Stock Manipulation
Pearl Agriculture has risen by 46 times in a little over a year!

For a company with a revenue of Rs10 crore and negligible profits, Pearl Agriculture Limited has a mind-boggling market cap of Rs1011 crore

 

Pearl Agriculture Ltd (PAL) was incorporated in October 2012 through a demerger of the agriculture division of Nouveau Global Ventures (NGV), a listed company. Investors were allotted 55.89 shares of PAL for every 100 shares of NGV. On 18 March 2013, five months after a High Court approval, PAL was listed on the BSE. Over the past four quarters, PAL has reported a total revenue of Rs10 crore and negligible profit. Yet, PAL finds a place on the S&P BSE Small Cap Index. The promoters have reduced their holding to 14% as on 30 June 2014 from 36% at the time of listing. Corporate bodies, too, have reduced their stake to 14% from 38% during this period even as the stock price has risen vertically by 4,519%, or over 46 times, to Rs46.65 as on 22 August 2014 from Re1.01 as on 19 March 2013. This has raised no heckles among the regulators and exchanges who remain blissfully unaware that the stock price continues to trend even higher, leading to an astonishing market-cap of Rs1,011 crore.

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Fund raising via preferential shares down 34% to Rs2,159 crore in July
Funds garnered by companies via preferential allotments declined to Rs2,159 crore in July 2014 from Rs3,271 crore a month ago
 
Fund raising by issuance of shares to promoters and shareholders on preferential basis during July 2014 has fallen 34% to Rs2,159 crore compared with the preceding month.
 
However, fund raising through preferential allotment is expected to increase in the coming months as many companies have lined-up their plans.
 
According to latest data available with the stock exchanges, funds garnered by companies via preferential allotments declined to Rs2,159 crore in July from Rs3,271 crore in June.
 
Also, the number of preferential issues dropped to 29 in July from 44 in the previous month.
 
Market analysts said that companies have opted qualified institutional placement (QIP) route to garner fresh capital instead of preferential mode.
 
Fund raising on preferential basis has touched Rs13,732 crore so far in the current financial year (2014-15). In the entire 2013-14 fiscal, companies had mopped up more than Rs46,000 crore through this route. 

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Supreme Court turns down CBI director Sinha’s plea to restrain media
CBI director Ranjit Sinha also refuted all the allegations made against him, saying all such statements are “patently false"
 
The Supreme Court on Thursday turned down the plea of Ranjit Sinha, the director of Central Bureau of Investigation (CBI) seeking to restrain media from broadcasting and publishing news stories on the basis of documents pertaining to the entry list of visitors at his residence.
 
A Bench headed by Justice HL Dattu said it had gone through the documents and asked advocate Prashant Bhushan to file an affidavit annexing the materials.
 
“We have gone through the documents. We cannot take cognisance of this until it is placed on record,” the Bench said.
 
The Bench agreed to give an urgent hearing on the issue and decided to assemble at 10am, half an hour before the normal court time, on Monday.
 
In his plea, Sinha submitted that his right to privacy and reputation was involved in the case and pleaded the court to restrain the media.
 
Senior advocate Vikas Singh, appearing for the CBI Director, raised questions on the veracity and source of the documents.
 
The CBI Director also refuted all the allegations made against him, saying all such statements are “patently false".
 
However, the court turned down the plea to restrain the media from broadcasting or publishing news stories based on the documents.
 
The advocate also raised questions on how the documents got leaked despite Supreme Court’s order that they should be placed before it in a sealed envelope.
 
Singh further pleaded that apex court should ask Bhushan about the source from which he acquired those documents.
 
The CBI Director is at the centre of a controversy after an NGO had told the Supreme Court that entry register of his residence portrays a “very disturbing” and “explosive material” coming in the way of administration of justice in 2G spectrum allocation scam. 

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