Stock Manipulation
Stock manipulation: ICVL Chemicals
ICVL Chemicals went up nearly 100 times or 9841% in just over a year with marginal profits
 

ICVL Chemicals was earlier into trading of chemicals, shares and providing ‘advisory and consultancy services’. Listed in 2012, the company’s management changed hands in May 2014. Ram Alloy Castings became the new promoter. In January 2015, the registered office of ICVL Chemicals was shifted from Mumbai to Delhi and mineral extraction was included as additional business. With almost nil revenues reported in FY12-13 and FY13-14, ICVL Chemicals has begun to report revenues in the past two quarters. For the quarter ended September 2014 and December 2014, revenues were Rs4.09 crore and Rs8.30 crore, respectively. Net profit was just Rs5 lakh and Rs9 lakh, respectively. 
 
But does any of this have any bearing on its stock prices? The share price has risen from Rs2.20 on 13 December 2013 to as high as Rs218.70 on 5 March 2015—a rise of nearly 100 times or 9841%. Over the one-year period ended December 2014, the stock averaged just two-three trades a day, most of the time hitting the upper circuit. This is clearly a  case of money laundering and tax evasion. At the current price, the stock is valued at a price-to-earnings of about 7,046 times. Will the regulators and tax authorities care to investigate?

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SC extends bail to Teesta Setalvad, her husband
The Supreme Court on Thursday extended interim bail granted to advocate-activist Teesta Setalvad and her husband Javed Anand, while referring to the larger bench the questions of personal liberty and custodial interrogation.
 
An apex court bench headed by Justice Dipak Misra referred to the larger bench the issue whether non-cooperation in an investigation would entitle Gujarat Police to press for custodial interrogation of Teesta Setalvad.
 
She has been accused of alleged misuse of funds collected by NGO Sabrang Trust for setting up a museum in Gulberg Society that witnessed carnage during 2002 Gujarat riots.
 
The apex court on February 19 restrained Gujarat Police from arresting the activist and her husband.
 
The apex court bench headed by Justice Misra said the larger bench will decide the issue of anticipatory bail in relation to personal liberty, rule of law, societal interest vis-a-vis the allegations of non-cooperation in the investigation.
 

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US Fed Reserve may raise interest rates by midyear
In a move that would likely impact both emerging markets like India and advanced economies, the US central bank Wednesday dropped an assurance to be "patienta" in raising interest rates and signaled the hike could come by mid year.
 
But in a statement issued after a two-day meeting of its policy-making committee, the Federal Reserve also emphasised that it might still delay the decision to raise the rates for the first time since the 2008 financial crisis, until later this year.
 
The Fed's announcement moved the central bank to the verge of ending a period of more than six years in which it has held short-term interest rates near zero.
 
"Just because we removed the word patient from the statement doesn't mean we are going to be impatient," Fed chairperson Janet Yellen said at a press conference here at the end of Federal Open Market Committee's (FOMC) two-day meeting.
 
In a statement issued after the meeting, the committee said it will be appropriate to tighten "when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term."
 
The central bank stressed that it has not decided on the timing of the initial increase and that action is "unlikely at the April meeting."
 
"The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective," it said.
 
Striking an optimistic note about the economic outlook for the US, the committee said it "expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace."
 
The stock market surged on the news. The Dow was falling over 100 points before the Fed statement and is now over 100 points higher.
 
Dropping "patienta" gives the Fed more options on when it wants to raise interest rates. While the expectation is for an initial rate hike in June, the Fed has repeatedly said that it will only take action if the economy stays healthy, CNN said.
 
"Removing the word 'patience' simply gives the Fed flexibility," it said citing Greg Valliere, chief political strategist at Potomac Research Group.
 
The key factors the Fed will be watching as it decides when to raise rates are hiring, inflation, economic growth and the increasingly valuable -- perhaps too valuable -- US dollar, CNN said.
 
Ahead of the Fed meeting, IMF Managing Director Christine Lagarde had warned that emerging markets like India must prepare for the impact of a rise in US interest rates.
 
In a speech at Reserve Bank of India in Mumbai Tuesday, she also warned that markets could be heading for a repeat of the 2013 "taper tantrum."
 

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