Fresh-Out-on-Bail Jeweler Vows to Revive Empire - Bloomberg:
Shares of Atlas Jewellery India Ltd. are set for their biggest monthly gain this year as investors bet on a quick resolution of its financial troubles now that the founder is out of prison.
M.M. Ramachandran was released on bail in June more than two years after a Dubai court sentenced him to three years for defaulting on loans. He said the company has paid off part of the money owed to a consortium of banks by selling some assets in Oman.
At a time when Indian authorities are seeking to bring to book absconding jeweler Nirav Modi for allegedly masterminding a $2 billion bank fraud, investors are cheering the release of Ramachandran on hopes he may hasten debt repayment. Shares of the company surged as much as 88 percent in June to a three-year high before paring the advance to 26 percent as of Monday.
No comments:
Post a Comment