Stories of price manipulation
Kelvin Fincap (Rs63)
If you look up Kelvin Fincap’s website, nothing is mentioned about who its promoters are and what it does. It is categorised as ‘other financial services’ on the BSE’s website. There’s no annual report for FY10-11 and FY11-12 on either website. It was suspended by the BSE for non-compliance of listing agreement, on 30 November 2007. It also failed to disclose its shareholding pattern on 30 June 2011. BSE revoked the suspension on 30 November 2011. The company employed the oldest trick in the book, to hide away its past transgressions, by changing its name from Dahyabhai Sons Ltd, on 6 July 2012, to Kelvin Fincap. Its financials are strange. The company recorded a 180% jump in revenues, from Rs5 lakh in March 2012 to Rs14 lakh in December 2012, in just four quarters. Yet, its net profits barely budged and stood at just Rs1 lakh in December 2012, roughly the same as in March 2012. The result? Its share price rocketed from Rs8.97 to Rs58.20 in the past one year, a rise of 549%. Is there a regulator in the country?
A mid-size software company with average return ratios
Are We Slipping into a Bear Market?