Home ›› 22 Dec 2021 ›› Stock
Share of Eastern Lubricants Blenders Ltd, a state-owned lube oil importer and blender, has zoomed more than 56 per cent in 13 consecutive sessions ahead of its board meeting.
On Tuesday, its share price closed at over Tk 3,681, up from Tk 2,352 from December 2 on the Dhaka Stock Exchange.
The company’s board meeting scheduled for tomorrow is expected to approve un-audited financial statements for the year ended June 30 and the first quarter (July-September) of current financial year
On September 8, in response to a DSE query, the company said there was no undisclosed price-sensitive information for the recent unusual price hikes and increase in the volume of shares.
Its paid-up capital is Tk 1 crore, which is the lowest among the listed companies.
Last week, the stock market regulator Bangladesh Securities and Exchange Commission (BSEC) instructed 64 companies to raise their paid-up capital to Tk 30 crore within June next year.
The companies have also been ordered to come up with detailed proposals in the time frame for complying with the new directive.
Listed in 1976, the company has Tk 16.84 crore in surplus reserves and distributed a 30 per cent cash dividend for fiscal 2019-20.
According to the company’s latest annual report, the company had a profit of around Tk 54 in FY20, sharply down from Tk 2.33 crore in the previous year. The profit was the lowest in the last five years.
Eastern Lubricants operates as a subsidiary of Bangladesh Petroleum Corporation and engages in blending lubricating oils and greases on behalf of petroleum marketing companies in Bangladesh. The company was incorporated in 1963 and is headquartered in Chattogram.
The company imports lube base oil and manufacture lube oil in combination with base oil and additives. It is also marketing a ‘YUASA’ brand battery made in Japan for heavy vehicles including bus, truck, tank lorry, and covered vans.
