Crown Cement’s share price soars amid bearish market

Despite a massive fall of the main index on the Dhaka Stock Exchange (DSE), the price of Crown Cement's shares soared without any valid reason.

On Thursday, DSEX dropped 1.57%, but the cement manufacturer's share price jumped 9.87% to close at Tk74.6 per share and secured the second position in the top ten gainers' list.

The company's share price surged also in the previous few days as investors opted for holding the shares for better capital gain.

On Tuesday, the DSE approved the change of name of MI Cement Factory Limited to Crown Cement PLC. 

But, before the official move to change the company's name, MI Cement had long been popularly known as Crown Cement because of its popular cement brand 'Crown'. 

Crown Cement is also exported to the northeast Indian market. 

The company was listed with the capital market in 2011 and has been paying 10%-20% cash dividends for the last seven years. 

In the first half of the fiscal 2021-22, its sales value jumped 23% to Tk872.73 crore. But increases in prices of raw materials dragged down the profit.

At the end of the July-December period, its net profit stood at Tk11 crore, which was 63% lower compared to the same period of the previous year.