1)Scripscan:Hasti Finance Ltd
cmp:15
Code:531387
Story:Chennai-based Hasti Finance Limited claims to be into leasing, hire purchase and financing of commercial and domestic vehicles. The business is only in name. In June, September and December 2008 quarters, revenues were only Rs5 lakh each. Companies like these fly under the radar. The disclosure is poor but nobody cares much. Hasti has not yet declared its March 2009 quarter results. However, its stock price is another story. Between 23 March 2009, and 20 July 2009 this scrip jumped 418%.Clear case of manipulation but who cares?
2)Scripscan:Vardhman Acrylics Ltd
cmp:11
Traded in:NSE
Story:On 3 July 2009, Vardhman Acrylics disclosed to the NSE that the promoters have purchased from the open market approximately 23 lakh shares between November 2008 and June 2009. Calculations would show that the promoters started buying at around Rs3 and we estimate that their average purchase price would have been Rs5. However, they chose to make the disclosure when the share price was Rs10. What purpose does such delayed disclosure serve? Will the NSE ever look into it? This isn’t the first instance. Similarly, last year, the promoters of Ispat Industries sold millions of shares up to Rs80. However, they chose to make this disclosure several months later when the price had come down to Rs20. Shouldn’t the exchanges and the regulator make it mandatory that promoters must disclose to the exchanges their buying or selling any shares in the company within one working day?So are you interested to be a shareholder or a company owner by placing your hard earned money in these companies?
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