Tuesday, February 12, 2019 Morning Newsflash

Economy

BDT deflates notably against US$

. The exchange rate of the Taka (BDT) depreciated significantly against the US dollar on Monday, mainly due to higher demand for the greenback in the market for settling the import bills. . The local currency deflated by 10 poisha in the country's inter-bank foreign exchange (forex) market on the day after more than a month, market operators said. . The US dollar was quoted at Tk 84.05 each in the inter-bank forex market on Monday against Tk 83.95 of the previous working day, they said. . BDT faced the depreciation, although the Bangladesh Bank (BB) sold US$ 85 million to the commercial banks on the day for keeping the forex market stable. . "We've sold the US dollar to three state-owned commercial banks (SoCBs) for making import payments, particularly for fuel-oils, LNG (liquefied natural gas) and Rooppur Nuclear Power Plant (NPP)," a senior official of BB told the FE. . The exchange rate has been re-fixed in line with the market requirement, the central banker explained. . "We're continuously providing such foreign currency support to the banks for making import payment obligations against the essential items," he added. . A total of $1.55 billion has been sold since July 01 of the current fiscal year (FY), 2018-19, to the commercial banks as part of BB's ongoing support, according to latest data. . The central banker also said BB might continue providing such foreign currency support to the banks in line with the market requirement. . On January 03, the local currency depreciated by five poisha against the greenback in the inter-bank forex market on the same ground. . The greenback was quoted at Tk 83.95 each in the market on the day against Tk 83.90 of the previous working day. . "The country's overall export earnings and inward remittance flow will boost up following depreciation of the local currency against the US dollar," Syed Mahbubur Rahman, Chairman of Association of Bankers, Bangladesh (ABB), told the FE. . Such depreciation will increase cost of import, the senior banker added. . On the same day, the exchange rate of BDT depreciated by 17 poisha against the US currency at customer level for settling import bills. . The exchange rate of the US dollar rose to maximum Tk 84.12 each for sale of Bill for Collection (BC) on the day from maximum Tk 83.95 of the previous working day, according to the operators. . Talking to the FE, M A Halim Chowdhury, Managing Director and Chief Executive Officer of Pubali Bank Limited, said the local currency may depreciate further in future following the overall market situation. . The demand for the US dollar is gradually increasing, mainly due to higher import payment pressure, particularly of capital machinery for power plants, intermediate goods, petroleum products and LNG.

From http://today.thefinancialexpress.com.bd/first-page/bdt-deflates-notably-against-us-1549905954

Proposed KEZ set to get licence

. The proposed Kishoreganj Economic Zone (KEZ), a venture of Nitol Niloy Group, is set to obtain licence from the authorities concerned, officials related with the development have said. . The zone would be established on 91.63 acres of land in Pakundia Upazilla, next to Bhairab-Kishoreganj highway, they added. It received the pre-qualification licence from the BEZA in July 2017. . "The KEZ is now getting prepared to receive the final nod," Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury told the FE. . He said the zone will host heavy industries like car and steel manufacturing plants by Indian multinational conglomerate TATA. . "This is another testimony of congenial investment atmosphere in the country which continues to attract more and more foreign businesses," said Mr Chowdhury, a secretary of the government. . When the KEZ would start operations in full swing, it would supply different types of products manufactured at the KEZ at more reasonable prices in the local market, he said. . "India-based TATA through a joint venture with us will manufacture vehicles, including double cabin pick up," said an executive at the Nitol Niloy Group. . He said the machinery for the proposed plant already reached the project site while TATA Steel, India selected land in the KEZ to start the construction work soon. . The zone will have all the required facilities such as water treatment plant, effluent treatment plant and fire extinguishing system. . It will accommodate industrial facilities for manufacturing businesses like automobiles, steel, apparel, leather goods, agro processing, and Information Communication Technology (ICT), aimed at exporting products after meeting the local demand. . With the beginning of commercial operations, the KEZ will create direct and indirect employment for around 25,000 people in five years. Some factories in the KEZ, comprised of 26 industrial plots, are expected to go for production by the end of this year. . The zone - 170-km from Dhaka, 307-km from the Chittagong sea port and 40-km from Ashuganj river port - is connected with Gachihata Station of Bhairab-Kishoreganj railway link through its own line. . The utilities like gas, electricity and water are already available with the project. . The feasibility report along with the master plan of the zone prepared by PricewaterhouseCoopers (PwC) has been duly accepted by the BEZA, which is attached with the Prime Minister's Office (PMO).

From http://today.thefinancialexpress.com.bd/trade-market/proposed-kez-set-to-get-licence-1549908320

Tuesday, February 12, 2019 Morning Newsflash

Boring work of Karnaphuli tunnel starts on Feb 24

. Boring work of the Karnaphuli tunnel, first of its kind in the country, will start on February 24. . Prime Minister Sheikh Hasina will inaugurate the boring work of the 3.4-kilometre tunnel during her visit to Chattogram. . Road Transport and Bridges Minister Obaidul Quader disclosed this while addressing a contract-signing ceremony on the security of the Karnaphuli tunnel on Monday. . Bangladesh Bridge Authority (BBA) and Bangladesh Navy signed a Tk 650-million contract at the BBA conference room to ensure the security and safety of the tunnel during its construction period for four years. . BBA Chief Engineer Kazi M Ferdous and Director of Naval Operation and Chief Coordinator of Safety and Security Supervision Consultant Commodore Mahmudul Malek signed the contract on behalf of their respective sides. . Obaidul Quader, also secretary general of the ruling Awami League, said assemblage of the tunnel boring machine under the river is now underway. . The tunnel has been proposed to be named after Bangabandhu Sheikh Mujibur Rahman, he said, adding that the proposal in this regard has been sent to the Prime Minister's Office for approval. . After completion, the minister said, the tunnel will help ease traffic gridlock and save travel time in the Chattogram city. Nearly 32 per cent work of the project has been completed, he added. . The minister along with Bridge Division Secretary Khandakar Anwarul Islam, Chief of Naval Staff AMMM Aurangzeb Chowdhury, high officials of Bridge Division, BBA and Bangladesh Navy witnessed the signing ceremony. Consultants and officials of the Chinese contractor were also present. . The naval chief said the Bangladesh Navy will work for the security and safety of the Karnaphuli tunnel during the construction period. It will also provide first aid service at the construction site. . The BBA is implementing the multilane road tunnel project under the River Karnaphuli which will consist of two tubes and 5.35-km approach roads on eastern and western sides. . The tunnel will connect Anwara upazila with Chattogram city and will help bypass highway traffic on Dhaka-Chattogram to avoid the port city to go to Cox's Bazar.

From http://today.thefinancialexpress.com.bd/trade-market/boring-work-of-karnaphuli-tunnel-starts-on-feb-24-1549908294

New Chinese firm set to bag Dhaka-Sylhet highway project

. China Communications Construction (CCCC) looks set to bag the Tk 14,000 crore-contract to construct the Dhaka-Sylhet four-lane highway after the project's original contractor, China Harbour, was dumped for offering bribes. . The Chinese state-owned construction firm has been lobbying with the government since the job vacancy opened up in January last year and has even promised to finish the project quickly and smoothly in a letter to the government on December 21. . The project -- which is expected to expand the regional transport network, including the Asian Highway Network, BIMSTEC and SAARC corridors -- is supposed to be completed by December 2022, as per the original plan. . The 214 kilometre-long highway, which will be made with entire Chinese funds, will have 321 culverts, 70 bridges, five railway overpasses, four flyovers, 10 underpasses, 42 footbridges, three truck stands and two rest houses. . Under a direct procurement method China Harbour was chose on October 9, 2016 to helm the project. But it was ousted from the project earlier last year for offering bribe a secretary of the road transport and bridges ministry, the implementing entity. . CCCC's proposal is now sitting on the prime minister's table for her approval, said Md. Zahidul Haque, additional secretary of the economic relations division. . “Since only the contractor will change and everything else will remain the same, the government does not need to float the tender again to appoint the new company,” he added. The project was bookmarked as a priority one among the 27 agreed upon during Chinese President Xi Jinping's visit to Dhaka in October 2016. . Contacted, Md. Nazrul Islam, secretary of the road transport and highway division, declined to comment on the matter.

From https://www.thedailystar.net/business/news/new-chinese-firm-set-bag-dhaka-sylhet-highway-project-1700854

IT Sector

Computer parts makers to enjoy tax benefit

. The revenue board has extended the duty benefits covering the import of raw materials and equipment for local production of spare parts, accessories and other digital products. . Last week, the customs wing issued a Statutory Regulatory Order (SRO), offering the duty benefit in case of the import of another 17 products. . The benefits apply to the existing 62 products for local production of computer. . Printed Circuit Board (PCB), PCBA (PCB assembly) and other related products, which are required for manufacturing computer spare parts, accessories and other products, will enjoy the duty benefit at the import stage. . In fiscal year 2016-17, the National Board of Revenue (NBR) offered a reduced rate of Customs Duty, or 1.0 per cent, on the import of 62 types of raw materials and accessories for facilitating domestic production and assembling of . . All other duties and taxes including Supplementary Duty (SD), Regulatory Duty (RD) and Value-Added Tax (VAT) on the import of the computer parts have been waived. . Customs officials said the board has issued the new SRO by including some new spare parts and accessories that are required for local production of computer parts. . Tools for drilling, photographic chemical, pumice power, master batch, unexposed photosensitive plate and film, Poly(methyl methacrylate) (PMMA) resin, pet optical film, bottom case aluminum foil, tin alloy, sulfuric acid, sodium chlorate, copper sulfate, sodium permanganate, etc are the newly-included products. . Officials said the local manufacturer has sought the duty benefit to produce computer accessories.

Tuesday, February 12, 2019 Morning Newsflash

. Upon request, the customs wing extended the benefit to facilitate local production. . However, the NBR has imposed a condition, along with existing ones, for availing the duty waiver.

From http://today.thefinancialexpress.com.bd/last-page/computer-parts-makers-to-enjoy-tax-benefit-1549906212

Financial Institutions

IPDC Finance cuts offer price for rights issues

. IPDC Finance has revised down the offer price for the rights shares to be issued to the existing shareholders. . As per the revised decision, the offer price for the rights issues will now be Tk 12 each, including a premium of Tk 2.0, instead of Tk 13 previously declared by the company. . The company's rights shares will be issued at a ratio of 1R:2 (one rights share against two shares). . "The company has revised the rights offer after considering 8.0 per cent stock dividend for the year 2018, subject to approval from the shareholders, the securities regulator and other authorities concerned," the company said in a disclosure posted on the website of the Dhaka Stock Exchange (DSE). . The board of directors of the IPDC Finance has recommended 7.0 per cent cash and 8.0 per cent stock dividends for the year ended on December 31, 2018. . The purpose of rights issue is to maintain the business growth and strengthen the capital base of the company as well as maintain capital as required by Bangladesh Bank, the IPDC Finance said. . Also, the land and building of the company has been revalued by a professional valuer. The value stands at Tk 369.91 million as on December 31, 2018 as against the written-down value of Tk 144.57 million. . The IPDC Finance, presently an 'A' category company, has also reported earnings per share (EPS) of Tk 2.06, NAV per share of Tk 17.20 and NOCFPS of Tk (3.84), a negative value, for the year ended on December 31, 2018 as against Tk 1.54, Tk 14.26 and Tk 1.88 respectively for the same period of the previous year. . On Monday, the IPDC Finance emerged as the biggest loser on the DSE, as its share price declined 8.68 per cent to close at Tk 38.90 each.

From http://today.thefinancialexpress.com.bd/stock-corporate/ipdc-finance-cuts-offer-price-for-rights-issues-1549908384

Paper & Printing

Bashundhara Paper installs new tissue machine

. The Bashundhara Paper Mills has set up a new European brand automated tissue machine using the IPO fund, its board of directors has announced. . Bashundhara Paper Mills, a concern of the country's leading business conglomerate Bashundhara Group, raised a capital of Tk 2.0 billion by floating more than 26 million ordinary shares under the book-building method last year. . The company earlier said the initial public offering (IPO) fund was being used for purchasing machinery worth about Tk 1.35 billion, repay bank loans of about Tk 600 million and bear the IPO expenses of about Tk 50 million. . The company has also informed that they have utilised 100 per cent of its IPO fund and successfully implemented the new set-up of its European brand automated tissue machine, according to a disclosure posted on the Dhaka Stock Exchange (DSE) website on Monday. . The machine will increase tissue manufacturing capacity by 30,000 MT per year and add diversities in the product portfolio, the disclosure said. . "Commercial production has already started after successful trial production," it added. . This new set-up is expected to bring about Tk 4.0 billion in revenue and Tk 360 million in profit after tax per year at optimum utilisation level, said the disclosure. . The company also noted that before installing this machine, Bashundhara Paper Mills had a tissue and paper manufacturing capacity of 113,050 MT per year. . Each share of the company, which made its trading debut on July 02, 2018, closed at Tk 78.20 on Monday, losing 0.88 per cent over the previous day despite the news. . Its share traded between Tk 78 and Tk 190.50 since it was listed with the DSE on July 02, 2018. . The company's earnings per share (EPS) stood at Tk 1.32 for July-December period of 2018 as against Tk 1.02 for the same period of 2017. . The company disbursed 20 per cent cash dividend for the year ended on June 30, 2018.

From http://today.thefinancialexpress.com.bd/stock-corporate/bashundhara-paper-installs-new-tissue-machine-1549908065

Bank

Declining deposits worry banks

. Banks are in desperate want for deposits as savers are showing unwillingness to park their funds in the banking system due to negative returns once inflation and tax are taken into consideration. . Unexpected interference of private banks' directors in setting the interest rate -- 6 percent for deposits and 9 percent for lending -- and a much higher yield on savings certificates were the main reasons for the waning deposits. . The central bank in the monetary policy for the second half of the fiscal year also pointed out the banks' struggle in attracting deposits. . Banks' deposits grew at 9 percent in December last year in contrast to 10.22 percent a year earlier and 13 percent in December 2016.

Tuesday, February 12, 2019 Morning Newsflash

. “The ceiling on interest rate has played a vital role in shrinking the deposit base,” said Syed Mahbubur Rahman, chairman of the Association of Bankers, Bangladesh. . The rate should be determined by the market for the sake of a sustainable economy. . “The real income of depositors has gone negative once inflation is taken into account. This is not expected,” said Rahman, also the managing director of Dhaka Bank . The weighted average interest rate on deposit was 5.26 percent in December last year, down from 5.30 percent a month earlier. On the other hand, inflation stood at 5.35 percent in December. . In other words, if a depositor keeps Tk 100,000 at a bank for one year, he/she will get a maximum of Tk 5,300 as interest earnings on the deposit. . And after deducting tax at 15 percent, the amount comes down to Tk 4,505, meaning the net interest income stands at only 4.50 percent. . If the depositor is a taxpayer with an electronic tax identification number, he/she will pay 10 percent tax and his/her net interest income will be Tk 4,770, or 4.77 percent a year.

From https://www.thedailystar.net/business/news/declining-deposits-worry-banks-1700896

Telecommunication

GP, Robi to partner with Bank Asia on agent banking

. Top two mobile phone operators Grameenphone and Robi are set to enter into a partnership with Bank Asia on agent banking – a move that is expected to give huge boost to the new service and deepen financial inclusion. . Both operators, which together control more than 75 percent of the market share of mobile phone subscribers, received permission from Bangladesh Telecom-munication Regulatory Commission (BTRC) to this effect in a meeting last week. . The operators are expected to roll out the service next week. . “Mobile phone operators have extraordinary capacity and we can use it to explore untapped markets,” Md Arfan Ali, president and managing director of Bank Asia, told The Daily Star yesterday. . BTRC Chairman Md Jahurul Haque said, “We hope this collaboration will help the financial inclusion and help the country grow more.” . According to the plan, retailers and distributors of the operators will work as the representative of Bank Asia to provide banking service. . The operators will ensure security and monitoring in accordance with the laws of the central bank and have to submit a copy of the certification to the BTRC. . The operators will share revenues with the BTRC from its gross earnings from the agent banking service, like they do with the commission for telecommunication service. Mobile phone operators share 5.5 percent of gross earnings with the commission and another 1 percent goes to the social obligation fund. . The BTRC has also asked the operators not to discriminate against customers while providing service and offer additional benefits on telecom services for availing agent banking service with them, according to the conditions attached by the BTRC. Robi, the second-largest mobile phone operator in Bangladesh, welcomed the move. . “This decision will have huge impact on digital financial inclusion,” said Shahed Alam, head of corporate and regulatory affairs of the operator. . “We will be able to reach the remotest places of the country using our vast mobile network.” . In October last year, Robi signed agreements with four banks, including Bank Asia, the market leader in agent banking. . Robi will complete its preparation to launch the service next week at its 400 touch points, said a top executive of the mobile operator. GP, the leading operator, declined to comment. . There are 30 lakh accounts under agent banking and deposits stand at Tk 30,000 crore. The service channeled Tk 5,000 crore in remittance into the country last year, according to Ali.

From https://www.thedailystar.net/business/telecom/news/gp-robi-partner-bank-asia-agent-banking-1700851

Miscellaneous

BSC plans to buy few more vessels

. The state-owned Bangladesh Shipping Corporation (BSC) has a plan to procure four large oil-tankers and two bulk carriers each having capacity between 80,000 and 125,000 dead-weight tonnes (DWT), officials said on Monday. . The BSC will buy the vessels in order to carry oil and coal. The demand for these two fossil fuel is growing in the country, said Managing Director of BSC Commodore Yahya Syed. . The national-flag carrier has requested the Economic Relations Division (ERD) to manage necessary funds for purchasing the ocean-going vessels. . The Ministry of Shipping (MoS) officials said the corporation has proposed to take up a project at a cost of Tk 21.86 billion (US$ 260.64 million) to procure the vessels. . According to the project plan, the BSC will buy two crude oil mother-tankers each having 100,000-125,000 DWT capacity and two oil-tankers and two coal bulk-carriers each having 80,000 DWT capacity. . "Bangladesh's oil and coal requirement will be growing in the future days. So, as a state-run agency we are taking preparations to carry those items from overseas markets to the country," Commodore Syed told the FE. . "Usually the foreign shipping lines and oil-tankers carry oil and other products to Bangladesh. If we can increase the size of our fleet as a local company, it will save a significant amount of foreign currency," he added. . Meanwhile, the BSC has procured six ocean-going vessels from China, each with 39,000 DWT capacity. China has provided loan to buy the ships - three oil-tankers and three bulk-carriers.

Tuesday, February 12, 2019 Morning Newsflash

. Another BSC official said four oil-tankers have already been added to their fleet, while another two oil-tanker and bulk- carrier will reach the country by next month (March). . The BSC MD said earlier they set a target to buy a total of 32 ocean-going vessels for enhancing the capacity of its fleet by 2041. . "Bangladesh's two seaports Chittagong and Mongla are now handling nearly 4,000 ships a year. All the major foreign and private shipping lines are carrying goods to and from the country. We hope to save a huge amount of foreign currency by raising the capacity of our fleet," he added. . The BSC, as a struggling entity, has been incurring a substantial amount of loss over the years due to inefficiency of its staff and shortage of vessel. . The BSC officials said the present administration of the organisation is trying to increase its fleet through purchasing new vessels and tankers to gradually overcome the loss. . They also said BSC had only five flag-carrier vessels and oil-tankers for transporting export-import goods across the globe. Four new vessels from China have been added recently. . Previously, it has two oil-tankers -- each with 10,000 DWT capacity, two bulk-carrier vessels -- each with 12,000-13,000 DWT capacity, and one container vessel - with 600 TEUs (twenty-foot equivalent units) capacity,. . The BSC is now providing services to the public and private sector exporters and importers. . Especially, it is providing services to the Food Directorate to carry foods, the Bangladesh Petroleum Corporation (BPC) to carry oil, and the Ministry of Industries to carry fertilisers.

From http://today.thefinancialexpress.com.bd/first-page/bsc-plans-to-buy-few-more-vessels-1549906008

Engineering

Govt to review minimum wages for steel re-rolling mill workers

. The government has taken an initiative to review the minimum wages for the workers of country’s steel re-rolling mills in accordance with the Bangladesh labour act. . The minimum wages for the workers of the sector were last set in the year of 2011 with minimum monthly pay of Tk 4,600. As per the labour act, the minimum wages for a sector have to be reviewed after each five years. . The labour ministry on January 31 issued a gazette notification appointing representatives from owners and workers from the steel re-rolling mills sector to the minimum wage board. . The board consists of a chairman, an independent member, a permanent representative from employers and a permanent representative from workers. . The labour ministry will appoint one temporary representative from employers and one temporary representative from workers engaged in the sector. . Bangladesh Re-Rolling Mills Association vice-president Mohammad Abu Bakar Siddique has been appointed as factory owners’ representative while Tofail Ahmed, organising secretary of Jatiya Sramik League, has been appointed as workers’ representative to the board. . Abu Bakar, however, told New Age on Monday that he was not aware about his appointment to the wage board as factory owners’ representative. . Replying to a question, he said that he did not have any statistics on the number of factories and workers in the steel re- rolling mills sector across the country.

From http://www.newagebd.net/article/64535/govt-to-review-minimum-wages-for-steel-re-rolling-mill-workers

Fuel & Power

JMI Group to execute LPG projects

. The JMI Group has forayed into the booming LPG business and now looks to grab a significant portion of the market share by utilising investments from foreign and local sources. . The conglomerate, having businesses especially in healthcare sector, has initiated an integrated LPG (liquefied petroleum gas) business and the JMI Industrial Gas Ltd. and its allied concerns will implement LPG projects in the country as part of it. . To this end, the financial closure of a syndication term loan facility worth Tk 3.80 billion for the JMI Industrial Gas Ltd. and its allied concerns was held at a city hotel on Sunday night. . State Minister for Power, Energy and Mineral Resources Nasrul Hamid attended the ceremony as the chief guest. . Privately-owned Mutual Trust Bank Ltd. (MTB) is the lead arranger and security agent of the loan facility while Agrani Bank is the co-arranger. . Saudi Bangladesh Industrial and Agricultural Investment Company Ltd. (SABINCO), Bangladesh Infrastructure Finance Fund Ltd. (BIFFL), NRB Bank and Uttara Finance are the other lenders. . Speaking on the occasion, State Minister Nasrul Hamid hailed the JMI Group for initiating the integrated LPG business attracting investments from home and abroad. . He said the country has a 3.0 million tonnes per year (Mtpa) LPG market, but current consumption is hovering around only 1.0 Mtpa. . Mr Hamid reiterated the government decision not to provide piped natural gas connections to households in order to ensure efficient use of natural gas. . "We want that LPG would be easily available across the country at a reasonable price," he added. . Mr Hamid also urged the country's entrepreneurs to set up new industries in the planned industrial and economic zones for quality supply of utilities, especially natural gas and electricity.

Tuesday, February 12, 2019 Morning Newsflash

. JMI founder and Managing Director Md Abdur Razzaq said his Group has become one of the fastest-growing conglomerates in the country having support from different foreign countries, especially Japan. . Mr Razzaq said he launched healthcare business with JMI Syringes & Medical Devices in the country in 1999 after serving in Japan. . JMI Group has brought investments from many countries, including the UK, Japan, South Korea and Turkey, he said. . JMI products are now being exported to around 27 countries around the world, he said. . MTB Managing Director and CEO Anis A Khan, top officials of lending banks and JMI Group Chairman Jabed Iqbal Pathan also spoke on the occasion. . Earlier, the NIPRO Corporation of Japan has expressed interest to subscribe for 11,100,000 ordinary shares of the JMI Syringes & Medical Devices to strengthen further the business footing of the company at home and abroad.

From http://today.thefinancialexpress.com.bd/stock-corporate/jmi-group-to-execute-lpg-projects-1549908037

International

Indian shares fall in line with regional peers

. Indian shares fell on Monday, in line with broader Asian markets, as global growth worries, including the US-China tariff war, and lacklustre domestic earnings muted sentiment. . MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.51 per cent. . Oil marketer Bharat Petroleum Corp Ltd dropped as much as 2.8 per cent after posting a 77 per cent plunge in quarterly profit, pulled down by higher expenses, reports Reuters. . Refiners Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd shed as much as 1.4 per cent each. . Auto stocks were also trading in the red after Ltd and Mahindra & Mahindra Ltd extended declines to dive over 3.0 per cent each after reporting disappointing quarterly results last week. . The broader NSE Nifty was down 0.48 per cent at 10,890.10, as of 0604 GMT, while the benchmark BSE Sensex slipped 0.32 per cent to 36,426.85. . Dr. Reddy’s Laboratories Ltd was the biggest loser on the NSE index after falling as much as 5.6 per cent. . The generic drugmaker’s Hyderabad-based plant was issued a Form 483 with 11 observations by the US Food And Drug Administration after market hours on Friday. . The FDA Form 483 notifies the company’s management of objectionable conditions.

From http://thefinancialexpress.com.bd/stock/global/indian-shares-fall-in-line-with-regional-peers-1549881007

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