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Stock manipulation: Maha Rashtra Apex Corporation

Maha Rashtra Apex Corporation Limited claims to be into leasing, hire purchase and bill discounting services. It has nine branches and one franchisee across the country. Over the past several years, the company has made no significant sales, barring in one year, and has been making huge operating losses. These losses get reduced at the net loss level because of the other income it receives.

 

This other income is the interest received on bank deposits. For FY15-16, sales were Rs1.26 crore whereas the operating loss was Rs6.84 crore. Net loss stood at just Rs8 lakh because of other income —of Rs9 crore. However, the stock has moved by 3702% in two years, from Rs3.68 on 17 March 2015 to Rs139.9 on 3 February 2017. Why? Maybe Securities and Exchange Board of India (SEBI) can tell, if their expensive surveillance system is working. 

User

COMMENTS

Durga Prasad

1 week ago

The stock is up because its the holding company of Kurlon mattress. Sheela foam recently got listed and now commands mcap of Rs5000 crores plus. Maha rashtra apex started moving up after the listing of Sheela Foam. Kurlon is the no 1 company in India and is bigger than Sheela Foam. So one can expect Kurlon to be worth more than Sheela Foam. Stock investors are now looking at holding value and not based on revenues or profits from current business

Jay

1 week ago

There is news that Kurlon Enterprise or Kurlon Limited will come with an IPO very sonn. Hence the valuations. I am personally holding 1000 shares of kurlon limited. If anyone wants to buy then get in touch with me.

jay_shahgm[at]yahoo[dot]com

REPLY

Narendra Pai

In Reply to Jay 1 week ago

What will ve the market price of kurlon, even I am having few shares

Kunal Singh

1 week ago

Now moneylife is just doing it for the sake of it. Not every move is a "manipulation" or rigging. If you actually carried out some real investigation and presented "facts", it'd be good. Otherwise, it's just like filling the pages. The scrip ran up after Sheela Foam got listed. It'd be nice to state some facts of how the company has defaulted on fixed deposits in the past. Only, if you really investigated.

Deepak Agrawal

1 week ago

Financials do not always reflect value. In this case, it's hidden in balance sheet. It's holding company of kurl-on, iconic mattresses brand. Investment is at bv in balance sheet and does not reflect true value.

Deepak Agrawal

1 week ago

Financials do not always reflect value. In this case, it's hidden in balance sheet. It's holding company of kurl-on, iconic mattresses brand. Investment is at bv in balance sheet and does not reflect true value.

Varadaraya Mallya

1 week ago

Suchetha Mam, would like to bring to your notice that Maharashtra Apex was the original Sharada Chit dund scam of the south when lakhs of depositors were defrauded of their hard earned money in 2001. The company clakmed loss and inability to pay back deposits to lakhs of honest Indians in what is called the cradle of Indian Banking, i.e., Mangalore/ Udupi

Roshan Thapa

1 week ago

It hols 35% stake in Kurlon Enterprises, leading mattress brand of India.

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