Unquoted: Prraneta industries,Acil cotton industries February 08, 2012 01:07 PM | [image: Bookmark and Share]<http://www.addthis.com/bookmark.php?v=250&username=moneylife>
Moneylife Digital Team *Stories of price manipulation* *Prraneta Industries (Re0.36)* Prraneta Industries is supposedly engaged in textiles trading andfinancing. It is a case of how a fundamentally weak stock can be easily rigged in India. *Moneylife* wrote about this company (issue dated 8 April 2010) when its share price had surged from Rs2 on 13 March 2009 to Rs34.35 on 17 March 2010, an increase of 1618%. Subsequently, the share price rose to Rs79.10 on 28 February 2011, a further increase of 130%—a total rise of 3,855% in about 23 months. By 18 January 2012, the share price had fallen by 100% to Re0.38. Its revenues for FY10-11 were Rs275 crore. Its revenues for June 2011 were Rs75.01 crore, while net profit was just Rs0.91 crore. In September 2011, turnover suddenly slumped to Rs33.23 crore on which profit was Rs0.20 crore. Intriguingly, the company will soon be called Aadhaar Ventures India Ltd. *Acil Cotton Industries (Re0.37) * Baroda-based Acil Cotton Industries is apparently into contract farming, cultivating cash crops like cotton, tur, jeera, groundnut, fruits, vegetables and a variety of herbs in Gujarat. On 19 April 2011, it announced a bonus issue of shares in the ratio of 1:1. In the past five quarters, its sales have been Rs17.05 crore, Rs12.28 crore, Rs9.53 crore, Rs0.9 crore and Rs0.22 crore, respectively, On Thu, Feb 9, 2012 at 2:56 PM, RAJESH DESAI <[email protected]> wrote: > Did Manappuram insider bail out just before RBI deposit ban? > > The curious case of Manapurram Finance, the loans-against-gold company > that was recently pulled up by the Reserve Bank of India (RBI), keeps > getting murkier. > > On Monday, 6 February, the RBI barred > Manappuram<http://www.dnaindia.com/money/report_manappuram-gets-rbi-rap-for-taking-deposits_1646824>and > a related sole proprietary firm from raising public deposits, but even > before the news was out, the wife of one of the company’s promoters was > selling shares in the company. > <http://www.firstpost.com/wp-content/uploads/2012/02/GOLDBANGLES_1.jpg> > > Reuters > > Sarada Sankaranarayanan, wife of Director AR Sankaranarayanan, sold > 16,63,000 shares in the market at a price of Rs 57.75 through their broker > Geojit BNP Paribas on 6 February before the RBI information was put in the > public domain. Sale of shares continued the next day, when the same > promoter sold another 11,63,000 shares at Rs 48.17. The shares opened lower > when the market came to know about the ban. > > Total proceeds from the sale on the first day work out to Rs 9.6 crore > while on the second day it was Rs 5.6 crore. The average price of sale for > the transactions works out to Rs 53.81 and the total proceeds added up to > Rs 15.20 crore. The share currently trades below the average sale price at > Rs 46.40, down 6 percent. > > Does this sale amount to insider trading, when a relative of the promoter > group sells shares before news that can have a material impact on the share > price is widely disseminated? > > Meanwhile, *CNBC-TV 18 * has reported that the central bank is > contemplating regulating the gold loans sector. This is could be in the > form of limits on the loan that a gold loan firm can give as a percentage > of the value of the loan. > > The RBI may also restrict the maximum interest that a gold loan firm can > charge its customers, and also the penalties that gold loan firms can > impose, *CNBC-TV 18* reported. > > -- > CA. Rajesh Desai > > -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
