Stocks
Black Money Can Be Legally Invested in Capital Markets: Budget 2024-25
Finance Minister Abul Hasan Mahmood Ali has introduced the proposed national budget for the fiscal year 2024-25, which includes a provision allowing investment of undeclared money, or “black money,” into the capital markets without any questions asked. This initiative aims to bolster investment activity and liquidity in the stock market.
During the budget presentation on Thursday in the National Parliament, presided over by Speaker Shirin Sharmin Chaudhury and in the presence of Prime Minister Sheikh Hasina, the Finance Minister outlined this proposal as a part of the broader budgetary framework.
Key Proposals for the Capital Market
Investment of Undeclared Money: The budget proposes that individuals can invest undeclared money into the stock market without facing any inquiries. This measure is expected to attract more capital into the market, potentially enhancing market stability and growth.
Capital Gains Tax on Share Sales: Investors making profits from share sales will now be subject to taxes if the profit exceeds Tk 50 lakh. A 15% tax on capital gains over this threshold has been proposed. This aims to ensure a fair contribution from high-earning investors to the national revenue.
Historical Tax Exemptions: Previously, in 2015, investors were granted tax exemptions on profits from the sale of stocks, mutual funds, bonds, and debentures. These exemptions were part of efforts to stimulate investment and trading activities in the capital markets.
Increased Tax for Sponsors and Directors: The proposed budget increases the tax rate on capital gains from share transfers for sponsors and directors of listed companies from 5% to 10%. This move is intended to enhance tax revenues from high-value transactions and ensure equity in the tax system.
Exemptions for Family Transfers: No tax will be imposed on the transfer of shares between parents and children or between spouses when such transfers are made as gifts. This provision supports familial financial planning without additional tax burdens.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
