Stocks
Canara Bank profits plunge by 40 percent
Canara Bank reported a net profit of Rs.478.84 crore for the first quarter of 2015-16 fiscal, a fall of 40.6 percent in profits compared with the first quarter of 2014-15.
 
According to the unaudited standalone quarterly results notified to the Bombay Stock Exchange (BSE) in a regulatory filing, the Bengaluru-based bank's profits eroded by Rs.328.02 crore in Q1 2015-16 compared to the 2014-15 quarter which saw a Rs.806.86 crore profit.
 
However, the bank's total income rose to Rs.12,252.64 crore in April-June quarter of the current fiscal from Rs.11,728.01 crore in Q1 of the last fiscal, a rise of Rs.524.63 crore.
 
The total expenses grew to Rs.10,249.07 crore in the analysed quarter, from Rs.9,933.01 crore in Q1 of 2014-15.
 
The bank's public shareholding also increased from 31 percent to 35.52 percent in the quarter ending June 2015.
 
In the quarter under review, Canara Bank's domestic operations clocked a revenue of Rs.11,957.31 crore while international operations recorded a revenue of Rs.295.32 crore.
 
International operations revenue declined by Rs.14.32 crore on a quarter-on-quarter basis.
 
Founded by Ammembai Subba Rao Pai in 1906 at Mangaluru, Canara Bank had 5,682 branches as of March 2015 and 8,533 ATMs. It also has 132 hi-tech e-lounges to serve the customers at select branches.

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Stock manipulation: Sapan Chemicals
The share price of Sapan Chemicals was up 743%, in just about six months. On an average, there were just three-four trades per day
 
Sapan Chemicals—earlier known as Suryadeep Salt Refinery & Chemicals Works—is into ‘development and marketing of software along with consultation for portfolio management’, according to its annual report. 
 
The Vadodara-based company, in its former and present avatars, has been pulled up several times by Securities and Exchange Board of India (SEBI) for capital market violations. In August 2014, the regulator charged it with the creation of an artificial market and price manipulation through matched transactions in the scrip of Kelvin Fincap. The company got away with a minor suspension. 
 
This was not the first time. In May 2006, too, a prosecution was launched against the promoter, Rajendra Rathod, for fraudulent and unfair trade practices. According to the regulator, Mr Rathod connived with five other entities to create a false market in the scrip of Sapan Chemicals by “buying and selling through various brokers knowing fully well that there was hardly any floating stock.”
 
This Rs3-crore market-cap company reported revenues of Rs44 lakh for the year ended March 2015 and generated no profits over this period. Yet, the price was up 743%, in just about six months, to a peak of Rs4.55 on 8 May 2015 from Rs0.54 on 22 December 2014. On an average, there were just three-four trades per day when the stock was traded. 
 
Thanks to the lax regulation, such market manipulation continues with impunity. 

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