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Car Insurance: TP Insurance Declined due to Higher Accidents?
In May 2016, Moneylife wrote about ICICI Lombard’s Amritsar office refusing stand-alone...
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Stock manipulation: Oriental Trimex

Oriental Trimex deals in the processing and trading of marble. It is said to have warehouses at Delhi, Mumbai, Chennai and Kolkata. For the year ended March 2016, Oriental Trimex reported a revenue of Rs51 crore, up from Rs20 crore reported for the same period a year ago. It reported a net profit of Rs1.10 crore in FY15-16, compared to a loss of Rs11.14 crore in FY14-15. While its financials seem to have improved, all is not well with the marble supplier. On 9 June 2016, ICICI Bank initiated recovery proceedings against Oriental Trimex for its longstanding dues of Rs6.88 crore. In December 2012, the Bank had classified loans to Oriental Trimex as a non-performing asset due to default on outstanding dues. On 16 August 2013, ICICI Bank had filed a recovery suit before the debt recovery tribunal. In February 2013, the company had defaulted in payment of excise duty. But this does not seem to be reflected in the stock price of the Oriental Trimex. The stock is up 431%, to Rs9.18 on 14 June 2016, from Rs1.73 on 7 October 2015. In fact, the stock had run up 239% in just over a month—from Rs4.85 on 23 March 2016 to Rs16.46 on 11 May 2016. Over this period, it was consistently hitting the upper circuit limit of 5%. Soon after, the price crashed 44%, to Rs9.18 on 14 June 2016. Who were behind this suspicious trading activity? Will the regulator investigate? 

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COMMENTS

mayank tanwar

8 months ago

Car insurance very is necessary. It is a legal requirement to have a minimal level of insurance before driving a car in India. Coverage would differ by product, however following is a list of possible car Insurance coverages. For best car insurance quotes go to policybazaar.

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