Dhaka, Bangladesh (BBN)– BSRM Steels witnessed the highest market participation on the Dhaka Stock Exchange (DSE) last week that ended on Thursday as investors took position on its share amid optimism.
Some 11 million shares of the company worth nearly BDT 1.08 billion changed hands on the prime bourse last week.
Each share of the Chittagong based steel maker closed at BDT 102.1 on Thursday, the last trading session of the week, registering an increase of 13.32 per cent over the previous session.
“Considerable strength was visible among steel industry stocks on the heels of the announcement of inauguration of the main construction work on the much-talked-about Padma Bridge and its river training on December 12,” said a leading stockbroker.
Meanwhile, the company said that the balancing, modernization, rehabilitation and expansion (BMRE) works has started (November 15, 2015) to increase the production capacity of the company, which will take about 20 to 25 days.
The approximate cost to complete the modernization scheme will be BDT 450 million, said the company.
“After completion of BMRE works, the production capacity will increase from 6,00,000 metric ton to 7,00,000 metric ton per annum to meet the country’s growing demand for BSRM Xtreme 500W re-bars,” said the company in a statement.
The company also showed healthy performance in the third quarter earning. As per (un-audited) third quarter (Q3) earning disclosure, consolidated earnings per share (EPS) was BDT 1.71 for July-September, 2015 as against BDT 0.51 for July-September, 2014.
The company disbursed 15 percent cash dividend for the year ended on December 31, 2014. In 2013, the company also disbursed 15 percent cash dividend.
The company’s paid-up capital is BDT 3,417.8 million and authorized capital is BDT 5,000 million while total number of securities is 341,775,000.
BSRM Steels, the Chittagong based steel maker listed on the Dhaka bourse in 2009. The engineering sector company belongs to the category of “A”.
Of the total shares – sponsor-directors held by 70.87 percent, intuitions 15.41 percent, foreign investors 0.35 percent and public held by 13.37 percent shares, according to DSE website information.
BSRM Steels was followed by Beximco Pharma with shares worth BDT 991 million changing hands followed by IFAD Autos BDT 919 million, Square Pharma BDT 757 million, KDS Accessories BDT 680 million, Saif Powertec BDT 574 million.
Khulna Power Company also came to the top ten turnover list with shares of BDT 514 million changing hands followed by Lafarge Surma Cement BDT 509 million, Summit Power BDT 491 million and Aman Feed BDT 481 million.