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Express Tribune
5 days ago
- Business
- Express Tribune
Key infrastructure projects face delays
Two major signal-free road infrastructure projects in Rawalpindi, worth over Rs6.5 billion, have missed their completion deadlines, causing significant inconvenience to residents. These include the Nawaz Sharif Flyover at Khawaja Corporation Chowk on Adiala Road and underpasses on Mall Road at KTM Chowk, Mall Plaza, and the pedestrian underpass at Medicine Market. While the flyover at Khawaja Corporation Chowk has been completed, carpeting and beautification work remains pending. Punjab Chief Minister Maryam Nawaz had set a deadline of May 31 for its completion, but the project remains unfinished. This project alone costs Rs2.3 billion. Similarly, the Rs4.38 billion underpasses and pedestrian underpass project on Mall Road, originally set for completion in 45 days, remains incomplete even after 100 days. As a result, access to key locations including hospitals, the Mega Medicine Market, PIA, State Life, and Cantonment offices has been disrupted. Zahid Bakhtawari, President of Anjuman Shehriyan Rawalpindi, criticised the delay, sayinag the situation has become unbearable for patients and businesses. Promises made to complete the work in 45 days have not been fulfilled. PML-N MNA from Cantt, Malik Abrar Ahmed, stated efforts are ongoing to prevent further delays. He emphasized that in high-level meetings, authorities have been directed to speed up the work. If both projects are completed within the next 15 days, a joint inauguration could be held, pending the Chief Minister's schedule. While C\&W Department officials had earlier confirmed the May 31 deadline, they are now unwilling to comment on the delay.
Express Tribune
14-05-2025
- Business
- Express Tribune
Multibillion-rupee road projects near completion
Construction on two key road infrastructure projects worth over Rs6.5 billion in Rawalpindi is 80 per cent complete. The projects include the Nawaz Sharif Flyover at Khawaja Corporation Chowk and the Mal Road underpasses at TM Chowk and Mall Plaza Chowk. According to officials, the completion of these projects is crucial to improving traffic flow in the city, with Punjab Chief Minister Maryam Nawaz setting a deadline of May 31 for their full completion. Efforts are underway to ensure that both projects are finished and opened to traffic by the given deadline. The Communication and Works (C\&W) Department is overseeing the construction of the Nawaz Sharif Flyover at Khawaja Corporation Chowk on Adiala Road, which is valued at Rs2.3 billion. The road infrastructure upgrade, being carried out by the FWO contractor firm under the consultancy of Nespak, has reached 80 per cent completion. Similarly, the Mal Road underpasses project, worth Rs4.39 billion, involves the construction of underpasses at TM Chowk and Mall Plaza Chowk to eliminate traffic signals, as well as the construction of an underground pedestrian walkway near the Medicine Market. Both projects are expected to ease traffic congestion in Rawalpindi, and work continues day and night to meet the May 31 deadline. Additionally, the C&W department is planning the construction of flyovers and underpasses at Kacheri Chowk, Qasim Market Chowk, and Chairing Cross Chowk, which will further streamline traffic along Mal Road and Peshawar Road. Once completed, these projects will create a signal-free route from Kacheri Chowk to the motorway junction.
Time of India
30-04-2025
- Business
- Time of India
Large section of bank loan borrowers yet to gain from RBI rate cuts
Despite the RBI's 50 bps repo rate cut and liquidity infusion, a significant portion of borrowers haven't benefited due to reliance on MCLR-linked loans. MCLR remained unchanged at 9% in April, particularly affecting public sector borrowers. Banks' deposit costs and competition for funds are hindering faster transmission of rate cuts, impacting net interest margins. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads A large section of bank loan borrowers is yet to see the benefit from the Reserve Bank of India's two consecutive policy rate released by the RBI Wednesday showed that one-year median marginal cost of fund-based lending rate (MCLR) remained unchanged at 9% in April. MCLR has been at 9% since November, except February when it rose to 9.05%, the data central bank has reduced policy repo rate by a total of 50 basis points since February. It has also infused liquidity to the tune of Rs6.5 lakh crore in the banking system to ensure effective transmission of policy rate cuts into both lending and deposit latest RBI data showed that sections of existing borrowers may not have benefited in the form of reduction in their EMIs. This is because nearly 36% of all floating rate loans are priced on MCLR, while over 60% are on external benchmarks (EBLR) like repo rate. In the case of the public sector, the share of MCLR loans is at 51%, while it is just 13% for private weighted average lending rate (WALR) on fresh rupee loans as well as outstanding loans of banks fell month-on-month by 5 bps and 3 bps, respectively, to 9.35% and 9.77% in March, the data reflects loans priced to external benchmarks as well as those linked to banks' marginal cost of transmission of regulatory rate cuts happens quickly in case of repo-linked benchmark rate. The transmission in case of MCLR-linked rates, which depend on banks' deposit costs, takes a longer time of at least two quarters for the effect to play out, industry executives released Wednesday by the RBI showed that the weighted average domestic term deposit rate on fresh deposits of banks rose to 6.65% in March from 6.49% a month ago. On the outstanding deposits, the rate rose slightly to 7.03% from 7.02% in said that banking system liquidity was in deficit for a large part of March. This along with intense competition to raise liabilities, kept fixed deposit rates conditions eased from late March, which in turn prompted banks to reduce rates on term deposits. A few large banks have also reduced savings deposit rates in a bid to protect their net interest margins (NIMs).According to CRISIL Ratings, the extent of reduction in NIMs will therefore depend on the ability of banks to manage their deposit costs. But given the competition for deposits seen of late, that ability will be to CRISIL Ratings, any reduction in term deposit (TD) rates will apply only to incremental deposits and renewals, resulting in a slower transmission of the reduction to the liability side. Data shows only ~21% of TDs are maturing in a year, which means the rest will be due for repricing only after this fiscal.
Business Recorder
23-04-2025
- Automotive
- Business Recorder
Treet Corporation: Charging ahead or facing headwinds?
Treet Corporation Limited (PSX: TREET) has delivered a robust financial performance, marked by strategic initiatives aimed at leveraging improving economic conditions. However, several critical challenges and risks must be considered alongside these positive developments. During 1HFY25, TREET posted an unconsolidated topline of Rs6.5 billion, representing a 16 percent year-over-year increase compared to Rs5.6 billion in 1HFY24, driven primarily by a 22 percent YoY increase in prices. Earnings for the period significantly rebounded to Rs647 million from a loss of Rs206 million during 1HFY24, buoyed by a notable profit of Rs594 million from the sale of shares in Treet Battery Ltd. (TBL). Following this divestment, the company's holding in TBL now stands at approximately 82-83 percent. Economic indicators indeed point to recovery, resulting in heightened consumption and a favorable investment climate, positively impacting the battery industry. The automotive segment has notably benefited from declining financing rates, prompting increased vehicle sales and thus boosting demand for vehicle batteries. Passenger car sales alone rose 51.3 percent during the first half of FY2025, reaching 46,398 units due to surging remittances and lower interest rates. While Treet's Daewoo maintenance-free vehicle batteries, employing advanced Korean technology, appear strategically aligned with these growth trends, sustaining competitive advantage amidst heightened industry rivalry remains critical. TBL specifically reported revenues of Rs4.2 billion, marking a 16 percent YoY increase driven by a significant 22 percent rise in sales volume, reaching 350,000 units. Management is also exploring entry into the Lithium-Ion battery market, pending the results of an ongoing feasibility study. Additionally, with decreasing net metering buyback rates, the company expects growing demand for backup-based solar setups, identifying solar energy as a promising growth avenue. Moreover, demand for backup power solutions is projected to grow in the second half of FY2025 due to historically higher temperatures and limited grid reliability. Although Treet Batteries has sufficient spare capacity and advanced manufacturing facilities, maintaining high-quality products and reliable after-sales service remains vital for market share expansion. Internationally, Treet's export strategy, covering 40 countries—including key markets such as China, Saudi Arabia, and Africa—is strengthened by its recent establishment of physical presence in the Middle East, complemented by an impending warehousing agreement. However, geopolitical tensions and global economic volatility necessitate careful management and strategic flexibility. Treet's pharmaceutical subsidiary, Renacon, also exhibited robust growth, recording revenues of Rs801 million in 1HFY25, up 24 percent YoY from Rs643 million in the previous year. This growth was fueled by a 17 percent increase in sales volume and a 6.4 percent increase in average unit prices. Renacon maintains a dominant market share (60-65 percent) in dialysis solutions locally and charges premium pricing compared to competitors. Nevertheless, profitability is anticipated to experience short-term pressure due to borrowing costs associated with the new production facility. Furthermore, Renacon aims to boost the international market presence by registering dialysis solutions in 10 countries. Financially, Treet Batteries holds impressive gross margins and an efficient cash conversion cycle relative to competitors, but maintaining this performance amid fluctuating input costs and potential supply chain disruptions presents ongoing challenges. Additionally, while Treet's product diversification into shaving foam and disposable razors highlights strategic intent, penetrating new markets and maintaining brand loyalty will demand careful execution. Given these promising yet challenging developments, will Treet Corporation Limited effectively adapt to shifting market dynamics and competitive pressures to secure its future growth? Time will tell.
Express Tribune
26-03-2025
- Politics
- Express Tribune
Five to hang for blasphemy
A court in Rawalpindi on Tuesday awarded death penalty to five accused, along with life imprisonment and a cumulative sum of Rs6.5 million in fines in a blasphemy case registered against them by the Cyber Crime Wing of the Federal Investigation Agency (FIA). Additional District and Sessions Judge Tariq Ayub pronounced the verdict in the court, which was packed with lawyers and a large number of people. The court declared that the five criminals, Muhammad Arsalan, Ali Abbas, Faisal Rehan, Khurram Afzal and Zunair Sikandar, had been sentenced to death. The additional district and sessions judge ruled that the convicts had committed a heinous crime and that they did not deserve any concession. After the verdict, the convicts were shifted to the Adiala Jail amid tight security. Separately, police in Lahore told AFP on Tuesday that YouTube star, Rajab Butt, was charged with blasphemy for naming his perfume brand after the law section of the Pakistan Penal Code (PPC) that is related to blasphemy. In a recent promotional video, since deleted from his social media accounts, Butt launched his perfume, whose name referred to the blasphemy legislation in the penal code. The perfume publicity sparked ire, prompting the leader of the Tehreek-e-Labbaik Pakistan (TLP) to file a complaint late on Monday. "Our religious sentiments have been hurt," TLP leader Haider Ali Shah Gillani said. "There are numerous sections in the penal code but why did he choose blasphemy-related sections to name a perfume? This means you acknowledge the offence and are celebrating it," he added. Butt issued an apology video on Sunday, asserting that he was not against the blasphemy laws. "I apologise for the words I uttered during the launch of the perfume," he said. "I apologise and announce the discontinuation of this perfume," he added. A police charge sheet seen by AFP and authenticated by a police official on Tuesday details the accusations against Butt, including blasphemy and cybercrime. In other legal troubles, Butt pleaded guilty in January to owning an undocumented wild animal. However, he avoided the jail term. (WITH INPUT FROM AFP)
