It’s typically mentioned that the inventory market’s principal oxygen comes from sentiments. The share worth has hit the roof for an organization that has the phrase ‘Oxygen’ in its identify although its enterprise has nothing to do with the life-saving fuel — one thing in excessive demand because of the COVID-19 pandemic. The share worth of Bombay Oxygen Investments Ltd hit its higher circuit restrict Rs 24,574.85 apiece on the BSE on Monday, with the utmost permissible acquire of 5 per cent because of the inventory being beneath surveillance. The similar is the case with another little-known shares with ‘fuel’ or ‘oxygen’ of their new or previous names and all of them are being probed for any potential foul play.
Bombay Oxygen Investments Ltd shares have been witnessing a very sharp rally for a lot of days now and have greater than doubled from about Rs 10,000 stage seen in March-end and the market watchers really feel the one purpose for this type of stupendous rally is the identify of the corporate.
However, the info, even by the corporate’s personal admission, are one thing totally different.
On the homepage of its web site, the corporate says it was included as ‘Bombay Oxygen Corporation Limited’ on October 3, 1960, but it surely modified its identify to ‘Bombay Investments Limited’ with impact from October 3, 2018.
It additional mentioned the corporate’s “main enterprise was manufacturing and supplying of commercial gases which has been discontinued from August 1, 2019.”
It “owns substantial monetary investments within the type of shares, mutual funds and different monetary securities and the revenue from such monetary investments is the income of the corporate.”
It has been issued a certificates of registration from the RBI “for carrying on the enterprise of Non-Banking Financial Institution (NBFC) with out accepting Public Deposits.”
While a number of market watchers mentioned the corporate no extra offers in oxygen, there’s a contradiction on its web site, as its ‘merchandise’ part continues to seek advice from oxygen and different industrial gases.
This part nonetheless describes the corporate as ‘Manufacturer and Dealer of Industrial Gases’ and lists oxygen, nitrogen, argon, carbon dioxide as merchandise.
However, the BSE web page of the Mumbai-based firm describes it as an NBFC.
Earlier this month on April 8, the BSE had sought a clarification from the corporate on important motion in its share worth, “so as to be certain that buyers have the most recent related details about the corporate and to tell the market in order that the curiosity of the buyers is safeguarded.”
To this, the corporate had replied “that each one the fabric info and announcement that will have bearing on the operations (or) efficiency of the corporate which incorporates all the mandatory disclosures… have at all times been disclosed by the corporate throughout the stipulated time”.
“There isn’t any pending info or announcement which can have a bearing on the value motion of the corporate. Therefore, the motion within the share worth of the corporate is market-driven and the corporate is by no means related with any such motion in worth,” the corporate had informed the trade on April 9.
Since then, the corporate has submitted to the BSE its newest shareholding sample for the quarter ended March 31, 2021 and two regulatory compliance filings for the half-year interval ended March 31, 2021.
In its latest-available monetary outcomes, the corporate had reported a complete revenue of Rs 33.79 crore and a revenue of Rs 31.69 crore for the quarter ended December 31, 2020.
The firm now instructions a market capitalisation of over Rs 368 crore. Promoters personal greater than 73 per cent of the corporate shares, whereas a bulk of the general public shareholding is with small retail buyers.
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