ECNEC okays Tk 7.22b Nakshipalli project to enhance Facilities
The Executive Committee of National Economic Council (ECNEC) approved on Tuesday a project titled ‘Sheikh Hasina Nakshipalli, Jamalpur (1st phase)’ involving Tk 7.22 billion, aiming to enhance facilities for Nakshi entrepreneurs, handloom and handicraft workers. The approval came at the weekly ECNEC meeting held at the NEC conference room with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. As per the Planning Minister, the meeting cleared a total of six projects involving an estimated cost of Tk 2,65.07 billion and the entire cost will be borne by the national exchequer. All the six projects are new ones. About the Nakshipalli project, the minister said Bangladesh Handloom Board under the Textile and Jute Ministry will implement the project on 300 acres of land in Jamalpur by December 2021.
BSEC approves Tk 150m IPO of Ring Shine Textiles
The securities regulator has approved the initial public offering (IPO) proposal of Ring Shine Textiles to raise a capital worth Tk 150 million from the capital market. The Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal at a commission meeting held in Dhaka on Tuesday. BSEC Chairman M Khairul Hossain presided over the meeting. As per the BSEC approval – under the fixed price method – Ring Shine Textiles will float 15 million ordinary shares at an offer price of Tk 10 each. The company will utilize the IPO proceeds for purchasing machinery; repay bank loans and bearing the IPO expenses. According to the financial statement ended on June 30, 2018, the company’s net asset value (NAV) per share (without revaluation) was Tk 23.17 and the weighted average earnings per share (EPS) stood at Tk 1.86.
BATBC recommends 500pc cash, 200pc stock dividend
British American Tobacco Bangladesh Company (BATBC) has recommended 500 per cent cash and 200 per cent dividend for the year ended on December 31, 2018. The board has also decided to increase authorised capital from Tk 600 million to Tk 5.40 billion by amending Clause 5 of the Memorandum of Association and Clause 5 of the Articles of Association, subject to the approval of the shareholders in the extraordinary general meeting (EGM). The date of EGM and annual general meeting (AGM) will be held on April 28 at 10:00am and 10:30am respectively at Pan Pacific Sonargaon Hotel in Dhaka. The record date for EGM and AGM is on April 04. The multinational company has also reported earnings per share (EPS) of Tk 166.87, net asset value (NAV) per share of Tk 492.15 and net operating cash flow per share (NOCFPS) of Tk 150.13 for the year ended on December 31, 2018 as against Tk 130.50, Tk 385.21 and Tk 162.22 respectively for the same period of the previous year. Following the hefty dividend decoration news, its share price rose 15.96 per cent to close at Tk 4,580 on Tuesday. The company dominated the gainers and turnover chart, with shares worth Tk 754 million changing hands.
bKash launches Add Money Service
bKash has launched a new service enabling its customers to transfer fund instantly from Mastercard branded debit, credit and prepaid cards issued by banks in Bangladesh to bKash 24/7. This service is now a reality with Southeast Bank’s Mastercard Payment Gateway Service. bKash, the largest mobile financial service provider of Bangladesh, Mastercard and Southeast Bank jointly organized the launching event at a city hotel on Monday. bKash app users can add money to their own accounts as well as other bKash accounts. The same bKash cash-in limits will be applicable for this service. To make the transfer bKash users need to click add money options from bKash app interface. Then they need to select card to bKash options and incorporate the bKash number. Putting the required card details and desired amount customer will get an OTP (One Time Password) in their registered mobile number. By entering the OTP customer will be able to complete the transaction.
BATBC, GP rescue stocks
The Dhaka Stock Exchange yesterday avoided a massive fall thanks to a positive movement of two heavyweight multinational stocks — British American Tobacco Bangladesh Company (BATBC) and Telenor’s Grameenphone. According to the DSE, 261 companies, which accounted for more than 75 percent of the 345 issues traded yesterday, declined on the day. Their decline, however, could not hit hard the main index as it fell only 8.38 points. BATBC’s shares rose 16.47 percent, or Tk 650.5, riding on the cigarette maker’s announcement of 700 percent dividend for the year that ended on December 31, 2018. The dividend included 200 percent stock dividend, the first stock dividend after 26 years. Grameenphone’s shares rose Tk 10.3, or 2.69 percent, to close at Tk 395.20. According to an index Analyst, BATBC added 62.41 points alone to the DSEX and Grameenphone 22.27 points. If the two shares remained unchanged yesterday, the index would have fallen by 93 points. Turnover, one of the important indicators of the market, rose 22.71 percent to Tk 621.99 crore, with 11.31 crore shares and mutual fund units changing hands on the DSE. BATBC dominated the turnover chart with 1.59 lakh shares worth Tk 75.36 crore traded, followed by Monno Ceramics, United Power Generation, Dutch- Bangla Bank, and Bangladesh Submarine Cables.
ADP spending stands at 39pc in 8 months
The progress in implementation of annual development programme still has remained slow though the implementation rate slightly increased in July-February of the current fiscal year (2018-2019) compared with that in the same period of last fiscal year (2017-2018). According to the data of Implementation Monitoring and Evaluation Division of the planning ministry, 57 ministries and divisions responsible for ADP implementation spent only 39.13 per cent or Tk 70,772 crore in the eight months of this fiscal year, up 1.12 percentage points or Tk 8,400 crore on that of the same period of last fiscal year. The government has adopted an ADP worth Tk 1,80,869 crore for FY19. In July-February of FY18, the agencies implemented 38.01 per cent or Tk 62,372 crore of ADP worth Tk 1,64,085 crore. The government will have to spend Tk 1,10,097 crore or 60.87 per cent in the remaining four months of this fiscal year to achieve a full implementation.
Japan keen to invest in Gasoline Engine Car Manufacturing Industry
Japan has shown its interest to invest in the gasoline engine car manufacturing industry in Bangladesh. The information came on Tuesday when Japanese Ambassador to Bangladesh Hiroyasu Izumi called on Industries Minister Nurul Majid Mahmud Humayun at his office in the city. During the meeting, they discussed various bilateral issues, including trade and investment, technology transfer and automobile industry. The Minister welcomed the Japanese investors in the country’s automobile industry and said Bangladesh consumers have confidence on the Japanese branded cars, including Toyota. Japanese Honda Company has already set up factory in Bangladesh for producing Honda brand motorcycles. As per the Ambassador, there are huge opportunities to accelerate economic relations between the two friendly nations, Bangladesh and Japan.
Honey fetches Tk 3.0m at bee fair
The three-day National Bee Fair (Jatiya Mou Mela) – 2019 ended on Tuesday with a huge response from the Customers, General Visitors and Entrepreneurs. Agriculture Minister Dr Abdur Razzak inaugurated the fair as the chief guest at AKM Giasuddin Milky Auditorium in the capital on Sunday. Ministry of Agriculture organised the fair, held under the theme of “Bee Cultivation Will Increase Nutrition, Income and Harvest”. As per the Organisers, honey of different flowers estimated to be worth Tk 3.0 million was sold at this year’s fair.
Mr. Abed Khan became new PIB Chairman
The Government has appointed daily Jagoran Editor Abed Khan as the Chairman of the board of Directors of Press Institute of Bangladesh (PIB).
BGB recover 40,000 Yaba tablets in Chapainawabganj
53 battalion of Border Guard Bangladesh (BGB) seized 40,000 pieces of yaba tablet from frontier Bisrashia field area under Shibganj upazila in the district on Tuesday morning.
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)||$ 57.05||↑0.18||↑0.32%|
|Crude Oil (Brent)||$ 66.73|| ↑0.06||↑0.09%|
|Gold Spot|| $1,304.91||↑3.33||↑0.26%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.0524|
|GBP 1||BDT 110.0246|
|EUR 1||BDT 94.8783|
|INR 1||BDT 1.2058|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<