MUMBAI, JUNE 15: Who said ICE stocks have melted? Old days are back again in the counter of Himachal Futuristic Communications Ltd (HFCL). While the Bombay Stock Exchange Sensex remained in the 4200-4600 range, the HFCL stock had shot up by almost 96 per cent in an intriguing bull run in the last two weeks. Cocking a snook at the regulators and ``tight-monitoring'' by stock exchanges, the stock jumped from Rs 790 on May 27 to Rs 1,545 by Thursday. During the December-February period when ICE stock hogged the limelight, the stock had jumped from Rs 62 to Rs 2553. ``The same bull operator who was instrumental in pushing up ICE stocks to dizzy heights earlier this year is once again active in the HFCL counter. It's case of plain price rigging,'' said a market source. HFCL stock which touched Rs 2553 in mid-February later crashed to the Rs 700 level by May. ``History could repeat once again. Investors should be careful,'' said BSE broker Pawan Dharnidharka. According to market circles, one reason for the jump could be that HFCL has not yet completed the preferential allotment to Kerry Packer. ``It's very clear that no investor would like to put money in a company when its market price is below the offer price,'' said a market source. HFCL had earlier signed up with Packer to offer shares at Rs 1,450 per share. However, the HFCL stock since then fell to the Rs 700 level. As the HFCL board is meeting next week to consider the allotment of remaining portion, its share price has also gone up. According to market sources, the company has not announced any major business plan to warrant a bull run. However, surprisingly, the market regulator SEBI and the stock exchanges have not done any investigation into the amazing bull run in the HFCL counter. ``Significantly, other ICE stocks have not boomed like the way HFCL have done. The rally in HFCL is once again luring investors back into the ICE game,'' said an investor. Several retail investors who invested in ICE stocks in the January-February had lost heavily in the subsequent crash.
