Eastern Cables Returns to Profit with 59% Sales Growth

The Dhaka stock market experienced its largest single-day decline in nearly seven months due to panic-driven sell-offs triggered by rumors of a proposed capital gains tax on secondary market investments. Investors reacted anxiously to reports of a 15% tax on individual capital gains, prompting a rush to sell holdings.

Telecom operator Grameenphone has set an ambitious target to cut its carbon emissions by 50% before 2030, using 2019 emissions as a baseline. The company is actively implementing various initiatives to reduce its carbon footprint. These include enhancing energy efficiency, investing in renewable energy sources, fostering an energy-conscious culture, and collaborating with partners to minimize environmental impact, particularly in the supply chain.

Adani, an Indian power company, has encountered payment difficulties as the Power Development Board (PDB) in Bangladesh grapples with a shortage of dollars. Adani supplied 700-750 MW of electricity during the trial production period, totaling around 1.5 million units to PDB.

The price of steel products in Bangladesh is expected to remain high as the upcoming fiscal year's budget fails to provide any benefits to the sector, according to a top industry executive. The cost of production has surged, leading to an increase in steel prices.

Steel prices in Bangladesh are unlikely to decrease in the near future, according to industry experts. The budget for the upcoming fiscal year did not provide any benefits to the sector, and the cost of production has significantly increased.

In the maiden post-budget session, the Dhaka Stock Exchange (DSE) witnessed a significant surge in turnover, exceeding Tk 12 billion for the first time in seven months. The market's positive performance can be attributed to the absence of any new tax provisions or cuts to existing tax facilities in the proposed budget for FY24.