Latest news with #Rs7.5
Express Tribune
3 days ago
- Business
- Express Tribune
OMCs failing to keep 20-day stock to face penalties
The Oil and Gas Regulatory Authority (Ogra) has decided to impose penalties and in some cases suspend licences of oil marketing companies (OMCs) over failure to maintain 20-day oil stocks and lift the required petroleum products from refineries. The refineries will also face Ogra's action if they produce less-than-committed volumes for three consecutive months. In a letter to the leading OMCs, Ogra said it has observed that numerous OMCs were not adhering to their commitments made during the product review meeting (PRM) regarding the lifting of stocks from local refineries. "This failure to comply with the PRM directives is not only adversely impacting Ogra's oil supply chain management but is also damaging energy security and causing substantial revenue losses due to imports, which is tantamount to violation of the authority's directions," the regulator said, adding that after careful consideration and thorough deliberation, it made the decision that the OMCs which fail to lift local products vis-a-vis their commitment/ allocation in the PRM from refineries, fail to maintain 20 days of stock and the refineries which produce less-than-committed products for three consecutive months, would be placed before the authority for consideration of suspension of their marketing licence. The regulatory authority, during its meeting held on May 29, 2025, reviewed serious contraventions related to stock maintenance and product procurement. After deliberation, it approved immediate imposition of penalties by the department concerned under Rule 69 of the Pakistan Oil (Refining, Blending, Transportation, Storage and Marketing) Rules, 2016. As per Rule 37, the OMCs that failed to maintain the mandatory 20-day stock cover in March 2025 shall be penalised based on the shortfall in the average stock days. The OMCs which maintained less than five days of stocks will face a penalty of Rs10 million, for five or less than 10 days of stocks, the penalty will be Rs7.5 million, for 10 or less than 15 days of stocks, the penalty will be Rs5 million and for 15 or less than 20 days of stocks, the penalty will be Rs1 million. The regulator will also slap penalties on the OMCs that lifted insufficient products from the refineries. It will impose a penalty on the refineries that failed to supply allocated products to the OMCs and even those refineries will face action that produced less than the quantity committed in the PRM during March 2025. The OMCs which had more than 10% and less than 25% shortfall in lifting petroleum products from the refineries will face a Rs1 million penalty, in case of more than 25% and less than 50% shortfall, the penalty will be Rs5 million, in case of more than 50% shortfall, the penalty will be Rs7.5 million and those which had a shortfall of more than 75% in supplies from the refineries will face a Rs10 million penalty. For April 2025, the regulator directed the department concerned to issue show-cause notices to the relevant OMCs and refineries by May 30, 2025. A response period of seven working days from the date of issuance was granted. The authority further advised that show-cause notices for May 2025 be issued by June 20, 2025. Future enforcement measures Ogra has decided that any OMC failing to lift local products in relation to its PRM commitment or maintain a 20-day stock cover, and any refinery under-producing against its commitment for three consecutive months, will be subject to the possible suspension of their marketing licence. The enforcement department has been instructed to issue this directive to all the entities concerned. The authority has told the enforcement department (legal) to finalise the draft of "Petroleum Products Review Meeting Regulations, 2025" in consultation with the relevant departments. The draft will be submitted to the stakeholders for feedback, who will be allowed a period of seven working days to provide their comments.
Express Tribune
29-05-2025
- Business
- Express Tribune
NA panel reviews PTV performance
The National Assembly Standing Committee on Information and Broadcasting met on Thursday at PTV Headquarters under the chairmanship of MNA Pullain Baloch to discuss matters related to Pakistan Television (PTV). The committee was informed that PTV earned Rs7.5 billion in advertising revenue in FY 202324, surpassing its target of Rs6.2 billion. The revenue target for the current year is also expected to be met. Despite this, PTV continues to face financial challenges. A major portion of the Rs10 billion collected through the TV licence fee in electricity bills is reportedly used for salaries and pensions. The management attributed delays in salary payments to diverted funds for international financial obligations and the purchase of international media rights. The committee was also briefed on increased viewership resulting from programming enhancements and new on-screen talent, as well as ongoing efforts to upgrade the pension management system in collaboration with the Punjab Information Technology Board. Details of non-performing and politically appointed employees laid off during the current restructuring process were also shared. Addressing the delayed allotment of plots to journalists in Islamabad's Sectors F-14, F-15, and Bhara Kahu, the committee directed the Ministry to complete application scrutiny and resolve related grievances within two months. On the PEMRA (Amendment) Bill 2025, moved by MNA Asia Naz Tanoli, the committee reviewed the report submitted by its sub-committee headed by MNA Mehtab Akbar Rashdi. PEMRA was directed to provide its feedback on the recommendations. The committee instructed PTV, Pakistan Broadcasting Corporation (PBC), and Shalimar Recording and Broadcasting Company (SRBC) to ensure disbursement of salaries and pensions to all employees before the upcoming Eid. Earlier, the committee unanimously passed a resolution praising the professionalism of Pakistan's armed forces in defending national sovereignty against Indian aggression.
Time of India
25-05-2025
- Entertainment
- Time of India
NMC plans city's first adventure park at Lata Mangeshkar Garden in Surya Nagar
1 2 3 Nagpur: The Nagpur Municipal Corporation (NMC) is gearing up to create the city's first adventure park at Lata Mangeshkar Garden in Surya Nagar in east Nagpur. With an estimated cost of around Rs7.5 crore, the project promises to transform one of Nagpur's biggest green spaces into a hub of thrill, fitness, and family fun. The adventure park is part of NMC's broader plan to revive city gardens and make them more people-friendly, combining aesthetics and recreational opportunities. Once completed, visitors will be able to experience a range of activities — from zip lining and rock climbing to rope cycling and bungee ejection. The project places a major emphasis on safety, with top-notch equipment and professionally managed operations. Speaking to TOI, a senior NMC official confirmed, "The project is almost finalised, and we are awaiting the final nod which is expected next week after which the tender process for the park would begin." Originally developed by the Nagpur Improvement Trust (NIT), the Lata Mangeshkar Garden, along with an adjacent open-air theatre, is spread over four acre. The garden was eventually handed over to the NMC. However, over time, the open theatre and other structures fell into disrepair and were demolished, leaving a vast, underutilised open space next to the garden. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo "The civil work at the garden would cost around Rs4.50 crore while setting up the adventure sports would cost around Rs3 crore. However, the final amount is yet to be decided," the official said. Visitors can look forward to a wide array of features including a zipline single rope one way, adventure play station, low rope course, climbing wall, rappelling wall, bicycle rope way (sky cycle double), sky roller double, bungee ejection, big swing, net climbing, rope climbing, and a slippery wall. Eco-friendly installations like a suspension bridge, two canopy walks, a Burma bridge, and a trampoline park with soft play area will enrich the fun experience for all ages. Box: Adventure activities to be offered - Bungee jumping - Zipline Single Rope One Way - Sky Roller Double - Low Rope Course - Climbing Wall - Rappelling Wall - Bicycle Rope Way - Suspension Bridge (eco-friendly) - Two Canopy Walks (eco-friendly) - Trampoline Park & Soft Play Area - Big Swing - Net Climbing - Rope Climbing
Mint
23-05-2025
- Business
- Mint
Penny stock below ₹2 hits 5% upper circuit after Q4 results 2025
Stock Market Today: The Penny stock below ₹ 2 hit 5% upper circuit during the intraday trades on Friday after Q4 results 2025. Check details about Penny Stock below ₹ 2 - Murae Organisor Ltd Penny Stock below ₹ 2 Murae Organisor reported FY25 earnings where revenue stood at ₹ 85 Crore and Net Profit at Rs7.5 Crore,. Penny Stock below ₹ 2 , Murae Organisor also highlighted about its plans to expand into distilleries for investment of ₹ 250 million. The net profit for Q4FY25 stood at ₹ 2.85 crore compared to ₹ 1.16 Crore in the year ago quarter, which as per Murae Organisor was a steady quarterly performance. A significant increase in trade receivables and cash positions is also evident in MURAE's financials, indicating a growth in the scope and size of operations. Murae Organisor entire revenue for the fiscal year that concluded on March 31, 2025, was ₹ 85.48 crore, a startling rise from FY24's meager ₹ 0.25 crore. A strong profits recovery was shown by the full-year net profit, which was ₹ 7.51 crore as opposed to ₹ 5.31 lakh the year before.] The company has previously announced its intention to purchase farmland in Gujarat's strategically significant Kutch region. The company's focus to expand into the industrial and agricultural sectors is demonstrated by its acquisition plans. The projected investment for the planned acquisition ranges from ₹ 20 Crore to ₹ 25 Crore. Comprehensive due diligence procedures, as well as the necessary statutory and regulatory certifications, are prerequisites for this project. Utilizing Kutch's favorable agroclimatic conditions—which are known for their high yield and high-quality horticulture—the company plans to use the acquired area largely for the cultivation of premium-quality pomegranates. Furthermore, MURAE Organisor Ltd. intends to construct a distillery on the purchased property, greatly expanding its operational capabilities and improving its range of products. The Penny Stock below ₹ 2, Murae Organisor share price opened at ₹ 1.40 on the BSE on Friday more than 4% higher compared to the previous days close of ₹ 1.35. The Penny Stock below ₹ 2, Murae Organisor share price theerafter gained further to ₹ 1.41 which meant gains of almost 5%. The price of ₹ 1.41 also was the upper price band for Penny Stock below ₹ 2, Murae Organisor share price and hence the Penny Stock below ₹ 2 had hit and was locked in the upper circuit on Friday Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Express Tribune
21-05-2025
- Politics
- Express Tribune
CDWP approves Rs21.83b worth of projects
Listen to article The Central Development Working Party (CDWP), chaired by Federal Minister for Planning, Development & Special Initiatives and Deputy Chairman of the Planning Commission, Ahsan Iqbal, approved ten development projects. Of these, four projects with a total cost of Rs21.83 billion were approved at the CDWP level, while six major projects worth approximately Rs227.34 billion were referred to the Executive Committee of the National Economic Council (ECNEC) for final approval. According to a press statement issued on Tuesday, the meeting was attended by Awais Manzur Sumra, Secretary Planning, Chief Economist, VC PIDE, other members of the Planning Commission, Federal Secretaries, and senior representatives from provincial governments and relevant ministries. The agenda included projects from key sectors such as Transport & Communications, Environment, Higher Education, and Information Technology. One approved IT project was the "Expansion of Safe City, Islamabad" worth Rs7.5 billion. Currently, 35% of Islamabad is under surveillance; upon completion, 100% of the city will be monitored, covering roads, religious sites, VVIP areas, and government buildings. The project will expand surveillance from 13 to 28 police stations with 3,655 additional cameras and also includes executive staff training, facial recognition systems, ANPR, and an Integrated Video Management System. Another approved project was the "Establishment of National Centre for Quantum Computing (NCQC)" worth Rs3.31 billion. It covers civil works, laboratory equipment, scholarships, international training, and institutional linkages at HUB, UET, GIKI, and NED. Ahsan Iqbal emphasised the centre's role in securing Pakistan's technological future and competitiveness in cybersecurity, AI, drug discovery, and climate modelling. A revised "Higher Education Development in Pakistan (HEDP)" project worth Rs21.19 billion was referred to ECNEC. It addresses weaknesses in tertiary education, especially in Affiliated Colleges, by providing technology, funding mechanisms, and improved governance with World Bank support. Six Transport and Communication projects were also referred to ECNEC, including dualization of roads in Khushab, Gujranwala, and Chishtian, and a Lahore access corridor. A Rs155.4 billion highway reconstruction project under the Resilient Recovery Framework, to be 90% funded by AIIB, was also included. The CDWP also approved the Rs5.31 billion rehabilitation of railway track maintenance machines and a Rs5.7 billion Punjab Clean Air Programme targeting PM2.5 emissions through electric vehicles, fuel testing, and anti-smog agricultural practices.
