Dividend Declaration on Price Movement of some Selected Companies of Dhaka Stock Exchange Ltd.
Subject: Finance | Topics:

 Introduction:

As we know our economy is an emerging one; there is an ample scope of growth of our capital market, our market cap, and account for a lower share of our GDP in a comparative regional perspective. As it is a market that involves both the sponsor and investors, the need for a healthy and stable market became necessary. Through various forms of reforms and automation of capital market of Bangladesh won the confidence of investors form all walks of life. Capital market is keeping a lot of contribution in out economy. It also helps investor to gain more confidence and positively impact Gross Domestic product of our country. Neighboring countries such as India and Pakistan have market capitalization of more than 75% of their GDP.

 Objectives of the study

Objectives of this study are as follows-

-To know about the basic function of Stock Exchange

-To know about trading System

-To identify the price change of some selected companies on Dividend Declaration .

-To present an overview of listed Company in DSE

 Scope of the Report

Scope of the Report covers the3 following:

  The Report will only cover an analysis of the Impact of Dividend Declaration on Price Movement of some Selected Companies of Dhaka Stock Exchange Ltd.

  The report focuses on the fundamental and technical analysis of some selected companies.

 Methodology

Methodology includes direct observation of stock trading, face to face discussion with employees of different brokerage house, study of files, govt. circulars, guidelines of SEC and DSE and practical works. This study includes both quantitative and qualitative data.

The study is mainly based on information which was collected both from primary and secondary sources. The collected data were quantified. The study was conducted with a view to Price change of the Companies.

Dhaka Stock Exchange is a autonomous body. Trading system of capital market is under DSE and SEC. The study covers both quantitative and qualitative aspects of information of economic background.

Limitations

Objective of the practical orientation program is to have practical exposure for the students. My tenure was for 3 months only. This was somehow not sufficient.

I might have lacked broad knowledge about Impact of Dividend declaration on Price Movement of some Selected Companies of Dhaka Stock Exchange Ltd. This constraint might have hindered the progress of the work as I needed to develop my theoretical bases first and then process with the study to analysis some of the findings more thoroughly.

 Time Schedule

Time Schedule of the report.

Sl. No.ParticularDurationRemarks
01Data Collection analyzing and Consolation with the supervisor01 month and 15days
02Data observation and Separation15 days
03Data input to computer, setting processing and preparing the report15 days
04Make and out put as book and shown the supervisor15 days
05Total03 month

 LITERATURE REVIEW

Share: One of the equal parts into which a company’s capital is divided, entitling the holder to a proportion of the profits that calls Share.

Part proprietorship of property held by joint owners that call Share.

 Share market:  stock market / share market is a public market (a loose network of economic transactions not a physical facility or discrete entity) for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately

Function of stock market:

  • Company:company is a form of business organization. It is a collection of individuals and physical assets with a common focus and an aim of gaining profits.
  • Brokerage house: A brokerage house, also called a brokerage firm, is a company licensed to buy and sell stocks or securities. Acting as an intermediary between buyers and sellers, a brokerage house typically employs brokers who carry out the wishes of the firm’s clients as they pertain to the trading of stocks. Broker services are usually provided on a commission basis.
  • Merchant bank:  an individual or institution which acts as an underwriter or agent for corporations issuing securities is known as investment bank/merchant bank. However, most of these banks also maintain broker/dealer operations, maintain markets for previously issued securities, and offer advisory services to investors
  • Ø Investors:

An investor is a party that makes an investment into one or more categories of assets equity, debt securities, real estate, currency, commodity, derivatives  such as put and call options, etc. with the objective of making a profit.

  • SEC: The SEC is responsible for implementing a series of regulatory initiatives required under the Dodd-Frank Wall Street
  • DSE: The Dhaka Stock Exchange (DSE) is registered as a Public Limited Company and its activities are regulated by its Articles of Association rules & regulations and bye-laws along with the Securities and Exchange Ordinance, 1969, Companies Act 1994 & Securities & Exchange Commission Act, 1993.

ANALYSIS AND FINDINGS

Dividend:

dividend is a portion of corporate earnings paid out to shareholders. Most dividends are paid quarterly.

 TYPES OF DIVIDENDS

 Cash

  Stock

  Preferred Stock

  Right shares

Cash

In the majority of cases dividends are issued on a cash basis.  For example, if a shareholder holds 1,000 shares and the per share dividend at TK. 1, the investor will receive a check for TK.1000.

Stock

Dividends can be issued to shareholders in the form of stock.  The issuing company will announce a percentage of shares to be delivered to the investor based on their current holdings.  So, if the stock dividend is 10% of the shares, and the investor holds 1,000 shares, he or she will receive an additional 100 shares.

Preferred Stock 

Also unlike common stock, preference shares pay a fixed dividend that does not fluctuate.

Right shares 

Right shares are the shares which are offered by the company to the existing shareholders in some ratio proposition.

To prepare the report I analyzed the price movement of the following companies:

  1.              I.      Active Fine Chemicals Ltd
  2.           II.      National Bank Limited
  3.        III.      Exim Bank
  4.       IV.      Al-Arafah Islami Bank Ltd
  5.          V.      United Leasing Company
  6.       VI.      Shahjalal Islami Bank Limited
  7.    VII.      Southeast Bank Limited
  8. Dhaka Bank Limited
  9.       IX.      Singer Bangladesh Ltd.
  10.          X.      H R Textile Ltd.

Active Fine Chemicals Ltd

Active Fine Chemicals Ltd. has been established in 2004 with a vision to serve the drugs market in Bangladesh. The key driving force is the opportunity to serve a fast growing pharmaceutical local market. Providing highest quality materials at a very competitive price is our goal. We have set up a multi-purpose bulk drugs and fine chemicals manufacturing facility at Munshiganj, 20 km away from capital Dhaka.

 Company Information

Authorized Capital in BD*(mn) 1000.0
Paid up Capital in BD *(mn)400.0
Total N. of Securities 40000000
Net profit after Tax in BD *(mn)126.26 Q(1st )
Face Value 10
Market Lot 100
Market CategoryA
Current Price Earning Ratio (P/E) 
Address: Tanaka Tower (2nd Floor)42/1, ShagunBagicha,Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the Active Fine Company

The Board of Directors has recommended stock dividend @ 15% for the year ended on December 31, 2010. And Record Date: 27.04.2011.

 Interpretation: 

 

When the Company Declare Dividend the share Price increase day by day and when comes in Record date then the share Price decrease.  Some Shareholder sells their Share in the Share Market before Record date and price of the Share falls.

3.2 About National Bank Limited

National Bank Limited is one of the leading private commercial bank having a spread network of 130 branches and 15 SME/Agri Branches (total 145 service locations) across Bangladesh and plans to open few more branches to cover the important commercial areas in Dhaka, Chittagong, Sylhet and other areas in 2010.

National Bank Limited has been licensed by the Government of Bangladesh as a Scheduled commercial bank in the private sector in pursuance of the policy of liberalization of banking and financial services and facilities in Bangladesh. In view of the above, the Bank within a period of 25 years of its operation achieved a remarkable success and met up capital adequacy requirement of Bangladesh Bank.

National Bank Limited is a customer oriented financial institution. It remains dedicated to meet up with the ever growing expectations of the customer because at National Bank, customer is always at the center.

                                   Company Information

Authorized Capital in BD*(mn) 17500.0
Paid up Capital in BD *(mn)8604.0
Total N. of Securities 860365603
Net profit after Tax in BD *(mn)1344.4 Q(1st)
Face Value 10
Market Lot 100
Market CategoryA
Current Price Earning Ratio (P/E)6.7
Address:18,Dilkusha C/A,Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the Nation Bank Ltd .

The Board of Directors has recommended stock dividend @ 95% for the year ended on December 31, 2010. And Record Date: 23.02.2011.

DATELTP*HIGHLOWCLOSE PRISEYEARSTERDAY

C PRISEChange

Interpretation:

National Bank Ltd is one of the top ranked Bank in Bangladesh in this time. National Bank declared 95% Stock Dividend and all Shareholder are satisfied of Dividend Declaration. When the National Bank declare Stock Dividend then Share price increase in the Share Market. After Record Date Share Price was decrease in the Market, on adjustment of the bonus Share.

Exim Bank

Exim Bank Limited was established in 1999 under the leadership of Late Mr. Shahjahan Kabir, Founder Chairman who had a long dream of floating a commercial bank which would contribute to the socio-economic development of our country. He had a long experience as a good banker. A group of highly qualified and successful entrepreneurs joined their hands with the founder chairman to materialize his dream. In deed, all of them proved themselves in their respective business as most successful star with their endeavor, intelligence, hard working and talent entrepreneurship. Among them, Mr. Nazrul Islam Mazumder became the Honorable Chairman after the demise of the honorable founder chairman. This Bank starts functioning from 3rd August, 1999 with its name as Bengal Export Import Bank Limited. On 16th November 1999, it was renamed as Export Import Bank of Bangladesh Limited with Mr. Alamgir Kabir as the Founder Advisor and Mr. Mohammad Lakiotullah as the Founder Managing Director respectively. Both of them have long experience in the financial sector of our country. By their pragmatic decision and management directives in the operational activities, this bank has earned a secured and distinctive position in the banking industry in terms of performance, growth, and excellent management.

Company Information

Authorized Capital in BD*(mn) 10000.0
Paid up Capital in BD *(mn)6832.0
Total N. of Securities 683226879
Net profit after Tax in BD *(mn)228.38 Q(1st)
Face Value 10
Market Lot 100
Market CategoryA
Current Price Earning Ratio (P/E)7.78
Address: Symphony, plot 11SE(F):9, road-142, Gulshan Avenue,Dhaka-1212

Impact of Dividend Declaration on Price Movement of the Exim Bank Ltd.

The Board of Directors has recommended stock dividend @ 35% for the year ended on December 31, 2010. And Record Date: 27.04.2011

DATELTP*HIGHLOWCLOSE PRISEYEARSTERDAY

C PRISEChange

Interpretation: 

Exim Bank declare 35% Stock dividend that is expectable for Shareholder. When the Bank Declare Dividend than Share price was volatile, some days it goes up and some time down Price Movement and before Record date Share Price was at Tk. 49 & after Record date Share Price is at Tk. 33.50 on adjustment of the bonus Share.

Al-Arafah Islami Bank Ltd

With the objective of achieving success here & hereafter by pursuing the way directed by Allah and the path shown by His Rasul (SM), Al Arafah Islami Bank Ltd was established (registered) as a private limited company on 18 June 1995. The inaugural ceremony took place on 27 September 1995. The authorized capital of the Bank is Tk.5000.00 million and the paid up capital is Tk. 4677.28 million as on 31.12.2010. Renowned Islamic Scholars and pious businessmen of the country are the sponsors of the Bank. 100% of paid up capital is being owned by indigenous shareholders.

The equity of the bank stood at Tk. 9647.45 million as on 31 December 2010, the manpower was 1711 and the number of shareholders was 49,386. It has achieved a continuous profit and declared a good dividend over the years.

Vision

To be a pioneer in Islami Banking in Bangladesh and contribute significantly to the growth of the national economy.

Mission

  • Achieving the satisfaction of Almighty Allah both here & hereafter.
  • Quality financial services adopting the latest technology.
  • Fast and efficient customer service.
  • Maintaining high standard of business ethics.
  • Innovative banking at a competitive price.

  Company Information

Authorized Capital in BD*(mn) 10000.0
Paid up Capital in BD *(mn)4677.0
Total N. of Securities 467727936
Net profit after Tax in BD *(mn)454.98 Q(1st)
Face Value 10
Market Lot 250
Market CategoryA
Current Price Earning Ratio (P/E)7.79
Address: Peoples Insurance bhaban (6thFloor),36,Dilkusha,1000

Impact of Dividend Declaration on Price Movement of the Al-Arafah Islami Bank Ltd.

The Board of Directors has recommended stock dividend @ 26% for the year ended on December 31, 2010. And Record Date: 10.04.2011

C PRISEChange

Interpretation:

Al- Arafah Islami Bank is maintaining by Islamic shoria’h. Al-Arafah Islamic Bank Dividend Declaration on Price Movement was mapping of up and down. Al-Arafah Islami Bank Declared 26% Stock that is a not expected Dividend for the Al-Arafah Islami Bank Shareholder. Before Record date Price was at Tk.43.80 & after Record date at Tk.32.90

 ULC

ULC was established in 1989 as a public limited company, to cater the investment needs of our economy.

Milestones

Incorporation of the Company-
April 27, 1989

Commencement of operation-
September 12, 1989

Public Issue of shares –
March 28, 1994

Trading of shares on Dhaka Stock Exchange –

June 23, 1994

Commencement of Factoring Operation –

October 03, 2005

  Company Information

Authorized Capital in BD*(mn) 1000.0
Paid up Capital in BD *(mn)528.0
Total N. of Securities 5280000
Net profit after Tax in BD *(mn)52.43 Q(1st)
Face Value 100
Market Lot 20
Market CategoryA
Current Price Earning Ratio (P/E)24.8
Address: Camillia House,22 kazi Nazrul Islam Avenue Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the United Leasing Company

The Board of Directors has recommended cash dividend @ 7.5% and stock dividend @ 75% for the year ended on December 31, 2010. And Record Date: 28.04.2011

Interpretation:

United Leasing Company is one of the best Company in the Leasing Industry because United Leasing Company’s base is very strong. Share Price increases day by day before declare. On declaration of good Dividend, share price move positively and price Movement decreases after Record Date. Before Record date Share Price was at Tk.1509 & after Record date at Tk. 822

 Shahjalal Islami Bank Limited

The Shahjalal Islami Bank Limited´ was incorporated as a public limited company as on 1st day of April 2001 under the Companies Act.1994. The Bank started its commercial operation on May 10, 2001. The Bank has made a significant progress within a very short period of its existence and occupied an enviable position among its competitors after achieving remarkable success in all areas of business operation. The Authorized Capital of the Bank is TK. 1872 million as on 31.12.2007.Total equity was TK. 3041 million as on 31.12.2007. The Bank has raised its paid up capital of TK. 936 million through Initial Public offering (IPO) in the month January  February 2007. With a view to materialize the dream of the people of Bangladesh for doing their banking transactions in line with what is prescribed by Islam, a group of highly successful entrepreneurs conceived an idea of floating a commercial bank styled as ³Shahjalal Islami Bank Limited´ which is named after the name of the renowned saint Hajrat Shahjalal ® who dedicated his life for the cause of peace in this world and hereafter and for the service of humanity. The sponsors are reputed personalities in the field of trade & commerce, industry and finance.³Shahjalal Islami Bank Limited´ offers the full range of banking services for personal and corporate customers, covering all segments of society within the framework of Banking Company Act and rules and regulations laid down by our central bank. Diversification of products and services include Corporate Banking, Retail Banking and Consumer Banking right from industry to agriculture, real estate to software and is backed by the latest technology

 Company Information

Authorized Capital in BD*(mn) 6000.0
Paid up Capital in BD *(mn)4453.0
Total N. of Securities 445265535
Net profit after Tax in BD *(mn)370.37 Q(1st)
Face Value 10
Market Lot 50
Market CategoryA
Current Price Earning Ratio (P/E)7.66
Address: Jiban Bima Bhaban (4th Floor), 10 Dilkusha C/A, Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the Shajhala Islslami Bank Ltd.

The Board of Directors has recommended stock dividend @ 30% for the year ended on December 31, 2010. And Record Date: 21.04.2011

 CLOSE PRISEChange

Interpretation: 

Shajala Islami Bank declare 30% Stock dividend that is expectable for Shareholder. When the Bank Declare Dividend the price was not stable and it uses mixed strategy. Before Record date Share Price at Tk. 45 & after Record date Share Price at Tk. 32.90 on adjustment of the bonus Share.

Southeast Bank Limited

Southeast Bank Limited was established in 1995 with a dream and a vision to become a pioneer banking institution of the country and contribute significantly to the growth of the national economy. The Bank was established by leading business personalities and eminent industrialists of the country with stakes in various segments of the national economy. The incumbent Chairman of the Bank is Mr. Alamgir Kabir, FCA, a professional Chartered Accountant. Mr. M. A. Kashem a member of the Board and Mr. Yussuf Abdullah Harun were past Presidents of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).

Southeast Bank is run by a team of efficient professionals. They create and generate an environment of trust and discipline that encourages and motivates everyone in the Bank to work together for achieving the objectives of the Bank. The culture of maintaining congenial work – environment in the Bank has further enabled the staff to benchmark themselves better against management expectations. A commitment to quality and excellence in service is the hallmark of their identity.

Southeast Bank takes pride for bringing women into the banking profession in a significant number for gender equality. At present, 32% of SEBL’s employees are women that will rise to 45% over the next five years.

Company Information

Authorized Capital in BD*(mn) 1000.0
Paid up Capital in BD *(mn)8317.0
Total N. of Securities 83170084
Net profit after Tax in BD *(mn)571.52 Q(1st)
Face Value 100
Market Lot 50
Market CategoryA
Current Price Earning Ratio (P/E)9.98
Address: Eunoos Trade Center, 52-53,Dilkusha C/A,

Q(2nd) Dhaka-1000

Impact of Dividend Declaration on Price Movement of the Southeast Bank Ltd.

The Board of Directors has recommended stock dividend @ 20% and cash dividend @ 10% for the year ended on December 31, 2010. And Record Date: 06.03.2011

C PRISEChange

Interpretation: 

Southeast Bank provides 20% Stock dividend & Cash dividend 10% that is expectable for Shareholder. When the Bank Declare Dividend than Share some up and down Price Movement and before Record date Share Price at Tk. 375 & after Record date Share Price at Tk. 314.50 on adjustment of the bonus Share.

Background of Dhaka Bank Limited

Dhaka Bank Limited is a scheduled bank that was incorporated under the
Companies Act 1994, started its operation on July 1995 with a target to play
the vital role on the socio-economic development of the country. Aiming at
offering commercial banking service to the customers’ door around the
country, the Dhaka Bank limited established 20 branches up-to this year.
This organization achieved customers’ confidence immediately after its
establishment.

Within this short time the bank has been successful in positioning itself as
progressive and dynamic financial institution in the country. This is now
widely acclaimed by the business community, from small entrepreneur to
big merchant and conglomerates, including top rated corporate and foreign
investors, for modern and innovative ideas and financial solution.

Company Information

Authorized Capital in BD*(mn) 10000.0
Paid up Capital in BD *(mn)3590.0
Total N. of Securities 359045703
Net profit after Tax in BD *(mn)406.33 Q(1st)
Face Value 10
Market Lot 100
Market CategoryA
Current Price Earning Ratio (P/E)7.92
Address: Biman Bhaban (1stfloor), Motijheel C/A, Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the Dhaka Bank Ltd

The Board of Directors has recommended stock dividend @ 35% for the year ended on December 31, 2010. And Record Date: 02.03.2011

C PRISEChange

Interpretation:

Dhaka Bank provide 35% Stock dividend that is expectable for Shareholder. When the Bank Declare Dividend than Share some up and down Price Movement and before Record date Share Price at Tk.52 & after Record date Share Price at Tk.46 on adjustment of the bonus Share.

SingerBANGLADESH Ltd

Singer Bangladesh Limited engages in manufacturing and marketing color television, motor cycles, and domestic and electric power cables in Bangladesh. The company also involves in marketing DVD players, home theatre systems, kitchen appliances, computers, motorcycle, sewing machines, instant power supply, refrigerators, freezers, air-conditioners, fan, generator, microwave oven, electric oven, washing machine, and sewing machines, as well as other consumer electronics and household appliances. It markets products under various brands, including Singer, Samsung, Whirlpool, Haier, Hayes, Moulinex, Sebec, Tefal, and Prestige through the dealer channel, as well as through its own retail chain shops under the name SINGER PLUS. The company was incorporated in 1979 and is based in Dhaka, Bangladesh. Singer Bangladesh Limited is a subsidiary of The Singer Bhold B.V.

Company Information

Authorized Capital in BD*(mn)

400

Paid up Capital in BD *(mn)

393

Total N. of Securities

3926758

Net profit after Tax in BD *(mn)

87.85 Q(1st)

Face Value

100

Market Lot

5

Market Category

A

Current Price Earning Ratio (P/E)

16.97

Address: 39 Dilkusha, C/A Dhaka-1000

 Impact of Dividend Declaration on Price Movement of the Singer Bangladesh Ltd.

The Board of Directors has recommended cash dividend @ 600% and stock dividend @ 75% for the year ended on December 31, 2010. And Record Date: 28.03.2011

C PRISEChange

Interpretation: 

Singer Bangladesh Ltd is big Company in the Bangladesh. Singer Bangladesh Ltd Share Price is High Price in the Market because all are Investor expected Singer Bangladesh Provide lot of Dividend for Singer Bangladesh Shareholder and they are provide Cash Dividend 600% and Stock Dividend that are more expected for Shareholder. The Company their Declare Dividend for Shareholder than Share Price Movement is up. Before Record date Share Price at Tk.6800 & after Record date Share Price at Tk.3800 on adjustment of the bonus Share.

Pride Group

Pride Group is a vertical textile group engaged in the manufacture and export of knitwear products to the European Union, the USA and Canada. The group is also engaged in production and marketing of saris, kids wear, ladies’ wear, home furnishing and other textile products through a chain of 66 retail outlets spread all over Bangladesh. As of date, Pride Group consists of H.R. Textiles Mills Limited, Fashion Knit Garments Limited, Dacca Textiles Limited, Pride Limited, Urban Truth and MODA.

 H.R. Textiles Mills Limited

H.R. Textiles Mills Limited is a vertical public limited company, engaged in manufacture of knitwear products. H.R. Textiles Mills is a Lycraassured factory. Zara, Bershka, New Look, Stradivarius, and El Corte Inglés are some of their clients.

Company Information

Authorized Capital in BD*(mn) 500
Paid up Capital in BD *(mn)250
Total N. of Securities 2200000
Net profit after Tax in BD *(mn)4.82 Q(1st)
Face Value 100
Market Lot 50
Market CategoryA
Current Price Earning Ratio (P/E)39.62
Address: Green Delxe (2nd floor) House No. 67/D, Road No.11 Block No.E, Bannani, Dhaka-1213

 Impact of Dividend Declaration on Price Movement of the H R Textile Ltd.

The Board of Directors has recommended cash dividend @ 5% and stock dividend @ 10% for the year ended on December 31, 2010. And Record Date: 24.02.2011

C PRISEChange

Interpretation: 

H R Textile is familiar in the Bangladesh. All are H R Textile investor expected to the Company provide the satisfy Dividend in the H R Textile Shareholder but the Company Provided only Cash Dividend 5% and Stock Dividend10% When the Company Declare the Dividend for Shareholder than Share Price Movement day by day decries.  Before Record date Share Price at Tk.440 & after Record date Share Price at Tk.350 on adjustment of the bonus Share.

RECOMMENDATIONS & CONCLUSION

Recommendation:

Companies that have used questionable financial repots, including those that have long defaulted of their loans, should be delisted from the Stock Exchanges. This would initially reduce the daily turnover of the market. But when the market remains lackluster and prices low, it is the best time to throw the bad apples from the basket. This would also send a clear signal: if businesses want to be listed in the stock exchange they have to conform to rigorous financial standards. That we believe would enhance invertor’s confidence in the market.

  • Company should disseminate information accurately and in time.
  • Company should be maintaining a stable price by holding sponsor share significantly.
  • Company should declare the Dividend in time
  • Company 1st , 2nd , 3rd Quarterly NAV, EPS, & PE Ratio timely .
  • Govt. should influence the company to declare maximum earnings for the shareholder.

Conclusion:

Eventually it is true that now a day in the competitive business world marketing is very much inevitable for a successful Company. Our Private Sector Corporation faces hard competition, so they are very much needed of sufficient dexterous. The Company when Declare Dividend then Share Price Movement to up and down in Share Market. When Price increase than investors agreed bought Share and this time Share Price increase in the Market. All of the company was Dividend Declaration satisfy in the Market investors. The Company policy systems increase than there profit increase day by day and they are provide more Dividend Declaration in the investors. Although all Company Analysis Data are not covered with this Report, it is pertinent to mention Price movement of Ten Selected Companies of Dhaka Stock Exchange Ltd.

Finally I pray to the Almighty Allah for continuous improvement and prosperity of listed Companies of Dhaka Stock Exchange Ltd.

Bibliography

a)     Basu. A. K., “Fundamentals of Banking theory and practice”, Calcutta: The Macmillan Company of India -1975

b)     Bhattacharyya, P.C, “Central Baning in a Developing Economiy.” Bombay: Vora & Co. Publisher Private Ltd.1971.

c)     Bodie, Key, Marus (2008), “Investment”; 7th ed. MeGrarhill, Ney youk USA.

d)     Fupta S.P & Gupta M.P (2000),”Business Statistics”, 12th edition by bSultan Chana & Sons, New Delhi

e)     Mahata Uddin (2002), Business year Book, Published A-1 Publication, Dhaka.

f)      Zikmund G. William (2000) Business Research A M ethod, 6th edition Harcout College Publisher.

g)     Annual Report (2010)

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