Pharma stocks shine amid rising Covid-19 cases

Prices of some disinfectants and chemical stocks are soaring as investors are anticipating brisk business amid rising coronavirus cases in Bangladesh. Shares of Central Pharma, ACI Formulations and ACI Ltd have witnessed their price surge in the last three sessions amid bearish market. ACI Formulations and ACI which supply hexisol and hand wash jumped 25 per cent and 20 per cent respectively in the past three straight sessions. People familiar with the matter said the pharma sector is tracking gains from the overseas trend, amid the virus scare that has infected over 349,676 people and caused more than 15,300 deaths globally until Monday. The official deaths toll from coronavirus is now three and total infected stands at 33 in Bangladesh as one more death and six new cases were confirmed on Monday. In the past three sessions, the Central Pharma’s share price jumped 33 per cent as temporary suspension of the license of production of few drugs of the factory is withdrawn on Sunday. The prices of Central Pharma, ACI Formulations and ACI Ltd were the Monday’s top gainers, soaring 10 per cent, 9.99 per cent and 6.25 per cent respectively. Prices of 14 pharma & chemicals issues soared, only three declined and 15 remained unchanged on the Dhaka Stock Exchange on Monday. The pharma sector also captured nearly 37 per cent of the day’s total turnover.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/pharma-stocks-shine-amid-rising-covid-19-cases-1584979314

Walton to receive premium worth Tk 973.12 million

Walton Hi-Tech Industries will receive an aggregate amount of premium worth Tk 973.12 million from eligible and general investors offloading above 2.75 million shares of ten taka each. The company is going to receive such amount of premium offering only 0.91 per cent shares as eligible investors (EIs) quoted prices up to Tk 765 per share. The company officials said the EIs quoted prices in the bidding taking into account the fundamental base of the Walton Hi-Tech Industries. Under the book building method, the stock exchanges have already conducted price bidding required to allot 50 per cent shares to the EIs before floating IPO (initial public offering). After the bidding, the cut-off price has been fixed at Tk 315 each and the value of the shares allotted to EIs stood at above Tk 609.65 million, of which premium worth Tk above 595.86 million will come from over 1.37 million shares. So, above 1.37 million shares will be issued through IPO at a price of Tk 283.50 each. In that case, the allotted value of the shares to be issued to general investors and NRBs will stood at above Tk 391.05 million, of which above Tk 377.25 million will be the premium. As a result, the amount of total premium that will be received by Walton Hi-Tech Industries will stand at Tk 973.12 million for above 2.75 million shares of Tk 10 each. The Bangladesh Securities and Exchange Commission (BSEC) allowed Walton Hi-Tech to explore its cut-off price on January 7 – a requirement for going public under the book building method. The company will raise a capital worth Tk 1.0 billion using the book building method to expand business and repay bank loans.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/walton-to-receive-premium-worth-tk-97312-million-1584979370

Two more banks declare dividend

Dhaka stocks went down on Sunday, a day after the securities regulator imposed circuit breaker to boost the ailing capital market. DSEX, the key index of the Dhaka Stock Exchange, shed 14.79 points or 0.37 per cent to settle at 3,960, after jumping 371 points in the previous session. Trading on bourses took place from 10:30am to 1:30pm as the bourses curtailed trading time by one hour due to anxiety for coronavirus pandemic. The presence of investors on the trading floor was thin as the bourses discourage their clients for rushing in the brokerage houses and encourage more for trading through mobile apps and other internet-based devices. Bangladesh Securities and Exchange Commission imposed circuit breaker on Thursday to curb the free-fall of stock prices. However, the CSE edged higher with its All Shares Price Index (CASPI)-advancing 53 points to close at 11,18Two more banks – Mercantile Bank and Bank Asia have recommended dividend for the year ended on December 31, 2019, according to separate official disclosures on Monday. Mercantile Bank: The board of directors of Mercantile Bank has recommended 11 per cent cash and 5.0 per cent stock dividend for the year ended on December 31, 2019. The annual general meeting will be held on April 30 and the record date is on April 15. The bank has also reported consolidated earnings per share (EPS) of Tk 3.01, consolidated net asset value (NAV) per share of Tk 22.96 and consolidated net operating cash flow per share (NOCFPS) of Tk 2.23 for the year ended on December 31, 2019 as against Tk 3.12 (restated), Tk. 22.91 and Tk 2.04 respectively for the same period of the previous year. Each share of the bank, which was listed on the DSE in 2004, closed at Tk 12.30, soaring 10.81 per cent over the previous day. It was also the day’s top gainer. 7. The bank has also reported consolidated EPS of Tk 1.68, consolidated NAV per share of Tk 21.09 and consolidated NOCFPS of Tk 22.94 for the year ended on December 31, 2019 as against Tk 1.92 (restated), Tk 19.89 and Tk 3.00 respectively for the same period of the previous year.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/two-more-banks-declare-dividend-1584979558