Latest news with #Rs2.36
Time of India
11-06-2025
- Business
- Time of India
Nelpettai fish vendors stall demolition; corpn promises relocation
1 2 3 Madurai: Work on the 2.36-crore modernisation of the Nelpettai fish market, one of the busiest markets in the core city area, hit a brief snag on Wednesday, as vendors blocked Madurai corporation officials who arrived with earthmovers and police protection to demolish the old structure. The officials came to dismantle the four-decade-old stalls ahead of constructing a new market complex. However, members of the Nelpettai fish market association blocked the officials, preventing the machinery from entering and bringing proceedings to a standstill for an hour. The vendors insisted the demolition could not proceed until they were given a suitable temporary site to continue trading. "The plot offered to us near the goat-slaughter area is unhygienic and unviable," association secretary Emam Jawahar Sadiq told TOI. "We have petitioned the commissioner asking for a location in the vicinity so that our mainly retail customers are not inconvenienced." After talks, corporation officials agreed to defer the demolition until next week and to identify an alternative spot acceptable to the traders. "We are scouting for a place and an arrangement will be finalised shortly. The association also wants an assurance on shop allotment once the new market is built; that aspect will be examined," corporation commissioner Chitra Vijayan said. A fish market association member pointed out that earlier proposals to shift the fish vendors to Mattuthavani were dropped after the association argued that the Nelpettai market—located within city limits—caters mainly to small, walk-in buyers and does not cause major traffic disruption. "The redevelopment is a boon, but we must be able to earn a livelihood in the interim," Sadiq added. Local residents also welcomed the upgrade plan, describing the present market as cramped and difficult to maintain. "Nelpettai has always been the go-to place for fresh fish, but its condition often creates inconvenience," said Naga Raj of Kamarajar Salai. "A cleaner, better-organised market will benefit both shoppers and vendors," he added. According to corporation officials, once commenced, the project will replace the dilapidated structure with a modern facility in 10 months, designed to improve hygiene, circulation, and waste management. **Project Highlights** - **Project Cost:** Rs2.36 crore - **Area:** 10,000sqft - **Infrastructure Upgrades:** - 42 new shops - Separate toilet complexes for men and women - **Timeline:** - Work order awarded after tender process - Completion expected within 10 months from the start date
Express Tribune
24-04-2025
- Business
- Express Tribune
Border tensions spark sell-off at PSX
Shares of 345 companies were traded. At the end of the day, 75 stocks closed higher, 254 declined and 16 remained unchanged. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) on Thursday nosedived over 2,200 points as escalating border tensions between Pakistan and India sparked investor anxiety. A heated war of words and airspace restrictions heightened fears of regional instability. The unfolding situation triggered a broad-based sell-off as market participants rushed to reduce exposure in a volatile environment. The KSE-100 index plunged to the intra-day low of 114,661 soon after the commencement of trading, but it recovered quickly and rose to the intra-day high of 116,568. It started losing ground again and closed with a sharp loss of 2,206 points. Pressure from the futures rollover week and caution ahead of major corporate earnings announcements also pushed the market down. Heavyweights such as power, oil and bank stocks led the slump. Despite the sell-off, some buying interest was seen in oil and automobile stocks. According to Arif Habib Corp MD Ahsan Mehanti, stocks fell across the board as investors feared an escalation in tensions following India's action post-attacks in occupied Kashmir. Additionally, a weak rupee and concerns over trade ties triggered a bearish close at the PSX, he said. At the end of trading, the benchmark KSE-100 index recorded a sharp fall of 2,206.33 points, or 1.88%, and settled at 115,019.82. Topline Securities wrote in its commentary that sentiment soured at the bourse as the KSE-100 index extended its previous day's losses. Weighed down by escalating regional tensions between India and Pakistan and the conclusion of futures rollover week, the market adopted a risk-off tone. The benchmark index touched the intra-day low of 2,564 points before closing down by 2,206 points. Negative contribution mainly came from Hub Power, Engro, Mari Petroleum, Bank Alfalah and UBL, it said. Despite the widespread bearish activity, Pakistan State Oil led trading with a value of Rs2.36 billion. Besides, Pakistan Tobacco reported Q1 earnings per share (EPS) of Rs24.53, Topline added. Arif Habib Limited (AHL), in its review, wrote that the "Tariff Gap" was replaced by the "Indus Waters Treaty Gap," marking two bearish gap-down openings in April. "These can be contrasted with the bullish International Monetary Fund (IMF)-driven gaps seen in 2023." Market breadth remained weak as only eight stocks closed higher while 89 declined. The largest negative contribution came from Hub Power (-2.91%), Bank Alfalah (-3.54%) and Mari Petroleum (-2.38%). On the positive side, Pakgen Power (+9.73%), Pakistan Tobacco (+1.69%) and Unilever Pakistan Foods (+1.96%) defied the downtrend, it said. Fauji Cement reported 9MFY25 EPS of Rs3.84, representing a 34% year-on-year (YoY) increase, but results came in below market expectations. Faysal Bank announced 1QCY25 EPS of Rs3.60, down 18% YoY, which was in line with estimates. KTrade Securities said in its market wrap that the ongoing border tensions between Pakistan and India dented market sentiment, leading to a sell-off across the board. Pakistan has responded to Indian aggression with countermeasures, including closing the airspace and the Wagah border and rejecting the suspension of Indus Waters Treaty. Banking, oil and gas, fertiliser and cement sectors were the top contributors to the index's decline, with Engro, Hub Power, Bank Alfalah, Mari Petroleum, Fauji Fertiliser, MCB Bank and UBL leading the charge, KTrade observed. JS Global analyst Muhammad Hasan Ather said the KSE-100 index dropped 1.9% amid rising geopolitical tensions and fears over the futures rollover week and earnings season. Despite a brief midday recovery, the index witnessed heightened selling pressure that forced investors to remain cautious. Overall trading volumes decreased to 506.7 million shares as compared with Wednesday's tally of 605.2 million. The value of shares traded during the day was Rs24.5 billion. Shares of 456 companies were traded. Of these, 83 stocks closed higher, 339 fell and 34 remained unchanged. Power Cement led the volume chart with 37.3 million shares, rising Rs0.25 to close at Rs14.45. It was followed by WorldCall Telecom with 31.2 million shares, falling Rs0.02 to close at Rs1.31 and Sui Southern Gas Company with 23.4 million shares, falling Rs0.06 to close at Rs41.05. During the day, foreign investors bought shares worth Rs638 million, the National Clearing Company reported.
