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Stock manipulation: BITS
Despite its strange financials, in about six months, beginning January 2014, BITS staged a 342% rally
 
BITS—earlier known as Bureau of Information Technology Services—is in the information technology (IT) business. It claims to provide education solutions. For the whole year ended March 2015, BITS reported revenue from operations of Rs22.51 lakh compared to Rs15.51 lakh reported in FY13-14. It reported an operational loss of Rs87 lakh in FY14-15, compared to a loss of Rs3.55 crore in FY13-14. What’s strange is that its employee costs were as high as Rs21.66 lakh in FY13-14; this reduced to just Rs9 lakh in FY14-15. BITS has other income is in the form of rent which is much more than its operational income. In FY13-14, this company, with Rs4 crore market-cap, even reported Rs3.03 crore losses on sale of investment. Despite such strange financials, the stock is up 200%, at Rs0.36 on 23 September 2015 from Rs0.12 on 7 January 2014. In about six months, beginning January 2014, the stock had staged a 342% rally—to Rs0.53 on 24 June 2014. 
 
In August 2014, its promoters, Vizwise Commerce, were fined Rs4 lakh by the market regulator for violation of two regulations: SAST (substantial acquisition of shares and takeovers) and PIT (prohibition of insider trading), on the matter of Seasons Textiles. In January 2015, the fine was reduced to Rs2 lakh.Has the regulator checked for suspicious trading activity in all the holdings of Vizwise Commerce? 

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India gets 638 declarants for $580-mn black money
India's drive against black money to get back ill-gotten wealth stashed away by its citizens abroad has drawn responses from 638 declarants for total assets worth Rs.3,770 crore ($580 million), an official statement said on Thursday.
 
The amnesty scheme ended September 30. It called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31. The compliance window opened on July 1.
 
The official statement said the actual quantum of declaration, under what is called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, was subject to a final reconcilitaion.
 
India has no official estimate about the quantum of black money stashed away by Indians abroad but unofficial estimates puts the sum somewhere between $466 billion and $1.4 trillion.
 
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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