Three sponsors of Square Pharmaceuticals PLC have announced to buy 30 lakh shares of the drug company, a move that is expected to boost the confidence of general investors in the bearish stock market.

Samuel S Chowdhury, Ratna Patra, and Tapan Chowdhury announced that they would purchase 10 lakh shares each from general investors within the next 30 working days.

Stocks of Square Pharmaceuticals closed unchanged at Tk 209.8 on the Dhaka Stock Exchange yesterday.

The stock price has almost remained the same in the last one year due to the absence of buyers largely owing to a floor price, economic uncertainty and higher inflation.

In a rare move, the Bangladesh Securities and Exchange Commission introduced the floor price in the middle of 2022 to halt the freefall of indices amid the war between Ukraine and Russia.

A top official of Square Pharmaceuticals, preferring anonymity, said the directors think the stock price is low, so it is time to invest.

The company is making higher profits despite global and local economic uncertainty and many other drug makers struggling to do the same.

Square Pharmaceuticals' profits rose to Tk 564 crore in July-September of 2023-24, up from Tk 500 crore in the first quarter of 2022-23, according to the company's financial report.