* Courtesy: National Savings Organization official website Market Cap decreased by Rs.3.50 Billion. It was tasked to collect Rs. Pakistan Post Office (PPO) or authorized branches of Scheduled Banks. On the contrary, the ‘Below 1000cc’ category witnessed a negative growth of 4%, wherein a sale of 3,573 units was recorded. Current Profit Rate. The arbitrary and unilateral action action in reducing the interest rates is averse to savings instead of encouraging and provide incentives to savers by fair and reasonable returns on their hard earned savings particularly when savings level back bone of economy is already very low. Gul Ahmed Energy’s Power Purchase Agreement (PPA) with Karachi-Electric (KE), expired in November 2019. Doha Deadlock: What’s the Future of Afghanistan? November 11, 2020: The price of 24 karat gold decreased by Rs100 on Wednesday as it was traded at Rs 112,000 against its sale at Rs112,100 the previous day. November 11, 2020 (MLN): The capital markets remained range bound today as lack of fresh triggers, continued political uncertainty influenced investors to take a cautious trading approach. © 2020 Daily Business World - All Rights Reserved. The price of per tola and 10-gram silver remained unchanged at Rs1180 and Rs1,011.65 respectively. K.electric and other bulk purchasers (ii) Fuel procurement will be the responsibility of GAEL (iii) No liquidated damages relating to fuel supply / electricity supply will be applicable on either party. The government action is unjustified succumbing to pressure of business and manufacturing groups /chamber of commerce (main beneficiaries) utilizing major share of borrowing from banks provided out of public/savers funds kept as trust in banks in the form of deposits on false pretext of controlled inflation and declining price levels. According to a notification, the profit rate has been slashed by: The new rates were applicable from April 24, 2020. Savings Scheme : Cut in Profit Rate : New Profit Rate : Previous Profit Rate : Defence Saving Certificate : 2.33 : 10.68 : 13.01 : Behbood Savings Certificates Likewise, the rate of return on Behbood Savings Certificates and Pensioners’ Benefit Account has been slashed by 1.96 percentage points to 10.32pc from 12.28. Experiencing Dubai in Travel’s ‘New Normal’, Establishment of 'Cyber Crime Control Wing' for Secure Ehsaas Payment…, Bata and Servis Report a Huge Hit in Profits, FBR Inks MoU with NADRA for Real-time Verification of CNICs, Banking Sector Shows the Highest Ever Profit Growth in H1 2020, Meera Breaks Down Over Fraud Accusations [Video], Baby Shark Beats ‘Despacito’ as The Most Viewed Vi…, Nimra Khan Welcomes the Sweater Weather in Style [Pictures], Maria B’s Winter Collection Has Everything for Everyone …, Let’s Save the Environment by Reducing Smoking, Is CSS Worth It? Interest payable on the principal of public debt totaled at $427 million. GAEL's Leverage stands at virtually zero, as it does not have any sort of borrowings (neither long term nor short term). Required fields are marked *. Removal of trade barriers and balance of trade demanded on eve of visit of... Stocks rally, dollar slides as US vote outcome still unclear. April 24, 2020 (MLN): Government has cut profit rates on National Savings Certificates, with new rates taking effect from April 24, 2020. According to a notification issued in this regard, the profit rate has been cut by 1.86% to 8.54% on defense certificate, and by 1.92% to 10.32% on behbood and pension certificates. Fill out the SC-I (Application Form) and purchase the Certificate from any of the following; Eligibility to Invest in Special Savings Certificate, Your email address will not be published. The borrowers want to utilize savers funds by victimising them with minimum or no interest return or even free the public funds. All Share Volume decreased by 111.70 Million to 244.28 Million Shares. The most points taken off the index was by LUCK which stripped the index of 25 points followed by ENGRO with 17 points, MLCF with 9 points, CHCC with 8 points and KEL with 8 points. On a sequential basis, the debt servicing cost shrank by 26% QoQ as it stood at Rs 4.8 billion during Apr-Jun FY20. Note: The above monthly profit has been worked out on Rs.100,000/-. Total companies traded were 401 compared to 403 from the previous session. The gold price in the international market decreased by $3 and it was traded at $1,874 against $1,977, the association reported. Furthermore, the total debt servicing of private sector (non-guaranteed debt) increased 18% YoY to $284 million in which $120 million was retired as principal amount while $164 million were paid as Interest. The most points added to the index was by OGDC which contributed 55 points followed by PPL with 37 points, HBL with 36 points, POL with 25 points and TRG with 16 points. Consequently, the benchmark KSE-100 Index landed in green territory with a gain of 44 points or 0.1% increase to close at 41,197 level. An Exclusive Interview with DC Islamabad Hamz…, TikTok is a Game Changer for Marketers in Pakistan. Although well-managed, in-house O&M activities expose the company to operational risk; thus upholding strong operational performance would remain a key driver of the ratings. Within this segment, MASTER made the maximum sales at 18 units, while HINO took the second spot by selling around 14 units during the period under review. Meanwhile, it is pertinent to mention that within government external debt, the major chunk of $688 million (out 0f 1.4 billion) was paid on multilateral loans followed by $685 million on commercial loans as principal amount. Banks / Inv. During October, the '1000 cc' category witnessed the second-highest growth in sales i.e up by 3% MoM to 2,014 units. Total volume traded for the index was 129.69 million shares. Even despite Chamber of Commerce falsely claiming decline in price levels and illegal pressure on SBP to bring down key interest rates, only a week earlier Indus Motors contrarily increased prices on all its models from Rs. Of the 96 traded companies in the KSE100 Index 34 closed up 59 closed down, while 3 remained unchanged. With a purpose to ensure that their money remains safe and they earn a profit on it as well, millions of people in Pakistan invest in National Savings, the Country’s largest investment & financial institution. The government and SBP too for strange reasons obliges them burdening public instead of initiating bankruptcy proceedings. According to a monthly report released by the Pakistan Automotive Manufacturers’ Association (PAMA), the highest volumetric sales in percentage terms were made within the '1300 cc and Above' category as passenger cars’ sales were up by 4% and clocked in at 6,410 units. In absolute values, Suzuki Alto recorded the highest sales at 2,893 units, followed by Suzuki Bolan which sold 680 units. You can easily calculate profit on your investment by dividing the relevant amount of the table with 100,000 and then multiplying with the amount you have invested. Furthermore, GAEL’s controlling interest in the 3 subsidiaries it owns is noted as i) Gul Ahmed Wind Power Limited 50MW which is operational since 2016, ii) Gul Ahmed Electric Limited 50MW which has achieved financial close in 2019, has subsequently achieved a Construction Start Date in July, 2020 and shall be commencing commercial operations on November, 2021and iii) Gul Ahmed Solar Power Limited 50MW which has obtained Letter of Intent from Energy Department, Government of Sindh. 10.56%; Modes of Deposits. The login page will open in a new tab. Of the scrips traded 133 closed up, 247 closed down while 21 remained unchanged. No sales for Suzuki Mehran were seen during the month. Cash, Cheque, Draft & Pay-order; Investment Limit. These business groups already availing multiple advantages and incentives in the form of rebates, moratoriums, tax holidays, refunds etc., at the cost of tax payers. Meanwhile, the determination of PPA is the final stages, while timely finalization of the same is essential for the ratings. pension. The profit rate on regular income certificate was raised by 12 basis points to 7.80%. As the only registered business news agency in Pakistan we take pride in the speed and accuracy of our news. 120,000 to 500,000. Your email address will not be published. For non-filers: 17.5% of profit; however the tax will be 10% if profit is less than Rs 500,000. 410 billion in the last fiscal year. Please log in again. Minimum amount of Rs 50,000; No limit in maximum investment; Taxes on Defence Savings Certificate. Recently, National Electric Power Regulatory Authority (NEPRA) has approved the tariff of GAEL for three years which is contingent till the time CPPA-G/NTDC are willing and capable of supplying equivalent additional power to KE. According to a notification issued in this regard, the profit rate has been cut by 1.86% to 8.54% on defense certificate, and by 1.92% to 10.32% on behbood and pension certificates. Interest rates were revised down after the State Bank of Pakistan (SBP) aggressively cut the benchmark interest rate by 4.25% in one month. 1.86% to 8.54% from 10.54% on Defense Saving Certificates, 1.92% to 10.32% from 12.28% on Behbood and Pension Funds, 1.60% to 7% from 8.60% on Savings Account, 3% to 8% from 11.13% on Special Saving Certificates (SSC), 2.28% to 8.28% from 10.56% on Regular Income certificate. Under this head country paid $40 million as principal payment and $53 million paid as interest. However, E&P sector on the back of increasing oil prices in international market and the continuous recovery of Pak rupee against dollar helped the index to conclude the session in green zone. November 11, 2020 (MLN): The sale of passenger cars during the month of October 2020 was recorded at 11,997 units against a total production of 11,601 units, showing a marginal growth of 1% MoM as compared to the 11, 860 units sold in September 2020. The ratings have a stable outlook owing to the already determined tariff.

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