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Adani Enterprise’s shares surge by 20%

Industry: Stock Market
Company: Adani Enterprises Limited

Shares of the flagship company of the financially challenged Indian conglomerate Adani soared by as much as 20%, recouping some of the severe declines suffered during the previous month. After allegations of accounting fraud were made by short-seller US investment group Hindenburg Research on January 24, the company owner Gautam Adani lost around  $120 billion.

The group’s capacity to secure more funding to pay off its debts has come under question as a result of the drop. It apparently also canceled a bond issue last week in addition to a share sale. It was making an effort to reassure investors by repaying $1.1 billion in early loans. Trade was temporarily halted three times when Adani Enterprises, the group’s flagship company, soared by 20%.

Before the latest crash, shares of Adani Enterprises had increased by more than 1,000% in the previous five years. In the biggest con in business history, Hindenburg accused Adani of brazen stock manipulation and an accounting fraud scheme. According to the document, Adani inflated the share values of its units artificially by investing money in equities through offshore tax havens.



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Dhaka stocks rises slightly

March 14, 2023

Dhaka stocks rose marginally on Monday following a two-day decline, but turnover remained low as most investors stayed away due to economic concerns in the country, according to market participants.

DSEX, the Dhaka Stock Exchange’s main index, rose 8.58 points, or 0.13 percent, to 6,243.57 points after falling 27.31 points in the previous two trading days.

Market operators reported that the market ended Monday’s session in the green zone, as some investors went out to acquire shares following a drop in the share prices of a number of companies. According to them, a group of investors made new investments in a few select companies since shares in over half of them were trading below their face value.

However, two-thirds of the companies’ share prices remained locked at their floor levels, as investors were hesitant to buy equities, they claimed.


Source for more details:

The New Age

Tax revenue from DSE fell by 17.22% in February

March 12, 2023

The government’s tax income revenues from the Dhaka Stock Exchange fell by 17.22 % or Tk 3.42 crore, in February compared to January of the current fiscal year, as turnover fell dramatically amid an investor confidence issue.

According to DSE data, tax revenue from the DSE was Tk 13.80 crore in February of the current fiscal year, compared to Tk 17.22 crore in January, while the government’s tax revenue from members of stock exchange or trading right entitlement certificate holders’ commission decreased by 25.29 % to Tk 8.8 crore in February, compared to Tk 11.78 crore in January.

The market has continued to struggle over the last eight months, with poor share sales by sponsor-directors exacerbating the problem, which made daily average turnover went down by 40 % to Tk 745 crore, market operators said.




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The New Age

Adani reduces growth plans aftermath Hindenburg incident

February 13, 2023

According to Bloomberg News, India’s Adani group has cut its revenue growth objective in half and expects to reduce new capital investment.

Gautam Adani’s market value has dropped by more than $100 billion since January 24, when US short-seller Hindenburg Research accused the group of stock manipulation and unlawful exploitation of offshore tax havens. The group has denied any wrongdoing and rejected the allegations.

The Adani Group will now aim for revenue growth of 15% to 20% for at least the next fiscal year, down from the 40% originally targeted.


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Apex Footwear’s stock value increased by 9.44 percent

February 11, 2023

After announcing a 42% increase in revenue and profit for the first half of FY2023, Apex Footwear’s market value increased last week by 9.44% to Tk394 crore.

Analysts claim that despite persistent inflationary pressure, Apex Footwear performed well in both the domestic and international markets. According to data from the Dhaka Stock Exchange (DSE), Apex Footwear’s share price increased by almost 17% last week to reach Tk306.

In the period from July to December, its sales increased by 42% to Tk801 crore, while its net profit increased by 42% to Tk6.77 crore.


 Source for more details:

The Business Standard




DSE turnover declines by 37% while stock prices increase

January 16, 2023

The DSEX, the Dhaka Stock Exchange’s benchmark index, increased by 7 points, or 0.11 percent, to close the day at 6,265 points. However, the top stock exchange in the country saw a decline in turnover of about 37%. Blue-chip equities are represented by the DS30, which decreased by 0.08 percent to 2,208 points. The best performance was seen in the shares of IT Consultants, which increased 10%, while Dhaka Insurance increased 9.93%. The Chittagong Stock Exchange’s Caspi, an all-share price index, dropped 8 points to close the day at 18,476 points. The CSE’s daily revenue decreased by 36%, from Tk 17.90 crore the day before to Tk 11.44 crore.

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