Stories of Price Manipulation
The company was earlier known as Asianlak Capital and Finance Ltd. But it changed its name, on 9 October 2013, to Global Infratech & Finance Ltd. This is a strategy to mask its inglorious past. According to the BSE, it is supposedly into ‘miscellaneous commercial services’ whatever this means. The company has committed many infractions, most notably failing to comply with BSE’s listing agreement. It was suspended from listing on 30 November 2007. The suspension got revoked on 18 November 2011. The company’s fundamentals are extremely erratic. Its net sales for the past four quarters were Rs4.68 crore, Rs1.19 crore, Rs7.74 crore and Rs1.29 crore, respectively, for the September 2012, December 2012, March 2013 and June 2013 quarters. Its net profit for the same periods were equally erratic at Rs19 lakh, Rs26 lakh, Rs16 lakh and Rs71 lakh, respectively. The stock was less than Rs1 on 25 June 2012. And now? It was quoting at a whopping Rs91.9 on 25 October 2013, translating to a massive 11388% returns! Our regulators, of course, are blind.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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