The Hub Power Company Ltd posted a net profit of Rs57.6 billion for 2022-23, up 102 per cent from a year ago, the independent power producer told investors on Tuesday. The rise in its earnings was mainly because of a 3.7 times year-on-year increase in the share of profit from associate and joint-venture firms and the addition of Thar Energy Ltd, said Arif Habib Ltd. In the April-June quarter
Zyp Technologies, a Pakistani electric vehicles startup, announced on Tuesday that it had raised $1.2 million in seed funding led by Indus Valley Capital (IVC). “With this key investment, Zyp is driving mass-market adoption of electric mobility in Pakistan by addressing three key hurdles to adoption: high upfront cost, range anxiety and long charging times,” a press release issued by the startu
The rupee continued to strengthen against the dollar in the interbank market on Tuesday, rising 0.42 per cent to below 300, a barrier it crossed for the first time ever on Aug 24. According to the State Bank of Pakistan’s data, the rupee closed at 299.89 on Tuesday compared to 301.16 a day ago. In the open market, however, the rupee remained unchanged at 300 to the dollar. The local curre
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) will meet on Thursday to announce its decision on the interest rate regime. The SBP will issue the Monetary Policy Statement through a press release the same day. The monetary policy is critical for the stakeholders of the economy, particularly in the wake of over 26 per cent inflation. For SBP, the main question is
The Securities and Exchange Commission of Pakistan (SECP) has formed a committee in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP) and the Pakistan Institute of Development Economics (Pide) to promote corporatisation. It will be headed by SECP Executive Director Mussarat Jabeen and will have two more officers from the commission. Dr Nadeem-ul-Haq will head the comm