Genex Infosys tops turnover chart for fourth week

The ten most-traded stocks accounted for 48 per cent of transactions on the Dhaka Stock Exchange (DSE) in the outgoing week, with Genex Infosys dominating the turnover list for the fourth straight week.

Buoyed by the IT firm's promising business outlook, investors chased its stock in the hope of getting better returns, market operators said.

According to the DSE data, some 28.65 million Genex Infosys shares were traded during the week, generating a turnover of Tk 3.0 billion, which was 10.57 per cent of the week's total turnover.

The week's total turnover stood at Tk 28.40 billion, a 7.0 per cent lower over the previous week's turnover of Tk 30.50 billion.

The IT firm's stock price closed at Tk 109.40 on Thursday, gaining 7.89 per cent over the week before. Its stock also soared 42 per cent or Tk 32.4 each in the past one month.

The company's net profit rose 5 per cent year-on-year to Tk 302 million in the six months through December 2022. Genex Infosys forecasts its IT business to triple in the next five years on the back of three deals signed in recent times.

In November last year, the company signed a 10-year deal with the National Board of Revenue to boost its VAT collection countrywide. The agreement with the NBR is expected to generate revenue of Tk 2.12 billion per year upon the full-scale rollout.

In mid-September 2022, the IT firm partnered with the Standard Chartered Bangladesh which is expected to push up the annual revenue by Tk 60 million.

Genex Infosys renewed its contract with Banglalink on the management of clients' queries and complaints through its call centre, which will generate Tk 120 million in revenue per year for the next five years.

Bashundhara Paper Mills came second on the turnover chart, with shares worth Tk 1.70 billion changing hands during the week. The company's share shed 7.14 per cent to close at Tk 88.40 on Thursday.

Eastern Housing clinched the third spot, with shares worth Tk 1.48 billion changing hands. The real estate company's share closed at Tk 108.20 on Thursday, rising 6.18 per cent over the previous week.

Eastern Housing has earned revenue worth Tk 1.62 billion in the October-December quarter of the current fiscal year, the highest quarterly revenue in its history. Its net profit was Tk 176.2 million during the quarter.

Aamra Networks emerged as fourth, with shares worth Tk 1.39 billion changing hands. The company's share rose 4.03 per cent to close at Tk 69.70.

Bangladesh Shipping Corporation notched the fifth spot, with shares worth Tk 1.33 billion changing hands. The state-run corporation's share soared 3.25 per cent to close at Tk 133.40.

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