Stock manipulation: Toyam Industries
Toyam Industries was originally incorporated as Chetram Balkrishan Limited and later changed its name to Ojas Asset Reconstruction Company Limited before it was rechristened  Toyam Industries in December 2016. The penultimate renaming was designed to reflect its changed business—from securitisation and asset reconstruction to general business and trading activities. Further, in April 2017, the company decided to expand and diversify its business to “all kinds of activities related to sports, fitness, fashion, films, entertainment or any other genre.” The surprising part is that, though the company claims it is has multiple services—sports, gaming, merchandise, fitness, healthy foods and beverages, investments and consultancy—its website provides no substantial information about the businesses, clients or any other important data.
 
 
The company claims it is launching an integrated fight league platform in India, registered as "K1L Kumite 1 League". The company had announced that it is launching its K1L series of products and services by opening a sports cafe in July 2017 in Mumbai. On its website, the company claims it has trained over 35,000 women students in self-defence at its KIL training facility. However, it is perplexing that no details have been provided on the website of the kind of training, nor proof of the training having taken place, nor annual reports. The company gives vague explanations in its ‘services provided’ section on the website. Here are a few screenshots which are quite bizarre. 
 
 
Apparently, Toyam’s promoters don’t have much faith in the company. They have an extremely low shareholding of 4.71%. The company has a market-capitalisation of Rs127 crore. The sales of the company grew 1366% year-on-year (y-o-y), from Rs0.44 crore in the June 2016 quarter Rs6.45 crore in the June 2017 quarter while the net profit fell 94% y-o-y from Rs0.32 crore in the June 2016 quarter to Rs0.02 crore in the June 2017 quarter. The most amazing aspect is its stock price which rose 626%—from Rs1.31 on 14 February 2017 to Rs9.51 on 27 October 2017. 
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    Stock manipulation: NBI Industrial Finance
    New Bank of India Limited was into banking. Its business was taken over by the government in 1980 and, after nationalisation, the company changed its name to NBI Industrial Finance Co Limited and began to operate as a non-banking financial company (NBFC). It provides hardly any information to its shareholders. Its website does not have the directors’ reports for 2016 and 2017. Results for the December 2016 and March 2017 quarter are also not displayed on the website. The performance of the company is erratic and the management provides no explanation for it. Revenues, just Rs0.18 crore in the December 2016 quarter, rocketed to Rs97.44 crore in the March 2017 quarter and crashed to Rs1.02 crore in the June 2017 quarter. 
     
    NBI made a loss of Rs0.01 crore in the December 2016 quarter. It then made a profit of Rs78.26 crore in the March 2017 and a profit of Rs0.83 crore in the June 2017 quarters. NBI announced a share split of one equity share of Rs10 each into two equity shares of Rs5 each, recently. It has had the same auditor for the past 10 years and, due to the mandatory rotation of statutory auditors on completion of two consecutive five-year terms it changed its auditor from Lakhotia & Co to DK Chhajer & Co from the current financial year. The company has a market-capitalisation of Rs400 crore and trades at a price of Rs3,204 per share. The stock skyrocketed from Rs270 per share on 7 December 2016 to Rs3,250 per share on 13 October 2017 an increase of 1104% in one year. The regulators don’t seem to be bothered about such a clear case of rampant price manipulation. 
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    COMMENTS

    Lalit Agrawal

    2 years ago

    Management is still living in 19th century, by deceptive means to increase its own earnings. Thus negating easy cheap capital formation through equity. Read The Hindu 17th September 2017, to understand the art of manipulation. Company business has sky as the limit of earning and profitability. Manipulating small investors capital is like shilling wize but pound fool. Present tenet is let all earn. Please learn from Mukesh bhaji Ambani to earn

    Himanshu Kishnadwala

    2 years ago

    a thorough investigation should be ordered to rule out any manipulations

    Lalit Agrawal

    2 years ago

    NBI management is big cheat. Please read The Hindu dated 17th September, it provides in details the manipulation in sale of shares. Robbing equity holders does not pay. Rather restricts capital formation in future. The mature finance mantra is let all earn. Thus increase values for all. Cheats are most of part busy in manipulation defensively. Instead of concentrating aggressively the market, where sky is the limit to grow for all.

    DrSatish Kumar

    2 years ago

    unbelievable ...

    Stock manipulation: Antarctica

    Antarctica Ltd claims, on its website, that it started off with providing pre-press services; diversified into printing on a job-work basis with multicolour offset printing machines and, now, is in the packaging and printing business. The company was earlier called Antarctica Graphics Limited and, according to www.watchoutinvestor.com, it was suspended from trading by the Bombay Stock Exchange on 30 November 2007 for not complying with the listing agreement. The company now claims to be into carton box manufacturing, book printing and finishing, manufacturing labels, contract packaging and manufacturing tea bags. Antarctica’s packaging/printing unit is located at Falta Export Processing Zone (Free Trade Zone) about 50km from Kolkata and claims to export to Sri Lanka, the Middle East, Russia, Kazakhstan and Nepal.

     

    Stock manipulation: AntarcticaThe fact is that it has hardly any business. Sales for the June 2017 quarter were Rs44.78 lakh while sales for the March 2017 quarter were Rs40.96 lakh. It reported a loss of Rs17.2 lakh in the March 2017 quarter and a meagre profit of Rs4.3 lakh in the June 2017 quarter. It neither pays tax nor declares dividend. Despite such poor performance, the stock rose 850% from Re0.1 on 24 March 2015 to Re0.95 on 29 September 2017, after rising to as high as Rs1.85 in February 2016, at which point it was up by 94.75%. The promoter shareholding in the company is only 31.63%. This looks like a clear case of manipulation, but do you expect market regulators to bother? 

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