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Stock manipulation: Agri-Tech (India)
Agri-Tech (India), earlier a part of Nath Seeds, is into ‘horticulture business’, as per its latest annual report. 
 
However, this micro-cap stock has not generated any significant revenue over the past few years. For the year ended June 2016, the Aurangabad-based company reported revenues of just Rs7 lakh compared to sales of Rs8 lakh reported a year ago. It reported a net loss in eight of the past 10 quarters. Strangely, a few months ago, a strong interest developed in the stock, despite its poor financials. From just about 1-10 shares traded a day over the past year, in July and August 2016, the number of shares traded averaged about 100 per day. The result? 
 
In just over a month, the stock price shot up 347%, from Rs10.39 at the beginning of July 2016 to a peak of Rs46.45 on 18 August 2016. The stock consistently hit the upper circuit limit of 5% on the BSE.  The euphoria did not last long as in all ‘pump and dump’ operations; the stock price soon crashed. Even though the stock is now down 40% from the peak, to Rs28 on 22 September 2016, it is still up 483% from a low of Rs4.8 on 28 April 2015.

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COMMENTS

Ramesh Poapt

2 months ago

Nath seeds and its other co;s holds similar past story.

India jumps 16 places in Global Competitiveness Index
On the back of improved monetary policy and recent reforms towards opening up the economy, India has jumped 16 places in the Global Competitiveness Index (GCI) to 39th spot, the World Economic Forum (WEF) has said.
 
"India climbs, for the second year in a row, to 39th. Its 16-place improvement is the largest this year, thanks to improved monetary and fiscal policies as well as lower oil prices," the WEF said in its Global Competitiveness Report 2016-17 published on Wednesday.
 
The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries, the report underlined.
 
"Recent reform efforts have concentrated on improving public institutions, opening the economy to foreign investors and international trade, and increasing transparency in the financial system," it stated. 
 
The report also highlighted that India happens to be the second-most competitive economy among the BRICS (Brazil, Russia, India, China and South Africa) countries, with China ahead at 28th spot.
 
Switzerland, Singapore and the United States remained the world's most competitive economies in the report that assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity. 
 
The report emphasised that updated business practices and investment in innovation are now as important as infrastructure, skills and efficient markets.
 
Crediting Prime Minister Narendra Modi's government for undertaking reforms, the report said, "India's competitiveness score stagnated between 2007 and 2014, and the economy slipped down the GCI rankings. Since the new government took office in 2014, India climbed up the rankings to 39th in this edition of the report."
 
Improvement in infrastructure was small and faltering, but picked up after 2014, when the government increased public investment and sped up approval procedures to attract private resources, it said. 
 
"The institutional environment deteriorated until 2014, as mounting governance scandals and seemingly unmanageable inefficiencies saw businesses lose trust in government and public administration, but this trend was also reversed after 2014," it added. 
 
But still a lot needs to be done in the manufacturing sector, which has millions of unprotected and informal workers, the report stated.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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