S Alam Cold Rolled Steels Limited’s stock price rose 35 per cent without warning in the last five trading sessions, despite the Dhaka Stock Exchange’s (DSE) benchmark index falling 307 points.
A group of investors is investing in the stock, according to representatives at various brokerage houses. It only appears twice a year. And the stock price rises at this point. However, there is no justification for it. However, no complaints have been made about such tampering. On Thursday, the last working day of the week, the company’s stock jumped 10 per cent, breaking the circuit breaker. As a result, its shares were not traded for the majority of the day. There were no sellers, despite the fact that there were many purchasers. On the country’s most important exchange, the shares closed at Tk33.
In the July-March period of FY2022, sales declined by 20 per cent to Tk339 crore, while profit plummeted by 44 per cent to Tk5.85 crore, compared to the same time the previous year. Sales of the company’s CI Sheet, or corrugated tin, decreased 45 percent over the time, according to its financial statement. Corrugated tin accounts for more than half of the company’s overall sales.