Dhaka, Bangladesh (BBN) - IFAD Autos Limited, an automobile dealer, dominated the week’s top turnover chart on the Dhaka Stock Exchange (DSE) last week that ended on Thursday.
A total of 8.21 million shares of the company were traded worth BDT 962 million changing hands during the week.
Daily average turnover for the multinational cement maker was BDT 192 million.
The company’s share closed at BDT 123.8 on Thursday, the last session of the week, registering an increase of 13.27 per cent over the previous week.
Market insiders said the company emerged as top turnover chart following the news that the company has started assemble 1,000 luxury and corporate buses in its own factory in Dhamrai.
“The new air-conditioned luxury and corporate buses will be available in the local market in the middle of the next year,” Iftekhar Ahmed Tipu, chairman of IFAD Group said this at the launching of the air conditioned luxury and corporate buses in Dhaka on October 30, 2015.
“The company’s profit margin is expected to increase as the company started to assemble new air-conditioned luxury and corporate buses, which attracted investors to take position on IFAD stocks,” said an analyst.
IFAD Autos provides a full line of heavy duty trucks, buses and light cargo vehicles from Ashok Leyland of India as sole representative in Bangladesh since 1985.
The company was listed on the Dhaka bourse in January 2015 and belongs to the category of ‘N’.
The engineering sector company floated 21.25 million ordinary shares of BDT 10 each at an offer price of BDT 30, including BDT 20 as premium and raised a fund worth Tk 637.50 million from public in November last year.
Of the total shares, 62.77 percent held by sponsor/directors, 20.6 percent held by institutional investors while rest of 16.63 percent held by public, according to DSE website information.
After IFAD Autos, Square Pharma emerged as second highest turnover leader at DSE with a turnover value of BDT 621 million followed by Lafarge Surma Cement of BDT 408 million, KDS Accessories of BDT 361 million, Quasem Drycells of BDT 342 million changed hands.
Beximco Pharmaceuticals also came to the top turnover list with share worth BDT 340 million changing hands followed by Khulna Power Company of BDT 337 million, Bangladesh Steels Re-rolling Mills of BDT 300 million, GP of BDT 296 million and Titas Gas of BDT 285 million changed hands.
BBN/SSR/BB