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Paramount Textile to peddle its shares of Meghna Bank

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Paramount

Paramount Textile PLC, a listed firm belonging to the Paramount Group, has decided to sell its entire holding of the Meghna Bank for Tk3 crore.

A general shareholder Imrana Zaman Chowdhury will buy the shares says a disclosure published on the stock exchanges.

According to the disclosure, Paramount Textile holds 22,68,400 shares of the Meghna Bank.

Md Robiul Islam, company secretary of Paramount Textile, told that their company has so many investment opportunities as it is involved in various sectors.

They are getting good returns too, he said.

“Considering all aspects, the company is selling the shares of the Meghna Bank. The money will be spent on the company’s current development work,” he noted.

The woven fabrics manufacturer Paramount Textile has recently invested in the power sector.

In November, the company decided to spend $85.45 million on enhancing its production capacity.

As per company information, it wants to invest $70.45 million for BMRE (Balancing, Modernisation, Rehabilitation, and Expansion), and $15 million to set up a new fabric unit.

Paramount Textile was incorporated in 2006. It produces and delivers woven fabrics and more than 85pc of its total income comes from yarn-dyed fabrics.

The company got listed on the stock exchanges in 2013. The company had paid 20pc cash and 5pc stock dividends in fiscal 2021.

 

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Weekly US Stock Market Report Shows Diverse Performance

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On Thursday, a rally contributed to the recovery of U.S. stock indexes following a mostly negative performance the previous week. The NASDAQ’s increase of over 1% brought it within four-tenths of a percentage point below its record closing high established on November 19, 2021. Both the S&P 500 and the Dow extended their record highs set 11 days earlier.

The substantial daily gains on Thursday were driven by a stronger-than-expected earnings report from a major semiconductor company. The NASDAQ experienced its most significant surge in 12 months, rising nearly 3.0%, while the S&P 500 recorded its largest increase in 13 months at 2.1%.

Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent gain of 278 points, reaching a closing value of 16,274 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, adding 49 points to settle at 5,088 points. Meanwhile, DJIA Index experienced a notable hike, losing 44 points during the week and concluding at 39,087 points after a week of gain.

In contrast, Russell 3000 Index saw a hike in week performance, with a slight gain of 31 points to reach 2,944 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable hike of 60 points, ending the week at 2,076 points.

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Weekly European Stocks Shows Mixed Result

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European Stock Market

In the Outgoing week, the European stock market displayed a varied performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a slight hike of 0.33 points to close at 497.58.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, lost 24 points or finishing the session at 7,682.

In Germany, the DAX 30 index, added by 316 points to reach 17,735, while France’s CAC 40 decreased by 32 points to stop at 7,934 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, increased by 234 points to 32,934. However, Spain’s IBEX 35, lost by 66 points, to close at 10,064.

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South Asian Stock reports varied performance on the Outgoing Week

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A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 718 points during the week. At the end of the week, the index stood at 73,860 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 183 points last week. At the end of the week, the index stood at 22,395 points.

Pakistan Stock Exchange Index ‘KSE 100’, added 2,560 points last week. After a week of gaining, the index settled at 65,486 points.

On the other hand, The Sri Lankan stock market index hiked, and the Colombo Stock Exchange index ‘ASPI’ increased by 36 points in a week. After a week the index settled at 10,691 points.

Bhutan’s stock market index ‘BSI’ dropped 26 points hence the index stood at 1,430 points throughout the whole week. Nepal’s ‘NEPSE’ lost 33 points, therefore the index stands at 1,932 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ lost by 19.42 points or 0.31 percent, in the outgoing week. At the end of the week, the index stands at 6,254 points

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