KARACHI: Avanceon Ltd on Friday signed the mandate with BMA Capital for the planned initial public offering of Avancoen’s wholly-owned subsidiary Octopus Digital.

Arpak withdraws delisting application

Arpak International Investments Limited announced that the company board had decided to allow the majority shareholder to withdraw his offer to buy back shares of the company from minority shareholders and to withdraw the delisting application of the company from PSX.

NCL reports Rs265m profit

Nishat (Chunian) Ltd announced results for FY20 posting unconsolidated profit after tax of Rs265 million and earning per share at Rs1.11. The company also declared final cash dividend at Re1/- per share. The company’s revenues during the period declined to Rs35.6bn, from Rs39.3bn.

Ghani Global profits rise to Rs40.5m

Ghani Global Glass Ltd announced profit after tax at Rs40.5 million and EPS at Re0.40 for the year ended June 30, 2020, against loss of Rs147.6m and loss per share of Rs1.48 for the previous year. The company’s sales during the year rose to Rs1.30bn, from Rs792m.

PSX to list two ETFs

The PSX on Friday announced that the Meezan Pakistan Index jointly developed by PSX and Al Meezan Investments Ltd would be made live along with its constituents from October 5. The index was started on September 1 with the base value of 10,000 points.

In addition, the PSX also announced that the NBP Pakistan Growth Index jointly developed by the PSX and NBP Fund Management Ltd would be made live along with its constituents from October 5 aswell. The index was started on September 30 with the base value of 10,000 points.

Tesla sales surge

NEW YORK: Tesla’s third-quarter sales jumped 44 per cent as global demand for its electric vehicles outpaced that of most other automakers.

The company reported Friday that it had delivered 139,000 SUVs and sedans from July through September, compared with 97,000 deliveries during the same period a year ago.

The sales topped even some of the most optimistic projections coming from Wall Street. Analysts polled by data provider FactSet expected the company to sell closer to 137,000. Telsa has been rewriting the script throughout the year amidst a pandemic that has closed factories and scrambled supply lines.

This puts Musk & Co. in prime position to hit the area code of 500k units for the year which six months ago was not even on the map for the bulls,’” Daniel Ives of Wedbush wrote Friday.—AP

Published in Dawn, October 3rd, 2020