26 November, 2020

The One-man Sensex

Why did a tax snoop on him give Dalal Street frostbite?

The One-man Sensex
outlookindia.com
-0001-11-30T00:00:00+05:53

If you know what he’s buying, you wouldn’t bet against this man. If you do, be afraid. Or, be prepared to lose your life’s savings. On January 10, when the Income-Tax authorities carried out a check at his offices, Nabheram Harakchand Securities - better known as NH Securities - the market crashed 222 points, wiping out around Rs 40,000 crore in market capitalisation in a single day. Two days later, on Wednesday, as the taxman’s shadow over him receded, the Sensex bounced back by 194 points to 5491.

So, who’s this real-time market-mover who can give Big Bull Harshad Mehta a massive complex and send him trotting after his Lexus? There’s nobody in the market today who hasn’t heard of him, yet he remains an enigma. Because, Ketan Parekh chooses to remain as low-profile as his portfolio is high-profile.

Take a look at the gold chest he reportedly owns: Aftek Infosys, Himachal Futuristic, Zee Telefilms, Ranbaxy, Satyam Computers, Global Tele-Systems, Pentafour Software, and so on. Almost all of them acquired at rock-bottom prices. Ketan is...

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