause of energy crisis, the circular debt, that has already started hampering new potential power projects in the country. An official source said that the government has been recently informed by the power sector investors that the banks were not interested to provide any financing for new power projects until the issue of circular debt was not resolved. The banks are already over exposed to the power sector and given the current precarious situation in which a few Independent Power Producers (IPP) have invoked the sovereign guarantees for the third time within a year. The low credibility of the government and its failure to resolve the circular debt have forced the investors to back track as they do not want their receivables and payment struck. The source said the refusal by the local banks would be affecting the progress of new power projects in the alternate energy category in which the government has set a target of 1000 MW before the end of the current year while the Thar coal based projects would not be started. He said the government would be blamed by all for doing nothing in the last four years to develop any hydro, wind or other alternate mode
of energy for the country. even though China and Japan have shown interest to finance the much required infrastructure in the Thar areas, the lack of seriousness of the federal and provincial government of Sindh has played a major role in no progress of any power project. A study conducted by the Pakistan Business Council estimates that the petroleum import bill would be reaching over $ 120 billion by 2020 if measures to promote alternate modes of power were not introduced in the country. Pakistan’s current energy requirement of 14000 MW is estimated to rise to 26,000 MW by 2020. For energy security of the country, experters are stressing utilizing vast untapped potential of hydel and coal. The source said that a joint public private partnership project the Sindh engro Coal Mining Company has completed its technical and bankable feasibility study for 1200 MW power plant, which requires an investment of $ 3 billion. He said that without the resolution of the chronic problem of circular debt the banks were not likely to finance the project of utilization of the indigenous coal. Other majors reasons for the slow pace on the Thar coal front remains the absence of the feed-in tariff for the projects. The Minister for Water and Power has claimed many times that it would be announced soon but the matter still remains unresolved. Then there has been no development on the infrastructure front even though the PPP government is claiming from 2008 Thar coal as a panacea for the energy crisis.
PRO 11-04-2012_Layout 1 4/11/2012 12:59 AM Page 3
Wednesday, 11 April, 2012
03
news
Parvez Elahi craves Chinese flavour in trade cuisine
Bulls dominate proceedings, index up 38 points
LahOrE STAFF REPORT
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AKISTAn Muslim League Senior Central Leader & Senior Federal Minister for Industries and Defense Production Chaudhry Parvez elahi has underlined the need for paying greater attention to regional trade for boosting economy of Pakistan. This he said while talking to visiting Chinese delegation, headed by Li Gang, Chairman China Council for Promotion of International Trade, who called on him at his residence here today. During the meeting views were exchanged regarding increasing trade relations between the two countries. Ch. Parvez elahi said that regional trade is being promoted throughout the world and new trade blocs are being created. He said China has a strong economy and a fast emerging world power whose growth rate is more than 10 percent for the last two decades. He said being a neighbour and friend of China, there are vast opportunities for Pakistan for trade with China. Senior Federal Minister Ch. Parvez elahi exhorted the Chinese investors to invest in Pakistan and said that the Chinese investors can invest in energy, infrastructure, agriculture, heavy industry and mineral sectors. He assured the delegation that Pakistan Govt. will provide every possible facility and protection to the Chinese investors. He said during our last tenure, we had signed a member of agreements with Chinese province Jiang Xu which had produced very commendable results and national industry registered appreciable growth. The Chinese delegation invited the Senior Federal Minister to attend Trade & Industrial exhibition scheduled to be held in June in Cheng Du as the Chief Guest, Ch. Parvez elahi accepted the invitation with thanks and said that he would participate in the exhibition with a representative delegation of Pakistan. He said that it is an honour that Pakistani delegation will be attending the exhibition as the Chief Guest and this will be a great opportunity for Pakistani traders to bring Chinese investment in the country. On this occasion, leader of the Chinese delegation Li Gang said that this exhibition is being organized every year regularly for last 60 years and it is attended and participated by large number of big companies from all over the world. He said Pakistan can secure huge investment of billions of rupees through its effective and full-fledged participation in the upcoming trade and industry exhibition.
Global commodities, cement prices instigate bull run KaraChI
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STAFF REPORT
He bulls kept dominating Karachi stocks market on Tuesday with benchmark, KSe 100-share index gained 38.44 points. The day saw the index closing up by 0.28 percent at 13903.12 points against 13,864.68 points of Monday. Higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSe, said Abdul Azeem, an analyst at InvestCap. On Tuesday, the trading volumes at the ready-counter were recorded lower at 290.421 million shares against 348.244 million shares of the previous day. The trading value too decreased to Rs 5.393 billion compared to Rs 5.412 billion of the previous session. The intraday high and low, respectively, stood at 14,002.08 and 13,864.68 points. He added that the Pakistan Stocks closed higher amid renewed institutional & foreign interest lead by third tier stocks. The market capitalization grew modestly and increased to Rs 3.574 trillion from Rs 3.564 trillion a day earlier. Of the total 378 traded scrips, 157 gained, 140 lost and 81 finished as unchanged.
The free-float KSe-30 index also gained 29.35 points to close at 12,161.81 points against the previous 12,132.46 points. Azeem said, “Report of approval of rise in natural gas by 30pc and hopes for early announcements on revised CGT implementation affected the sentiments. national Investment Bank Limited was the day’s volume leader counting its traded shares at 32.258 million with the opening and closing rates standing at Rs 2.85 and Rs 2.95, followed by Dewan Cement, D.G.K. Cement, Byco Petroleum and Jahangir Siddiqui Company Limited with turnover of 26.392 million, 20.150 million, 13.755 million and 13.328 million shares respectively. According to analyst the Index remained over a narrow range amid investor interest in selected oil, cement and banking stocks ahead of key quarter end earning announcements due next week. On the future market, the turnover increased remarkably by over 3 million shares to 14.809 million against 11.374 million shares of Monday. The UniLever Pakistan Limited XD and Sanofi-Aventis, up Rs 51.81 and Rs 8.79, led highest price gainers while, Siemens Pakistan and nestle Pakistan XD, down Rs 23.00 and Rs 22.33 respectively, led the losers.
Major Gainers Company
Open
High
Low
Close
Change
Turnover
UniLever Pak LtdXD Sanofi-Aventis Indus Motor Company EFU General InsXD Packages Limited
5844.49 175.96 255.31 87.48 86.83
5900.00 184.75 268.06 91.85 91.17
5600.00 184.00 256.00 86.80 86.90
5896.30 184.75 263.18 91.85 91.10
51.81 816 8.79 4,343 7.87 4,136 4.37 41,884 4.27 179,826
Major Losers Siemens Pakistan Nestle PakXD Habib Bank XDXB Millat Tractors Service IndXD
770.00 4509.00 111.72 491.75 179.98
751.00 4579.00 113.50 492.99 180.00
735.01 4461.00 108.00 489.00 175.28
747.00 4486.67 108.98 489.01 177.62
3.15 7.19 41.55 12.93 21.94
2.87 6.12 39.72 12.05 21.05
2.95 7.18 41.46 12.45 21.35
-23.00 150 -22.33 24 -2.74 132,855 -2.74 5,434 -2.36 251
Volume Leaders NIB Bank Limited Dewan Cement D.G.K.Cement Byco Petroleum Jah.Sidd. Co.
2.85 6.19 39.58 11.93 21.65
0.10 32,258,523 0.99 26,392,769 1.88 20,150,012 0.52 13,755,894 -0.30 13,328,399
Interbank Rates US Dollar UK Pound Japanese Yen euro
90.7300 143.6709 1.1170 118.6567
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.70 118.03 142.92 1.1101 90.12 11.55 24.66 24.14 92.48
0.00 119.04 0.00 1.1193 91.38 11.71 24.84 24.33 94.71
CORPORATE CORNER Bahria Town organises PANAH Walk
sources and other development funds, hence enhancing aid effectiveness.
shortly, new policy changes suggested by Chairman Hascol will be incorporated. PRESS RELEASE
SAPPL signs MoU with PTC+ (Netherlands) Wateen expands services to Pakpattan
RAWALPINDI: Bahria Town organized the PAnAH(Pakistan national Hearts Association) Walk at Rose Garden near Begum Akhtar Rukshana Memorial Trust Hospital Phase 8, Bahria Town on Sunday, 8th April 2012. Hundreds of people and residents of Bahria Town participated in this event. Volunteers were also present at the event to provide emergency medical services and beverages to the participants and spectators. The Chief Guest Brig (r) nazir Snr. General Manager Bahria/Safari Homes Bahria Town along with distinguished guests Snr. Vice President PAnAH Col (r) Rafi, General (r) Ashraf and Organizers, Brig (r) Akhtar GM maintenance and Muhammad naseer Admin Manager Bahria Town with PAnAH Team were present at the event. PRESS RELEASE
LAHORE: Solve Agri Pak (Private) Limited (SAPPL) has signed a memorandum of understanding with PTC+ (netherlands) to work together on training and skill development initiatives for agriculture & livestock sector in Pakistan. SAPPL is the premium services provider in dairy, livestock & related agriculture sectors of Pakistan; whereas PTC+ is a highly respected and renowned Dutch institute specialized in conducting practical trainings in agriculture, livestock and allied fields. A small but robust ceremony was held for the signing of the Memorandum of Understanding at the SAPPL Head Office in Lahore. PRESS RELEASE
Toyota IMV sales reach global 5m mark 5th TeleCON 2012 comes to Karachi TOKYO: Toyota Motor Corporation (TMC) announces that worldwide cumulative sales of its Innovative International Multi-purpose Vehicle (IMV) project series reached 5 million units at the end of March. The IMV series consist of five vehicles—three pickup trucks (Including two series of Hilux which are well known in Pakistan), a minivan, and an SUV—specially developed in 2004 for introduction to over 140 countries and regions. Based on the concept of producing vehicles where they are sold, TMC has established an optimal worldwide production and supply system to quickly offer attractive vehicles at an affordable price to consumers around the world. PRESS RELEASE
USAID signs MOU with NSPP LAHORE: In continuation of its ongoing efforts to create sustainability of the program, USAID funded Assessment and Strengthening Program (ASP-Rural Support Programs network) set a major milestone by signing a Memorandum of Understanding (MOU) with the national School of Public Policy (nSPP), Government of Pakistan. The MOU, signed on the 6th of April is a step towards institutionalizing the program objective of strengthened Pakistani Public Sector organizations for transparent and accountable utilization of USAID re-
LAHORE: The 5th Annual Pakistan Telecommunications Conference 2012 (TeleCOn 2012) organized by SHAMROCK Conferences International and endorsed by the Pakistan Telecommunication Authority (PTA) will be held on April 19, 2012 from 9.30 am to 4.00 p.m. at the Avari Hotel Karachi. Mr. Saleem H. Madviwalla, Minister of State & Chairman, Board of Investment, GoP will be the Chief Guest and Chairman PTA, Dr. Mohammad Yaseen will be delivering the keynote address. The theme of the conference is “Riding the Wave of Technology & Consolidation” and will include strategic presentations in three distinctive sessions, Regulatory, Technology and economic Challenges; ICT, Improving Access and energy/Power Supply Issues and Maximizing on the Power of 3G for economic Activity in Pakistan. PRESS RELEASE
Hascol launches first LPG Autogas Station KARACHI: Hascol Petroleum Limited recently launched Pakistan’s first LPG Autogas Station at Shahrah-e-Faisal, Karachi in an event. This is one of the key steps taken by Hascol to make sure that LPG becomes the fuel of choice in the coming years. The inauguration saw Dr. Asim Hussain, Federal Minister for Petroleum and natural Resources as the chief guest. He was hopeful that with the LPG Policy 2012 to be released
LAHORE: Wateen Telecom, Pakistan’s leading converged communications service provider, is proud to announce the commencement of its services in Pakpattan, Punjab. Wateen, which was recently ranked the number one wireless broadband service provider in the country by the PTA for QoS and was also ranked the leading ISP by the Consumer Choice Awards, is fast expanding its network of services across Pakistan. The addition of Pakpattan to Wateen’s WiMax network comes as part of Wateen’s collaboration with the Universal Services Fund (USF). Through the USF, Wateen offers discounts to subscribers in areas where internet penetration is extremely low. Wateen is already working with USF on four broadband and three optical fibre projects in underserved areas of Balochistan, Sindh and Punjab, with subsidies worth a total of PKR 2.8 billion. With the addition of Pakpattan, Wateen now serves a total of 25 cities, with 960 WiMAX sites nationwide, making the company the largest WiMAX service provider in the country. PRESS RELEASE
bers of delegation thanked SMeDA for arranging their participation in the women lifestyle exhibition held at Islamabad and providing proper training to organize stalls in the exhibitions. SMeDA Officials apprised the delegation about the efforts being made by SMeDA to attract women towards business. The delegation was told that SMeDA had set up a Women entrepreneurship Cell to hold training workshops on business and initiate projects for business facilitation of women entrepreneurs. The creation of Women Business Incubation Center at Lahore and also in other cities was also undertaken by the same cell. earlier, the delegation visited KARMA Fashion House in D.H.A, where the renowned Fashion Designer Maheen Kardar briefed it about the latest fashion trends in national and international market. STAFF REPORT
SBP revises transaction fee at Rs1000 under remittance facility KARACHI: The central bank on Tuesday revised the rate of the transfer of funds and remittances to the banks under the Remittance Facility. The revised fee communicated to the banks and Development Finance Institutions has been set at Rs 1000 per transaction. “It has been decided to charge a flat fee of Rs 1000 per transaction for each fund transfer instruction with immediate effect,” said an SBP circular issued on Tuesday. The revision, the circular said, was with reference to Circular no 04 of 2007 issued by the Finance Department on December 18, 2007 whereby the SBP had levied a uniform rate of 0.07 percent on all funds transfers and remittances under the Remittance Facility to banks. All other instructions on the subject shall, however, remain unchanged, said the bank. STAFF REPORT
LAHORE: Mr Muhammad Umer Draz Awan has taken over PIA Lahore as District Manager. He carries with him extensive marketing and administrative experience. Prior to his present assignment he was Manager Dhahran, Saudi Arabia. PRESS RELEASE
50 women entrepreneurs leave for Multan expedition LAHORE: A 50-member delegation of south Punjab’s women entrepreneurs led by Mrs. Maimona Hameed left for Multan this evening after holding a concluding session at the Small and Medium enterprises Development Authority. The delegation led by Mrs. Maimona Hameed included woman traders from Bahawalpur, Khanewal and Multan. The mem-
LAHORE: Coca-Cola and students of Aitchison College, in collaboration with Mr Raja Ejaz of Hazara, organized a free eye camp for three days. A total of 2500 patients were treated and 300 eye operations were performed by specialists from Lahore and Islamabad. In this picture (LR): Ibrahim Ihsan Khan, Rizwan Khan, Country General Manager Coca-Cola & Raja Ejaz. PRESS RELEASE