Denim mills expand as global market booms
Fabric makers in Bangladesh have embarked on a massive expansion to capture more share of the fast-growing global denim market keeping pace with the changing fashion and styles. Currently, 40 denim mills are producing 280 lakh metres of denim fabrics in Bangladesh, up 40 per cent from five years ago. Denim fabrics makers have appetite to grow further. And their ambition was fittingly brought up in the report of the Research and Markets, a global market research firm, last week. The global denim jeans market will spike to $76.1 billion by 2026, up from $57.3 billion in 2020, according to the analysis. The projection echoes recent data from retail intelligence platform Edited, which shows denim sales were up 10 per cent in 2021 from a year ago. It rose 27 per cent in the first week of 2022 compared to the same period last year. For instance, Envoy Textile Ltd produces 4.42 million metres of denim fabrics a month, up from 3.5 million metres two years ago.
Linde proposes a 550% cash dividend – the highest in seven years
Linde Bangladesh Limited, the leading industrial and medical gas producer in the country has recommended a 550% cash dividend for its shareholders for 2021 – the highest in the last seven years. The multinational company will hold an annual general meeting (AGM) via a virtual platform on 12 May to secure approval from shareholders regarding the proposed dividend. The record date to determine investors for the AGM will be 31 March. Despite the higher dividend declaration, its share price fell 1.98% to close at Tk1,551.70 each on the Dhaka Stock Exchange on Sunday. Last year, its earnings per share jumped to Tk80.34, which was Tk77.70 in 2020, due to an increase in consumption of industrial gas and medical oxygen. Its net asset value per share increased to Tk395.55 at the end of December, from Tk355.75 a year ago.
Pubali Bank inaugurated sub-branch
Pubali Bank Limited inaugurated its sub-branch at Gobindasree, Madan under Netrakona district. Sajjadul Hasan, Chairman, Board of Directors of Biman Bangladesh Airlines and Former Senior Secretary of Prime Minister’s Office, formally inaugurated the sub-branch as the chief guest.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 229.88||↓ 0.69 %|
|FTSE100||$ 7,155.64||↑ 56.55||↑ 0.80 %|
|Nikkei 225||$ 25,342.77||↑ 179.99||↑ 0.72 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 106.17||↓ 3.16||↓ 2.89 %|
|Crude Oil (Brent)||$ 109.63||↓ 3.04||↓ 2.70 %|
|Gold Spot||$ 1,975.14||↓ 13.32||↓ 0.67 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.00|
|GBP 1||BDT 112.1440|
|EUR 1||BDT 93.8518|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<