Dhaka stocks crossed the 6,000 points level today after more than three years thanks to the higher participation of buoyant investors in banking stocks. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), soared 22 points, or 0.32 per cent, to 6,008.69. Turnover, another important indicator of the market, fell 9 per cent to Tk 2,149 crore. At the DSE, 144 stocks
Taufika Foods and Agro Industries Ltd renamed as Taufika Foods and Lovello Ice cream PLC
Sun Online Desk
25th May, 2021 04:55:20
The 1st Extra Ordinary General Meeting (EGM) of Taufika Foods and Agro Industries Ltd held on 24th May 2021 through virtual platform.
In the EGM the shareholders approved the amendment of the company’s name from Taufika Foods and Agro Industries Limited to Taufika Foods and Lovello Ice-cream PLC.
Taufika Foods and Agro Industries Limited is engaged in the business of manufacturing and distribution of ice cream since 2016 under the brand name of “LOVELLO’ which has now, become a very popular ice cream brand in the country. After starting the journey as a private limited company, from 8th July 2019 it was converted into a Public Limited Company. Upon approval of the Bangladesh Securities and Exchange Commission (BSEC) for IPO on 15th
Despite the announcement, stocks of the BATBC dropped 0.66 per cent to Tk 1,592.
It was the same fate for the IPDC and IDLC although they logged higher profits amid the pandemic.
IDLC Finance declared 35 per cent cash dividend as its profits rose 49 per cent to Tk 254 crore for the year ending on December 31 of 2020 compared to the previous year.
IPDC Finance recommended 12 per cent cash dividend while it s profits rose 25 per cent to Tk 70.5 crore last year. However, the IDLC and IPDC Finance stocks fell 0.43 per cent and 0.75 per cent respectively.
The overall market situation was dull because investors are confined to within some stocks, a merchant banker said.
Lovello to go rural
Star Business Report
Star Business Report
Lovello ice cream maker Taufika Foods and Agro Industries is aiming to reach out to the rural markets fast expanding with the development of the countryside.
To reach the required production capacity it plans to raise Tk 30 crore in funds from the stock market.
The initial public offering (IPO) proceeds will be channelled into acquiring a plant, purchasing machinery, freezers and vehicles, increasing storage capacity and to repay loans.
At present it can annually produce 1.80 crore litres of ice cream. Utilisation of the funds within June 2022 will take it to 2.35 crore litres.