Himachal Fibres shot up by 3318% in just over a year
Himachal Fibres manufactures cotton and synthetic blended yarn. The business, however, seems to be going through a tough time. The textiles manufacturer reported a decline in sales in four of the past five quarters up to September 2015. Total sales were Rs82.24 crore for the year ended September 2015, down 13.27% compared to those in same period a year ago. The company reported a total net loss of Rs1.12 crore and Rs0.60 crore for the year ended September 2015 and September 2014, respectively. Despite its poor financials, the stock price shot up a remarkable 3318%, or 34 times, to Rs45.80 on 20 November 2015, from Rs1.34 on 19 September 2014. Had you invested Rs10,000 in this stock, in just over a year, your investment would be worth about Rs3 lakh. In February 2015, the stock was split from Rs10 to Rs1. In November 2007, Himachal Fibres was suspended for not complying with the listing agreement. With almost nil trading activity prior to September 2014, beginning September 2015, the stock has witnessed strong trading volumes. The average trading turnover increased by 55% to Rs95.83 lakh during the period from 1 September 2015 to 15 November 2015, compared to that in the same period in 2014. The average trading turnover then was Rs1.70 lakh. With just about 2,100 shareholders, the number of daily trades averaged as high as 1,300 in October 2015. Is this another pump & dump operation? Will the regulator investigate?
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1. Avg daily turnover of a scrip
2. Avg number of daily trades of a scrip
Thanks for help.
Regards,
Prashant