TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts Aug 26, 2019

Govt takes Tk 27.47b Projects for easing land services

The government has taken Projects worth Tk 27.47 billion (Tk 2,747 crore) aiming at easily reaching all land-related services adopting facilities of digitisation to the people’s doorsteps in a hassle-free manner. The Ministry of Land will implement the Projects for automation of the land-related database spending Tk 997 crore (Tk 9.97 billion) and land survey costing Tk 1,750 crore (Tk 17.50 billion) with assistance of the a2i Project. The divisional administration organised the day-long event with assistance of the access to information (a2i) Project of the Prime Minister’s Office (PMO), Cabinet Division, ICT Division, USAID and UNDP. After implementation of these Projects availing facilities of digitisation facilities with assistance of the a2i Project, delivering of all land-related services to the people will be quicker and completely transparent and accountable.

Source: http://today.thefinancialexpress.com.bd/trade-market/govt-takes-tk-2747b-projects-for-easing-land-services-1566748793

No more Handouts for State Banks

Finance Minister AHM Mustafa Kamal yesterday trumpeted that State Banks would no longer be handed taxpayers’ money to meet their capital shortfall, in yet another sign from the government of its intent to stop pampering the errant lenders. The proclamation comes on the heels of Kamal’s move to not give a single penny to State Banks last fiscal year despite an allocation of Tk 1,500 crore in the budget for the purpose. No fund has been allocated for banks’ recapitalisation in this fiscal year’s budget too. Between fiscal years 2009-10 and 2017-18 the government had injected a total Tk 16,016 crore of taxpayers’ money into the state-run banks — without any tangible improvement in their governance and lending practices to show for. The aim of the state-run commercial banks is to provide funds to the government from their profits and the government will spend the money for welfare activities. But the banks were given money to meet their capital shortfall without any stringent performance improvement conditions, which defeats the purpose of their existence. AHM Mustafa Kamal also reiterated the government’s decision to fix the interest rates for lending and savings at 9 percent and 6 percent respectively — breaking the market mechanism and rendering the monetary policy toothless. The banking sector’s total default loans then stood at Tk 93,370 crore. Six months later, the amount soared to Tk 112,425 crore. A maximum of 9 percent interest rate will be charged on the rescheduled loans, which is much lower than the existing interest rate of 12-16 percent. The tenure for repayment is 10 years with a grace period of one year, which is much longer than the existing duration for any loan at present. The High Court though put a bar on implementing the new rescheduling policy until June 23, which the Supreme Court on July 8 extended by two months.

Source: https://www.thedailystar.net/business/news/no-more-handouts-state-banks-1790641

Major Sectors face price corrections on DSE

The Dhaka bourse on Sunday closed marginally lower due to price corrections witnessed by the major sectors. On the day, most of the major sectors declined marginally on the Dhaka Stock Exchange (DSE). The large cap companies such as Grameenphone, MJL Bangladesh and British American Tobacco Bangladesh Company drag the broad index into red. The day’s turnover also declined marginally following investors’ less participation in share trading. The market opened the Sunday’s session positively and the DSE broad index DSEX advanced 25 points within first 13 minutes. Of the large cap companies, the share price of the Grameenphone declined 1.03 per cent or Tk 3.30 to close at Tk 316.80 each. At the end of the session, the turnover stood at above Tk 4.68 billion which was 2.08 per cent less than the turnover of the previous session. Of the major sectors which witnessed price correction, bank declined 0.2 per cent, fuel & power 0.6 per cent, mutual fund 2.20 per cent, pharmaceuticals & chemicals 0.2 per cent, telecommunication 0.8 per cent and textile 0.8 per cent. Investors’ participation was concentrated mostly on pharmaceuticals & chemicals which grabbed 19.50 per cent of the market turnover followed by engineering 15.80 per cent, textile 13.10 per cent and fuel & power 8.60 per cent. United Power Generation & Distribution Company topped the turnover chart with a value of Tk 178 million followed by Orion Infusion Tk 165 million, Silco Pharmaceuticals Tk 159 million, Beacon Pharmaceuticals Tk 130 million, and KDS Accessories Tk 125 million. The turnover stood at above Tk 431.51 million on the port city bourse CSE.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/major-sectors-face-price-corrections-on-dse-1566746525

United Power tops Gainers’ List

United Power Generation & Distribution Company (UPGDC) topped the chart of top 10 gainers following investors’ increased participation. The company featured a turnover of Tk 178.60 million on Sunday and grabbed 3.81 per cent of the total turnover featured by the Dhaka Stock Exchange (DSE). The company’s share price declined 1.41 per cent or Tk 5.80 to close at Tk 406.70 each on the main bourse. Some 437,200 shares of the UPGDC changed hands through 1,757 trades and the company’s market capitalisation stood at Tk 196.81 billion on Sunday. The company’s board of directors has recommended 130 per cent cash dividend and 10 per cent stock dividend for the year ended on June 30, 2019. For the same year, the company has reported consolidated EPS of Tk. 16.08 against Tk. 9.59 for the same period of the previous year. Of other turnover leaders, Orion Infusion featured a turnover of Tk 165.90 million and captured 3.54 per cent of the market turnover. Domestic revenue collection needs to increase to provide fiscal space for growth-enhancing public investment and social spending. Reflecting tight expenditure control, fiscal 2018-19’s budget deficit is expected to remain within 5 percent of GDP and the public debt-GDP ratio broadly stable.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/united-power-tops-gainers-list-1566746754

Jute Farmers getting high prices

Local farmers are getting much higher prices for their raw jute in this harvesting season than last season, following the government’s withdrawal of ban on uncut jute export from June, said insiders. Besides, availability of ample water for retting jute timely also helps the farmers to get quality produce this year. However, local exporters of jute-made products are in a tough ride amid low global demand for their products as well as scarcity of quality raw materials. Raw jute of tossa variety was selling at Tk 1,700-2,400 a maund (40 kg) and desi variety at Tk 1,400-1,800 a maund based on quality at farm level across the country for last three weeks. The prices during this year’s harvesting season are 40-50 per cent higher than those of last year, according to the Department of Agricultural Marketing (DAM). Our Tangail correspondent Shahbuddin Manik adds: Newly harvested jute was selling at Tk 1,600-2,000 a maund in Korotia Bazar of the district. A farmer from Karotia Jamidarbari area, told the FE that the price was hardly Tk 1,000-1,500 last year. He grew tossa jute on five bighas of his land, and got 42 maunds of output this year. He sold his produce at Tk 75,000 (excluding price of jute sticks), and made a profit of Tk 25,000, whereas he incurred Tk 32,000 loss by cultivating jute on the same land last year. The sector witnessed a 20.5 per cent decline in shipment last fiscal year (FY), 2018-19, as export dropped to US$ 816 million from $ 1.025 billion in FY 2017-18. Jute yarn sector also witnessed a 20 per cent export decline in FY 19, which maintained a 10-20 per cent growth for the previous five years. Meanwhile, the government has lowered the country’s jute export target to $824 million for the current FY, which was $1.085 billion for FY 19. It has targeted to produce 8.5 million bales (one bale=180 kg) of jute this year on 0.7 million hectares of land.

Source: http://today.thefinancialexpress.com.bd/trade-market/jute-farmers-getting-high-prices-this-year-1566748553

Prime Bank signs MoU with Uttara Motors

Prime Bank has recently signed an agreement with Uttara Motors Limited at bank’s head office in Dhaka. In presence of Rahel Ahmed, Managing Director & CEO of Prime Bank and Matiur Rahman, Chairman & Managing Director of Uttara Motors Ltd., the agreement was signed by ANM Mahfuz, Head of Consumer Banking Division of Prime Bank and ABM Humayun Kabir FCMA, Director (Finance & Administration) of Uttara Motors Limited on behalf of their respective organisations. Other high officials of both organisations were also present on the occasion. Under the agreement, both Prime Bank and Uttara Motors Limited have jointly initiated the promotion of Motorcycle Financing & Car Loan facilities with preferential offerings. Uttara Motors is an enterprise of Uttara Group of Companies and also the sole distributor of Bajaj Auto Ltd.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/prime-bank-signs-mou-with-uttara-motors-1566746691

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE100 7,094.98↓33.20↓0.47%
Nikkei 225 20,316.02 ↓394.89↓1.91%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 53.55 ↓0.62 ↓1.14%
Crude Oil (Brent) $ 58.77↓0.57↓0.96%
Gold Spot $ 1,539.18 ↑12.22↑0.80%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.7158
GBP 1BDT 101.574
EUR 1BDT 92.1313
INR 1BDT 1.14939





Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited