Securities and Exchange Board of India (Sebi) has imposed a total penalty of R27 lakh on three promoter entities of GEE for alleged fraudulent trading in the firm’s shares. Sebi slapped a fine of R18 lakh on Vidya Finvest, R6 lakh on Sanwarmal Agarwal and R3 lakh on Shankarlal Agarwal. Shankarlal Agarwal is also the MD of GEE, while Sanwarmal Agarwal is executive director of the company, a Sebi order said. The case relates to Sebi's probe into trading in shares of GEE between April 28 and August 31, 2009.
Goldman reiterates ‘buy’ on Crompton Greaves
Goldman Sachs has retained its ‘buy’ rating on Crompton Greaves and added the stock to its Asia-Pacific Conviction List. Goldman cited a favourable risk-reward ratio after the power equipment maker completed the restructuring of its Belgium plant in the quarter ended in December. The bank added that Crompton Greaves’ valuations are trading at a historical trough, calling it ‘unjustified’.