DSE serves query to Daffodil Computers following sharp price rise
According to its quarterly financial statements, in the first nine months of the current fiscal year, it had reported declining revenue and profitability slightly.
The Dhaka Stock Exchange (DSE) served a query notice to Daffodil Computers, a listed IT firm, following recent unusual share price hike of the company.
According to the data of the bourse, Daffodil Computer's share price surged nearly 24% between 8 and 21 June, reaching Tk162.2 per share. However, after the sharp rally, the stock came under selling pressure, causing its price to decline over the last two trading sessions.
Finally, its shares closed at Tk155.5 each today (23 June), down by 1.04% over the previous trading session.
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Following the sharp rise in its share price, the DSE on 21 June sought an explanation from the company. In response to the query, the company today said there was no undisclosed price-sensitive information behind the recent unusual increase in its share price and trading volume.
Daffodil Computers, one of the early technology companies listed on the stock exchange, remains a key entity within the Daffodil Group, which has diverse interests in IT, education, and media.
According to its quarterly financial statements, in the first nine months of the current fiscal year, it had reported declining revenue and profitability slightly.
In the July to March period, its revenue declined to Tk28.79 crore and net profit after tax to Tk1.16 crore, which was Tk30.28 crore and Tk1.56 crore respectively.
Daffodil Computers' shares closed 4.24% higher at Tk142.50 each on the Dhaka Stock Exchange (DSE).
Earlier, the company decided not to pay any dividend to its shareholders for the fiscal year of 2024-25. During the fiscal year, its earnings per share dropped by 24% to Tk0.16, compared to the previous year.
The Bangladesh Securities and Exchange Commission (BSEC), on 1 June, again rejected Daffodil Computers' plan to issue shares against loans.
After facing the rejection of its initial plan, the IT sector firm in November last year reapplied to the commission for converting Tk49 crore loans, availed from one of its associate firms of the Daffodil Group, into equity.
