Stocks
BSEC fines four investors for rule violations
The Bangladesh Securities and Exchange Commission (BSEC) has fined four investors a total of Tk85 lakh for violating rule in Janata Insurance Company’s share transactions.
Of the investors, Md Saif Ullah has been fined Tk40 lakh, AG Mahmud Tk20 lakh, SM Motaharul Janan Tk20 lakh, and Hasina Akther Tk5 lakh. The penalties were imposed in the last week of April.
According to the law, any investor who wants to hold or acquire more than 10% of the shares in a listed company must announce their intention through the stock exchange before the transaction.
However, these investors did not follow this rule and failed to make the necessary announcement.
With this, they transacted shares “unfairly” to make benefits, according to the BSEC officials who spoke on condition of anonymity.
This is the third time Md Saif Ullah and AG Mahmud have been fined within a span of one and a half years.
In July 2020, Janata Insurance’s share price was around Tk14.7, which rose 337% to Tk63.2 within nine months without any price-sensitive information, according to the Dhaka Stock Exchange website.
After that, in July 2023, its share price stood at the Tk27 level but rose 83% to Tk49.6 without any valid reason.
Earlier, in March this year, the BSEC also fined Md Saif Ullah and AG Mahmud Tk55 lakh in total for manipulating the share prices of Index Agro Industries, a publicly traded feed maker.
An investigation by the commission found that AG Mahmud and Md Saif Ullah were engaged in manipulating the share prices of Index Agro.
Consequently, the commission fined AG Mahmud Tk25 lakh and Md Saif Ullah Tk30 lakh for violating securities laws by trading shares.
According to the DSE, Index Agro Industries’ share price was around Tk60 in May 2021, which rose 145% to Tk147 in a few months without any available price-sensitive information.
In April 2022, its share price stood at Tk90 but rose 72% to Tk155 without any valid reason.
In October 2022, the commission had fined AG Mahmud and Md Saif Ullah for manipulating share prices as well.
At that time, AG Mahmud was fined Tk3 crore for manipulating the share prices of National Feed Mills, while Md Saif Ullah was fined Tk85 lakh. Saif Ullah was also penalised Tk25 lakh for manipulating Safko Spinning’s shares.
Earlier, the commission had penalised four individuals, including AG Mahmud, Saif Ullah, Kazi Sadia Hasan, and DIT Co-Operative Limited, a total of Tk2.40 crore for manipulating Bangladesh National Insurance Company Limited shares, even though the four investors made a profit of around Tk5 crore from the scheme.
The commission also fined Md Abdul Quader Tk1 lakh for violating rules in share transactions of Regent Textile Mills Limited.
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.
