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India Gazette
3 days ago
- Sport
- India Gazette
PKL 12 Auction: 10 crorepatis highlight day 1, Aanil Mohan scripts history on day 2
Mumbai (Maharashtra) [India], June 1 (ANI): Another exciting Pro Kabaddi League (PKL) player Auction for season 12 concluded on Sunday after a weekend of intense bidding action as the 12 franchisees built teams worthy of providing a healthy competition for the upcoming season. 10 crorepatis were the top highlight of day 1, as two-time champion Mohammadreza Shadloui joined the Gujarat Giants for a whopping INR 2.23 Crores, as per a release from PKL12 Auction. With him in the 2 Crore group was Devank Dalal, the Best Raider in PKL 11. He was signed by Bengal Warriorz for INR 2.205 Crores, making him the fifth-most expensive player in the PKL Player Auction after Shadloui's bid on Saturday. The new Final Bid Match (FBM) rule was also seen in action across the two days, allowing teams to buy back their released players by matching the final auction bid price, for either one or two seasons. While five players were retained for two seasons, nine players were retained for one season. Category C was a golden opportunity for the all-rounders, with the likes of Nitin Rawal, Gurdeep and Dheeraj earning high bids. Nitin joined Jaipur Pink Panthers for a fee of INR 50 Lakhs, while Gurdeep was signed by Puneri Paltan for INR 47.10 Lakhs and Dheeraj will don the Bengaluru Bulls jersey after earning an impressive bid of INR 40.20 Lakhs. However, it was raider Akash Shinde who took the top bid in this category, moving to Bengaluru Bulls for INR 53.10 Lakhs. In what was one of the most surprising moves of the Player Auction, an exciting bidding war saw U Mumba secure the services of Aanil Mohan for an impressive INR 78 Lakhs - the highest-ever bid in Category D in PKL history. The all-rounder from Himachal Pradesh won the highest bid across both categories on Day 2, with Uday Parte getting the second-highest bid in Category D. He was signed by Jaipur Pink Panthers INR 50.10 Lakhs. Speaking about the Player Auction, Anupam Goswami, Business Head, Mashal Sports & League Commissioner, Pro Kabaddi League, 'It is very positive that the momentum of the PKL 12 Player Auction Day 1 has been maintained on Day 2. The teams have displayed strong interest in Categories C and D, especially through the Rs78 lakh buy for PKL debutant Aanil Mohan, the highest ever for a Category D player in our League's history. Such fresh players often form the backbone of a team, and investing in their growth is key to building competitive squads for the long term. Of course, the emergence of 10 'Crorepati' players this season reflects a balanced market, where both established names and new talent are being valued appropriately. It sets the tone for another competitive season ahead,' as quoted from a release by PKL12 Auction. Aanil Mohan, who was signed by U Mumba, shared his excitement at the end of the Player Auction, 'It feels very exciting to finally be a part of the PKL and to see my hard work paying off. I am also thankful to U Mumba for their efforts in signing me for the upcoming season and hope to leave a mark. Mumba have nurtured a lot of Raiding stars in the past and I hope I can follow in their footsteps. Playing in this league is a dream come true and I will do my best to ensure I can repay the faith put in me.' (ANI)
Business Recorder
26-05-2025
- Business
- Business Recorder
BMP voices its concerns over delay in budget presentation
LAHORE: The Federation of Pakistan Chambers of Commerce and Industry's Businessmen Panel (BMP) has expressed serious concern over the government's decision to delay the presentation of the federal budget for the fiscal year 2025-26 and the possible imposition of additional levies, including a sharp hike in the petroleum levy. The BMP Chairman and FPCCI former president Mian Anjum Nisar termed these developments deeply troubling for the already struggling business community and warned that such decisions would further strain the economy and damage investor confidence. He said that the federal government recently shelved its plan to present the budget on June 2 and is now expected to unveil the fiscal plan on June 10. The delay has been attributed to Prime Minister Shehbaz Sharif's foreign tour as well as internal disagreements over the finalisation of expenditures. He said that this postponement creates unnecessary uncertainty at a time when the business environment is already fragile due to inflation, high energy costs, and sluggish growth. Mian Anjum Nisar stated that the delay in the budget presentation sends a negative signal to the market, businesses, and foreign investors who are waiting for policy clarity. He said that businesses plan their fiscal year strategies based on expected policy announcements, and any delay hampers their ability to make timely decisions regarding investment, procurement, and employment. He added that the lack of transparency around budget planning is further eroding trust between the business community and the government. The BMP is particularly concerned about the government's reported move to increase the petroleum levy, which currently stands at Rs78 per litre. The government is reportedly considering raising this levy further in order to finance a larger Public Sector Development Programme (PSDP) of Rs1 trillion for the next fiscal year. Mian Anjum Nisar warned that any additional levy on petroleum products would result in a significant increase in the cost of doing business, leading to a rise in inflation and further weakening the purchasing power of consumers. He noted that fuel is a key input for industries, transportation, and agriculture, and any increase in its price has a ripple effect across the entire economy. Instead of increasing indirect taxes like the petroleum levy, Nisar urged the government to focus on broadening the tax base, curbing unnecessary expenditures, and implementing structural reforms to improve revenue collection without burdening businesses and the general public. He also criticised the lack of stakeholder consultation in budget-making, especially when businesses are the biggest contributors to taxes and employment. Nisar said that the upcoming budget appears to be driven largely by the International Monetary Fund's directives, with little attention paid to the domestic realities faced by industrialists and exporters. He stressed that the government must engage with business leaders to frame policies that are sustainable and practical, rather than relying solely on external advice. The BMP also raised concerns about possible cuts to subsidies and increased energy costs in the upcoming budget. Nisar warned that the business community will not be able to absorb any further increases in electricity and gas prices, as production costs have already reached unaffordable levels. He said that many industrial units, especially small and medium enterprises, are on the verge of closure due to high input costs and lack of support from the government. The panel also criticised the government's handling of the circular debt issue in the petroleum sector. The plan to use inflated dividends from state-owned enterprises to clear circular debt lacks transparency and may lead to market distortions. Nisar said that instead of adopting temporary fixes, the government should address the structural flaws in the energy sector, including mismanagement, inefficiencies, and losses in transmission and distribution. Nisar further said that the recent abnormal increase in the share price of Pakistan State Oil (PSO), despite its poor financial condition, raises serious questions. He supported the IMF's decision to seek more clarity before approving the government's plan and expressed concern over the exclusion of PSO from the debt retirement scheme. Copyright Business Recorder, 2025
Express Tribune
24-05-2025
- Business
- Express Tribune
Budget delayed by a week
Listen to article The government has delayed the presentation of the new budget by over a week due to Prime Minister Shehbaz Sharif's foreign tour to thank friendly nations for supporting Pakistan in the war against India and due to some hiccups in the finalisation of certain heads of expenditures. Sources also said that the government was considering further increasing the existing Rs78 per litre petroleum levy rate to finance an enlarged Public Sector Development Programme (PSDP) for the fiscal year 2025-26, starting from July. The government shelved the plan to present the budget on June 2 and instead decided to unveil the fiscal year 2025-26 outlay on June 10, finance ministry sources said. Accordingly, a scheduled May 26 meeting of the Annual Plan Coordination Committee to approve the next fiscal year's PSDP and macroeconomic targets has also been indefinitely postponed. The development came on the last day of budget discussions with the International Monetary Fund (IMF) on finalising the new budget in line "with the advice of the IMF staff." Speaking to The Express Tribune, Federal Board of Revenue (FBR) Chairman, Rashid Langrial, said that discussions with the IMF would continue virtually during the weekend as well as over the next week. "Constructive and in-depth discussions have been held with the IMF, which will continue over the next week," said Langrial. Matters pertaining to taxation were opened for discussion in addition to the tax target. The FBR's target, the PSDP, and spending on security matters are interlinked. Ahsan Iqbal, Minister for Planning and Development, told The Express Tribune that for the next fiscal year the PSDP budget had been set at Rs1 trillion, Rs79 billion higher than the earlier proposed ceiling of Rs921 billion. Iqbal said that the budget had been delayed due to "limited time after concluding talks with the IMF and because of the Eid holidays." PM Sharif has convened another meeting in Lahore today (Saturday) to discuss budget-related issues before leaving for a four-nation trip on Sunday. Separate meetings were held with the prime ministe and Deputy Prime Minister Ishaq Dar on Friday to finalise next year's PSDP. The coalition partners were demanding large shares in the PSDP, including more allocations for parliamentarians' schemes. Dar on Friday emphasised that PSDP priorities must deliver tangible socio-economic benefits, particularly job creation, poverty reduction, and regional equity, aligned with the prime minister's URAAN Pakistan vision for inclusive, innovation-led growth. The deputy prime minister also chaired the high-level committee for the implementation of the National Fiscal Pact (NFP). The committee aims to facilitate effective implementation of NFP, a major step in addressing fiscal challenges faced by the federal government. The committee deliberated on ways to improve and enhance the federal fiscal resource base. The committee reaffirmed its commitment to NFP while emphasising the resolve to find a viable solution to the current fiscal challenges facing the federal government. Circular debt plan Meanwhile, the IMF has not endorsed the government's plan to retire circular debt in the petroleum sector. The privatisation adviser presented the plan first to the prime minister and then to the IMF on Friday. The government had proposed settling about Rs1 trillion worth of circular debt against higher-than-normal dividends by state-owned companies. These higher dividends were proposed to be utilised for retiring the circular debt over a period of five years. For the next fiscal year, the government had proposed retiring Rs170 billion of petroleum sector circular debt, including Rs19 billion of Pakistan State Oil (PSO). However, there was abnormal movement in the share price of PSO, which increased 133.1% since July last year, despite the company facing serious problems. By comparison, the share prices of financially stable firmsOil and Gas Development Co increased by 57% and Pakistan Petroleum Limited by 45%. The IMF raised queries against the plan and postponed the matter until after the budget for further review. The government has now excluded PSO from the circular debt retirement plan due to serious objections over the abnormal movement in PSO shares, said the sources. They said that the IMF was also unwilling to further increase power subsidies and has asked to cap them at Rs1.04 trillion, equal to 0.8% of the size of the economy. The power division was demanding Rs180 billion more. The finance ministry has also slashed some other subsidies in the next budget to create space for clearing contingent liabilities. PM Sharif will travel abroad from May 25 to visit Iran, Türkiye, Azerbaijan, and Tajikistan. The premier will visit Türkiye and Azerbaijan, where high-level discussions will be held with the respective heads of state. The prime minister is expected to reaffirm Islamabad's appreciation for their vocal support during the India-Pakistan conflict and explore broader strategic and economic cooperation. The final stop of the tour will be in Dushanbe, Tajikistan, where PM Sharif will attend the International Conference on Glaciers.
Express Tribune
21-05-2025
- Business
- Express Tribune
Increase in petroleum levy in the offing
Listen to article The government has decided to make a massive increase in petroleum levy up to Rs90 per litre on the sale of oil products, which will be collected from consumers. "The federal government, in exercise of powers conferred under Section 8 read with Section 3(1) of the Petroleum Products (Petroleum Levy) Ordinance, 1961, authorises the Petroleum and Finance Divisions to make adjustments – with the approval of the prime minister — in the rate of petroleum levy on petroleum products, up to a maximum of Rs90 per litre, to ensure timely fortnightly revisions in petroleum prices," the Economic Coordination Committee (ECC) said in a recent meeting. At present, the consumers are paying Rs78 per litre in petroleum levy on petrol and Rs77 per litre on diesel. During previous decisions relating to revision in petroleum prices, the federal government had decided to redirect the collection of petroleum levy to subsidise electricity consumers and finance road and canal projects in Balochistan. The decision was taken while discussing matters pertaining to sales tax on refineries and oil marketing companies (OMCs). The Petroleum Division briefed the forum that petroleum products (Mogas, diesel, kerosene oil and light diesel oil) had been classified as "exempted" under the Finance Act 2024. As a result, the refineries and OMCs incurred the cost of input sales tax (Rs34 billion for financial year 2024-25), which could not be recovered through product prices, which are regulated and fixed by the Oil and Gas Regulatory Authority (Ogra). A proposal to levy 3-5% sales tax on motor spirit (MS or petrol) and high-speed diesel (HSD) was developed in consultation with the oil industry, Finance Division and Federal Board of Revenue, but it could not be implemented due to the lack of agreement with the International Monetary Fund (IMF) on reducing the tax rate. It is worth noting that the standard general sales tax (GST) of 18% on MS and HSD will result in a price rise of around Rs45 per litre, which is not desirable. Any changes to the tax rate will require prior consultation with the IMF as well as approval of parliament. Besides the sales tax issue, the OMCs and petroleum dealers requested an increase in their margins on MS and HSD. In that regard, Ogra recommended an increase of Rs1.13 and Rs1.40 per litre in margins of OMCs and dealers, respectively, to ensure the sustainability of oil supply chain. Ogra's recommendations were reviewed and certain amendments were suggested in a summary. To partially address the financial issues faced by refineries, OMCs and dealers, the Petroleum Division proposed that since petroleum products (Mogas, diesel, kerosene oil and LDO) were exempt from sales tax during the current financial year, the unadjusted sales tax of refineries and OMCs (estimated at Rs34 billion) from July 2024 to June 2025 may be compensated through the inland freight equalisation margin (IFEM). The amount may be recovered over 12 months. It said that for FY26, a 3-5% sales tax on the above-mentioned fuel products may be imposed through the Finance Act. However, if the products remain exempt from sales tax, the unadjusted tax may again be compensated through the IFEM as a fallback option to keep the oil supply chain sustainable. Ogra will develop a mechanism for adjusting GST claims and ensure effective utilisation of digitisation costs, along with implementation timelines, within one month of approval. The full cost of digitisation will be borne by the OMCs across the supply chain, including the retail outlets. The Petroleum Division briefed the ECC that based on those proposals the indicative impact on MS and HSD prices would be Rs1.87 per litre for sales tax adjustment. It was also proposed to increase margins for OMCs by Rs1.13 per litre and for dealers by Rs1.12 per litre. The ECC considered a summary titled "Settlement of financial issues of refineries and OMCs" and agreed that the unadjusted FY25 sales tax of OMCs and refineries may be compensated from May 16, 2025 through the IFEM (which was estimated at Rs34 billion and would be verified by Ogra). The amount will be recovered until the end of FY26. The proposal for the imposition of 3-5% GST on petroleum products shall be considered along with other tax-related proposals for inclusion in the upcoming Finance Bill.
Time of India
17-05-2025
- Business
- Time of India
Indian markets get boost as FPIs invest Rs 18,620 crore in May amid uncertainty
(Image credits: ANI) NEW DELHI: Foreign Portfolio Investors (FPIs) made strong investments in the Indian equity markets this week, bringing in Rs 4,452.3 crore between May 13 and May 16, according to data from the National Securities Depository Limited (NSDL), reported by news agency ANI. FPIs recorded their highest inflow of the week on Friday, investing a net Rs 5,746 crore into Indian equities. However, the overall trend remained volatile, with Tuesday seeing a significant net outflow of Rs 2,388 crore — likely reflecting investor caution or profit booking amid market uncertainty. The total FPI investment into Indian equities in the month of May has now reached Rs 18,620 crore. Despite the strong inflow in May, FPI outflow stands at Rs 93,731 crore. The primary reason being the heavy selling seen in the first three months of the year when global uncertainties and rising US bond yields negatively impacted investor sentiment. Net FPI investment in Indian equities stood at Rs 4,223 crore in April, marking a shift in foreign investment trends. According to NSDL data , FPIs sold stocks worth Rs 3,973 crore from Indian equities in March. The selling was even more intense in the first two months of the year, with net outflows of Rs78,027 crore and Rs 34,574 crore in January and February. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ative o software antivírus do seu computador Clique aqui Undo Last week, the benchmark indices saw a strong rally, with the Nifty rising 4.2% and the Sensex gaining 2,875 points. All major sectoral indices traded in positive territory, with Defense, Realty, and Capital Market sectors leading the way. Defense gained 17%, Capital Market 11.50%, and Realty 10.85%. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
