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BSEC to Investigate ‘Suspicious’ Surges in Emerald Oil Shares

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Emerald

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.

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DSE Break Thru 3-Days Losing Streak Despite Sluggish Turnover

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Bourse dse turnover indices stock market

Dhaka Stock Exchange DSE, Bourse on the fourth working day of the week, 12th June, ended with a hike in Indices and drop Turnover from the previous working session. This information is known from DSE sources.

350 crore 79 lakh taka shares were traded on this day. 80 crore 84 lakh less tradings were done in DSE today compared to the previous workday, June 11th, Shares worth Tk 431 crores 64 lakh shares were traded last time, Tuesday

The benchmark DSEX increased 13.17 points or 5,083 The Shariah-based index DSES added 7.13 points or 1,100, and the blue-chip index DS30 gained by 9.12 points or 1,812.

Of the issues traded, 161 advanced, 168 declined and 66 remained unchanged.

Samata Leather Complex Limited ranked top gainer on DSE, the share price increased by Tk 4.40 paisa or 9.98 percent. On this day, the share was last traded at Tk 48.50 paisa.

Delta Life Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 2.90 paisa or 3.68 percent. On this day, the share was last traded at Tk 75.80 paisa.

DSE topped on trade is Unilever Consumer Care (Bangladesh) Limited 17 crore 87 lakh takas of company shares have been traded.

A total of 45 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 80 lakh 76 thousand 693 shares of the companies were traded. The financial value of which is 50 crore 38 lakh taka

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Popular Life Insurance announce their Dividends

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One of the Listed companies, Popular Life Insurance Limited has recommended 37% Cash Dividend for the year ended December 31, 2023.

In terms of financial performance, The Company has also reported Consolidated EPS  of Tk. 3.70 for the year ended December 31, 2023. NAV per share of Tk. 91.20.

The Annual General Meeting (AGM) of the company will be held on September 24, through the digital platform. The record date for this has been fixed at July 25.

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Indices on 3-Day Losing Streak

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dse indices turnover dhaka stock exchange dhaka bourse share market

Dhaka Stock Exchange DSE, Bourse on the third working day of the week, 11th June, ended with a drop in Indices and hike Turnover from the previous working session. This information is known from DSE sources.

431 crore 64 lakh taka shares were traded on this day. 112 crore 86 lakh more tradings were done in DSE today compared to the previous workday, June 10th, Shares worth Tk 318 crores 78 lakh shares were traded last time, Monday

The benchmark DSEX decreased 35.87 points or 5,070 The Shariah-based index DSES lost 9.87 points or 1,093, and the blue-chip index DS30 lost by 8.72 points or 1,803.

Of the issues traded, 51 advanced, 308 declined and 35 remained unchanged.

Sunlife Insurance Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 7.52 percent. On this day, the share was last traded at Tk 57.20 paisa.

Eastland Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 0.60 paisa or 3.00 percent. On this day, the share was last traded at Tk 19.40 paisa.

DSE topped on trade is Beacon Pharmaceuticals Limited 72 crore 35 lakh takas of company shares have been traded.

A total of 46 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 43 lakh 57 thousand 887 shares of the companies were traded. The financial value of which is 31 crore 81 lakh taka

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