Pakistani Companies Raised Rs. 35.4 Billion Through IPOs and Right Issues in 2020
Pakistani companies raised Rs. 35.4 billion via initial public offerings (IPOs) and Rights from the stock market (PSX) in 2020. This is approximately the same as compared to Rs. 35.7 billion raised in 2019, said a report released by the brokerage house Topline Securities on Wednesday.
According to the report, four IPOs and fourteen Right Issues took place at the Pakistan Stock Exchange (PSX) in 2020. The bourse witnessed four IPOs (including are preference share listing) during the year in spite of the COVID-19 outbreak, where the cumulative amount raised clocked in at Rs. 8.4 billion. The number of equity IPOs this year, is the highest in the last five years.
Steel billets, ingots output up 44pc
Business
December 16, 2020
KARACHI: Production of Steel billets / ingots increased 44 percent on yearly basis during the month of October 2020, according to the latest data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
“This is the highest monthly production over the last 25 months,” Ahmed Rauf at Sherman Securities said.
Cumulatively in four months (4MFY21), production growth stood at 30 percent over the same period last year. This trend suggests that there is higher demand for long steel products, as billet is a major intermediary product for manufacturing of rebars, girder and t-iron.
“Our working suggest that risk of capacity overhang is mitigating, as local industry capacity utilisation in October stood around 80 percent,” Rauf said. “Thus, rising capacity utilisation may lend support to local rebar producers in passing on the rising international steel scrap prices.”