Stocks
British American Tobaccos’ Floor Price Restriction to be Lifted on March 4th
The Bangladesh Securities and Exchange Commission (BSEC) has declared the removal of the floor price restriction for British American Tobacco (BAT) Bangladesh stock, scheduled for March 4th. The directive, issued on February 6th, specified that the floor restriction for BAT Bangladesh shares would cease the day after the record date, set for March 3rd.
The floor price represents the lowest price designated by the securities regulator at which a stock can be traded. Following its enforcement for 18 months, the commission lifted the restriction for most stocks in January of this year.
Currently, BAT Bangladesh shares have been stagnant at the floor price of Tk518.70 each on the Dhaka bourse since September 2022.
BAT stands as the second-largest company by market capitalization, constituting 6.55% of the Dhaka Stock Exchange’s total valuation, with a current total market cap of Tk28,000 crore.
On February 8th, BAT Bangladesh announced a 100% cash dividend for its shareholders in 2023, marking the lowest dividend in over a decade. The multinational tobacco manufacturer reported a profit of Tk1,788 crore in 2023, a marginal increase from Tk1,787 crore in 2022.
Despite a similar profit, the company declared a dividend representing only 30% of last year’s total profit, a substantial decrease from the 200% cash dividend payout in 2022.
While dividend data for BAT Bangladesh was unavailable before 2010, the company was known for announcing generous dividends over the years.
According to available data, BAT Bangladesh reported earnings per share of Tk33.11 in 2023, a slight increase from Tk33.10 in the previous year.
BAT Bangladesh is scheduled to convene its annual general meeting on March 28th.
Operating factories in Dhaka and Savar, along with a green leaf threshing plant in Kushtia and a green leaf re-drying plant in Manikganj, BAT Bangladesh has invested more than Tk1,200 crore over the past three years to enhance production capacity and meet growing demand.
Although detailed annual financial statements are yet to be published, available data indicates that the company’s net turnover for the first nine months of 2023 grew by 10%, reaching Tk6,793 crore. During the same period, domestic cigarette sales witnessed a 10% year-on-year increase, totaling Tk6,493 crore. Additionally, leaf exports surged by 16%, amounting to Tk30 crore in the January-September period of 2023.
BAT exports cigarettes to various countries, with significant markets like China and the Maldives contributing substantially to the company’s global exports.
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.
