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The Financial Express

Northern Jute’s share price soaring sans PSI

| Updated: December 07, 2018 10:28:42


Northern Jute’s share price soaring sans PSI

The share price of Northern Jute Manufacturing Company Limited is soaring without having any undisclosed price sensitive information.

Within seven consecutive trading sessions, the company’s share price jumped more than 45 per cent or Tk 363 each to reach at Tk 1165.20 on Tuesday. Its share price was Tk 802 on November 25, 2018.

The company’s share traded between Tk 245 and Tk 1173.90 each in the last one year.

Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.

The company informed the DSE on Wednesday that there was no undisclosed price sensitive information for recent unusual price hike of its shares.

The Bangladesh Securities and Exchange Commission (BSEC) also formed an enquiry committee to investigate into recent unusual movement of price and volume of shares of Northern Jute on November 20. The BSEC body will submit report within 30 working days.

“Even after being served show-cause notice and formed enquiry committee, the price of the company has not stopped rising which may hit investors,” said a leading broker.

Northern Jute, which was listed on the Dhaka bourse in 1994, recommended ‘no’ dividend for the year ended on June 30, 2018.

However, the company disbursed 20 per cent cash and 20 per cent stock dividend in 2017.

The company’s unaudited earnings per share (EPS) stood at Tk 2.03 for July-September, 2018 as against Tk 3.37 in the negative for July-September, 2017.

The net operating cash flow per share (NOCFPS) was negative Tk 45.64 for July-September, 2018 as against negative Tk 49.31 for July-September, 2017.

The net asset value (NAV) per share was Tk 59.07 as on September 30, 2018 and Tk 57.04 as on June 30, 2018.

The company’s paid-up capital is Tk 21.42 million and authorised capital is Tk 100 million, while the total number of securities is 2.14 million.

The sponsor-directors own only 15.27 per cent stake in the company while the general public held 84.73 per cent shares as on October 31, 2018.

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