Otco International is an IT solutions and service-providing company. It claims to be focusing on being a financial and management consultant and offering enterprise solutions for the micro-finance and financial industry. It is really a shell company. For the December 2016 quarter, revenues were merely Rs1 lakh. In the March 2015 quarter, it reported no sales at all. Suddenly, in December 2015, revenues were Rs1.51 crore. It is only from June 2015 to March 2016 that the company has reported any significant sales. By ‘significant’, we mean above Rs1 crore. In the rest of the quarters over two years, sales have been negligible. The bottom-line of the company has been moving from marginal net profit to net loss. However, nothing could stop the stock from moving up to Rs36.8 on 28 February 2017, from Rs6.21 on 10 July 2015, a return of 493% in just 20 months! Either the market is overly optimistic about the prospects of this company or someone is manipulating the stock price. Only the regulators can tell; but they seem preoccupied, after having spent more than Rs100 crore on surveillance systems.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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