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 Exchange DSE, Bourse on the third working day of the week, 7th May, ended with a drop in Indices and hikes in Turnover from the previous working session. This information is known from DSE sources.
1 thousand 108 crore 34 lakh taka shares were traded on this day. 12 crore 69 lakh more tradings were done in DSE today compared to the previous workday, 6th May , Shares worth Tk 1 thousand 95 crores 64 lakh shares were traded last time, Monday.
The benchmark DSEX lose 1.73 points or 5,725 The Shariah-based index DSES dropped 6.47 points or 1,255, and the blue-chip index DS30 decreased by 6.43 points or 2,040.
Of the issues traded, 131 advanced, 222 declined and 41 remained unchanged.
ICB AMCL CMSF Golden Jubilee Mutual Fund ranked top gainer on DSE, the share price increased by Tk 1.40 paisa or 10.00 percent. On this day, the share was last traded at Tk 15.40 paisa.
Sandhani Life Insurance Company Ltd ranked top loser on the DSE, the share price dropped by Tk 5.30 paisa or 2.99 percent. On this day, the share was last traded at Tk 171.80 paisa.
DSE topped on trade is Best Holdings Limited 55 crore 82 lakh takas of company shares have been traded.
A total of 38 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 7 crore 45 lakh 12 thousand 451 shares of the companies were traded. The financial value of which is 101 crore 92 lakh taka
Prime Minister Sheikh Hasina urged the International Organization for Migration (IOM) to secure additional funding from diverse sources to aid Rohingya refugees in Bangladesh during a courtesy meeting with its Director General (DG), Amy Pope, at Ganabhaban.
Quoting the PM, her Speech Writer M Nazrul Islam conveyed her concern over dwindling funds for Rohingya assistance and encouraged the IOM to seek new partnerships to bolster support for the displaced Myanmar nationals.
In a subsequent media briefing at the PM’s official residence, Islam disclosed that PM Sheikh Hasina also urged the IOM to facilitate the relocation of Rohingyas to Bhashanchar, where accommodations for up to one lakh Rohingyas have been prepared with essential amenities such as education, healthcare, and employment opportunities.
Approximately 30-35 thousand Rohingyas have already been relocated to Bhashan Char.
During the meeting, the IOM DG raised security concerns within the Rohingya camps, prompting assurances from PM Sheikh Hasina regarding adequate deployment of security personnel to ensure the safety of the refugees.
Highlighting the internal conflicts among Rohingya groups, the PM acknowledged the demographic shift in localities due to the large Rohingya population.
Pope emphasized the importance of providing language and cultural training to migrants to enhance their skills according to the demands of host countries. In response, PM Sheikh Hasina highlighted the government’s emphasis on vocational and linguistic training, with 112 Technical Training Centres (TTCs) established nationwide.
PM also underscored poverty reduction as a means to mitigate migration, outlining various government programs aimed at supporting migrants, including providing loans without collateral.
She emphasized the responsibility of both host and source countries in safeguarding the interests of migrants and addressing climate-induced migration, particularly in Bangladesh’s vulnerable coastal areas.
PM Sheikh Hasina reiterated that migration, including internal displacement due to climate change-induced factors such as river erosion, floods, and cyclones, is a natural phenomenon. She underscored the importance of comprehensive measures to address these challenges, including the provision of housing and support for affected communities.
Highlighting Bangladesh’s vulnerability to climate change, the PM mentioned the government’s efforts to provide housing to over 4000 climate refugees in Khurushkul, Cox’s Bazar. Additionally, she emphasized ongoing initiatives to construct climate-resilient housing in coastal areas and floating houses in flood-prone regions, all aimed at providing shelter to vulnerable populations.
The meeting also addressed the broader issue of migration, with PMSheikh Hasina emphasizing the need for collaboration between host and source countries to protect the rights and interests of migrants. She highlighted Bangladesh’s commitment to supporting its migrant workers, including through skills training and access to financial resources.
The PM’s remarks underscored the government’s multifaceted approach to addressing the complex challenges of migration and climate change, emphasizing the importance of international cooperation and support in mitigating these issues.
One of the listed companies, Bangladesh Shipping Corporation discloses its financial reports for the third quarter, (January – March 24).
The company’s earnings per share (EPS) was loss Tk 4.47 paisa in Q3 of the current financial year (January – March 24). EPS was Tk 4.08 paisa during the same period last year. As of March 31, 2024, at the end of the third quarter of the fiscal year, the company’s net asset value (NAV) per share stood at Tk 95.25.
