Thursday, June 4, 2009
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Wednesday, May 20, 2009
sell call on 21.05.2009
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Sunday, May 10, 2009
sell call
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Tuesday, May 5, 2009
short call
Mark Galasiewski, Editor, Asian-Pac Fin Forecast, Elliott Wave International, sees the rally on the Sensex topping out this week. “At a minimum, we would be looking for a 38% retracement of that advance. At present, if we go a little higher, that should lead us back to the end of the previous fourth wave which is the April 22 low of approximately 10,700 on the Sensex or 3,300 in the Nifty.”
He feels markets won’t go back and retest its October 2008 lows.
pstl story
The Securities and Exchanges Board of India (Sebi) has blown the lid off a forgery masterminded by the promoter of Pyramid Saimira - Nirmal kotecha and the investigations have revealed a nexus between him, Rakesh Sharma, a PR agent representing Adfactors, journalist Rajesh Unnikrishanan and a few market operators.
Sebi has banned Nirmal Kotecha for masterminding the forgery of a Sebi letter. It has also barred another promoter PS Saminathan for spreading misleading information.
Also Read:
PS Saminathan victim of circumstances: Pyramid Saimira
Sebi bars Kotecha, associates from trading on stock mkts
Here is a verbatim transcript of Vivek Law’s comments on CNBC-TV18. Also watch the accompanying video.
A completely bizarre set of developments if one looks at this entire 50 plus page order. Back to December 21-22, there were two sets of stories that appeared in various newspapers that talked of a Sebi order to the promoters of Pyramid Saimira to make an open offer because they had violated certain takeover norms on creeping acquisition.
Background of the forgery
On December 22, which was a Monday, the market opened and the stock was up 10%. The share at that time was trading at roughly about Rs 70. The open offer was sought to have been directed by Sebi allegedly at Rs 250. So, quite clearly the stock shot up in the morning. By about 10:30 am, the Pyramid Saimira management said they had not received any such letter from Sebi. By the end of the day, the stock was down about Rs 10.
This is important because this is why this entire forged letter of Sebi activity was done. Let me break this up into two. First, why was this done and how did the forged letter activity happen. Why was it done seems pretty clear from the Sebi investigation. Nirmal Kotecha through his maternal uncle made a gain of Rs 20 lakh according to Sebi on just that one day. Nirmal Kotecha according to Sebi’s investigations was a buyer in the Pyramid Saimira stock for several months, and on December 22 he was the highest net seller. Sometimes the percentage went up to even as high as 40-50%, his percentage of the total net sales.
He transacted not just on his own name, he was transacting through several people. One of them was his maternal uncle and even just in that one period the gain itself was Rs 20 lakh. Quite clearly, according to Sebi, Nirmal Kotecha was building up his positions in this particular stock. This was really what it appears like a last ditch attempt to shoot the stock price up and get out of it.
People involved in the forgery
There were some other people he used as well. There are 230 entities who have been put out of the markets by Sebi for having been hand in glove through either banking or share transactions through Nirmal Kotecha.
There was another person called Amol Kokane. He is an engineering student who lives in Navi Mumbai. He was using the phone, which Kotecha claimed was his mobile number. This boy’s brother-in-law, who died in an accident in November last year was actually working for a broking outfit and he was really a front for Kotecha, as Sebi brings it out in its order. He was really the person who had given an absolute free-run to Kotecha to operate the demat accounts and the transactions were being done on the brother-in-law’s name. When the brother-in-law died it got transferred on to Amol Kokane’s name. His family income was Rs 1-5 lakh but his mobile phone bill per month was Rs 40,000. What has really happened therefore? There are heavy cash transactions by Kotecha, even as on the day when this whole forged letter was being drafted.
On next page: How did the forgery of the letter happen? How did the forgery of the letter happen?
What has really happened is that Kotecha, Rakesh Sharma – who used to work with a PR agency Ad Factors – and a journalist with the Economic Times Rajesh Unnikrishnan, according to Sebi really plotted sending this letter out to various media vehicles – newspapers, and to channels. Obviously this was not sent officially from the company or from the PR agency. It was sent by them using their old contacts. They even contacted former journalists who were based in Kolkata to send this out to other journalists out there whoever they knew. So, clearly the way it was being was not official. They sent it to people who they thought they knew and would manage to get the story in.
When a few journalists started calling up the Company Secretary of Pyramid Saimira to find out whether this letter was genuine at all or not they realised that the game might just go away. So, they planted a fake Company Secretary, a number of a person was given. He was impersonating as the Company Secretary and he kept claiming yes we have received such a letter. It was perfectly done. Unfortunately, when the news came out and when Sebi realised that this letter was forged it just went and did a complete audit of the bank statements. It was very audacious but I am very surprised that they thought they would get away with it. They haven’t.
We must add here that in these four months, Sebi has gone through bank transactions, it has actually gone back and monitored the location of these people from mobile towers information that they have got from mobile operators and it seems like an extremely thorough investigation that has been carried out in four months.
Why is PS Saminathan barred?
He has been held guilty of having been in fairly active transactional touch with Kotecha. He has been held guilty of actually facilitating Kotecha’s buying of the shares and subsequent selling of the shares. They are not involved, according to the Sebi order as far as the forgery side of this letter is concerned. But he is also accused of actually buying shares at Rs 45 per share when he was telling the media that my share is heavily undervalued and its fair value should actually be Rs 200. He is also accused of making wrong disclosures of his own shareholding and not complying with regulations which mandate disclosure of your shareholding.
Finally, there were certain book entry transactions with another broking firm in between, Kotecha as well as Saminathan, which was Keynote Capital. Sebi has found Keynote Capital was giving out research reports that were not really justifying the true value. Therefore it has barred Keynote Capital from issuing any further recommendations.
This is an interim order. Very importantly, this order has been sent to the RBI, it has been sent to the Financial Intelligence unit, it has been sent to the Income Tax Department because money laundering has been suspected. My sense is that there is a lot more that is going to unfold in this particular case in the coming days and weeks.
Sunday, February 1, 2009
trading tips on 02/02/2009
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Wednesday, January 28, 2009
Trading tips for 29/01/2009
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Saturday, January 10, 2009
trading tips 12-01-2009
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DISCLAIMER :-Readers must be advised that while the information herein is expressed in good faith, its accuracy is not guaranteed. There is always the risk of loss while trading for which the Author is not responsible. The views expressed in the website is just an analysis based on Technical analysis and it should not be construed as an offer for buy or sell. Anyone trading based on the recommendations are doing so at their own risk and the Author is not responsible for any financial loss arising out of it.
Thursday, January 8, 2009
satyam story part 2
Satyam fell 78 percent after Raju told the Hyderabad-based company’s board he had inflated the balance sheet by 50.4 billion rupees ($1.03 billion) with “fictitious” cash, according to a letter delivered to the Bombay Stock Exchange.
“There is a clear danger of customers deserting Satyam if rapid steps aren’t taken,” said Apurva Shah, head of research at Mumbai-based brokerage Prabhudas Lilladher Pvt. “That may put the viability of the company in question.”
The scandal shook confidence in India’s stock market, sending the Sensex index down 7.3 percent yesterday, its biggest drop in more than 10 weeks. Securities & Exchange Board of India Chairman C.B. Bhave said the disclosure was of “horrifying magnitude,” and the markets regulator ordered a probe into trading of Satyam shares.
India’s main accountants group has started an investigation into Satyam, Ved Jain, president of the Institute of Chartered Accountants of India, said in a telephone interview from New Delhi. “We will come out with the truth very quickly,” he said.
The government is verifying the facts about Satyam and will take action after the investigation is complete, Prem Chand Gupta, minister for company affairs said yesterday in New Delhi.
“There will be no leniency in dealing with this case,” he said.
‘Woeful Misuse’
The fall of the 54-year-old entrepreneur, a pioneer of India’s software industry, began three weeks ago when Satyam proposed paying $1.6 billion for two companies connected to Raju. The plan was scrapped 12 hours later, after investors called it a “woeful misuse of cash.” Yesterday, Raju said the sale was designed to plug the hole in Satyam’s balance sheet.
As recently as September, the London-based World Council for Corporate Governance gave Satyam its Golden Peacock Award. The council yesterday withdrew the prize because Satyam, which means truth in Sanskrit, had withheld material facts. Raju received CNBC’s Corporate Citizen of the Year award in Asia in 2002 and was named Ernst & Young Entrepreneur of the Year in 2007, according to Satyam’s Web site.
Raju resigned yesterday along with his younger brother, Rama Raju, the company’s managing director.
Mea Culpa
“His mea culpa is unbelievable,” Shankar Sharma, director and chief global trading strategist at First Global Stockbroking Pvt. in Mumbai. “The fact that he admitted it in a letter is a shocking and a first, at least in India.”
Raju is a graduate of Ohio University in Athens, Ohio, according to Satyam’s Web site.
He founded Satyam in 1987 following rivals such as Tata Consultancy Services, India’s biggest computer services company, which was established in 1968, and Infosys Technologies Ltd., the second-biggest, which started operations in 1981.
Indian computer firms grew as companies in the U.S. and Europe started farming out software coding to cut costs.
In May 2001, Satyam became only the third Indian company to trade in the New York Stock Exchange. It raised $140.8 million. The company counts ArcelorMittal, the world’s largest steelmaker, and Nissan Motor Co., Japan’s third-biggest carmaker, among its customers.
Telstra Corp., Australia’s largest telephone company, said Satyam’s disclosure will be a factor when it cuts two out of its four main technology suppliers this year. Qantas Airways Ltd., Australia’s biggest airline, said it has a backup plan “in the event Satyam is unable to continue services.”
Satyam employs about 53,000 people and has offices from the U.S. to the U.K., Brazil and Australia.
‘No Stone Unturned’
“I would like to emphasize that Satyam is leaving no stone unturned in our efforts to create a sound foundation for our future,” Raju said Oct. 17 after reporting second-quarter net income of 5.81 billion rupees, beating the median estimate of 5.47 billion rupees from eight analysts surveyed .
In his letter to the Satyam board, Raju said he had improperly added 5.88 billion rupees to second-quarter accounts.
PricewaterhouseCoopers LLC’s Indian unit, Satyam’s auditor, is examining Raju’s statement, the firm said in an e-mailed statement, declining to comment further because of client confidentiality.
“This quarter will be tumultuous for us,” interim Chief Executive Officer Ram Mynampati said yesterday in an e-mailed statement. “Rumors will abound and it would be fair to assume that competition will try to leverage it to their advantage.”
Puffed Up
Raju said he puffed up profit figures to bolster Satyam’s stock price because he feared a decline would make the company a takeover target because of the founder’s small stake.
SRSR Holdings Pvt., which holds the Raju family’s shares in Satyam, reduced its holding to 3.6 percent from 8.3 percent last month, Satyam told the Bombay Stock Exchange in two filings made during the past week. Of the 3.6 percent, 1.7 percent is pledged to lenders, it said.
Satyam’s shares fell 62 percent last year on the Bombay Stock Exchange, compared with a 54 percent decline in the exchange’s 30-member Sensitive Index.
Concerns about Satyam had begun to leak out even before Raju’s statement.
Last month, the World Bank declared Satyam ineligible for contracts for eight years from September, alleging “improper” benefits were given to the bank’s employees. Two days later, Satyam demanded an apology, saying the bank’s statements had harmed the company.
“One can fool some people for some time, but not all the people for so long,” said Arun Kejriwal, founder of Kejriwal Research & Investment Services in Mumbai.
Tuesday, January 6, 2009
satyam story
Satyam had 50.4 billion rupees ($1.04 billion) of “inflated” cash on its balance sheet at the end of Sept. 30, the Hyderabad-based company said in a release today. Raju, 53, unsuccessfully tried to sell two companies last month to Satyam in the “last attempt to fill the fictitious assets with real ones,” Hyderabad-based Satyam said in a statement sent to the Bombay Stock Exchange, citing the chairman.
Satyam shares tumbled a record 37 percent as of 11:34 a.m. in Mumbai trading. Raju, the founder and chairman, on Dec. 16 announced a $1.6 billion takeover of the two companies owned by his family, only to drop the deal hours later after stockholders protested. Separately, the World Bank Dec. 23 declared India’s fourth-biggest software-services provider ineligible for contracts for eight years, alleging ‘improper” benefits were given to the bank’s employees.
Raju scrapped the planned acquisition of Maytas Properties Ltd. and Maytas Infra Ltd., less than 12 hours after announcing it. Investors dumped the stock, causing a 31 percent slide, amid questions over Satyam’s decision to spend cash to buy unrelated businesses during the economic slump.
Sunday, January 4, 2009
Thursday, January 1, 2009
sell nifty
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