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India Gazette
3 days ago
- Sport
- India Gazette
Yuva Kabaddi Series stars shine bright in PKL Season 12 auction
New Delhi [India], June 7 (ANI): The Yuva Kabaddi Series (YKS) has become the premier breeding ground for India's next kabaddi superstars. The recently concluded Pro Kabaddi League (PKL) Season 12 auction was a witness to this fact. Around 43.5% of all Indian players sold--44 out of 101--were YKS alumni, showcasing how the platform has transformed into the most trusted scouting and talent development pipeline for the Pro Kabaddi League, according to a release from YKS. From playing in Yuva Kabaddi Series (YKS) names to auction headliners, YKS players dominated the kabaddi narrative and proved that the journey from grassroots to greatness is not only possible but thriving. This year marked a watershed moment in the journey of YKS with three of its players entering the elite 'crorepati' club--a first in PKL history. Leading the way was Ashu Malik, retained by Dabang Delhi for a record INR 1.90 crore, building upon his already stellar trajectory. Yogesh Dahiya was snapped up by Bengaluru Bulls for INR 1.125 crore, while Nitin Dhankar fetched INR 1.0025 crore from Jaipur Pink Panthers--monumental figures that reflect their growing stature and performance consistency. Over the seasons, YKS has steadily strengthened its footprint at the PKL auctions. From 7 players in Season 9 to 19 in Season 10, 30 in Season 11, and now 45 in Season 12, the curve has only gone upwards. The auction witnessed fierce bidding wars over YKS talent, with teams looking to build long-term squads around battle-tested, dynamic performers. Notable top buys included Anil Mohan (78L, U Mumba), Sanjay Dhull (60L, Bengaluru Bulls), and Akash Shinde (53.10L, Bengaluru Bulls), all of whom are products of the YKS system. Beyond just individual success, Yuva Kabaddi Series (YKS) is revolutionising the geography of Indian kabaddi. The narrative is no longer limited to traditional strongholds like Haryana and Maharashtra. Chhattisgarh's Uday Parte became a breakout story with a Rs50.10 lakh bid from Jaipur Pink Panthers, signalling the emergence of a new kabaddi belt in central India. Similarly, Punjab's Dheeraj, with a Rs40.20 lakh bid from Bengaluru Bulls, underscored the resurgence of kabaddi in the northwestern state. Sandeep Kumar from Bihar, bought by U Mumba for Rs49 lakh, marked a rare kabaddi success story from a region previously underrepresented in PKL. Yuva Kabaddi Series' ecosystem--rigorous competition and consistent match exposure--has effectively created a parallel pathway to the PKL. Players arrive at the national stage not as rookies but as seasoned competitors. They are auction-ready in skill, temperament, and physicality, and this year's numbers prove that franchises are taking note. As kabaddi continues to evolve into a pan-India phenomenon, the Yuva Kabaddi Series stands tall as its engine room, driving the sport forward one star at a time. (ANI)
Express Tribune
27-04-2025
- Business
- Express Tribune
Lahore to undergo major transformation with Rs49b tunnel boring project
Listen to article The federal government has reportedly approved Lahore's Tunnel Boring Project, estimated at Rs49 billion, according to local media report. The proposal was first reviewed and approved by the Central Development Working Party (CDWP) before being sent to the Executive Committee of the National Economic Council (ECNEC) for final authorisation. Sources noted that obtaining CDWP's clearance was a critical step before securing ECNEC's endorsement. The project involves the construction of a major underground sewerage line using tunnel boring technology, extending from Larex Colony to Gulshan-e-Ravi. Funding will be provided through a soft loan from the Asian Infrastructure Investment Bank (AIIB). The 28-kilometre line will pass through key locations including Shima Pahari, Queens Road, the Punjab Assembly, AG Office, Chauburji, Railway Colony, Sham Nagar, and end at the Gulshan-e-Ravi Disposal Station. A second route will cover Gulberg, Zafar Ali Road, Shadman, LOS, and Samanabad before merging into Gulshan-e-Ravi. The project is designed to minimise surface disruption, as no new roads will need to be constructed. The Water and Sanitation Agency (WASA) had earlier secured PC-1 approval and collaborated with an international firm for feasibility studies and project design.
Express Tribune
03-03-2025
- Business
- Express Tribune
Stocks slump in absence of positive triggers
Thorough research and patience are key. Investors should remain realistic, avoid chasing quick returns and focus on building a stable, long-term portfolio. photo: file Pakistan Stock Exchange (PSX) on Monday came under extensive selling pressure as the benchmark KSE-100 index plunged to the intra-day low of 111,829 points before closing at 111,987, down 1,265 points. The sharp decline, occurring near the close of corporate earnings season, was attributed to a weakening economic outlook, foreign investment outflow, a depreciating rupee, declining global crude oil prices and uncertainty surrounding the outcome of talks between Pakistan and the International Monetary Fund (IMF). Market analysts highlighted that the absence of positive triggers, coupled with disappointing earnings of some key companies, further contributed to the bearish sentiment. According to Ahsan Mehanti of Arif Habib Corp, stocks fell sharply near the close of earnings season due to a weak economic outlook. He added that foreign outflows, a weak rupee, lower global crude oil prices and uncertainty about the outcome of Pakistan-IMF talks in the current week played the role of catalysts in bearish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded a decrease of 1,264.78 points, or 1.12%, and settled at 111,986.89. In its market review, Topline Securities commented that the bourse experienced a decline in Monday's trading session, with the index reaching the intra-day low of 111,829 before closing at 111,987, reflecting a loss of 1,265 points. The negative sentiment was driven by the lack of positive triggers, in addition to lower-than-expected earnings of Engro Holdings, which contributed 424 points to the overall decline. Shorter trading hours also put pressure on the market, it said. Key stocks contributing to the downturn included Engro Holdings, UBL, MCB Bank, Millat Tractors and Pakistan Petroleum, which together accounted for a drop of 731 points in the index, Topline noted. In its report, Arif Habib Limited (AHL) commented that the week started off poorly, where the KSE-100 index dropped to 112,000 points. Some 27 shares rose and 67 fell, with Engro Fertilisers (+0.53%), Hub Power (+0.44%) and Packages Limited (+3.76%) contributing the most to index gains. On the flip side, Millar Tractors (-3.1%), Engro Holdings (-6.98%) and UBL (-2.15%) were the biggest drags, AHL said. It added that National Bank of Pakistan (NBP) announced 4QCY24 earnings per share (EPS) of Rs10.6, up 63% year-on-year. It brought CY24 EPS to Rs12.2, down 51% year-on-year, primarily due to a pension liability settlement of Rs49 billion. NBP resumed dividend payouts after a gap of seven years and announced a final cash dividend of Rs8 per share, its highest-ever annual payout, AHL mentioned. "Despite five consecutive negative closes, we expect 115,000 to be taken out in the near term," it remarked. JS Global analyst Muhammad Hasan Ather stated that the KSE-100 index began the week on a negative note, dropping 1,265 points amid thin trading volumes. Investors exercised caution ahead of the IMF review and with the beginning of Ramazan, contributing to a lower participation. The index reached the intra-day high of 113,592 but retreated to 111,987 at close. Uncertainty about fiscal targets, monetary policy and IMF negotiations weighed on sentiment. Looking ahead, the market's direction would depend on the IMF review outcome and the State Bank's monetary policy stance, Ather commented. Overall trading volumes decreased to 208.9 million shares compared with Friday's tally of 472.1 million. Shares of 438 companies were traded. Of these, 86 stocks closed higher, 287 fell and 65 remained unchanged. The value of shares traded during the day stood at Rs11.9 billion. National Bank of Pakistan was the volume leader with trading in 23.8 million shares, falling Rs0.91 to close at Rs79.1. It was followed by WorldCall Telecom with 17.6 million shares, remaining unchanged at Rs1.41 and Pakistan International Bulk Terminal with 11.7 million shares, falling Rs0.19 to close at Rs9.41. During the day, foreign investors sold shares worth Rs55.7 million, the NCCPL reported.
Express Tribune
01-03-2025
- Business
- Express Tribune
Govt reduces debt rollover risk
Listen to article Pakistan has met the International Monetary Fund (IMF) condition of increasing the maturity profile of its debt through retiring the short-term borrowing and the government also hopes to strike a $1 billion foreign commercial loan deal in April. The development came hot on the heels of some improvement in debt indicators, including the expected slowdown in the pace of debt accumulation to single digits after a long time. The debt office, which now directly reports to the finance secretary, has taken certain initiatives to reduce interest rate and debt refinancing risks. Against the IMF's condition of increasing the current average maturity time of debt from two years and eight months, the Finance Division managed to increase it to three years and three months by December, according to data compiled for the IMF review starting from Monday. The first formal programme review talks between Pakistan and the IMF will begin on March 3 and will continue till March 14. Their successful conclusion will lead to the release of the second loan tranche of about $1.1 billion. Pakistan's performance in terms of debt maturity is much better than the end-June 2025 target set by the IMF. This has reduced both refinancing and interest rate risks and will also lessen the government's dependence on commercial banks. The average time to maturity is the weighted average repayment period of the existing debt. The IMF has been pointing to increasing the maturity period to address the risk of rollover. The maturity target has been achieved by shifting the composition of domestic debt, which stands at Rs49 trillion, to longer-term Pakistan Investment Bonds (PIBs) while reducing reliance on short-term treasury bills (T-bills), said Eraj Hashmi, Director of Debt Office. He said that the deliberate move not only mitigated rollover risks but also attracted investors, who were seeking stable, long-term returns, reinforcing confidence in Pakistan's debt management strategy. The finance ministry is also trying to secure a $1 billion foreign commercial loan on the back of a $500 million credit guarantee being given by the Asian Development Bank (ADB). Pakistan has not been able to get a new foreign commercial loan due to its poor rating. As a solution, it will use the ADB guarantee. Sources said that London-based commercial banks had shown interest and the terms were being finalised. Among these are Standard Chartered and Deutsche Bank. One Chinese bank has also shown interest. The government has also been trying to raise debt from Chinese markets but it is a lengthy process and now it hopes to raise up to $250 million by next year. Internal assessment shows that Panda Bonds will attract around 3.5% interest rate, which is far lower than up to 8.5% rates for issuing Eurobonds. The Finance Division has managed to restrict debt accumulation to single digits, helped partially by the reduction in interest rate. In the last fiscal year, there was an increase of Rs8.4 trillion in the debt stock, showing a surge of 13.3%. The Finance Division's assessment is that the debt accumulation will slow down to less than 9% in this fiscal year and the net increase will not be more than Rs6.3 trillion. It sees the public debt growing to Rs77.5 trillion by June this year. During the first half of the current fiscal year, Rs2.8 trillion had been added to the debt stock at a pace of 3.9%. The finance ministry said that it would continue implementing the debt buyback policy and next week it would buy back PIBs. Earlier, it had bought Rs1 trillion worth of T-bills, which resulted in savings of Rs31 billion in interest cost, according to the ministry. This will continue in the second half of this fiscal year through buying back bonds instead of T-bills. The ministry said that in the first six months of the current financial year, it retired Rs1.7 trillion worth of debt, reducing reliance on commercial banks. The reason was the upfront payment of Rs2.5 trillion in profit by the central bank. As a result, the T-bills portfolio decreased Rs1.5 trillion, which will positively impact next year's gross financing needs. In June last year, banks held 81% of government securities. Now, their holdings stood at 67%. The finance ministry said that the government had contained external debt since Prime Minister Shehbaz Sharif took office in March last year. Total external debt remained stable at $86.6 billion during the period, showcasing effective debt management and reluctance to take unnecessary debt, it added. The narrative of Pakistan's debt is no longer one of despair but of determination, discipline and decisive action, said Eraj Hashmi. Through strategic reforms, the government has slowed debt accumulation, he added. The government also expects to save Rs1 trillion due to interest rate reduction. Against the allocation of Rs9.8 trillion, the cost may hover around Rs8.7 trillion. In the second half, the estimated interest payment is Rs3.6 trillion, said the finance ministry. During the first half, Rs5.1 trillion was spent on interest payment. The ministry would on Monday undertake the first-ever buyback auction of government bonds. This strategy aligns with international best practices and demonstrates the government's capability to retire debt ahead of maturity.
