Engro Corp. withdraws urea price raise – Alfalah Securities Limited

Karachi: Engro Corporation in a recent notice to Karachi Stock Exchange has stated that the Government’s Excise department had earlier abandoned urea shipments from their wholly owned subsidiary Engro Fertilizers despite of no excise duty liability.

According to Alfalah Securities Limited, however, the government has now directed the Excise department to withdraw restrictions on urea shipments from the Daharki plant after compelling Engro Fertilizer to take back its decision of a price raise of worth PKR 400/bag while also claiming that the government would take appropriate steps for long term provision of gas to the company.

Market Outlook:
Sell on Strength.