Despite the European Bazooka,Falling Chinese Stocks May Point to a Market Top
May 11, 2010Technology Wars – Nokia reshuffles its Management and Divisions once again to turn the Tide of the Smartphone War
May 11, 2010I have been wondering whether the rash of low quality IPOs in the Indian markets is the sign of a market top. There have been numerous IPOs with extremely poor fundamentals in the recent 3 months.Most of these companies fell on the first day of listing while other listings increased for some time before eventually falling much below their listing price, leading to huge losses for investors. No wonder retail investors are staying far away from such low quality issues. IMHO Texmo Pipes one of the IPOs to happen 3 months ago seems to follow a classic case of “pump and dump”.This listing rose quite a lot after listing but eventually fell.I think these offerings have a low float making it easy for someone to manipulate the stock prices if they want to .The stock market regulator seems oblivious to the problems created by the poor quality of such issues despite the detrimental effect it has on other quality companies trying to raise capital from the markets.It is “caveat emperor” in the case of buyers of IPOs.
Texmo Pipes losses 60% in 2 months since debut – MoneyControl
Texmo Pipes losses 60% in 2 months since debut. The stock hit the market on March 10 with issue price of Rs 90 per share. The company touched its 52 week high Rs 162.80 on 17 Mar, 2010.
Texmo Pipes has touched a 52 week low of Rs 49.55. Texmo Pipes has touched an intraday high of Rs 53.90 and an intraday low of Rs 49.55. At 15:07 hrs the share was quoting at Rs 52.50, up Rs 0.85, or 1.65%.
It was trading with volumes of 135,871 shares, compared to its 5-day and 30-day average of 75,850 and 403,586 shares. Yesterday the share closed down 4.97% or Rs 2.70 at Rs 51.65.
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[…] Texmo Pipes seems a classic case of “Pump and Dump” […]
[…] good IPOs like SJVN are leaving nothing on the table for Indian investors.The list of the IPOs like Texmo Pipes,Jaypee Infratech,Tarapur Transformers ,Nitesh Estates etc. are down anywhere between 10-50% despite […]