Between Jan 2006 and May 2011, India witnessed around 330 IPOs and FPOs. Nearly 70% of these companies were quite successful in ripping-off investors’ hard-earned money, to make their promoters billionaires or millionaires. Yet, the IPO saga continues unabated in India. Why? And for what?
Out of the 225 IPOs in which investors lost money during these 5½ years, a few of them were so successful, that they stripped investors off 95% or more of their investments. Resurgere Mines and Minerals India Ltd (BSE: 533017, NSE: RESURGERE) is a typical example. Rs. 1 lakh put in Resurgere in 2007 would be Rs. 3530 now.
Some others were only moderately successful, as they could rip-off only between 50-90% of investors’ funds. That is, until now. Their obscene IPO valuations will cause more damage, sure. DB Realty (BSE: 533160, NSE: DBREALTY) is an extreme example, which would have made your 1 lakh into 20,000 bucks. SKS Microfinance (BSE: 533228, NSE: SKSMICRO) is a more typical example, which made many investors’ 1 lakh bucks into 30,000 bucks.
Some other issues tried to rip-off, but haven’t been that successful until now. Investors have lost only between 1-50% here. To give credit where it is due, at least some of them have provided brief windows to their public investors to escape. Whether investors utilized those windows is up to them. Anyway, if they had used it, other investors were trapped in that place. A2Z Maintenance (BSE: 533292, NSE: A2ZMES), backed by ace investor Rakesh Jhunjhunwala, is the typical example over here, which would have easily transformed an investor’s 1 lakh into 72,000.
The remaining IPOs/FPOs were the good ones. But that is, again, a misnomer. Many of them provided only 1-50% appreciation. With the time-frame being 5.5 years, and considering the cost of funds ranging anywhere between 10-50%, not to speak about the inflation rates, these were really just no-gain / no-loss issues, to put it mildly. But, to give credit where it is due, there were more windows of opportunities to escape, in this segment. Power Grid (BSE: 532898, NSE: POWERGRID) FPO is a typical example, having appreciated by only 4%. Coal India (BSE: 533278, NSE: COALINDIA) fares much better at 33% gains now.
The remaining 60 odd public issues were the only ones who provided any kind of meaningful returns. Around 20 of them provided returns ranging from 50% to near doubling in value. Prime Focus (BSE: 532748, NSE: PFOCUS) at returns of 73% and Rural Electrification Corporation (BSE: 532955, NSE: RECLTD) at 84% returns are good examples.
Another 20 odd IPOs’ returns were between 100% to near tripling in value. Union Bank of India’s (BSE: 532477, NSE: UNIONBANK) 2006 FPO and V-Guard Industries (BSE: 532953, NSE: VGUARD) IPO are good examples here.
The remaining IPOs - around a dozen only - were the truly outstanding ones, multiplying IPO investments by 3 to 6 times. Bank of Baroda’s (BSE: 532134, NSE: BANKBARODA) 2006 FPO has delivered gains of 272%, while Yes Bank’s (BSE: 532648, NSE: YESBANK) 2006 IPO delivered 276%.
Even better performers were UTV Software Communications (BSE: 532619, NSE: UTVSOF) at 279.02% gains, South Indian Bank Ltd (BSE: 532218, NSE: SOUTHBANK) at 319.64%, Sadbhav Engineering Ltd (BSE: 532710, NSE: SADBHAV) at 353.78%, Emami Ltd (BSE: 531162, NSE: EMAMILTD) at 363.50%, Opto Circuits India Ltd (BSE: 532391, NSE: OPTOCIRCUI) at 395.22%, Page Industries Ltd (BSE: 532827, NSE: PAGEIND) at 499.08%, and Usher Agro Ltd (BSE: 532765, NSE: USHERAGRO) at 522.22%.
With the good IPOs being quite few, more interesting would be to know how the rip-off is effected. There are essentially 3-4 tools to the trade.
Valuations:
If in a bull-market, the trick is, of course, to issue shares at the maximum P/E possible. After all, when the secondary market has turned senseless with obnoxious valuations, what is wrong in trying to sell one’s wares at 35 or 40 P/E? Mind you, not trailing twelve months (TTM) P/E, but exotic forward P/E. The more forward, the better. FY’12 is nothing. Any takers for FY’13, 14, or 15? But if in a bear market, the trick is more subtle. Intelligent Book Running Lead Managers (BRLMs) come to the rescue. They know that nothing heavier than 15-20 one-year forward P/E would fly in a bear market. So the issue will be priced attractively by P/E and heavier by P/BV. Book Value or Net Asset Value will be tweaked as much as possible, to deliver the least book-value at the highest possible price. The tool of choice for this is multiple bonus issues to promoters in the 3-years prior to the IPO. IPOs priced at 5 times the pre-money book-value has also sailed through. For everybody’s convenience, the rule of the land allows something called restated accounts.
Ratings:
Then comes the next tool, which is wielded by IPO rating agencies. Anna Hazare might have told a lie in his lifetime, but not CRISIL, CARE, ICRA, or Brickwork. Only US rating agencies have come under suspicion, not Indian ones or US-owned Indian ones. Exotic ratings like 4/5 (Above Average Fundamentals), or even 5/5 (Excellent Fundamentals) exist to aid IPOs. But crafty promoters have done crazily successful issues with 2/5 or even 1/5 (Poor Fundamentals). So much so for the ratings. Anyway, Indian IPO ratings carry an important disclaimer - we haven’t rated the price of the IPO. Now, what does that mean? Only they know. To us it feels like they are rating a Maruti 800 as a BMW 7 Series, and telling us that it is up to us to pay 90 lakhs for it or not. What retail investors really need is rating agencies that tell whether that new car coming is a Maruti 800 or a 7 Series, and whether the 800 is coming at 800’s price or a BMW’s price.
Analysts:
Next comes the role of IPO analysts. Most work for broking houses, or has some deep connection with brokers. Now, broking houses are quite honest. They want you to subscribe to all issues, if possible, because they survive on brokerages that we all pay when buying or selling shares. All of us know that, and broking houses can never be accused of being dishonest in this regard. But some IPOs are so obnoxious that it is difficult to justify or even explain their greedy valuations. Even reputed analysts are using a novel method for this - post-money book-value. Did you get it? Suppose you are paying 300 bucks for a 10 rupee share. When making their valuations, analysts would add even the 290 rupee premium that you pay, to the book-value to convince you that what you are getting is a good deal. Now, what can be funnier than that? Analysts conveniently ignore the fact that comparisons by post-money book-value is only applicable to investors who have shunned the IPO, and plans to invest post-listing, possibly after a correction.
Oversubscription Hype:
Most issues are nowadays not readily subscribed. Not even by noon of the last day. Then something magical happens. FIIs and DIIs who were sleeping for the last 2½ days, suddenly realizes that after all, here is a golden IPO. They come in as QIBs at the last moment, making the issue oversubscribed to 2, 5, or sometimes, 25 times. What is the deal? Nobody knows. It is a scam, bigger than 2G, in the waiting. And the tool of oversubscription hype, nowadays, has an ancillary tool - retailers can bid for one more day. And there goes the retailers, the next day, in hordes, entering the next IPO trap.
Listing Day:
Listing day is quite special. Promoters get to bang a gong at BSE or NSE. And reputed TV anchors would be ready, reading out the grey market premiums, setting the stage for the rip-off completion. The main listing day tool is something called price discovery. While all stocks, except front-liners having F&O, have strict upper and lower circuit limits in the secondary market, the IPO scrip would have a free run, ostensibly for price discovery. In practice, it is the perfect tool to rip-off those who missed the IPO. Prices will climb Mount Everest and jump into the depths of Indian Ocean, all within minutes.
Initial Public Offers can conveniently be renamed as Indian Public Offers. Because, POs of this kind happens only in India.
With the good IPOs being quite few, more interesting would be to know how the rip-off is effected. There are essentially 3-4 tools to the trade.
Valuations:
If in a bull-market, the trick is, of course, to issue shares at the maximum P/E possible. After all, when the secondary market has turned senseless with obnoxious valuations, what is wrong in trying to sell one’s wares at 35 or 40 P/E? Mind you, not trailing twelve months (TTM) P/E, but exotic forward P/E. The more forward, the better. FY’12 is nothing. Any takers for FY’13, 14, or 15? But if in a bear market, the trick is more subtle. Intelligent Book Running Lead Managers (BRLMs) come to the rescue. They know that nothing heavier than 15-20 one-year forward P/E would fly in a bear market. So the issue will be priced attractively by P/E and heavier by P/BV. Book Value or Net Asset Value will be tweaked as much as possible, to deliver the least book-value at the highest possible price. The tool of choice for this is multiple bonus issues to promoters in the 3-years prior to the IPO. IPOs priced at 5 times the pre-money book-value has also sailed through. For everybody’s convenience, the rule of the land allows something called restated accounts.
Ratings:
Then comes the next tool, which is wielded by IPO rating agencies. Anna Hazare might have told a lie in his lifetime, but not CRISIL, CARE, ICRA, or Brickwork. Only US rating agencies have come under suspicion, not Indian ones or US-owned Indian ones. Exotic ratings like 4/5 (Above Average Fundamentals), or even 5/5 (Excellent Fundamentals) exist to aid IPOs. But crafty promoters have done crazily successful issues with 2/5 or even 1/5 (Poor Fundamentals). So much so for the ratings. Anyway, Indian IPO ratings carry an important disclaimer - we haven’t rated the price of the IPO. Now, what does that mean? Only they know. To us it feels like they are rating a Maruti 800 as a BMW 7 Series, and telling us that it is up to us to pay 90 lakhs for it or not. What retail investors really need is rating agencies that tell whether that new car coming is a Maruti 800 or a 7 Series, and whether the 800 is coming at 800’s price or a BMW’s price.
Analysts:
Next comes the role of IPO analysts. Most work for broking houses, or has some deep connection with brokers. Now, broking houses are quite honest. They want you to subscribe to all issues, if possible, because they survive on brokerages that we all pay when buying or selling shares. All of us know that, and broking houses can never be accused of being dishonest in this regard. But some IPOs are so obnoxious that it is difficult to justify or even explain their greedy valuations. Even reputed analysts are using a novel method for this - post-money book-value. Did you get it? Suppose you are paying 300 bucks for a 10 rupee share. When making their valuations, analysts would add even the 290 rupee premium that you pay, to the book-value to convince you that what you are getting is a good deal. Now, what can be funnier than that? Analysts conveniently ignore the fact that comparisons by post-money book-value is only applicable to investors who have shunned the IPO, and plans to invest post-listing, possibly after a correction.
Oversubscription Hype:
Most issues are nowadays not readily subscribed. Not even by noon of the last day. Then something magical happens. FIIs and DIIs who were sleeping for the last 2½ days, suddenly realizes that after all, here is a golden IPO. They come in as QIBs at the last moment, making the issue oversubscribed to 2, 5, or sometimes, 25 times. What is the deal? Nobody knows. It is a scam, bigger than 2G, in the waiting. And the tool of oversubscription hype, nowadays, has an ancillary tool - retailers can bid for one more day. And there goes the retailers, the next day, in hordes, entering the next IPO trap.
Listing Day:
Listing day is quite special. Promoters get to bang a gong at BSE or NSE. And reputed TV anchors would be ready, reading out the grey market premiums, setting the stage for the rip-off completion. The main listing day tool is something called price discovery. While all stocks, except front-liners having F&O, have strict upper and lower circuit limits in the secondary market, the IPO scrip would have a free run, ostensibly for price discovery. In practice, it is the perfect tool to rip-off those who missed the IPO. Prices will climb Mount Everest and jump into the depths of Indian Ocean, all within minutes.
Initial Public Offers can conveniently be renamed as Indian Public Offers. Because, POs of this kind happens only in India.
Table - How Indian IPOs / FPOs Fared Between 2006-2011
COMPANY | LIST DATE | IPO PRICE | LIST PRICE | PRICE NOW | LOSS/GAIN |
RESURGERE MINES | 09/01/2008 | 270 | 285 | 0.58 | -96.47% |
VISHAL RETAIL LT | 07/04/2007 | 270 | 472 | 30.55 | -96.05% |
DHANUS TECHNOL | 17/10/2007 | 295 | 295 | 15.3 | -94.99% |
GLORY POLYFILMS | 18/06/2007 | 48 | 48 | 3.01 | -94.76% |
KOUTONS RETAIL I | 10/12/2007 | 415 | 510 | 31.6 | -94.63% |
BLUE BIRD INDIA LT | 12/11/2006 | 105 | 128 | 5.75 | -93.99% |
SANCIA GLOBAL IN | 04/11/2007 | 86 | 0 | 5.77 | -93.38% |
TANLA SOLUTIONS | 01/05/2007 | 265 | 377 | 15.85 | -91.94% |
UTTAM SUGAR MIL | 04/10/2006 | 340 | 380 | 37.75 | -91.13% |
ROMAN TARMAT L | 07/09/2007 | 175 | 306 | 31 | -90.78% |
XL ENERGY LTD | 28/12/2006 | 150 | 165 | 13.27 | -90.48% |
JAGJANANI TEXTIL | 19/03/2007 | 25 | 0 | 2.37 | -90.11% |
ALLIED COMPUTER | 23/11/2007 | 12 | 0 | 4.26 | -88.73% |
PORWAL AUTO CO | 14/01/2008 | 75 | 79 | 8.9 | -88.25% |
HOUSE OF PEARL F | 15/02/2007 | 550 | 499 | 53.05 | -88.01% |
TULSI EXTRUSIONS | 25/02/2008 | 85 | 99 | 16.4 | -87.54% |
SEL MANUFACTURI | 21/08/2007 | 90 | 95 | 17.85 | -87.54% |
ASTER SILICATES L | 28/07/2010 | 118 | 128 | 25.85 | -87.49% |
GANGOTRI TEXTILE | 23/05/2006 | 46 | 44 | 6.6 | -87.01% |
KAUSHALYA INFR | 14/12/2007 | 60 | 79 | 11.2 | -86.97% |
MAGNUM VENTURE | 20/09/2007 | 30 | 36 | 6.59 | -86.88% |
CAMBRIDGE TECHN | 02/07/2007 | 38 | 48 | 14.04 | -86.88% |
GLOBAL VECTRA | 27/10/2006 | 185 | 250 | 26.35 | -86.77% |
AUSTRAL COKE A | 09/04/2008 | 196 | 205 | 3.19 | -86.01% |
SITA SHREE FOOD | 04/07/2008 | 30 | 35 | 6.49 | -85.99% |
RISHABHDEV TECH | 29/06/2009 | 33 | 42 | 4.08 | -85.59% |
D S KULKARNI DEV | 03/06/2006 | 275 | 360 | 52.05 | -85.10% |
ZENITH BIRLA INDIA | 20/10/2006 | 55 | 0 | 9.01 | -85.04% |
EVINIX ACCESSORI | 03/07/2007 | 120 | 120 | 1.12 | -84.69% |
FUTURE CAPITAL H | 02/01/2008 | 765 | 1081 | 145.75 | -84.56% |
PARSVNATH DEVE | 30/11/2006 | 300 | 456 | 41.05 | -84.00% |
RAJ RAYON INDUS | 18/01/2006 | 65 | 0 | 12.18 | -83.45% |
BIRLA MACHINING | 09/03/2007 | 45 | 0 | 7.95 | -82.77% |
BURNPUR CEMENT | 01/03/2008 | 12 | 15 | 8.1 | -82.50% |
INDOWIND ENERGY | 14/09/2007 | 65 | 75 | 19.7 | -82.46% |
DECOLIGHT CERAM | 19/06/2007 | 54 | 70 | 7.82 | -82.34% |
BROADCAST INITIA | 03/07/2007 | 120 | 140 | 12.09 | -82.31% |
GYSCOAL ALLOY | 27/10/2010 | 71 | 75 | 14.47 | -81.85% |
BIRLA POWER SOL | 29/03/2006 | 42 | 0 | 1.08 | -81.58% |
SEZAL GLASS LTD | 12/08/2008 | 115 | 130 | 3.69 | -81.10% |
LOKESH MACHINES | 05/05/2006 | 140 | 211 | 41.25 | -81.08% |
ALPA LABORATOR | 08/06/2007 | 68 | 61 | 10.86 | -80.94% |
D B REALTY LTD | 24/02/2010 | 468 | 452 | 89.15 | -80.94% |
FIRST WINNER INDU | 07/08/2008 | 125 | 110 | 19 | -80.39% |
NIRAJ CEMENT STR | 19/06/2008 | 190 | 185 | 41.65 | -78.60% |
BANG OVERSEAS | 20/02/2008 | 207 | 250 | 36.55 | -78.49% |
IVRCL ASSETS & H | 16/08/2007 | 550 | 456 | 61.9 | -78.35% |
NISSAN COPPER LT | 29/12/2006 | 39 | 39 | 2.98 | -77.56% |
FIRSTSOURCE SOL | 22/02/2007 | 64 | 90 | 18.05 | -77.20% |
SEA TV NETWORK | 14/10/2010 | 100 | 120 | 26.25 | -77.17% |
EDELWEISS CAPITA | 12/12/2007 | 825 | 1443 | 35.9 | -77.12% |
CIRCUIT SYSTEMS I | 11/02/2007 | 35 | 42 | 9.89 | -77.01% |
KOLTE PATIL DEVE | 13/12/2007 | 145 | 130 | 42.6 | -76.99% |
EURO CERAMICS L | 03/09/2007 | 165 | 150 | 28.3 | -76.82% |
RAJ TELEVISION NE | 16/03/2007 | 257 | 225 | 54.15 | -76.54% |
BRIGADE ENTERPRI | 31/12/2007 | 390 | 430 | 91.8 | -76.49% |
CONSOLIDATED CO | 15/10/2007 | 510 | 889 | 39.8 | -76.25% |
CINEMAX INDIA LTD | 14/02/2007 | 155 | 166 | 39.1 | -75.55% |
HILTON METAL FOR | 24/05/2007 | 70 | 73 | 17 | -75.15% |
ANU'S LABORATO | 06/04/2008 | 210 | 260 | 3.23 | -74.87% |
VTX INDUSTRIES LT | 03/09/2007 | 100 | 0 | 17.6 | -74.76% |
TIRUPATI INKS LTD | 10/01/2010 | 43 | 54 | 10.05 | -74.73% |
INOX LEISURE LTD | 23/02/2006 | 120 | 185 | 45.8 | -74.54% |
CORDS CABLE IND | 13/02/2008 | 135 | 143 | 35.7 | -74.11% |
EURO MULTIVISION | 15/10/2009 | 75 | 75 | 14.25 | -73.87% |
ADVANTA INDIA LT | 19/04/2007 | 640 | 900 | 245 | -73.78% |
RATHI BARS LTD | 23/11/2007 | 35 | 0 | 8.85 | -73.64% |
PURAVANKARA PR | 30/08/2007 | 400 | 310 | 95.6 | -73.46% |
RAJ OIL MILLS LTD | 08/12/2009 | 120 | 120 | 32.2 | -72.34% |
ROYAL ORCHID HO | 02/06/2006 | 165 | 240 | 65.8 | -72.25% |
SOBHA DEVELOPE | 20/12/2006 | 640 | 1120 | 276.4 | -71.96% |
TEXMO PIPES AND | 03/10/2010 | 90 | 93 | 39.15 | -71.55% |
MIDFIELD INDUSTRI | 08/04/2010 | 133 | 159 | 47.9 | -71.30% |
PATEL ENGINEERIN | 05/09/2006 | 440 | 441 | 148 | -70.91% |
B S TRANSCOMM L | 27/10/2010 | 248 | 257 | 112.95 | -70.41% |
AISHWARYA TELE | 05/07/2008 | 35 | 50 | 13.85 | -70.28% |
SKS MICROFINANC | 16/08/2010 | 985 | 1040 | 415.35 | -70.12% |
BIRLA SHLOKA ED | 13/01/2010 | 50 | 58 | 16.9 | -69.71% |
ARCHIDPLY INDUST | 07/04/2008 | 74 | 73 | 17 | -69.67% |
SAKUMA EXPORTS | 03/08/2006 | 50 | 65 | 15 | -69.54% |
TANTIA CONSTRUC | 28/04/2006 | 50 | 257 | 66.15 | -69.48% |
ACROPETAL TECH | 03/10/2011 | 90 | 92 | 38.05 | -68.77% |
EXCEL INFOWAYS | 08/03/2009 | 85 | 86 | 30.05 | -68.64% |
THINKSOFT GLOBA | 26/10/2009 | 125 | 126 | 54.6 | -68.14% |
ALKALI METALS LT | 11/06/2008 | 103 | 99 | 54.5 | -67.77% |
ORIENTAL TRIMEX | 03/09/2007 | 48 | 50 | 8.85 | -67.61% |
COMMERCIAL ENGI | 18/10/2010 | 127 | 119 | 36.15 | -67.53% |
SYNCOM HEALTHC | 15/02/2010 | 75 | 90 | 31.3 | -66.82% |
RELIANCE POWER | 02/11/2008 | 450 | 530 | 124.15 | -66.76% |
GSS AMERICA INFO | 03/07/2008 | 400 | 380 | 160.15 | -66.69% |
NITCO TILES LIMITE | 21/03/2006 | 168 | 172 | 64.75 | -66.62% |
SAAMYA BIOTECH | 19/10/2007 | 10 | 17 | 5.4 | -66.27% |
LOTUS EYE CARE | 07/11/2008 | 38 | 40 | 11.86 | -66.20% |
HOUSING DEVELOP | 24/07/2007 | 500 | 538 | 152 | -65.38% |
EMPEE DISTILLERIE | 26/11/2007 | 400 | 462 | 108.95 | -65.13% |
TRANSFORMERS A | 28/12/2007 | 465 | 790 | 265.05 | -64.82% |
MIC ELECTRONICS | 30/05/2007 | 150 | 262 | 24.05 | -64.55% |
CANTABIL RETAIL I | 10/12/2010 | 135 | 114 | 37.7 | -63.91% |
BARAK VALLEY C | 23/11/2007 | 42 | 62 | 20.5 | -63.78% |
POCHIRAJU INDUST | 02/09/2007 | 30 | 45 | 17.9 | -63.78% |
TRANSWARRANTY | 26/02/2007 | 52 | 56 | 16.2 | -62.96% |
OMAXE LTD | 08/09/2007 | 310 | 410 | 128.9 | -62.19% |
RAVI KUMAR DISTI | 27/12/2010 | 64 | 72 | 30.75 | -62.09% |
ALLIED DIGITAL SE | 25/07/2007 | 190 | 332 | 78.05 | -61.87% |
MAN INFRACONST | 03/11/2010 | 252 | 318 | 135.2 | -61.52% |
TARAPUR TRANSF | 18/05/2010 | 75 | 75 | 22.5 | -61.07% |
MALU PAPER MILLS | 04/05/2006 | 30 | 31 | 12.76 | -60.99% |
DLF LTD | 07/05/2007 | 525 | 526 | 219.35 | -60.21% |
KAMDHENU ISPAT | 05/09/2006 | 25 | 34 | 19.1 | -59.56% |
TAKE SOLUTIONS L | 27/08/2007 | 730 | 880 | 39.1 | -57.20% |
KEW INDUSTRIES L | 25/09/2006 | 30 | 0 | 10.88 | -57.16% |
INTRASOFT TECHN | 04/12/2010 | 145 | 150 | 69.4 | -56.82% |
MICROSEC FINANCI | 10/05/2010 | 118 | 130 | 44.7 | -56.81% |
ONMOBILE GLOBA | 19/02/2008 | 440 | 440 | 125.9 | -56.47% |
NITIN SPINNERS LT | 02/02/2006 | 21 | 28 | 12.14 | -56.41% |
DEN NETWORKS LT | 11/01/2010 | 195 | 195 | 100.25 | -56.25% |
REFEX REFRIGERA | 20/08/2007 | 65 | 69 | 26.45 | -55.81% |
NELCAST LTD | 27/06/2007 | 219 | 252 | 94.1 | -54.91% |
EMMBI POLYARNS | 24/02/2010 | 45 | 46 | 12.66 | -54.62% |
ARIES AGRO LTD | 01/11/2008 | 130 | 160 | 113.6 | -53.90% |
GOENKA DIAMOND | 16/04/2010 | 135 | 124 | 59.4 | -53.70% |
B L KASHYAP AND | 17/03/2006 | 685 | 749 | 22.25 | -53.64% |
CELESTIAL LABS L | 17/07/2007 | 60 | 75 | 33.35 | -53.27% |
LAWRESHWAR PO | 19/03/2007 | 16 | 0 | 7.03 | -52.86% |
R SYSTEMS INTERN | 26/04/2006 | 250 | 301 | 116.9 | -52.35% |
SIMPLEX PROJECTS | 08/03/2007 | 185 | 323 | 132 | -51.87% |
JET AIRWAYS LTD | 24/02/2006 | 1100 | 1211 | 447.3 | -50.51% |
C AND C CONSTUC | 26/02/2007 | 291 | 288 | 127.25 | -49.60% |
HOV SERVICES LT | 27/09/2006 | 200 | 204 | 93.85 | -49.26% |
SHILPI CABLE TECH | 04/08/2011 | 69 | 78 | 25.55 | -49.05% |
SHRIRAM EPC LTD | 20/02/2008 | 300 | 320 | 156.15 | -48.88% |
CAREER POINT INF | 10/06/2010 | 310 | 461 | 320.85 | -48.29% |
3I INFOTECH LTD | 04/04/2006 | 100 | 105 | 45.5 | -48.19% |
ORIENT GREEN PO | 10/08/2010 | 47 | 46 | 24 | -48.11% |
DQ ENTERTAINMEN | 29/03/2010 | 80 | 135 | 58.55 | -47.77% |
TECHNOFAB ENGIN | 16/07/2010 | 240 | 276 | 158.75 | -47.57% |
NU TEK INDIA LTD | 01/10/2011 | 192 | 195 | 8.73 | -47.56% |
TITAGARH WAGON | 21/04/2008 | 540 | 540 | 365 | -46.99% |
AUTOLINE INDUSTR | 31/01/2007 | 225 | 230 | 141.15 | -46.50% |
BGR ENERGY SYS | 01/03/2008 | 480 | 840 | 511 | -46.19% |
HATHWAY CABLE | 25/02/2010 | 240 | 250 | 117.2 | -45.62% |
NITESH ESTATES L | 13/05/2010 | 54 | 54 | 25.6 | -45.44% |
SURYACHAKRA P | 23/07/2007 | 20 | 30 | 13.49 | -45.10% |
RUCHIRA PAPERS L | 20/12/2006 | 23 | 24 | 12.34 | -44.58% |
SMS PHARMACEUTI | 28/02/2007 | 380 | 360 | 197.75 | -44.14% |
ASIAN GRANITO IN | 23/08/2007 | 97 | 99 | 52.45 | -44.01% |
GAMMON INFRAST | 04/03/2008 | 167 | 170 | 17.95 | -43.00% |
JRG SECURITIES LT | 18/05/2006 | 40 | 0 | 25 | -42.65% |
MINDTREE CONSUL | 03/07/2007 | 425 | 627 | 352 | -41.63% |
SOMI CONVEYOR B | 24/07/2008 | 35 | 38 | 15.1 | -40.93% |
TECHNOCRAFT IND | 02/12/2007 | 105 | 137 | 57.15 | -40.78% |
CORAL HUB LTD | 08/11/2008 | 150 | 130 | 7.71 | -40.46% |
VASCON ENGINEER | 15/02/2010 | 165 | 156 | 87.4 | -40.29% |
KSK ENERGY VENT | 14/07/2008 | 240 | 210 | 113.45 | -40.26% |
MOTILAL OSWAL FI | 09/11/2007 | 825 | 911 | 125.4 | -39.46% |
ASTEC LIFESCIENC | 25/11/2009 | 82 | 83 | 50.7 | -39.45% |
BEDMUTHA INDUST | 14/10/2010 | 102 | 113 | 110.1 | -38.72% |
AQUA LOGISTICS L | 23/02/2010 | 215 | 225 | 15.65 | -38.40% |
RENAISSANCE JEW | 12/12/2007 | 150 | 190 | 85.7 | -38.32% |
INDO TECH TRANSF | 16/03/2006 | 130 | 165 | 147.05 | -37.94% |
ANKIT METAL AND | 07/10/2007 | 36 | 36 | 23.25 | -37.75% |
MEGHMANI ORGANI | 28/06/2007 | 19 | 33 | 13.86 | -37.29% |
JAYPEE INFRATEC | 21/05/2010 | 102 | 98 | 56.9 | -36.58% |
INDIABULLS POWE | 30/10/2009 | 45 | 45 | 21.75 | -36.54% |
ABHISHEK CORPOR | 19/03/2007 | 100 | 96 | 15.75 | -35.54% |
BIRLA COTSYN INDI | 30/07/2008 | 14 | 15 | 0.51 | -34.78% |
ARSS INFRASTRUC | 03/03/2010 | 450 | 630 | 494.95 | -33.61% |
PARABOLIC DRUG | 07/01/2010 | 85 | 75 | 44.95 | -33.49% |
KNR CONSTRUCTIO | 18/02/2008 | 170 | 210 | 100.5 | -32.75% |
ACCEL FRONTLINE | 30/10/2006 | 75 | 77 | 47.05 | -32.67% |
NHPC LTD | 09/01/2009 | 36 | 42 | 25.05 | -31.47% |
J K CEMENT LIMITE | 24/02/2006 | 155 | 160 | 123.05 | -30.81% |
UNITY INFRAPROJE | 06/12/2006 | 675 | 650 | 62 | -30.73% |
MUNDRA PORT AN | 27/11/2007 | 440 | 770 | 132.8 | -30.59% |
GAYATRI PROJECT | 17/10/2006 | 295 | 0 | 212.65 | -29.86% |
RAMKY INFRASTR | 10/08/2010 | 450 | 472 | 280.4 | -29.55% |
JSW ENERGY LTD | 01/04/2010 | 95 | 106 | 70.05 | -29.53% |
THE SHIPPING COR | 03/12/2010 | 140 | 138 | 106 | -28.73% |
GINNI FILAMENTS L | 26/12/2006 | 19 | 19 | 11.75 | -28.60% |
A2Z MAINTANCE A | 23/12/2010 | 400 | 500 | 236.1 | -27.71% |
SUNIL HITECH ENGI | 03/02/2006 | 100 | 125 | 111.1 | -27.02% |
NMDC LTD | 03/12/2010 | 300 | 297 | 264 | -26.74% |
INDOSOLAR LTD | 29/09/2010 | 29 | 30 | 17 | -26.16% |
TECPRO SYSTEMS | 10/12/2010 | 355 | 380 | 305.8 | -25.98% |
GVK POWER AND I | 27/02/2006 | 310 | 350 | 22.7 | -25.70% |
PRESTIGE ESTATES | 27/10/2010 | 183 | 190 | 142.35 | -25.53% |
BAJAJ CORP LTD | 18/08/2010 | 660 | 760 | 569.6 | -24.83% |
VA TECH WABAG | 13/10/2010 | 1310 | 1500 | 1239.35 | -24.83% |
PRAKASH STEELA | 25/08/2010 | 110 | 122 | 142.95 | -23.92% |
ORBIT CORPORATI | 04/12/2007 | 110 | 113 | 47.3 | -23.41% |
IDEA CELLULAR LT | 03/09/2007 | 75 | 85 | 67.4 | -23.26% |
SHEKHAWATI POL | 01/12/2011 | 30 | 33 | 35.05 | -23.16% |
PTC INDIA FINANCI | 30/03/2011 | 28 | 27 | 19.9 | -22.89% |
ELECTROSTEEL ST | 10/08/2010 | 11 | 11 | 9.19 | -20.36% |
PUNJAB AND SIND | 30/12/2010 | 120 | 144 | 102.5 | -20.31% |
PRADIP OVERSEAS | 04/05/2010 | 110 | 115 | 84.8 | -20.21% |
FAME INDIA LTD | 04/11/2008 | 53 | 53 | 52.5 | -19.74% |
MOIL LTD | 15/12/2010 | 375 | 565 | 372.9 | -19.41% |
HINDUSTAN MEDIA | 21/07/2010 | 166 | 178 | 149.05 | -19.13% |
MBL INFRASTRUCT | 01/11/2010 | 180 | 185 | 173.95 | -18.32% |
PLETHICO PHARMA | 05/05/2006 | 300 | 366 | 345 | -18.13% |
ASHOKA BUILDCO | 14/10/2010 | 324 | 342 | 259.05 | -18.10% |
OBEROI REALTY LT | 20/10/2010 | 260 | 271 | 252.7 | -16.24% |
RICHA KNITS LTD | 10/12/2006 | 30 | 0 | 25.8 | -15.37% |
IRB INFRASTRUCTU | 25/02/2008 | 185 | 194 | 166.25 | -15.10% |
SJVN LTD | 20/05/2010 | 26 | 27 | 21.55 | -14.77% |
ASAHI SONGWON | 06/04/2007 | 90 | 108 | 72.9 | -14.40% |
NTPC LTD | 02/05/2010 | 201 | 205 | 178.7 | -13.22% |
INFINITE COMPUTER | 02/03/2010 | 165 | 170 | 160.5 | -13.07% |
CLARIS LIFESCIENC | 20/12/2010 | 228 | 224 | 180.9 | -13.04% |
MUDRA LIFESTYLE | 03/09/2007 | 90 | 89 | 54.75 | -12.46% |
ENTERTAINMENT N | 15/02/2006 | 162 | 241 | 238 | -11.56% |
ENGINEERS INDIA L | 30/07/2010 | 290 | 315 | 285 | -11.55% |
DB CORP LTD | 01/06/2010 | 212 | 254 | 244.3 | -9.74% |
DYNEMIC PRODUCT | 23/02/2006 | 35 | 0 | 24.65 | -9.40% |
RELIGARE ENTERP | 21/11/2007 | 185 | 323 | 458.65 | -8.87% |
OMNITECH INFOSO | 14/08/2007 | 105 | 183 | 136.5 | -7.38% |
TALBROS AUTOMO | 09/11/2006 | 102 | 115 | 66.65 | -7.26% |
COX AND KING INDI | 12/11/2009 | 330 | 343 | 404.35 | -7.23% |
ZYLOG SYSTEMS | 17/08/2007 | 350 | 557 | 413.8 | -6.24% |
TATA STEEL LTD | 21/01/2011 | 610 | 631 | 590.5 | -5.89% |
CHEMCEL BIOTECH | 13/10/2008 | 16 | 5 | 5.1 | -5.71% |
PERSISTENT SYSTE | 04/06/2010 | 310 | 361 | 395.3 | -3.95% |
VISA STEEL LIMITE | 17/03/2006 | 57 | 58 | 54.15 | -2.10% |
EDSERV SOFTSYS | 03/02/2009 | 60 | 60 | 140 | -1.49% |
MANAKSIA LTD | 27/01/2011 | 160 | 175 | 79 | 2.00% |
POWER GRID CORP | 10/05/2007 | 52 | 89 | 104.2 | 3.18% |
POWER GRID CORP | 11/12/2010 | 90 | 95 | 104.2 | 3.97% |
RURAL ELECTRIFIC | 23/02/2010 | 203 | 237 | 224.75 | 5.31% |
NITIN FIRE PROTECT | 06/05/2007 | 190 | 332 | 87.5 | 6.38% |
PROVOGUE INDIA L | 16/06/2006 | 150 | 250 | 40.15 | 6.92% |
R P P INFRA PROJE | 12/06/2010 | 75 | 75 | 77.05 | 7.32% |
BAFNA PHARMACE | 27/06/2008 | 40 | 44 | 42.75 | 7.40% |
STANDARD CHART | 06/11/2010 | 104 | 106 | 114.65 | 8.49% |
SUDAR GARMENTS | 03/11/2011 | 77 | 80 | 128.6 | 9.77% |
SUN TV LTD | 24/04/2006 | 875 | 1111 | 417.35 | 10.23% |
GUJARAT PIPAVA | 09/09/2010 | 46 | 56 | 60 | 10.82% |
ACTION CONSTRUC | 26/09/2006 | 130 | 180 | 43.95 | 11.27% |
ICICI BANK LTD | 22/06/2007 | 940 | 980 | 1058.1 | 11.77% |
COAL INDIA LTD | 11/04/2010 | 245 | 291 | 370.95 | 12.08% |
ADANI POWER LTD | 20/08/2009 | 100 | 108 | 108.75 | 12.14% |
GALLANTT ISPAT L | 10/11/2010 | 50 | 52 | 94.05 | 14.34% |
MAHINDRA HOLIDA | 16/07/2009 | 300 | 370 | 364.95 | 15.11% |
OIL INDIA LTD | 30/09/2009 | 1050 | 1096 | 1371.7 | 22.25% |
TECH MAHINDRA L | 28/08/2006 | 365 | 521 | 664.35 | 22.31% |
TIME TECHNOPLAS | 13/06/2007 | 315 | 489 | 55.35 | 22.81% |
20 MICRONS LTD | 10/06/2008 | 55 | 80 | 42.9 | 23.12% |
JINDAL COTEX LTD | 22/09/2009 | 75 | 77 | 91.9 | 23.21% |
EVERONN EDUCATI | 11/07/2007 | 140 | 245 | 607.9 | 26.34% |
ALLCARGO GLOB | 23/06/2006 | 675 | 519 | 167.8 | 26.65% |
FIEM INDUSTRIES L | 19/10/2006 | 137 | 145 | 156.9 | 27.06% |
JHS SVENDGAARD | 21/10/2006 | 58 | 60 | 73.8 | 27.26% |
GALLANTT METAL | 04/04/2006 | 10 | 20 | 19 | 27.66% |
DEVELOPMENT CRE | 27/10/2006 | 26 | 35 | 60.8 | 28.00% |
GODREJ PROPERTI | 01/05/2010 | 490 | 511 | 668.85 | 29.24% |
VOLTAMP TRASFO | 20/09/2006 | 345 | 370 | 549.25 | 29.80% |
CENTRAL BANK OF | 21/08/2007 | 102 | 131 | 129.65 | 30.08% |
SUPREME INFRAST | 18/10/2007 | 108 | 187 | 228.7 | 30.13% |
SHREE ASHTAVINA | 01/10/2007 | 160 | 193 | 5.7 | 30.68% |
LOVABLE LINGERIE | 24/03/2011 | 205 | 240 | 326.85 | 32.24% |
OMKAR SPECIALIT | 02/10/2011 | 98 | 95 | 63.95 | 36.47% |
ROHIT FERRO TECH | 13/04/2006 | 30 | 50 | 39.7 | 36.60% |
TALWALKARS BET | 05/10/2010 | 128 | 147 | 245.7 | 39.02% |
JYOTHY LABORAT | 19/12/2007 | 690 | 895 | 207.55 | 39.69% |
ICRA LTD | 13/04/2007 | 330 | 540 | 1080.15 | 40.74% |
LUMAX AUTO TECH | 16/01/2007 | 75 | 80 | 149.8 | 41.50% |
LANCO INFRATECH | 27/11/2006 | 240 | 270 | 35.4 | 42.92% |
UNITED BANK OF IN | 18/03/2010 | 66 | 75 | 96.15 | 45.78% |
PRATIBHA INDUSTR | 16/03/2006 | 120 | 146 | 55.25 | 47.21% |
SHREE GANESH JE | 04/09/2010 | 260 | 250 | 214.4 | 47.63% |
PIPAVAV SHIPYAR | 10/09/2009 | 58 | 61 | 80.9 | 48.06% |
AMAR REMEDIES L | 31/08/2006 | 28 | 50 | 94.7 | 49.35% |
ANDHRA BANK | 20/01/2006 | 90 | 91 | 135.15 | 50.34% |
KIRI INDUSTRIES LT | 22/04/2008 | 150 | 184 | 258.65 | 55.28% |
FORTIS HEALTHCA | 05/09/2007 | 108 | 110 | 150.55 | 57.00% |
HT MEDIA | 08/10/2006 | 530 | 545 | 148.75 | 59.71% |
KAVERI SEED COM | 10/04/2007 | 170 | 204 | 362.45 | 60.00% |
GITANJALI GEMS L | 03/10/2006 | 195 | 215 | 264.3 | 60.66% |
JAIPRAKASH HYDR | 20/03/2006 | 32 | 36 | 46.1 | 64.50% |
GLOBUS SPIRITS L | 23/09/2009 | 100 | 101 | 141.05 | 66.01% |
GODAWARI POWE | 25/04/2006 | 81 | 90 | 176.8 | 70.14% |
GRAVITA INDIA LT | 16/11/2010 | 125 | 218 | 361.6 | 70.82% |
PRIME FOCUS LTD | 20/06/2006 | 417 | 322 | 57 | 73.48% |
VIMAL OIL AND FO | 23/03/2007 | 30 | 0 | 78 | 73.57% |
FINEOTEX CHEMICA | 03/11/2011 | 70 | 80 | 226.25 | 75.44% |
GMR INFRASTRUCT | 21/08/2006 | 210 | 216 | 36.85 | 76.18% |
MANDHANA INDUS | 19/05/2010 | 130 | 131 | 221.8 | 81.63% |
RURAL ELECTRIFIC | 03/12/2008 | 105 | 129 | 224.75 | 84.24% |
SHRIRAM TRANSP | 14/08/2009 | 1000 | 1059 | 670.45 | 86.84% |
BHAGWATI BANQU | 17/05/2007 | 40 | 45 | 94.35 | 92.69% |
ATLANTA LTD | 25/09/2006 | 150 | 175 | 72.6 | 94.88% |
POWER FINANCE C | 23/02/2007 | 85 | 113 | 216.2 | 95.34% |
ESS DEE ALUMINIU | 28/12/2006 | 225 | 265 | 436.3 | 95.76% |
VARUN INDUSTRIE | 22/11/2007 | 60 | 105 | 212.4 | 97.47% |
ADHUNIK METALIK | 04/05/2006 | 37 | 37 | 88 | 107.79% |
HANUNG TOYS AN | 20/10/2006 | 95 | 100 | 203.65 | 108.61% |
DEEP INDUSTRIES L | 25/09/2006 | 36 | 0 | 57.95 | 118.82% |
MIDVALLEY ENTER | 27/01/2011 | 70 | 73 | 124.45 | 119.47% |
KEWAL KIRAN CLO | 13/04/2006 | 260 | 299 | 568.4 | 124.47% |
SOLAR INDUSTRIES | 04/03/2006 | 190 | 219 | 588.5 | 126.13% |
SYNDICATE BANK | 13/07/2006 | 50 | 0 | 110.85 | 129.87% |
GOKUL REFOILS A | 13/06/2008 | 195 | 219 | 93.7 | 130.20% |
INDIAN BANK | 03/01/2007 | 91 | 93 | 230.85 | 134.99% |
C MAHENDRA EXP | 20/01/2011 | 110 | 0 | 268 | 135.14% |
PUNJAB NATIONAL | 13/03/2006 | 390 | 468 | 1118.55 | 135.41% |
ECLERX SERVICES | 31/12/2007 | 315 | 370 | 689.8 | 137.54% |
GUJARAT STATE P | 16/02/2006 | 27 | 45 | 100.1 | 141.94% |
CAIRN INDIA LTD | 01/09/2007 | 160 | 152 | 351.65 | 147.42% |
THANGAMAYIL JE | 19/02/2010 | 75 | 76 | 176.1 | 149.37% |
INFO EDGE INDIA LT | 21/11/2006 | 320 | 451 | 724.95 | 150.51% |
ALLAHABAD BANK | 04/12/2006 | 82 | 77 | 196.5 | 152.10% |
V-GUARD INDUSTRI | 13/03/2008 | 82 | 90 | 186.5 | 156.64% |
JAGRAN PRAKASH | 22/02/2006 | 320 | 313 | 120.1 | 164.36% |
INSECTICIDES INDIA | 30/05/2007 | 115 | 110 | 289.3 | 165.66% |
REDINGTON INDIA L | 15/02/2007 | 113 | 130 | 87.6 | 166.00% |
UNION BANK OF IN | 21/02/2006 | 110 | 126 | 295.95 | 172.14% |
MAHINDRA AND M | 17/03/2006 | 200 | 241 | 692.6 | 197.88% |
JUBILANT FOODW | 02/08/2010 | 145 | 160 | 680.2 | 222.66% |
MANJUSHREE EXTR | 06/02/2008 | 45 | 48 | 78.05 | 232.65% |
ASTRAL POLY TEC | 20/03/2007 | 115 | 103 | 173.75 | 235.79% |
BANK OF BARODA | 20/01/2006 | 230 | 234 | 849 | 272.00% |
YES BANK LTD | 21/06/2006 | 45 | 65 | 282.75 | 276.04% |
UTV LTD | 27/02/2006 | 130 | 165 | 613.75 | 279.02% |
THE SOUTH INDIAN | 15/02/2006 | 66 | 68 | 22.95 | 319.64% |
SADBHAV ENGINEE | 08/02/2006 | 185 | 235 | 129.75 | 353.78% |
EMAMI LTD | 03/10/2006 | 70 | 0 | 434.25 | 363.50% |
OPTO CIRCUITS INDI | 04/05/2006 | 270 | 395 | 299.85 | 395.22% |
PAGE INDUSTRIES | 16/03/2007 | 360 | 329 | 1610 | 499.08% |
USHER AGRO LTD | 10/06/2006 | 15 | 0 | 101.1 | 522.22% |
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