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 March 03, 2020

NBR agrees on tax sops

The National Board of Revenue, or NBR, has reached a consensus over offering a string of tax incentives to promote long-term debt market in Bangladesh. The incentives include withdrawal of upfront tax on debt securities, tax at source on trading stage of such tools and waiver of discriminatory tax measure on zero-coupon bonds. The NBR also agreed to review the existing discriminatory tax measure on zero-coupon bonds. Currently, tax is imposed on investment in zero-coupon bonds by financial institutions, but other organisations and individuals enjoy exemptions. Officials said the simplification of tax measures is under active consideration of the income tax wing of the board. Tax officials and other parties agreed to relax the measures in a meeting held on February 24 last. Currently, the NBR collects upfront tax at a rate of 5.0 per cent on profit, coupon or interest of debt securities or bond as per Income Tax ordinance, 1984, section 51. There is also .05 per cent tax at source on per transaction amount of secondary market trading as per income tax law. It is applicable to all types of securities.

Source: https://today.thefinancialexpress.com.bd/first-page/nbr-agrees-on-tax-sops-1583170652

Capital mkt needs quality IPOs

The country’s capital market requires more companies having good fundamentals to enhance the market cap to GDP (gross domestic product) ratio like other neighbouring countries. The chairman of Dhaka Stock Exchange (DSE) Md. Eunusur Rahman said this on Monday while the newly-formed board of the premier bourse made a courtesy call on the chairman of the securities regulator. Bangladesh has much scope of enhancing market cap to GDP ratio compared to neighbouring countries. We should work to turn the ratio into 100 per cent. The DSE’s board has been comprised of experienced independent directors who came from different sectors. Investors have much expectation on independent directors.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/capital-mkt-needs-quality-ipos-1583172610

FBCCI seeks to boost trade ties with France

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Sheikh Fazle Fahim underscored the need for expanding trade ties with France to accelerate development activities in Bangladesh. FBCCI is working to increase trade relations with different countries across the world. France is one of the best trade partners of Bangladesh and the country is exporting different products, including RMG, leather and leather products, frozen fish, ceramic and medicines to the European countries.

Source: https://today.thefinancialexpress.com.bd/trade-market/fbcci-seeks-to-boost-trade-ties-with-france-1583173544

Walton has great prospects. But questions hang over its IPO prospectus.

Local electronics giant Walton is, arguably, going through a purple patch. For instance, earlier this week, it flagged off shipments of 26,000 air conditioners to India’s Hyundai and also inaugurated its sprawling lift manufacturing plant, both of which are firsts for Bangladesh. There appears to be no end to its ambitions. But, funding is needed to achieve those goals, which is why the trailblazing homegrown electronics manufacturer has decided to turn to the capital market to raise Tk 100 crore. There is tremendous excitement around Walton Hi-Tech’s debut on the Dhaka Stock Exchange, which is why it is reasonable to assume it would be commanding a good premium. However, a deep dive into its financial reports doesn’t paint a clear, rosy picture. Walton Hi-Tech Industries showed a staggering 290.6 per cent surge in profits and 89.4 per cent jump in its turnover in the 2018-19 financial year — just before its listing on the stock market. In the 2017-18 financial year, the company’s profits and turnover had dropped 52 and 14.4 per cent year-on-year respectively. In the last financial year, Walton Hi-Tech’s sales to Walton Plaza rose 138.6 per cent to Tk 1,602 crore. After the sales, Walton Hi-Tech’s receivables from Walton Plaza stood at Tk 1,048 crore, which was Tk 440 crore a year earlier. The company’s prospectus shows its turnover rose to Tk 5,177.3 crore in the 2018-19 financial year, which was Tk 2,732.9 crore in the previous year. So, its turnover rose about Tk 2,444.35 crore in a space of 12 months.

Source: https://www.thedailystar.net/business/news/walton-has-great-prospects-questions-hang-over-its-ipo-prospectus-1875637

SME Products Fair will initiate tomorrow

The ‘National SME Products Fair 2020’ will kick off in the capital tomorrow (Wednesday), aiming to promote local products in the domestic and global markets. Prime Minister Sheikh Hasina is expected to inaugurate the nine-day fair as the chief guest at the Krishibid Institution Bangladesh in the capital. The Small & Medium Enterprise Foundation (SME Foundation) will host the fair for the eighth time at Bangabandhu International Conference Centre (BICC) in the city. A total of 296 entrepreneurs — 195 women and 101 men — will showcase their products such as jute goods, agriculture, food and leather products, electronic and electrical items in 309 stalls.

Source: https://today.thefinancialexpress.com.bd/trade-market/sme-products-fair-kicks-off-tomorrow-1583173434

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,434.81668↑ 24.89↑ 0.55 %
↑ 1,293.96↑ 5.09%
FTSE1006,654.89↑ 74.28↑ 1.13 %
Nikkei 22521,356.99↑ 12.91↑ 0.06%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 48.08↑ 1.33↑ 2.84 %
Crude Oil (Brent)$ 53.21↑ 1.31↑ 2.52%
Gold Spot$ 1,598.05↑ 8.61↑ 0.54 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.0923
GBP 1BDT 106.274
EUR 1BDT 92.2562
INR 1BDT 1.14403





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