Latest news with #OGDC
India.com
14-05-2025
- Business
- India.com
Narayana Murthy's Infosys alone beats Pakistan's whole stock exchange! If compared with Mukesh Ambani's Reliance Pak's largest company is just…
We saw recently how India is ahead of Pakistan in defense, military, and air force. But India also leads in different business than Pakistan and there is no match of the whole Pakistan if compared to even a single Indian company. There are many such companies which alone can take over Pakistan's whole stock exchange. A single Indian IT giant, Infosys, surpasses the combined market value of the top 476 companies listed on the Pakistan Stock Exchange (PSX). Pakistan's GDP of $350 billion is very less than India's $4 trillion economy. The total market capitalisation of Pakistan's 476 largest listed companies is Rs 5.66 lakh crore. Compared with Narayana Murthy's Infosys whose market cap is of Rs 6.26 lakh crore as of last Friday, reported Fortune India citing Even Hindustan Unilever, valued at Rs 5.48 lakh crore almost matches PSX's combined worth. If we look at Pakistan's benchmark index, the KSE-100 combined market cap of Rs 3.31 lakh crore less than UltraTech Cement's Rs 3.34 lakh crore valuation. If Pakistan's stock market drops by 10% in market cap it would bring it down to Rs 2.98 lakh crore, which is almost similar to Ratan Tata's Titan Company's Rs 3.11 lakh crore. A 20% fall will take it to Power Grid Corporation's Rs 2.78 lakh crore valuation. The gap can be seen if compared with multinational corporations (MNCs) in the two countries. Pakistan's top six MNCs Nestle, Colgate-Palmolive, Pakistan Tobacco, Unilever Foods, GSK, and Abbott all collectively have a market cap of Rs 36,660 crore. In India, the same MNCs collectively have 14.8 lakh crore. Companies like Hindustan Unilever and Nestle India surpasses the entire Pakistani MNC sector. Even Pakistan's biggest listed company, the state-owned Oil and Gas Development Company (OGDC), has a market cap of Rs 23,812 crore which is just 1.28% of Reliance Industries Rs 18.64 lakh crore valuation. OGDC's market cap is far lesser than Indraprastha Gas at Rs 27,986 crore. In OGDC's Global Depository Receipts (GDRs), its valuation of around Rs 28,000 crore still lags behind India's NLC, valued at over Rs 30,000 crore. The Pakistan Stock Exchange, with a market cap of Rs 527 crore far behind the Bombay Stock Exchange's Rs 88,969 crore.
Express Tribune
07-05-2025
- Business
- Express Tribune
Markets dip amid India-Pakistan tension, KSE-100 closes over 3,500 points down
Listen to article Pakistan's benchmark KSE-100 Index staged a partial recovery on Wednesday after plunging over 6,500 points at the open, with market sentiment rattled by the military escalation between India and Pakistan in over two decades. The index touched an intraday low of 107,007.68 before closing at 110,009.02, down 3,559.48 points or 3.13%. The sharp dip followed news of Indian missile strikes on Pakistani territory and retaliatory military action by Pakistan. Across-the-board selling was witnessed in major sectors, including commercial banks, oil and gas exploration, oil marketing, and power generation. Index-heavy stocks like OGDC, PPL, POL, HUBCO, and SNGPL all traded in the red. 'The sharp rebound of over 4,500 points reflects underlying market confidence, driven by strong economic fundamentals and expectations that tensions will de-escalate quickly after the comment by the United States Secretary of State,' said Waqas Ghani, Head of Research at JS Global. Mohammed Sohail, CEO of Topline Securities, echoed this view, stating: 'After the latest offensive, there will be no major escalation between the two neighbours, and dust will eventually settle down.' He added that investors are also optimistic ahead of the upcoming International Monetary Fund (IMF) board meeting, which could approve the next loan tranche for Pakistan. The recent market turmoil follows cross-border violence that saw at least 26 Pakistanis killed and 46 injured after Indian missile strikes hit six locations, including Bahawalpur, Muzaffarabad, and Kotli. Director General of Inter-Services Public Relations (DG ISPR), Lieutenant General Ahmed Sharif Chaudhry, earlier said on Wednesday that the Pakistan army downed five Indian fighter jets and one combat drone in response to unprovoked aggression. The National Security Council authorised 'corresponding actions' and vowed that sovereignty would be protected. On Tuesday, the KSE-100 had closed 534 points lower at 113,568.51, erasing nearly 1,000 points of intraday gains. Globally, investor mood was buoyed by a planned meeting between top US and Chinese trade officials. S&P 500 futures rose 0.9%, while China's Hang Seng and blue-chip indices saw modest gains after Beijing cut interest rates and loosened bank reserve requirements to inject liquidity. Despite the domestic selloff, analysts maintain that the broader economic trajectory, backed by structural reforms and IMF support, remains intact.
Business Recorder
07-05-2025
- Business
- Business Recorder
KSE-100 plunges over 6,500 points as Pakistan-India tensions escalate
The stock market plummeted amid an escalation of tensions between nuclear-armed Pakistan and India, with the benchmark KSE-100 Index shedding over 6,500 points within minutes of opening on Wednesday. At 9:30am, the benchmark index was hovering at 107,007.68, a decrease of 6,560.82 points or 5.78%. Following the steep decline, trading was suspended. Across-the-board selling pressure was observed in key sectors including commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks, including OGDC, PPL, POL, HUBCO, SNGPL and SSGC traded in the red. The heaviest fighting in more than two decades has erupted between the two neighbours, with shelling and gunfire over the frontier in Kashmir and India striking targets inside Pakistan. At least 8 Pakistanis were martyred and 35 were injured in Indian missile attacks inside Pakistan at 6 locations, Director General of Inter-Services Public Relations (DG ISPR) Lt Gen Ahmed Sharif Chaudhry said in a press conference in the wee hours of Wednesday. The ISPR spokesperson said Indian missiles were launched at sites including Bahawalpur, Kotli and Muzaffarabad cities. In retaliation, the Pakistan military brought down five Indian Air Force jets following Indian missile attacks, Defence Minister Khawaja Asif told Bloomberg. US President Donald Trump said on Tuesday afternoon that the recent Indian strikes against targets in Pakistan and Pakistani-controlled Kashmir were a 'shame.' On Tuesday, the PSX witnessed a negative session as its benchmark KSE-100 closed the day lower by 534 points to settle at 113,568.51, losing the gain of nearly 1,000 points the index had made during intra-day trading. Globally, US stock futures and Chinese markets rose on Wednesday, as investors cheered news of a meeting between top U.S. and Chinese trade officials as a chance to tone down the tariffs, while China cut interest rates and vowed to support stock markets. S&P 500 futures rose by about 0.9% and Hong Kong's Hang Seng was up by 1.7% by mid-morning. China blue chips rose 0.5%. On Wednesday, China's central bank governor flagged a 10 basis point cut in its benchmark interest rate and a 50 basis point cut to bank reserve requirements, sending more cash into the banking system. Simultaneously, the financial regulator announced an expanded scheme to send insurance investment into the stock market and promised more steps to support property markets, which investors took as a signal of authorities acting in concert. This is an intra-day update
Express Tribune
25-03-2025
- Business
- Express Tribune
OGDC raises funding for Reko Diq project
Listen to article The board of directors of Oil and Gas Development Company (OGDC) has approved an increase in the firm's funding commitment to $627 million, including the project financing cost, which reflects its proportional share of total capital investment in the multibillion-dollar Reko Diq copper and gold mining project. The approval came in the wake of completion of an updated feasibility study on the Reko Diq project, located in Chagai, Balochistan. The increase in investment takes into account the estimated rise in copper and gold prices, which will help offset higher project costs. Equity contribution by company shareholders, after considering project financing, is expected to be $349 million (to be adjusted for actual project financing costs and inflation). OGDC on Tuesday announced the completion of the updated feasibility study, marking a significant milestone in Pakistan's journey towards unlocking one of the world's largest copper and gold reserves. OGDC holds an 8.33% shareholding in the Reko Diq project as part of a collective 25% stake held by three Pakistani state-owned enterprises, which also include Pakistan Petroleum Limited and Government Holdings (Private) Limited. The interest of state units is managed through Pakistan Minerals (Private) Limited. Out of the remaining 75% stake, 25% is held by the government of Balochistan (15% on a fully funded basis through Balochistan Mineral Resources Limited and 10% on a free carried basis) and 50% is with Barrick Gold Corporation – the operator of the project. The updated feasibility study outlines a mine life of 37 years, divided into two phases. Phase-I entails an estimated capital outlay of $5.6 billion (excluding financing costs and inflation) and is expected to commence operations in 2028. A limited-recourse financing facility of up to $3 billion is being pursued, with the remaining funding to be provided through shareholder contribution. Negotiations for project financing are ongoing. The project will leverage five of the 15 currently identified porphyry surface expressions under the current mining lease, which highlights a substantial future growth potential. Phase-II is planned to be funded through a mix of revenue generation from the project, additional financing and shareholder contribution (if required). Under the updated feasibility study, phase-I is planned to process 45 million tonnes of mill feed annually from 2028. By 2034, phase-II is planned to double the processing capacity to 90 million tonnes per annum. Based on the existing reserves, the Reko Diq project is expected to churn out 13.1 million tonnes of copper and 17.9 million ounces of gold over the life span of the mine (on a 100% basis). The completion of the feasibility study represents a major achievement for the Reko Diq project, reinforcing its potential to generate long-term economic benefits, create jobs and ensure enhanced revenue streams for Pakistan.
Express Tribune
24-03-2025
- Business
- Express Tribune
Stocks slump on profit-taking
Pakistan Stock Exchange (PSX) on Monday took a deep dive after hitting record highs last week as the KSE-100 index plunged over 2,000 points primarily due to institutional profit-taking across various sectors. Market jitters were compounded by reports of the International Monetary Fund's (IMF) disapproval of policy changes including a reduction in property transaction rates, lowering March 2025 tax target and slashing industrial power tariffs, which weighed heavily on investor sentiment. Additionally, the negative impact of rising Karachi Inter-bank Offered Rate (Kibor) and an increase in royalty on cement manufacturers in Khyber-Pakhtunkhwa (K-P) further contributed to the market's downturn. According to Ahsan Mehanti of Arif Habib Corp, stocks closed sharply lower amid institutional profit-taking. Reports of IMF's disapproval of reduction in property transaction rates and lowering of March tax target amid revenue collection shortfall further contributed to the downturn, he said. Mehanti added that higher Kibor as well as reports of no agreement with the IMF on reduction in industrial power tariffs played the role of catalysts in bearish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded a slump of 2,002.56 points, or 1.69%, and settled at 116,439.62. In its review, Topline Securities commented that the KSE-100 index ended in the red with a loss of 2,003 points. The market faced downward pressure due to IMF's concerns over the lack of adjustments to electricity tariffs and no reduction in property taxes, as reported in the media, it said. Additionally, the proposed increase in royalty on cement manufacturers in K-P contributed to the negative sentiment. The decline was primarily driven by Oil and Gas Development Company (OGDC), Engro Corporation, Fauji Fertiliser Company, Pakistan Petroleum and Mari Petroleum, which pulled the index down by 811 points, Topline noted. Arif Habib Limited (AHL), in its report, stated that selling pressure hit the KSE-100 near the all-time high levels. Some 16 shares rose while 79 fell with TRG Pakistan (+2.92%), Pakistan Aluminium Beverage Cans (+5.5%) and Atlas Honda (+3.34%) contributing the most to the index gains. On the flip side, OGDC (-4.04%), Pakistan Petroleum (-3.59%) and Mari Petroleum (-2.5%) were the biggest index drags, it said. Systems Limited announced CY24 earnings per share (EPS) of Rs25.6, down 14% year-on-year. The EPS for 4QCY24 came in at Rs6.9, up 32% year-on-year. In addition, the company announced a final cash dividend of Rs6 per share and a stock split of 5:1, reducing the face value of each share from Rs10 to Rs2. As a result, the total number of ordinary shares would increase from 292.9 million to 1.46 billion, AHL pointed out. "We are looking forward to the KSE-100 finding support between 115k and 116k this week," it added. JS Global analyst Muhammad Hasan Ather remarked that profit-taking continued at the start of the week, with the benchmark KSE-100 closing 2,003 points lower at 116,440. Selling was primarily led by stocks of oil and fertiliser sectors, he said. The most active stocks of the day were Pak Elektron, Cnergyico PK and TRG Pakistan with trading in 28.6 million, 19.2 million and 15.7 million shares, respectively. "Moving forward, while profit-taking is expected to continue, we advise investors to view any dip as a buying opportunity, particularly in oil & gas, cement and technology sectors," Ather added. Overall trading volumes decreased to 312 million shares compared with Friday's tally of 369.1 million. Shares of 468 companies were traded. Of these, 124 stocks closed higher, 266 fell and 78 remained unchanged. The value of shares traded during the day was Rs21 billion. Pak Elektron was the volume leader with trading in 28.6 million shares, falling Rs2.31 to close at Rs45.87. It was followed by Cnergyico PK with 19.2 million shares, falling Rs0.04 to close at Rs7.94 and TRG Pakistan with 15.7 million shares, gaining Rs1.99 to close at Rs70.20. During the day, foreign investors bought shares worth Rs498.1 million, the National Clearing Company of Pakistan reported.
