Shutdowns loom in textile, auto sectors

The textile and auto sectors continue to face a crisis as an auto parts maker has announced a partial shutdown, while a textile mill has planned to close two of its units indefinitely. Agriauto Industries Limited, a manufacturer of auto parts, and its wholly owned subsidiary Agri Stamping Company Private Limited will undergo a partial shutdown in Oct due to low production volumes of local vehicle assemblers. Both companies had previously experienced partial shutdowns in July and Sept for the same reason, according to stock filings. Shahzad Textile Mills Limited announced in a stock filing that its board of directors has decided to shut down Units No 1 and 4 starting from Sept 29 due to reduced market demand for yarn. However, Units No 2 and 5 will remain operational. With the rupee continuing to strengthen against the dollar in the interbank and open markets since Sept 5, Pak Suzuki Motor Company Limited (PSMCL) has announced price increases of Rs17,000 and Rs18,000 for two models, effective from Oct 1. The new prices for GD-110S and GS150 are Rs352,000 and Rs382,000, respectively.