In response to the aftermath of the post-coronavirus financial crisis and prevailing global economic challenges, a recent announcement from the Standard Ceramics reveals a temporary halt in production at its factory.
The decision is attributed to a confluence of factors, including the scarcity of raw materials, disruptions in the global supply chain, and the closure of gas and electricity supplies. Consequently, the factory will remain inactive from January 26, 2024, until normalcy is restored in gas and electricity provision.
Amidst the complex web of challenges, the company’s authority has deemed it necessary to enact a temporary closure, prioritizing the resumption of operations once the essential utilities are readily available. This strategic move is aimed at mitigating the adverse effects of the ongoing global economic downturn on the company’s manufacturing processes.
In the interim, stakeholders are urged to monitor developments closely, particularly the restoration of gas and electricity supplies, as these factors are pivotal to the resumption of normal business operations. The Standard Ceramics remains committed to weathering the current economic storm and anticipates a swift return to full-fledged production once the necessary conditions are met.
Beximco Taps Iqbal Ahmed as New Managing Director
Beximco Pharmaceuticals has announced the appointment of Iqbal Ahmed, a current director, as the new managing director for a five-year term.
hmed, who has been serving on the board since 1985, will assume the role pending approval from shareholders at the upcoming annual general meeting. The move follows the resignation of the company’s former managing director, Nazmul Hasan, who stepped down from the position after assuming a ministerial role in the government.
6 More Companies to Enter ‘Z’ Categories Starting Tomorrow
Starting tomorrow, Monday (March 4), shares of six companies will be transferred to the ‘Z’ category on the Dhaka Stock Exchange, as directed by the Bangladesh Securities and Exchange Commission (BSEC).
The decision stems from various factors, including the failure to host the annual general meeting, production shutdown for over six months, and many other reasons.
However DSE mentioned two companies from the textile sector, two from the pharmaceutical and chemical sector, one from the financial sector, and one from the insurance sector. The affected companies are Prime Textile, Prime Finance, New Line Clothings, Far East Islamic Life Insurance, AFC Agro Biotech, and Active Fine Chemicals Limited. The ‘Z’ category is typically assigned for companies facing financial troubles or regulatory issues, signaling caution for investors.
Grameenphone’s Stock Plunge 8.72% after Lifting Floor
The stock of Grameenphone (GP) experienced a significant decline of 8.72% immediately after the removal of the floor price restriction.
According to the directive of the Bangladesh Securities and Exchange Commission (BSEC), the floor price restriction on shares of Grameenphone Limited is set to be lifted from today, March 3rd.
Yesterday, GP shares were traded at Tk286.60 each. However, Today, experiencing a drop of Tk25.00 from the opening price at the Dhaka Stock Exchange (DSE). The session witnessed the exchange of a total of 7 lakh 43 thousand 710 shares, amounting to Tk19 crore 46 lakh.
This downturn in GP stocks had a notable impact, resulting in a decline in the key index DSEX, settling at 6,215 by the end of the day trading. The Bangladesh Securities and Exchange Commission (BSEC) had earlier issued a directive to withdraw the floor price restriction on Grameenphone stocks on 3 March. The floor price is the lowest set by the securities regulator, determining the minimum price at which a stock can be traded. In January, the BSEC lifted the floor price for most stocks, 18 months after its introduction.
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