Nishat Chunian Limited, one of Pakistan’s largest textile companies, informed investors on Wednesday that it was temporarily shutting off some spindles because of market conditions. In a Pakistan Stock Exchange filing, Nishat Chunian Limited (NCL) stated, “The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. Company has decided to temporarily clos
The revenue collection from the cigarette manufacturers grew 26 per cent to Rs83.5 billion in the first half of the current fiscal year from the same period a year ago thanks to the Track and Trace System (TTS) introduced to check tax evasion in the tobacco sector. The statistics were shared in a special meeting chaired by Prime Minister Shehbaz Sharif to review measures taken to curb smuggling
The stock exchange will witness up to five listings of real estate investment trusts (REITs) in 2023 from the Arif Habib Group alone, a company official told Dawn on Wednesday. REITs are investment schemes that collect money from investors and deploy it in real estate projects. Ordinary investors can trade REIT units like company shares once they get listed on the stock exchange within three ye
Finance Minister Ishaq Dar assured investors on Wednesday that “there’s no way Pakistan is going to default”, though he agreed that all was not well with the economy. “We’re in a tight position. We don’t have $24bn in foreign exchange reserves that our (last) government left in 2016. But that’s not my fault. It’s the system’s fault,” he told investors at a ceremony to mark the listing of Pakist
Pakistan’s overall development spending dropped 38 per cent to Rs130.64 billion in the first five months (July-November) of the current fiscal year from Rs209.53bn a year ago to create a cushion for rising current expenditures. According to data released by the Ministry of Planning and Development on Wednesday, the massive drop would not only slow down the economy but would take a toll on reven