Meghna Condensed Milk Industries Limited was the highest gainer at the Dhaka Stock Exchange yesterday, despite poor fundamentals.
Its shares registered gain of 9.3% to Tk12.9 each. The offer value of the Z-category share is Tk10 each.
Its turnover stood more than Tk15 lakh, making up 0.03% of the total DSE turnover.
According to its first quarter unaudited statement (July to Sept 2013), the company incurred a loss of Tk1.84 crore from Tk1.27 crore in the same period a year ago.
The figure shows its losses increased by 45% due to high administrative and financing costs, according to the company’s balance sheet.
The excessive administrative costs are due to higher depreciation costs as stated in the annual report for the year 2012.
The company’s accumulated losses stood at Tk102.6 crore as on September 30, 2013.
The stock registered 61.25% rise in prices in last two weeks.