Wind Energy Industry of India in 2012, finds going tough as Local bodies start to Tax Wind Turbines in Tamil Nadu
August 2, 2012Globalization of Loot – 92,000 People Stash Mindboggling $21 Trillion in Tax Havens
August 6, 2012The Indian Stock Market remains a highly manipulated one, despite the more than one trillion dollar in combined market capitalization. While most of the large cap index stocks remain less volatile, the mid cap stocks are very volatile. Most of the stocks show large movements without rhyme or reason, falling 20-40% on market rumors which are vague and totally non-credible. Besides manipulation by stock market operators, small cap and mid cap stocks remain highly vulnerable to the shenanigans of their promoters most of whom are totally corrupt.
Many of the large mid cap stocks like Pipavav Defence, Tulip Telecom fell heavily on rumors that some big market operator had gone bust leading to large sales. Other rumor that was credited, with being behind the fall was that a large FII Vanguard had sold the shares. Till now, no one had been able to decipher the real reason why the stocks fell. However this is not a new phenomenon as even larger stocks like DLF, Unitech, Suzlon, Satyam and others have fallen heavily on rumors. Investing in the Indian stock markets remains a hazardous activity and investing based on fundamentals remains mostly a fool’s activity.
Sun TV one of the biggest media companies fell by a whopping 40% intraday as the CBI accused its promoters of being involved in a scam involving a bribe of $100 million. The promoters who are part of a powerful political clan in the Southern State of Tamil Nadu have been accused of various frauds and swindles. Their group stocks keep going up and down like a yo-yo with the changing of their political fortunes.
Yesterday it was Tulip Telecom. Today, it was the turn of Sun TV to crash 40 per cent in opening trade.
Mr Kalanithi Maran-controlled Sun TV and SpiceJet plummeted in early trade on Friday on media reports that the Central Bureau of Investigation is poised to file a charge-sheet against the former Telecom Minister, Mr Dayanidhi Maran, and his brother, Mr Kalanithi Maran, for allegedly receiving Rs 549 crore for their role in the acquisition of Aircel by the Malaysia-based firm Maxis.
The stock of Sun TV opened 40 per cent lower at Rs 176.75, but bounced back sharply to trade at Rs 251.4, still a fall of 14.7 per cent.
Meanwhile, the BSE Sensex was trading higher by 1.4 per cent at 16,871.
SpiceJet crashed over six per cent to trade at Rs 26.40 in the opening minutes.
According to reports, the CBI has almost zeroed-in on illegal gratification accepted by Mr Dayanidhi through Mr Kalanithi Maran in the garb of premium share investment in the family-controlled Sun Direct.
Mr Dayanadhi Maran does not own any stake in Sun TV or SpiceJet.