Stocks
British American Tobaccos’ Floor Price Restriction to be Lifted on March 4th
The Bangladesh Securities and Exchange Commission (BSEC) has declared the removal of the floor price restriction for British American Tobacco (BAT) Bangladesh stock, scheduled for March 4th. The directive, issued on February 6th, specified that the floor restriction for BAT Bangladesh shares would cease the day after the record date, set for March 3rd.
The floor price represents the lowest price designated by the securities regulator at which a stock can be traded. Following its enforcement for 18 months, the commission lifted the restriction for most stocks in January of this year.
Currently, BAT Bangladesh shares have been stagnant at the floor price of Tk518.70 each on the Dhaka bourse since September 2022.
BAT stands as the second-largest company by market capitalization, constituting 6.55% of the Dhaka Stock Exchange’s total valuation, with a current total market cap of Tk28,000 crore.
On February 8th, BAT Bangladesh announced a 100% cash dividend for its shareholders in 2023, marking the lowest dividend in over a decade. The multinational tobacco manufacturer reported a profit of Tk1,788 crore in 2023, a marginal increase from Tk1,787 crore in 2022.
Despite a similar profit, the company declared a dividend representing only 30% of last year’s total profit, a substantial decrease from the 200% cash dividend payout in 2022.
While dividend data for BAT Bangladesh was unavailable before 2010, the company was known for announcing generous dividends over the years.
According to available data, BAT Bangladesh reported earnings per share of Tk33.11 in 2023, a slight increase from Tk33.10 in the previous year.
BAT Bangladesh is scheduled to convene its annual general meeting on March 28th.
Operating factories in Dhaka and Savar, along with a green leaf threshing plant in Kushtia and a green leaf re-drying plant in Manikganj, BAT Bangladesh has invested more than Tk1,200 crore over the past three years to enhance production capacity and meet growing demand.
Although detailed annual financial statements are yet to be published, available data indicates that the company’s net turnover for the first nine months of 2023 grew by 10%, reaching Tk6,793 crore. During the same period, domestic cigarette sales witnessed a 10% year-on-year increase, totaling Tk6,493 crore. Additionally, leaf exports surged by 16%, amounting to Tk30 crore in the January-September period of 2023.
BAT exports cigarettes to various countries, with significant markets like China and the Maldives contributing substantially to the company’s global exports.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
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.
