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Goat, a boon to raise COIMBATORE, June 15: ‘Tellicherry’ goat farming could fetch considerable profit and raise the economic status of poor farmers, according to Tamil .......more Badla
grossly misused NEW DELHI, June 15: Capital market experts deposing before the Joint Parliamentary Committee probing the stock scam said today badla system.....more MUMBAI, June 15: Specified shares: ACC 132.85 ABB ltd 245.40 Adani Export 395.90 Amara Raja ......more HC grants anticipatory NEW DELHI, June 15: An official of controversial Zap Infotech was today granted anticipatory bail.......more |
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Equities dip on massive selling NEW DELHI, June 15: Shares retreated on the stock market today following a major sell-off by institutional investors and other .....more Madras stock CHENNAI, June 15: Equities declined further on selling pressure and profit taking on the Madras .......more HSCL employees go KOLKATA, June 15: Employees of the Hindustan Steelworks Construction Limited (HSCL) went on ......more HDFC, Maersk’s NEW DELHI, June 15: HDFC and Maersk India’s proposals were part of the 35 Foreign Direct.......more |
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Badla grossly misused in capital markets: JPC NEW DELHI, June 15: Capital market experts deposing before the Joint Parliamentary Committee probing the stock scam said today badla system as practised in the country has been grossly "misused" leading to total erosion of small investors’ confidence in the bourses. Briefing newsmen on today’s proceedings, JPC Chairman, Shriprakash Mani Tripathi said two experts, S C Gupta and Aji Dey, former Calcutta Stock Exchange president, felt the badla system (forward trading) in India had a lot of scope for misuse, which brokers took advantage of. Though the experts view on whether the Indian stock exchanges should have badla system or not was divergent, they were unanimous on the total misuse leading to erosion of investors’ confidence particularly that of small investors, he said The badla system was banned in the country from 1994 to 1996 after the 1992 multi-crore securities scam. It was reintroduced after D R Mehta took over as SEBI Chairman. It is now being banned from July 2 in the face of the recent stock scam. Banning of badla system, no doubt, reduces the volatility of the capital markets, but at the same time it grossly reduced the volume of the trading, Tripathi quoted the experts as saying. The experts were also critical of SEBI for not being alert and felt the market regulator had failed to take timely action to prevent the stock scam. (PTI) |
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MUMBAI, June 15: Specified shares: ACC 132.85 ABB ltd 245.40 Adani Export 395.90 Amara Raja B 87.50 Apollo Tyre 62.60 Appolo Hosp 89.65 Aptech Ltd. 93.00 Arvind Mills 8.00 Ashok Leyl 62.70 Asian Paints 252.45 Atlas Copco 93.30 Aurobindo Ph 221.30 Bajaj Auto 256.40 Ballarpur In 48.25 Bank of Baro 55.70 Bank of Ind 16.90 BASF India 68.55 Bata India 36.50 Bausch &Lomb 28.00 Bharat Elec 60.00 Bharat Forge 59.65 Bharat Petro 188.40 Bhel 167.80 Bom Dyeing 44.70 BPL Limited 59.60 Britania Ind 642.70 BSES Ltd. 192.00 Burrough Wel 172.20 Cadbury (I) 420.65 Cadila Healt 100.15 Carr Aircon 97.45 Castrol Ind. 221.15 Century 34.30 Chennai Pet 27.05 Cipla 1100.80 CMC Ltd 306.85 Colgate 161.75 Corpn Bank 139.75 Credit Ratin 112.25 Crompton Gr 23.70 Cummins Indi 55.20 Dabur India 65.65 Dig Equip 497.40 Dr Reddy 1445.55 DSQ Software 69.75 E Merck 375.80 Eih Ltd. 234.10 Esab India 46.35 Escorts 72.55 Essel Packin 189.20 Exide Ind. 63.45 Finolex Cabl 176.05 G E Shipping 31.75 German Reme. 410.95 Gillette Ind 398.85 Glaxo (I)Ltd 332.30 Global Tele 180.70 Grasim Ind 319.30 Guj Amb Ceme 185.10 Guj Gas Co 635.05 Guj Narj St Fe Ch 18.40 HCL Infosys. 71.30 HCL Techno 360.95 HDFC Bank 213.90 Hero Honda 142.00 him.fut.comm 104.90 Hind Lever 198.50 Hind Petrol 158.65 Hind Zinc 18.70 Hindalco 840.30 Hindliver Ch 155.55 Hinduja Fin 75.80 Hoechst Mari 414.35 Hous Dev Fin 654.85 Hughes Soft. 708.25 ICI India 65.25 ICICI Bank 142.65 ICICI Ltd. 71.70 IDBI 24.80 India Cement 36.90 Indian Hotel 215.60 Indian Oil 161.60 Indian Rayon 78.45 Indogulf Cor 38.20 Infosys Tech 3401.90 Ingersoll 109.05 IPCL 54.30 TCc Bhadra 47.75 ITC Ltd. 722.80 Jaiprakash I 29.65 Jindal Steel 188.55 Kesoram Ind. 22.05 Knoll Pharm. 298.75 Kochi Refin 39.30 Kodak India 205.30 LML Ltd. 20.35 Larsen & Tou 219.40 LIC H Finan 41.50 Madras Cem. 4298.75 Madras Ref. 27.05 Mah & Mah 99.30 Mahangr Tele 126.70 Mastek 111.00 Mastershare 12.30 Max(I) Ltd 77.80 Mcdowell 38.60 Mirc Electr. 330.75 Moser-Baer 286.65 MRF Ltd 625.70 Nestle Ltd. 525.70 Nicholas Pir 268.35 NIIT Ltd 375.10 Nirma Ltd 398.50 Nocil 11.55 Novartis (I) 261.35 Orient.Bank 35.05 Parke Davis 165.60 Pentamedia G 81.15 Pfizer 475.75 Philips (i) 71.05 Polaris Sof. 351.20 Procter&gamb 541.25 PSI Data Sys 166.80 Pun.Tractor 182.70 Ranbaxy Lab. 448.65 Raymond Ltd. 98.60 Reckitt Col. 174.05 Rel Capital 54.90 Rel Petrol 48.90 Reliance 357.65 Rhone Poulen 449.15 Rolta India 62.80 Saregama Ind 178.10 Satyam Com(d 214.70 Satyam Comp 190.65 Saw Pipes 127.10 Sesa Goa Ltd 58.10 Shipp Corpn. 33.00 Shree Rama 43.55 Shyam Telcom 69.65 Siemens 206.75 Silverline I 70.05 Smithklin Co 375.70 Smithklin.Ph 162.70 Sonata Soft. 19.85 SSI Ltd. 337.15 State Bank 210.50 Steel Author 5.70 Sterlite Ind 103.95 Sterlite Opt 380.70 Sun Pharma. 580.15 Supreme Ind 47.20 Syngenta Ind 53.10 Tata Chem 38.40 Tata Elxsi L 69.60 Tata Engg 68.30 Tata Finance 30.10 Tata Power 134.25 Tata Steel 124.10 Tata Tea 216.85 Titan Ind. 45.95 Trent Ltd 67.75 Trigyn Tech 51.15 TV 18 83.55 TVS Suzuki 82.70 United Brew. 83.85 United Phosp 40.45 UTI Bank Ltd 34.70 Videocon Int 26.50 Videsh Sanch 331.55 Voltas 36.35 Wartsilaockhardt Lt 384.30 Zee Telefilm 107.90. Non-specified shares: Ahmed Elect 37.00 Alembic Ltd 108.10 Asian Hotels 104.65 Astra IDL 385.65 Atul Ltd 13.90 Bank of Raj 11.85 Bayer India 478.35 Berger Paint 87.00 Bharat Bijle 81.10 Binani Ind 33.30 Birla 3m 385.20 Bluedart Exp 199.70 Carborundum 83.00 Colour Chem 50.75 Elgi Equip 10.70 Essar Ship 9.05 FDC Ltd 200.00 Godfrey Phil 320.50 HMT Ltd 5.50 TCc Hotels 67.00 Jaiprakash I 29.65 Lakhanpal 19.90 Mafatlal Ind 10.10 Mico 2331.70 Mukund 9.50 Nahar SPG 57.40 National per 475.00 ONGC Corp 167.10 Otis Elevato 271.10 Pidilite Ind 155.30 Rallis India 33.15 Revathi Cp 180.05 Spic 7.70 Tata Finance 30.10 Tata Telcom 67.40 VIP Industr 18.55 Vysya Bank 114.50 Widia(I) Ltd 51.05 Zandu Pharm 2010.00 (PTI) |
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HC grants anticipatory bail to
Zap’s Delhi NEW DELHI, June 15: An official of controversial Zap Infotech was today granted anticipatory bail by the Delhi High Court after her submission that even she was not paid salary for past four months by the firm, which has closed its centres across the country after allegedly collecting nearly Rs 250 crore from franchisees and students. Granting anticipatory bail to Zap’s territory manager Jasmine Kaur, Justice S K Mahajan directed the police to file reply by July 26, the next date of hearing on her application. While restraining police from arresting Kaur till the next date of hearing, the court asked her to join investigation whenever called for by the police. Kaur’s counsel B L Wali, who earlier was a panel lawyer of Zap, told the court that the firm had not even paid his fee of Rs 15,000 for a case and its cheque had bounced. Kaur in her bail plea said that she was appointeary 2000 as career consultant and subsequently promoted as territory manager to look after its it education centres set up through franchisees in West Delhi areas. Wali told the court that she was not aware about any financial irregularties or other modus operandi of Zap about extracting money from franchisees and students as she used to sent all cheques collected from them to firm’s zonal office at Greater Kailash in South Delhi. He said Zap’s zonal managerial staff — Anshuman Mathur, Deepanjan Lahiry and Sushil Bhan — had already been granted bail by a lower court on the ground that bank accounts were operated by firm’s Dubai-based propietors, Arif Mithani, Abbas Mithani and Murtaza Mithani, who had fled India. According to the FIR registered by the police against Zap local officials, the firm had offered variety of computer courses to the students through franchisees but when the said courses were not completed, students started claiming refund of the money. The students were charged fees ranging between Rs 20,000 and Rs 70,000 depending upon the duration of the IT course, a police official said. Zap had also charged hefty amount from the franchisees, with whom it had contracted to start the computer courses in various parts of the country, he said. The firm had appointed people with MBA and other required degrees as managerial staff to establish its reputation. Kaur with MBA degree from Delhi University, had left her job of marketing executive with hotel International to join Zap as it offered her attractive salary, her counsel told the court. Kaur in her petition said a representative of Zap’s zonal office used to collect cheques from her, which were credited in the firm’s bank accounts. "No cash payment was accepted by her" from the franchisees, she said. As per the documents annexed along with the petition, Zap Infotech had been acquired by Sun Infoways Ltd (SIL) during the 2000-2001 fiscal along with three other companies —Digital Technologies, Infratech Incorporation and E-phone Ltd. The document said Zap Infotech "ceased to exist" from August 2000 after its teke-over by the SIL. Sun Infoways’ document having signature of its director on it further says that Wintech, a firm also owned by Mithani brothers had "dragged" its name into their "misdeeds, which are defamatory and have seriously damaged the reputation of the company (SIL)." (PTI) |
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Equities dip on massive selling NEW DELHI, June 15: Shares retreated on the stock market today following a major sell-off by institutional investors and other players amidst unwinding of positions ahead of the ban on carry forward trading and closed with widespread losses. Reflecting the downslide in stock prices, the Delhi Stock Exchange sensitive index dropped sharply by 12.18 points to close at 837.78. Marketmen said unwinding of long positions by participants ahead of deadline for ban on carry forward trading and introduction of rolling settlement from July 2 miments. They said persistent fall in the US tech-high Nasdaq, continued earning warnings from some more US companies and weakening trends on the Asian bourses were other factors behind the weak trend. The announcement of the worst financial results in its history by automobile major TELCO added fuel to the falling stocks value, they added. TELCO share prices plunged to Rs 65 in early trading on all-round selling by players but low level buying by speculators trimmed earlier losses to close at Rs 68.25, still showing a fall of Rs 2.10. Reliance Group of Companies stocks were also badly hit on steady inflow of selling by institutional as well as retail investors. Reliance Industries shares lost Rs 5.60 at Rs 356.50 on increased selling despite reports that company’s shareholders approved company’s plan to hike foreign investment limit from 24 to 49 per cent. Reliance Petroleum and Reliance Capital also remained under selling pressure and finished moderatley lower at Rs 49 and Rs 54.60. Other weak spots in the old-economy segment were ACC, Larsen and Toubro, Grasim Industires, Gujarat Ambuja Cement, Jaiprakash Industries, MTNL, ITC Ltd, Nestle India, State Bank of India, HDFC Bank, Corporation Bank, ICICI Bank, BHEL, BSES Ltd Ranbaxy Laboratories on increased selling. Among technology stocks Infosys Technologies remained distinctly weak and lost Rs 391 at Rs 3400 after dipping to Rs 3300 on large-scale selling by overseas investors in reaction to overnight decline in its ADRs value at Nasdaq. NIIT, Wipro Ltd, Satyam Computer, Silverline Technologies Aptech Ltd, Digital Equipment, DSQ Software, Global Tele, Himachal Futuristic, Shyam Telecom and Zee Telefilms also succumbed to selling pressure and lost sizeable grounds. (PTI0 |
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Madras stock exchange closes with losses CHENNAI, June 15: Equities declined further on selling pressure and profit taking on the Madras stock market today and closed with losses. The MSE index slipped by 59.82 points to close at 5100.90 against yesterday’s 5160.72 points. Kshyap Radiant shed Rs 1.95 to Rs 14. Highland prod dropped further by rs 1.60 to rs 18.90. Dr Agarwal and G V Films also dropped marginally. But technest solher at rs 26.80. Reliance wound up at rs 358.70. Ashok Leyland, Dr Reddy, Himachal Futuristic, ICICI, India Cement, Pentamedia, Polaris, Ramco System, Telco and Zee Tele all drifted lower. Hind Lever was traded at rs 196.25. (PTI) |
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HSCL employees go on pen down strike KOLKATA, June 15: Employees of the Hindustan Steelworks Construction Limited (HSCL) went on a pen-down strike at its head office, protesting against non-receipt of their salary since February last. Agitating members of the public sector company’s workers’ union have been on strike from May 24 demanding immediate payment of salary. The union has alleged that negotiations with the management had failed to provide the desired results so far. The union has threatened that its members would be forced to plan a bigger movement, if no amicable solution was reached within a reasonable time. Meanwhile, the joint committee of HSCL employees has alleged that the authorities were trying to introduce voluntary retirement scheme and planning other "repressive measures" to reduce the number of employees, which was steadily going down since the late eighties. (UNI) |
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HDFC, Maersk’s among 35 FDI cases cleared NEW DELHI, June 15: HDFC and Maersk India’s proposals were part of the 35 Foreign Direct Investment (FDI) cases worth Rs 373 crore cleared by the Government today. The Minister for Commerce and Industry Murasoli Maran cleared the proposals on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB). Credit Suisse First Boston India securities (CSFB), which was in news recently for its alleged involvement in stock scam, also figured amongst the list for amendment in existing foreign collaboration approval without any fresh FDI inflow. Government gave the go-ahead to HDFC’s proposal pertaining to acquisition of 0.99 per cent equity stake by a foreign investor involving an FDI inflow of Rs 68.85 crore. The highest FDI clearance was, however, given to the Rs 140 crore proposal for acquiring 20 million equity shares in Maersk India Ltd. Telecom company connecting networks India’s proposal worth Rs 97.50 crore was also cleared by the Government. Nokia, Siemens, De Beers, Energizer India and Toyo Engineering also received clearances from the Government. (PTI) |
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