Unusual rise in share price continues
The price of shares of Monno Jute Stafflers has continued to soar unusually, unaffected by the formation of a committee by the capital market regulator to conduct an investigation. The share price has rocketed 373.38 percent in the past three months. Yesterday alone it jumped 5 percent or Tk 172.60 to finally stand at Tk 3,624.70 before the transactions got halted at one point for the absence of sellers. Now the company’s share tops Dhaka Stock Exchange (DSE) price-wise, beating out renowned companies like Berger Paints, Bata Shoes, Renata, Marico Bangladesh, GlaxoSmithKline and Reckitt Benckiser. In July 2017-March 2018, the earnings per share of Monno Jute Stafflers was Tk 2.95 while the amount reached Tk 77.10 for Berger Paints, Tk 52.15 for Marico Bangladesh (year ending on March 31), Tk 12.86 for Bata Shoes, Tk 11.06 for Renata, Tk 11.49 for GlaxoSmithKline and Tk 7.34 for Reckitt Benckiser, all in the first quarter of 2018.
Jamuna Bank approves 22pc stock dividend
Jamuna Bank Limited has arranged its 17th Annual General Meeting (AMG) at the ABACUS Convention Center located at Eskaton area in the capital. The Shareholders attending the AGM approved 22 per cent stock dividend for the year ended on December 31, 2017, said a media release. Engineer A K M Mosharraf Hussain, Chairman of the Board of Directors presided over the meeting held on Sunday.
Meghna Bank holds AGM, declares 6pc stock dividend
Meghna Bank Limited has recently organised its 5th Annual General Meeting (AGM) at the Le Meridien Dhaka. The board of the directors in the meeting declared 6 per cent stock dividend for the year ended on 31 December, 2017. Chairman of the bank, H N Ashequr Rahman MP presided over the meeting held on Friday, said a press statement.
EPB eyes $44.50b export target for next FY
The Export Promotion Bureau (EPB) has proposed setting the country’s goods and service export target at US$ 44.50 billion for fiscal year (FY) 2018-19. It proposed fixing the merchandise export target at $ 40.0 billion, 7.14 per cent or $2.5 billion higher than that of the current FY’s target of $ 37.5 billion. The EPB has also projected $ 4.50 billion in earnings from service sector exports, 8.52 per cent higher than estimated $ 4.14 billion earnings in the current fiscal. The EPB expected that export receipts would reach $ 41.00 billion — $ 37.33 billion from goods and $ 4.14 billion from service sectors — by the end of the current FY, reflecting an 8.95 per cent growth over the previous fiscal. Earnings from knitwear export could increase by 8.23 per cent, woven garments by 7.07 per cent and home textiles by 9.11 per cent. Leather and leather products have been projected to grow by 2.81 per cent, medicines by 12.95 per cent, jute and jute goods by 5.11 per cent, agricultural products by 8.73 per cent, plastic products by 0.33 per cent and ceramic products by 2.56 per cent. The EPB proposed export targets of $ 16.70 billion and $ 16.81 billion from knit and woven products respectively in the next FY. It also proposed $ 1.12 billion export target with a growth projection of 5.11 per cent for the jute and jute goods sector. The EPB expects that the country ends the current fiscal year with $ 41.48 billion earnings — $37.33 billion from goods and $ 4.14 billion from the service sector. Bangladesh earned $ 34.65 billion in the FY 2016-17, $ 34.10 billion in the FY 2015-16, $ 31.20 billion in the FY 2014-15, $ 30.18 billion in the FY 2013-14 and $ 27.02 billion in the FY 2012-13 through exports.
ADP spend far away from target
Ministries and divisions face an uphill task in June as they will have to spend about one-third of the development budget in one month to reach the government’s ambitious ADP target. In the first 11 months of the outgoing fiscal year, they together spent Tk 98,978 crore against the revised full-year allocation of Tk 157,594 crore for the annual development program (ADP), according to the Implementation Monitoring & Evaluation Division (IMED). This means Tk 58,616 crore will have to be spent in the last month of 2017-18 to achieve the target, way higher than the average monthly expenditure of Tk 8,998 crore in the fiscal year. Historically, ADP spending rate remains low in the beginning of a fiscal year and it gets momentum in the second half of the year. IMED data showed the ministries and divisions are lagging behind this year as well compared to the last fiscal year in terms of implementation. In July-May, 62.81 percent of the allocation for the ADP was implemented, down from 64.72 percent a year earlier. The use of the government’s own fund was Tk 56,807 crore in the 11-month period, which is 58.97 percent of the total allocation. It was 66.39 percent in the same period a year ago. On the other hand, 71.47 percent or Tk 37,201 crore of the allocation from foreign funds was spent, up from 58.05 percent a year earlier.
Tk 2,868.17 crore pipeline project on the cards
The government initiated a move to implement a Tk 2,868.17 crore pipeline project for transporting white petroleum from Chattogram to Dhaka and Chandpur in a fair and uninterrupted way. The official told BSS that Bangladesh Petroleum Corporation (BPC) is the implementing agency for the project titled ‘Pipeline for transportation of white petroleum from Chattogram to Chandpur with an estimated cost of Tk 2,868.17 crore to be implemented by June 2020. Twenty four brigade construction of Bangladesh Army is the executing agency for the project on behalf of Padma Oil Company Limited. The project will be implemented at Chattogram City Corporation, Cumilla City Corporation, Bhatiary, Sitakundu, Mirersarai, Feni, Choddogram, Laksam, Borura, Kochua, Hajiganj, Chandpur Sadar, Narayanganj City Corporation, Siddhirganj, Fatullah and Gazaria. According to the Energy and Mineral Resources Division, the annual demand of petroleum products in the country is 55 lakh tonnes while this demand is rising day by day due to the scarcity of gas. The demand of petroleum products will further rise if no new gas field is explored in the country. The annual demand of fuel oil in Dhaka and the adjoining areas is 15 lakh tonnes while the demand is being met from Godnail depot in Dhaka and Fatullah depot in Narayanganj. Besides, the annual demand of fuel oil in three depots in Chandpur is 1.55 lakh tonnes. At present, 90 per cent of fuel oil is being transported through the waterways while the oil marketing companies use around 200 coastal oil tankers for transporting this oil. But, due to the declining trend of navigability in the waterways and rivers, it has become tough for the marine oil tankers to transport oil in a speedy manner.
Mobile subscriber growth halts in April
Growth of active mobile phone subscribers in Bangladesh witnessed a halt in April amid a slowdown in mobile phone operators’ SIM sales drives after the launch of 4G services by all but Teletalk in February this year. As per the latest Bangladesh Telecommunication Regulatory Commission data, the number of active mobile phone subscribers inched up by 55,000 to 15.033 crore at the end of April from 15.028 crore at the end of March. The volume of increase in mobile phone subscribers was 18.86 lakh in January, 17 lakh in February and 15.14 lakh in March. Of the four mobile phone companies operating in the country, Grameenphone and Banglalink managed to add new subscribers — 4.51 lakh and 86,000 respectively — in April, but Robi lost 3.51 lakh subscribers and Teletalk 1.31 lakh in the month. The number of active internet users, however, increased by 13.73 lakh to 8.59 crore in April this year from 8.45 crore in March this year. Of the internet users, the number of mobile internet users increased by 13.62 lakh to 8.01 crore in April from 7.88 crore a month ago, while the number of broadband users rose by 11,000 lakh to 5.68 lakh in April from 56.69 lakh in March. The number of WiMAX subscribers remained unchanged at 87,000 at the end of April this year.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$68.41||↓0.17||↓4.70%|
|Crude Oil (Brent)||$74.24||↓1.31||↓1.63%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.16|
|GBP 1||BDT 111.62|
|EUR 1||BDT 98.10|
|INR 1||BDT 1.23|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.