Connect with us

Stocks

Anwar Galvanizing Eyes Growth, Leases Land for Production Expansion

Published

on

Anwar Galvanizing

Anwar Galvanizing, an affiliate of Anwar Group, is poised to lease approximately five bighas of land from Fresco Steel Mills, as part of its strategic plan to augment production capacity.

The decision to execute the lease deed was made during a board meeting on January 30, with the lease tenure set at 17 years and a security deposit of Tk1 crore. Anwar Galvanizing, specializing in galvanized iron-pipe (GI) fittings, intends to construct sheds for godowns, steel structures with concrete floors, and install heavy machinery on the leased land.

Company Secretary Tauhidul Islam shared, “The existing factory of the company is very small; that’s why the management has decided to expand its capacity.” The proximity of the leasehold land to the current factory facilitates the seamless expansion of the production facility.

While Islam refrained from divulging detailed investment plans, he highlighted the expansion’s alignment with the company’s strategic growth objectives.

 

Financial Snapshot and Expansion Plans:

According to its July-December 2023 financials, Anwar Galvanizing reported a 3% year-on-year decline in revenue to Tk32.25 crore. However, net profit demonstrated a noteworthy 30% increase, reaching Tk6.60 crore. The company attributed this success to a reduction in manufacturing costs, resulting in an improved gross profit margin.

For the fiscal year 2022-23, Anwar Galvanizing witnessed a 1.87% growth in revenue, albeit experiencing a 69% dip in profit compared to the previous year. In FY23, revenue reached Tk79.79 crore, while profit stood at Tk5.95 crore, as opposed to Tk72.43 crore and Tk19.34 crore, respectively, in the preceding fiscal year.

The company’s board of directors has proposed a 10% cash dividend for shareholders in FY23, pending approval at the annual general meeting scheduled for February 4, 2024.

 

Bond Issuance for Further Expansion:

In a bid to fuel business expansion, Anwar Galvanizing has outlined plans to issue a bond worth Tk50 crore. The company envisions that 90% of the bond units will convert into shares, with the remaining 10% remaining as non-convertible redeemable coupon-bearing bond units with a five-year tenure. The coupon rate is anticipated to range from 9% to 11% per year, offered semi-annually. Approval from the Bangladesh Securities and Exchange Commission and other regulatory bodies is a prerequisite for the bond issuance, which targets potential investors including banks, non-bank financial institutions, insurance companies, corporate entities, high-net-worth individuals, existing shareholders, and the general public.

Share this

Stocks

Weekly U.S. Stock Market Reports Diverse Performance

Published

on

u.s. stock U.S. Stock

Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 555 points, reaching a closing value of 17,688 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 85 point to settle at 5,431 points. Meanwhile, DJIA Index experienced a notable drop, losing 209 points during the week and concluding at 38,589 points after a week of gaining.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 40 points to reach 3,077 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable drop of 20 point, ending the week at 2,006 points.

Share this
Continue Reading

Stocks

Weekly European Stocks Shows Negative Result

Published

on

European stock

In the Outgoing week, the European stock market displayed a massive losing 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 drop of 12.5 points to close at 511.05.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 99 points or finishing the session at 8,146.

In Germany, the DAX 30 index, lost by 555 points to reach 18,002, while France’s CAC 498 decreased by 9 points to stop at 7,503 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,995 points to 32,665. However, Spain’s IBEX 35, added by 412 points, to close at 10,992.

Share this
Continue Reading

Stocks

South Asian Stocks Reports Gaining Performance in Recent Week

Published

on

south asian stock

A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 299 points during the week. At the end of the week, the index stood at 76,992 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 175 points last week. At the end of the week, the index stood at 23,465 points.

Pakistan Stock Exchange Index ‘KSE 100’, shed 2,926 points last week. After a week of losing, the index settled at 76,742 points.

On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ increased by 208 points in a week. After a week the index settled at 12,314 points.

Bhutan’s stock market index ‘BSI’ added 68 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ gain 35 points, therefore the index stands at 2,112 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 119.51 points or 2.28 percent, in the outgoing week. At the end of the week, the index stands at 5,117 points.

Share this
Continue Reading