Latest news with #Rs163
Hans India
25-04-2025
- Business
- Hans India
6% fall in Cyient's DET Q4 profit
Hyderabad: City-based Cyient Group, a global intelligent engineering and technology solutions company, on Thursday announced its financial results for the quarter and year ended March 31, 2025. The Digital, Engineering, and Technology (DET) segment of the Group posted Rs163 crore in profits for the quarter ended March 2025, a six per cent drop compared to last fiscals Q4. Cyient Group said its DET segment registered Rs1,472 crore revenue in Q4, 2025, a q-o-q de-growth of 0.5 per cent and y-o-y de-growth of 1.2 per cent. In FY25, Cyient DET posted Rs5,816 crore revenue, a yearly decline of 1.6 per cent, and Rs605 crore in profits, a drop by 12.2 per cent, compared to last fiscal year. Commenting on the results, Krishna Bodanapu, Executive Vice-Chairman and Managing Director, Cyient, said: 'A part of the de-growth is attributed to evolving uncertainties through FY25 compared to the previous year. We won 24 large deals in DET business with a total contract potential of $370.8 million in FY25.' Cyient had announced the appointment of Sukamal Banerjee as Chief Executive Officer (CEO) of Cyient DET, he has also joined us as Executive Director. On DETs business growth cycle, Bodanapu said: 'While there are some uncertainties in the near term, we are working very closely with our customers in navigating through the current challenges.
Express Tribune
06-03-2025
- Business
- Express Tribune
Sugar crisis worsens in Pindi
The sugar crisis further worsened in the twin cities on the fifth Ramazan on Thursday, prompting the Kiryana Merchants Association to announce a suspension of sugar sales starting today (Friday). Sugar completely vanished from government-subsidised bazaars and stalls and was sold at Rs170 per kilogramme in the open market on Wednesday, raising questions about the district administration's price control measures during the holy month of Ramzan. The association's president, Saleem Pervaiz Butt, said that retailers cannot buy sugar at Rs163 per kg and sell it at Rs164 per kg, as their transportation, packaging, loading, and labour costs amount to Rs10 per kg. He demanded a profit margin of at least Rs10 per kg for retailers, outright rejecting the government-mandated price of Rs164 per kg. Butt further highlighted that sugar prices are rising daily, with the price of a sugar sack increasing regularly. Rawalpindi Deputy Commissioner (DC) Hassan Waqar Cheema has warned shopkeepers that selling sugar above Rs164 per kg will result in store closures, legal action, and arrests. Faced with these restrictions, retailers have no choice but to halt sugar sales, the association's office-bearer said and added that instructions have been issued across all divisions, and starting Friday, sugar will be completely removed from store shelves. The Kiryana Merchants Association also pointed out that before this, the Poultry Retailers Union and the Mutton and Beef Retailers Union had also gone on strike due to government-fixed prices. The association urged the government to set sugar, meat, and poultry prices in line with market supply. Despite passing five days, the price control magistrates appeared to be utterly helpless in regulating the prices of essential food items and beverages for Sehri and Iftar. Prices of vegetables, fruits, and other items for Sehri and Iftar have increased, while sugar is not available even at government-subsidised markets and stalls. Due to the lack of subsidies at the Utility Stores, all the stores in the city are presenting a desolate picture. Since the start of Ramazan, the rising prices of vegetables and fruits have continued unabated. In the open market, ghee is being sold at Rs500 per kg, oil Rs520 per litre, mutton Rs2,400 per kg, beef Rs1,400 per kg, gram flour Rs400 per kg. Vendors are selling coriander leaves (which are given free with vegetables) at Rs30 per bunch, potatoes Rs90 per kg, onions Rs100 per kg, garlic Rs800 per kg, ginger Rs600 per kg, peas Rs100 per kg, tomatoes Rs150 per kg, and lemons Rs200 per kg. Banana is being sold at Rs300 per dozen, oranges Rs400-500 per dozen, guava Rs250 per kg, apple Rs300-400 per kg, pomegranates Rs450 per kg, melons Rs250 per kg, gram flour Rs400 per kg, chickpeas Rs390 per kg, samosa Rs500 per dozen, pakora Rs600 per kg, and kachoris is being sold at Rs190 per piece.
Express Tribune
06-03-2025
- Business
- Express Tribune
Rawalpindi's sugar crisis deepens as merchants announce shutdown
Listen to article RAWALPINDI – The city is grappling with an intensifying sugar crisis, as the Karyana Merchants Association has declared that it will cease sugar sales starting Friday as the association stated that it could no longer sell sugar at a price that leaves them with no profit margin. 'We cannot buy sugar at Rs163 per kilogram and sell it at Rs164 per kilogram,' said the association. 'In addition to the cost of sugar, we incur another 10 rupees per kilogram in transportation, shopping bags, and loading expenses.' Salim Parvez Butt, President of the Karyana Merchants Association, emphasized that they reject the government-set price of Rs164 per kilogram and are calling for wholesalers to provide retailers with a 10-rupee profit per kilogram. In response to the situation, the Deputy Commissioner of Rawalpindi issued a warning, stating that any shop found selling sugar above the official price of Rs164 per kilogram would face legal action, including store closures and criminal charges against the shopkeepers. Earlier, it was reported that sugar prices in Pakistan are expected to rise sharply in the coming weeks, potentially reaching Rs200 per kilogram, as the country faces a shortage of nearly 1 million tonnes. Currently, sugar is selling at Rs165-170 per kg in retail markets, up from Rs159 per kg in wholesale. As of this week, wholesale sugar prices in Lahore stand at Rs159 per kg, while retail prices are between Rs165 and Rs170 per kg, a significant increase from Rs140-150 per kg just a month ago. Hafiz Arif, President of the Kiryana Merchants Association, attributed the shortage to excessive exports of 700,000 tonnes of sugar over the past year. "Our current stocks are barely 5.8 million tonnes, but domestic consumption is rising. Exporting such large quantities has left us vulnerable," he said. Arif also noted that sugarcane recovery has dropped to nearly 12%, and the area of cultivation has decreased by 20% this season. "This means estimates of total sugar production have been compromised, and market forces are predicting the price could hit Rs200 per kilogram soon. Currently, open-market or wholesale dealers do not have stocks, but sugar mills do," he added. Official data suggests that Pakistan's sugar production for the 2024-25 season will reach 6.8 million tonnes, a 3% increase from the previous year. However, with annual consumption estimated at 6.6 million tonnes, the surplus is minimal. Industry experts warn that even minor disruptions, such as hoarding or supply chain delays, could trigger panic buying.
