Current situation of the market probably says
' When kids come to dance floor, it's time for elders to go to bed '.— Vijay Kedia (@VijayKedia1) September 8, 2016
Author: Raoji
Gujju Power
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?
Linkfest: September 14,2016
Some stuff I am reading today morning:
Reliance Capital to list Housing Finance arm (Mint)
How YES Bank’s QIP ended in failure (ET)
Time to go fishing for large cap stocks (ET)
Interview with Cyrus Mistry (Quint)
How PSU Banks are gaming Modi’s Jan Dhan Yojana (IE)
The bull market in used luxury cars (BS)
We are at the end of the debt cycle (Ray Dalio)
Net worth of Raamdeo Agrawal and other market stalwarts (RJ)
Ignore Forecasts (Swedroe)
The expensive lesson of closet indexing (AA)
Chart: BRICs cross 2007 Highs
Source: Dana Lyons