Suspected shell company Prakash Industries zooms 208% in 2017

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

The stock zoomed 208% from Rs 45.20 to Rs 139, as compared to 21% rise in Sensex till Monday.


LATEST NEWS  : Prakash Industries, Parsvanath Developers and J Kumar Infraprojects are among 331 companies that the market regulator banned trading, have rallied by up to 208% during the current calendar year 2017 (CY17).

The Securities and Exchange Board of India (Sebi) has directed stock exchanges to initiate action against 331 firms that it suspects are shell companies and are listed on the bourses.


Trading in all such listed securities, Sebi said, shall be placed in Stage VI of the Graded Surveillance Measure (GSM) with immediate effect. If any listed company out of the said list is already identified under any stage of GSM, it shall also be moved to GSM stage VI directly, the order says.

ALSO READ: Sebi bans trade in suspected shell companies. Here is the full list

Among individual stocks, Prakash Industries had zoomed 208% from Rs 45.20 to Rs 139 thus far in CY17. Parsvanath Developers and J Kumar Infraprojects surged 82% and 38% respectively, as compared to 21% rise in the S&P BSE Sensex till Monday.

On Sebi’s directions, Prakash Industries said that it is not a “shell company” as alleged.

“We are not a company which can by any stretch of imagination be termed as such and we are a healthy profit making company having an annual turnover of Rs 2,400 crore and profit of Rs 78 crore during the last year (FY2016-17),” Prakash Industries said in a letter to Sebi.


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