I am writing this article to help retail investor to identify corporate governance issues or fraud in particular stock as well as impact of that corporate governance issues or fraud in particular stock in the long term. If you are expert and know very well about corporate governance issues or fraud then you can skip this article or add your input in comment section.
Retail investor listens term corporate governance lot of time but not able to understand corporate governance in depth . If we go through any of the company’s annual report then there will be report on corporate governance and mostly it would have mentioned that we follow highest level of corporate governance standard but we have to check , does it really follow highest standard of corporate governance ? We, as retail investor have to identify corporate governance level followed by the company , then only invest in that company. I believe corporate governance level check is first criteria then check for other valuation criteria.
Being a value investor, we try to find cheapest available stocks , sometime we use some magic formulas as well. If we analyse Indian stock market then you will come across lot of cheap stocks but cheap stock does not automatically qualify as value stock . We have to pick value stock from lot of garbage cheap stocks available in stock market. Half knowledge about value investing is more dangerous than no knowledge about value investing. Since , if one do not know anything about equity stock analysis he may choose to go through relatively safe root of mutual fund ,else he may consider some of dirt cheap stock as value stock which are in reality value trap . Whatever methodology you follow to choose value stock , follow it ,but first you should check corporate governance level . I mean to say if corporate governance level is quite low and company looks quite good candidate for a real value buy on other value buy parameters , then we should avoid this stock.
How does promoters cheat investor ? how fraud happen in the company ?
Promoter can cheat investor in n number of ways and they will continue to invent new ways to cheat . I have identified following ways to cheat investor with symptoms to identify it . Please note that these symptoms are starting point to identify corporate governance issues or fraud and it is not end point . These symptoms should be analysed with other factors .
1. Manipulated profit type-I:- Company is showing good growth in Profit (PAT) without actual cash generated by the company.
Symptoms :- We can identify this type of fraud by analysing cash flow statement along with P&L statement . If a company shows good PAT number but same is not translated in “cash flow from operations” then that is alarming sign . Please remember this is starting point of your analysis for identifying fraud company and not conclusion .
To be sure, negative cash flow from operations isn't always bad but in Indian stock market context it is bad in most of the cases.
There is cash flow statement section in every annual report where “Cash Flow From Operating Activities” figure is arrived from adjustment in PAT figure . e.g. Depreciation, Inventories, Receivables etc. One should determine the source of the cash haemorrhage then come to any conclusion . This can be itself covered in one article itself.
2. Manipulated profit type-II:- Company is showing good growth in Profit (PAT) with positive cash flow.
Symptoms :- This type companies shows good growth in Profit , even cash flow is positive .So get skips from earlier mentioned fraud category. However, in this category you will see low Debtors' Turnover Ratio. If Debtor’s Turnover Ratio is low then you can smell of something cooking . Sundry Debtors is field of balance sheet which indicated how much amount is due from customers and other parties(Receivables). We can describe Sundry Debtors as Udhari in hindi. Most of the fraud companies shows growth in PAT , because of increased in Sundry Debtors. It is quite easy to manipulate PAT by Sundry Debtors (Udhari) . These fraud companies increases Sundry Debtors amount each and every year but after few years write-off it .I don’t say Sundry Debtors is bad for every company since some sector will have high Debtors' Turnover Ratio and some will have low . E.g . construction sector companies usually will have low Debtors' Turnover Ratio since they have to deal with government . Dues from government will be get delayed but will not be defaulted. Best way to compare company with peer in same sector.
You will see lot of companies are even trading below PE level of 3 , cash flow is positive and you start to believing this company is available very cheap . You will always wonder why this kolaveri with this particular stock ? But, when you see Debtor’s Turnover Ratio is quite low , which indicate low quality of profit. You will easily come to conclusion why this kolaveri is.
3. Non existing cash :- This is the category where value investor should be more careful before investing . Company shows lot of cash in the balance sheet but in reality that does not exists. Satyam fraud is example of this.
Symptoms :- Very hard to determine if auditor is unaware or involved in the fraud . Large cap companies has to use few complicated trick for fraud and small cap companies can even make fraud with some obvious tricks . Some of the example of this category is, cash in overseas bank a/c which is not known reputed bank . Bank in tax heaven country . If bank is India then it is non-schedule bank. Some times this type category company transfers cash (exist/non-exist) from company to subsidiary company at more than comfortable level price. e.g T*n** Sol*****
4. Operator Driven Stock :- This type of category is dangerous when promoter is also involved in it .Many times stocks operators could have been involved for price manipulation even without knowledge of promoter . Sometimes, good stock also get manipulated by stock operator.
Symptoms :- Complete mismatch in stock valuation and fundamental .
5. Money Laundering :- This type of companies are only use to convert black money to white money.
Symptoms :- To be franked it is quite difficult for my level of person to distinguish real money generated by the company or by the money laundering.
Many of these so-called small & mid cap software/IT companies were known to be using the Hawala route in order to show income from software exports. Such companies do not even be having the requisite infrastructure or the requisite personnel required running a software company forget aside the any export orders. The next step is to set up a subsidiary abroad by renting a place or just even employing a person to conduct the operations. Most of the exports are done to duty free ports such as Hong Kong, Singapore or Dubai where the money can be remitted back. After that, the promoters conduct Hawala transactions by paying cash over here and getting dollars from abroad through the subsidiary. The same dollars transferred from abroad are shown as software exports in the company's books. In this way the company is able to report decent sales figures in its balance sheet by the way of export income.
The next step is to catch a flamboyant market operator through whom rumours about the company can be floated in the market. The share broker or the operator then spreads stories such as the company has got big software development orders or tie-ups and is going to report excellent profits. Naturally, the bogus export income drives up the net profit reflecting a healthy Earnings Per Share for the company. Since, the P/E of the company appears to be quite low in comparison with the industry standards; the stock appears to be an excellent buy.
The market operators start providing liquidity in the counter and consequently the volumes in the counter start rising. Many of the deals take place between two or three operators itself who start creating a demand for the stock. The stock price of the company is jacked up touching three to five upper circuits in succession. The promoters taking advantage of this situation start dumping their own stock to the small investors who in turn enter to buy. In the end we have the small investors who are left holding the stock which they have purchased at the high prices.
Money Laundering is very well explained at http://www.indiaforensic.com/software_laundering.htm & http://www.indiaforensic.com/software_hawala.htm
I have discussed few types of fraud in Indian stock market context but fraud promoter are very smart and will invent new ways to loot investor.
Most of the retail investor who invest directly concentrate more on EPS & profit growth and do not pay required attention to quality of the profit . This is the way they fall in trap . Now , Rajiv Gandhi Equity Savings Scheme (RGESS), announced in the Union Budget will encourage more investor to invest in equity (probably directly) , same time fraud promoter will see more opportunity to trap retail investor. You might have heard that how much wealth one could have created if he had invested in Wipro in 1980’s (unluckily, I was not born) and Infosys 1994-95(I was not in stock market) . I just tried to show both side of the coin I do not want to spread negativity about stock market. I just want to educate retail investor with whatever little knowledge I do have. Above mentioned checks are just starting point for checking corporate governance level , there are many other factors which determine corporate governance level of the company.
I have provided list of the companies which are down more than 80% from their pick level of 3 year / 5 year high in bottom of this article. If one had done above mentioned checks 3-5 years back, then at least 80% stock in following list could have been failed for good investment candidate that time . So, One could have easily avoided big disaster investment mistake by checking corporate governance level. This list will also give chance to value investor to identify stocks which are down by just business reason and capable of turning around those business .
Disclaimer :- This is the just list of companies which are down more than 80% from 3 year high as per best of my knowledge . I do not claim any of the company is fraud . It is up to investor to take call based on data submitted by company to stock exchanges .
Stock | Market Cap | Stock price | Down from 3 year High |
Mahan Industries Ltd | 5.04 | N.A | -99.88 |
Teledata Technology Solutions Ltd | 12.49 | 0.25 | -99.62 |
Sigrun Holdings Ltd | 34.25 | 0.61 | -99.27 |
Coral Hub Ltd | 9.29 | 3.6 | -99.21 |
Prraneta Industries Ltd | 24.15 | 1.05 | -98.79 |
Nu Tek India Ltd | 12.21 | 0.81 | -98.69 |
Mavens Biotech Ltd | 25.83 | 2.39 | -98.62 |
Prabhav Industries Ltd | 12.94 | 2.6 | -98.58 |
Yantra Natural Resources Ltd | 37.35 | 0.69 | -98.52 |
Avance Technologies Ltd | 15.37 | 0.23 | -98.15 |
Alka Securities Ltd | 4.03 | 0.44 | -98.14 |
Sampada Chemicals Ltd | 4.96 | 9.8 | -98.03 |
PFL Infotech Ltd | 11.74 | 16 | -97.98 |
Well Pack Papers & Containers Ltd | 21.65 | 2.8 | -97.86 |
Greenearth Resources & Projects Ltd | 39.48 | 1.3 | -97.82 |
Spectacle Infotek Ltd | 17.1 | 3.45 | -97.78 |
Sterling International Enterprises Ltd | 256.47 | 9.64 | -97.37 |
Koutons Retail India Ltd | 39.72 | 13 | -97.36 |
Farmax India Ltd | 34.61 | 1.22 | -97.29 |
SVC Resources Ltd | 25.92 | 3.92 | -97.09 |
Trinethra Infra Ventures Ltd | 6.46 | 1.82 | -97.09 |
Octant Industries Ltd | 19.53 | 7.32 | -97 |
Anjani Synthetics Ltd | 12.64 | N.A | -96.91 |
Emami Infrastructure Ltd | 45.56 | 18.55 | -96.84 |
B&B Realty Ltd | 11 | 7 | -96.82 |
Aster Silicates Ltd | 12.99 | 8.78 | -96.63 |
Empower India Ltd | 48.15 | 0.45 | -96.33 |
Adinath Bio-Labs Ltd | 23.39 | 1.07 | -96.01 |
Filatex Fashions Ltd | 6.17 | 4.63 | -95.97 |
Nexxoft Infotel Limited | 12.6 | 10.11 | -95.73 |
Piramal Life Sciences Ltd | 22.27 | 8.6 | -95.71 |
S V Electricals Ltd | 19.05 | 9.06 | -95.58 |
KGN Industries Ltd | 437.21 | 18.8 | -95.54 |
FCS Software Solutions Ltd | 42.21 | 0.4 | -95.53 |
REI Six Ten Retail Ltd | 175.64 | 11.94 | -95.47 |
Dalmia Bharat Sugar & Industries Ltd | 109.28 | 13.7 | -95.4 |
Jai Mata Glass Ltd | 10.4 | 1.07 | -95.16 |
Resurgere Mines & Minerals India Ltd | 41.76 | 0.2 | -95.16 |
Vertex Spinning Ltd | 9.96 | 0.49 | -95.1 |
Vaishnavi Gold Ltd | 9.21 | 4.45 | -94.76 |
Ramsarup Industries Ltd | 22.84 | 6.4 | -94.71 |
Iris Mediaworks Ltd | 69.07 | 6.59 | -94.66 |
R M Mohite Industries Ltd | 42.21 | 20.3 | -94.66 |
Walchand Peoplefirst Ltd | 20.62 | 68.05 | -94.6 |
Rishabhdev Technocable Ltd | 6.73 | 2.56 | -94.53 |
Gujarat Metallic Coal & Coke Ltd | 7.5 | 35.5 | -94.49 |
Cat Technologies Ltd | 15.73 | 1.89 | -94.37 |
Acil Cotton Industries Ltd | 6.2 | 0.27 | -94.3 |
Ankur Drugs & Pharma Ltd | 28.53 | 14.4 | -94.28 |
Unitech International Ltd | 8.21 | 8.13 | -94.26 |
Vaghani Techno-Build Ltd | 4.74 | 8.66 | -94.18 |
Jupiter Bioscience Ltd | 57.62 | 8.88 | -94.06 |
Raj Packaging Industries Ltd | 4.82 | 12.15 | -94.04 |
G-Tech Info Training Ltd | 5.1 | 0.53 | -93.98 |
Beckons Industries Ltd | 6.59 | 0.81 | -93.95 |
Euro Multivision Ltd | 12.14 | 4.89 | -93.93 |
ATV Projects India Ltd | 16.79 | 3.01 | -93.89 |
Gandhinagar Hotels Ltd | 11.97 | 16.6 | -93.85 |
Glory Polyfilms Ltd | 16.29 | 2.69 | -93.84 |
Nextgen Animation Mediaa Ltd | |||
Midvalley Entertainment Ltd | 32.24 | 9.61 | -93.74 |
Anus Laboratories Ltd | 42.79 | 1.77 | -93.7 |
Aadi Industries Ltd | 4.79 | 4.8 | -93.67 |
GSL Nova Petrochemicals Ltd | 6.43 | 2.44 | -93.67 |
XL Energy Ltd | 12.18 | 4.87 | -93.53 |
Sterling Biotech Ltd | 277.81 | 9.66 | -93.42 |
Bedmutha Industries Ltd | 39.75 | 19.45 | -93.32 |
Kohinoor Broadcasting Corporation Ltd | 7.16 | 0.6 | -93.24 |
Shree Ashtavinayak Cine Vision Ltd | 292.77 | 3.48 | -93.16 |
Dunlop India Ltd | 70.11 | 9.74 | -92.95 |
Thinksoft Global Services Ltd | 41.31 | 40.75 | -92.88 |
ARSS Infrastructure Projects Ltd | 161.16 | 104.2 | -92.73 |
GCV Services Ltd | 11.14 | 1.16 | -92.73 |
KLG Systel Ltd | 28.83 | 22.1 | -92.73 |
ICSA (India) Ltd | 85.47 | 16.95 | -92.65 |
Alkali Metals Ltd | 30.34 | 29.35 | -92.64 |
Evinix Industries Ltd | 4.07 | 0.38 | -92.56 |
Rockon Fintech Ltd | 28.41 | 1.73 | -92.53 |
Tanla Solutions Ltd | 69.43 | 6.55 | -92.5 |
Temptation Foods Ltd | 15.13 | 3.66 | -92.48 |
Geefcee Finance Ltd | 20.68 | 18.45 | -92.44 |
PVP Ventures Ltd | 116.64 | 4.55 | -92.44 |
Refex Refrigerants Ltd | 5.45 | 3.7 | -92.37 |
Supertex Industries Ltd | 4.73 | 4.03 | -92.36 |
SKS Microfinance Ltd | 858.55 | 117.05 | -92.18 |
Tirupati Inks Ltd | 7.42 | 4.91 | -92.03 |
Remi Metals Gujarat Ltd | 43.26 | 4.01 | -91.99 |
Next Mediaworks Ltd | 20.03 | 3.5 | -91.81 |
Allied Digital Services Ltd | 107.88 | 22.95 | -91.8 |
Shree Precoated Steels Ltd | 31.46 | 3.73 | -91.72 |
Sand Plast (India) Ltd | 5.85 | N.A | -91.7 |
Sujana Metal Products Ltd | 77.37 | 3.88 | -91.65 |
Syncom Healthcare Ltd | 55 | 13.6 | -91.6 |
Indowind Energy Ltd | 53.93 | 5.84 | -91.57 |
Birla Shloka Edutech Ltd | 17.01 | 7.84 | -91.54 |
Zigma Software Ltd | 9.6 | 2.36 | -91.42 |
GTL Ltd | 405.62 | 41.2 | -91.39 |
AcroPetal Technologies Ltd | 53.67 | 13.4 | -91.38 |
Valuemart Info Technologies Ltd | 16.73 | 2.53 | -91.25 |
JMD Telefilms Industries Ltd | 96.97 | 13.45 | -91.19 |
Bheema Cements Ltd | 41.25 | 14.6 | -91.15 |
Midfield Industries Ltd | 51.28 | 40.8 | -91.11 |
Richa Industries Ltd | 23.62 | 14.3 | -91.1 |
Todays Writing Instruments Ltd | 5.32 | 3.96 | -91.01 |
Weizmann Ltd | 14.7 | 8.44 | -90.79 |
K S Oils Ltd | 336.07 | 7.42 | -90.78 |
Websol Energy System Ltd | 41.74 | 18.45 | -90.77 |
Tulsi Extrusions Ltd | 23.12 | 8.26 | -90.77 |
Raj Oil Mills Ltd | 45.8 | 12.48 | -90.64 |
Edserv Softsystems Ltd | 75.67 | 29.05 | -90.63 |
Lakshmi Energy & Foods Ltd | 114.71 | 16.65 | -90.54 |
Aarya Global Shares & Securities Ltd | 29.92 | 2.87 | -90.52 |
Priyadarshini Spinning Mills Ltd | 16.1 | 13.4 | -90.41 |
Radhe Developers (India) Ltd | 25.58 | 10.53 | -90.38 |
Greycells Education Ltd | 12.02 | N.A | -90.32 |
Exelon Infrastructure Ltd | 11.66 | 8.51 | -90.27 |
Chandni Textiles Engineering Industries Ltd | 21.47 | 1.41 | -90.24 |
Nakoda Ltd | 208.12 | 9.11 | -90.23 |
Dharnidhar Global and Infraprojects Ltd | 8.09 | 9.22 | -90.18 |
Infomedia 18 Ltd | 43.11 | 8.8 | -90.18 |
SEL Manufacturing Company Ltd | 124.16 | 10.92 | -90.15 |
Koffee Break Pictures Ltd | 5.98 | 0.44 | -90.13 |
Samyak International Ltd | 11.28 | 18.35 | -90.03 |
Concurrent (India) Infrastructure Ltd | 14.81 | 3.51 | -90 |
Devine Impex Ltd | 5.08 | 9.9 | -90 |
Swasti Vinayaka Synthetics Ltd | 11.9 | 1.67 | -89.99 |
Sancia Global Infraprojects Ltd | 26.69 | 6.03 | -89.99 |
Surya Chakra Power Corporation Ltd | 36.96 | 2.45 | -89.94 |
Subhkam Capital Ltd | 54.13 | 105.15 | -89.93 |
Vertex Securities Ltd | 33.3 | 8.07 | -89.81 |
CNI Research Ltd | 17.37 | 2.61 | -89.76 |
Ashco Niulab Industries Ltd | 12.61 | 1.8 | -89.71 |
Clarus Infrastructure Realties Ltd | 46.73 | 26.75 | -89.71 |
Zenith Infotech Ltd | 50.66 | 39.65 | -89.71 |
GSS Infotech Ltd | 72.54 | 51.45 | -89.67 |
Hiran Orgochem Ltd | 17.46 | 1.7 | -89.56 |
Bhoruka Aluminium Ltd | 15.49 | 2.83 | -89.52 |
IOL Netcom Ltd | 16.09 | 5.69 | -89.47 |
Cranes Software International Ltd | 33.79 | 2.91 | -89.47 |
Money Matters Financial Services Ltd | 275.2 | 84.95 | -89.46 |
Kiri Industries Ltd | 175.75 | 92.4 | -89.45 |
Times Guaranty Ltd | 17.53 | 19.2 | -89.4 |
Triveni Engineering and Industries Ltd | 398.46 | 15.25 | -89.33 |
Cura Technologies Ltd | 47.66 | 48.75 | -89.25 |
Rotam Commercial Ltd | 17.05 | 16.5 | -89.22 |
Indiaco Ventures Ltd | 16.65 | 9.35 | -89.13 |
Ras Propack Lamipack Ltd | 8.87 | 8.15 | -89.09 |
Mascon Global Ltd | 28.28 | 0.77 | -89.09 |
BSEL Infrastructure Realty Ltd | 25.78 | 3.14 | -89.08 |
Indage Vintners Ltd | 25.03 | N.A | -89.05 |
Systematix Corporate Services Ltd | 45.2 | 34.45 | -89.03 |
Interworld Digital Ltd | 4.78 | 0.59 | -89.01 |
Ajel Ltd | 7.55 | 6.77 | -88.97 |
Ashapura Minechem Ltd | 75.45 | 10.05 | -88.83 |
Marg Projects & Infrastructure Ltd | 8.18 | N.A | -88.75 |
Comfort Intech Ltd | 64.3 | 2.03 | -88.74 |
Triton Corp. Ltd | 4.4 | 0.22 | -88.72 |
Prajay Engineers Syndicate Ltd | 42.59 | 5.8 | -88.72 |
Birla Power Solutions Ltd | 111.03 | 0.52 | -88.71 |
Tatia Global Venture Ltd | 58.52 | 3.7 | -88.69 |
Binny Ltd | 60.26 | N.A | -88.63 |
Gyscoal Alloys Ltd | 20.04 | 12.78 | -88.58 |
Northgate Technologies Ltd | 33.87 | 6.84 | -88.58 |
NTC Industries Ltd | 20.43 | 18.3 | -88.56 |
Prime Property Development Corporation Ltd | 30 | 14.85 | -88.49 |
Jai Balaji Industries Ltd | 260.22 | 39.05 | -88.38 |
Parle Software Ltd | 22.19 | 17 | -88.36 |
Rich Universe Network Ltd | 14.57 | 20.3 | -88.33 |
Mindvision Capital Ltd | 10.23 | 9.8 | -88.26 |
Karuturi Global Ltd | 372.14 | 4.55 | -88.23 |
Bang Overseas Ltd | 19.73 | 14.8 | -88.17 |
Everest Kanto Cylinder Ltd | 315.02 | 28.9 | -88.17 |
Arcadia Mercantile Capital Ltd | 4.97 | 7.61 | -88.11 |
V2 Retail Ltd | 26.88 | 11.8 | -88.01 |
Alps Industries Ltd | 8.57 | 1.99 | -87.99 |
SAAG RR Infra Ltd | 10.65 | 5.43 | -87.85 |
Rama Paper Mills Ltd | 13.43 | 13.25 | -87.82 |
Sky Industries Ltd | 8.42 | 20.15 | -87.79 |
Sezal Glass Ltd | 52 | 16.25 | -87.75 |
Ravikumar Distilleries Ltd | 27.53 | 11.61 | -87.74 |
Celebrity Fashions Ltd | 9.39 | 4.83 | -87.7 |
Zandu Realty Ltd | 128.95 | 1,579.45 | -87.63 |
Paramount Communications Ltd | 22.05 | 2.31 | -87.53 |
Falcon Tyres Ltd | 103.09 | 29.35 | -87.45 |
Asahi Infrastructure & Projects Ltd | 9.3 | 2.67 | -87.33 |
Agro Dutch Industries Ltd | 26.48 | 4.81 | -87.27 |
Urja Global Ltd | 99.98 | 23.15 | -87.14 |
Nuchem Ltd | 5.07 | 1.69 | -87.03 |
Zee News Ltd | 245.08 | 10.15 | -86.99 |
BLS Infotech Ltd | 6.57 | 0.14 | -86.96 |
Quintegra Solutions Ltd | 5.95 | 2.17 | -86.89 |
Cantabil Retail India Ltd | 27.43 | 16.95 | -86.85 |
DMC Education Ltd | 9.7 | 3.92 | -86.72 |
K Sera Sera Ltd | 65.71 | 3.19 | -86.65 |
Baid Global Ventures Ltd | 9.02 | 39.15 | -86.63 |
Texmo Pipes & Products Ltd | 53 | 21.8 | -86.62 |
Choice International Ltd | 23.66 | 31.8 | -86.61 |
Nimbus Foods Industries Ltd | 6.86 | 1.4 | -86.43 |
Goldstone Technologies Ltd | 12.77 | 6.56 | -86.41 |
Asian Electronics Ltd | 25.21 | 6.96 | -86.33 |
Link House Industries Ltd | 10.71 | N.A | -86.31 |
Vedavaag Systems Ltd | 5.75 | 6.1 | -86.26 |
Samtel Color Ltd | 30.78 | 3.58 | -86.22 |
Veer Energy & Infrastructure Ltd | 26.31 | 3.73 | -86.17 |
MIC Electronics Ltd | 87.74 | 8.28 | -86.14 |
B A G Films & Media Ltd | 69.38 | 4.21 | -86.09 |
Windsor Machines Ltd | 100.92 | 15.3 | -86.09 |
Bombay Talkies Ltd | 6.1 | N.A | -85.96 |
Crew B.O.S. Products Ltd | 40.84 | 29.1 | -85.93 |
Kaashyap Technologies Ltd | 13.15 | 0.2 | -85.91 |
Moser Baer (India) Ltd | 275.17 | 16.3 | -85.9 |
Shree Rajeshwaranand Paper Mills Ltd | 5.1 | N.A | -85.86 |
Zee Learn Ltd | 386.69 | 14.32 | -85.84 |
Euro Ceramics Ltd | 27.36 | 9.94 | -85.78 |
Empee Sugars & Chemicals Ltd | 48.85 | 11.96 | -85.75 |
Nagarjuna Agrichem Ltd | 81.95 | 54.95 | -85.75 |
Bajaj Hindusthan Ltd | 1,985.34 | 29.4 | -85.71 |
AML Steel Ltd | 8.36 | N.A | -85.71 |
BF Investment Ltd | 169.09 | 42.7 | -85.67 |
Panoramic Universal Ltd | 65.69 | 8.29 | -85.65 |
Indiabulls Securities Ltd | 212.66 | 8.77 | -85.64 |
3i Infotech Ltd | 297.58 | 15.2 | -85.64 |
Indosolar Ltd | 162.54 | 4.41 | -85.62 |
Silverline Technologies Ltd | 12.78 | 2.09 | -85.59 |
Ennore Coke Ltd | 36.19 | 22.65 | -85.57 |
Rama Newsprint & Paper Ltd | 45.31 | 7.85 | -85.56 |
MVL Ltd | 517.03 | 8.2 | -85.51 |
Excel Infoways Ltd | 67.56 | 19.2 | -85.45 |
IKF Technologies Ltd | 45.64 | 1.02 | -85.29 |
Satra Properties (India) Ltd | 75.67 | 4.4 | -85.21 |
BLB Ltd | 18.25 | 3.5 | -85.14 |
ABL Bio-Technologies Ltd | 4.03 | 4.9 | -85.13 |
Modern Dairies Ltd | 29.76 | 12.69 | -85.11 |
Vax Housing Finance Corporation Ltd | 15.64 | 12.42 | -85.1 |
Zenith Birla (India) Ltd | 55.27 | 4.18 | -85.09 |
Consolidated Construction Consortium Ltd | 290.14 | 15.75 | -85.07 |
Proto Developers & Technologies Ltd | 6.97 | 0.48 | -85 |
M K Exim (India) Ltd | 6.45 | 9.13 | -84.93 |
Transwarranty Finance Ltd | 19.6 | 8.74 | -84.91 |
Flawless Diamond (India) Ltd | 8.84 | 0.58 | -84.88 |
Gammon India Ltd | 592.88 | 41.9 | -84.83 |
Sujana Towers Ltd | 392.44 | 6.88 | -84.8 |
Cambridge Solutions Ltd | 194.39 | 16.5 | -84.78 |
JCT Electronics Ltd | 60.7 | 0.76 | -84.76 |
Century Extrusions Ltd | 18.56 | 2.2 | -84.72 |
Tarapur Transformers Ltd | 32.27 | 14.7 | -84.71 |
Texmaco Infrastructure & Holdings Ltd | 342.71 | 27.05 | -84.68 |
Bhilwara Technical Textiles Ltd | 31.71 | 5 | -84.66 |
Sterling Green Woods Ltd | 4.44 | 10.15 | -84.58 |
Welspun Projects Ltd | 124 | 30.9 | -84.58 |
Fineotex Chemical Ltd | 59.46 | 54.25 | -84.56 |
Electrotherm (India) Ltd | 72.15 | 64.8 | -84.55 |
Shree Ganesh Forgings Ltd | 4.3 | N.A | -84.51 |
V B Desai Financial Services Ltd | 4.53 | 10.25 | -84.34 |
Nicco Corporation Ltd | 17.68 | 1.55 | -84.21 |
Almondz Global Securities Ltd | 32.1 | 13.3 | -84.16 |
Reliance Broadcast Network Ltd | 423.92 | 49.1 | -84.09 |
Dhanus Technologies Ltd | 125.05 | 2.11 | -84.06 |
Reliance MediaWorks Ltd | 354.2 | 73.95 | -84.04 |
Great Offshore Ltd | 360.57 | 93.8 | -84.03 |
RDB Realty & Infrastructure Ltd | 25.92 | 24 | -84 |
Kwality Dairy (India) Ltd | 751.84 | 36.85 | -83.91 |
Modern India Ltd | 154.52 | 39.8 | -83.89 |
Future Market Networks Ltd | 34.52 | 30.8 | -83.82 |
G V Films Ltd | 19.17 | 0.53 | -83.79 |
Country Condos Ltd | 12.03 | 1.6 | -83.76 |
Dishman Pharmaceuticals and Chemicals Ltd | 370.01 | 45 | -83.62 |
KLG Capital Services Ltd | 10.98 | 31.25 | -83.57 |
Shristi Infrastructure Development Corporation Ltd | 265.07 | 105 | -83.56 |
Secunderabad Healthcare Ltd | 32.15 | 6.99 | -83.55 |
Shah Alloys Ltd | 14.49 | 6.87 | -83.53 |
JIK Industries Ltd | 33.78 | 4.55 | -83.52 |
Venus Power Ventures (India) Ltd | 25.1 | 14.16 | -83.52 |
Orient Abrasives Ltd | 86.71 | 6.95 | -83.51 |
UB Engineering Ltd | 66.74 | 39.7 | -83.48 |
DQ Entertainment International Ltd | 187.5 | 23.2 | -83.43 |
Usha Martin Education & Solutions Ltd | 30.78 | 10.63 | -83.36 |
Biopac India Corporation Ltd | 7.75 | 4.41 | -83.33 |
Twenty First Century Management Services Ltd | 8.2 | 7.5 | -83.3 |
Jumbo Bag Ltd | 10.37 | 13.3 | -83.28 |
A.K.Capital Services Ltd | 109.86 | 159.6 | -83.26 |
Mahalaxmi Rubtech Ltd | 51.77 | 5.71 | -83.21 |
Sambhaav Media Ltd | 11.54 | N.A | -83.15 |
Microsec Financial Services Ltd | 74.75 | 24 | -83.13 |
OnMobile Global Ltd | 708.23 | 57.55 | -83.12 |
JMG Corporation Ltd | 5.22 | N.A | -83.1 |
Sanraa Media Ltd | 10.76 | 0.09 | -83.02 |
Neha International Ltd | 142.04 | 47.75 | -82.98 |
Computer Point Ltd | 4.95 | 1.58 | -82.94 |
D B Realty Ltd | 2,072.58 | 81.25 | -82.93 |
Aarey Drugs & Pharmaceuticals Ltd | 20.48 | 13.75 | -82.8 |
Unimin India Ltd | 5.75 | 2.9 | -82.79 |
Sir Shadi Lal Enterprises Ltd | 17.54 | 33.4 | -82.72 |
Saboo Sodium Chloro Ltd | 11.64 | 8.71 | -82.7 |
Dolphin Offshore Enterprises (India) Ltd | 140.28 | 83.15 | -82.68 |
Jhagadia Copper Ltd | 16.51 | N.A | -82.61 |
LCC Infotech Ltd | 5.7 | N.A | -82.61 |
Symphony Ltd | 798 | 219.25 | -82.53 |
Suzlon Energy Ltd | 4,496.70 | 26.15 | -82.45 |
Landmark Property Development Company Ltd | 25.75 | 1.95 | -82.41 |
Bartronics India Ltd | 120.2 | 34 | -82.34 |
IEC Education Ltd | 16.36 | 11.28 | -82.32 |
Sanwaria Agro Oils Ltd | 993.54 | 26.05 | -82.29 |
SSPDL Ltd | 17.65 | 12.85 | -82.28 |
Punj Lloyd Ltd | 1,834.85 | 52.9 | -82.28 |
Niraj Cement Structurals Ltd | 17.97 | 16.5 | -82.26 |
Mavi Industries Ltd | 6.62 | 8.5 | -82.25 |
Murli Industries Ltd | 159.7 | 21.1 | -82.23 |
Venlon Enterprises Ltd | 16.72 | 3.2 | -82.22 |
Madhur Industries Ltd | 5.93 | 14.8 | -82.17 |
Kalyani Steels Ltd | 228.12 | 51.2 | -82.17 |
Radha Madhav Corporation Ltd | 17.34 | 5.13 | -82.16 |
Twilight Litaka Pharma Ltd | 91.56 | 36.35 | -82.16 |
Arnav Corporation Ltd | 4.86 | 8.98 | -82.04 |
Confidence Petroleum India Ltd | 128.11 | 4.85 | -82.04 |
Gayatri BioOrganics Ltd | 24.9 | N.A | -81.99 |
Lotus Eye Care Hospital Ltd | 17.33 | 8.56 | -81.97 |
Prakash Industries Ltd | 620 | 43.95 | -81.97 |
Diamant Infrastructure Ltd | 40.48 | 12.1 | -81.94 |
Surat Textile Mills Ltd | 31.98 | 1.5 | -81.91 |
REI Agro Ltd | 1,183.13 | 12.35 | -81.89 |
Sanguine Media Ltd | 11.87 | 1.09 | -81.74 |
Classic Diamonds (India) Ltd | 21.56 | 5.46 | -81.68 |
Logix Microsystems Ltd | 21.66 | 17.25 | -81.67 |
Powersoft Global Solutions Ltd | 12.87 | 2.98 | -81.66 |
Accentia Technologies Ltd | 98.24 | 67.9 | -81.65 |
Ester Industries Ltd | 122.66 | 19.15 | -81.61 |
Kingfisher Airlines Ltd | 956.01 | 16.65 | -81.59 |
Deccan Chronicle Holdings Ltd | 721.92 | 33.6 | -81.56 |
I Engineering Solutions Ltd | 6.99 | 7.78 | -81.51 |
Cals Refineries Ltd | 165.88 | 0.2 | -81.48 |
VBC Industries Ltd | 30.77 | 6.39 | -81.41 |
Aqua Logistics Ltd | 380.7 | 12.58 | -81.36 |
Arihant Foundations & Housing Ltd | 41.84 | N.A | -81.34 |
Educomp Solutions Ltd | 1,855.69 | 190.3 | -81.33 |
Rana Sugars Ltd | 54.06 | 3.38 | -81.32 |
Mayur Leather Products Ltd | 15.55 | 30.7 | -81.31 |
Sat Industries Ltd | 38.9 | 9.5 | -81.3 |
Shalimar Wires Industries Ltd | 5.8 | 8.01 | -81.29 |
Indo Bonito Multinational Ltd | 7.28 | 2.79 | -81.25 |
Eastern Silk Industries Ltd | 30.55 | 3.82 | -81.23 |
Avon Corporation Ltd | 15.89 | 2.48 | -81.21 |
Decolight Ceramics Ltd | 14.99 | 3.05 | -81.18 |
Amrapali Industries Ltd | 24.22 | 4.84 | -81.15 |
Eastern Gases Ltd | 14.31 | 15.95 | -81.15 |
Gogia Capital Services Ltd | 7.88 | N.A | -81.09 |
LN Industries India Ltd | 74.89 | 8.12 | -81.06 |
Jyoti Structures Ltd | 319.76 | 37.75 | -80.99 |
Gupta Synthetics Ltd | 4.04 | 5.33 | -80.96 |
Rama Pulp & Papers Ltd | 8.66 | 7.65 | -80.95 |
Oswal Minerals Ltd | 20.03 | N.A | -80.94 |
Amit Spinning Industries Ltd | 7.04 | 1.64 | -80.89 |
Mastek Ltd | 244.4 | 88.85 | -80.84 |
Shreyas Intermediates Ltd | 9.11 | 5.88 | -80.81 |
Patel Engineering Ltd | 738.48 | 101.4 | -80.79 |
Camson Bio Technologies Ltd | 89.02 | 48.45 | -80.77 |
Dharani Sugars & Chemicals Ltd | 71.12 | 25.15 | -80.75 |
Hittco Tools Ltd | 5.18 | 9.99 | -80.71 |
KCL Infra Projects Ltd | 47.03 | 17 | -80.64 |
Birla Cotsyn India Ltd | 69.38 | 0.26 | -80.62 |
United Breweries (Holdings) Ltd | 448.03 | 67.5 | -80.62 |
GTL Infrastructure Ltd | 944.9 | 9.58 | -80.58 |
Allsec Technologies Ltd | 17.53 | 11.58 | -80.55 |
Network 18 Media & Investments Ltd | 525.08 | 37.15 | -80.55 |
SPL Industries Ltd | 6.99 | 2.52 | -80.53 |
Cybermate Infotek Ltd | 5.25 | 0.85 | -80.5 |
Marksans Pharma Ltd | 60.69 | 1.63 | -80.49 |
B.L.Kashyap & Sons Ltd | 211.36 | 10.14 | -80.47 |
Gontermann Peiper (India) Ltd | 15.87 | 10.5 | -80.45 |
Welspun Investments & Commercials Ltd | 11.86 | 33.25 | -80.44 |
Tirupati Sarjan Ltd | 21.86 | 9.11 | -80.43 |
NRC Ltd | 14.27 | 3.85 | -80.43 |
Ranklin Solutions Ltd | 7.74 | 5.85 | -80.42 |
New Delhi Television Ltd | 254.03 | 37.15 | -80.4 |
Birla Precision Technologies Ltd | 19.23 | 5.91 | -80.37 |
Andrew Yule & Company Ltd | 751.78 | 19.35 | -80.34 |
Laffans Petrochemicals Ltd | 8.38 | 10 | -80.33 |
Kaushalya Infrastructure Development Corpn Ltd | 13.69 | 7 | -80.29 |
Integrated Technologies Ltd | 4.64 | N.A | -80.2 |
Southern Online Bio Technologies Ltd | 24.02 | 6.72 | -80.18 |
UT Ltd | 7.64 | 8.2 | -80.1 |
Country Club (India) Ltd | 59.39 | 6.47 | -80.09 |
Karma Industries Ltd | 199.82 | 63.7 | -80.05 |
Housing Development & Infrastructure Ltd | 3,580.36 | 82.15 | -80.04 |
Punjab Woolcombers Ltd | 12.98 | 3.94 | -80.04 |
Hubtown Ltd | 1,333.69 | 180.55 | -80.01 |
SQL Star International Ltd | 15.13 | 4.79 | -80 |
Innovassynth Investments Ltd | 9.71 | 4 | -80 |
