Concurrent India: A bunch of investors taking others for a ride

Dubious trading in the shares of Concurrent India, a BSE listed company, is leading to wild fluctuations in its volumes and price

There is something amiss in the share-trading of Mumbai-based Concurrent (India) Infrastructure Ltd. After Moneylife published news about the wrong regulatory filings by the company to the Bombay Stock Exchange (BSE), volumes of Concurrent shares rose by a whopping 190% to 7,35,425 shares on Monday from last week's average volumes of 2,53,808 shares per day. BSE, at the first level of regulation, has refused to comment on our queries regarding the Concurrent trading.

Shares of Concurrent India, earlier known as Kushagra Software Ltd, are being pushed up by a cabal of investors who may be in alliance with insiders. Last week, Moneylife reported on how Concurrent had fooled investors with a false announcement on its alleged plans with Sikkim Power Project (see: http://www.moneylife.in/article/8/6290.html). A simple cross-checking of the regulatory filing submitted by Concurrent to the BSE, along with a reading of the sites of a bunch of investors led by one self-styled stock guru Arun K Mukherjee (http://www.arunthestocksguru.com/) suggests rampant manipulation in the share price.

Moneylife also discovered that comments posted on our earlier story on our website by some 'readers' may have been written by some employees of Concurrent using their office network.

For example, the same Mr Mukherjee in his blog posted on 8 February 2010 (http://www.arunthestocksguru.com/2010/02/concurrent-india-infrastructure.html) talks about Concurrent and the company's future projects at great length. He even claims that Concurrent's chief executive officer had called him and fixed up an appointment! According to the blog entry, after their dialogue, Mr Mukherjee became a 'proud' shareholder of the company and was hoping to be with it for the next three-four years.

The so-called stock guru also offers information that is not known to other investors, in a gross violation of the listing norms. In the same blog entry of 8th February, Mr Mukherjee wrote about Concurrent's acquisition of Kazi Aviation for no consideration, which was not known to other investors. Concurrent announced the deal only on 12 March 2010, more than a month after Mr Mukherjee published his blog entry. In the same breadth, he speaks about the bulk-selling deals undertaken by Absolute Leasing and Finance Pvt Ltd. He says (quote not corrected for grammar or punctuation), "You may notice Concurrent being in bulk deals for huge selling from a particular company named ABSOLUTE LEASING & FINANCE PVT LTD. It's a company of MR GK Agarwal who was the erstwhile owner of Kushagra, he was told to exit the company and thus he offloaded all his 15 lakh odd shares in the market. Weaker hands gone out and I and my group bought the most of his quantity."

Speaking about Concurrent's CEO K Sudhir Babu, Mr Mukherjee says (message reproduced verbatim), "Sudhir is a very influential and visionary guy with huge powerful contacts. This guy works from morning 5 to 12.30 at night. To make the board stronger he is making a Padma Shri guy joining the board."

After publishing the news about Concurrent and the Sikkim Power Project, Moneylife received a few mails and comments from some investors. These investors, including Mr Mukherjee, responsible for spiking Concurrent's share price have openly admitted their involvement. Their confidence may have arisen due to inaction by the authorities against such manipulation in the past.

An email sent to us by one Chandra Deo from Mangalore in Karnataka, speaks about the volume surge and share price movement of Concurrent. Mr Deo said, "As a matter of fact, the same stock which was moving down on lower circuits before the article appeared on your website has today registered huge volumes, approximately 300% more than the average traded quantity/day in last 2 weeks (7.35 lakh versus 2.44 lakh) as per BSE statistics IN SPITE OF STRAIGHT AWAY HITTING THE LOWER CIRCUIT!".

However, Concurrent share volumes have been even higher due to the false news about the Sikkim Power Project. During June, Concurrent's average share volumes fell to 34.3 lakh shares from 51.3 lakh shares recorded in May 2010, as per the data available on the BSE site. Concurrent share volumes in June are almost half compared with the 69.4 lakh shares recorded just four months ago, in February 2010.

The movement of Concurrent's share price, however, is another story. Its share closed at Rs11.94 in January 2010. During the past six months, Concurrent's shares hit an average closing high of Rs32.85 in May and have been falling since then.

On Tuesday, Concurrent hit the lower circuit limit of Rs28.00 preventing the shares from falling further. Concurrent shares closed 4.9% down to Rs28 while the benchmark Sensex ended the day 0.7% down at 17,749 points.
(More about the financial 'health' of Concurrent, tomorrow)

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COMMENTS

alexjonson

3 years ago

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3 years ago

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MCX TIPS

6 years ago

Very informative post sir.thanks for sharing us.

rahul

7 years ago

If you people gone through website he has unauthorised PMS scheme and in past he was part of similar type of operations.

How can anyone himself give tag 'stockguru" , he is cheatguru

Sachit

7 years ago

Where is the report on financial health? This article just seemed retaliation to the answers given by the Arun and other investors.... just to prove the point made in the earlier article.... and most of the reference is to the BLOG!! of moneycontrol..... which in itself is ridiculous.... In a blog like minded people with similar interest come together and get an opportunity to speak out their mind ... without any restriction... here these people are here to make profit from each others knowledge .... Legally no one can guarantee who is who. And violation are you taking about ..... How do you know who has leaked what news ..... it happen everyday in the newspaper where they leak the news saying reliable sources. Once such thing just happened with Murli Industries and then the company clarified that these are just speculation and no official communication anything related has been done. All the well respected newspaper like ET, Business standard had published the news in daily newspaper where in the name of the publisher were present and here the person can be easily caught hold of ...... Is int this the violation.... These are just small thing and happens everyday.

Jagdeesh

7 years ago

PSS, I read thru your postings on MMB. He is also like Arun who always wrote that he will believe Arun more and his blog more and that he likes Arun Mukherjee more as he knows him.

He always used to scare other boarders like Puli who used to give independent views both positives and negatives.

For the sake of concurrent and his exposure he went and posted negative messages of other stocks in thier boards.

PSS is a creep who should be added to the bunch of investors who are taking others for a ride.

PSS a great fan in his own words and now that the story on Arun is out he is thinking and fearing that his name will also be added by moneylife one day.

PSS is a cheat and his postings on MMB needs to be scanned.

Poorinvestor

7 years ago

By not posting your article on financial health of Concurrent by 24th June, you are proving your team is doing some dirty game of blackmaling management. I also agree you donot resort to such thing then how you magzine will sell. Further some of the writer may be getting benefitted otherwise.

I hope you will take strong action on writers of your Digital Team.

Poorinvestor

pss5588

7 years ago

Your article on financial health of concurrent was supposed to be posted yesterday24th june. Since It has not been posted I presume THAT U DID NOT FIND ANYTHING AMISS IN THEIR FINANCIALS and therefore have dropped ur investigation into the same. It is in the fitness of things that u Kindly confirm accordingly so that the apprehensions in the mind of the investors is dispelled forthwith and they may make an appropriate decision on exposure to the scrip of concurrent.

Thank u

rahul

7 years ago

PSS5588, shocked to see your post. At MMB I saw your recommendation message and here you are asking to make thorough enquiry about financial condition of concurrent, If u were not sure about financial why recommended it?? Anyway you are cheater, everything is ok with it.

Also I shocked u talking about FirstCall, Octant, First Object etc.. and trying to put fire into them also. and lets form investigation comittee headed by you, offcourse you will get enough work rather than wasting you time at MMB,moneycontrol and posting funny things.

REPLY

pss5588

In Reply to rahul 7 years ago

rahul and bull.

I dont think this is the forum for such messages. U can very well make ur allegations at mmb where i have made myself clear and in fact was defending guli, puli and be and make in the last 2 days.

Suffice to say am not wedded to any stock and my strategy/tactic of partially encashing in case of very fast rise in price of any scrip is contained in my homepage at mmb which u may peruse for future guidance. Sorry for the losses u may have suffered as a result of fall in prices of concurrent due to alleged price rigging and misleading filings in bse as to projects bagged. Hope management will do the needful in the matter and restore investor confidence at the earliest ... atleast today. please also note that opinions/views in mmb even if unanimous is not the market maker .

bull

7 years ago

PSS5588 is one of the selfish guy I have ever seen in my life.
Everyone knows that PSS5588 also had invested into concurrent and was very active at concurrent board recommending this stock to poor investors.He already have booked profit at upper level 35-36/- and escaped, and now? after booking profit his attitude suddenely changed (no wonder, so selfish)

Also he want to drag other 2 stocks Octant & First Object alongwith it and want to burn poor investors who had invested into it, so funny. That both stocks have even seen any price surge like concurrent and both are near all time low level.

Bottomline :- PSS5588 really selfish and always bears 2 faces. So is always better to ignore that jerk.

bull

7 years ago

PSS5588 is one of the selfish guy I have seen forever in my life.
Everyone know that PSS5588 also had invested in concurrent and booked profit at upper level 35-36/- and he was also recommending same stock all boarder and investors , and now? after booking profit his attitude suddenely changed (no wonder, so selfish)

Also he want to drag other 2 stocks Octant & First Object alongwith it and poor investors , so funny. That both stocks have even seen any price surge like concurrent and both are near low lever.

Bottomline :- PSS5588 really selfish and always bears 2 faces. So is always better to ignore that jerk.

Jagdeesh

7 years ago

PSS is an investor in the stocks which he has mentioned. He vociforeously propagated these stocks on the respective boards.

He just wants to bring an attention to these stocks by writing them over here.

All the three stocks which he mentioned are pretty OK.

Shyam

7 years ago

We are hoping for your reality check on financial scam by Concurrent. I request you to post it as early as possible to protect the small investor from this type of fraud. You people are keeping the Moneylife in very hight esteem.

Please keep it up

Shyam

Sreejith

7 years ago

Good investigative article. Money life should expose more on these operators like arun to common public who are interested in share trading to have a complete awareness to about such dangerous activites of people like him.

Nitin

7 years ago

When there are so many questions and clarifications on the authenticity of the company's project and news which touch the stock at all. Any shareholder friendly company's website will speak for itself, as of now Concurrent doesnt fit that bill. It may be a 100 bagger who knows but its how they do it that will matter

Indian brands grab 14% share of mobile handset market

According to the Voice&Data100 Indian Telecom Survey, Indian brands strengthened their presence in the domestic handset market in 2009-10, growing at the expense of multinationals like Nokia and Samsung

Home-grown handset makers like Spice, Micromax and Karbonn captured 14% of the mobile phone market in India in FY 2009-10, thanks to the burgeoning growth in the cellular telephony. These manufacturers had just 3%-4% per cent market share in the previous fiscal, reports PTI.

According to the Voice&Data100 Indian Telecom Survey, these Indian brands strengthened their presence in the domestic handset market in 2009-10, growing at the expense of multinationals like Nokia and Samsung.

While Micromax had a 4.1% market share by revenue, Spice and Karbonn had a share of 3.9% and 3% in FY 2009-10, respectively.
    
Lava had a share of 1.1%, Lemon 1% and Max had a 0.9% share, it added.
    
The Voice&Data100 annual survey on handsets is based on the revenue of telecom equipment suppliers, including GSM and CDMA handset vendors.
    
According to the study, even though Finnish company Nokia remained the market leader, its share came down to 52.2% from 64% last year.
   
Samsung's market share increased to 17.4% this year from 10% last year, while LG had a share of 5.9% as against 4.5% last year.
    
"Low prices for perceived high-end features. You get all-QWERTY Blackberry lookalikes complete with trackball, and even dual-SIM phones, for Rs5,000," Voice&Data chief editor Prasanto K Roy said.
    
"We saw demand rising for dual-SIM phones last year, but the market leaders had few offerings there. And while Nokia has many low-cost models, they are relatively sparse on features," he added.
    
However, the low-cost handsets may fall short on applications, functionality, user interface and experience, and, often, quality of construction, solidity and robustness, he added.
    
The mobile handset market grew 4.2% by revenue during FY 2009-10 compared to 7.9% in 2008-09.
    
Around 108 million mobile phones were sold in the country during 2009-10, adding up to Rs27,000 crore sales, up from Rs25,910 crore the previous year.

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