A sense of stability prevailed in the currency market as the rupee rose for the third session in a row against the US dollar in the interbank market on Thursday. The State Bank reported the dollar settled at Rs283.51 after losing 10 paise against the local currency. Dealers said the market stayed calm even though importers were facing a tough time getting their letters of credit opened. Curr
In a bid to facilitate manufacturers of eight sectors, the Federal Board of Revenue (FBR) on Thursday issued a list of harmonised system code products that qualify for tax input adjustments. The decision, notified through a sales tax circular, underscores the necessity of a streamlined procedure for permitting input tax adjustments and provides a comprehensive overview of the raw materials empl
The Pakistan Telecommunication Company Ltd (PTCL) said on Thursday it has signed a share purchase agreement with Telenor Pakistan to buy 100 per cent of its shares based on an enterprise value of Rs108 billion ($380 million). The deal, structured on a cash-free, debt-free basis, is subject to regulatory approvals and customary closing conditions, the PTCL said in a statement. PTCL’s share price
The federal government has decided to take chief ministers into confidence before capping or rearranging more than 335 federal-funded provincial projects to create a space of almost Rs150 billion during the current fiscal year. The move is aimed at reducing federal expenditures to successfully complete the final review of the ongoing $3bn IMF programme slated for February with minimum additiona
The national bourse witnessed on Wednesday a tumultuous session as bulls took control of the trading floor early in the day to lift the KSE-100 index to an intraday high of 667 points. But bears entered the market all of a sudden and caused the index to drop the morning gains while plunging it to an intraday low of 2,000 points, said Topline Securities Ltd. However, subsequent value hunting