Share price of Shahjibazar Power Company Limited (SPCL) rose by 94.30 per cent in seven consecutive trading sessions despite the company's profit declined in third quarter (January-March, 2014) as per special audit conducted following the regulatory instruction.
On Tuesday, in its website Dhaka Stock Exchange (DSE) posted the news of the company's revised profit observed in Q3. Nevertheless, the company's share trading was also halted in absence of any seller.
Share trading of SPCL resumed on October 20 last after a suspension period of more than ten weeks with an open price of Tk 89.2 each. And at the end of that day's trading session, the company's share price closed at Tk 98.1 each registering an increase of 9.98 per cent.
On Tuesday, the company's share trading was closed at Tk 173.40, which was 94.30 per cent or Tk 84.20 high than the value observed in opening session of October 20 last.
Meanwhile, in response to a DSE query, the company has informed that there is no undisclosed price sensitive information for recent unusual price hike.
Asked, Mohammad Saifur Rahman, an executive director of securities regulator, said they have nothing to do if investors themselves throng on the company's shares in spite of regulatory cautions regarding investment decision taken for any company.
Another official of Bangladesh Securities and Exchange Commission (BSEC), however, has said the SPCL is under special observation of the securities regulator due to the company's unusual price hike.
Following the BSEC's investigation and appointment of special auditor M/S. A. Qasem & Co., for verification of the third quarter financial statements, the consolidated net profit after tax and EPS of Tk 168.77 million and Tk 1.48 respectively has been revised to Tk 166.76 million and Tk 1.46 respectively for the third quarter (January 14 - March 14).
It also found that consolidated net profit after tax (excluding non controlling interest) and EPS of Tk 285.48 million and Tk 2.50 has been revised to Tk 168.67 million and Tk 1.48 respectively for the period of nine months (July 13 - March 14) ended on March 31, 2014.
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