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Regulations: Health Insurance Regulations 2016 Decoded
Insurance Regulatory and Development Authority of India (IRDAI) has introduced Health...
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Stock manipulation: Optimus Finance
Optimus Finance (earlier known as Transpek Finance) operates in two business segments—financing & investing activities and manufacturing & trading in chemicals. It has one subsidiary, namely, Maximus International, engaged in importing, trading and exporting various products. This Gujarat-based company reported a consolidated loss of nearly Rs0.36 crore for the year ended March 2016. For the quarter ended June 2016, the micro-cap stock reported a consolidated profit of Rs0.15 crore compared to a loss of Rs0.20 crore for the quarter ended March 2016. However, its consolidated financial reporting has been inconsistent. While it reported its consolidated numbers in FY12-13 and FY13-14, there was no consolidated revenue statement for FY14-15.
 
Despite such poor disclosures and financials, the stock price has shot up. From a low of Rs3.60 on 22 January 2014, it zoomed to Rs35.2 on 7 September 2016, up 878% or nearly nine times. In fact, over the past one year, the price has nearly tripled from around Rs13 at the beginning of September 2015. Over the past one year, the stock has had a median of just three trades a day; about 500-1,000 shares have been traded. As on 30 June 2016, Optimus Finance had just 2,819 individual shareholders. Are there some individuals who are interested taking the stock price up? Will the regulator investigate? 

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