Home ›› 11 Mar 2023 ›› Stock
Shares of Genex Infosys again started roaring though the publicly traded IT firm did not reveal any price sensitive information in recent times that could invigorate its stocks.
The company’s shares surged 23 per cent or Tk 19 per share in the last nine trading sessions till Thursday.
During the period, its share price jumped from Tk 82.4 to Tk 101.4 per share.
Earlier in October last year, the company’s shares had also risen abnormally. Following that unusual price gain, the Dhaka Stock Exchange had sent it a query notice asking to clarify the reasons behind the unusual share price hike.
The listed company replied to the bourse that it had signed a logistic support agreement with the National Board of Revenue (NBR) that might have aroused its stock prices.
But in time of that abnormal price gain, the company’s agreement was not finalised with the exchequer.
The IT firm’s shares that time rose 62 per cent in nine trading days, reaching Tk 116 per share form from Tk 71.2.
Later in November the company had announced the finalisation of its deal with the NBR, according to a previous DSE filing.
But following that announcement an opposite picture was seen, with the company’s shares fell for a long spell.
The company’s shares fell steadily from Tk 116 per share to Tk 75.4 since the declaration of the finalisation of the agreement with the exchequer.
Concerning the recent price gain, DSE’s Deputy General Manager Shafiqur Rahman told The Business Post that if any company’s shares jump abnormally that company is asked to explain the reason for the unusual price gain.
“If there is an abnormal price gain of Genex Infosys’ shares, we will verify it,” Shafiqur Rahman added.
As per the agreement with the NBR, Genex Infosys is set to distribute EFDs and SDCs among eligible retailers and wholesalers and monitor the operation of the installed machines to ensure the collection of VAT and SD.
Besides this, Genex Infosys would also develop a software solution – VAT API system – to interface with EFD/SDC machines and integrate with ERP/POS solutions existing in the market, according to a previous DSE disclosure.
Genex Infosys Company Secretary Mostaq Ahmed told The Business Post that the implementation of the agreement with NBR was under progress.
“Hopefully, it would be possible to deliver all the services within the time specified by the NBR.”
He, however, said there was currently no fresh reason behind the recent gains in share prices.
Among other business developments, the company recently renewed its 5-year contract with Banglalink Digital Communications Ltd to manage its call center for another 5 years, from which the company expects to generate Tk 12 crore in revenue per year.
Moreover, it has been a strategic partner of Banglalink Digital for providing robotic process automation (RPA) services since 2020.
Genex Infosys, also known as GENEXIL, launched a logistics aggregator company in January 2022 under the brand name of Loginex Limited which has been building partnerships with Dhaka-based local logistics companies.
The company’s net profit rose 4.81 per cent to Tk 30.22 crore in the first six months of FY23 against the profit of Tk 28.83 crore in the same period last fiscal.
The company’s earnings per share (EPS) stood at Tk 2.61 for H1 of the current fiscal from Tk 2.49 for the same period last fiscal.
Genex also entered an agreement with icddr,b in May 2021 to supply, install, integrate and implement Microsoft Dynamics 365 ERP software for them from which the company would earn a total of Tk 22 crore in revenue.
The company gave an 11 per cent cash dividend excluding sponsors and directors and 2 per cent stock dividend for all shareholders for the year ended in June 2022. The company generated a net profit of Tk 38 crore in FY22, and Tk 33 crore in FY21.
Sponsors and directors hold a 32.80 per cent stake in the company, while institutional investors and the general public own 24.32 per cent and 42.88 per cent holdings respectively.
