Some big companies would go public as few of those were waiting for necessary approval and others taking preparation. Presently, a good number of companies such as Rupali Bank, Union Bank, NRB Global, and Omera Petroleum were in the pipeline.The capital market experts have also stressed on listing more large companies having good fundamentals to deepen the country’s capital market and prevent rumour-based speculations and manipulation. Bringing such companies would also help attract foreign portfolio investors who show hardly any interest in small-cap companies. The experts, however, pointed out that the capital market of the country lacks adequate number of companies like Robi, which recently completed its public subscription to raise Tk 5.23 billion, for creating a strong base. The market has only six such companies having market capitalisation of billions of dollars. The companies are: Grameenphone, Walton Hi-Tech Industries, British American Tobacco Bangladesh Company (BATBC), Square Pharmaceuticals, United Power Generation and Distribution Company (UPGDC), and Renata. Apart from Robi, the list of top 10 IPOs included Grameenphone, MJL Bangladesh, The Acme Lab, Orion Pharma, the UPGDC, Bashundhara Paper Mills, Unique Hotel, Shasha Denims and The Peninsula Chittagong. These companies floated IPOs worth ranging from Tk 1.65 billion to Tk 4.86 billion during last 15 years from 2003 to 2018. Managing Director of IDLC Investments Limited Md. Moniruzzaman said the large-cap companies especially the multinational companies (MNCs) have the capability to compete in the local and international market. The market capitalisation of Grameenphone is US$ 5.07 billion, Walton Hi-Tech Industries US$ 2.88 billion, the BATBC US$ 2.25 billion, Square Pharmaceuticals US$ 1.86 billion, and the UPGDC US$ 1.66 billion as on Sunday. The market capitalisation of Renata was US$ 1.23 billion on Thursday last.
The core index of the Dhaka Stock Exchange (DSE) crossed the ‘psychological’ threshold of 5,000-mark after more than two months on Sunday riding on regulatory moves and gradual improvement of economic activities. DSEX, the key index of the Dhaka Stock Exchange (DSE), soared 49.54 points or 0.99 per cent to settle at 5,024. The benchmark index added more than 158 points in the past four consecutive sessions. Two other indices also ended higher. The DS30 index, comprising blue chips, rose 21.51 points to finish at 1,748 and the DSE Shariah Index soared 15.27 points to close at 1,150.The enthusiastic investors were active on the trading floor following the news that Forbes list of Asia’s 200 Best Under $1b, included three Bangladeshi listed firms – Square Pharma, Renata, and Fortune Shoes–commented International Leasing Securities. Following the news, share prices of Fortune Shoes, Square Pharma and Renata rose 9.24 per cent, 2.78 per cent and 1.26 per cent respectively. Three Bangladeshi listed firms have entered into the greatly desired Forbes list of under US$ 1.0 billion Company for 2020 from Asia and the Pacific region.Turnover, a crucial indicator of the market, rose to Tk 8.43 billion, which was 2.55 per cent higher than the previous day’s turnover of Tk 8.22 billion. Among the major sectors, financial institutions posted the highest gain of 2.50 per cent, followed by engineering with 2.0 per cent, telecom 1.90 per cent, pharma 1.50 per cent and banking 1.0 per cent. General insurance and mutual fund sectors faced correction, losing 4.10 per cent and 2.0 per cent respectively. Gainers took a strong lead over the losers as out of 354 issues traded, 154 ended higher, 120 lower and 80 issues remained unchanged on the DSE trading floor. A total number of 178,327 trades were executed in the day’s trading session with a trading volume of 333.32 million shares and mutual fund units. The market capitalisation of DSE rose to Tk 4,030 billion on Sunday, from Tk 3,992 billion in the previous day. The Chittagong Stock Exchange also ended higher with its All Shares Price Index (CASPI)-soaring 161 points to close at 14,424 while the Selective Categories Index – CSCX rising 94 points to close at 8,681. Of the issues traded, 135 advanced, 76 declined and 45 remained unchanged on the CSE.
The government may import up to 5 lakh tonnes of rice to replenish the country’s depleting food stocks and tame the soaring prices of the staple, according to a senior official of the food ministry. The Directorate of Food has already floated a tender to buy 100,000 tonnes of parboiled rice from abroad. Meanwhile, the government placed an order for 50,000 tonnes of rice last week and plans to purchase another 100,000 tonnes from foreign sources soon.The food ministry aims to buy 300,000 tonnes of rice from abroad in the first phase.The Directorate of Food has decided to buy 200,000 tonnes of paddy from local growers and 600,000 tonnes of rice from millers for the current Aman rice season. But since the beginning of the procurement period last month, it could buy only 507 tonnes of parboiled rice and 27 tonnes of paddy as of December 2.This is the first time in three years that the government turned to overseas markets to refill food stocks and intervene in the market through various social safety net schemes to curb a spike in the price of a staple food. Food stocks dipped 43 per cent year-on-year to 7.9 lakh tonnes as of December 2 this year, according to the food ministry.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday launched a technology centre to facilitate the growth of local tech startups and technopreneurs. The main aim of this initiative is to build a digital ecosystem in the country by creating “Imact Tech-Preneurs” who can solve social problems and have a measurable and transformative impact on the digital landscape.The centre, dubbed “FBCCI Tech C”, is a part of the FBCCI Impact 4.0 (2020) project, which was launched to mark the centennial birth anniversary of Bangabandhu Sheikh Mujibur Rahman.
The country’s apex trade body signed agreements with various international organisations such as the Massachusetts Institute of Technology (MIT), University of Toronto, Accelerating Asia and Seneca College to train local startups through this initiative.FBCCI Tech C is one vertical of FBCCI Impact 4.0 (2020), which was adopted by the current board.Technology will play an essential role in attaining Vision 2021, Vision 2041 and Bangabandhu’s Sonar Bangla, according to State Minister Palak. Leveraging tech innovations to have a competitive edge will help improve Bangladesh’s economic growth but for that the country needs a thriving and innovative technology sector. Sonia Bashir Kabir, an advisor to the FBCCI, gave a presentation about Tech C at the event. FBCCI TECH C entails startup preparedness skills, Ag Tech (Agriculture Tech), Digital Financial Service (FinTech), Med Tech (Health Tech), Ed Tech (Education Tech), e-commerce, Rural Broadband Smart Cities and so on.Sharon Bort, senior officer of sustainability at the MIT, said the global challenges for 2021 includes ensuring equitable connectivity to access digital commerce and public services for everyone and protecting all people from health security threats and disease outbreaks. It also encompasses reimaging classrooms for the next generation of learners, preserving and strengthening ecosystem services, including carbon mitigation and harnessing tech to promote racial justice and the formation of antiracist society, said Bort.
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