Paramount Textile stocks soar sans price-sensitive info

The share price of Paramount Textile, which suffered drops in net profit in the first nine months of fiscal 2020-2021 for the pandemic, rose 38% last month.

The price of each share shot up to Tk89.3 on 14 October, from Tk64.7 on 19 September.

The abnormal price hike prompted the Dhaka Stock Exchange (DSE) to send a query to the company.

In reply to the query on 12 October, the textile manufacturer said, there was no undisclosed price sensitive information for the recent unusual price hike.

The fiscal year has ended on 30 June, but the company is yet to publish the annual financials, earnings, and dividends for its shareholders.

The company has not yet fixed the meeting of its board of directors to approve its annual financials.

On 30 September, the 100% export-oriented woven fabrics manufacturer in the country decided to purchase around 141 decimal land for Tk2.80 crore.

According to the nine months' financials, its net profit stood at Tk52.77 crore and earnings per share (EPS) at Tk3.40.

The total revenue of the company stood at Tk375.24 crore.

In the July to March period of the previous fiscal year, its profit was Tk56.44 crore and EPS Tk3.64.

In fiscal 2019-20, the company posted a profit of Tk65.88 crore and it paid 15% cash and 5% stock dividend to its shareholders.

Paramount Textiles was incorporated in 2006 and got listed on stock exchanges in 2013.

Till September 2021, sponsors and directors held 60.93%, institutional investors 13.21%, foreign investors, 3.75%, and general investors 22.09% shares of the company.