Latest news with #Rs39
Hans India
5 days ago
- Business
- Hans India
SBI gets 4x bids for Rs 20,000-cr QIP
New Delhi: Qualified institutional placements (QIPs) witnessed a resilient growth in July so far, led by State Bank of India's (SBI) recent fundraise, taking the total QIP fundraising to a five-year high of over Rs30,000 crore. QIPs are a way for listed companies to raise capital without having to submit legal paperwork to market regulators. Ten issuances have offered over Rs30,470 crore so far this month. It is the biggest monthly performance of QIPs since September 2020, when companies had collectively raised over Rs39,000 crore. Driving this surge was the State Bank of India's (SBI) historic QIP on July 17, which mobilised over Rs20,000 crore. The offering drew robust investor interest, with demand reportedly outstripping supply by nearly four times. According to multiple reports, the SBI QIP has received significant interest from global and domestic investors worth around Rs1 lakh crore. July also saw a flurry of other notable QIP deals. CG Power raised over Rs3,000 crore, while Marathon Nextgen and Navin Fluorine collected Rs900 crore and Rs750 crore, respectively. Several other mid- and small-cap firms also tapped into institutional funding during the month. The fundraising momentum in 2025 has remained strong beyond July. In the year so far, Biocon raised Rs4,500 crore through a QIP, followed by Hitachi Energy (Rs2,500 crore), IREDA (Rs2,000 crore), UCO Bank (Rs2,000 cr), and Capri Global Capital (Rs2,000 cr). In June alone, seven companies together raised over Rs14,000 crore. Altogether, 30 companies have raised close to Rs60,000 crore via QIPs so far in 2025. This shows the robust activity seen in 2024, when 95 firms mopped up more than Rs1.37 lakh crore.
Time of India
16-06-2025
- Time of India
Burglary at home of party functionary
Pune: Burglars decamped with cash, gold and silver ornaments collectively valued at Rs39 lakh from the residence of Sonal Kodre, a political party functionary. The incident occurred on Saturday between 5am and 1.50pm at Kodre's first-floor apartment in Sejal Garden Society, behind Vaibhav Talkies in Hadapsar. According to senior inspector Sanjay Mogle of the Hadapsar police, Kodre and her family were away in Tuljapur (Solapur district) when the break-in occurred. "The culprits used sharp weapons to force open two locks on the main and safety doors of the flat. They stole a small safe containing Rs 30,000 cash and ornaments from an open cupboard before fleeing the scene," the officer said. "A CCTV camera captured images of two masked men. We are working to establish their identity," he added. When contacted, Kodre said, "The burglary came to light when my aunt discovered the door locks broken and alerted me."
Business Recorder
05-05-2025
- Business
- Business Recorder
Allied Bank: Earnings fall
Allied Bank Limited (ABL) has announced its financial results for the first quarter of 2025, alongside an interim cash dividend of Rs4 per share. As anticipated, profitability has taken a hit—primarily due to a steep drop in average interest rates and further weighed down by a rise in the effective tax rate compared to the same period last year. Unlike the previous quarter, where credit growth took centre stage, the latest quarter marks a return to the traditional investment-heavy balance sheet approach across the banking sector. The brief surge in advances during 4QCY24 was largely driven by attempts to circumvent elevated tax penalties tied to the Advance-to-Deposit Ratio (ADR). However, with the urgency subsiding, ABL's ADR slipped sharply by 12 percentage points from December 2024, landing at 40 percent—the lowest level the bank has seen in at least 10 quarters. This comes after a temporary 8 percentage point rise in the preceding quarter. The loan portfolio contracted by Rs39 billion over the quarter, erasing the Rs204 billion expansion seen in 4QCY24. The 23 percent quarter-on-quarter decline in advances marks the most significant quarterly drop for ABL in recent times. While this contraction is more pronounced than the industry average, it reflects a sector-wide pullback. Overall, banking sector advances fell 15 percent from December 2024, settling at Rs15 trillion. Interestingly, Non-Bank Financial Institutions (NBFIs), which hold just 8 percent of the sector's total loan base, were responsible for nearly a third of the Rs2.4 trillion dip, driven by a short-lived spike in lending triggered by ADR concerns. As credit growth cooled, banks—including ABL—redirected their focus toward government securities. ABL's investments surged by Rs366 billion over the quarter, translating to a 32 percent jump—well above the 11 percent investment growth recorded industry-wide. The uptick, mainly in Pakistan Investment Bonds (PIBs) and Sukuks, pushed ABL's Investment-to-Deposit Ratio (IDR) back into the 70s, its highest in six quarters. On the funding side, ABL's deposits saw a marginal 2 percent increase from December 2024, reaching Rs2 trillion. This trails the industry's 5 percent growth during the same period. The deposit base continues to be anchored in current accounts, with a slightly improved CASA ratio compared to the year-ago period. Robust growth in non-markup income played a key role in cushioning the bottom line. Fee and commission income remained strong, while capital gains more than doubled year-on-year—buoyed by favourable returns on Eurobonds and federal government securities. That said, operating costs rose sharply, with administrative expenses increasing by 15 percent year-on-year, well above the 1.5 percent average inflation during the quarter. Consequently, the cost-to-income ratio deteriorated significantly, crossing 45 percent. Even as headline macroeconomic indicators—such as inflation, current account balance, and exchange rate—suggest relative stability, the real economy remains lethargic. Both agriculture and large-scale manufacturing (LSM) continue to struggle, casting a shadow on private sector credit demand for the remainder of the year—unless the ADR tax floor pressure resurfaces out of turn.
Business Recorder
25-04-2025
- Business
- Business Recorder
Jul '24 to Mar '25: Discos' ‘inefficiencies' result in Rs221bn loss: PD
ISLAMABAD: The Power Division claims that inefficiencies of DISCOs (excess losses and under recoveries) for the period July 2024 to March 2025 stood at Rs221 billion compared to Rs364 billion during the same period of previous year, while registering a decrease of Rs143 billion. In a written reply to a question, the Senate was informed on Friday that the current per unit electricity for single phase domestic consumers for 201-300 units slab in April is Rs39. The quarterly tariff adjustment and fuel charges adjustment may change in upcoming months based on underlying economic variable. Against the Nepra-determined base rate of Rs36.89/unit for 201-300 units slab, the government of Pakistan is currently charging Rs32.55/unit and accordingly providing subsidy of Rs4.34/unit based on the socioeconomic objectives and budgetary targets in filed. The House was further informed that prime minister announced that on the consumption of April month the consumer will get benefit reduction of Rs7.41 (inclusive of taxes). This reductions in bill includes per unit reduction impact in cost of electricity and major component is due to IPPs renegotiation, some portion has already been applied through April bill through second quarter decision and FCA and remaining amount shall be passed on after hearing by Nepra for 3rd quarter. The House was also informed that Neelum Jhelum is a complex hydropower project having 68km of tunneling system. Neelum Jhelum Hydropower Project has been closed since May 2024 due to blockage in headrace tunnels. To ascertain the reasons of blockage in the tunnel, dewatering of tunnel has already been completed and debris accumulated in the tunnel is being removed. The prime minister of Pakistan has already constituted a Committee to ascertain the causes and Wapda will proceed on the recommendations of the Committee. The House was informed that the federal government, through the Public Sector Development Programme (PSDP), is financing construction of small, medium, and large dams across the country. Since 2018, 47 dam projects have been completed with federal financing, adding approximately 307,940.61 acre-feet of water storage capacity and facilitating irrigation of 296,537 acres of land. Further, provincial governments have completed 80 dam projects under their respective Annual Development Programs (ADPs) since 2018, collectively contributing an addition of 122,514 acre-feet of water storage capacity and enabling irrigation of 68;016 acres of land. In the current financial year, the federal government is sponsoring 32 dam projects which are at various stages of development. Estimated cost of these projects is Rs1,056.985 billion. Upon completion, these projects will provide a cumulative water storage capacity of approximately 8,429,288 acre-feet, bringing 436,932 acres of new land under irrigation. Provincial governments are sponsoring the construction of 79 dam projects in current financial year at an estimated cost of Rs83.400 billion. These projects once completed will collectively provide a storage capacity of approximately 347,940 acre-feet, bringing 109,966 acres of new land under irrigation. Copyright Business Recorder, 2025
Express Tribune
13-04-2025
- Business
- Express Tribune
ECNEC okays Ring Road's revised PC-1
The Rawalpindi Ring Road project has reached 50 per cent completion, with the Executive Committee of the National Economic Council (ECNEC) approving a revised PC-1 worth Rs33 billion. The Rawalpindi Development Authority (RDA) has directed contractors to expedite work, aiming for the project's completion by December this year, as per the deadline set by Punjab Chief Minister Maryam Nawaz. The 38-kilometre Rawalpindi Ring Road project, which starts near Banth Mor on GT Road in Rawat and ends at the Thalian Interchange on the Motorway, had initially seen its PC-1 cost rise from Rs26 billion to Rs39 billion and is now revised to Rs33 billion. This revised PC-1, previously approved by the Central Development Working Party (CDWP), received final approval from ECNEC at its latest meeting, though the official meeting minutes are still pending. The project is being worked on under the Project Management Unit (PMU) established by the Rawalpindi Development Authority (RDA). Following the approval of the revised PC-1, the contractor, Frontier Works Organisation (FWO), has been directed to complete the remaining 50 per cent of the work by the stipulated deadline. Out of Rs6 billion in pending dues, Rs3 billion has already been paid, with the remaining amount set to be disbursed shortly. Punjab Chief Minister Maryam Nawaz issued these directives during a site visit, aiming for the remaining work to be completed by December 2025. The project will feature five interchanges at Banth, Chak Beli Khan, Adiala Road, Chakri Road, and Thalian, along with a railway bridge, five overpasses and 21 subways. A proposal to establish an economic zone along the Ring Road has yet to receive approval. However, the Rawalpindi Chamber of Commerce and Industry (RCCI), Islamabad Chamber of Commerce and Industry (ICCI), and twin cities' trade organisations continue to advocate for the creation of economic zones on both sides of the Ring Road. They believe such zones could serve as a game changer for economic development in the Rawalpindi Division. The Rawalpindi Ring Road project is seen as a crucial missing link in the city's road infrastructure. It is expected to alleviate traffic congestion on other roads in the twin cities due to growing traffic on GT Road. The alternative route provided by the Ring Road will not only reduce traffic accidents but also ensure smooth traffic flow while helping manage environmental pollution.
