Stocks
BSEC Announces Withdrawal of Robi’s Floor on Tuesday
The Bangladesh Securities and Exchange Commission (BSEC) has announced the withdrawal of the floor price restriction for shares of Robi Axiata Limited, the country’s second-largest telecom operator, effective Tuesday.
In a directive issued on February 6, the regulatory body stated that the floor restriction for Robi shares would be lifted the day after the record date, set for March 18.
The floor price represents the lowest price set by the securities regulator at which a stock can be traded. Earlier in January, the commission lifted the restriction for most stocks, 18 months after its imposition.
Currently, Robi shares have been trading at the floor price of Tk30 each at the Dhaka Stock Exchange (DSE).
Robi is recognized as the fifth-largest company in terms of market capitalization, accounting for 3.9% of the DSE’s total valuation with a current total market cap of Tk15,714 crore.
Previously, on March 3, the floor price was removed for the largest stock, Grameenphone (GP), followed by the removal of the floor for British American Tobacco (BAT) Bangladesh, the second-largest company at the Dhaka bourse.
After the removal of the floor restriction, GP shares witnessed a decline of over 16%, settling at Tk241.2 each, while BAT Bangladesh stocks fell by 17% to Tk430 each, consequently impacting the benchmark index of the DSE.
Financial Overview of Robi:
On February 15, Robi disclosed its financial statement and announced dividends for the year 2023.
According to the company’s statement, its revenue surged by 16% year-on-year to Tk9,942 crore in 2023, marking the highest annual turnover in its history.
Moreover, its net profit reached Tk321 crore last year, reflecting a 76% annual growth.
Robi has declared a 10% cash dividend to its shareholders for the calendar year 2023.
The multinational company is scheduled to hold its annual general meeting on April 24 to approve the dividend and audited financial statement.
Rajeev Sethi, managing director and CEO of Robi, attributed the record-setting revenue in 2023 to the supreme confidence subscribers had in the network, leading Robi to achieve the highest number of subscriptions among all operators during the year.
In 2023, Robi Axiata expanded its subscriber base by adding 43 lakh new users, reaching a total of 5.87 crores, constituting 31% of the country’s overall mobile phone subscriber base.
Additionally, the company witnessed an 8.9% growth in its data subscriber base, reaching 4.47 crores compared to the previous year, with the 4G subscriber base surging by 23.7% year-on-year to 3.57 crores.
Earlier, the telecom company had distributed a 7% cash dividend for the year 2022. Robi reported earnings per share of Tk0.61 in 2023, marking a 74% increase compared to 2022.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
