Skip to main content

Amreli Steels encounters an unexpected breakdown in its re-heating furnace

Amreli Steels Limited has encountered an unexpected breakdown in its re-heating furnace at the re-rolling plant situated in Dhabeji.

The management expects that the rolling mill will be non-operational for ten days which may result in decline of rebars production of up to 8,000 metric tons for the quarter ending March 31, 2020.

‘The teams are working to fix the fault and resume the production facility as early as possible. However. It may be clarified that our Steel Meltshop located at Dhabeji and Rolling Mill located in S.I.T.E area remains operational’ a notice issued by the company said on Wednesday.

Comments

Popular posts from this blog

State Bank of Pakistan issued new instructions over the Interest Rates and Deposit Rates

SECP Links Short Selling With Uptick Rule in Futures Market

In the wake of COVID-19 and its unprecedented effect on global stock markets, the Securities and Exchange Commission of Pakistan  in consultation with market stakeholders and market infrastructure institutions, has decided that for the April 2020 contract, a short sale in 36 specific shares of the futures market shall be subject to an uptick rule. This will ensure the provision of a required prior notice period to the market and retain liquidity in the rollover week. The uptick rule means that the shares of that relevant scrip have to be sold at a price higher than the last trade not lower. Further, to support the mutual fund industry, the maximum period of borrowing by mutual funds for redemption purposes will be extended from existing 90 days to 360 days. Moreover, the commission has allowed relaxing deposit requirements against the base minimum capital of TREC holders. The requirement to perform biometric verification at the time of opening of the account is eased and ...