ADP spending rebounds

Development spending in Bangladesh rebounded in the last fiscal year although the implementation rate was still one of the lowest in three decades because of the disruption caused by the coronavirus pandemic and structural weaknesses. The pace of execution of the annual development programme (ADP) sank to a 27-year low of 80.18 per cent in the fiscal year of 2019-20 as projects halted for two months in April and May last year after the government was compelled to enforce a countrywide shutdown to curb the rising cases of infections.It bounced back to 82.21 per cent in the last fiscal year of 2020-21 after the government spent Tk 172,051 crore out of the Tk 209,272 crore set aside for the ADP projects, shows data from the Implementation Monitoring & Evaluation Division (IMED) of the planning ministry. It is nowhere near the average implementation rate of 90 per cent in the pre-pandemic level and was, in fact, the third-lowest since FY1993-94, according to the Bangladesh Economic Review. The development spending stood at Tk 49,920 crore in June, up 7.77 per cent from Tk 46,319 crore in the same month a year ago.Despite being one of the priority sectors of the government owing to the ongoing pandemic, the health services division emerged as one of the worst performers. It spent 57.91 per cent of the budget for FY21. Similarly, the food ministry’s expenses were 55.71 per cent. The social welfare ministry spent 70.16 per cent of the allocation.

Source: https://www.thedailystar.net/business/economy/banks/news/adp-spending-rebounds-2143551

DSE turnover hits two-month high

The daily trade turnover on Dhaka Stock Exchange (DSE) hit two months high on Monday as investors put fresh funds on stocks riding on new hope after the central bank unveiled expansionary monetary policy. Turnover, a crucial indicator of the market, climbed to Tk 21.88 billion on the country’s premier bourse, in a further rise by 44 per cent over previous day’s mark of Tk 15.21 billion. It happens to be the biggest single-day transaction since June 10, this year, when the turnover recorded of Tk 26.69 billion. Along with high turnover, the prime index of the DSE went up by 56.31 points or 0.87 per cent to settle at 6,481, the highest since its inception more than eight years back in 2013. The blue chip index DS30, also rose 16.22 points to settle at an all-time high at 2,344, highest since its inception on January 27, 2013. The DSE Shariah Index also rose 11.10 points to close at 1,412.The Chittagong Stock Exchange also ended sharply higher with its All Shares Price Index (CASPI)-soaring 223 points to finish at 18,858 while the Selective Categories Index – CSCX– rising 128 points to close at 11,318. Of the issues traded, 231 advanced, 69 declined and 23 issues remained unchanged on the CSE.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dse-turnover-hits-two-month-high-1627925976

 Summit Oil signs MoU with Commonwealth LNG to supply fuel to Bangladesh

Summit Oil and Shipping Co. Ltd. (SOSCL), the private sector importer and supplier of fuel oil to Bangladesh, has signed a Memorandum of Understanding (MoU) with Commonwealth LNG to collaborate in the supply of LNG to Asia, including Bangladesh. The scope of the MoU includes SOSCL potentially contracting for one million tonnes per year (MTPA) of LNG offtake, for a term of up to 20 years, from Commonwealth’s 8.4 MTPA facility currently under development in Cameron, Louisiana. SOSCL’s associated companies within Summit Group have approximately 3 GW of gas-to-power electricity in operation or development within the Indian subcontinent, and operate a 500 mmcf/d Floating Storage and Regasification Unit (FSRU) and LNG terminal under Summit LNG Terminal Co (Pvt) Ltd “SLNG”) in Moheshkhali, Cox’s Bazar.

Source: https://today.thefinancialexpress.com.bd/trade-market/summit-oil-signs-mou-with-commonwealth-lng-to-supply-fuel-to-bangladesh-1627925347

NRB Commercial Bank now in ‘A’ category

NRB Commercial Bank has been placed in ‘A’ category from existing ‘N’ category with effect from today (Tuesday) as the bank reported disbursement of dividends for the year 2020. The private commercial bank disbursed 7.50 per cent cash and 5.0 per cent stock dividends for the year ended on December 31, 2020.NRB Commercial Bank, which made trading debut on March 22 this year raised Tk 1.20 billion from the stock market through IPO using the fixed price method for buying government securities and enhances the lender’s investment in the stock market. Each share of the bank closed at Tk 28.60 on Monday. Its share traded between Tk 11 and Tk 40.40 since listing with the stock market. The bank’s consolidated earnings per share (EPS) soared 213 per cent to Tk 0.69 for April-June 2021 as against Tk 0.22 for April-June 2020. The consolidated EPS was Tk 1.11 for January-June 2021 as againstTk 0.49 for January-June 2020. The consolidated net operating cash flow per share (NOCFPS) was negative Tk 0.78 for January-June 2021 as against Tk 1.27 for January-June 2020.The sponsor-directors own 73.32 per cent stakes in the bank while the institutional investors own 3.13 per cent and the general public 23.55 per cent as of June 30, 2021, the DSE data shows. The bank began its journey on April 2, 2013, as a scheduled bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/nrb-commercial-bank-now-in-a-category-1627926030

NRB Commercial Bank now in ‘A’ category

NRB Commercial Bank has been placed in ‘A’ category from existing ‘N’ category with effect from today (Tuesday) as the bank reported disbursement of dividends for the year 2020. The private commercial bank disbursed 7.50 per cent cash and 5.0 per cent stock dividends for the year ended on December 31, 2020.NRB Commercial Bank, which made trading debut on March 22 this year raised Tk 1.20 billion from the stock market through IPO using the fixed price method for buying government securities and enhances the lender’s investment in the stock market. Each share of the bank closed at Tk 28.60 on Monday. Its share traded between Tk 11 and Tk 40.40 since listing with the stock market. The bank’s consolidated earnings per share (EPS) soared 213 per cent to Tk 0.69 for April-June 2021 as against Tk 0.22 for April-June 2020. The consolidated net operating cash flow per share (NOCFPS) was negative Tk 0.78 for January-June 2021 as against Tk 1.27 for January-June 2020.The sponsor-directors own 73.32 per cent stakes in the bank while the institutional investors own 3.13 per cent and the general public 23.55 per cent as of June 30, 2021, the DSE data shows. The bank began its journey on April 2, 2013, as a scheduled bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/nrb-commercial-bank-now-in-a-category-1627926030