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KARACHI: A big chunk of 523 million shares in Byco Petroleum Pakistan Ltd was sold on Wednesday by IGCF Oil and Gas Ltd previously called Abraaj Mauritius.
Yawar uz zaman, head of research at Pearl Securities, said that the deal which was in the making for quite some time was sealed at a price of Rs9.46 per share. The divestment of Byco stock by Abraaj group was 9.8pc out of its 22pc holding in Byco, which the market watchers said was purchased in blocks by local brokers, companies and individuals. The biggest chunk of 309m shares or 7pc was stated to be bought by a major investor.
REFINERY NEWS ROUNDUP: Mixed run rates in Asia-Pacific
The BPCL Mumbai refinery on the west coast of India is currently running at full capacity even as partial lockdown has been introduced in many parts of the western region. It recorded a 118% run rate in March compared with 116% a year ago, while the run rate for 2019-20 (April-March) was 95%, compared with 115% in 2019-20, reflecting the impact of lockdown in 2020.
However, India’s Reliance Industries Ltd. in March ran at 84% at its two refineries at the Jamnagar integrated refinery complex, down from 96% a year earlier, with overall runs still to attain pre-pandemic levels. In March, the domestic refinery ran at 101%, compared with 108% a year earlier, while the export-focused refinery ran at 69%, from 84% in the year-ago month.
KARACHI: National Bank of Pakistan on Wednesday announced profit-after-tax (PAT) for 1QCY21 at Rs7.8 billion (earnings per share at Rs3.67), depicting a whopping year-on-year increase of 90 per cent.
Net interest income (NII) growth for the bank has been impressive on a year-on-year basis but portrayed a sluggish behaviour on a quarter-on-quarter basis.
However, despite massive growth in profit the bank did not announce any dividend.
BAHL earns Rs4.6bn
Bank Al Habib Ltd (BAHL) on Wednesday announced PAT at Rs4.6bn (EPS at Rs4.14) for 1QCY21, down 2pc quarter-on-quarter basis.
The earnings are above market expectations, where variance has mainly come from higher than expected net interest income, provision reversals, and lower effective tax rate.