By Sanjeev Sharma
New Delhi, Jan 10 | More penny stocks or low-priced stocks have joined the party on Dalal Street on a day when the markets were lush green in colour with all indices in the positive.
These stocks have notched gains of close to 20 per cent in a single trading session. IANS has been reporting extensively on the upsurge in penny stocks with gay abandon with the regulator asleep on the wheel. On Monday, this activity was only accentuated with many more such counters in fast and furious mode.
Price rigging and manipulation through a carefully calibrated front running the operation by a cabal of operators is common enough on the bourses. This window dressing using the pump and dump method is something that that the regulator SEBI and the exchanges have to be wary of.
Last year, the corporate finance investigation department was set up at SEBI for greater surveillance and scrutiny, but it is obviously not doing enough as more and more ‘cats and dogs’ are being ramped up by cocking a snook at the controller of markets.
IANS has done a deep dive and found a fresh lot of shares where this nefarious activity is being done in a brazen manner.
Pil Italica Lifestyle closed the day on BSE at the upper circuit of 20 per cent at Rs 13.26, up by Rs 2.21, on Monday.
Vascon Engineers, another low-priced stock, was in the same boat. It was up 20 per cent on Monday on the BSE to close at Rs 33, up by Rs 5.50.
Bhakti Gems and Jewellery was also up sharply at 19.95 per cent on BSE to close at Rs 24.05, up by Rs 4.
HS India, another low-priced stock, was up by 19.95 per cent to close the day at Rs 10.34, up by Rs 1.72.
Rajoo Engineers was up by 19.93 per cent to close at Rs 35.50, up by Rs 5.90, hitting a 52-week high.
Daulat Securities was up 19.92 per cent on BSE to close at Rs 29.80, up by Rs 4.95. This is a 52-week high for the stock.
Sri KPR Industries was another fast-moving scrip, up by 19.92 per cent to Rs 29.20, up by Rs 4.85, a 52-week high for the stock.
HKG Limited was up 19.88 per cent on BSE to close at Rs 30.15, up by Rs 4.
Ambica Agarbathies and Aroma Industries moved to Rs 28.05, up by Rs 4.65, a gain of 19.87 per cent.
Innovative Ideals and Services closed the day smartly up by 19.85 per cent to Rs 6.22, up by Rs 1.03.
(Sanjeev Sharma can be reached at Sanjeev.firstname.lastname@example.org)