Profit after tax of Al-Ghazi Tractors decreases to Rs 1.020 billion

The profit after tax of Al-Ghazi Tractors Limited has reduced to Rs 1.020 billion in the half year period ended June 30, 2012 as compared to Rs 1.131 billion earned in the corresponding period in 2011. The company's earning per share has decreased to Rs 23.76 in the period under review against Rs 26.36 in the same period last year.

The board of directors of the company in its meeting held on August 15, 2012 recommended an interim dividend for the half year ended June 30, 2012 at Rs 7.5 per share ie 150 percent. According to the financial results sent to Karachi Stock Exchange, the company's sales declined to Rs 7.954 billion in the first half of 2012 against Rs 8.203 billion in the same period in 2011. The cost of goods sold reduced to Rs 6.496 billion against Rs 6.614 billion.

The company's profit before taxation stood at Rs 1.530 billion in the first half of 2012 against Rs 1.687 billion in the same period in 2011. On quarterly basis, the company's profit after tax increased to Rs 596.029 million translating earning per share at Rs 13.88 in the quarter ended June 30, 2012 as compared to after tax profit of Rs 510.545 million with per share earning of Rs 11.89 in the same quarter in 2011. 

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Flood situation normal in Sindh

x  River Indus is flowing normal at Guddu, Sukkur, Kotri Barrages and will remain in normal flood, according to an announcement of Sindh Irrigation Department Thursday.

According to the details, the water discharge at Guddu Barrage was recorded 1,39,758 cusecs upstream and 1,02,694 cusecs downstream, at Sukkur Barrage 86,210 cusecs upstream and 32,580 cusecs downstream and at Kotri Barrage water discharge was recorded 19,080 cusecs upstream while downstream discharge was recorded nil. It was also reported that flood situation of Indus at Tarbela, Kabul at Naushera, Jehlum at Mangla, Chenab at Marla will remain normal during next 24 hours. 

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Water outflows from Tarbela, Mangla: provinces may be asked to effect canal closure

Federal government is likely to request provinces for staggering canal closure to maintain maximum outflow from Tarbela and Mangla reservoirs, well informed sources told Business Recorder. Minister for Water and Power, Ahmad Mukhtar has convened inter provincial meeting here on Friday (today) regarding canal closure during December 2012, January and February 2013, three months before the closures starts. 
However, analysts believe that convening of a meeting regarding canal closure so early is an ill-conceived decision on part of the Water and Power Ministry. According to sources, both reservoirs ie Tarbela and Mangla have been filled up to only 45 percent or 6 MAF, adding that government should focus on filling of reservoirs instead of holding meetings on canal closure. 
One of the analysts was of the view that the government should also take action against, Metrological Department and National Disaster Management Authority (NDMA) for presenting exaggerated statistics on rains and even talking about floods. The meeting will discuss the following agenda (i) actual canal closure scheduled for 2011-12. Was it staggered among province (ii) actual Irsa indents during canal closure 2011-12 (iii) actual hydel generation during 2011-12 (iv) proposed canal closure schedule for 2012-13 (v) proposed Irsa indents during canal closure period 2012-13 (vi) expected hydel generation during canal closure period 2012-13. Ministry of Water and Power is of the view that power generation plan to offset reduced hydro-generation. Member Water, Wapda and General Manager, NPCC will give presentations on the prospects of water and power in the winter season. 
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PARB approves Rs 450 million for research projects

Punjab Agricultural Research Board (PARB) has approved Rs 450 million for the year 2012-13 to fund high priority research projects in Crops, Livestock, Forestry and Fisheries sectors under Competitive Grant System (CGS). The budget will be utilised to run ongoing as well as to fund 30 news projects. PARB shall allocate 70% of its available funds on CGS with open merit while 30% shall be funded on emerging high priority issues through Board approval.

Approval to this effect was given at the 27th board meeting of the Punjab Agricultural Research Board (PARB). The meeting held under the Chairmanship of Minister for Agriculture Punjab Malik Ahmed Ali Aulakh in PARB's Committee room, says a spokesperson of the Board here on Thursday.

Aulkah in his opening remarks said that the current government assigns specific place to PARB in the co-ordination and planning of agricultural research. He informed that the Punjab Chief Minister has approved the nominations of two new MPA, VC UAF and VC PMAS Arid University Rawalpindi as members of the Board. The government revamped PARB in 2007 and with in a span of just few years 53 research project worth Rs 1 billion in crops and livestock sector.

"We have to utilise resources in proper way as not to waste nation's money. He informed that the Punjab Government has laid foundation stone of Agriculture University in Multan, well equipped with all necessary infrastructures and facilitates for students by all means. Agriculture being the money generating and important sector is on priority of the Punjab Government and the promotion of research will be beneficial for farmers community in general and Pakistan's prosperity in particular", he added.

The minister directed that Forestry and Fisheries projects should also be included in upcoming PARB's project. PARB Chief Executive Dr Mubarik Ali said that the Board has shortlisted 200 projects of high priority area and out of this, 30 will be funded soon that would have Forestry and Fisheries projects as well. Secretary Forestry Shah Nawaz Badar informed that they have series of meetings with PARB in this regard and would submit their projects very soon.

The Board also decided to include Director General (Ext) L & DD Department and Director ORIC UAF in the Executive Committee of PARB. Dr Ali told that PARB travel's grant opportunity was a good activity for the scientists to present their research papers and publications at international level. The Board has received a letter through which it was informed that the Punjab Government has banned foreign trips due to scarcity of funds. VC UAF Dr Iqrar Ahmed informed that during last year about 190 scientists were sent abroad and out of this many were funded by PARB.

He stressed to restart this activity and facilitate scientists in maximum capacity. Chief Economist (P&D) informed that partial funding is available from many sources which can be availed by scientists. Minister for Agriculture Punjab Malik Ahmed Ali Aulakh directed to send a summary to Chief Minister with justification of continuity for this activity. Dr Mubarik Ali mentioned that scientist's representation at international level not only establish collaboration with international organisations that would be helpful for future research but also a learning opportunity for scientists.

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Shanghai copper up

Copper rose on Friday, boosted by tighter Chinese physical supply and on improving sentiment and risk appetite after German Chancellor Angela Merkel's public support for the European Central Bank's efforts to fight the euro zone debt crisis. Chinese physical copper is trading at a 350-400 yuan premium to futures prices, lifted by bargain-hunting and tighter scrap supply, said state-backed metals research unit Minmetals Futures in Friday's note.

The most active December copper contract on the Shanghai Futures Exchange closed the session 0.8 percent higher at 54,660 yuan ($8,600) per tonne and ended the week up 0.1 percent. 

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Copper rises

Copper rose on Friday after upbeat consumer confidence data from the United States boosted sentiment, with supportive comments from German Chancellor Angela Merkel on fighting the euro zone crisis also emboldening investors to take on more risk. Three-month copper on the London Metal Exchange ended at $7,539 a tonne, up from $7,449 at the close on Thursday, when it rose 0.9 percent.

US consumer sentiment improved in early August to its highest level in three months, while a gauge of future US economic activity also improved in July. The data pushed equity markets higher. The euro, however, fell to a session low versus the dollar putting some pressure on metals prices. "There has been some increased optimism in the market on the back of the data but it is likely to be short-lived," said Ross Strachan, economist at Capital Economics.

"Investors are looking for signs of significant loosening of monetary policy by the major economies of the world. When that looks more likely to occur you could see copper rising." The market had earlier been encouraged by Merkel voicing her support for European Central Bank President Mario Draghi's crisis-fighting strategy on Thursday. She pressed her European partners to move swiftly towards a closer integration of fiscal policies, saying time was running short.

"Investors were particularly impressed with a statement put out by German Chancellor Angela Merkel. In normal market conditions, such utterances would typically not cause much of a stir, but given the dearth of news and how thin trading has become, traders are grasping at whatever comes their way," INTL FCStone analyst Edward Meir said in a note. The latest data shows inventories of copper in warehouses monitored by the LME have declined to their lowest levels since early June in a sign that demand is picking up. Stocks have fallen by around 20,000 tonnes from summer highs to 234,550 tonnes.

"Copper inventory levels on the LME are extremely low, and the market is vulnerable to a squeeze," said Guy Wolf, a macro strategist at Marex Spectron. In China, the world's top metals consumer, recent comments from the government have stirred hopes for more policy action to stimulate the economy. The country's trade outlook for 2012 has worsened as problems deepen in trading partner Europe and foreign direct investment growth slows.

"The big talking point in markets this morning is China and whether it will announce some form of policy easing this evening," ANZ said in a research note. "Chinese media is speculating that we may see more than the 50 (basis) point cut in reserve ratio requirements." China's smelters are lobbying the government to revive a state-run scheme to stockpile industrial metals, which would support prices and possibly lead to a surge in imports, industry sources have said.

LME aluminium closed at $1,858 a tonne, bouncing from a three-year low of $1,827.25 hit on Thursday. Traders attributed the volatility to the metal's weak fundamentals. LME zinc closed at $1,797 a tonne, bouncing off a 1-1/2 month low hit in the previous session, when it closed at $1,784.5. Tin ended at $18,495 from $18,105 at the close on Thursday, while lead closed at $1,895 from $1,847, and nickel ended at $15,630 from $15,525.

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Gold rises in New York

Gold rose nearly 1 percent on Thursday as comments by German Chancellor Angela Merkel and disappointing US manufacturing and housing data fuelled speculation that central banks may be set to launch more bullion-friendly stimulus measures. Platinum rose 3 percent as supply worries in South Africa prompted investors to buy the metal. Labour unrest forced Lonmin, one of the world's top platinum producers, to cease production. South Africa accounts for three-quarters of the world's platinum output.

Spot gold gained 0.8 percent to $1,616.20 an ounce by 2:09 p.m. (1809 GMT). US COMEX gold futures for December delivery settled up $12.60 at $1,619.20 an ounce, with trading volume about 30 percent below its 30-day average, preliminary Reuters data showed. Among other precious metals, silver was up 1.5 percent at $28.21 an ounce, while spot platinum was up 3.4 percent at $1,436.49 an ounce. Spot palladium was up 0.7 percent at $587.47 an ounce.

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Gold rises in Asia

 Gold extended on Friday gains from the previous session, when it rose the most in two weeks on German Chancellor Angela Merkel's support for more action by the European Central Bank to fight the bloc's debt crisis. Spot gold inched up 0.2 percent to $1,617.66 an ounce by 0703 GMT but was on course for a weekly loss of 0.1 percent despite posting in the previous session its biggest one-day gain in two weeks.

This is gold's third session of gains. The US gold futures contract for December delivery was little changed at $1,620. 

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