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...

Read more »

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...

Read more »

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...

Read more »

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...

Read more »

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.  Original Article Her...

Read more »

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...

Read more »

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...

Read more »

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.  Original Article Her...

Read more »