Indo-Bangla Pharmaceuticals Reports 91.65% Profit Decline in Q3

Two directors of Square Pharmaceuticals, Samuel S Chowdhury and Ratna Patra, each purchased 15 lakh shares, totaling Tk 64.58 crore, based on the DSE’s disclosed closing price of Tk 215.40 per share. These transactions, declared earlier in March, reflect continued confidence in the company, whose shares rose 0.05% during morning trading.

The High Court (HC) has canceled its previous order to appoint a receiver for managing Beximco Group companies, allowing them to operate under their own management while being supervised by Bangladesh Bank and other regulatory bodies.

Ratna Patra, vice chairman and sponsor of Square Pharmaceuticals, announced her plan to purchase 15 lakh shares worth approximately Tk 33 crore at the current market price. The purchase will take place within the next 30 working days through both public and block markets on the Dhaka Stock Exchange (DSE).

The National Board of Revenue (NBR) has exempted the advance tax (AT) on the import of raw materials for cancer drug manufacturing, aiming to reduce production costs and drug prices. Previously, a 5% AT was imposed, but it has now been reduced to 2% or eliminated altogether.

Samuel S Chowdhury, chairman of Square Pharmaceuticals, plans to buy 15 lakh shares worth over Tk 32 crore within 30 working days through the Dhaka Stock Exchange (DSE). As of November 30, 2023, he held a 9.32% stake, which will rise to 9.49% after the purchase.

Bangladesh's pharmaceutical exports saw steady growth in the first eight months of FY24-25, earning $145.46 million, a 7.1% increase from $135.81 million in the same period of the previous year. Growth was driven by rising demand in developed markets like the US, Australia, and Europe.