Month: October 2020

CPEC investor China Three Gorges to list subsidiary on PSX

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CPEC-Project

LAHORE: China Three Gorges South Asia Investment Limited (CSAIL) is planning to list its subsidiary, renewable energy company Three Gorges First (TGF) Wind Farm Private (Pvt) Limited (Ltd), on Pakistan Stock Exchange (PSX) by the second quarter of 2021, informed sources told Profit. This would be the first listing by a Chinese company on the PSX. Sources say that the listing of TGF would have been carried out in the second quarter of 2020, but owing to the Covid-19 pandemic and subsequent turmoil, the plans were moved forward. The company is now…

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Power Division objects to publication of inconclusive audit reports

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ISLAMABAD: As the Auditor General of Pakistan (AGP) claimed to have made Rs177 billion recoveries in first quarter of the current fiscal year, the Power Division on Tuesday called into question the publication of audit reports before conclusive decision by the Public Accounts Committee (PAC). “The AGP made recoveries of Rs176.9bn during first quarter (July-September) of 2020-21”, said an official statement. The AGP said the recoveries from federal government departments stood at Rs176.3bn while that from provincial and district offices were recorded at Rs578.8 million. The highest recovery during the period under…

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Pakistan’s laudable achievements in nuclear technology

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Pakistan is aware of the myriad benefits that come from exploring nuclear technology for power generation and has demonstrated a commitment to gradually diversify its energy production from fossil to nuclear sources. Atomic energy is not just about bombs that are dropped over cities and people, but it also has a potential for something positive for the mankind. There is a general lack of awareness when it comes to the massive potential of atomic energy in solving many of the mankind’s problems. Atom can be utilized in a whole range…

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PM likely to announce energy relief for industrial sector

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ISLAMABAD: As the government has added to the industrialists’ problems by increasing the power tariff, PM Imran Khan may soon announce a relief in energy prices for the industrial sector.   The PM has assured the business community of a “good news” regarding power tariff, said industrialists who met with the prime minister on Wednesday.  “High energy prices increase the cost of production and makes the country uncompetitive globally. The incumbent government will soon come up with a package of cheap electricity for the industry so as to realise its true potential,” Wajid Bukhari, a…

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Indus Motor Company Declares Financial Results for First Quarter of FY20-21

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Karachi: The Board of Directors of Indus Motor Company (IMC) released its financial results for the first quarter ended September 30, 2020.The Company’s combined sales of Complete Knocked Down (CKD) and Complete Built-up (CBU) units for the quarter increased by 73% to 11,809 units against 6,839 units sold in the same period last year. The market share of IMC in the overall market stood at approximately 27% for the first quarter. The Company’s net sales turnover for the quarter increased by 65% to 34.19 billion compared to Rs. 20.72 billion,…

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