The naughty naughty Mr.Naik

The IPO of L&T Technology Services Ltd is currently underway.

Investors who invested in the IPO of L&T Infotech Ltd earlier this year burnt their fingers as now the scrip is quoting below the issue price.

Perhaps considering the dampened investor sentiment in mind,L&T Chairman Naik is doing his best to talk up the prospects of  L&T Tech.

In an interview to ET, he says

“The revenues now stands at about $470 million as of last year. We have grown past $525 million this year. We believe we will double this in the next five years. That is what our plan is. We will make some acquisition to aid us in technological development — things like digital and Internet of Things. “

Now as per SEBI guidelines,Managements are not supposed to provide forward looking statements and even if they do,they have to make a note of it in the DRHP

Now the DRHP of L&T Tech has no mention of this doubling of revenues.

So is Mr.Naik living in an alternative universe where only L&T anthem gets played and SEBI rules don’t apply?

Or is he just being a naughty old man?

RBL Bank:From Pre-IPO to IPO

RBL Bank (formerly Ratnakar Bank) was the first scrip I started market making in.

The journey started a few years back and it turned out to be extra-ordinarily rewarding both personally for me and my fellow investors.

Hopefully,the Bank will continue to scale new heights of success and glory.

Salutations to the man who made it all possible…yes Sir,you deserve that Million Dollar Smile !

1471526182-7051

Wrong Number

Today Idea Cellular soared by 8% on the basis of a news report by CNBC TV-18 that it is in merger talks with Vodafone.

Idea Cellular angrily denied the reports and I got the following message on Whats App:

IDEA DENIES MERGER/DEAL with VODAFONE

Regrettably, CNBC-TV18 have put out a wrongheaded baseless story stating that Idea is in talks with Vodafone on stake sale.  This is absolutely untrue and preposterous.  There is no such intent.  We request you not to be swayed by such motivated feed.  Do not lend any credence to it.

Thank you for your understanding and support.

Best regards,
Dr. (Mrs.) Pragnya Ram
Group Executive President – Corporate Communications & CSR

What is interesting is the use of the word “motivated”.

Since CNBC TV-18 is owned by the Reliance Group whose Reliance Jio launch is imminent,did the TV channel deliberately run a false story?

Or is it just a normal day’s job for the fine folks at CNBC ?