Stocks
Adani dropped from the list of the world’s top 20 richest people
The rapid rise of the Adani Group led by Indian billionaire Gautam Adani caught the attention of the entire world.
But after the US research agency Hindenburg report, the empire built by Adani seems to be falling at the same pace. Adani, who was in the 3rd position in the list of the world’s richest people, is now not even in the top 20.
On 3 February (Friday), the Indian industrialist was dropped from the list of the top 20 richest people in the world. Adani, the owner of $59 billion in assets, was in the 21st position.
According to the Times of India report, Adani came down to number 11 on January 31.
Adani’s loss of billions of dollars has brought Mukesh Ambani back to the position of India’s richest man.
According to Bloomberg data, Ambani, who owns $80.7 billion, has once again emerged as the top Indian richest man.
On the other hand, according to the report, the capital of seven companies of Adani Group registered in the stock market has decreased by 100 billion dollars in just 6 days.
Due to this shock, Adani Enterprises has withdrawn its follow-on public (FPO) from the stock market. It has been informed on their behalf that the investors in the FPO will be returned in full.
On January 24 of this year, US firm Hindenburg Research in a report accused Adani Group of financial fraud and manipulation. However, Adani Group rejected Hindenburg’s allegation.
After that, Adani Group collapsed in the stock market.
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.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
