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Stock manipulation: Galada Power & Telecommunication

In less than a year, the stock price of Galada Power & Telecommunication shot up by 813%. Astonishing for a company which has been declared sick

 

Galada Power & Telecommunication (GPT) manufactures electrical conductors and related products. In 2001, Galada’s bankers initiated legal proceedings for recovery of debts. GPT had defaulted in the payment of dues to its lenders and was declared a sick company by the Board for Industrial & Financial Reconstruction (BIFR) in September 2007. The order for winding up the company was stayed by the Andhra Pradesh High Court. Over the past year, a couple of lenders agreed to a one-time settlement of dues. GPT has generated revenue of just about Rs2 crore-Rs3 crore in each of the past five quarters with a net loss in a couple of quarters. Yet, the stock price shot up by 813%, to a high of Rs30.85 as on 27 February 2015 from Rs3.38 as on 26 March 2014, i.e., an investment of Rs1 lakh would have grown to Rs9 lakh in less than a year. From the peak, the price has fallen by nearly 25% to Rs23 on 5 May 2015. Despite the steep fall, it is still nearly 580% up compared to a year ago. The regulators, as usual, do not find this suspicious. 

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COMMENTS

V ganesan

2 years ago

Today cairn india announced merger with vedanta which is pucca fraud and cheating.In india people are ready to take business risk and currency risk and political risk.But they are not re3ady to take promoters whichare cheating the investors.eVEN AFTER ANOTHER CENTURY RETAIL IN INDIA WILL STAY AWAY FROM EQUITY MARKET.tHEY ARE SATISFIED WITH GOLD AND FD AND REAL ESTATE.

India, France to go undersea to uncover maritime heritage, treasure

A recent visit by French Ambassador Francois Richier to the National Institute of Oceanography (NIO) located at Dona Paula near Panaji has triggered fresh hope for salvaging and preservation of nearly a dozen known shipwrecks dating several hundred years ago and discovering several more vessels resting anonymously along the seabed

 

Precious gems, hippo's teeth and European currency scattered in the depths of the Arabian sea as well as uncovering priceless historic data about maritime trade between Asia and Europe dating to over 500 years is what's on the menu as Indian marine archaeologists and French divers collectively aim to salvage shipwrecks off India's western coast.
 
A recent visit by French Ambassador Francois Richier to the National Institute of Oceanography (NIO) located at Dona Paula near Panaji has triggered fresh hope for salvaging and preservation of nearly a dozen known shipwrecks dating several hundred years ago and discovering several more vessels resting anonymously along the seabed.
 
"If you look at it from a historical perspective, gold and silver are interesting, but you can find many other things. From the archaeological perspective, if you can find some kind of equipment, some types of artefacts... it is useful for shaping of scientific history (maritime and trade history of the region)," Richier told IANS during his visit here.
 
The cooperation, Richier said, would help in better understanding the maritime trade routes and help uncover and salvage precious heritage lost to the seas.
 
Over the last decade and more, marine archaeologists at the NIO have located and in some cases even salvaged the remains of ships - some of which date to over 500 years - which met their watery graves due to accidents, storms and conflicts during the years when India's western coast was an important port-of-call along the trade route between Europe, the Indian subcontinent and the Far East.
 
One of the most significant underwater discoveries off Goa was a few nautical miles off the Dona Paula cliff, a popular tourist spot along the Amee shoals and the Sunchi reef, whose raised laterite rock shoals have led several vessels to their doom.
 
The priceless treasures veteran marine archaeologist Sila Tripathi and his team discovered at the site of the early 17th century ship could perhaps give the fictional Captain Jack Sparrow of the "Pirates of the Caribbean" series a run for his money.
 
"An early 17th-century Portuguese shipwreck has been explored off Sunchi Reef, where iron guns, the barrel of a handgun, an iron anchor, well-dressed granite blocks, a door-knocker, shreds of stoneware, ivory, hippopotamus' teeth and bases of glass bottles were recorded," Tripathi told IANS.
 
Another shipwreck along the St. George Reef nearby has yielded terracotta artefacts, Corinthians columns, construction brick cargo and the like.
 
Another Portuguese vessel, Manoel Dias, that went under in the vicinity is known to have carried a small haul of precious stones and royal money, among other goods.
 
Tripathi also hinted at several instances of pillage by rogue underwater divers who have hacked away anything of value from the vessels, especially the big brass bells, which traditionally had the name of the vessel engraved on them.
 
"There have been many instances where local divers have taken off (with) important artefacts and relics. They may not be of high importance for them, but for us every little clue is vital. In the recent past there were also instances of blasts at the site with dynamite," Tripati said.
 
Richier is optimistic that sophisticated salvaging techniques, combined with cutting edge diving skills, could help reveal much more than what the underwater plunderers have ransacked.
 
"What the plunderers generally search for is gold and silver," he said.
 
"The technique at the end, whatever the age of the wreckage, is roughly the same. It involves diving. The technology is aimed at taking away the sand, while keeping the integrity of the wreckage, which is a very complex technology. But we are sure that once it develops we will be extremely successful," Richier concluded.

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