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Buy Exide Industries below Rs 130: SP Tulsian

Written By Unknown on Senin, 29 April 2013 | 23.07

SP Tulsian, sptulsian.com advises to buy Exide Industries below Rs 130.

Tulsian told CNBC-TV18, "Exide Industries results have been good but the market has stopped taking the assurances or maybe the continuity of the similar kind of performance. Maybe apart from the subdued topline there is other income element also of about Rs 30 crore which market is deducting by about Rs 10-12 crore from the bottomline of Rs 146 crore having posted by the company."

He further added, "Maybe market is not very confident going forward but at least I will be keeping the positive stance on the stock. The kind of long positions which we have seen getting built in the stock for last one week may have seen liquidation. However, if it falls below Rs 130 because in view of the falling lead prices that seems to be positive for the stock and even the increase in their replacement market share seems positive. So, maybe below Rs 130 the stock can be looked for buying."



23.07 | 0 komentar | Read More

Buy Titan Industries; short Bharti Airtel: SP Tulsian

SP Tulsian, sptulsian.com advises to buy Titan Industries and short Bharti Airtel .

Tulsian told CNBC-TV18, "I have taken a long call on Titan Industries, because I think the renewed interest is coming back into the stock. We have seen many large investors having reduced their exposure in the company, but since then maybe with the gold price stabilisation the stock now seems to be going upward and the kind of renewed buying we have seen coming back. Target for the day is Rs 277 with stop loss of Rs 271."

He further added, "The second stock which I have chosen is going short on Bharti Airtel because I am not keeping the positive stance on the telecom stocks including Idea because even Idea seems to have gone up beyond its value and may see correction in the near-term and may correct to Rs 320. So in Bharti the stop loss is at Rs 318 for a target of Rs 312 by the end of the day."



23.07 | 0 komentar | Read More

Market consolidating, moved in 5,850-5,950 range: Udayan

All in all, Monday witnessed a steady session of trade, with the market probably consolidating after the rally. Friday saw a corrective dip, and on Monday the market pulled back and steadied somewhat, essentially moving in a in a 5,850-5,950 kind of trading zone.

Though the trading session on Monday started on a quiet note, the market started moving up with HUL announcing better-than-expected results. HUL was the big star on Monday, putting on more than 6 percent with a good set of numbers. It not a bad day for large cap stocks, but movement in midcaps was stock-specific.

Also read: BSE Sensex up 100 pts; ITC hits life high, IT stocks up

Here is the edited summary of Udayan's market wrap-up on CNBC-TV18

The first half was very quiet. The Nifty spent most of the first half in just about a 20-point trading range. Then, as Hindustan Unilever (HUL) results came in, the market started moving higher. Maybe there was short covering on HUL as well.

Global markets, European markets that is, were trading were quite steady and that might have rubbed off on our market as well. It gave up a little bit towards the end, but still was good enough to close around that 5,900 mark. So, not a bad close after a very sluggish start.

Midcaps also did well. The breadth was okay but the midcap index put on more than 1 percentage point. In the large cap space, HUL was the big star on Monday, putting on more than 6 percent. The stock had gone weak into the results, losing 3 percent on Friday. Presumably there were some short positions which got covered after what looked like a better-than-expected set of numbers.

Other winners were IndusInd Bank and Hero MotoCorp, where numbers too were better than expected. We had some infrastructure companies like JP Associates, Reliance Infrastructure and even Bharat Heavy Electricals Limited (BHEL) not doing too badly.

The PSU resource plays like Coal India and National Mineral Development Corporation (NMDC) disappointed on Monday and even Jindal Steel and Power (JSPL) had a bad session, but otherwise it not a bad day for large cap names.

Midcaps were stock-specific, so on the winning side we had Lanco Infrastructure which started the day with a big rally on news that the Perdaman case had been called off so that stock moved up. It was the biggest winner.

Reliance Communication (RCom) was a big winner, Reliance Capital and Reliance Power also did quite well. Indiabulls Realty has actually been moving higher post results, that was good. Jain Irrigation, Titan, Sintex Industries, Idea Cellular and LIC Housing Finance were some of the other names which did well.

Disappointing results came from Indian Overseas Bank (IOB), and that stock corrected. In Exide too, the sales were not great and that stock came off quite a bit. Delta Corp and Alok Industries were two other names which did quite badly in the midcap lot.

However, all in all, it was a steady session of trade. The markets were probably consolidating after that big rally. So, Friday was a corrective dip, Monday the market pulled back and steadied somewhat, but essentially moved in a in a 5,850-5,950 kind of trading zone.



23.07 | 0 komentar | Read More

Sebi seeks transfer of Sahara repayment petitions to SC

In the on-going battle between SEBI and Sahara in the Supreme Court , the stock market regulator has moved a transfer application seeking all matters related to the Supreme Court's order directing repayment of Rs 24,000 crore to Sahara's OFCD investors pending before the Securities Appellate Tribunal, the Allahabad High Court and other legal fora, be shifted to the apex court, reports CNBC-TV18's Malvika Jain.

The basis on which Sebi has moved this transfer petition before the Supreme Court rests on the fact that in all the petitions filed by the Sahara Group — on attaching personal property belonging to Sahara promoter Subrata Roy Sahara or whether it is a issue of direct repayment of certain amount of money by Sahara Group to its investors is concerned — are not issues of law, but only deal with interpretation of the Supreme Court's order in 2012.

In that particular order, the apex court directed the company to refund Rs 24,000 crore to its investors and in this light Supreme Court, according to this petition filed by Sebi, is in the best position to say what the order actually means. Thus, Sahara Group's petitions pending before the Securities Appellate Tribunal (SAT) and before the Allahabad High Court, have been sought to be transferred to the Supreme Court.

The Supreme Court on the May 2 is going to take up contempt petition moved by Sebi against the Sahara Group. Sebi is also going to plead, at the hearing on May 2, that the matter of transfer of application also be taken up by the apex court.



23.07 | 0 komentar | Read More

A synopsis of what Nomura expects from RBI credit policy

Moneycontrol Bureau

The Reserve Bank of India (RBI) is going to announce its fourth quarter (January March) credit policy on May 3. Speculations are rife that the central bank may cut the policy (repo) rate in the range of 25 50 basis points in a bid to revive the sputtering growth engine.

Repo is the rate at which banks borrow from RBI's daily borrowing window or known as LAF (Liquidity Adjustment Facility) in the banking parlance.

Sonal Varma and Aman Mohunta two economists from Japanese research firm Nomura are of opinion that the RBI may be prompted to cut rates due to three-pronged reasons: lower rate of wholesale price index (WPI) based inflation, weak growth and narrow trade deficit.

Here is what they had to say:


• A 25bp repo rate cut: We expect the RBI to cut its repo rate by 25bp to 7.25%, in line with consensus expectations. The RBI had stated in March that "headroom for further monetary easing remains quite limited." However, lower WPI inflation (80bp below the RBI's projection in March), continued weak growth and a narrower trade deficit should have collectively created space for further easing. Additionally, while a cut in the cash reserve ratio to allow for better policy transmission is possible, we do not consider this part of our base case scenario (Consensus and Nomura: 4.00%).

•     Economic projections: We expect the RBI to project GDP growth at around 6% y-o-y in FY14 (year ending March 2014. up from 5.0% in FY13. Our forecast is for a lower 5.6%. We expect the RBI to project WPI inflation at between 5.5% and 6.0% y-o-y by March 2014 (6% in March 2013) on lower global commodity prices, a lagged impact of weaker demand and the forecast of a normal monsoon.

•  Developmental and regulatory policies: We expect the RBI to announce a phased reduction in the hold-to-maturity (HTM) limit for banks from the current 25% to 23% (same as the statutory liquidity ratio). It could also tighten asset-quality norms for non-banking finance companies and on gold loans.

•     Forward guidance: We expect the tone of forward guidance to shift from hawkish to neutral. We expect the RBI to signal that there is some scope for further rate cuts, but only contingent on signs of a sustainable moderation in CPI inflation and the current account deficit.

Outlook:

In our view, the global commodity price outlook is key to the trajectory of WPI inflation. A steady fall in global commodity prices, if sustained, would help ease input cost pressures and thus aid a further fall in WPI inflation in the coming months, providing the RBI even more headroom to cut rates (see: Asia Special Report: Lower commodity prices a boon for Asia, 19 April 2013).



23.07 | 0 komentar | Read More

Fees for check-in bags to slightly push airline rev: Expert

The Directorate General of Civil Aviation (DGCA) earlier today announced that it was permitting scheduled airlines to charge for certain unbundled services separately like preferred seats on a flight, check-in baggage and meals among other things, thereby helping the airlines increase their ancillary revenues.

So now going forward consumers would have to be prepared to pay marginally higher for tickets.

Jitendra Bhargava, Former ED, Air India when questioned on how he read this he said, "Fundamentally, this is a move that must be welcomed. It takes India on to the practices that are followed globally."

Also read: Airlines can charge preferred seats, check-in bags: Govt

However, he adds, for there to be any significant change in Indian carrier's revenues government will have to look at more fundamental systemic issues that can put Indian carriers on a stronger financial model, especially issues of Aviation Turbine Fuel (ATF), airport charges.

Although he agrees that this current move would increase the revenues for the airlines marginally and help those customers who can afford to pay extra for these services.

Below is the verbatim transcript of his interview on CNBC-TV18

Q: How exactly are you reading this move that has been announced by the government? What will this mean? Should consumers expect air fares to go up?

A: For passengers who can afford to pay an extra bit for getting a preferred seat with more leg space and for food, use of lounge etc. it is good news.

But for a normal passenger who travels with checked- in-baggage that would mean that he is going to pay in additional sum to an airline. On the other hand, it may discourage people from going with check-in-baggage but will have preferred to go with hand baggage because there is there is a cost involved for an airline for handling of a check-in-baggage.

This decision of the government or the ministry has come in at a time when AirAsia is coming in. AirAsia has been charging for all these services. So one can always wonder as to why did we not move in to this model, six months or one year ago when AirAsia was not being considered or was not planning to come into Indian market.

The other aspect is that one could say that these are tinkering, which will have marginal kind of revenue growth for the airlines and financial burden for the passengers.

However, the ministry ought to be looking at are bigger issues; fundamental systemic issues that can put Indian carriers on a stronger financial model. Issues of Aviation Turbine Fuel (ATF), airport charges are handled whereas these unbundling service issues I would categorise as small kind of feeders or a feed being given to the airlines, which isn't going to take them very far.

Q: This is a very small step that has been undertaken by the civil aviation ministry. They have opened up the sector in terms of foreign direct investment (FDI) but moves like this - allowing increasing ancillary revenue are just small steps. Do you think that this is going to enable airlines to reach that 20 percent global level which has been set by players because we are talking about AirAsia, Etihad and Jet now, do you think they will be able to compete, is it still a level playing field as far as the domestic players are concerned?

A: I don't think so. It is still a far, distant dream I would say for Indian carriers to scale 20 percent as far as ancillary revenues are concerned because for example sale of products on flights, there are various kind of franchise's that are given out. Those kinds of things haven't been attempted by most of the Indian carriers.

Lounge, tickets, preferred seating; food etc on board will not amount to a significant sum for the airline. One way of looking at it is that it is a welcome revenue for the airline. But if the question is can it help airlines come out of a scenario, for example when AirAsia comes in you get into a regime of low fairs once again, which will severely impact the finance of the airlines which have seen an upward movement thanks to the demise of Kingfisher. The fundamentals of the airline industry have to be looked at by the government.

I would only describe this current move as tinkering and nothing more than that. It would certainly help people who can afford for example for more leg space at the moment you request an airline or you go to the airport sufficiently in advance. But with this move one would  be able to pay and get a seat with leg space or a window seat for that matter or check-in baggage, as many bags I want to check-in. So, those kinds of things are coming in,

Fundamentally, I would say this is a move that must be welcomed. It takes India on to the practices that are followed globally. However for any significant change in Indian carrier's revenues to come in, it will come in through major significant issues, which are unfortunately not receiving the attention of the government.



23.07 | 0 komentar | Read More

ING Vysya Bank Q4 net up 34%, stock hits 52-wk high

Moneycontrol Bureau

A robust growth in interest income and lower provisions against bad loans helped  ING Vysya Bank  to report nearly 34 percent spike in its fourth quarter (January-March) net profit at around Rs 170 crore.

Net interest income (NII) or the difference between interest earned and paid out, rose by 33 percent Y-o-Y to Rs 424 crore.

Gross non-performing asset (NPA) ratio improved to 1.76 percent versus 1.92 percent a year back and net NPA stood at 0.03 percent as against 0.18 percent during the same period.

Provisions against bad loans decreased to Rs 33.6 crore as compared with Rs 57 crore in the corresponding quarter of the previous year. Total loans expanded 11 percent Y-o-Y to Rs 32,000 crore.

Deposits grew 17 percent Y-o-Y to Rs. 41,334 crore. Cost of deposits improved from 7.27 percent to 7.14 percent Y-o-Y. However, the share of low cost current and savings account deposit fell to 32.50 percent as against 34.28 percent.

ING Vysya Bank shares on Monday hit 52-week high at Rs 608. Those closed the day's trading at Rs 602.60, up nearly 2 percent on NSE.

saikat.das@network18online.com



23.07 | 0 komentar | Read More

3G row: HC asks Bharti Airtel to respond to BSNL's plea

The Delhi High Court today asked Bharti Airtel to respond to a plea of state-owned BSNL seeking to implead itself as a party to a plea filed by the private telecom major against imposition of penalty of Rs 350 crore for offering 3G services in areas where it lacked licenses.

Justice Rajiv Shakdher issued the notice to Bharti Airtel on the plea of Bharat Sanchar Nigam Limited (BSNL) and posted the matter for further hearing on May 9. BSNL is opposed to Bharti Airtel's plea against the order of the Department of Telecommunication (DoT) asking the private firm to stop providing 3G services by entering into intra-circle roaming (ICR) pacts with other telecom companies.

Earlier, the Supreme Court had directed the DoT not to take any coercive step against Bharti Airtel Ltd. It had also asked the telecom company not to extend its roaming services to new customers in seven circles where it does not have licenses for 3G spectrum. The apex court is scheduled to hear the case on May 9.

Bharti Airtel Ltd had moved the apex court after the division bench of the High Court vacated its stay on the operation of a DoT notice against BCL for providing 3G services outside its licensed circles.

The DoT had on March 15 imposed a penalty of Rs 350 crore on Bharti Airtel, saying such ICR pacts were illegal and amounted to sub-letting of 3G spectrum.

The DoT had also issued similar orders to Vodafone and Idea directing them to scrap 3G intra-circle roaming pacts. A penalty of Rs 550 crore and Rs 300 crore respectively were imposed on them for alleged violation of 3G service license norms.

Vodafone and Idea have separately filed petitions in the Delhi High Court challenging the department's order on which the high court has passed an order identical to that passed by the apex court in Bharti Airtel's case.



23.07 | 0 komentar | Read More

CCI directs MoEF to accord clearances on Sail's Gua mine

The Cabinet Committee on Investment has directed the Ministry of Environment and Forests to accord clearance to Sail 's Gua iron ore mine, a site in Jharkhand which is crucial in the PSU's Rs 43,000 crore expansion plans.

"The Committee (CCI) has directed that after obtaining requisite information from the state government, clearances be issued by the Ministry of Environment and Forests within one month," a source said.

Sail's Gua mine, which supplies ore to its steel plants in Burnpur and Durgapur (both in West Bengal), among others, was commissioned in 1958 and has estimated reserves of 142 million tonnes.
    
The mine has remained closed since June 2011 in absence of environment and forest clearance, hitting the iron ore production of the state-run company hard. Sail had applied for forest clearance for 635.986 hectares of area. The state-run firm plans to invest Rs 3,000 crore to quadruple capacity to 10 mtpa and put up a four mtpa pelletisation plant.
    
Sail has already submitted the mine wildlife conservation plan to the Ministry of Environment and Forest. Mining was to start after getting clearances from the Jayanthi Natarajan-led Ministry.
    
Though the mine has a production capacity of 2.4 million tonnes per annum (mtpa), it could produce only half a million tonne in 2011-12 for want of forest and environment clearances for most part of the year.
    
However, this prolific mine is crucial for the company to feed its plants in country's eastern region, where Sail is investing Rs 43,000 crore to jack up its steel-making capacity by 5.44 mtpa. Sail has already spent Rs 33,000 crore into these plants.
    
Gua mine started operations in 1919 and was a captive mine for IISCO  (till its merger into Sail in 2006) for its Burnpur plant. Due to non-availability of sinter making facility at Burnpur, the fines generated in the due course of production got accumulated in the mine and remained unutilised.



23.07 | 0 komentar | Read More

Finance Bill to be tabled on Tuesday with 12 amendments

After a logjam of five days, Parliament will finally be functioning tomorrow as the Finance Bill 2013 is likely to be tabled tomorrow with close to 12 amendments, reports CNBC-TV18's Aakansha Sethi.

Bhartiya Janata Party, which has been demanding prime minister's and law minister's resignation over the coal block allocation today said that they will allow the Finance Bill 2013-14 to be passed in the Lok Sabha on Tuesday, as they did not want a 'constitutional crisis' to arise.  

Parliamentary affairs minister Kamal Nath today told reporters that all finance-related business of the session will be taken up in the Lok Sabha tomorrow.

However there would be close to 12 amendments in the Finance Bill, sources said. Some of these will include giveaways to sectors which have demanded for certain changes and these are likely to total up to about Rs 2000 crore.

Also read: Better for BJP if it lets govt pass difficult bills: Gupta

Fore foreign investors, tax residency certificate (TRC) will be enough to prove residency in a particular jurisdiction in which a double taxation avoidance (DTA) benefit is being invoked. This is something that the Finance Minister has clarified after the Budget and the language maybe tweaked to bring into effect this change.

Meanwhile senior BJP leader Yashwant Sinha today wrote to P Chidambaram demanding certain amendments to the Finance Bill. Sinha has sought the amendment to ensure that farmers whose land was being attached for non-payment of wealth tax were provided some relief.

The finance minister is however unlikely to make any speech tomorrow as BJP continues to oppose government on other issues. When the Budget was announced the Finance Minister had said that he would use the opportunity when the Finance Bill was being passed to make some more announcements, but that is unlikely now.

(With inputs from agencies)



23.07 | 0 komentar | Read More

India's exports to Pak rises to $1.64 bn in Apr-Feb

Written By Unknown on Senin, 22 April 2013 | 23.07

India's exports to Pakistan has improved to USD 1.64 billion during April-February 2012-13, Parliament was informed today. For the entire 2011-12 fiscal, the shipments to the neighbouring country had stood at USD 1.53 billion.

The country's imports from Pakistan too increased to USD 487.5 million during April-February 2012-13. In 2011-12, the imports stood at USD 421.8 million, Commerce and Industry Minister Anand Sharma said in a written reply to the Lok Sabha. 

The total bilateral trade during the 11-month period of the last fiscal  aggregated at USD 2.12 billion. It had stood  at USD 1.95 billion in 2011-12, he said. 

However, in 2010-11, the two-way trade was USD 2.37 billion. Both the countries are in the process of further strengthening their trade ties as Pakistan has already switched over from a positive list to an approach of selective negative list of imports.

In another reply, Sharma said that there have been reports of large consignments of sub-standard arecanut meant for tanning industry being imported through Kerala and Kolkata ports and being used by gutka units.

"Reports have been received about the import of arecanut as a vegetable tanning agent under duty exemption schemes. After examining the matter, public notice...has been issued restricting import of duty free arecanut to the actual users," he said.

"Reports alleging illegal import of arecanut through Indo-Nepal border have also been received. This has been brought to the notice of the Department of Revenue for increased vigil and monitoring of compliance with rules of origin," he added.



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2G scam: Raja attacks JPC, says PM was aware of decisions

Hours after he reiterated his allegation that Prime Minister Manmohan Singh was aware of all the decisions taken in connection with the allocation of 2G spectrum, former telecom minister A Raja on Monday attacked the Joint Parliamentary Committee (JPC) for not allowing him to depose before it, reports CNN-IBN's Bhupendra Chaubey. The JPC is examining the 2G spectrum allocation.

"This is not the way the JPC is expected to function," said Raja. "Even without waiting for my statement JPC prepared a draft report and also leaked it to the media," he alleged. Raja said he was not provided with a copy of the deposition of Solicitor General of India. "I always had concerns about the credibility of JPC," he added.

JPC chairman PC Chacko, however, claimed that Raja was given a chance to be heard. "He (A Raja) gave a 16-page reply to JPC...Raja did not complain then," he said.

Meanwhile, the DMK has sought the removal of Chacko as chairman of the JPC alleging that he had leaked the panel's draft report to the media. DMK leader TR Baalu said he had given a notice of breach of parliamentary privilege against Chacko over the leakage of the JPC draft report.

"We have given a privilege notice to Lok Sabha Speaker Meira Kumar against the leakage of JPC draft report by the JPC chairman," Baalu, a Lok Sabha member from Sriperumbudur, said.

The JPC, in its draft reportm reportedly blamed Raja for the spectrum allocation and gave a clean chit to the Prime Minister and finance minister P Chidambaram.



23.07 | 0 komentar | Read More

Opting out of GST no option: Sushil Modi

Bihar deputy chief minister and chairman of empowered committee of state finance ministers on Goods and Services Tax (GST) Sushil Modi on Monday said the option for the states to opt out of the proposed new taxation regime no longer exists.

"Earlier, there was a recommendation by one of the sub-committee on options for states to join or not to join. But now, there is near unanimity that this will not benefit many states...now, that option (of not joining) has been withdrawn," he said, speaking at an event organised by industry lobby Ficci .

"Either all states should join or not join," said Modi adding "Now, there is general consensus that whenever GST comes, all the states will join". GST, a major tax reform, is getting delayed due to differences between the Centre and the states over issues like design and compensation for Central Sales Tax.

It was originally scheduled to come into effect from April 2010. Asking the Centre to provide fiscal incentives to states for joining GST, as is being done in other countries, Modi said 80 percent of the issues have been sorted out.

He, however, declined to give a timeline for likely implementation. "The ball is in Central Government's court and we cannot blame anybody for delay," he said. He pointed out that the 115th Constitutional Amendment Bill, pending for three years with the Standing Committee on Finance, will have to be cleared first.

"We came to know that very soon, they are going to submit their report. It is for the Central government when they want to present it in Parliament. This is one part of GST."

Additionally, a robust information technology infrastructure would be needed for GST implementation, he said, adding that a Centre-constituted committee, headed by Nandan Nilekani, is looking into this aspect. Apart from that, the three sub-committees looking into "nitty-gritties" like revenue and dual control will try their best to submit reports at the full panel meeting in Mussoorie on May 10 and 11, he added. The GST, among other things, seeks to subsume sales tax, service tax, VAT and Octroi.



23.07 | 0 komentar | Read More

Challenge to boost IP revenue; EBITDA up 0.8%: Persistant

Persistent Systems ' dollar-revenue for the quarter stood at USD 62.11 million, up 2.2 percent (QoQ). Fourth-quarter EBITDA stood at Rs 83.07 crore, up 0.8 percent (QoQ). Persistent's IP-led business grew 124 percent annually, but  fell short sequentially. "I do not see an increase in EBITDA margins going ahead. The challenge of boosting revenue from IP remains," Anand Deshpande, CMD, Persistent Systems told CNBC-TV18.

Below is the edited transcript of the interview on CNBC-TV18

Q: What contributed to the 2.2-percent increase in dollar-revenues?

A: The overall contribution of IP this year was 17.2 percent, up 124 percent as compared to last year. On a quarter-on-quarter basis, revenues from IP were less than last quarter. However, this volatility is quite typical of revenues from IP. Overall, the product and services business grew by nearly 3 percent. Revenues did not accrue from the HPCA acquisitions in this quarter and will start to come in only in the next quarter. So there is. The revenue from Novaquest was about USD 1.8 million.

Q: What are your EBITDA margins for Q4 as well as for FY13?

A: The EBITDA margin for the year for Q4 was 25 percent and the total EBITDA for the quarter was Rs 83 crore and for the year overall, the profit-after-tax (PAT) was Rs 187 crore with an EBITDA of Rs 335 crore and an EBITDA margin of 26.1 percent. This is about 2.5 percent more than last year's EBITDA margins of  23.4 percent. So the EBITDA margin has improved on a year-on-year basis.

Q: Will FY14 be better than FY13? Will you be able to beat NASSCOM's guidance?

A: Overall, we are very optimistic about our opportunities for next year and are quite confident about revenues from IP for which we have acquired both HPCA and Novaquest panning out to get much better revenues.

The Doyenz results should also look better next year. There is also excellent traction on big data, analytics and cloud computing that will improve the top-line and margins per se. But the challenge of making several investments to boost IP related revenue remains. So I think we will be able to maintain margins for next year though we are not projecting any such increase in margins.

Q: What will be the kind of investments you will make in the IP space?

A: With the acquisition of Doyenz, we plan to look at virtualisation and backup NDR. The acquisition in partnership with HP revolves around new devices such as mobile BYODs and other areas. The product segment needs to be upgraded a bit will require upfront investment in engineering resources. We will be able to manage those investments as part of profit margins this year as part of our ongoing expenses.



23.07 | 0 komentar | Read More

ABB to acquire US based Power-One for over USD 1 bn

Power and automation technology firm ABB today said it will acquire US-based solar energy company Power-One for over USD 1 billion (around Rs 5,400 crore) to become a global leader in solar photo-voltaic inverters.

"ABB and Power-One today announced that their respective boards have agreed to a transaction in which ABB will acquire Power-One for USD 6.35 per share in cash or USD 1,028 million equity value, which includes Power-One's net cash of USD 266 million," the company said in a statement.

The transaction would position ABB as a leading global supplier of solar photo-voltaic inverters to a market forecast to grow by more than 10 per cent per year until 2021, the statement said.

This rapid growth is being driven by rising energy demand, especially in emerging markets, rising electricity prices and declining costs, it said.

"The combination of Power-One and ABB is fully in line with our 2015 strategy and would create a global player with the scale to compete successfully and create value for customers, employees and shareholders," ABB Chief Executive Officer Joe Hogan said.

ABB's leading portfolio in power and automation, global footprint and service organisation makes it a natural player in solar photo-voltaic inverters, he said.

"For many years ABB has brought its solutions to the solar photo-voltaic inverters industry and is on track to generate sales of more than US 100 million of these products in 2013," he added.



23.07 | 0 komentar | Read More

India's mobile services industry to grow by 8 percent, but remain a speck in global market

Apr 22, 2013, 09.15 PM IST

Source: Tech2.com

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India's mobile services industry to grow by 8 percent, but remain a speck in global market

The smartphone boom has also helped spur the growth of the mobile services market.

Like this story, share it with millions of investors on M3

India's mobile services industry to grow by 8 percent, but remain a speck in global market

The smartphone boom has also helped spur the growth of the mobile services market.

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The smartphone boom has also helped spur the growth of the mobile services market, which is fast becoming an important part of the whole experience. Growth in this sector has been rampant over the last couple of years and research firm Gartner's latest report on the market says there is expected to be an 8 percent growth and the worth of the industry will rise to Rs 1.2 trillion in 2013. Just to give you a idea of the global industry, India's mobile services revenue is a mere 2 percent of the world revenue.The revenues from the mobile services were Rs 1.1 trillion in 2012. Gartner revealed that the mobile connections in India would grow to 770 million in 2013, an 11 percent increase from 712 million connections last year. "India has a phenomenal pent up demand for mobile broadband and local mobile apps that solve everyday problems for consumers," Gartner Principal Research Analyst Shalini Verma said.

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Maran stake rises to 22.05% in SpiceJet

SpiceJet on Monday said its promoter Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 percent to 22.05 percent due to allotment of equity shares following conversion of convertible debentures. Maran's stake has risen from 16.27 percent to 22.05 percent, SpiceJet said in a regulatory filing to the stock exchange.

The overall holding of promoters in the airline also climbed to 52.14 percent from 48.59 per cent at the end of March quarter. The company has allotted 35,931,453 equity shares to Maran following conversion of 13 million Unsecured Compulsorily Convertible Debentures for an aggregate value of Rs 130 crore.

SpiceJet had allotted these equity shares of Rs 10 each on April 18 to Maran pursuant to conversion of Unsecured Compulsorily Convertible Debentures of the face value of Rs 100 each, at a conversion price of Rs 36.18 per equity share.

The airline currently operates more than 350 daily flights to over 50 Indian cities and eight international destinations.



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Mukesh Ambani to pay for his hightened security

Amidst attacks from Left parties for its decision to provide Z class security to RIL chairman Mukesh Ambani, the government on Monday said the business tycoon would himself bear the expenses for it.

"Ambani will bear the expense for the Z category of security being provided to him," a highly-placed government source said. The order issued by the union home ministry, also states the CRPF deployment for the protectee (Ambani) will be on a "cost-reimbursement" basis and the commandos will also be provided barracks by him.

According to estimates, the per month cost of the security deployment will be around Rs 15-16 lakh which will be calculated on the basis of the salary of the troopers.

The security contingent, led by a Inspector rank official, will be in place by next week. The business tycoon is the new entrant to the 'Z' category VIP security club after the union home ministry had recently approved an armed commando squad following threat perception to the country's richest business leader.

Sources said the decision to provide the security of central forces was taken after it was felt that Ambani is under 'potential' threat and private security guards cannot perform the task of securing him as they are not allowed to carry weapons of higher calibre and sophistication.



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CCI clears 13 power projects, 25 oil blocks

Moneycontrol Bureau

Pushing the government's reform agenda further, the cabinet committee on investment (CCI) today cleared 13 power projects and 25 oil blocks, which will provide much needed to boost to the struggling power and oil and gas sectors. 

Out of 20 projects, CCI cleared 13 power projects worth Rs 33,000 crore, which were stuck due to various reasons including environmental concerns. About 31 oil and gas blocks worth USD 2.7 billion were stuck, of which CCI gave clearance to 25 oil blocks worth 461 crore. Of course, 16 were cleared with normal condition, 9 with special conditions and six blocks did not get clearance. 

Going further, the government further said that investment worth $1.9 will be undertaken for exploration and production (E&P) activities over the next five years.

Clearance of these blocks will come as a huge respite for upstream companies like ONGC and Reliance Industries as it will help them to go ahead with explorations.  

"Exploration and production (E&P) players those who had already signed the production sharing contract (PSC), but they have been waiting for the government approval - majority of these players are in Bay of Bengal, a few also in the West Coast, which is a good development. … Now they can atleast with the approvals in place they would be able to go ahead with the preparations like hiring rigs and hiring equipments and giving contracts and sub-contracts," Narendra Taneja, Energy Expert told CNBC-TV18.

He further added that this will also send out a good message to overseas E&P players looking to invest in India.

However, the Cabinet Committee on Economic Affairs (CCEA) once again delayed decision on coal pool pricing mechanism for imported coal by two weeks. Sources informed that a Group of Ministers headed by either P Chidambaram or Sharad Power will be constituted to look in to the coal pool pricing mechanism. The GoM will finalize the proposal on the coal pool pricing mechanism within a week.



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CCI's 25 oil block clearances to benefit Reliance, ONGC

After clearing five "No-Go" areas for oil and gas exploration, the Cabinet Committee on Investment (CCI) today eased stringent conditions imposed by Defence Ministry on another 25 blocks, freeing USD 4.61 billion investments.

"The CCI at its meeting held today cleared 25 exploration and production blocks for continued exploration of oil and gas, out of 31 blocks where work had been stopped on account of security restrictions imposed by Ministry of Defence," an official statement said here.

While the statement did not give break-up of the blocks cleared, the 31 blocks where restrictive conditions were imposed included 13 of Reliance Industries -BP combine, 15 of state-owned Oil and Natural Gas Corp ( ONGC ) or its lead consortium, two blocks of Santos of Australia and one block of Cairn India -led consortium.

For these blocks, the Defence ministry had imposed stringent conditions like asking companies not to locate any pipelines or structures on sea surface in the blocks cleared for exploration and production activities.

Subsea/submerged permanent structures, if any, were to be located more than 100 metres below sea surface or outside the Defence Research and Development Organisation (DRDO)/Indian Air Force (IAF) danger zone area (on sea surface) or Naval exercise areas.

The oil industry saw these conditions as impractical and after discussions, the conditions have been substantially diluted now.

"Out of 31 blocks, 9 blocks have been fully cleared and 16 blocks have been cleared with specific conditions. Due to clearances given at this meeting, investment already made to the extent of USD 2.71 billion will be put to use and further investment to the extent of USD 1.9 billion will be made in the exploration activities in the next 3-5 years," it said.



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AOC LE42A3320/61 LED TV Review

Written By Unknown on Senin, 15 April 2013 | 23.07

Apr 15, 2013, 09.05 PM IST

Source: Tech2.com

Like this story, share it with millions of investors on M3

AOC LE42A3320/61 LED TV Review

The 42" TV category hits the sweet spot for most people in the market for a reasonably large primary display without breaking the bank. If you have Rs 52,000

Like this story, share it with millions of investors on M3

AOC LE42A3320/61 LED TV Review

The 42" TV category hits the sweet spot for most people in the market for a reasonably large primary display without breaking the bank. If you have Rs 52,000

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The 42" TV category hits the sweet spot for most people in the market for a reasonably large primary display without breaking the bank. If you have Rs 52,000 to spare, you have a reasonably large choice between popular brands such as Samsung, LG, Sony, and Panasonic—all accomplished marques well known for manufacturing quality panels. Take Rs 4,000 off that budget and the market opens with even more choices from not-so-well-known brands such as VU, Micromax, Lloyd, and AOC for the asking price of Rs 48,000. The five crore question is, how much of an impact does this small saving have on the overall quality and experience? Not long ago, we learned that the performance hit is just too profound in case of Micromax 42" LED. This time around I managed to get my paws on the AOC LE42A3320/61 LED-backlit LCD TV (or AOC LE42 for the sake of brevity) to see if it can successfully juggle performance with value.The TV looks quite handsome for a product that's essentially being sold at the lowest entry point. The 11.5mm bezel looks handsome thanks to its piano black finish. The combination endows the TV with a lithe and stylish look. The bottom end of the bezel is extended with a section bearing brushed plastic finish and housing the remote IR sensor and the company logo. The AOC logo is surrounded by a wraparound LED status light that shifts between blue and green illumination to signify sleep and power states, respectively. The rear of the TV sports the standard matte plastic finish that looks alright, but feels quite flimsy when rapped gently. The panel is neither too glossy nor too matte, which means that it doesn't cause much glare or reflection, while at the same time letting the colours pop unhindered. The overall build quality seems good enough to show no signs of aggressive backlight bleed, which is generally par for the course for 42" TVs in this price range.

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23.07 | 0 komentar | Read More

Proposed US visa curbs to impact customer outlook: NASSCOM

Software services industry body Nasscom today said the proposal by a group of 8 US Senators to restrict business and work visa is "discriminatory" and cautioned that such a move will hit the customer sentiment besides impacting the Indo-American trade relations.

Stating that the proposal by 'Gang of Eight' is "very strategic" and it is of great importance to India, Nasscom President Som Mittal told PTI: "For me, it is a trade issue and not an immigration issue. Like we have free flow of goods either side, I think it is as important to have free flow of highly skilled people it is part of the business."

"It will be discriminatory and will impact our competitiveness as well as ability to service our customers. We have feasible information that such regulations are being put inside the current draft, which is to be released soon," he said.

The US Senators are working on the negotiations for a comprehensive immigration reform, which includes conditions like firms having more than 15 per cent H1B population would be prohibited from placing any H1B visa holder at a client site, sources said.

Besides, employers would be restricted from placing L visa holders at client sites (and the client would have to attest to non-displacement of US workers, companies would be required to pay many of their H1Bs substantially more than market wages, etc, they added.

Nasscom has not seen the proposed draft of regulations, but was aware of such developments through reports, Mittal said. "We haven't seen the draft yet, but these are the likely changes that they are suggesting," he added.

On the impact of such a move, Mittal said "It will not impact the industry in the short term (this quarter), but it could start giving concerns to customers. The customers can think will Indian firms be able to deliver. So, it will start
impacting customer sentiment."

He cautioned that it is an important issue, which needs to be addressed at the earliest. "We need to weigh it and it is very strategic and it is important to India. It will impact our ability to compete on a level playing field with other players," he said.

Meanwhile, USIBC, a top US body representing American companies doing business in India, in a letter to the 'Gang of Eight' said such a move will impact Indo-US trade relations.

The US India Business Council (USIBC) has opposed several provisions of the proposed bill, which it believes, if implemented, would end up targeting Indian companies. "Our greatest concern centres on proposals that would preclude access to visas or impose unworkable visa-related restrictions and fees on a company's ability to sponsor H-1B and L-1 visas based upon their business model or the composition of its local workforce," USIBC President Ron Somers wrote in the letter.

The eight Senators are: Michael Bennet, Richard Durbin, Jeff Flake, Lindsey Graham, John McCaain, Robert Menendez, Marco Rubio and Chuck Schumer.



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ONGC seeks MoEF permit for drilling new wells in KG Basin

State-owned ONGC Limited has approached ministry of environment and forest (MoEF) for the permission to drill 24 development wells and to establish production facility in Krishna-Godavari basin, a top official said on Monday.

The drilling work, after permission, is likely to be taken up in 2015 as the oil and gas major has completely deployed its entire rigs in the KG Basin. "We have approached the MoEF for permission to drill 24 development wells and establishment of early production facilities at Malleswaram, in Krishna district of Andhra Pradesh," the official told PTI.

ONGC has completed exploratory drilling in these wells in 2011 and found the results encouraging. "We have planned five development wells at Malleswaram. Of this three were successful.. we will be setting up EPFs there," the official added.

As the oil and gas major already conducted all formalities for these well earlier, the MoEF may not insist on conducting public hearing once again, the official said. The drilling activity on the development wells will be taken up initially in one kilometre radius and gradually increased, the official added.

"Currently we have rigs deployed for development wells and another five for exploratory wells. We are seeking two more rigs due to the pressure on production targets. "Every year we plan for ten wells and our hands are tight for next year also. The work in these 24 wells will be taken up only after that. However, if any of the well looks more promising drilling can be taken up even early," the official said.

On setting up Early-production facilities (EPFs) at Malleswaram, the official said the EPFs will help bring new discoveries on-stream fast and the system also provides real-time production data that can help the operator appraise reservoir performance before installing more-expensive long-term facilities.
EPFs can also be used for small reserves that would be financially risky or uneconomical to produce with a permanent production facility.

The daily output of ONGC in KG Basin fields stands at 840 tonne of oil per day and 3.5 million metric standard cubic metre per day (MMSCFD) of gas.



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Union Bank hits market with USD 500 mn bond issue

Union Bank of India has hit the global debt market to raise around USD 500 million through bond issuance, said two merchant bankers working on the issue. This has comes days after successful bond issuances by State Bank of India last week and a dozen of corporates in recent months.

"We have launched roadshows in the leading Asian and European finance centres on behalf of Union Bank of India last week, as part of the bank's pan to launch a benchmark issue. If the market condition is conducive, we will close the sale programme this week," the merchant bankers told PTI on Monday.

They also said, this is part of the medium term note (MTN) programme of the city-based bank and the fund will be deployed to meet its overseas fund obligations. The bank's head D Sarkar could not be reached for comments immediately.

It can be noted that last Friday, SBI set a new benchmark in bond pricing by selling USD 1 billion worth fixed rate five-year senior unsecured bonds at coupon 3.25 percent, 87 basis points (bps) lower than the coupon it is paying to the bondholders of its previous USD 1.25-billion issue last July. So far 11 companies through 13 issuances raised a whopping USD 7.5 billion this year, as rupee funds remain too costly at around 12-14 per cent, while foreign funds are much lower.

The highest pricing of these debts is just under 6 percent, while the lowest coupon is a paltry 3 percent that HDFC Bank is paying to its investors for its USD 500 million issue sold this January.

Last week, Essar Steel said it would dollarise its Rs 20,000 crore loans if the RBI allows to do it. According to i-bankers, RIL ,ONGC Videsh and Tata Steel are also planning to borrow abroad.



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Compensate Tata Power for higher imported fuel cost: CERC

Power sector regulator CERC on Monday said Tata Power should be compensated for the increase in imported fuel cost for 4,000 MW Mundra ultra mega power project in Gujarat. Coastal Gujarat Power Ltd, a wholly-owned subsidiary of Tata Power, had petitioned CERC, seeking relief on account of adverse impact of the unforeseen, uncontrollable and unprecedented escalation in the imported coal price.

"In the present case, the escalation in price of imported coal on account of Indonesian Regulation is a temporary phenomenon and will be stabilised after some time. Therefore, the petitioner needs to be compensated for the intervening period with a compensation package over and above the tariff discovered through the competitive bidding," CERC said in its order.

The compensation package could be variable in nature and commensurate with the hardship that the petitioner is suffering on account of the unforeseen events leading to increase in international coal price affecting the import of coal, the order said.

However, in a dissent order S Jayaraman, Member, said that the there is no scope either under the PPA (Power Purchase Agreement) or under the Act to establish a mechanism to grant relief to the petitioner as prayed for. He added that the petition lacks merit and is liable to be dismissed.

Mundra UMPP is based on imported coal and has an estimated coal requirement of approximately 12 MMTPA (million tonne per annum).



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Indian telcos plan lower investments than Asian peers:Fitch

Due to weaker balance sheet Indian telecom operators are planning to invest a 'significantly lower proportion' of their revenues over the next two years compared to their counterparts in China, Indonesia and Philippines, Fitch Ratings said today.

"The Indian telcos' combined 2013 capex guidance (USD 5-6 billion)  represents just 17-19 per cent of industry revenue compared with 30 per cent in China and Indonesia and 20-21 per cent for the Philippines (USD 55-60 billion, USD 4-5 billion and USD 1-1.5 billion, respectively," Fitch said in a statement.

Fitch said it believes this (lower investment) is due to the weaker balance sheets of the Indian operators and raises the likelihood of capex needing to rise significantly over the medium term.

Also read: Cabinet to decide on all spectrum allocation aspects: Sibal

"Balance sheets have become stretched due to intense competition and large spectrum payments during 2010-2012. The average funds flow from  operations-adjusted net leverage for large Indian telcos is around 3.0x-5.0x versus 1.5x for the Chinese and 1.0x-2.0x for the Philippine and major Indonesian telcos," Fitch said.

The rating agency said Indian, Chinese, Philippines and Indonesian markets are at about the same stage of data penetration. "However, Indian telcos are indicating that capex will decline - while it will step up in the other three countries as operators will invest in data infrastructure and expand
their 3G/long-term evolution (LTE) networks. For example, Chinese telcos have raised their 2013 capex forecasts by 12-15 per cent," it said.

Stating that Indian telcos have 10-15 million subscribers per MHz of spectrum per operator compared with 5-6 million for Chinese, Philippine and Indonesian telcos, which indicates that Indian telcos may need to invest more to decongest their network.

"Capex per subscriber for Indian telcos is also much lower (USD 6 per subscriber) than in China (over USD 50/subscriber), Indonesia and the Philippines (both USD 16/subscriber)," it added.

Bharti Airtel Limited (BBB/Negative) has indicated lower capex of USD 2.2-2.3 billion in FY14 (to March 2014), of which USD 500-600 million will be spent on its African operations, Fitch said.

"We believe that Bharti may have to raise investment in the medium term, which could put some pressure on free cash flow (FCF) generation. However, barring Indian regulatory-related payments, Fitch expects Bharti's annual FCF to be at least USD 500-700 million, which will support its deleveraging efforts," it added.



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Gold slumps to 2-year low below $1,400 per ounce

Gold dropped 6 percent on Monday to USD 1,400 per ounce, its lowest since March 2011, as investors took fright at a market that is heading for its biggest two-day fall in 30 years.

Gold has capitulated in the last two trading days to pressure from a proposed sale of Cypriot gold holdings and concern that other nations might follow suit. Traders also cited concern that the U.S. Federal Reserve might reduce monetary stimulus towards the end of the year.

"We are entering a phase of additional long liquidation by ETF (exchange traded fund) investors and short-selling from hedge funds, which will continue in the foreseeable future," Saxo Bank senior manager Ole Hansen said.

"You can't stand in front of a steam train - the market has to run itself out and then I think you will see some meaningful correction towards the USD 1,510-USD 1,525 level," said Max Schubert, head of commodities at Emirates NBD bank in Dubai.

Weaker than expected Chinese economic data earlier on Monday simply gave investors another excuse to slash holdings as other commodities including oil and copper dived.

Spot gold dropped as low as USD 1,384.69 an ounce before recovering slightly to USD 1,406 during afternoon trading, still down nearly 5 percent. Gold is on course to record the biggest two-day fall since 1983.

U.S. futures for June delivery fell more than six percent to USD 1,385, the largest daily drop since June 2006.

"We are entering a phase of additional long liquidation by ETF investors and short-selling from hedge funds, which will continue in the foreseeable future," Saxo Bank senior manager Ole Hansen said.

"Purely looking at the charts, support would now be at USD 1,300, which would equate the 50 percent retracement from the rally from the Lehman crack in 2008 to the September 2011 record high."

Other precious metals were also hit by heavy selling, with silver falling to its lowest since October 2010, platinum at its weakest since August last year, and palladium hitting a three-month low.

By contrast, hedge funds and money managers raised their net longs in gold futures and options in the week to April 9, a report by Commodity Futures Trading Commission (CFTC) showed on Friday.

Investors cut exposure to gold, with total holdings at the world's major bullion gold-backed exchange-traded-funds falling to their lowest since early 2012.

Holdings of the largest fund, New York's SPDR Gold Trust GLD fell a further 22 tonnes on Friday.

Investors have been dumping gold for the past three weeks. Even escalating tensions on the Korean peninsula and Japan's aggressive monetary stimulus have failed to burnish its safe-haven appeal.

Cyprus's plan to sell gold reserves to raise around 400 million euros has raised concerns other indebted euro zone countries could follow suit.

"Investors are worried that Cyprus can set a precedent and other central banks follow, and this is bearish also considering that one of the pillars for gold's bull-run in recent years has been central banks' buying," Hansen said.

Meanwhile a hint that monetary stimulus might be reduced by the United States could further dent gold's appeal.

"What we now see is panic selling, perhaps triggered by the Fed's stimulus view. The Fed has given the signal that there's a possibility to reduce QE, and that took a lot of trust out of gold," said Dominic Schnider, an analyst at UBS Wealth Management.

While policy doves currently hold sway over Chairman Ben Bernanke and the majority of Fed policymakers, minutes from last month's policy meeting suggested the quantitative easing programme could draw to a close by year-end, earlier than some economists had expected.

Silver was down 6.1 percent to USD 24.29 an ounce, having fallen to its lowest since October 2010 at USD 22.97.

Spot palladium dropped 6 percent to its lowest since January 8 at USD 665.75 and was then seen at USD 680, down 3.7 percent, while spot platinum was down 2.2 percent at USD 1,455, having earlier dipped o an eight-month low of USD 1,418.99.



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Sebi passes consent order in Zensar Technologies case

Market watchdog Sebi has settled allegations of insider trading charges against Pedriano Investments Ltd after it paid a little over Rs 6 lakh towards settlement fees.
    
Sebi (Securities and Exchange Board of India), in its consent order passed on April 12, said the order will come into force immediately and that it has disposed of adjudication proceedings against the company.

Also read: Sebi to check on 'conflict of interest' at rating agencies

A consent order enables settling administrative or civil proceedings between the regulator and the concerned party.
    
The regulator had conducted investigations into alleged irregularities in the scrip of Zensar Technologies Ltd as well as promoter's shareholding for the quarters ended March 2009 to March 2010.
   
The probe revealed that Pedriano Investments, one of the promoter entity of Zensar Technologies, had failed to disclose to the company information regarding its shareholding within the specified time-frame.
   
Pedriano Investments has fallen from 8.11 per cent in December 2009 to 2.39 per cent in March 2010 indicating a significant change of more than two per cent, a level that would necessitate sharing of such an information.
   
Consequently, Sebi had initiated adjudication proceedings against the company to inquire into alleged violations of insider trading norms. The regulator issued a show cause notice to Pedriano Investments in May last year.
   
The company submitted a consent order application to Sebi in August 2012, while the adjudication proceedings were pending against it, and proposed to pay Rs 3.29 lakh towards settlement fees and in January this year revised the amount to Rs 6.07 lakh.
   
After that, the revised consent terms were placed before the High Powered Advisory Committee of Sebi. The committee recommended that the "case may be settled on payment of Rs 6.07 lakh." Accordingly, the applicant has remitted a sum of Rs 6.07 lakh towards the settlement charges.



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Coal and cattle lead business damage to nature: Study

Coal-fired power generation in Asia and cattle ranching in South America are the most damaging businesses for nature with hidden costs that exceed the value of their production, a UN-backed report said on Monday.

Global output of basic goods from cement to wheat caused damage totalling $7.3 trillion a year if pollution, water, greenhouse gases and waste were priced to reflect long-term impacts, it said in a guide for businesses and investors.

The study, by a business coalition for The Economics of Ecosystems and Bodiversity (TEEB), said there were wide uncertainties in the prices. The coalition's backers include the United Nations, World Bank, businesses and conservation groups.

"The numbers in this report underline the urgency but also the opportunities for all economies in transitioning to a green economy," Achim Steiner, head of the UN Environment Programme, said in a statement.

Coal-fired power generation in Asia, led by China, had estimated revenues of USD 443 billion a year but caused USD452 billion in damage to nature, largely because greenhouse gases caused climate change and pollution harmed people's health.

Cattle ranching in South America, especially in cleared parts of the Amazon forest, ranked second with damage estimated at USD353 billion, largely because of stress on water supplies and deforestation that far exceeded revenues of USD16.6 billion.

Coal-fired power in North America was third in the ranking on damage to "natural capital", ahead of wheat and rice farming in Southern Asia, it said.

"We are trying to focus the minds of busineses and investors onto natural capital" to encourage better practices, Dorothy Maxwell, director of the TEEB for Business Coalition, told Reuters. "We are not asking anyone to close down."

Some experts questioned the assumptions in the report, for instance that a tonne of carbon dioxide emissions costs USD 106, based on data in a 2006 study of the costs climate change by former World Bank chief economist Nicholas Stern.

"That's far too high," said Bjorn Lomborg, a Danish statistician and author of "The Skeptical Environmentalist". In a European Union market, carbon emissions allowances trade for about 4.6 euros a tonne.

"There are uncertainties," said Alastair MacGregor, Chief Operating Officer of British-based Trucost which did the study for TEEB. "But the scale of these impacts are so large that they would dwarf any uncertaintintes."

Even if the damage caused by cattle ranching in South America was a big over-estimate, the ranking still showed that cattle ranching in Australia and New Zealand or South East Asia was a better bet for investors, he told Reuters.

Maxwell said there was a widening corporate focus on nature. Companies such as Unilever , Nestle or Pepsico, for instance, were paying more attention to agricultural supply chains.

German sportswear group Puma was the first major firm to do an environmental profit and loss account, estimating it caused 145 million euros in damage to nature in 2010. The cost is not added to the sales price of products and is meant as a guide to consumers.



23.07 | 0 komentar | Read More

Shiva trilogy changed my life by 180 degrees: Tripathi

Author Amish Tripathi or Amish as he prefers to be called, is now the stuff of Indian publishing legends. The latest in Shiva Trilogy "The Oath of the Vayuputras" sold five lakh copies within a week of publication, and cumulative sales of the Trilogy have clocked Rs 40 crore.

Also read: I am risk-averse banker: Tripathi, author, Shiva Trilogy

While Amishs' brand in Masala Mythology has given him a cult following, his book marketing methods could win easy place in any management handbook. The author who already has a Rs 5 crore advance for his next work from publishers Westland is on CNBC-TV18's special show A list today, savouring his success.

Below is an edited transcript of the interview on CNBC-TV18.

Q: The third book, the 'The Oath of the Vayuputras' is out. The Trilogy is over, something that you started many years back has finally reached its culmination point. Is it cathartic?

A: There is certainly a sense of completion with the third book. This is a book series that has changed my life by 180 degrees, I am a far happier person than I used to be, and much calmer, so there is certainly a sense of completion. But I am not going to miss the Shiva Trilogy. You miss the book only if the characters go away. Lord Shiva isn't going away anywhere. I am going to hold onto him. So, I am not going to miss the book series, but yes, there is a sense of completion.

Q: I just mean letting go of the characters.

A: That's the point I am making, I am not letting go all the characters, they are with me, they are not going away anywhere.

Q: I think maybe the readers will feel a little bereft, because there will be a closure. That happens to any series, Like if you read Harry Potter and after the last one its like 'Oh! now what, it is over?'

A: For a reader yes, I can, perhaps I can sense that. Yes, I have read the Harry Potter series and I will certainly feel that at the end of this Trilogy whenever Amitav Ghosh comes out with the last book. But as an author you don't really feel that. At least for me, it is not for me that the characters have gone away anywhere.

So many times I am dreaming and I think of them or I am on a walk, I think of them and there are sub-plots that will emerge which will never come in the book. But there are things which keep emerging, so they haven't gone away anywhere at least as far as I am concerned.

Q: You have already got the Rs 5 crore advance for your next book. Do you have any idea what it is going to be about?

A: No, I haven't decided as yet what topic I am going to write on, there are a couple of ideas. Westland and I, what we have is a preemptive contract. I haven't decided which specific one it will be. What is certain is that it will be in the space of mythology and history. That is my area of passion and that is where I will be writing most of my books.

Q: When your books are dubbed as masala mythology, how do you take to that? Is it something that describes it aptly?

A: There are various descriptions that emerge. In fact, one of the reasons that I had been told for my first book being rejected by every publisher was that couldn't figure out where to slot it, is it a philosophy book, is it a religious book, is it a mythology book or is it a historical book. So, they were saying, how do we market it if we don't know where to slot it? So, that is one of the reasons been given to me.

So, there are various descriptions that do emerge from different people. In my mind I don't think of a genre, I think of the story the way it comes to me. I don't think of what genre - does it fit into philosophy genre, does it fit into a religious genre, does it fit into an action thriller genre, does it fit into mythology retelling genre I don't think about that and frankly I don't care about that.

I am bothered about the story itself. Everyone has their own description and one of the beauties of India, one of the beautiful aspects of living in India is that we are a free country, everyone has a right to their opinion.

Q: There are a lot of reviews which you get. Mainline publications now carry a review of your books. It is almost done with, okay we have to do this. There is this whole - okay we are doing it but this is in spite of how he writes, but it is about what he writes. That what he writes has become very important, though we have serious problems with how he writes, does that affect you?

A: The reviews are usually kind on the story and the philosophy. One gets good reviews on that aspect. But on the language there are concerns which one receives from the mainline press. Every person should be true to who they are and behave naturally not just in terms of writing books but in every aspect of your life.

Having said that are there improvements possible in my books? Of course there are and I won't stop at the language, I would go further into the philosophical aspects because I only know the philosophies of Hinduism very well.  Do I know other philosophies well enough - Christianity, Islam, of other great cultures around the world, other great countries? No, I don't. I know them at a superficial level. I don't know them as deeply as I know the philosophies of Hinduism and Buddhism.

So, I need to learn a lot more on that aspect which will help me improve my books further. The way I see it there is huge room for improvement in my books, I will keep working at it but having said that I will always be true to myself. I will never do anything that appears unnatural to me. Any feedback is an opportunity to improve, but whether to accept or reject that feedback is my call and I will only do things which appear natural to me.



23.07 | 0 komentar | Read More

Fischer Chemic appoints Dharmen Joshi as Executive Director

Written By Unknown on Senin, 08 April 2013 | 23.07

Fischer Chemic Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 06, 2013, have approved the following changes in the Board of Directors of the Company.1. Mr. Dharmen Joshi was appointed as Executive Director of the Company with effect from April 06, 2013.2. Mr. Jayesh Patel was appointed as Independent Director of the Company with effect from April 06, 2013.3. Mr. Lalji R. Yadav was appointed as Independent Director and Chairman of the Company with effect from April 06, 2013.4. Mr. Ganesh Vaidyanathan resigned as a Director with effect from April 06, 2013.Source : BSE

Read all announcements in Fischer Inorg


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HC asks Centre to reply to PIL against Mumbai Tax Ombudsman

Delhi High Court today asked the Centre and the Revenue Department to file responses to a plea seeking removal of H K Sharan as Indirect Tax Ombudsman in Mumbai for "fraudulently" securing LL.B degree and other charges. "Respondent 1 (UOI through Cabinet Secretary) and respondent 2 (Department of Revenue) will file affidavits in response to the petition. They (affidavits) should also deal with the objection qua jurisdiction," a bench of justices Sanjay Kishan Kaul and Indermeet Kaur said. The court has now fixed for July 7 the hearing on the PIL by R K Jain, a social and RTI activist who has sought quashing of Sharan's appointment as Indirect Tax Ombudsman at Mumbai by the Finance Ministry on October 26, last year.

During the hearing, Justice Kaul said the Ombudsman is in Mumbai and "how come the court here has got the jurisdiction in the matter." "The Delhi High Court has got the jurisdiction as partial cause of action arose here as appointing authority, the central government, has establishments here," Prashant Bhushan, appearing for Jain, said. "Sharan was not at all eligible to get appointed to the post of Ombudasman (Lokpal) as persons of impeccable integrity and upright behaviour can only be appointed to this post which deals with the complaints made by the tax payer against the officials of Revenue department," the petition said. "Sharan was appointed by Centre without considering the report Additional Director General Vigilance who had given a categorical finding in an enquiry initiated on the complaint of the petitioner that Sharan has obtained LL.B degree fraudulently from Calcutta University as a regular student while he was posted in Delhi and Addl DG Vigilance also recommended CBI probe into it," it claimed.



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CIL hopeful of recovering Rs 2000cr NTPC dues

Coal India is hopeful of recovering dues of around Rs 2,000 crore from NTPC and remains upbeat on an amicable solution to quality issues -- a major hurdle for signing fuel supply agreement with the power major.

"The total dues will be close to Rs 2,000 crore accumulated to Eastern Coalfields and Northern Coalfields. We hope to recover the dues," Coal India Ltd Chairman S Narsing Rao told reporters here today.

He said had CIL not been a large organisation the company would have collapsed with such large dues. The dues have  accumulated for 2012-13 fiscal after NTPC made payments for the coal purchase making deduction according to their internal calculations and which is grossly contested by CIL.

ECL officials had said NTPC had made payments of Rs 150 crore against their dues of Rs 1,000 crore. ECL had stopped coal supply to NTPC from January 1 but later agreed to joint sampling and resumed supply. "Now the supply is 60-70 per cent," Rao said.

ECL coal is largely meant for Farakka in West Bengal and Kahelgaon in Bihar. quality, Rao said engaging third party independent quality organisation has already been initiated and by August-September this year it would be implemented.

Rao said FSA was modified recently and the upper cap for deduction of quantity of stone from the coal supplied was removed.

"We are confident of our quality so we have removed the cap which was in the FSA," Rao said.



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Global seaborne trade seen doubling by 2030 - report

Global seaborne trade will more than double by 2030 as China's rapidly growing economy fuels demand for commodities, a report by ship classifier Lloyd's Register, defence technology firm Qinetiq and the University of Strathclyde showed on Monday.

World seaborne trade will reach between 19 and 24 billion tonnes a year by 2030 compared to the current 9 billion tonnes now, the report entitled "Global Marine Trends 2030" showed.

Some 90 percent of world trade by volume is carried by sea, according to the Orgnisation for Economic Cooperation and Development.

"What is striking is that even in the most negative of the scenarios envisaged, maritime growth is strong," said Richard Sadler, chief executive of Lloyd's Register.

"China, consuming three times-as-much oil as it does today and 60 percent of the world's coal, will be the marketplace for maritime trade."

The study used three factors - population growth, economic development and resource demand - to help predict what the maritime trade, marine power and offshore energy sectors could look like in 2030.

China will experience the most growth in fleet ownership of all regions in the world to rival the shares of traditionally large owners Greece and other European countries, the report said.

China's share of fleet ownership will rise to 19-24 percent by 2030 from 15 percent in 2010, while Japan's share will decline to 5.6-6.7 percent, from 12 percent today.

In the shipbuilding market, tankers are the only type of ship set to see a decline in delivery over the next 20 years, the report said.

The bulk of newbuilds, as much as 55 percent, will be done by China, while South Korea will account for up to 27 percent.

China will overtake North America to become the world's largest oil consumer by 2030, nearly tripling its consumption from 2011. World oil consumption is seen growing to 6.6 billion tonnes from 4.4 billion in 2010.

The report also showed that world coal consumption will more than double by 2030 to around 8.4 billion tonnes of oil equivalent from 3.5 billion in 2010, with China accounting for 60 percent of consumption.

Also read: HDFC Sec expects 2-3% USD revenue growth for India IT

Natural gas consumption will also double to 5.4 billion tonnes by 2030 from 2.7 billion in 2010, with the United States remaining the biggest consumer.



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DGCA told to deregister 2 aircraft leased out to Kingfisher

German aircraft leasing firm DVB Aviation Finance Asia PTE Ltd today won a legal battle against grounded Kingfisher Airlines with the Delhi High Court asking aviation regulator DGCA to deregister two leased-out planes lying at Istanbul in Turkey. "The petition is allowed. DGCA is directed to deregister the two aircraft which are lying outside the jurisdiction of this court," Justice Rajiv Shakdher said and asked the Vijay Mallya-owned airlines to furnish original documents of two leased aircraft to the German firm within four weeks.

Citing a previous judgement on the issue, the court said the Directorate General of Civil Aviation (DGCA) cannot withhold the deregistration of the aircraft on the ground that the airlines owe money to the government and its agencies. "It is made clear that if any dues remain payable from the airlines, the respondent (DGCA) can take recourse to appropriate measures against respondent 2 (Kingfisher)," Justice Shakdher said.

The court also considered an 'irrevocable power of attorney' executed by Kingfisher Airlines which had given power to the MNC firm to seek deregistration of planes from DGCA if breach of lease agreement takes place.

It said DGCA rules provide that the deregistration process cannot be held back. However, DGCA had taken the stand that the process of deregistration required consent from both the airlines and the firm which has leased out the aircraft.

Kingfisher Airlines did not file its response to the petition filed by the MNC firm. The German firm had earlier moved the court seeking a direction to the aviation sector regulator to deregister two Kingfisher planes it had leased.

Earlier, DGCA had deregistered 15 aircraft of Kingfisher to enable the leasing companies to take them back on grounds of default on their lease rentals by the grounded carrier.



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Maharashtra Seamless approves Rs 100 cr share buy back

Pipe maker Maharashtra Seamless today said its Board has approved Rs 100 crore share buy back at a price not more than Rs 300 per scrip through the open market.

Board of Directors of the D P Jindal Group firm in its meeting today approved the buy-back shares of Rs five each at a "price not exceeding Rs 300 per equity share, payable in cash and not exceeding an aggregate amount of Rs 100 crore," its said in an exchange filing.

The shares proposed to be bought back are within 10 per cent of the company's paid up capital and free reserves.

"The buy-back shall be from the open market through stock exchange(s)," it said. Promoters' had 55.48 per cent stake in the company, as on December-end.

Shares of Maharashtra Seamless today settled at Rs 214.95 apiece, up 3.67 per cent in the BSE over the previous closing.



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Prudential Management's holding in Mahindra up to 11.4 %

Auto major Mahindra & Mahindra today said holding of one of its promoter group firms Prudential Management & Services (PMS) has increased to 11.40 per cent following consolidation of other promoter entities.

In a filing to the BSE, Mahindra & Mahindra (M&M) said 5,40,59,930 equity shares, representing 8.81 per cent stake, were transferred to PMS from other promoter entities, Corbel Estate & Investments, Andromeda Investment & Finance, Azrael Investments and Ridge Business Centre.

Corbel was merged with Andromeda, which later along with Ridge and Azrael was merged with PMS, it added. With completion of the these amalgamations, the holding of PMS in M&M increased to 11.40 per cent from 2.59 per cent.

Shares of M&M today closed trading 0.14 per cent up at Rs 838.95 apiece on BSE.



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Centre agrees in principle to set up HC in Arunachal

The Centre has in principle agreed to set up a separate high court for Arunachal Pradesh for better supervision, monitoring and control over the subordinate courts. Official sources here today said Chief Justice Altmas Kabir and Union Law Minister Ashwini Kumar had agreed to Arunachal Pradesh Chief Minister Nabam Tuki's demand for a separate high court for the state in the joint conference of chief ministers and chief justices of high courts in Delhi yesterday.

Tuki,in the meeting,emphasised that the state should have its own independent high court not only for better supervision, monitoring and control over subordinate courts, but also for the convenience of the poor litigants. The sources said that the Chief Justice was in agreement with Tuki's assertion that the traditional Kebang system, practiced in the state, was doing well in meeting the judicial needs of the panchayat areas and the pendency of cases was negligible. Recently the Chief Justice inaugurated high courts in Tripura, Meghalaya and Manipur.



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Shiv Sena demands Ajit Pawar's resignation

The city unit of Shiv Sena today demanded resignation of Maharashtra Deputy Chief Minister Ajit Pawar over his insensitive remarks over drought, which has ravaged over a dozen districts in the state. Sena activists staged a demonstration against the NCP leader and beat his posters with shoes to express their protest over the remarks made at a function in Indapur taluka of Pune district yesterday.

Party leaders said the apology rendered by Ajit was not enough and he should quit. Later police arrived at the protest site and detained the agitating activists. Meanwhile, Ajit's effigies were burnt by Sena workers in temple town of Shirdi in Ahmednagar district. "If there is no water in the dam...Should we urinate into it?," Ajit had said, kicking up a controversy. The NCP leader followed it up with another remark poking fun at load-shedding in the state.



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RBI bond auctions on April 12, names four securities

Moneycontrol Bureau

The Union Government on Monday announced the auction of four government securities to raise Rs 15,000 crore in the second week of the current month. The auction will be held on on Friday 12, 2013, said a release by the Reserve Bank of India (RBI) on Monday.

The bond sales are a part of the government's budgeted borrowing programme. In its Union Budget 2013, the government had proposed to borrow Rs 6.29 lakh crore (gross) from the market to meet its expenditure. The effective net borrowing would be at Rs 4.84 lakh crore in 2013-14. In 2012-13, the government budgeted around Rs 5.70 lakh crore while the net borrowing was at Rs 4.70 lakh crore for the same financial year.

Nearly, 60% of the planned funds was expected to be mopped up in the first half in between April and September, 2013-14 by selling dated government bonds. The average borrowing size per week was decided to   be Rs 15,000 crore. The government is expected to raise Rs.45,000 crore in April.

Following is the list of securities, which are stipulated for RBI auction at its Fort office in Mumbai:

(i) 7.83 percent Government Stock 2018 - notified amount of  Rs 3,000 crore
(ii)  8.20 percent Government Stock 2025 - notified amount of  Rs 6,000 crore
(iii) 8.97 percent Government Stock 2030 - notified amount of Rs 3,000 crore.
(iv) 8.83 percent Government Stock 2041 - notified amount of Rs 3,000 crore

"The result of the auctions will be announced on April 12, 2013 and payment by successful bidders will be on April 15, 2013 (Monday)," RBI said in the release on Monday.

"Both competitive and non-competitive bids for the auction should be submitted in electronic format on the RBI core banking solution system on April 12, 2013. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon."

Will this add to liquidity pressure?

It is unlikely to exert any additional pressure on liquidity especially in the first month of a new financial year. According to Brinda Jagirdar - an independent economist and former chief economist at the State Bank of India, the government has started spending at the beginning of a new year. Moreover, its tax collections are now back into the banking system.

"This will offset the tightness in liquidity system. Hence, the liquidity sucking through such bond sales will not have much impact," she told moneycontrol.com.

Banks on Monday net borrowed around Rs 1.09 lakh crore from the RBI's daily borrowing window. It is called liquidity adjustment facility or LAF in banking parlance.

Also read: Bad loans to rise till Sept, downgrades over: India Ratings

saikat.das@network18online.com



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India to offer 68 blocks in tenth round of NELP

Written By Unknown on Senin, 01 April 2013 | 23.07

India may offer as many as 68 blocks or areas for exploration of oil and gas in the tenth round of New Exploration Licensing Policy (NELP) this year. This will be the second-highest offering of block since the advent of NELP 1999, official sources said. Of the blocks being considered for offering in NELP-X, 25 are deep water, 20 shallow water and 23 onland blocks.

NELP-X is likely to be held on new terms wherein a bidder shall be asked to quote the amount of oil or gas output it is willing to offer to the government from the first day of production. The terms being considered for NELP-X are what a panel headed by Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan has suggested for future production sharing
contracts (PSC). The company offering the highest share of oil or gas produced from the field would get the block.

Currently, oil companies are allowed to first recover the entire cost of exploration and production and only then share the profit with the government. This approach had been criticised by the Comptroller and Auditor General of India (CAG) as it encouraged companies to delay government getting larger share by increasing capex. Sources said the Directorate General of Hydrocarbons (DGH) and the Oil Ministry are in the process of getting various clearances for offering the blocks. While the ministry has sought defence clearance for offering of the blocks, the DGH is coordinating with the Environment Ministry for environment and forest nod. The Environment Ministry is carrying out a sensitivity test to ascertain reserve forests and bio-diversity, marine park, wild life sanctuaries, national parks, areas having threatened flora and fauna and CRZ areas within the blocks proposed under NELP-X, they said.

The government has in previous nine rounds awarded 254 blocks for exploration of oil and gas. Last few rounds received tepid response with global majors staying away. Of the 34 areas offered in NELP-IX in 2010, bids were received for 33 blocks at the close of bidding on March 28, 2011. Of these, only 19 blocks were awarded. NELP-VIII was the largest round with 70 blocks being offered. But only 32 blocks could be awarded. In NELP-VII, 41 blocks out of the 57 areas offered were awarded while NELP-VI was by far the most successful round with 52 out of 55 blocks on offer finding bidders. The first five bid rounds saw award of 107 blocks. India has an estimated sedimentary area of 3.14 million square kilometres, comprising 26 sedimentary basins. At present 0.93 million sq km area is held under exploration and production in 19 basins.



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Hero MotoCorp reports 11% fall in sales

The country's largest two-wheeler maker Hero MotoCorp today reported 11.36 percent decline in total sales at 4,68,283 units for March. In the same month last year, it had sold 5,28,290 units, Hero MotoCorp said in a statement.

Also read: UB Holdings drags SBI to Bombay HC to block sale of shares

For the entire 2012-13 financial year ended yesterday, the company's sales went down by 2 percent to 61 lakh units, from 62 lakh units in FY'12, it added.

Hero MotoCorp Senior Vice President (Marketing and Sales) Anil Dua said: "Indian auto industry faced acute slowdown in FY'13. It continues to reel under the adversities of persistent inflation, firm interest rates, rising fuel prices and negative consumer sentiment."

All these factors have adversely impacted the growth of the industry and the company's sales volumes, he added.

"Going forward, we have planned new launches, new campaigns, capacity addition and network expansion to boost the sentiment of the domestic industry and accelerate growth.

In the new financial year, we will also commence our international operations in several new markets to work towards our global vision," Dua said.



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Centre may hike DA to 80 percent on Tuesday

Union Cabinet is likely to approve on Tuesday a proposal to increase dearness allowance (DA) to 80 percent from existing 72 percent benefiting about 50 lakh employees and 30 lakh pensioners of the central government. "The Union Cabinet may consider the finance ministry proposal to increase the DA by 8 percent to 80 percent in its meeting scheduled for tomorrow", a source said. The hike would be effective from  January 1, 2013 and the employees and pensioners would be entitled for arrears, he said.

The government had hiked DA to 72 percent in September last year, which had come into effect from July 1, 2012. "It is good that they are increasing DA. We demand that they should merge up to 50 per cent DA with the basic pay as per the practice and set up the seventh pay commission at the earliest", Secretary of Confederation of Central Government Employees, K K N Kutty said. As per the practice, the DA is merged with basic pay when it breaches the 50 per cent cap. This helps employees get higher allowances as those are paid as proportion of the basic pay.



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Sebi disposes of insider trading matter against Axis Bank

Market regulator Securities and Exchange Board of India (Sebi) has disposed of the case against Axis Bank that had alleged the private sector lender of violating various norms, including those related to insider trading as well as regulations for merchant bankers. The matter relates to a period in 2011 when Axis Bank was acting as a merchant banker for the open offers in KSK Energy Venture and Bombay Rayons Fashion. Sebi had alleged that the bank traded in shares of the two companies, while in possession of the information relating to the proposed open offer which was unpublished price sensitive information, hence violating norms on Prohibition of Insider Trading (PIT) and Merchant Banker Regulations.

Also read:  Axis Bank FY13 results on April 24, 2013

However, in an order dated March 28, Sebi said "benefit of doubt can be given to the noticee (Axis Bank) in respect of the charges under PIT Regulations and Merchant Banker Regulations as mentioned in the Show Cause Notice". The regulator concluded that it did do not find this "to be a fit case to impose penalty on the noticee, Axis Bank Ltd. The matter is accordingly disposed off". Axis Bank had been alleged of violating insider trading norms as per which a firm is prohibited from dealing in the securities of another company or its associate while in possession of unpublished price sensitive information.

Besides, a merchant banker or any of its employees cannot enter into any transaction in securities of bodies corporate on the basis of unpublished price sensitive information. Sebi said that "in the absence of any evidence to show that the systems put in place by the noticee (Axis) were breached...the noticee can be given the benefit of doubt as regards the allegation of violation" of the provisions of PIT Regulations and Merchant Banker norms.

Additionally, Sebi had also alleged that the bank broke norms pertaining to Substantial Acquisition of Shares and Takeovers (SAST). As per SAST rules ,a merchant banker cannot deal in the shares of the target company during the period commencing from the date of his appointment till the expiry of the 15 days from the date of closure of the offer. However Sebi observed that these charges were "not established".



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RBI merges debt limits for overseas investors

Moneycontrol Bureau

The Reserve Bank of India (RBI) on Monday merged the debt sub limits available for foreign investors into two broad categories - the government debt and corporate debt. The Finance Minister - P Chidambaram had earlier announced the same in a national editors' conference in New Delhi on March 26.

Overseas investors can now invest up to USD 25 billion (or about Rs 1.36 lakh crore) in government bonds including both long and short term papers like treasury bills. Earlier, one could invest on T-bills up to USD 10 billion (or more than Rs 54,000 crore).

"Government securities of USD 25 billion by merging the existing sub-limits under Government securities USD 10 billion for investment by FIIs in Government securities including Treasury Bills and (b) USD 15 billion for investment In Government dated securities by FIIs and long term investors," RBI said in a release.

The above changes will be effective from April 1, 2013. Previously, there was a sub limit for foreign institutional investors at USD 25 billion each for bonds of infrastructure sector and non-infrastructure sector and USD 1 billion for qualified institutional investors in non-infrastructure sector.

However, the FII limit for investing in corporate bonds remained unchanged at  USD 51 billion (or around Rs 2.77 lakh crore).

High current account deficit (CAD) is perceived to be the key trigger for such modification for foreign investors. CAD or total savings minus total investments rose to record high at 6.7% during October-December quarter, 2012-13.

"The current account deficit (CAD) can be financed only through foreign inflows, and that is why I am happy to announce a major rationalisation of foreign investment in government securities and corporate bonds. There were a number of sub-divisions, and in order to rationalise it, it is proposed to merge the existing sub-limits and create only two broad categories," FM was quoted saying.

Also read: Fiscal, current account deficits major challenges: FM



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2G: Sunil Mittal moves SC seeking quashing of summons

Two weeks after the Patiala House court issued summons against Bharti Airte l chairman Sunil Mittal along with former managing director of Hutchison- Max Asmi Ghosh and vice chairman of Essar Group Ravi Ruia in the additional spectrum grant conspiracy case, Mittal has moved the Supreme Court seeking quashing of the summons, reports CNBC-TV18's Malvika Jain. 

However, no details were available on the basis of which Sunil Bharti Mittal has approached the Supreme Court challenging the quashing of summons, which were issued by the Patiala House Court directing him to appear before the court on the April 11.

Also read: 2G trial to impact Bharti Airtel's fortune: HP Ranina

Central Bureau of Investigation (CBI) had not pressed for charges against Sunil Bharti Mittal, Asim Ghosh, or Ravi Ruia and had only said that Bharti Airtel had entered into a conspiracy with the former telecom secretary for grant of additional spectrum during National Democratic Alliance (NDA) regime in 2002.

After going through the records and the charge sheet submitted by the CBI, the court had decided on its own that there was enough evidence to move against Sunil Mittal, Ravi Ruia and Asim Ghosh and had issued summons.

According to legal sources, that is the basis on which Sunil Mittal has approached the Supreme Court. Meanwhile, CNBC-TV18 learns from sources that this matter may be taken up tomorrow itself by the court. 



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Vijender Singh ordered to take drugs test

Boxing pin-up boy Vijender Singh was ordered by the sports ministry on Monday to take an immediate out-of-competition test after police said he had used heroin on several occasions.

Singh, whose middleweight bronze at the 2008 Beijing Olympics helped raise boxing's profile in India, landed in trouble after last month's USD 24 million drug haul in Punjab when a fellow boxer told the investigators he and Singh consumed heroin supplied by the drug dealer.

Singh has denied the allegation but Punjab Police on Sunday said the 27-year-old boxer had taken heroin on 12 occasions, prompting the sports ministry to ask the National Anti-Doping Agency to carry out a test on him.

"Such reports in respect of a sporting icon are disturbing and may have a debilitating influence on other sportspersons in the country," the ministry said in a statement.

"It has, therefore, been considered necessary that NADA gets a test carried out on Vijender Singh for his reported use of heroin even out-of-competition."



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Former British govt employee to head AgustaWestland India

AgustaWestland, which is surrounded by controversies over the VVIP chopper deal, is appointing a former British Government employee Jackie Callicut as its India head, a post which was vacant for over a year.

Callicut has also served in India in her capacity as a British Government employee and has also dealt with Defence Ministry operations in her country, officials said today. The affairs of AgustaWestland in India were earlier being looked after by Paulo Girasole who left India last year.

The controversial deal for supplying 12 AW-101 helicopters to the IAF were signed during his tenure as head of Finmeccanica, which is the owner of the Anglo-Italian AgustaWestland. AgustaWestland is facing a CBI probe after the arrest of its former CEOs Guiseppe Orsi and Bruno Spagnolini in connection with payment of kickbacks to the tune of Rs 362 crore in the VVIP chopper deal.

CBI has named the former CEOs of the company in its FIR in the case along with former IAF Chief S P Tyagi and his three cousins. The Defence Ministry has already issued a show cause notice to the company asking it as to why the deal should not be cancelled in view of the charges against it.



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