Stocks
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.
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.
