Scripscan:Essen Supplements (India) Ltd
cmp:45
Code:526532
Story:Essen Supplements India Limited engages in the manufacture and sale of construction chemicals and epoxy resins in India. The company is based in Secunderabad, India.Can the share price of a company with virtually no revenues, rally an eye-popping 1100%? It can, in India. From just Rs4.20 on 6 May 2010, the scrip of Essen Supplements India Ltd shot up to Rs45 as on date.The share price has not reacted one bit despite a bear market in India since November last year and despite the fact that the company has reported negligible income for the past five quarters. Similarly, the Secunderabad-based company has hardly made any profits. In March 2010, there was an accumulated loss of Rs6.25 crore. Yet, the share price has been pushing successive highs ever since.This absurd situation is possible only because neither the stock exchange (in this case, the BSE) nor the market regulator bother about rampant price-rigging in Indian markets.
Source:ML
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