Al-Haj Textile’s shares soar unusually
The share price of Al-Haj Textile Mills has seen an unusual rise of 15% in around two weeks until 7 July without any price-sensitive information.
On 19 June, the share price jumped to Tk131.9 from Tk114.9 each until the company snapped its 15-day streak of gaining.
The shares have since been on the downward trajectory and closed at Tk128.7 each on Monday, a 0.69% or Tk0.9 decline over the previous trading session.
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On 17 July, the Dhaka Stock Exchange (DSE) sent a query to the company about the recent unusual price hikes.
In its reply, the company said there was no undisclosed price-sensitive information for the recent unusual price hike and increase in the volume of shares in recent times.
Al-Haj Textile Mills, which got listed on the stock market in 1983, now stays in the "B" category.
In the first nine months of fiscal 2021-22, its revenue more than doubled to Tk28.49 crore from Tk11.89 crore in the corresponding period of the previous fiscal year.
Despite a big jump in revenue, its profit declined by 20% to Tk66.89 lakh due to the payment of Tk2.87 crore interest against its long-term loans.
In fiscal 2020-21, the company paid a 1% cash dividend to its shareholders.
