1.

Introduction to the Report

1.1 Rational of the study
The stock exchange has been perceived by many as the backbone for most contemporary
economies (AL- Shubiri F.N., 2010). Moreover an economy like Bangladesh where a huge
number of people engaged with the Stock Market is really needed to have a clear concept
regarding the Stock Market Index. A stock index gives reflection performance of stocks which
are traded in the market. Because an investor can easily evaluate the performance of the stock by
observing stock index which they are bought and they can easily make a decision. An investor
can lose their investment if an index gives misinformation and they cannot judge the stock
movement properly. So an index must be calculated accurately for the stock market and best
interest of investors. Moreover few days ago we have seen that due to miscalculation of Index of
Dhaka Stock Exchange, the investors were walking toward the wrong way which leads the
market toward the crash. So people should have some knowledge regarding the Index and some
sectors which affect the market index a lot.
Although there are 19 categories of companies is trading in the Dhaka Stock Exchange, we have
chosen bank sector for our research. Because, bank have control over a large part of the
supply of money in circulation and play an important role in the economic development of
every nation. Moreover, in Bangladesh banks are considered as a fundamental component of
the financial system, and are also active players in financial markets. Besides that banking
sector is containing a huge market capital in Dhaka Stock exchange. So we have decided to study
on the banking sector which shares are trading in Dhaka Stock Exchange and holding the highest
number of market capitalization. We are going to find out how much the banking sector is
affecting the Dhaka Stock Exchange General Index by preparing a Bank Index.

1.2 Objective of the Study:

25

Through this study we are going to find

How to make an Index

Preparing an Bank Index by considering those bank which are trading in Dhaka Stock

Exchange.
How much the banking sector affecting the Market Index.
Compare the Bank Index with Dhaka Stock Exchange General Index.

1.3 Limitation of the Study

In this study we could not count the companys market capital when the trade was suspended due to the
record date for AGM, EGM or stock splits. We could not calculate the index before 2009 because we do
not have enough information about the number of issued share though the rest of the information we have
collected. We have got a limited time of two months for this study it is not enough.

2. Literature Review

25

Now a days it is well established that, economic growth promote by a well functioning financial
system through which, efficient allocation of resources is possible and thus the stock markets
have been established in almost every part of the world. Because, Growth of new businesses or
an economy would not be possible without availability of stocks and development of financial
markets (Haferand and Hein, 2007). Moreover the access of private companies to funding
through these financial markets help to improve the efficiency of allocation of resource. So, as a
part of the financial market, stock market performs a crucial role for economic development as
an intermediary between investors and firms (Mukit and Shafiullah, 2012) and thus stock market
development plays an important role in predicting future economic growth (Levine and Zervos,
1998).
Bangladesh has two full-fledged automated stock exchanges: Dhaka Stock Exchange (DSE) and
Chittagong Stock Exchange (CSE). In the last decade stock market of Bangladesh went through
many changes and huge ups and downs were seen. The economic crisis of the world in year
2009-11 also affected the market adversely. There are 19 categories of companies enlisted and
among them Banking sector containing 30 banks with 413,755.49 million (Dec 2014) of market
capitalization which is the category with highest market capital. Besides that it has been found
that, bank Play an important role in the economy development of every nation (Karim and Alam,
2013). As the banking sector of Bangladesh compared to its economic size is moderately bigger
than many other economies of equal level of development and per capita income, banking sector
has evolved to become the dominant financial intermediary in Bangladeshi financial system.
Thats why, in our country many people believe that banking sector has vast effect on Stock
market index. Besides that from the literature it has been found that, Banks are a fundamental
component of the financial system, and are also active players in financial markets
(Dhanabhakyam & Kavitha, 2012). So it is assumed that the market moves according to the
banking sector moves. But how much is this true or how much the banking sector really affect
the market index?

3. Organizational Overview

25

3.1 Brief Historical Background of Dhaka Stock Exchange:

The necessity of establishing a stock exchange in the then East Pakistan was first decided by the
government when, early in 1952, it was learnt that the Calcutta Stock Exchange had prohibited
the transactions in Pakistani shares and securities. The provincial industrial advisory council
soon thereafter set up an organizing committee for the formation of a stock exchange in East
Pakistan. A decisive step was taken the second meeting of the organizing committee held on the
13th March, 1953. In the cabinet room, eden building, under the chairmanship of Mr. A.
Khaleeli, secretary government of East Bengal, commerce, labor and industries department at
which various aspects of the issue were discussed in detail. Then the central governments
proposal regarding the Karachi Stock Exchange opening a branch in Dhaka did not find favor
with the meeting who felt that East Pakistan should have an independent stock exchange. It was
suggested that the Dhaka Narayanganj Chamber of Commerce & Industry should approach its
members for the purchase of membership cards at RS.2000 each for the proposed stock
exchange. The location of the exchange it was thought should be either Dhaka, Narayanganj or
Chittagong. An organizing committee was appointed consisting of leading commercial and
industrial personalities of the province with Mr. Mehdi Ispahani as the convener in order to
organize the exchange.
The chamber informed its members and members of its affiliated associations of the proceedings
of the above meeting, requesting them to intimate whether they were interested in joining the
proposed stock exchange. This was followed by a meeting, at the chamber of about 100 persons
interested in the formation of the exchange on 07.07.1953. The meeting invited 8 gentlemen to
become promoters of the exchange with Mr. M Mehdi Ispahani as the convener and authorized
them to draw up the memorandum and article of association of the exchange and proceed to
obtain register under the companies act.1913. The other 7 promoters of the exchange were Mr. J
M Addision-Scott, Mr. Mhodammed Hanif, Mr. A C Jain, Mr. A K Khan, Mr. M Shabbir Ahmed
and Mr. Sakhawat Hossin.
It was also decided that membership fee was to be RS.2000 and subscription rate at 15 per
month. The exchange was to consist of not more than 150 members. A meeting of the promoters

25

was held at the chamber on 03.09.1953 when it was decided to appoint Orr Dignam & Co.,
solicitors to draw up the memorandum and articles of association of the stock exchange based on
the rules of stock exchange existing in other countries and taking into account local conditions.
The 8 promoters incorporated the formation as the East Pakistan Stock Exchange Association
Ltd. on 28.04.1954. As public company, on 23.06.1962 the name was revised to East Pakistan
Stock Exchange Ltd. Again on 14.05.1964 the name of East Pakistan Stock Exchange Limited
was changed to "Dhaka Stock Exchange Ltd."
At the time of incorporation the authorized capital of the exchange was RS. 300000 divided into
150 shares. Of RS. 2000 each and by an extraordinary general meeting adopted at the
extraordinary general meeting held on 22.02.1964 the authorized capital of the exchange was
increased to TK. 500000 divided into 250 shares of TK. 2000 each. The paid up capital of the
exchange now stands at TK.460000 dividend into 230 shares of TK. 2000 each. However 35
shares out of 230 shares were issued at TK. 80,00,000 only per share of TK. 2000 with a
premium of TK. 79,98,000.
Although it incorporated in 1954, the formal trading was started in 1956 in Narayanganj after
obtaining the certificates of commencement of business. But in 1958 it was shifted to Dhaka and
started functioning in the Narayangonj Chamber Building in Motijheel C/A. On 1.10.1957 the
stock exchange purchase a land measuring 8.75 kattah at 9F Motijheel C/A from the government
and shifted the stock exchange to its own location in 1959.
Since 1971 till 1976, the trading activities of the Stock Exchange remained suppressed due to the
liberation war and the economic policy pursued by the then government. The trading activities
resumed in 1976 with only 9 companies listed having a paid up capital of Taka 137.52 million on
the stock exchange (Chowdhury, 1994).
Trading is done through automated on-line system every day except Friday, Saturday and other
government holidays. There are four markets in the system: (1) Public Market: Only trading of
market lot share is done here through automatic matching. (2) Block Market: A place where bulk
quantities of shares are traded through pick and fill basis. (3) Odd Lot Market: Odd lot scripts are
traded here based on pick and fill basis. (4) OTC Market: Dhaka Stock Exchange (DSE) has

25

launched the over-the-counter (OTC) market-a separate trading floor-- to facilitate trading of the
non-listed and the de-listed companies. The shares of companies that have been de-listed from
the premier bourse will be placed on the OTC market in the first phase. In the next phase, shares
of non-performing and non-operational companies that will be removed from the main board will
be traded on the new OTC floor.

3.2 Some milestone moments of DSE:

Over the passage of time some significant developments took place in DSE. One important
development in the capital market in January, 2004 was the initiation of electronic settlement
through the Central Depository System (CDS). In order to prevent market manipulation by the
inhouse officials of the listed companies, SEC banned the purchasing or selling of shares of a
company by its owners during an interim period (from the date of the financial year closure to
the day of approval of accounts by the companys board). De-listing of 13 companies in August
2004 by DSE due to their repeated failure in complying with the listing rules was also an
important step towards bringing discipline in the stock exchange. The trading of Bangladesh
Government Treasury Bonds (BGTBs) started in DSE from January 2005.

3.3 Legal Control

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.

3.4 Function of DSE

The major functions are:

25

Listing of Companies (As per Listing Regulations).

Providing the screen based automated trading of listed Securities.

Settlement of trading (As per Settlement of Transaction Regulations).

Gifting of share / granting approval to the transaction/transfer of share outside the

trading system of the exchange (As per Listing Regulations 42).

Market Administration & Control.

Market Surveillance.

Publication of Monthly Review.

Monitoring the activities of listed companies (As per Listing Regulations).

Investors grievance Cell (Disposal of complaint bye laws 1997).

Investors Protection Fund (As per investor protection fund Regulations 1999).

Announcement of Price sensitive or other information about listed companies

through online.

3.5 Number of Companies enlisted in DSE:

There are about 324 Companies enlisted in DSE and category wise there are 19 Category of
company enlisted in DSE.
Table1: Number of Companies enlisted in DSE (Category wise)
SL.
1
2
3
4
5
6
7

Name of the Industry

Bank
Cement
Ceramics Sector
Engineering
Financial Institutions
Food & Allied
Fuel & Power

Number of Companies
30
7
5
31
23
18
18

25

8
9
10
11
12
13
14
15
16
17
18
19

Insurance
It Sector
Jute
Miscellaneous
Mutual Fund
Paper & Printing
Pharmaceuticals & Chemicals
Services & Real Estate
Tannery Industries
Telecommunication
Textile
Travel & Leisure

Total Companies
Source: Official web site of Dhaka Stock Exchange

46
6
3
11
41
2
27
4
5
2
41
4
324

3.6 What is Index?

A stock market index is defined by the New York Stock Exchange as "Any comprehensive
measure of market trends, intended for investors who are concerned with general stock market
price movements."
In general, An index is a weighted average of the market capitalizations of the stocks they
represent, which moves up and down depending on the individual share prices of the component
parts. It is a tool used by investors and financial managers to describe the market, and to compare
the return on specific investments. Investors checked the stock Index to see the changes in the
market, which helps them to take the future decisions. Each index has its own calculation
methodology and is usually expressed in terms of a change from a base value. Thus, the
percentage change is more important than the actual numeric value.

3.7 History of Indexes:

The first US stock index was created in 1896 when the Wall Street Journal published the Dow
Jones Industrial Average. It had an initial value of 40.74 and represented 12 stocks. The Financial
Times in London published the first FTSE listing in 1962 and the Japanese Nikkei index was
first published in 1950 by the Nikkei newspaper.

25

3.8 Uses of Security-Market Indexes:

As benchmarks evaluate the performance of professional money managers.

To create and monitor an index fund.

To measure market rates of return in economic studies.

For predicting future market movements by technicians.

As a substitute for the market portfolio of risky assets when calculating the systematic
risk of an asset.

3.9 Types of Index:

An index can be classified according to the method used to determine its price -

1. Price-weighted index: The price of each component stock is the only consideration
when determining the value of the index. Thus, price movement of even a single security
will heavily influence the value of the index and it ignoring the relative size of the
company as a whole.
Example: Dow Jones Industrial Average, NYSE Arca Major Market Index and the NYSE
ARCA Tech 100 Index.

2. Capitalization-weighted (also called market-value-weighted) index: Here factors in

the size of the company. Thus, a relatively small shift in the price of a large company will
heavily influence the value of the index.
Example: Hang Seng Index, S&P 500 Index.

3. Equal-weighted Index: There all components are assigned the same value or weight.

25

Example: The Value Line Composite Index.

3.10 Dhaka General Index (DGEN):

The Dhaka General Index (DGEN) was introduced at DSE on November 24, 2001, with a base
point of 817.63. Later on, in November 2009 Grameenphone (GP) came to the stock market and
DSE general index gained more than 700 points in a single day and thats when the flawed
computation of the index first came to light. That is why DSE decided to stop DGEN and
introduce a new index called DSEX and DSE 30. So DGEN continued for almost 12 years and
DSE stopped to show DGEN from their official web site from August 1, 2013. On the closing
day the DGEN stood at 4,342.31 points after ups and down in the last 12 years long journey.
After introduction of 817.63 points, the DGEN went up highest level of 8,918.51 points on
December 5, 2010 when the market was bubble.

3.11 DSEX , DS30 and DSES:

On January 28, 2013, the Dhaka Stock Exchange Limited launched a new index, the DSE Broad
Index (DSEX) and DSE 30 Index (DS30) based on free float and S&P methodology with effect
from January 28, 2013. DSEX is the Benchmark Index which reflect around 97% of the total
market capitalization. Eligible stocks must have a float-adjusted market capitalization above 100
million BDT.
DS30 constructed with 30 leading companies which can be said as investable Index of the
Exchange. DS30 reflects around 51% of the total equity market capitalization. Eligible stocks
must have a float-adjusted market capitalization above 500 million BDT as of the rebalancing
reference date.
The base dates of the DSE Broad Index and DSE30 are January 17, 2008. The DSE Broad index
has a base value of 2951.91 on January 17, 2008; which was the index value of the DGEN on
this date. On the other hand the base value of DSE30 Index is 1000.

25

Very recently Dhaka Stock Exchange introduced a new index, DSEX Shariah Index (DSES), on
January 20, 2014 which serve as a Shariah Compliant broad market benchmark in Bangladesh
Capital Market. This index has been made by combining the sector and screening based
companies sorting out from DSE Broad Index. The DSES had been launched to inspire the
investors who wanted to invest as per Islamic Shariah Compliance rule and it is hoped that this
index may attract the Middle East foreign investors.

4.

Methodology of the Study

Although there are many way to calculate the stock index and Dow Jones Industrial Average
(DJIA) is most popular but here we have used the Market Value Weighted method.
Criticism of the DJIA:

Limited to 30 non-randomly selected blue-chip stocks.

25

Does not represent a vast majority of stocks.

The divisor needs to be adjusted every time one of the companies in the index has
a stock split.

Introduces a downward bias by reducing weighting of fastest growing companies

whose stock splits.

We have collected all Banks Trade Information from 2009 to 2014 from Dhaka Stock Exchange
library. Then we have segregated every Sundays closing price and No. of share of all banks. By
using these two information we calculated the market capital of Bank Sector in every Sunday
(We have taken Mondays data when stock market was closed or holiday on Sunday). We have
considered 1000 as a base index to calculate stock index on 1 st January, 2009. Formula for index
calculation Index t

PQ
PQ
t

Beginning Index Value

Where:
Indext = index value on day t
Pt = ending prices for stocks on day t
Qt = number of outstanding shares on day t
Pb = ending price for stocks on base day
Qb = number of outstanding shares on base day
We also have taken data of Dhaka General Index (DGEN) for the time period of 2009 to 2013
(Up to July, as after that it has been closed) and Dhaka Stock Exchange Index (DSEX) for the
period of August 2013 to December 2014. Later on we made a graph with those data so that we
can compare it with the bank Index.

25

5.

Analysis and Interpretation of Data

5.1 Bank Index

We have calculated the Bank Index by taking consideration of all banks which are traded in
Dhaka Stock Exchange and our base Index was 1000. We have found that, the index has started
with 1000 point on 04-01-20019 and as the market capital start to goes down, market index also
start to goes down until the ending of March 2009. Later on due to entrance of new stock,

25

involvement of new investors, investing of more money into the Stock market the Market capital
goes up as well as the Index (Bank Index) also goes up gradually (graph-1). From the graph we
can see that from 2009 to 2010 the graph hold the upward trend and it hit the top level with the
Index point of 3122 in December 2010. After that the graph shows that, Index (Bank Index)
goes down sharply which we called market crashed and gradually again it came to very close of
base line which was 1000.
Graph1: Bank Index

5.2 Dhaka Stock Exchange General Index

We also have draw the Dhaka Stock Exchange General Index (DGEN) by taking consideration of
every Sundays closing Index value. There we have found that, the Index started with 2845
points in 4th January 2009 and from the beginning it started to decline, but later on as the days
goes on it also started to goes up (Graph-2). Due to increasing of investment in stock market the
index follows the upward trend and it hit the top level with 8919 point in December 2010. Later

25

on the graph follow the downward trend sharply, that means the market crashed. At the end, it
again come to very near of 3000 which was in 2009.

Graph 2: Dhaka Stock Exchange General Index

5.3 Dhaka Stock Exchange Broad Index

As after July 2013 DSE stopped to show the DGEN, we have taken data of DSEX up to
December 2014 and made a graph (Graph-3). From the graph it has been seen that, the Index
have upward trend but it is quite stable, as after crashing the market, investors are now quite
conscious regarding the movement of Index.

25

Graph3 : Dhaka Stock Exchange Broad Index

5.4 Comparing the Index

There we have plotted the 2 graph in 1 (Graph-4) and try to compare these two Index. Although
the DGEN has been stopped in July 2013, but we continued the Bank Index. From the graph we
can see that the movement of both Bank Index and DGEN is almost same. The day DGEN hit the
highest level, at the same day Bank Index also hit the highest level. Moreover like DGEN Bank
Index also came to near of base line again.

25

Graph 4 : Bank Index and DGEN

5.5 Descriptive Statistics

Summary statistics of the variables is reported in table 2, where the mean, standard deviation,
skewness, kurtosis, minimum and maximum values of study variables are given. From the table
we can see that, the standard error is 25.43 which is quite small and acceptable. Here the most
important thing is Correlation of Bank Index with DGEN and DSEX. Correlation of Bank Index
with DGEN is 0.93 which is highly positive as it is very close to 1. But Correlation of Bank
Index with DSEX is 0.57 which is also positive but moderately.
Table 2: Descriptive Statistics
Mean
Standard Error
Median
Mode
Standard Deviation

1447.08
25.43
1309.40
#N/A
449.13

25

Sample Variance
Kurtosis
Skewness
Range
Minimum
Maximum

201719.65
0.85
0.93
2528.11
594.22
3122.34

Correlation of Bank Index with DGEN

Column 1
Column 1
Column 2

Column 2

1
0.938310653

Correlation of Bank Index with DSEX

Column 1
Column 1
Column 2

Column 2

1
0.577783932

6.

Findings of the Study

One of the objective of this paper was compare the Bank Index with the Dhaka Stock Exchange
Index, so we different graph and Statistical analysis as well. From the graph we have seen that
Bank Index and DGEN looks like almost same, but not the DSEX. From 2009 to 2013, the
minimum point of DGEN is 2427 and maximum is 8919. On the other hand the minimum point
of Bank Index is 594 and maximum is 3122. Bank Index and DGEN hit the highest level at the

25

same day and at the same way both the index shows the market crash. At the end of 2012 again
all index came to their base line. We have found clearer picture from the Descriptive statistics.
There we have found that, Correlation of Bank Index with DGEN is 0.93 but correlation of Bank
Index with DSEX is 0.57. Which means now a days Banking sector is not affecting the Stock
Market Index that it was before.

Why bank is not affecting the Index that much

Although from the beginning it has been seen that, Dhaka General Index is reflecting the Bank
Index but after 2012 it is not reflecting that much that it was before. That means Banking sector
is not playing that much actively like past. The reason behind is Bank stocks performance or the
dividend policy of Banks. From the literature of Masum, (2014) it has been found that Dividend
Policy has significant positive effect on stock prices as dividend policy is a major financing
decision that involves with the payment to shareholders in return of their investments. We can
also give some real life example- There was a time when all banks gave huge divided like
National Bank Ltd. declared 95% stock dividend; but now it gives 10 % cash dividend. Like this
all banks performance is going down and as a result investors are not that much interested to
bank security. But still there are few banks those are quite strong and enlisted in DS30, but the
overall scenario of Banking sector is not that much good. After the market crash the lots of
investors have lost their 80% to 90% of their investment and as a result they could not pay their
loan and the banks nonperforming loan also increase and the banks performance decrease,
which affect on their stock price. We got the reason of being the banks stock price lower from
the literature as well- Docking and Koch (2005) discovers that there is a direct relationship
between dividend announcement and equity price behavior. Besides that, the price of equity is
significantly influenced by a number of factors which include book value of the firm, dividend
per share, earnings per share, price earnings ratio and dividend cover (Gompers et.al, 2003).

25

7.

Conclusion:

Index is an important scale to measure the performance stocks. An index calculated by the total
market capital so the every information of issuing shares of stocks and the adjusting prices of the
stocks must be accurate. If the data is not accurate thus the index does not provide an actual
signal of the stocks. Besides that, In the stock market Banking sector is having a vast market
capital so it plays an important role to the movement of Market Index. So, government should
keep a keen eye on the performance of these banks and to look after whether the banks are really
maintaining their rules and regulations or not. Because banking business has been shaped as
global business and the rest other business greatly depends on the strength of banking business
performance. Although after crashing the Stock Market in 2010 the total Economy of Bangladesh
was shaken and the Banking sectors performance as well but now the market is trying to recapture
its stable condition by employing different policies. Investors also should have the knowledge regarding
the stock market and its Index to take the correct decision and not to lose their money.

8. Reference

1. AL- Shubiri F. N. (2010) Analysis the Determinants of Market Stock Price Movements: An
Empirical Study of Jordanian Commercial Banks. International Journal of Business and
Management. 5(10) P. 137-147
2. Chowdhury, A. R. (1994) Statistical Properties of Daily Return from the Dhaka Stock
Exchange. Bangladesh Development Studies. Vol. XXII.

25

3. Dhanabhakyam M. & Kavitha, M. (2012) Financial Performance of selected Public sector

banks in India. International Journal of Multidisciplinary Research. 2(1) P. 255- 269
4. Docking, D. S. & Koch, P. D. (2005) Sensitivity of Investor Reaction to Market Direction
and Volatility: Dividend Change Announcements. Journal of Financial Research. 28(1)
P. 21-40
5. Gompers, P. A., Ishii, J. L. and Metrick, A. (2003) Corporate Governance and Equity Prices.
National Bureau of economic research. No. w8449
6. Hafer, R. W., & Hein, S. E. (2007) The stock market. Greenwood Publishing Group.
7. Karim, R. and Alam, T. (2013) An Evaluation of Financial Performance of Private
Commercial Banks in Bangladesh: Ratio Analysis. Journal of Business Studies Quarterly.
5(2) P. 65-77
8. Levine, R. and Zervos, S. (1998) Stock markets, banks, and economic growth. American
Economic Review. 88 P.537-558.
9. Masum A.A. (2014) Dividend Policy and Its Impact on Stock Price A Study on
Commercial Banks Listed in Dhaka Stock Exchange. Global Disclosure of Economics
and Business. 3(1) P. 9-19
10. Mukit D.M.A. and Shafiullah A.Z.M (2012). Impact of Monetary Policy on Post Crashed
Stock Market Performance: Evidence from Dhaka Stock Exchange. Journal Of Business
& Economics. 4(1) P. 106-123
11. www.dsebd.org
12. www.investopedia.com
13. www.wikipedia.com
14. Monthly Review (2014) Vol 29, No. 12. Year-end special edition.

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9.

Appendix

DEFINITION of Free-Float Methodology:

A method by which the market capitalization of an index's underlying companies is calculated.
Free-float methodology market capitalization is calculated by taking the equity's price and
multiplying it by the number of shares readily available in the market. Instead of using all of the
shares outstanding like the full-market capitalization method, the free-float method excludes
locked-in

shares

such

as

those

held

Calculated as:

25

by

promoters

and

governments.

The free-float method is seen as a better way of calculating market capitalization because it
provides a more accurate reflection of market movements. When using a free-float methodology,
the resulting market capitalization is smaller than what would result from a full-market
capitalization method.

Categories of Companies

Market Capitalization
(Tk. in mn)

% of Total Cap

Financial Sector
Banks

413,755.49

15.39

Financial Institutions

179,603.73

6.68

Insurance

97,970.58

3.64

Mutual Funds

30,334.05

1.13

212,777.17

7.92

Manufacturing
Food & Allied Product

25

Pharmaceuticals

336,250.53

12.51

90,468.97

3.37

114,978.64

4.28

Ceramic

23,894.12

0.89

Tannery

23,618.76

0.88

2,199.09

0.08

879.57

0.03

199,166.36

7.41

329,377.13

12.25

22,992.45

0.86

5,823.21

0.22

Telecommunication

506,168.55

18.83

Travel and Leisure

28,515.00

1.06

Miscellaneous

69,333.65

2.58

2,688,107.05

100%

Textile
Engineering

Paper & Printing

Jute
Cement
Service & Miscellaneous
Fuel & Power
Service & Realestate
IT-Sector

Total

25