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Fun, fat-finger, or Porinju Veliyath’s prop trade? Behind the new-found romance for Manpasand's stock

Earlier this year, the beverages maker’s promoters were jailed for GST fraud. Its third set of auditors has also quit, and Manpasand’s stock has been reduced to a penny scrip. Yet, there has been a sudden interest in the stock after NSE records showed that fund manager Porinju Veliyath bought it in a bulk deal. Veliyath says his fund didn’t carry out the transaction. If that is the case, what is fuelling the rally in Manpasand shares?
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11 Oct 2019 9 Mins Read 1 comments
Courtesy of Manpasand Beverages via Facebook
Courtesy of Manpasand Beverages via Facebook
Ace investor Porinju Veliyath has perhaps been feeling low for a while. His portfolio management services (PMS) fund Equity Intelligence has been underperforming for some time now with small-caps collapsing amid an economic slowdown. Veliyath is well known as a successful purveyor of India’s small cap universe — the part of the economy where long-term value is believed to
should undergo a forensic audit in order to ascertain the real picture." With Manpasand, the discord between the narratives of its stakeholders is growing starker by the day. In such a situation, what should the investor do? The best option would be to resist the lure of a battered stock until clarity emerges. ( Graphics by Mohammad Arshad)
Ace investor Porinju Veliyath has perhaps been feeling low for a while. His portfolio management services (PMS) fund Equity Intelligence has been underperforming for some time now with small-caps collapsing amid an economic slowdown. Veliyath is well known as a successful purveyor of India’s small cap universe — the part of the economy where long-term value is believed to should undergo a forensic audit in order to ascertain the real picture." With Manpasand, the discord between the narratives of its stakeholders is growing starker by the day. In such a situation, what should the investor do? The best option would be to resist the lure of a battered stock until clarity emerges. ( Graphics by Mohammad Arshad)

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