Latest news with #Rs305
Express Tribune
3 days ago
- Business
- Express Tribune
Rupee continues uptrend with appreciation of 24 paisa
The Pakistani rupee appreciated against the US dollar on Monday, gaining 0.08% in the inter-bank market. At close, the rupee settled at 283.21, an increase of 24 paisa. The fresh gain reflects a recent trend of strength, with the local unit rising 0.50% against the greenback last week, its strongest weekly performance in 93 weeks, according to a report of AKD Securities. The rupee had closed the previous week at 283.45 against 284.87 a week earlier. Amid this positive momentum, the Pakistan Business Forum (PBF) has raised concerns over what it calls an artificially controlled exchange rate. It claims the real value of the dollar should be around Rs260 based on current macroeconomic indicators. Gold prices in Pakistan declined on Monday, mirroring a downward trend in the international market as investor appetite for safe-haven assets weakened following a breakthrough in US-European Union trade negotiations. The price of gold per tola in the local market fell Rs100 to settle at Rs356,300, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). Similarly, the rate for 10 grams of gold declined Rs85 to Rs305,470. The local market tracked a near three-week low in international bullion prices as the dollar strengthened and market sentiment improved after reports emerged of a trade accord between Washington and Brussels. Although the deal has not yet been officially signed, its confirmation has been enough to boost risk appetite and reduce the demand for gold as a traditional safe-haven asset. Interactive Commodities Director Adnan Agar noted that gold prices eased due to shifting global dynamics. "Gold touched a low of $3,301, with the high at $3,345. It was later trading around $3,309," he said. "The tentative agreement between the US and EU has softened gold's appeal. Now, all eyes are on key US economic indicators due later this week." Investors are closely watching for two major releases from the United States – the Federal Reserve's monetary policy decision expected on Wednesday night and the monthly employment report scheduled for Friday. "These two data points will heavily influence market sentiment and gold's trajectory in the days ahead," Agar added. The decline comes after Saturday's trading saw a drop in domestic gold rates, when the per-tola price fell Rs300 to Rs356,400. Analysts say that unless new geopolitical risks emerge or economic data disappoints, gold may remain under pressure in the short term.
Hans India
18-07-2025
- Business
- Hans India
Adani Ent sells 20% in AWL Agri for Rs 7,150 cr
Ahmedabad: Adani Enterprises Ltd (AEL) said on Thursday that it has signed an agreement to sell a 20 per cent stake in AWL Agri Business Ltd to Wilmar International's subsidiary, LencePte Ltd, for Rs275 per share, valuing the deal at Rs7,150 crore. Following this latest deal, Wilmar is set to become the majority shareholder, with a 64 per cent holding in Commodities LLP (ACL), a subsidiary of AEL, currently holds 30.42 per cent of AWL. The sale marks the next step in Adani's planned divestment of its entire 44 per cent stake in AWL and eventual exit from the FMCG joint venture. In December 2024, Adani Commodities LLP (ACL) and LencePte Ltd, a subsidiary of Wilmar International, Singapore, had entered into an agreement. They gave each other the option to buy or sell AEL/ACL's shares in AWL (Adani Wilmar Limited) later, at a price they both agree on, but not more than Rs305 per share. The two together held 88 per cent in the company (44% each). In January 2025, AEL/ACL sold 13.5 per cent of its shareholding in AWL at Rs276.51 per share, raising Rs4,855 crore. This was done so that more of the company's shares are owned by the public, as required by minimum public shareholding requirements. After this sale, ACL/AEL owned about 30.42 per cent of AWL. Of this 30.42 per cent, between 11 per cent and 20 per cent will now be sold to Lence, and the balance will be offered to strategic partners and investors brought in by Wilmar. The remaining 10.42 per cent stake currently held by Adani Commodities will be sold to pre-identified investors before the transaction with Lence is completed. After all transactions are closed, Adani Commodities will fully exit AWL, which will no longer be an associate company of Adani Enterprises. AWLs stock was trading at Rs277.7 apiece on Thursday, up by Rs15.2 or 5.7 per cent. Meanwhile, AWL Agri Business reported its highest-ever Q1 revenue at Rs17,059 crore for FY26, up 21 per cent from the same quarter last fiscal. The growth was mainly driven by its edible oil business, which grew 26 per cent year-on-year. This segment contributed Rs13,415 crore, making up 78.6 per cent of total revenue and 61 per cent of the overall volume mix.
Time of India
09-07-2025
- Business
- Time of India
Nashik civic body's Rs305cr water supply project gets green light
Nashik: The Nashik Municipal Corporation's (NMC) standing committee has given its approval to a substantial Rs305 crore water supply improvement project. This significant undertaking will see the civic administration formalize an agreement with a Kolhapur-based private firm, Laxmi Civil Engineering Services Pvt Ltd (LCESPL). Tired of too many ads? go ad free now The work order will be issued thereafter. This project, which falls under the Centre'sAtal Mission for Rejuvenation and Urban Transformation (AMRUT), has a dual focus. It aims to replace 250-km of old water supply pipelines while simultaneously laying 100 km of new pipelines in the developing areas of the city. The financial structure of the project states that the civic body will receive 50% of the funds from the govt and will self-finance the remaining 50%. The overall initiative includes six distinct works designed to boost the city's water distribution network. Two major components are a Rs95.2 crore allocation for replacing pipelines that transport raw water from pumping stations to water filtration plants, as well as purified water from filtration plants to elevated water tanks. Additionally, another Rs90.3 crore will be dedicated to replacing existing old water distribution pipelines across various parts of the city. These crucial projects are intended to significantly reduce water leakages and bring down the civic body's non-revenue water (NRW) from the current 45% to below 20%. "We will replace old water distribution pipelines in all the six divisions," a civic official said.
Express Tribune
03-07-2025
- Business
- Express Tribune
Forex reserves close FY25 at $14.51b
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $14.51 billion by the end of FY25, marking an increase of $5.12 billion from $9.39 billion a year earlier, according to provisional data released by the central bank on Wednesday. The reserves amounted to $9.39 billion on June 30, 2024, indicating a year-on-year rise of 54.5%. "This reflects a noticeable improvement in the country's current account balance and realisation of planned inflows during the year," the SBP noted. In a volatile fiscal year, the central bank reserves had fluctuated sharply due to debt repayments and scheduled inflows. For instance, by April 25, 2025, the SBP's reserves had inched up $9 million week-on-week to $10.21 billion. As of June 20, 2025, the total liquid foreign reserves of the country were reported at $14.40 billion. Of this, the SBP held $9.06 billion while net reserves of commercial banks stood at $5.33 billion. The sharp fall in SBP's reserves during the week ended June 20 – a decline of $2.66 billion – was attributed to external debt repayments, particularly commercial borrowings by the government. However, these outflows were offset in the following week by substantial inflows. According to the SBP, the central bank received $3.1 billion in government commercial loans and over $500 million from multilateral institutions during the last week of June. Meanwhile, gold prices in Pakistan edged lower on Wednesday, despite international bullion rates holding steady as investors awaited crucial US economic data. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola fell Rs600, settling at Rs356,200. Similarly, the price of 10-gram gold dropped Rs514 to Rs305,384. This comes a day after gold prices surged Rs6,600 per tola on Tuesday, driven by bullish momentum in global markets. Interactive Commodities Director Adnan Agar noted that gold was trading within a tight band on Wednesday. "Gold is range bound between $3,351 and $3,327, currently at $3,340. The upcoming US employment data is critical – if it supports gold, prices may move towards $3,400; if not, we could see a dip to $3,300, possibly even lower," he said. Agar added that trading volumes may also be influenced by upcoming US bank holidays on Thursday and Friday, which would lead to early market closures and potentially limited liquidity. In the inter-bank currency market, the Pakistani rupee depreciated 19 paisa against the US dollar, closing at 283.95, compared to 283.76 on June 30, 2025. This marks a 0.07% weakening of the local currency, according to data released by the State Bank of Pakistan (SBP). The SBP on Wednesday injected Rs1.163 trillion through Open Market Operations (OMOs), including both conventional and Shariah-compliant instruments, to support short-term market liquidity. Under the conventional OMO, the SBP injected Rs805.15 billion and through Shariah-compliant Mudarabah-based OMO, it poured Rs358 billion.
Express Tribune
01-07-2025
- Business
- Express Tribune
Gold up Rs6,600 on global jitters
Listen to article Gold prices in Pakistan extended their upward march on Tuesday, mirroring a strong rally in the international market, where the precious metal climbed over 1% amid a weaker US dollar and renewed economic uncertainty. International markets responded to rising investor caution ahead of US President Donald Trump's July 9 deadline for the possible reinstatement of higher trade tariffs, a move that has injected volatility and boosted demand for safe-haven assets like gold. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold in the local market surged Rs6,600 per tola, settling at Rs356,800. Similarly, the price of 10 grams of gold rose Rs5,658 to Rs305,898. The previous day, gold had also posted gains, with the price per tola increasing by Rs800 to reach Rs350,200. Traders attribute the sharp price increase to both global cues and persistent currency depreciation, which continue to drive domestic gold prices upwards. Interactive Commodities Director Adnan Agar noted that gold prices edged higher amid renewed geopolitical and economic jitters, largely triggered by Trump's latest remarks on trade tariffs. "Gold has moved up slightly," Agar observed, "mainly because Trump resumed his aggressive rhetoric around tariffs. Since yesterday (Monday), prices have increased by around $70 to $80, with the metal trading near $3,350 and having touched the high of $3,357." He also pointed to fresh tensions between Trump and Tesla CEO Elon Musk, suggesting that their escalating public spat may be contributing to market unease and further supporting gold's safe-haven appeal. "Their ongoing confrontation has added to the uncertainty, which in turn is pushing investors towards gold," Agar said, linking the rise in bullion to heightened volatility in US political and business circles. Gold delivered robust gains in the first half of 2025, particularly in US dollar terms, sparked primarily by the weakening of the greenback, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. Citing Bloomberg and Saxo data, Hansen noted that while dollar-based investors enjoyed strong returns – 25.9% – those holding other currencies, especially in Europe, saw much lower gains. Gold priced in Indian rupees topped the chart with a 26% rise, followed by the Chinese yuan (22.8%), Canadian dollar (19.1%) and Australian dollar (18.4%). In contrast, returns in the euro and Swiss franc stood at just 10.5% and 10%, respectively, reflecting how stronger local currencies dampened gold's performance for un-hedged investors. This disparity underscores the impact of currency dynamics, policy shifts and inflation expectations on commodity returns.
