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Online Personal Finance Magazine
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Vishvjyoti Trading rose 6259% in a year and half
Vishvjyoti Trading (Vishvjyoti) has a ‘diversified trading business’. Apart from ‘trading in textile yarns’, it also trades in shares and securities. The promoter’s stake was just 1.05% as on 30 September 2014 down from 65.28% in September 2012. But the price has been moving up by 2%-5% every single trading day from June 2013 to March 2014, with just about one trade a day. From March, trading volume increased to approximately 100 trades a day. Its financials have played no role in the price spurt. With a revenue of about Rs55 crore, the company has reported a profit of Rs3.29 crore. The stock price is a shocking 115 times the earnings per share. With just 143 individual shareholders, the stock price has shot up by 64 times or 6,259% to Rs24.80 as on 22 December 2014 from an adjusted price of Rs0.39 as on 3 June 2013. Vishvjyoti has been suspended in the past for not complying with the listing agreement by the BSE. While SEBI talks a lot about controlling market manipulation, it actually does little about it.