Shurwid Industries makes cheerful debut on bourses

Shurwid Industries Ltd (SIL) Monday made a cheerful debut at the bourses - Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) despite the overall stock market closed lower.
The Shurwid Industries, a PVC products manufacturer, share skyrocketed by 382 per cent or Tk 38.2 per share from its offer price of Tk 10 in the DSE.
Each share of the company Monday traded between Tk 50.5 and Tk 33.3 on the DSE before closing at Tk 48.2. A total of 6.47 million shares changed hands, generating a turnover of Tk 258.32 million.
In the port city bourse - CSE, each share of the company traded between Tk 50 and 32.8 and closed at Tk 47.7, after gaining 377 per cent from its issue price of Tk 10.
It was also the most traded stock at the CSE with shares worth Tk 1.48 million changing hands and the second most traded stock at DSE after Singer BD.
"Debutant Shurwid Industries attracted the investors much as the company came to with a face value -- without premium," said an analyst.
The company, which received regulatory approval from the Bangladesh Securities and Exchange Commission in April, floated 14 million ordinary shares at an offer price of Tk 10 and raised a fund worth Tk 140 million from public.
The net profit of the company was Tk 25.48 million and basic EPS Tk 0.81 for the nine months (July 2013 to March 2014) as against Tk 24.50 million and Tk 0.78 for the same period of the previous year.