Marico to invest Tk 227cr in new factory to meet rising demand
Marico, a listed multinational company based in India, is set to invest Tk 227 crore to establish a new manufacturing plant in Bangladesh in a bid to meet the country's growing demand for consumer goods.
The investment will be made in phases to set up a new facility at a special economic zone under the Bangladesh Economic Zones Authority, Marico said in its price sensitive information published on the stock exchanges' website yesterday.
News of this investment fuelled the company's stock prices, which rose by 2.59 per cent to Tk 2,099 as of yesterday.
Besides, the stock's movement was halted for a few moments as there were no sellers, data from the Dhaka Stock (DSE) Exchange shows.
"Our products have huge demand so we think that we will not be able to sustain the growing demand beyond 2023 with our present facilities," said Ashish Goupal, managing director of Marico Bangladesh.
"So, we are going to invest the amount in order to meet our products' incremental demands," he told The Daily Star in an interview.
Although the DSEX, the benchmark index of the DSE, was bearish yesterday, Marico's stocks were among the most highly demanded ones due to the investment news, according to market analysts.
DSEX dropped 20.17 points, or 0.40 per cent, to 4,914.28 while turnover, another important indicator of the market, dropped 10 per cent to Tk 793.8 crore yesterday.
Bangladesh General Insurance Company topped the gainers' list that rose 9.96 per cent followed by Northern Insurance, Islami Insurance, Phoenix Insurance and Republic Insurance.
Northern Insurance was the most traded stock with shares worth Tk 22.52 crore changing hands followed by Continental Insurance, Islami Insurance, Beximco and Beximco Pharmaceuticals.
Walton Hi-tech Industries shed the most, dropping 7.49 per cent followed by Tosrifa Industries, C&A Textiles, Kattali Textile and NCC Bank First Mutual Fund.
Of the total 355 traded companies, 106 advanced, 202 declined and 47 remained unchanged.
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