Doreen Power leads DSE turnover chart

Dhaka,  Tue,  25 July 2017
Published : 16 May 2017, 22:08:31
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Doreen Power leads DSE turnover chart

Top 10 traded cos grab 32pc transactions
FE Report


Doreen Power Generations and Systems Limited dominated the premier bourse's turnover chart while the top 10 traded companies captured nearly 32 per cent transaction on Tuesday.

Market operators said investors took position on Doreen Power's shares amid optimism following the news that the Power Development Board (PDB) issued letter of intent (LOI) to build-own-and-operate a 115 MW power plants in Chandpur.

The state-run PDB on Monday issued letter for a HFO-Fired Power Generation Facility of 115 MW Capacity at Chandpur to the consortium of Doreen Power and Doreen Power House & Technologies.

"Doreen Power has 60 per cent shares in the consortium. The required commercial operation date (COD) of the power plant is 18 months from the signing of Power Purchase Agreement (PPA) with the PDB and contract period will be 15 years from the commercial operation date," said a statement posted on the Dhaka Stock Exchange (DSE) website on Tuesday.

The government will purchase electricity about Tk 7.93 per unit from the power plants.

Turnover, the crucial indicator of the market, stood at Tk 5.63 billion on the Dhaka Stock Exchange (DSE) on the day, which was 4.65 per cent higher compared to the previous session.

Doreen Power, Paramount Textile, Ratanpur Steel, FAS Finance, Brac Bank, LankaBangla Finance, National Feed Mills, United Power, City Bank and Bangladesh Finance were the most-active shares in terms of value on the DSE.

Of them, share price of seven companies advanced up to 6.33 per cent while three faced correction up to 2.68 per cent.

According to the statistics available with the DSE, some 2.16 million Doreen Power shares were traded on Tuesday, generating a turnover of more than Tk 291 million, which was 5.16 per cent of the day's total transaction.

The power generation company's share price hovered between Tk 130.30 and Tk 138.70, before closing at Tk 137.70 on the day, registering an increase of 5.84 per cent over the previous day.

Doreen Power, which raised Tk 580 million through initial public offering (IPO) by floating 20 million ordinary shares, was listed with the stock exchanges in early April, 2016.

The company's paid-up capital is Tk 960 million and authorised capital Tk 2.0 billion while the total number of securities is 96 million.

The sponsor-directors own 75 per cent stake in Doreen Power while institutional investors own 5.45 per cent, and general public 19.55 per cent as on April 30, 2017, according to the DSE data.

Paramount Textile featured a turnover worth Tk 254 million, capturing 4.51 per cent of the day's total turnover value. The company's share closed at Tk 31.90 - thereby soaring 6.33 per cent over the previous day.

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