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More than 850 penny stocks rose over 100% in the past 18 months

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Some penny stocks or low-priced stocks have given massive returns in the past 18 months with 102 stocks rising over 1000 per cent and 10 stocks rising over 5000 per cent.

The misfeasance is now widespread and IANS has been throwing into stark relief how circular trading and pump and dump schemes are being run brazenly. It is high time that SEBI and the two exchanges start looking at the data and improve their surveillance mechanisms.

As per data by BP Wealth, Equipp Social Impact Technologies rose by a whopping 29385 per cent, Simplex Papers by 14479 per cent, TTI Enterprise by 13335 per cent, HCP Plastene Bulkpack by 9620 percent. These were among the top performing penny stocks in the last 18 months.

As per data by BP Wealth, among the other top gainers in the last 18 months, Digjam Limited gave returns of 7197 per cent, GRM Overseas at 6469 per cent, Tata Teleservices at 6448 per cent, Cosmo Ferrites at 6130 per cent, Banas Finance at 6021 per cent, B&A Packaging at 5013 per cent, ARC Finance at 4942 per cent, Adinath Textiles at 4764 per cent, SEL Manufacturing Company at 4720 per cent, Waaree Renewable Technologies at 4227 per cent, Automotive Stampings and Assemblies at 3891 per cent, Rohit Ferro-Tech at 3867 per cent, Raghuvir Synthetics at 3827 per cent, Ashiana Agro Industries at 3757 per cent, Indian Infotech and Software at 3689 per cent and Pan India Corporation at 3569 per cent.

Swapnil Shah, Head of Research, BP Wealth, said that investors in penny stocks have garnered huge returns after the Covid-induced market crash in March 2020.

Shah said looking at the return data of penny stocks (share price in the range of Rs 0 to 20 as of July 2020), more than 850 stocks listed on the BSE have risen over 100 per cent in the past 18 months. Astonishingly, 102 stocks have risen over 1000 per cent in the same time period and 10 stocks have risen over 5000 per cent.

Shah said penny stocks are much riskier than larger stocks due to lower information and liquidity, but they do offer higher growth potential.

During rosy times, penny stocks tend to do extremely well. However, when things turn sour, they tend to tank, especially trapping retail shareholders. Thus, one should be careful and invest in penny stocks only after analysing their fundamentals and knowing their risks, Shah said.

Shah said penny stocks are generally considered those which trade in a single-digit or penny price or those which have a very low market cap. It’s because they trade at lower prices that investors believe they can buy a huge chunk of shares and have that psychological satisfaction of owning them, he added.

Generally, a stock trading in penny price could be due to either very small size of the company, collapse of the business which resulted in heavy decline in shares, or financing problems.

In the last three years, we have witnessed a large number of companies of decent size losing more than 90 per cent of their market cap due to various reasons, especially high debt, business failure etc. In most cases, the promoters pledge their shares with bankers against the loan, Shah said.

National

Maha govt tables bill to set up Gadchiroli district mining authority

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Mumbai, June 30: The Maharashtra government on Monday tabled the bill for the establishment of the 16-member Gadchiroli District Mining Authority for the coordination and supervision of orderly and rapid development of the mineral-bearing area and execution of plans and projects.

The authority will be headed by Chief Minister Devendra Fadnavis, who is also the Gadchiroli district guardian minister. The government’s move is important as it hopes to finish the Left Wing Extremism (LWE) and develop Gadchiroli as the next steel city of India.

The district is endowed with abundant minerals such as iron ore, hematite, magnetite, BHQ, limestone, Dolomites and coal, which are used as raw materials for various manufacturing industries.

Further, Gadchiroli district, which is rich in iron ore, has the potential to be developed as a hub for mineral-based industries, especially the steel industry, said the bill.

“Currently, the absence of an integrated administrative mechanism hampers the swift execution of the mining project. Hence a need was felt for the establishment of a unified authority comprising of certain ministers and secretaries of the relevant departments under the chairmanship of the Chief Minister to expedite mining approvals and foster the growth of mineral based industries such as steel and cement, thereby accelerating the holistic development of the Gadchiroli district and consequently of the state,” said the bill.

It pointed out that the authority will act as a catalyst in speeding up the process of operationalisation of approved mining leases, and will also generate employment in the district and boost the revenue of the state.

According to the bill, the Mines and Minerals (Development and Regulation) Act, 1957, and rules framed thereunder govern the development and regulation of mines and minerals. The major mineral blocks are auctioned following the Mineral (Auction) Rules, 2015. The mining concession holder is required to obtain various clearances and no-objection certificates from various departments and district officers of the government and local authorities within the timelines prescribed in the rules.

If the bidder fails to meet the prescribed timeline, the alloyed major mineral blocks will have to be auctioned again.

The Chief Minister last week at the industry conference said, “Gadchiroli 10 years ago was zero industrial area, nobody thought that it would become an Industrial magnet. Due to a slew of policies, Gadchiroli is becoming a new steel city of India to produce one-third of India’s steel that will change the entire outlook of the district.”

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National

Hindi cannot be forced now in Maharashtra: Uddhav Thackeray

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Uddhav Thackeray

Mumbai, June 30: Shiv Sena(UBT) chief Uddhav Thackeray on Monday said the Hindi language cannot be forced upon people now as the power of the Marathi people has compelled the state government to withdraw two of its resolutions on introducing Hindi along with Marathi and English for Classes 1 to 5.

Thackeray, who attended the Monsoon Session of the state legislature on its first day, said, “We will announce in two to three days what exactly the victory rally or victory march will be like and where on July 5 it will be held (as the joint morcha has been cancelled due to the government’s decision). We are also talking to everyone about that. The Marathi traitors raise their heads as soon as they realise that we are a little scattered. Yesterday, we crushed this head. If we don’t want them to come back, then we should maintain this unity instead of waiting for another crisis. We will not stop until we create a vision of this unity on July 5. We will definitely celebrate the victory. Everyone forgot their party differences and came together with us during the movement. We need to show the same unity in the victory march.”

“Love for the mother language should be beyond the party, the government has made a lot of efforts. Still, I thank them. A new committee has been appointed under the chairmanship of Narendra Jadhav (former Planning Commission member). I am telling the government that this is a matter of education, and you have appointed a committee of an economist. Whatever the committee, the issue of compulsion is over now. Even if a committee is formed now, Hindi cannot be forced on us; the power of the Marathi people has shown this yesterday,” said Thackeray at the press conference.

Thackeray said that the slogan of ‘Jai Maharashtra’ has once again been raised in every village and corner of Maharashtra.

“Shiv Sena and Shiv Sainiks were at the forefront in raising this slogan of Maharashtra. But along with that, I sincerely thank all the political parties and Marathi-speaking people who forgot their party differences and participated. We will know in the coming days whether the government has shown wisdom or not. But they immediately cancelled the government resolution on making Hindi compulsory. It was achieved due to the unity of the Marathi people. If they had not cancelled it, many Marathi lovers from the BJP, Shinde group and Ajit Pawar group would have participated in the July 5 morcha, which now will become a victory rally,” he added.

Thackeray on Sunday said the government’s power faced defeat before the power of Marathi Manoos on the contentious issue of the introduction of Hindi as a third language after Marathi and English for Classes 1 to 5. “Now this unity of Marathi people should continue,” asserted Thackeray.

“The BJP’s hidden agenda was to divide the Marathi people and attract the non-Marathi voters by raking up the Marathi vs Non-Marathi issue. But the good news is that the Marathi people took a sensible stance. They are not against the Hindi language, but against coercion. Since there was a movement against coercion, there was no division. The government thought that the division of the Marathi people would be beneficial to it,” claimed Thackeray.

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Crime

CBI books ex-SBI branch manager in Assam for illegal assets of Rs 80 lakh

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CBI

New Delhi, June 30: The CBI has booked a former manager of the State Bank of India branch in Assam for possessing allegedly illegal assets worth over Rs 80 lakh, an official said on Monday.

Pinku Kumar, former Branch Manager, SBI, Ramkrishnanagar Branch, Karimganj, is also facing a separate investigation over his alleged collusion in a multi-crore scam involving sanction of loans using forged documents, the official said.

CBI’s Shillong-based Anti-Corruption Branch (ACB) registered the latest Disproportionate Assets case against Pinku Kumar on June 27 after receiving a complaint from a preliminary investigator.

The complaint alleged commission of criminal misconduct by Pinku Kumar while intentionally enriching himself illicitly, during the check period from April 1, 2019 to March 27, 2025.

During this period, he was found in possession of pecuniary resources/property, disproportionate to his known sources of income which he cannot satisfactorily account for, to the tune of Rs 99.20 lakh -(81.84 per cent DA), said the CBI FIR filed against the former bank manager.

Taking note of the preliminary probe conducted in the matter of criminal misconduct, the CBI’s FIR said, “The facts mentioned in the aforesaid complaint, prima facie, reveal commission of congnizable offences, punishable under Section 13(2) read with 13(1)(b) of the Prevention of Corruption Act, 1988 (as amended 2018) on the part of Pinku Kumar.”

Section 13 of the Act defines various forms of criminal misconduct by public servants. These include actions like abusing their position, misappropriating property, or possessing assets disproportionate to their known sources of income.

Earlier in March, the CBI booked Pinku Kumar twice in separate corruption cases naming two brokers Sumen Paul and Jadab Paul, along with the former, in each of the cases.

Raids conducted by the federal agency in these two cases led to seizure of 481 grams of gold, 11.11 gram of diamond-studded jewellery and 1,092 gram silver.

The CBI investigation showed that the former bank manager conspired with the two brokers and allegedly approved loans base on forged papers, leading to a loss of crores of rupees to the SBI.

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