Business
Share Prices Soar to Historic 160,000-Point Milestone – SUCH TV
The Pakistan Stock Exchange (PSX) made history on Friday, crossing the 160,000-point mark for the first time as investors showed confidence following the successful conclusion of the IMF review for the release of the second installment of the Extended Fund Facility (EFF) worth $7 billion, and the government’s efforts to tackle circular debt.
Investor sentiment was further boosted by the high-profile meeting between Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir with US President Donald Trump at the White House.
During Friday’s opening session, the PSX KSE-100 Index gained 1,114.57 points (0.69%), closing at an all-time high of 160,394 points.
Out of 385 companies traded, 242 recorded gains, 116 faced losses, and 27 remained unchanged.
Analysts attributed the rally to the government’s landmark agreement to address Rs1.225 trillion circular debt in the power sector.
The deal, finalized under the Prime Minister’s Task Force with input from the State Bank of Pakistan, 18 commercial banks, and the Pakistan Banks Association (PBA), includes restructuring Rs660 billion of existing debt and providing Rs565 billion in new financing for power generation companies to clear outstanding dues.
The bullish trend had already begun on Thursday, with the KSE-100 Index rising 1,043.42 points (0.66%) to close at 159,280.09 points.
Top-traded companies included K-Electric Limited with 406,344,273 shares at Rs7.38 each, Cnergyico PK with 207,134,630 shares at Rs8.85, and WorldCall Telecom with 174,061,613 shares at Rs1.76 per share.
The top gainers were Rafhan Maize Products Company Limited, share prices of increased by Rs70.39 to close at Rs9,594.95, and Nestle Pakistan Limited, which rose by Rs35.60 to close at Rs8,435.00.
The major losers were PIA Holding Company LimitedB, which declined by Rs1,556.18 to close at Rs28,042.82, and Khyber Textile Mills Limited, which fell by Rs184.99 to close at Rs1,924.82.
Business
Govt keeps petrol, diesel prices unchanged for coming fortnight – SUCH TV
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
Business
Serial rail fare evader faces jail over 112 unpaid tickets
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
Business
JSW Likely To Launch Jetour T2 SUV In India This Year: Reports
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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