KARACHI: The textile and auto sectors continue to face a crisis as an auto parts maker has announced a partial shutdown, while a textile mill has planned to close two of its units indefinitely.
Agriauto Industries Limited, a manufacturer of auto parts, and its wholly owned subsidiary Agri Stamping Company Private Limited will undergo a partial shutdown in Oct due to low production volumes of local vehicle assemblers. Both companies had previously experienced partial shutdowns in July and Sept for the same reason, according to stock filings.
Shahzad Textile Mills Limited announced in a stock filing that its board of directors has decided to shut down Units No 1 and 4 starting from Sept 29 due to reduced market demand for yarn. However, Units No 2 and 5 will remain operational.
Pak Suzuki raises bike prices; sharp decline in oil sales
Bike price hike
With the rupee continuing to strengthen against the dollar in the interbank and open markets since Sept 5, Pak Suzuki Motor Company Limited (PSMCL) has announced price increases of Rs17,000 and Rs18,000 for two models, effective from Oct 1. The new prices for GD-110S and GS150 are Rs352,000 and Rs382,000, respectively.
While the two wheeler plant remained shut from Sept 1-15 followed by Sept 20-22, PSMCL had raised the prices of its two models, GR-150 and GSX 125, by Rs11,000 and Rs26,000 to Rs547,000 and Rs499,000 from Sept 15.
The country’s total oil sales in Sept plunged by 28 per cent month-on-month (MoM) and 34pc year-on-year (YoY) to 1.01 million tonnes, while sales for IQFY24 fell by 16pc to 3.77m tonnes.
According to Arif Habib Limited, petrol, high-speed diesel (HSD), and furnace oil (FO) sales stood at 0.52m tonnes, 0.39m tonnes, and 0.08m tonnes, respectively, during Sept, depicting a MoM drop of 23pc, 28pc, and 28pc, and a YoY fall of 18pc, 24pc, and 72pc, respectively.
During July-Sept FY24, sales of petrol, HSD and FO clocked in at 1.85m tonnes, 1.44m tonnes and 0.35m tonnes, showing a drop of 1pc, 2pc, and 65pc, respectively, compared to the same period last fiscal year.
Published in Dawn, October 3rd, 2023