Stocks
Doreen Power Shuts Down Narsingdi Power Plant as PPA Expires
Doreen Power Generations and Systems, a publicly listed company, has ceased operations at its 22MW Narsingdi power plant following the expiration of its power purchase agreement (PPA) with the Bangladesh Rural Electrification Board (BREB).
This comes after the recent shutdown of its 22MW Tangail power plant due to the expiry of the PPA with the Bangladesh Power Development Board (BPDB). Both plants, operational since 2008, had signed 15-year agreements to supply electricity to the government. The closure of Doreen Power’s Feni plant is anticipated in February 2024 as its PPA approaches expiration.
Concerns were raised by ACNABIN Chartered Accountants, the independent auditor, as all three power plants faced closure by February next year due to contract expiry. The shuttered condition will persist until further instructions from the BPDB or the Ministry of Power, Energy, and Mineral Resources. Doreen Power, seeking a contract extension, disclosed its application for the same.
The company, with three subsidiaries collectively producing 225MW, reported that nearly 10% of its consolidated revenue and 23% of its consolidated profit in FY23 were attributed to the three power plants. In the same fiscal year, the consolidated profit fell by 61% year-on-year to Tk64.48 crore, primarily due to foreign exchange losses. Doreen Power has recommended an 11% cash dividend for FY23. The power company’s shares closed at Tk61 each on the Dhaka Stock Exchange.
Dhaka Stock Market DSE, Bourse on the last working day of the week, 25th July, ended with a hike in Indices and Turnover from the previous working session. This information is known from DSE sources.
497 crore 34 lakh taka shares were traded on this day. 337 crore 97 lakh more tradings were done in DSE today compared to the previous workday, July 24th, Shares worth Tk 159 crores 37 lakh shares were traded last time, Wednesday.
The benchmark DSEX increased 62.81 points or 5,413 The Shariah-based index DSES added 13.81 points or 1,183 and the blue-chip index DS30 gained by 24.25 points or 1,932.
Of the issues traded, 286 advanced, 66 declined and 40 remained unchanged.
Techno Drugs Limited ranked top gainer on DSE, the share price increased by Tk 3.80 paisa or 9.87 percent. On this day, the share was last traded at Tk 42.30 paisa.
Rangpur Foundry Limited ranked top loser on the DSE, the share price dropped by Tk 5.40 paisa or 2.98 percent. On this day, the share was last traded at Tk 175.70 paisa.
DSE topped on trade is Square Pharmaceuticals PLC 35 crore 9 lakh takas of company shares have been traded.
A total of 28 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 82 lakh 94 thousand 29 shares of the companies were traded. The financial value of which is 21 crore 92 lakh taka
One of the listed companies, Eastland Insurance Company Limited discloses its financial reports for the second quarter, (April – June 24).
The company’s earnings per share (EPS) Tk 0.27 paisa in Q2 of the current financial year (April – June 24). EPS was Tk. 0.41 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. NAV per share was Tk. 20.85 as of June 30, 2024.
One of the listed companies, Shahjalal Islami Bank PLC discloses its financial reports for the second quarter, (April – June 24).
The company’s Consolidated earnings per share (EPS) Tk 1.50 paisa in Q2 of the current financial year (April – June 24). Consolidated EPS was Tk. 1.50 for January-June 2024 as against Tk. 1.47 for the same period last year. EPS was Tk 0.80 paisa during the same period last year. Consolidated NAV per share was Tk. 20.85 as of June 30, 2024.
