Business
DSE surges as 315 share prices rise in early trading
The Dhaka Stock Exchange (DSE) witnessed a significant surge in early trading on Tuesday, with prices of 315 companies rising in the first two hours. This marked a sharp recovery after five consecutive days of decline till October 20.
DSE rebounds as Tk 344 crore in shares traded today
During the initial two hours of trading, transactions amounted to Tk 138 crore, with the share prices of 315 companies increasing. Meanwhile, 35 companies saw price declines, and 41 remained unchanged.
DSE upgrades three companies’ shares from Z category
The DSE's main index, DSEX, climbed by 54.94 points, reaching 5228.05. The DSES (Shariah) index rose by 10.95 points to 1167.94, while the DS30 blue-chip index also increased, closing at 1921.58 points.
341 minutes ago
Omera LPG launches home delivery App- “LPG Solution”
Omera LPG, a leading name in the LPG industry, proudly fueled the grand celebration of International Chef’s Day 2024 at Dhaka Radisson Blu.
Over a thousand renowned chefs from across the country participated, with Omera LPG making a significant impact by introducing an exciting new service for its customers.
As part of the event, Omera LPG launched the country's most convenient home delivery platform for LPG cylinders, the LPG Solution app.
This app enables customers to easily order LPG cylinders, ensuring hassle-free home delivery along with a range of support services, including kitchen setup and safety assistance.
With this innovative solution, Omera aims to redefine convenience for customers, offering them seamless access to LPG from the comfort of their homes.
The launch of the LPG Solution app was supported by the top chefs in the country, who recognized the value of such a convenient service for households and commercial kitchens alike.
In addition to the chefs, Omera’s senior management was also present at the event, underscoring the company's commitment to innovation and customer satisfaction.
The app is currently available for download from the Google Play Store and the App Store.
Speaking on the occasion, Sumaiya Suhaila, Manager of Brand & Market Communication at Omera LPG, said, “We are proud to introduce the LPG Solution app at such a prestigious event”.
This app reflects Omera’s commitment to customer convenience and safety, and we are confident that it will make accessing LPG easier and more reliable for households and businesses across the country, she added.
Another highlight of the event was a special Health and Safety Training session, conducted by Omera LPG for all the participating chefs.
Omera firmly believes that safety in the kitchen is paramount, and the session focused on equipping new generations of chefs with essential knowledge about LPG safety measures.
This initiative reflects Omera’s ongoing commitment to fostering a culture of safety both in workplaces and homes, ensuring that safety remains at the forefront of operations.
Through this innovative approach and dedication to safety, Omera LPG continues to set new standards in the LPG industry, reinforcing its position as a trusted provider for customers nationwide.
180 minutes ago
Automation: Stakeholders urged to be proactive amid fears of rising unemployment
Proactive steps are necessary to support Ready-Made Garment (RMG) workers who are at risk of unemployment as automation continues to grow in Bangladesh’s garment sector.
In the next two years, 80% of garment factory owners in Bangladesh plan to invest in automated machines, according to data from research which was presented by LightCastle Partners at a dialogue event held in Gulshan.
This was presented at an event at a hotel in the capital’s Gulshan on Monday organised by LightCastle Partners, an international leading business consultancy firm, in partnership with Policy Exchange Bangladesh.
Automation in the sector is expected to grow by over 13% during this period. Despite the increase in efficiency and projected production increases of up to 22%, concerns about rising unemployment persist. Out of an average of 2,250 workers per factory, only 500 are expected to be directly involved with automation processes, leaving many workers at risk.
Automation, while presenting challenges for the workforce, is also key to enhancing the industry’s global competitiveness.
Govt plans to introduce pension for RMG workers: Asif
Advanced technologies can significantly boost productivity, improve quality control, and lower operational costs, ensuring that Bangladesh’s RMG sector maintains its competitive edge internationally.
Embracing automation allows the industry to meet increasing demand for high-quality products with shorter lead times—critical for international buyers.
Zahedul Amin, co-founder and director of LightCastle Partners, delivered a keynote presentation titled "Future-Proofing RMG: Tackling Automation for Sustainable Growth and Worker Wellbeing."
He highlighted the need for a balanced approach that supports industry competitiveness through automation while safeguarding the workforce through upskilling and reskilling initiative.
The event emphasized the need for urgent action to address the potential impacts of automation on the workforce, calling for recommendations that ensure sustainable growth while protecting the livelihoods of garment workers.
During his presentation, Zahedul Amin shared findings from a recent research that showed 93% of garment operators in Bangladesh are willing to work with automated machines, with 70% of female workers expressing interest in gaining new skills for operating modern machinery.
All RMG factories except 3 open in Savar, Ashulia, Gazipur
Dr. M Masrur Reaz, Chairman of Policy Exchange Bangladesh, moderated the dialogue, where industry leaders and experts discussed the pressing issues.
Kazi Faisal Bin Seraj, Country Representative of The Asia Foundation, delivered the opening remarks, emphasizing the need for collective action to future-proof the RMG industry.
The speakers highlighted a range of strategies for ensuring the RMG sector’s resilience in the face of technological changes, including prioritizing the procurement of updated technologies, enhancing occupational safety, and implementing upskilling and reskilling programs to transition workers into new roles.
According to data from the Export Promotion Bureau, Bangladesh ranks second globally in ready-made garment exports. In the 2023 fiscal year, Bangladesh exported $47 billion worth of garments. The RMG sector contributed 10.35% to the country’s GDP in 2023, employing 4.1 million workers, 60% of whom are women.
As Bangladesh's garment industry faces transformative changes, LightCastle Partners remains at the forefront of developing strategies that combine technological advancement with worker protection, ensuring a sustainable and competitive future for the sector.
9 hours ago
DSE upgrades three companies’ shares from Z category
Dhaka Stock Exchange (DSE) has upgraded the shares of three companies from the Z category to the 'A' and 'B' categories, as they met the requirement of distributing of declared dividends to investors for three fiscal years.
The three companies are - Union Insurance, Shepherd Industries, and Advent Pharma Limited. These companies will trade in the 'A' and 'B' categories from tomorrow Tuesday (October 22).
DSE rebounds as Tk 344 crore in shares traded today
Union Insurance has been upgraded to the 'A' category, with a 10 percent cash dividend for the period ended in December 31, 2022. Shepherd Industries returned to the 'B' category with a cash dividend of 5 percent and Advent Pharma to the B category with a cash dividend of 2 percent.
10 hours ago
Finance Ministry proposes new MDs for 10 state owned banks
The Ministry of Finance has proposed the appointment of new managing directors (MDs) for 10 state-owned banks as part of ongoing reforms in the banking sector, officials announced on Monday.
Once the proposal receives approval from top government officials, an official notification will be issued, according to ministry sources.
The interim government recently removed the MDs of six state-owned banks and four specialized banks, leaving these key posts vacant for over a month. The move is part of a broader effort to revamp the banking sector.
Among the proposed appointments, Shawkat Ali Khan, currently the MD of Bangladesh Krishi Bank, has been recommended for the top position at Sonali Bank. Probashi Kallyan Bank MD Mojibur Rahman has been proposed as MD of Janata Bank, while Anwarul Islam, former deputy managing director of Janata Bank, is recommended for Agrani Bank.
Finance Ministry appoints MDs at 4 state-owned specialised banks
Other recommendations include Abdur Rahim, Deputy Managing Director of Rajshahi Krishi Unnayan Bank, for Rupali Bank; Jasim Uddin, former deputy managing director of Janata Bank, for Bangladesh Development Bank; and Kamruzzaman Khan, former deputy managing director of Janata Bank, for the role of MD at Basic Bank.
In addition, the ministry has proposed new MDs for four specialized banks. Sonali Bank Deputy Managing Director Mir Mofazzal Hossain is recommended for Ansar-VDP Development Bank, while Salma Banu, Deputy Managing Director of Bangladesh Krishi Bank, is set to take the helm at Palli Sanchay Bank.
Furthermore, Sonali Bank Deputy Managing Director Sanchita Binte Ali has been recommended as MD of Bangladesh Krishi Bank, and Bangladesh Krishi Bank Deputy Managing Director Chanu Gopal Ghosh has been proposed for the top position at Probashi Kallyan Bank.
This latest reshuffling comes after the previous MDs of these banks were collectively removed on September 19, as part of the government’s efforts to reform the banking sector.
11 hours ago
DSE rebounds as Tk 344 crore in shares traded today
After five consecutive days of decline, the Dhaka Stock Exchange (DSE) saw a slight upward trend today as all three key indices posted modest gains, encouraging investor sentiment.
The trading session ended with 150 companies experiencing price increases, while 184 companies saw declines, and 63 remained unchanged. Despite the mixed results, the positive movement of the indices provided a much-needed boost to the market.
Investor confidence appeared to return as the DSE's main index, DSEX, rose by 12.38 points, closing at 5173.11. The DSES (Shariah) index increased by 1.41 points to 1156.99, while the DS30 index, which tracks blue-chip companies, climbed 7.53 points to 1903.79.
The day's trading volume amounted to Tk 344 crore, slightly lower than Sunday's transaction volume of Tk 362 crore. While the value of transactions dipped by Tk 16 crore, the volume of share trading increased, signaling renewed interest among investors.
In contrast, the Chittagong Stock Exchange (CSE) saw a drop in transaction volume, falling from Tk 6.33 crore on Sunday to Tk 5.97 crore on Monday. The CSE CASPI index slipped by 0.25 points, closing at 14513.31. A total of 179 companies and mutual fund units were traded at the CSE, with 53 companies seeing price gains, 99 facing declines, and 27 remaining unchanged.
12 hours ago
Date set for reissuance auction of 15-year Treasury Bond
The Bangladesh Bank has announced the reissuance auction of a 15-year Bangladesh government Treasury Bond, scheduled for Tuesday.
A media release issued by the Department of Communication and Publications (DCP), the reissuance auction will offer Tk 2,000 crore in nominal value of the 15-year Treasury Bond.
This bond, first issued on March 27, 2024 with a coupon rate of 12.15%, carries an International Securities Identification Number (ISIN) of BD0939371151. It is set to mature on March 27, 2039.
The press release highlighted that the auction will be price-based one, meaning bidders must submit their desired purchase price and quantity of the bond.
The auction is open to all primary dealers of government securities, including banks and financial institutions, which have been appointed to participate in this process.
Other banks and financial institutions can also submit bids through primary dealers on behalf of their individual or institutional investor clients.
Read: Govt set to issue Tk 5000 crore bonds to clear power sector dues
Participants are required to submit their bids electronically through the MI Module at the Bangladesh Bank between 10:00 am and 12:30 pm on the day of the auction.
In special circumstances, manual bids may be submitted in sealed covers, subject to approval from the relevant department.
The central bank has already issued detailed instructions regarding participation to all primary dealers, banks, and financial institutions through official correspondence.
The reissuance of the Treasury Bond provides an opportunity for banks, financial institutions and investors to engage with long-term government securities, contributing to the country's financial market stability.
18 hours ago
Dhaka Stock Exchange sees early gains after five-day slump
The Dhaka Stock Exchange (DSE), the country's main capital market, showed signs of recovery in early trading on Monday, following a five-day losing streak.
In the first two hours of trading, share prices of 160 companies increased, while three key indices also posted gains. The DSE saw mixed movement, with 172 companies registering declines and 58 remaining unchanged.
According to market sources, the DSEX, the main index of the DSE, rose by 9.79 points, reaching 5,170.52. The DSES Shariah index gained 2.42 points, moving up to 1,158. Meanwhile, the DS30, which tracks blue-chip stocks, climbed 2.48 points to 1,898.74.
During this period, transactions worth approximately Tk 160.5 crore were recorded on the DSE.
18 hours ago
FBCCI calls for market monitoring to control prices
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Administrator, Md. Hafizur Rahman, has called on district chambers to take proactive measures to manage commodity prices and ensure a steady supply of daily necessities.
Govt to procure 55,000 MT soybean oil for OMS
During an online exchange meeting with district chamber leaders on Sunday, Rahman emphasized the importance of regular market monitoring to effectively control prices.
He also urged the chambers to remain vigilant in overseeing local markets.
1 day ago
BCI leaders meet with Industry Adviser
A delegation of Bangladesh Chamber of Industries (BCI) led by its president Anwar-ul Alam Chowdhury had a courtesy meeting with Adilur Rahman Khan, Industry Adviser of the Interim Government, at Shilpa Bhaban on Sunday.
The BCI president briefed the adviser about the current challenges in the industrial sector especially the electricity crisis. He said that if industrial production is disrupted, it will affect other sectors as well, especially service, agriculture etc.
He expressed concerns about the continuous increase in bank interest rates, HS code complications by NBR, and problems in paying salaries due to factory closures.
FICCI delegation meets adviser Adilur Rahman to address industrial challenges
He emphasized on BCI-Ministry of Industries joint organization of industrial fairs, full utilization of the potential of exporting halal products from Bangladesh and giving permission to BCI to issue halal certificates.
He called upon the Ministry of Industry and the non-governmental sector to work together to address the shortage of skilled manpower in the industrial sector and update the training curriculum and equipment in line with the demand to fill the shortage of skilled workers and managers required after LDC graduation.
He drew the attention of the adviser to take steps to protect the interests of the industrial owners in the current changing situation.
Zakia Sultana, senior secretary of the Ministry of Industry present at the meeting, said following the speech of the BCI president, the Ministry of Industry will recommend itself and other ministries to take initiatives to solve the problems.
In the meeting, senior vice-president of BCI Preeti Chakraborty; vice-president Mohammad Yunus; executive committee members Dr. Delwar Hossain Raja, Zia Hyder Mithu, Shah Alam Litu, Khair Mia, Md. Salim Jahan, Md. Mahfuzur Rahman; Secretary General Dr. Md. Helal Uddin, NDC; and Additional Secretary of Ministry of Industries, Md. Salauddin and Md. Salim Ullah were present.
1 day ago