STOCK MANIPULATION


Moneylife Digital Team 05 May 2011
Stories of price manipulation Karma Industries Laxmankumar Birla Trading started in 1977. It then became Karma Ispat; now it is Karma Industries. The firm says it is engaged in the textiles business, but it also makes steel products. Its name changes (nearly half a dozen times) have...

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Moneylife Digital Team 21 April 2011
Stories of stock price manipulation Baid Global Ventures (Rs187) Baid Global Ventures was formerly known as Chisel & Hammer (Mobel); it got its current name in November 2010. Its financials jumped in the past three quarters. It reported operating profit of Rs38 lakh on revenues of...

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Moneylife Digital Team 07 April 2011
Bafna Spinning Mills & Exports (Rs2) Incorporated in February 1990, Bafna Spinning Mills & Exports produces cotton yarn mainly for exports. Its entire production is tied up with companies in the UK and Indonesia. The company’s shares plunged 68% to Rs1.69 a piece on 9 March 2011 from...

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Moneylife Digital Team 24 March 2011
CCL International (Rs32) CCL International’s revenues in the March and June 2009 quarters were Rs13.98 crore and Rs13.67 crore, while operating profit for the two quarters was Rs2 lakh and Rs6 lakh, respectively. In the December 2009, March 2010 and June 2010 quarters, it posted an...

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Moneylife Digital Team 10 March 2011
Stories of price manipulation TCI Finance (Rs99) TCI Finance was incorporated in 1973 as Bhoruka Finance. It changed its name to the present one in 1992. TCI Finance is supposed to be into leasing, hire-purchase, corporate finance, corporate advisory services, etc. The business is...

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Moneylife Digital Team 24 February 2011
Stories of price manipulation SEBI Bars 39 Entities Time and again, Moneylife has been highlighting stories of price manipulation. It has been well over two years since our articles have been appearing but the Securities and Exchange Board of India (SEBI) has been turning a Nelson’s...

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Moneylife Digital Team 10 February 2011
Stories of price manipulation Spectacle Infotek Spectacle Infotek (SIL) was incorporated in 1985 as Nilhari Trading and Finance. It changed its name to Khaitan Weaving Mills in 1988 and got its present name in December 2010. SIL currently provides software services. While...

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Moneylife Digital Team 27 January 2011
Softech Infinium Solutions Softech Infinium Solutions is a Chennai-based company. It claims to be specialising in corporate website development, e-commerce, Internet and intranet implementation services. Earlier known as Brindavan Gardens, it acquired its present name from 25 March...

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Moneylife Digital Team 13 January 2011
Som Distilleries & Breweries Som Distilleries & Breweries makes beer and ‘Indian Made Foreign Liquor’. It owns brands such as Hunter Extra Strong Premium Beer, Legend Premium Beer and Legend Premium Lager Beer. In the March quarter 2010, revenues were Rs32.01 crore, and the...

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Moneylife Digital Team 30 December 2010
Splash Media & Infra (Rs76) Splash Media & Infra, incorporated as ‘Indus Commercials’, was engaged in the business of media software. It is now engaged in media advertising, realty and construction. From 24 March 2009 to 26 November 2010, the stock registered a phenomenal growth of...

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Moneylife Digital Team 16 December 2010
Explicit Finance (Rs17) Mumbai-based Explicit Finance deals in shares and securities. The stock has jumped 269% between 24 June 2010 and 16 November 2010. Its operating profit was Rs21 lakh on revenues of Rs85 lakh in the March 2009 quarter. The September 2009 quarter saw revenues...

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Moneylife Digital Team 08 December 2010
Stories of market manipulation Swasti Vinayaka Synthetics (Rs14) Swasti Vinayaka Synthetics, which was part of the Siyaram group till 1989, manufactures textiles and sarees. Its stock surged 541% between 14 May 2010 and 1 October 2010. Sales in the March 2009 quarter were at Rs4.71...

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Moneylife Digital Team 22 November 2010
Stories of market manipulation Valuemart Info Technologies (Rs19) Valuemart Info Technologies (VITL) offers IT and business process outsourcing services. The stock has soared by 1,261% between 20 April 2009 and 22 October 2010. VILT’s sales for the March 2009 quarter were Rs2.99 crore...

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Moneylife Digital Team 08 November 2010
Stories of market manipulation Vax Housing Finance Corporation (Rs72) This is a company engaged in investment and trading in securities. Between 2 July 2010 and 11 October 2010, the stock has soared 583%. In the March 2009 quarter, Vax Housing’s sales were Rs10 lakh, while operating...

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Stories of stock price manipulation 30 September 2010
Veritas India (Rs351) Mumbai-based Veritas India is engaged in imports, trading & distribution of chemicals, generation of wind power and metals & machinery. The phenomenal 3227% rise in the stock price from 7 September 2009 to 8 September 2010 does not reflect its inconsistent...

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Moneylife Digital Team 25 August 2010
Vipul Dye Chem Vipul Dye Chem is engaged in the manufacture of bases & salts, dyes & intermediates and other chemicals. The company claims to supply its products to textile mills and other manufacturers in India. Its sales stood at Rs7.59 crore in September 2009. They declined to Rs6.83...

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Moneylife Digital Team 12 August 2010
Jaihind Synthetics (Rs20) Jaihind Synthetics is supposed to be in the textiles business. But has simply no business worth talking about. It has posted zero revenues in four out of the past five quarters. In the March 2009 quarter, revenues were Rs4 lakh, recording no sales in other four...

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Moneylife Digital Team 29 July 2010
PFL Infotech (Rs22) PFL Infotech claims to be in the trading business, although its name suggests that it is in the IT business. As per the company’s annual report for FY08-09, it has not entered the IT business because of unfavourable economic conditions. It posted an operating loss of...

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Moneylife Digital Team 27 July 2010
ScanPoint Geomatics (Rs25) Ahmedabad-based ScanPoint Geomatics Limited (earlier known as ScanPoint Graphics) is engaged in the “development and customising services of geographical information system, image processing, global positioning system, computer-aided design and location based...

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Moneylife Digital Team 15 July 2010
My Fair Lady (Rs8) My Fair Lady manufactures personal-care products like perfumes, sprays and combs. It markets its products under the brand name My Fair Lady which is owned by the promoter company. It has consistently made losses over the past nine quarters. Operating loss was in the...

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