DSE serves query to Lovello over unusual share price hike

The Dhaka Stock Exchange (DSE), the premier bourse of the country, has issued a query to Taufika Foods and Lovello Ice-cream, trading under the code Lovello, regarding the recent unusual increase in its share price and trading volume.

According to DSE trading data, the shares price of Lovello surged around 29% in one month until Wednesday to Tk102 each, a surge from Tk79.2 each on 20 May.

Besides the share price hiking, food and allied sector firm Lovello has been dominating the top turnover chart for the sixth straight session since 4 June, the last trading session before a 10-day Eid vacation. 

In the last five trading sessions after the resumption of share trading from 15 June, Lovello led the top gainer chart with a substantial amount of turnover.

Its 14.63 lakh shares worth Tk14.77 crore were traded on the DSE today.

Today, the day after the DSE served its query notice, Lovello's share price saw a slight decline of 0.29% from the previous trading session, closing at Tk101.70 each, according to DSE data.

In response to the DSE's query, the company stated that there is no undisclosed price-sensitive information to account for the recent unusual increase in its share price and trading volume.

For the first half of the 2024-25 fiscal year, Lovello reported a 166% growth in its earnings per share (EPS), reaching Tk1.52, compared to Tk0.57 in the same period a year ago. 

However, the company has yet to publish its third-quarter and nine-month financials for FY25, despite the mandated deadline for their publication having expired. 

In FY24, Lovello recorded a profit of Tk12.17 crore with an EPS of Tk1.43, and it paid a 10% cash and 10% stock dividend for that fiscal year.