Economy, Business And Markets

Tehran Chemie Shares Soar 187% in a Year

Tehran Chemie Shares Soar 187% in a YearTehran Chemie Shares Soar 187% in a Year

Just as the slump in Tehran Stock Exchange enters third year, drug producer Tehran Chemie, whose shares are getting a test run on the TSE, has done phenomenally well with its shares soaring 187% over the past one year (236 trading days). The company’s shares rose in all those trading sessions without fault. “Other than supply and demand, and buyer’s enthusiasm, there are no special reasons for the stock’s growth,” Bourse Press cited an unidentified Tehran Chemie executive as saying. Not all is spectacular for the 50-year-old company, though. TSE reviewed the company’s case for being fully listed on the exchange and said the firm is short on capital with 148 billion rails ($4.1 million at market exchange rate).TSE’s minimumreq uirement  is 200 billion rials.) Also, the drugmaker scored poorly in reporting and transparency, and floated less than 3% of its stocks. If the company is not allowed to be listed on the TSE, it will be listed with the Iran Fara Bourse over-the-counter market, which is more welcoming to small companies.