AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

Coverage

Export
Ticker Underlying First Report Latest Report
024850 KR7024850000 PSMC Co Ltd 2018/07/24 2018/10/04
1108 TW0001108009 Lucky Cement Co. 2017/08/31 2017/08/31
A112MK PK0099701010 Engro Fertilizers 2017/10/20 2018/10/16
APL PK0082901015 Attock Petroleum 2017/10/06 2018/10/12
BAFL PK0078701015 Bank Alfalah 2017/09/20 2018/06/20
DGKC PK0052401012 D.G. Khan Cement Co. 2017/09/01 2018/06/04
EFOODS PK0096501017 Engro Foods 2017/09/25 2018/05/16
ENGRO PK0012101017 Engro 2017/08/21 2017/08/21
FATIMA PK0091601010 Fatima Fertilizer Co. Ltd. 2017/10/30 2018/02/26
FCCL PK0074501013 Fauji Cement 2017/10/27 2017/10/27
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2017/11/21 2018/07/27
FFC PK0053401011 Fauji Fertilizer Co. Ltd. 2017/09/22 2018/11/27
HBL PK0085101019 Habib Bank 2017/08/22 2018/11/26
HCAR PK0064901017 Honda Atlas Cars (Pakistan) Ltd. 2017/12/14 2018/03/13
HUBC PK0065001015 Hub Power Co. Ltd. 2017/10/26 2018/04/20
INDU PK0054501017 Industrial Motor Co. 2017/09/11 2018/07/12
KAPCO PK0083101011 Kot Addu Power 2017/08/18 2018/08/17
KESC PK0000501012 K-Electric 2017/10/16 2018/07/06
LUCK PK0071501016 Lucky Cement Ltd. 2017/10/13 2018/11/30
MCB PK0055601014 MCB Bank 2017/11/16 2018/03/29
MLCF PK0066201010 Maple Leaf Cement Factory Ltd. 2017/10/03 2017/10/27
MLCFR PK0066203065 Maple Leaf Cement Factory Ltd 2018/03/02 2018/03/02
NBP PK0078001010 National Bank of Pakistan 2018/02/14 2018/02/14
NCL PK0048001017 Nishat Chunian 2017/09/15 2018/08/09
NCPL PK0098301010 Nishat Chunian Power Ltd. 2017/10/10 2017/10/10
NML PK0005501017 Nishat Mills Ltd. 2017/08/24 2018/08/09
OGDC PK0080201012 Oil & Gas Development 2017/08/23 2018/11/23
PAEL PK0034601010 Pak Elektron 2017/11/24 2018/10/18
PIOC PK0056201012 Pioneer Cement Ltd. 2017/09/19 2017/09/19
POL PK0023901017 Pakistan Oilfields Ltd. 2017/11/03 2018/06/11
PPL PK0081801018 Pakistan Petroleum Ltd. 2017/11/20 2018/07/23
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2017/08/18 2018/12/12
PSO PK0022501016 Pakistan State Oil Co. 2017/08/09 2018/12/04
S44 SG1H26001476 EnGro Corp. Ltd. 2017/12/11 2018/08/28
SHEL PK0016701010 Shell Pakistan Ltd. 2018/06/05 2018/06/05
TRG PK0079201015 TRG Pakistan 2017/11/30 2017/11/30
UBL PK0081901016 United Bank 2017/08/10 2018/03/15
UBLS US90953P2011 United Bank Ltd/Pakistan (GDR) 2018/02/14 2018/02/14
WTL PK0084301016 WorldCall Telecom 2017/12/29 2017/12/29

Analysts

  • Ali Asghar Poonawala

    Investment Analyst
  • Team AKD Research

    Investment Analyst
  • Umer Farooq

    Investment Analyst
Team AKD Research

AKD STOCK SMART

Pakistan Stock Market gyrated during the week, before closing at 38,586pts (+0.06%WoW). The week began with market continuing with last Friday’s performance where sentiments improved further from PM and Finance Minister giving assurances on Tax/Regulatory concessions for the equity market and positive outcome of the OPEC meeting (OPEC members and Russia agreed to a cut of 1.2mn bpd effective Jan’19). However, the rally did not last long with bears taking hold of the market as economic and political concerns came at the forefront. Major negative news flows were, i) Uncertainty surrounding IMF p...

Team AKD Research

Pakistan Cement_5MFY19 dispatches: Not an ideal picture for North

Cement sales for Nov’18 clocked in at 3.9mn tons, down 1.1/14.0% YoY/MoM as seasonal slow down kicks-in. 5MFY19 sales were recorded at 19.2mn tons vs. 18.5mn tons in the corresponding period last year. Exports continue to provide crucial support to overall cement sales particularly as local sales dropped 7.1/14.9% YoY/MoM to 3.3mn tons. It remained healthy on a YoY basis (up 61.3% to 0.6mn tons), while falling for a second consecutive month (down 8.5%MoM).   Coal prices have fallen in Nov’18 to average US$94.7/ton (down 5.3%MoM), acting as saving grace for local manufacturers amidst curren...

Team AKD Research

Pakistan Auto: Down cycle appears imminent

Nov'18 total industry sales stood at 18,080 units (-29%MoM/-17%YoY) comprised of Passenger Cars sales of 15,334 units (-28%MoM/-11%YoY), LCV/Pickup offtake of 2,108 units (-40%MoM/-45%YoY) and new Tractor purchases of 3,750 (-41%MoM/-33%YoY), marking a period of continued weakness. Monthly sales declines in PC and LCV segments were particularly pronounced due to the 'artificial high-base' created by premium OEMs limiting their cost pass-through (particularly PkR devaluation) for deliveries made in Oct'18. Cumulative 11MCY18/5MFY19 passenger car sales stood at 201,251/87,897 (+7.5/+1%YoY), w...

Team AKD Research

Pakistan Commodities: Unlikely end to trade war keeps commodities on edge

Series of developments around trade tensions between the US and China weighed on commodity markets, as the G-20 meeting in Argentina failed to allay concerns over the next round of sanctions between the world top economies. Resultantly, the benchmark Thompson Reuters TRJ Commodity index slipped 4.8%MoM for Nov’18, amid fears over slowing economic growth in the US, emerging market contagion, softening GDP growth in the EU. Broadly, energy benchmarks witnessed declines, while steel prices extended their declines, and Cotton markets remained firm due to new buying activity. Additionally, intern...

ASTL: Medium term headwinds dwarf long-term positives

Following upheaval in the macro-landscape, we have revised down our earnings estimates for ASTL by 19% over the investment horizon (FY19-24F), incorporating change in management plans w.r.t SITE expansion and recent fundamental shifts (i.e. interest rate hikes and rupee devaluation). As a result, our revised rolled forward (Dec’19) TP comes to PkR80/sh (previously PkR117/sh), with majority of downward revision coming from the change in macro-assumptions (i.e. Rf at 13% vs. 10% previously). ASTL has scrapped the SITE expansion plan, replacing it with a more ambitious expansion road map, that ...

Team AKD Research

Pakistan Commodities: Unlikely end to trade war keeps commodities on edge

Series of developments around trade tensions between the US and China weighed on commodity markets, as the G-20 meeting in Argentina failed to allay concerns over the next round of sanctions between the world top economies. Resultantly, the benchmark Thompson Reuters TRJ Commodity index slipped 4.8%MoM for Nov’18, amid fears over slowing economic growth in the US, emerging market contagion, softening GDP growth in the EU. Broadly, energy benchmarks witnessed declines, while steel prices extended their declines, and Cotton markets remained firm due to new buying activity. Additionally, intern...

Umer Farooq

Pakistan Commodities_July'18 Update

Distinct moves in international Crude (WTI/Brent/Arab Light +4.8/-1.4/-0.5%MoM), Coal (+2%MoM), Urea (+10%MoM) and food prices (FAO Food/Dairy Index -3.7/-6.6%MoM), underlie the Thomson Reuters Commodity Index move of -4.4%MoM. Global political developments and rising hostility over international trade have softened optimism, leading to heightened caution over global economic growth for the rest of the year. US remains the largest outlier, where recent fiscal stimuli have raised near term growth, while industrial production and GDP data from China, the EU, Brazil and India exhibit moderation. ...

Team AKD Research

Pakistan Commodities_May’18 Review

Pushed up by increasing energy prices, the TRJ commodity index ended 0.43%MoM higher during May’18. In this regard, major oil benchmarks, WTI/Brent/Arab Lite were up 5.47/7.36/8.19%MoM on Trump renouncing from Iran’s nuclear pact, geopolitical instability and declining US inventories. The price trend in other major commodities also followed an upward trend with coal (+9%MoM on strong demand across North Asia and China in particular with an early summer heatwave driving up electricity demand), urea (+8%MoM on higher demand commitments from Brazil and Asia) and cotton (+2.2%MoM on account of ren...

Team AKD Research

Pakistan Commodities_Mar’18 Review

Supported by robust growth dynamics prevailing in the world's largest economies, fundamental growth drivers seen in the Eurozone, US and China continued to cement momentum in global commodity markets (TRJ Core Commodity Index moving +0.73%MoM/+0.77%CYTD). Energy commodities persisted to climb (Brent/Arab Light +1.04/+0.51%MoM) supported by continued (and collectively adhered to) OPEC supply limits draining inventory overhangs. Contrary to liquid fuels, Richards Bay Coal was down 4.2%MoM (averaging US$92.2/mton for March'18 down -1.8%MoM) on soft demand from India. In the agriculture space, Cot...

Team AKD Research

Pakistan Commodities_Feb’18 Review

Mimicking bearish oil price trend, the global commodity index lost 1.7%MoM in Feb’18. The energy component recorded the steepest decline with oil prices (Arab Light/Brent: down 4.7%/4.8%MoM) losing out the most. In this regard, a strengthening US Dollar (DXY: +1.7%MoM) together with rising production statistics from US weighed on energy prices. Similarly, lower demand on account of end of heating season kept coal prices under pressure while cotton prices retreated from its 3.5yr high following a strong rally in Jan’18. That said Dairy (+6.2% MoM on strong import demand and lower output in the ...

Ali Asghar Poonawala

OMCs_1QCY18 Retail Operations Update

Transportations sector demand continues to remain firmly in the driver seat for OMC volumes, as power sector demand takes the long spiral down (secular, gradual decline in FO sales, where we expect FY19-21F sales declining at CAGR of 21%). Throughput calculations suggest an uptrend in retail volumes moved, where the industry's average quarterly volume sales per outlet stood at 828.6K ltrs/outlet (+18%QoQ/+10%YoY). Daily average throughput per retail output clocked at 9,207ltrs/day where 10.3%YoY climb drives home the growth of supply chain and storage to buttress growing retail POL volumes. HA...

Zoya Ahmed

Pakistan Economy: Growth remains on track

Based on provisional PBS data for 8MFY18, the GoP expects GDP growth for FY18E to settle at 5.8%YoY crossing the 11 year high-watermark for growth vs 5.4%YoY (revised upwards) in FY17A. Key catalysts for growth remain ongoing implementation of early harvest infrastructure projects under the ambit of CPEC, net energy supply growth (net generated units up 11.3%YoY for 8MFY18), and sustained credit uptick (8MFY18 private sector credit stock grew 9.9% since Jun’17, adding PkR391.3bn offtake during the period increasing 8.3%YoY). Ancillary support factors including contained law and order situation...

Haris Imtiaz ...
  • Zoya Ahmed

Pakistan Economy: Rupee depreciation is a blessing in disguise

The Rupee depreciated another 4.4% against the greenback yesterday with interbank rate ending at PkR115.5/US$ reflecting existing pressures on the external front and central bank's reserves declining to US$12.13bn (down US$1.98bn CYTD; import cover: 2.69x). With regards to the external sector, as per latest data 8MFY18 CAD surged to its highest level ever at US$10.83bn (up 50.3%YoY) vs US$7.22bn in 8MFY17. While devaluation is likely to ease off pressures on external account in the long run (weaker rupee shall restore export competitiveness apart from impeding import growth), CAD at such high ...

Team AKD Research

AKD STOCK SMART

Pakistan Stock Market gyrated during the week, before closing at 38,586pts (+0.06%WoW). The week began with market continuing with last Friday’s performance where sentiments improved further from PM and Finance Minister giving assurances on Tax/Regulatory concessions for the equity market and positive outcome of the OPEC meeting (OPEC members and Russia agreed to a cut of 1.2mn bpd effective Jan’19). However, the rally did not last long with bears taking hold of the market as economic and political concerns came at the forefront. Major negative news flows were, i) Uncertainty surrounding IMF p...

Team AKD Research

Pakistan Cement_5MFY19 dispatches: Not an ideal picture for North

Cement sales for Nov’18 clocked in at 3.9mn tons, down 1.1/14.0% YoY/MoM as seasonal slow down kicks-in. 5MFY19 sales were recorded at 19.2mn tons vs. 18.5mn tons in the corresponding period last year. Exports continue to provide crucial support to overall cement sales particularly as local sales dropped 7.1/14.9% YoY/MoM to 3.3mn tons. It remained healthy on a YoY basis (up 61.3% to 0.6mn tons), while falling for a second consecutive month (down 8.5%MoM).   Coal prices have fallen in Nov’18 to average US$94.7/ton (down 5.3%MoM), acting as saving grace for local manufacturers amidst curren...

Team AKD Research

Pakistan Auto: Down cycle appears imminent

Nov'18 total industry sales stood at 18,080 units (-29%MoM/-17%YoY) comprised of Passenger Cars sales of 15,334 units (-28%MoM/-11%YoY), LCV/Pickup offtake of 2,108 units (-40%MoM/-45%YoY) and new Tractor purchases of 3,750 (-41%MoM/-33%YoY), marking a period of continued weakness. Monthly sales declines in PC and LCV segments were particularly pronounced due to the 'artificial high-base' created by premium OEMs limiting their cost pass-through (particularly PkR devaluation) for deliveries made in Oct'18. Cumulative 11MCY18/5MFY19 passenger car sales stood at 201,251/87,897 (+7.5/+1%YoY), w...

ASTL: Medium term headwinds dwarf long-term positives

Following upheaval in the macro-landscape, we have revised down our earnings estimates for ASTL by 19% over the investment horizon (FY19-24F), incorporating change in management plans w.r.t SITE expansion and recent fundamental shifts (i.e. interest rate hikes and rupee devaluation). As a result, our revised rolled forward (Dec’19) TP comes to PkR80/sh (previously PkR117/sh), with majority of downward revision coming from the change in macro-assumptions (i.e. Rf at 13% vs. 10% previously). ASTL has scrapped the SITE expansion plan, replacing it with a more ambitious expansion road map, that ...

Team AKD Research

Pakistan Energy: Those not busy being born are busy dying

Short-termism has routed the power chain, where reactionary measures burdening the space include: 1) closure of FO generation base leading to inventory pile ups at refiners, 2) RLNG supply under debate with possible extension of supplies to households, and 3) continuing buildup of circular debt where clearance measures are yet to be enacted. Analyzing CYTD HSFO and HSD cracks to Brent, we highlight the lack of movement in HSD prices relative to Brent illustrating expanding premium, whereas HSFO trades at discounts, limiting its feasibility for export. In short, deviations in cracks could limi...

Pakistan Economy: Macro-imbalances necessitate 100bps hike

Mounting inflationary pressures as evident from rising core inflation (close to 4-yr high of 8.35%) coupled with elevated macro-imbalances should push the SBP to raise policy rate by another 100bps in the upcoming MPC meeting (tomorrow, 30th Nov), in our view. This would mark the fifth rate hike in CY18, with cumulative increase in policy rate by 375bps. Even though recent commodity price softness (particularly in energy) has favorable repercussions at home, we continue to see the central bank aggressively raising its policy rate,  with a view to reigning in aggregate demand. In this regard, ...

Umer Farooq

Pakistan Economy: Trade imbalance keeps CAD elevated, (AKD Daily, Nov 16, 2018)

Latest SBP data on external account paints a not so encouraging picture, with CAD widening by 34%MoM to US$1.218bn in Oct’18. Once again, trade imbalance is the key culprit, where sequential growth in imports (+24%MoM) outpaced growth in exports (+15%MoM). Encouragingly, remittances have staged strong recovery backed by higher inflows from USA (+34%MoM/43%YoY), UK (+47%MoM/10%YoY) and GCC (+39%MoM/13%YoY).  While we continue to stick with our earlier CAD estimates (FY19F CAD: 5.4% of GDP), recent price trends in commodities particularly energy complex are encouraging, where continuation of ...

M. Daniyal Kanani

Pakistan Economy: Drawing parallels with 2008

Pakistan has tended to land in a BoP crisis after almost every 5 years, having insufficient FX reserves to manage the external account. Key ingredients (i.e. large external deficits and hefty debt redemptions) in the making of crisis are almost similar whether it be 2008, 2013 or the more recent 2018. Drawing parallels, on the external front, financing gap in FY08 grew to US$10.23bn (6.0% of GDP) with CAD at 8.1%, import cover at ~1 month and PkR devaluing by 22.5%. Current situation plays to the same theme with gross funding need at US$20.4bn (6.5% of GDP), CAD at 5.8% and  import cover of ~...

M. Daniyal Kanani

Pakistan Economy: IMF ‘The wait is over’

The Government has finally decided to opt for another IMF financing facility, which as per news flows amounts to ~US$6-8bn. Key demands in our view could be i) aggressive interest rate hikes, ii) fiscal discipline, and iii) measures to address external account woes. The currency parity has  further slipped to trade around PkR130-133/US$ in the interbank market where we expect it to settle around these levels as GoP is likely to opt for a “wait and see” strategy initially considering its tough stance against inflationary pressures. Historically, a minor relief rally occurs at the PSX in the 2...

Haris Imtiaz

Pakistan Strategy: Checkpoints on the road to the IMF, (AKD Daily, Sep 28, 2018)

News reports on comments by GoP authorities and our own analysis increasingly make Pakistan's entry to another IMF program (12 programs since 1988) more imminent The IMF team visiting Pakistan for Article IV review (of previous facility) offers an opportunity to initiate discussions regarding specific stabilization measures and long term structural reforms prior to a formal Letter of Intent submitted to the Fund, for entering another program Re-iterating possible benchmarks the Fund may set and contrasting the same with the last EFF facility (from Sept'13 to Sept'16) we believe onerous struc...

Team AKD Research

Pakistan Strategy: Fear & Loathing' in November'18

Troubling macro backdrop stifled investor sentiment, pulling the benchmark KSE-100 index down 2.8%MoM, to close at 40,496pts, marking a period of consistent softness in equity markets (-0.5%/-3.4% CYTD/FYTD). Absence of concrete developments with regards to arranging external finances (bi-lateral or with the IMF), coupled with PkR weakness (resulting inflationary pressures), MSCI rebalancing and rising cost of borrowing (425bps hike CYTD) rattled investors The shaky end to Nov'18 brings macros back to center stage, where the 150bps hike (higher than consensus of 100bps) coupled with PkR vol...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 A tussle between bulls and bears ended with the dominance of bears, as KSE-100 index lost another 373pts during the week to close at 40,496pts (-0.91%WoW). Lack of clarity on external funding amidst foreign selling pressure (US$51.1mn vs. US$11.6mn in the last week) post MSCI rebalancing kept the domestic market under pressure. In tandem, market activity remained lackluster with average daily turnover declining to 151.9mn shares, down 3.1%WoW. Key news flows impacting the market during the week included: i) Rupee losing another 2.5% against dolla...

Team AKD Research

AKD STOCK SMART, Nov 16, 2018

KSE-100 Index remained range bound throughout the week touching a low of 40,994pts before closing at 41,661pts (+0.66%WoW). We witnessed a weak start of the week as uncertainties around the Chinese package and materialization of Saudi package amid IMF negotiations kept investors on the err side of caution. However, bulls mustered strength in the latter part of the week to give a positive close, not giving a not-so-subtle salute to MSCI Review. To highlight, MSCI on Nov 14’18 announced its semi-annual review where it declassified LUCK and UBL from the Standard Index to Small Cap Index and downg...

Zoya Ahmed

Pakistan Market_May’17 Review & Outlook

As eventful as it was, the market gained 2.6%MoM in May'17 in anticipation of a populist budget while gearing up for Pakistan's formal inclusion in the MSCI EM index. The gains however were limited (the market lost 4% since presentation of Budget FY18) where, contrary to expectations, fiscal prudence superceded election year populist measures in Budget FY18. Also, unexpected tax restructuring on the stock market induced further volatility (flat 15% CGT regardless of holding period, enhancement of tax on dividend to 15%). On the other hand, transition to MSCI EM index triggered a sell-off with ...

Ali Asghar Poonawala

Downstream Oil_Aug'17 sales are a pat on the back

POL products continued their uphill slope with total volumetric offtake of 2.49mn tons recorded in Aug'17, rising 8%MoM/10%YoY. The retail fuel segment continued to expand their prominence in overall volumes by forming the brunt of growth. FO sales were a relative dampener +6%MoM/-7%YoY, outdone by robust growth in retail fuel segments where HSD and MOGAS sales recorded +6%MoM/+25%YoY and +10%MoM/+25%YoY growth in volumes. 8MCY17 volumes point to a 3%YoY growth in total volumes, led by +14/+8/-7%YoY move in MOGAS/HSD/FO offtake. Cumulative volumes growth for the industry has begun to slow, rev...

Umer Pervez

Pakistan Market: Politics in a triggerless month, sparks sell-off

Recording the highest monthly decline for the year, the benchmark KSE100 Index lost 10.44% during the month of Aug'17. Once again politics took center stage with concerns of policy paralysis (post disqualification of Nawaz Sharif) influencing sentiments. Additionally, a mixed result season and discouraging development in Cements (price reduction) and Banks (possibly sizable fine on HBL which contributes >7% to the KSE100) were other key dampeners. That said, local investors (other than props) encouragingly absorbed (net positive flows) the entire quantum of foreign selling (US$80.46mn) in Aug'...

Team AKD Research

AKD STOCK SMART

Continuing with its volatility, KSE-100 stayed in the Red Zone during this week as well, with the index further losing 1,435pts or -3.36%WoW to close the current week at 41,207 (lowest level since Nov’16). Average daily traded volumes also came down significantly by 39.35%WoW to just 109mn shares with 1) TRG (39.22mn shares), 2) ANL (35.40mn shares), 3) SSGC (18.46mn shares), 4) BOP (14.16mn shares) and 5) ASL (13.19mn shares) leading the board. Key news flows during the week included: 1) through a regulatory filing, HBL notified that the bank has received a notice from the New York State Depa...

Team AKD Research

Pakistan Cement: Aug’17 dispatches showing robust growth

According to provisional statistics overall dispatches during Aug'17 registered growth of +17.6%MoM/10.9%YoY to reach a monthly peak of 3.98mn tons in Aug'17 (previous at 3.96mn tons in Mar'17). Domestic dispatches (3.53mn tons sold in Aug'17) growing +21.3%YoY/+16.5%MoM, continued to drive offtake. Growth in domestic dispatches in Aug’17 were likely led by sharp increase in PSDP spending (PkR79bn in Aug'17, up 2.3xYoY) and the dwindling of the seasonal slowdown (Ramadan & extended monsoon) seen in previous months. However, exports continued to slide by 5.5%MoM/19.3%YoY to reach just 0.450mn t...

Waqas Imdad Ali

Pakistan Fertilizers: Sector update Jul'17

Fertilizer offtake expectedly came down significantly in Jul'17 (down 32%YoY/48%MoM), post extraordinary sales of 1.43mn in the month of Jun'17 (up 106%YoY/100%MoM). According to latest figures released by NFDC, total fertilizer sales in Jul'17 stood at 746k tons against 1.10mn tons sold in Jul'16 (down 32%YoY/48%MoM). Similarly, urea sales also came down by 56%YoY/68%MoM to 339k tons during the month under review, after heavy urea procurement by dealers in Jun'17. Furthermore, imported urea sales declined by 5%YoY to 46k tons in Jul'17, despite availability at a significant discount to local ...

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