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 2019/01/29
APL PK0082901015 Attock Petroleum 2017/10/06 2018/10/12
BAFL PK0078701015 Bank Alfalah 2017/09/20 2018/06/20
BAHL PK0051601018 Bank AL-Habib 2019/03/29 2019/03/29
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 2019/01/07
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2017/11/21 2019/04/04
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
HMB PK0055401019 Habib Metropolitan Bank 2019/04/05 2019/04/05
HUBC PK0065001015 Hub Power Co. Ltd. 2017/10/26 2019/02/07
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 2019/04/17
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 2019/02/21
OGDC PK0080201012 Oil & Gas Development 2017/08/23 2018/11/23
PAEL PK0034601010 Pak Elektron 2017/11/24 2019/04/12
PIOC PK0056201012 Pioneer Cement Ltd. 2017/09/19 2017/09/19
POL PK0023901017 Pakistan Oilfields Ltd. 2017/11/03 2019/01/22
PPL PK0081801018 Pakistan Petroleum Ltd. 2017/11/20 2018/07/23
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2017/08/18 2019/04/15
PSO PK0022501016 Pakistan State Oil Co. 2017/08/09 2019/02/06
S44 SG1H26001476 EnGro Corp. Ltd. 2017/12/11 2019/01/25
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

Pakistan Banks_TSA Regulatory headwinds on the horizon (AKD Daily, April 18, 2019)

GoP in consultation with State Bank of Pakistan (SBP) is examining feasibility of introducing Treasury Single Account (TSA), where the objective is to transfer GoP deposits maintained with Commercial Banks to the SBP. On a broader perspective, TSA implementation could reduce GoP borrowings particularly from Central Bank (current: 15.2% of GDP vs. historical acceptable limit of IMF of 9-10% of GDP). However, GoP would still need to tap commercial banking resources, where competition between private sector and GoP could improve asset yield in return.   While immediate enactment of the mechani...

Pakistan Cement: Downtrend to persist in 3QFY19

AKD Cement universe is expected to post a 34%YoY decline in profitability for 3QFY19 as higher energy/fuel cost weigh on margins despite 15%YoY higher retail cement prices. On QoQ basis, profitability is expected to decrease by 30% on the back of lower margins and dispatches. For 9MFY19, 29%YoY decline in earnings is expected with finance cost being a drag  as increasing debt to finance capacity additions and working capital needs will take the interest cover down to 5.7x vs. 22.6x in 9MFY18. After commissioning of line-II, CHCC is going to witness significant burden of increased finance co...

ASTL: Getting off high horse

Deep into contraction cycle as the company struggles to pass-on input cost pressures, we revisit our investment case for ASTL, downward revising our earnings forecasts by 27% (on avg.) over the investment horizon (FY19-24F). Consequently, our revised Dec’19 TP comes to PkR58/sh (previously PkR80/sh), accommodating for the company’s inability to maintain pricing discipline and weak demand cycle. We expect the macro backdrop to remain challenging in CY19 for long steel manufacturers, with  distinct regional factors at play, dictating market dynamics. Ongoing investigations against various cons...

Ali Asghar Poonawala

Pakistan Autos: PAPS 2019 reflects a 'not-so-green light' for entrants

PAPAM's Pakistan Auto Show 2019, held in Karachi over the weekend was filled with exhibitors from the auto industry cluster, parts manufacturers, allied equipment, service providers and OEMs.  Refining our outlook for the competitive environment and forming a birds-eye-view of the sector we highlight the prevalence of Chinese origin brands, favouring shorter timespan brownfield entry over greenfield investments, and competitive pricing with enhanced features of PC segment offerings (both current and expected) as catalysts for organic growth  That said, amongst Greenfield entrants, KIA put up...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 The market performance during the outgoing week remained under pressure, where KSE-100 index troughed at 36,579 points mid-week, lowest level since PTI’s government came to power. The market rumor of a potential price war in cement sector led to a further drag on the market performance. Meanwhile, a delegation led by Finance Minister Asad Umar reached Washington for crucial discussions on an IMF program, on 8th April’2019. The discussions are expected to last till 15th April, which will be followed by official announcement of amnesty scheme. The ...

Team AKD Research

Pakistan Commodities: Dazed and confused' from global developments,

Recovering from a weak 4QCY18, global commodity prices bounced back as fears of global economic growth remained prominent (IMF pulling 2019 global growth forecast to 3.5%), despite which a spate of geopolitical developments (Venezuela sanctions, China's coal import slowdown) pushed the TRJ Commodities index higher (up 5.8%MoM) Energy commodities witnessed mixed performance with Crude benchmarks rising (Brent/Arab Light prices up 14.6/14.4%MoM) from US sanctions levied on crude from Venezuela pushing prices for heavy grades, while slowing demand from China kept Coal prices soft (Richard's Bay ...

Team AKD Research

Pakistan Commodities: Reeling from global economic fragility

Global industrial activity indicators, particularly PMI reads from China, USA and the EU, and consumer confidence slippages indicate a fragile end to CY18, laying the groundwork for CY19 to be a volatile year for global commodity markets, reflected in the TRJ Commodity index sliding 6.6%MoM for Dec'18. On a broad note, fuel and energy-linked commodities witnessed weakness (Arab Light/ International Urea Prices down ~11/12%MoM) during Dec'18, as most other Hard (CRC/HRC Steel price -5.6/3.5%MoM) and Soft (Cotton/FAO dairy/FAO sugar indices moved -6/-3/-2%MoM) commodity classes were unchanged o...

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...

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...

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...

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...

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 ...

Pakistan Banks_TSA Regulatory headwinds on the horizon (AKD Daily, April 18, 2019)

GoP in consultation with State Bank of Pakistan (SBP) is examining feasibility of introducing Treasury Single Account (TSA), where the objective is to transfer GoP deposits maintained with Commercial Banks to the SBP. On a broader perspective, TSA implementation could reduce GoP borrowings particularly from Central Bank (current: 15.2% of GDP vs. historical acceptable limit of IMF of 9-10% of GDP). However, GoP would still need to tap commercial banking resources, where competition between private sector and GoP could improve asset yield in return.   While immediate enactment of the mechani...

Pakistan Cement: Downtrend to persist in 3QFY19

AKD Cement universe is expected to post a 34%YoY decline in profitability for 3QFY19 as higher energy/fuel cost weigh on margins despite 15%YoY higher retail cement prices. On QoQ basis, profitability is expected to decrease by 30% on the back of lower margins and dispatches. For 9MFY19, 29%YoY decline in earnings is expected with finance cost being a drag  as increasing debt to finance capacity additions and working capital needs will take the interest cover down to 5.7x vs. 22.6x in 9MFY18. After commissioning of line-II, CHCC is going to witness significant burden of increased finance co...

ASTL: Getting off high horse

Deep into contraction cycle as the company struggles to pass-on input cost pressures, we revisit our investment case for ASTL, downward revising our earnings forecasts by 27% (on avg.) over the investment horizon (FY19-24F). Consequently, our revised Dec’19 TP comes to PkR58/sh (previously PkR80/sh), accommodating for the company’s inability to maintain pricing discipline and weak demand cycle. We expect the macro backdrop to remain challenging in CY19 for long steel manufacturers, with  distinct regional factors at play, dictating market dynamics. Ongoing investigations against various cons...

Team AKD Research

PAEL: Dealing with a tough audience

Reading annual accounts for PAEL, we prune our estimates based on abundant demand headwinds for both business segments, GMs caving-in to rising cost pressures and higher finance costs as the firm supplants working capital outflows with (now costlier) ST borrowing Moreover, dismal sales performance in CY19 crystallizes our soft outlook with macro headwinds, combined with additional constraints on the horizon (power tariff hikes, controlled public sector power outlays), keeping us tilted towards subdued earnings growth over the medium term On the cost side, subdued COGs headers and below the l...

Team AKD Research

Pakistan Autos: Decent 1Q sales keep the pot stirring

Monthly PAMA data reads total industry sales at 23,325 units for Mar'19 (+15%MoM/+0%YoY), consisting of strong car sales (19,897 units +17%MoM/+5%YoY) and mediocre LCV offtake (+11%MoM/-19%YoY), exhibiting stamina in late 1QCY19, closing the quarter nearing 66.7K units (+5%QoQ) depicting a clear downturn (-7%YoY).  Cumulative 9MFY19 total industry sales of 190,953 units (-5%YoY) composed of 160,359 passenger cars (-1%YoY), 25,166 LCVs (-20%YoY) while trucks and busses combined post sales of 29,879 (-22%YoY) marking consistent dip in industrial vehicle demand. Amongst major OEMs, PSMC/INDU/HC...

Team AKD Research

(Detailed Report) Pakistan Strategy: Economic Reality - Better than it seems - April, 2019

PAKISTAN STRATEGY (Detailed Report)   Economic Reality -Better than it seems     Cue the naysayers – the below numbers speak all, not myth or fiction, but pure quantifiable data. The PTI’s performance contrasts favorably with both its predecessors the PML-N and the PPP, yet faces the unique situation of relentless criticism. The government has caught itself juggling different aspects, where finding the sweet spot between austerity and growth remains a key challenge. Economic uncertainty, delays in legislation and flip flops on decision making are some of PTI’s biggest challenges and have ...

Team AKD Research

Pakistan Strategy :Economic Reality : Better than it seems

Economic Reality — Better than it seems Cue the naysayers – the below numbers speak all, not myth or fiction, but pure quantifiable data. The PTI’s performance contrasts favorably with both its predecessors the PML-N and the PPP, yet faces the unique situation of relentless criticism. The government has caught itself juggling different aspects, where finding the sweet spot between austerity and growth remains a key challenge. Economic uncertainty, delays in legislation and flip flops on decision making are some of PTI’s biggest challenges and have manifested in an economic slowdown with deman...

Team AKD Research

AKD STOCK SMART, Mar 08, 2019

Weekly Review                                 KSE-100 Index finished 1.5% lower for the week to close at 38,950pts, marking the 4th consecutive week of negative close. Market initially reacted positively to increase in foreigners’ holding limit in PSX to 20% (Previously: 10%) however it tiptoed downwards rest of the week. Even the easing of border tensions with the neighboring country that concerned the market heading this week, along with i) Power Sukuk issuance of PkR200bn, ii) Government acting upon banned organizations (Positive from the perspective of FATF negotiations), iii) passing of...

Team AKD Research

Pakistan Strategy: One sunrise does not make a summer, (AKD Daily, Mar 07, 2019)

The PTI-led GoP passed the second amendment of the Finance Supplementary Bill 2019, where minor 'tweaks' have been made to provisions introduced in its previous edition with positives in place for Autos (scrapping of non-filer sales ban) and negatives for Banks (continuation of Super tax beyond 2020). From a macro lens, the second supplementary budget remains mute on concrete measures to address fiscal woes, where recent data points necessitate immediate action to instill budgetary discipline. The GoP's reliance on collecting GIDC arrears remains in place, a measure we believe will prove to b...

AKD STOCK SMART

StockSmart                        Weekly Review                                 Despite positive news flows at the start (Saudi Crown Prince's visit and accompanying investments) a barrage of weak volumes, mediocre results (with payouts skipped by IPPs) and lack of concrete development on the passage of the Supplementary Finance Bill through parliament, kept a hold on equity market performance with the KSE-100index slipping 1.16%WoW, to close at 40,016pts. Key news flows during the week were: 1) Crown Prince Mohammed bin Salman on Sunday said Saudi Arabia has signed investment agreements wo...

Ali Asghar Poonawala

Pakistan Autos: PAPS 2019 reflects a 'not-so-green light' for entrants

PAPAM's Pakistan Auto Show 2019, held in Karachi over the weekend was filled with exhibitors from the auto industry cluster, parts manufacturers, allied equipment, service providers and OEMs.  Refining our outlook for the competitive environment and forming a birds-eye-view of the sector we highlight the prevalence of Chinese origin brands, favouring shorter timespan brownfield entry over greenfield investments, and competitive pricing with enhanced features of PC segment offerings (both current and expected) as catalysts for organic growth  That said, amongst Greenfield entrants, KIA put up...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 The market performance during the outgoing week remained under pressure, where KSE-100 index troughed at 36,579 points mid-week, lowest level since PTI’s government came to power. The market rumor of a potential price war in cement sector led to a further drag on the market performance. Meanwhile, a delegation led by Finance Minister Asad Umar reached Washington for crucial discussions on an IMF program, on 8th April’2019. The discussions are expected to last till 15th April, which will be followed by official announcement of amnesty scheme. The ...

Team AKD Research

AKD STOCK SMART

StockSmart                        Weekly Review                                 Fragmenting under wider macro constraints, brought home by a strong CPI read and 0.5bps hike in the MPS last week, the KSE-100 index dropped 2.9%WoW to close at 37,522pts. Additional news flows of concern was a consistently pressured PkR, which slipped 0.2%WoW against the US$, fueling concerns over continued inflationary headwinds to disposable incomes and consumer demand. Other news flows moving markets included: 1) Pakistan's foreign exchange reserves rose to $17.3bn in the week ended March 29 from $15.5bn in ...

Team AKD Research

AKD STOCK SMART, Jan 11, 2019

Index propelled during the week to close at 39,049pts (+4.0%WoW) at the back of, i) visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, ii) report released by Fitch stating that SBP can keep rates at 10% for the rest of FY19, and iii) FATF showing satisfaction over the steps taken by Pakistan to avoid black-list which proved to be a breath of fresh air against the negative developments over the issue in last 6-8 months. The visit of Abu Dhabi Crown Prince put stamp on a US$6bn package for Pakistan including a US$3bn deferred oil facility which caused an adrenaline rush as the ...

Team AKD Research

AKD STOCK SMART

Remaining devoid of any major trigger, the market had a turbulent first week of the new year, with the wild intra-day moves. Gaining 929pts on the second trading session, the benchmark KSE-100 index erased some of the earlier gains in the following two trading sessions before closing the week on a positive note. Overall, the KSE-100 index gained 1.02%WoW to close the week at 37,547pts, up 380pts. Trading activity remained largely subdued with average daily trading volumes further declining to 106.95mn shares, down 3.1%WoW. Key news flows impacting the market during the week were: i) Finance Mi...

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...

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...

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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