Anlima Yarn’s stock rates soar on rumours
The price of Anlima Yarn Dyeing's stocks has been rising consistently for days gone by few days riding on rumours in spite of the actual fact that its profits had declined within the last two quarters.
Furthermore, the company had informed its shareholders of experiencing no undisclosed selling price sensitive details that could bring about a rise in stock prices.
Yet, the cost of each share rose 22 % to Tk 45.5 previously a week. In a span of the past three months, it was a rise of 45 % starting from Tk 29, according to the Dhaka STOCK MARKET data.
A share broker, preferring anonymity, said the Anlima stock selling price has been rising solely for rumours.
"There is only pure gambling. It does not have any huge profits or reports that can improve its situation," he said.
The dyeing company's profits dropped 28 % year-on-year to Tk 30.45 lakh in the first half of 2020-21.
Some traders explained that their peers were buying the stocks despite understanding that unscrupulous actors were at take up, coordinating efforts to have the shares to a higher level.
"Such investment could even erode their money but who cares. As the company's paid-up capital is small, the quantity of shares is small and a small number of investors can influence rates of the shares," said the broker.
The company's paid-up capital is Tk 17.8 crore. It given 2 per cent income dividend for fiscal 2019-20, which finished on last June 30.
The business posted Tk 8.08 crore in sales in the first half of fiscal 2020-21, down 12 % year-on-year from Tk 9.23 crore.
About the profit fall, the business in its half yearly annual report said it offers yarn dyeing services to export-oriented knit and woven fabric suppliers.
Revenue of sewing thread would depend upon orders from garment factories. Total product sales happen to be seasonal and dependent upon the style of exports. As such, the sales income varies from one fourth to quarter depending after the export purchase behaviour, it said.
The company generated Tk 1.14 crore much less in sales earnings in the second quarter of 2020-21 when compared to corresponding quarter of 2019-2020.
"Due to decrease in sales the wages per share own declined to Tk 0.17 from Tk 0.24 in the corresponding one fourth of 2019-2020," it said.