Large conglomerates expanding ceramic footprints

Rapid urbanisation, diversified housing and a rise in people’s disposable income: these are the factors that have been boosting the country’s ceramic market to a more than Tk6,000 crore with a 20% annual growth. The increasing demands for ceramic tableware, sanitaryware and tiles encouraged the large conglomerates to enter the market while the existing players are also in an expansion mode. Meanwhile, agri- consumer giant Pran-RFL is revving up to enter the ceramic market that has clocked around 100% growth in the last six years. The company will manufacture tiles initially. Ceramic market in the past six years got at least Tk4,000 crore investments by five large companies such as Sheltech, DBL and Greatwall Ceramic – raising the total market investment to Tk10,000 crore. According to the Bangladesh Ceramic Manufacturers’ and Exporters’ Association, ceramics logged Tk6,000 crore sales in the 2020-21 fiscal year. Of it, tableware and bathroom fittings jointly amounted to Tk1,000 crore. Local manufacturers in that year sold Tk4,300 crore tiles, while the item worth Tk700 crore was imported.

Source: https://www.tbsnews.net/economy/industry/large-conglomerates-expanding-ceramic-footprints-367366

Tax receipts from DSE jump 51 per cent in seven months

The government revenue earnings from Dhaka Stock Exchange (DSE) jumped 51 per cent in seven months for July-January period of the current fiscal year compared to the same period last fiscal, powered by rising trading volume. The government bagged revenue worth Tk 2,786 million in the seven months for July-January of the fiscal year (FY) 2021-22, as against Tk 1,842 million in the same period of the previous fiscal, showing a 51 per cent growth, according to statistics with the prime bourse. Of the total earnings, Tk 2,334 million came from the TREC holders’ commission, popularly known as brokerage commission, while Tk 452 million from the share sales by sponsor-directors and placement holders during the period under review. Meanwhile, the prime bourse has started availing the electronic tax deducted at source (e-TDS) system to pay taxes to the public exchequer. Recently, it has paid tax under Tax Zone-13 of the National Board of Revenue (NBR) using the e-TDS system.The daily turnover, the important gauge, rose to about Tk 15.25 billion on an average in seven months for July-January in the current fiscal year which was Tk 12.50 billion in the same period in the previous fiscal year.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tax-receipts-from-dse-jump-51-per-cent-in-seven-months-1644166534

Kazi Mahmood Sattar new chairman of IPDC

Renowned banker Kazi Mahmood Sattar has been appointed as the new Chairman of IPDC Finance Limited as announced in the 198th meeting of the Board of Directors. Mr. Sattar started his career with ANZ Grindlays Bank in 1981. Later he got the opportunity to work with the bank overseas in Mumbai and Melbourne.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/global-equity-funds-see-biggest-inflow-in-three-weeks-1644074548