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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The rise of operators like Halwasiya epitomises India’s current stock market boom led by unheard-of growth (or manipulation) in small, unheard-of stocks.
Aditya Halwasiya who?
The 29-year-old entrepreneur wasn’t exactly a name to be reckoned with in India’s business landscape until recently. In fact, his tryst with listed companies began in January last year when he bought a Rs 9.5 crore stake and earned a board seat at Apollo Micro Systems, a Hyderabad-based aerospace and defence equipment manufacturer. At the time, his biodata described him as a third-generation entrepreneur of the Kolkata-based Universal-Halwasiya group, which mostly deals in lubricants and oil and has a turnover of Rs 2,000 crore. Nothing to write home about, really.
But things heated up in September last …
The Delhi-based group lender has been struggling with mounting losses, driven by the shifting priorities of borrowers and the growing pressure on field staff to meet targets.
A market dominated by speculative activity is enriching sophisticated traders at the expense of retail investors, distorting exchanges and brokerages, and putting household savings at risk.
As part of a wider push to encourage transparency in the market, the CMA’s latest proposal seeks more clarity on how private capital moves around in the country.
