Gamblers playing with loss making Shympur sugar

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Gamblers playing with loss making Shympur sugar

Script of a loss making state owned company are witnessing overwhelming jump in price in the capital market which market experts claims  as an act of manipulation of gamblers.

There is no price sensitive information behind the unusual share price increase of Shampur Sugar Mills Limited, a listed company. The company authorities informed the Dhaka Stock Exchange (DSE) about the reason behind the abnormal rise in the price of the company’s shares.

According to DSE sources, the DSE sent a notice asking to know the reason behind the abnormal rise in the share price of the company. In response, the company said the share price was rising without any undisclosed price sensitive information.

Market observations show that the company’s share price was Tk 30.90 on the DSE on July 27. On 24 August it was raised to Tk 72.80.

“The market is driven by information provided by a group of gamblers. Even the general public are run behind the scoop news to gain benefit from the inflated market within a short span of time,” Abidur Reza, a trader said.

A state owned sugar mill Shympur Sugar Mills Limited which incur continuous losses over the years is now a hot cake at Dhaka and Ctg stock markets.

Shyampur Sugar Mills a Bangladesh sugar mill. It was started in 1967 by the Pakistan government. At that time East Pakistan had only 5 sugar mills. It is situated at Shyampur under Badarganj Upazila, 16 kilometers west of Rangpur City. Shyampur Sugar Mills falls under the Bangladesh Sugar and Food Industries Corporation.The mill has over 1400 workers. The livelihood of the people of the region depends totally upon this industry.

 

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