Deshbandhu Group for Tk 100b fresh investment
Already a household name, Deshbandhu Group is all set for investing Tk 100 billion in several fresh ventures avowedly to boost the nation’s economy and generate employment. The industrial units the corporate is undertaking happen to be import-substitution ones for local consumption and also export-boosters. Company officials say the new investments will be across sectors like PSF and PET Industries, Steel Mills, Consumer Goods, Electric Vehicles Assembly Plant, Eco Brix Industry, Western Footwear and a Lithium Ion Battery Plant. The group anticipates creating approximately 15,000 new jobs, thereby increasing its total workforce from around 25,000 to 40,000. Apart from its Deshbandhu Sugar Mill, one of the leading sugar suppliers in Bangladesh, the company has also started building a new European-standard sugar mill with 1500-tonne daily capacity with a Tk 15.0 billion worth of investment. Production is scheduled to commence in June 2024, creating employment opportunities for 2,000. Set up on a 50-acre site in Hatikumrul, Sirajganj, this venture aims to generate employment for an additional 5,000 people upon full-scale production by 2028. Other ongoing projects include the establishment of a Power Pack Economic Zone near Mongla seaport and PSF & PET Industries in Mongla, which are expected to create employment for approximately 2,000 individuals.
DSE daily turnover surpasses Tk 16b, on enthusiasm in bank stocks
Stocks witnessed yet another upbeat session on Monday, with turnover surpassing Tk 16 billion-mark for the first time in more than 16 months, as buoyant investors put fresh bets on heavyweight bank shares. Turnover, a crucial indicator of the market, stood at Tk 16.55 billion on the country’s premier bourse after a 5 per cent increase from the previous day. It happened to be the biggest single-day transaction since September 25, 2022 when the turnover was recorded at Tk 18.10 billion. Aligned with the rising turnover value, DSEX, the benchmark index of the Dhaka Stock Exchange, went up 42 points or 0.67 per cent to settle at 6,322. The DSEX recovered 243 points in the past six consecutive sessions. Two other indices also stayed upbeat. The DS30 Index, which consists of blue-chip companies, soared more than 8 points to 2,133, while the DSES index, which represents Shariah-based companies, rose almost 6 points to 1,376. A majority of the stocks saw price surge, as out of 395 issues traded, 261 closed higher, 93 ended lower and 41 remained unchanged on the DSE trading floor. Most sectors posted gain with financial institutions securing the highest return of 4.2 per cent, followed by engineering, life insurance and travel & leisure.
Mr. Sazzad Haider new DMD of Prime Bank
Mr. Syed Sazzad Haider Chowdhury has been promoted to Deputy Managing Director and Chief Information Officer of Prime Bank PLC. Prior to this new role, he has been serving as Senior Executive Vice President and Chief Operating Officer of the bank. Mr Chowdhury, who previously worked with Dhaka Bank and Eastern Bank, has more than 26 years of experience in the banking sector. He did his bachelor’s and master’s degrees in physics from the University of Dhaka. He also completed master’s degree in international trade business from the same university.