Stock Manipulation
Unquoted: Finkurve Financial Services Limited

Stories of Price Manipulation

Finkurve Financial Services (Rs 19)

Finkurve Financial Services Limited (FFSL), a non-banking financial company, earlier known as Sanjay Leasing Ltd, was into lending funds and financing small and large companies. Since 2012, FFSL apparently provides services in foreign exchange and commodity trading. It reported a net loss in as many as 12 of the past 13 quarters. Over the past four quarters, revenue was just Rs30 lakh and net loss Rs28 lakh. Yet, this did not seem to deter ‘investors’. FFSL has been pulled up in the past for delay in making disclosure of shareholding and has even been suspended for trading for not complying with the listing agreement. The share price shot up by 513%, or over six times, in just over a year to Rs20 as on 10 June 2014 from Rs3.26 as on 2 January 2013. Trading has been infrequent, with one to two trades a day and, on a few occasions, it has gone up to 10-15 trades.  No, BSE and SEBI couldn’t care less.

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Indian market trends

The Sensex and the Nifty rose 3% each during the fortnight ended 3 July 2014. ML Large-cap Index and ML Mega-cap Index advanced 7% and 6%, respectively. ML Small-cap Index, ML Mid-cap Index and ML Micro-cap Index surged 8% each.

 

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Fund flows
Foreigners: Foreign institutional investors were net buyers of stocks (Rs4,731.42 crore)....
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