Steel Production Reaches 3 Year Low

BRAC Bank has partnered with Seven Rings Cement to provide a suite of advanced cash management solutions via its CORPnet platform. This digital tool integrates payments, collections, and reconciliation services, offering real-time transaction processing, virtual accounts for deposit tracking, and API-enabled statement data for enhanced accuracy.

Moynul Islam, vice-chairman of Monno Ceramic Industries, has been appointed as the acting president of the Bangladesh Ceramic Manufacturers and Exporters Association (BCMEA). The decision was made during the 51st BCMEA board meeting in Dhaka.

The stock market regulator has directed top officials of Confidence Cement to appear next Sunday due to the company’s failure to pay dividends on time. In September, the cement producer announced a 10% dividend for the 2023-24 fiscal year, and the annual general meeting (AGM) was held the following month.

The price of mild steel (MS) rods in Bangladesh has continued to decline, with 60-grade MS rods now priced at Tk 85,000 per tonne, down 12% year-on-year, according to the Trading Corporation of Bangladesh. This drop stems from reduced demand, as public construction projects have stalled since the political upheaval on August 5.

SS Steel Ltd reported a 50% year-on-year profit growth in Q1 of the current financial year, reaching Tk 98.58 lakh. The company's consolidated earnings per share (EPS) rose to Tk 0.03 from Tk 0.02 a year ago. Its shares surged 6.67% to Tk 9.6 on the Dhaka Stock Exchange.

The Bangladesh Securities and Exchange Commission (BSEC) has instructed Berger Paints Bangladesh to submit a revised application for its proposed rights share issuance aimed at increasing free-float shares from 5% to 10%. Initially exempted from issuing rights shares to sponsor-directors in December 2023, Berger planned to issue shares exclusively to general shareholders and eligible employees to meet a 2021 regulatory directive.