BSEC to Investigate ‘Suspicious’ Surges in Emerald Oil Shares
The Bangladesh Securities and Exchange Commission (BSEC) has urged the Dhaka Stock Exchange (DSE) to launch an investigation into the “unusual and suspicious” surges observed in the shares of Emerald Oil Industries.
In a letter sent last month, the market regulator highlighted a significant price increase from Tk 30.8 to Tk 52.30 (a rise of 69.81%) between April 2 to April 26, 2023. The BSEC has requested that the DSE provide a comprehensive report on the matter within 15 working days. However, data from the DSE indicates a further jump in price, with shares reaching Tk 65.90 on May 3, up nearly 90% from Tk 34.7 on April 11.
Mohammad Rezaul Karim, spokesperson for the BSEC, informed the media that the commission will take appropriate action if any irregularities are identified in the DSE’s report. Emerald Oil Industries, the producer of Spondon-branded oil, faced a period of non-operation from 2017 until January 2022 due to fraudulent activities by its previous owners. Although production has resumed, the company has struggled to achieve full capacity due to a shortage of gas. Currently, it is engaged in small-scale production of de-oiled rice bran (DORB) used for animal feed and Spondon brand oil.
Minori Bangladesh, a subsidiary of Japanese farming company Minori Co Limited, took over Emerald Oil Industries in 2021 and injected Tk 31 crore in fresh funds to resume operations. However, the company has not yet disclosed its financial reports for the past three years, starting from the fiscal year 2019-20 until the present nine-month period. Consequently, investors are in the dark about the financial situation of Emerald Oil Industries. Despite these uncertainties, the share price continues to rise steadily.
Notably, Emerald Oil Industries recently received approval from the stock market regulator to issue 3.15 crore fresh shares against investments made by its new owner as a share money deposit. The investigation by the DSE will shed light on the unusual price movements and provide further insights into the matter, aiming to ensure transparency and investor confidence in the market.
Bourse on Green
Dhaka Stock Exchange DSE, Bourses on the fifth working day of the week, June 1, ended with price index hikes & turnover drops.
This information is known from DSE sources.
997 crores 83 lakh shares were traded on this day. 222 crore 63 lakhs more trading was done in DSE today compared to the previous workday, 30 May, Shares worth Tk 1 thousand 198 crore 65 lakh shares were traded last time, Wednesday.
The benchmark index DSEX gained 15.81 points or 6,355. The Shariah-based index DSES added 2.57 points or 1,379, and the blue-chip index DS30 increased 3.30 points or 2,201.
Of the issues traded, 105 advanced, 71 declined, and 188 remained unchanged.
Meghna Life Insurance Co. Limited ranked top gainer on DSE, the share price increased by Tk 8.5 paisa or 9.96 percent. On this day, the share was last traded at Tk 93.80 paisa
Jute Spinners Ltd ranked top loser on the DSE, the share price dropped by Tk 36.3 paisa or 8.73 percent. On this day, the share was last traded at Tk 379.50 paisa.
DSE topped on trade Gemini Sea Food Ltd 50 crore 16 lakh takas of shares of the company have been traded.
A total of 80 companies shares were traded in the Block on Dhaka Stock Exchange, 76 lakh 30 thousand 368 shares of the companies were traded. The financial value of which is 60 crore 81 lakh taka.
Berger Paints announce 400% Dividends
One of the Listed Companies, Berger Paints Bangladesh Limited has recommended 400% Cash Dividend to its investors for the Financial Year ending March 31, 2023.
This source is known from DSE.
The Company has reported Consolidated EPS of Tk 64.91 paisa, and Consolidasted NAV per share of Tk. 279.78, as against EPS of Tk 62.68 paisa last year.
The Annual General Meeting (AGM) of the company will be held on August 22 through the digital platform. The record date for this has been fixed at June 26.
Turnover Hits nearly Tk 1200cr, Index Mixed on DSE
Dhaka Stock Exchange DSE, Bourses on the fourth working day of the week, May 31, ended with price index mixed & turnover hikes.
This information is known from DSE sources.
1 thousand 198 crores 65 lakh shares were traded on this day. 222 crore 63 lakhs more trading was done in DSE today compared to the previous workday, 30 May, Shares worth Tk 1 thousand 976 crore 1 lakh shares were traded last time, Tuesday.
The benchmark index DSEX lost 13.04 points or 6,339. The Shariah-based index DSES added 5.93 points or 1,376, and the blue-chip index DS30 dropped 4.67 points or 2,198.
Of the issues traded, 64 advanced, 115 declined, and 182 remained unchanged.
Agni Systems Limited ranked top gainer on DSE, the share price increased by Tk 2.7 paisa or 10.00 percent. On this day, the share was last traded at Tk 29.70 paisa
Eastern Insurance Company Ltd ranked top loser on the DSE, the share price dropped by Tk 5.6 paisa or 9.03 percent. On this day, the share was last traded at Tk 56.40 paisa.
DSE topped on trade Bashundhara Paper Mills Ltd 50 crore 54 lakh takas of shares of the company have been traded.
A total of 78 companies shares were traded in the Block on Dhaka Stock Exchange, 74 lakh 43 thousand 518 shares of the companies were traded. The financial value of which is 48 crore 91 lakh taka.
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