The Financial Express

Usmania Glass keeps soaring despite no PSI

| Updated: February 11, 2018 17:06:08

Evaly and Fianancial Express Evaly and Fianancial Express
Usmania Glass keeps soaring despite no PSI

Usmania Glass Sheet Factory saw its share price rising for the last two weeks although it has no price sensitive information (PSI).

The share closed at Tk 123.50 on the premier bourse on Thursday, 5.02 per cent up from the previous session.

On January 21, share price of the state-run company was Tk 90.90. It has surged by nearly 36 per cent or Tk 32.60 since then.

The abnormal price hike of the share had prompted the Dhaka Stock Exchange (DSE) to serve a show-cause notice on the company.

In response, the company informed the DSE on Thursday that there is no undisclosed price sensitive information for the recent unusual price hike.

"Even after issuance of the show-cause notice, the share price continues to rise, which may badly affect the investors," said an analyst, wishing not to be named.

He advised the investors to be cautious about buying shares which have surged abnormally despite no price sensitive information.

Usmania's earnings per share (EPS) for the October-December period of 2017 stood at Tk 0.15 as against minus Tk 1.64 for the same period a year ago.

In the six-month period from July to December 2017, its EPS was minus Tk 1.65 as against minus Tk 3.14 for the same period in 2016.

The net operating cash flow per share (NOCFPS) was minus Tk 1.98 for July-December of 2017 as against Tk 4.42 for July-December of 2016 while the net asset value (NAV) per share was Tk 7.43 as on December 31, 2017 and Tk 12.33 as on December 31, 2016.

The company, listed on the Dhaka bourse in 1987, disbursed 10 per cent stock dividend for the year ending on June 30, 2017.

20741Te company's paid-up capital is Tk 158.28 million and authorised capital is Tk 500 million, while the total number of securities is 15.83 million.

The sponsor-directors own 8.09 per cent stake in the company while the government owns 51 per cent, the institutional investors own 12.47 per cent and the general public 28.44 per cent as on December 28, 2017, the DSE data shows.

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