Sunday, May 10, 2009

Why hide losses?

The company I am talking about is Selan Exploration. The company didn't separately publish its fourth quarter (March 2009) results but gave out only the full year results here. The company officials might feel they can fool investors but it doesn't take much time to find out that the fourth quarter total income is INR 7.6 Crore and the net loss is INR 3.38 Crore. CNBC-TV18 did find it out and took an interview of the chairman here. It seems that India has started following the US lately. In the US, CXOs are just looking at their company's stock price all the time. Similar behaviour was observed recently with ICICI Bank in Sept - Oct 2008 when Joint MD Chanda Kochhar said that not just ICICI bank depositors safe but the share is also a good long term investment. Unfortunately I have not been able to find that link.
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