Stock Manipulation
Unquoted: Nicco Uco Alliance Credit

Stories of Price Manipulation

Nicco Uco Alliance Credit (Re0.26)

Once a joint venture between Nicco group and Uco Bank, Nicco Uco is a Kolkata-based financial intermediary. It has been pulled up by several regulators, including RBI, CLB, the BSE, NSDL and even the Serious Frauds Investigation Office (SFIO) for regulatory lapses. The SFIO has implicated the company for breach of Companies Act. Earlier, in 2010, the company was cautioned by RBI for unauthorised collection of deposits. The CLB, in 2005, acting on complaints received, had directed the company to repay the deposits. Its fundamentals are appalling. It has recorded zero income in the five out of past six quarters and has declared six straight quarterly losses totalling Rs70.49 crore. No wonder, the company is worthless and quotes at just 28paise  as of 20 May. Yet, it remains listed on the BSE at the expense of minority shareholders. The BSE doesn’t care about the company’s past transgressions which are serious to warrant action. No annual reports could be found on the BSE’s website.

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M&M tractor sales jump 24% in May

“The prospect of a good monsoon would also add buoyancy to the farmers’ morale and lead to a stronger growth for the overall agricultural sector,” M&M Chief Executive, Tractor and Farm Mechanisation, Rajesh Jejurikar said

Mahindra & Mahindra’s (M&M) tractor sales rose 24.24% to 23,626 units in May 2013 compared with 19,016 units in the corresponding period of last year. Domestic sales of tractors grew 24.7 per cent to 22,471 units from 18,019 units.

 

Commenting on the monthly performance, Mahindra & Mahindra Chief Executive, Tractor and Farm Mechanisation, Rajesh Jejurikar, said the company is happy to have achieved a consistent growth over the last two months which will have a positive impact on the overall tractor industry.

 

“The prospect of a good monsoon would also add buoyancy to the farmers’ morale and lead to a stronger growth for the overall agricultural sector,” he added.

 

The company said its tractor exports rose 15.84% to 1,155 units last month against 997 units in the same period last year.

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