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Friday, June 19, 2009

Whats cooking here?

1)Scripscan:Everlon Synthetics Ltd

Story:Everlon Synthetics has surged a humungous 256% between 12 January 2009 and 26 May 2009, when the Sensex shot up 49% over the same period. What does Everlon do to deserve this rally? It supposedly manufactures denier texturised yarn out of partially oriented yarn (POY). This is a commodity business with very poor margins. In the September 2008 quarter, the company posted an operating loss of Rs5 lakh even though it posted sales of Rs4.29 crore during the same quarter; whereas in the December 2008 quarter, the company had posted an operating profit of Rs23 lakh even as it reported sales of Rs3.88 crore. Do these numbers justify the sudden huge interest in the scrip or is there something else cooking?

2)Scripscan:Avance Technologies Ltd

Story:Between 23 March 2009 and 26 May 2009, Avance Technologies shot up a massive 556% whereas the Sensex gained only 44% over the same period. The average volume traded between 23 March 2009 and 27 April 2009 was around 2,700. This surged to over 50,000 shares between 28 April 2009 and 26 May 2009. Avance claims to be in the software and call centre business. The numbers are hardly inspiring. In the past three quarters, it has posted an operating profit of Rs6 lakh and Rs8 lakh and Rs10 lakh, respectively. Who has triggered this rally and what will the regulator do about it?

3)Scripscan:Fortune Financial Services India Ltd

Story:Fortune Financial Services (India) claims to provide a range of financial services right from equities and derivatives trading to equity research, commodities trading, portfolio management services, distribution of mutual funds, new issues and insurance products and also investment banking services. Surprisingly, the fundamentals are not as robust as the business profile. In the past four quarters, the company has booked operating losses in three quarters. In the March 2008 quarter, a period of great boom, it posted a loss of Rs3 crore whereas in the September 2008 and December 2008 quarters, it posted an operating loss of Rs2 lakh and Rs59 lakh, respectively. Revenues have shrunk to Rs37 lakh in the December 2008 quarter from Rs4.48 crore in the March 2008 quarter. But on the bourses, the scrip has been a blockbuster. Between 24 March 2009 and 26 May 2009, Fortune has zoomed 370% with an average traded volume of over 1,000 shares whereas the Sensex has gained 43%. Once again, what is the surveillance system of the market regulator doing to detect all this?

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