Share prices of three cos rise abnormally

The share prices of the three listed companies – CVO Petrochemical, HR Textile and Style Craft – witnessed unusual rise recently without any logical reason.

The companies informed the Dhaka Stock Exchange on Wednesday that they do not have any price-sensitive information that could lead to an increase in share prices or volume.

Shares price of CVO Petrochemical Refinery Limited, a Chattagram based fuel refinery, increased almost 100 per cent within a span of one-and-a-half month.

In response to a query from DSE, the company said there were no undisclosed price sensitive information of the company for recent unusual price hike and increase in volume of shares.

According to the DSE, from June 22 to August 16, the share price of the company increased 99.87 per cent. In June 22, the share price was Tk 83.2 and stood at Tk 166.30 on August 18.

CVO Petrochemical is one of the key private petrochemical refineries that has been producing import substitute fuel products for the country.

The production capacity of the fractionation plant is 50,000 MT per year. It has started commercial operation from April 02, 2014.

Similarly, the share price of HR Textile, a sister concern of Pride Group, started increasing from May

following an announcement of new investment in sustainable production. From May to August 18, the

company’s share price rose by 92.58 per cent.

According to the company’s annual report, it made less profit for FY20 compare to FY19. In FY20, the company gained Tk 2.81 crore in profit, which was Tk 4.64 crore for FY19.

On the other hand, the readymade garments manufacturer and exporter company Stylecraft’s share price witnesses a rise since August 2.

The share price of the company fell 1.92 per cent to Tk 199.30 on Wednesday.

In response to a DSE query, the company informed that there is no undisclosed price sensitive information for recent unusual price hike and increase in volume of shares.

Last year, Stylecraft Limited exported goods worth US$ 23.99 million in the global market.

The company made loss of Tk 77 lakh from July till March of FY21, compared to a profit of Tk 1.58 crore for the same period of previous year.