The share price of 'Z' category company Jute Spinners soared 56 per cent in sixteen sessions though the company is not in operation since June, 2016.
On Tuesday, the company also secured third position in the chart of top 10 gainers with a price hike of 7.33 per cent.
The company also expressed 'surprise' over the abnormal price hike and said there is no 'undisclosed' price sensitive information related to abnormal price hike.
The company has incurred an accumulated loss of Tk 351.61 million as of June 30, 2017 and has recommended no dividend for the year.
Nevertheless, Jute Spinners has continued its upward trend following investors' participation in share trading.
On Tuesday, the company was in the chart of top 10 gainers. On the day, the company's share price rose 7.33 per cent or Tk 11.6 to close at Tk 162.60.
"We are surprised seeing the unusual price hike of shares and the volume of trade in the market," the company said in a disclosure.
The company also said their factory remained closed since June, 2016 and they have no undisclosed decision/information relating to the company's operation/profitability regarding 'unusual' price hike in the market.
"…and the reason behind the unusual price of shares of our company is fully unknown to us," Jute Spinners said in its disclosure.
On January 1 last, the company's share trading closed at Tk 104.30. Later, the company witnessed abnormal price hike and share price soared 56 per cent or Tk 58.30 to close at Tk 162.60 as of Tuesday.
Meanwhile, the auditor of Jute Spinners has given qualified opinion in the audit report prepared for the year ended on June 30, 2017.
The company incurred a net loss of Tk 83.97 million for the year ended 30 June 2017 and the accumulated loss of the company as on June 30, 2017 stands at Tk 351.61 million, according to auditor's qualified opinion.
"This condition indicates the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern," the auditor said.
"Production of the company remained suspended for more than a year but the related expenses e.g. cost of sales, administrative expenses etc. been provided in the accounts which only increase the loss of the company."
Jute Spinners was listed on the stock exchanges in 1984.
According to DSE information, sponsor-directors hold 39.82 per cent shares of Jute Spinners, while institutions and general shareholders own 23.20 per cent and 36.98 per cent respectively.
