The Central Power Purchasing Agency (CPPA) on Monday sought a massive Rs3.55 per unit as fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) to raise another Rs33bn from consumers in December, despite a healthy 76 per cent electricity generation from cheaper domestic fuels. This comes on top of about 26pc increase in the annual base tariff and around 18pc hike under th
The city’s industrialists on Tuesday warned the caretaker government of intensifying protests from the second week of December if it doesn’t reduce gas prices. “If the government fails to pay attention to the business community’s demand, we will display protest banners all over the city and observe no-export day twice and even thrice a week,” Businessmen Group Vice Chairman Jawed Bilwani told r
In an unprecedented move to prevent a potential surge in local retail prices, the Sugar Advisory Board on Tuesday rejected a proposal from sugar millers seeking permission for export. The millers have sought approval to export 500,000 tonnes of sugar before the commencement of the sugarcane crushing season. The advisory board meeting was presided over by Commerce Minister Gohar Ejaz and attende
With an increase in inflows in the open market, exchange companies sold around $150 million to banks in the 13 working days of November and hoped to sell another $150m in the remaining days of the month. “We have sold about $150m to banks during the 13 working days of the current month against $350m sold in October,” said Malik Bostan, the chairman of the Exchange Companies Association of Pakis
Lucky Cement Ltd has completed a second share buyback exercise representing 6.5 per cent of its paid-up capital at spot prices, the company said on Tuesday. According to data compiled by Arif Habib Ltd, the cement maker’s average purchase price was Rs632.60 per share for 20.375 million shares that it bought between June 2 and Nov 20. As a result, the share buyback cost the company a total of