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KPMG to do forensic audit of UCX: FMC

Written By komp limpulima on Selasa, 16 September 2014 | 21.03

Commodity markets regulator FMC today said auditing firm KPMG has been appointed to conduct a forensic audit of the Universal Commodity Exchange after it found that its promoter allegedly siphoned off funds from the exchange. The auditing firm will submit a detailed report in 4-6 weeks. Meanwhile, the exchange has been directed to maintain the current cash balance of Rs 52.52 lakh intact in the Settlement Guarantee Fund (SGF) and not to withdraw any amount without the regulator's approval, it said.

FMC has also directed UCX, the country's sixth national level commodity bourse, to convert other investments in Optional Convertible Debentures (OCDs) and advances made out of SGF fund into liquid assets immediately. "The exchange on August 28, 2014, has engaged M/s KPMG as the forensic auditor to carry out the forensic audit at UCX. KPMG is likely to submit its report to the Commission in 4-6 weeks," Forward Markets Commission said in its latest report.

KPMG will do forensic investigation into "the serious charges and allegations of misappropriation of funds by the promoter of UCX since the inception of the exchange," it said. A forensic auditing of UCX was ordered after taking into account preliminary findings on gross financial irregularities and diversion of funds from SDF and on the basis on feedback from the Board of Directors of the exchange, it added.

UCX is promoted by Commex Technologies chief Ketan Sheth, who owns 40 percent stake in the exchange. He was not available for comment when contacted. According to the FMC, the exchange has submitted a report on the 'Status of Funds availability in SGF' giving details of member-wise refundable amounts to registered members and also the break-up of various outstanding expenditure pending at the level of exchange.

The regulator was informed "that the Promoter has paid Rs 1 crore from one of his group companies to the exchange". FMC said it has directed UCX to maintain the cash balance of Rs 52.52 lakhs presently available in SGF intact and to convert other investments in OCD and advances made out of SGF fund into liquid assets immediately.

"The exchange has also been instructed to keep the Commission apprised of all its future receipts, from whatever source and not to withdraw any amount from such receipts without prior approval of the Commission," it added. UCX, which was launched in April 2013, suspended trading in all commodities on July 19. It offered futures trading in oil seeds, pulses, crude oil and natural gas. Currently, NCDEX, MCX, NMCE and ACE derivatives are the commodity exchanges that are active in the country.


21.03 | 0 komentar | Read More

Apple on the brink of another 'super cycle'

With the launch of the iPhone 6, Apple is poised to begin another `super cycle`, analysts at Cantor Fitzgerald told CNBC.

"We believe Apple is in the midst of another `super cycle` that begins with the rapidly growing `phablet` market via the iPhone 6 Plus and extends into the wearable category in early 2015 with Apple Watch," said Brian White, managing director and global head of technology hardware, software and equity research at Cantor Fitzgerald.

White drew parallels with the success Apple enjoyed after launching the iPod in 2001, the iPhone in 2007 and the iPad in 2010. He said the technology giant, which has fallen out of favor with some investors due concerns it had lost its ability to innovate, is in for another period of strong performance.

Apple dominated the global smartphone market for years after launching the original iPhone in 2007. However, later models weren`t as successful and the firm lost considerable market share to Samsung, which tapped consumers` desire for large-screened smartphones far earlier.

Four years after Samsung, Apple has finally made its foray into the `phablet` market - a hybrid of a phone and tablet - with the launch of the 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus last week. It also unveiled the long-awaited Apple Watch, which won`t be available until 2015.

Pre-orders for the two new iPhone models totaled four million units in the first 24 hours, twice the number of iPhone 5 pre-orders received in 2012, smashing all previous records.

"In our view, Apple demonstrated to the world last week that it is innovating like never before, expanding its addressable market with new product categories, strengthening its digital matrix, and eyeing new categories," said White. He expects Apple`s price-to-earnings multiple to expand and sees the share price rising 21 percent to $123 over the next 12 months.

White is equally bullish on Apple`s foray into the wearable tech sector: "We believe Apple Watch will prove to be a home run with the fastest, new product, first-year unit sales volume in the company`s history, giving Apple a foothold in what we believe will be a large, wearable tech market," he said. He also expects that a more robust Apple TV is on the horizon.

But not all analysts agree are upbeat.

"It`s right that it is a new category [for Apple] but it`s not right to say it`s similar to an iPhone or an iPod or iPad because those products were totally new," Mark Newman, senior analyst at sell-side research and brokerage firm Sanford C. Bernstein told CNBC.

"I don`t really think `super cycle` is the right word, but the iPhone 6 is going to be a significant product. I think this year they are going to gain a bit of share back from Samsung... it will make a pretty big impact," he added.

Although Apple`s fresh products could see the firm regain market share, Newman pointed out that some of the damage was not repairable.

"Some of it they can gain back but some of it has gone forever... It was their mistake and incompetence because they refused to understand what the customers were telling them," he said, referring to demand for larger-screened phones.Copyright 2011 cnbc.com


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JSW Steel bids for Lucchini's assets

JSW is yet to receive a response to its bid. This USD 100 million deal will mark JSW's entry into Europe.

Private steel giant  JSW Steel confirmed that it is bidding for assets of Italy's Lucchini plant. JSW is yet to receive a response to its bid. This USD 100 million deal will mark JSW's entry into Europe. CNBC-TV18 broke this news three months ago.

Lucchini is Italy's second-largest steel plant by capacity. It was declared insolvent in 2012. The company is engaged in producing speciality long products like rolling mills manufacturing for European railways, bars for specialised auto industry and wire rod mills.

Also Read: JSW interested in buying Italy's Ilva steel plant, say sources

JSW Steel stock price

On September 16, 2014, JSW Steel closed at Rs 1274.90, down Rs 51.1, or 3.85 percent. The 52-week high of the share was Rs 1365.35 and the 52-week low was Rs 632.50.


The company's trailing 12-month (TTM) EPS was at Rs 97.49 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 13.08. The latest book value of the company is Rs 970.48 per share. At current value, the price-to-book value of the company is 1.31.


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FTIL opposes merger of NSEL with itself

FTIL today opposed the merger of scam-hit NSEL with itself as proposed by regulator FMC for speedy recovery of dues, saying that such a move would affect the Jignesh Shah-led company and 60,000 shareholders.

Instead,  Financial Technologies India Ltd (FTIL) has suggested that government agencies, brokers and trading clients should "join forces" with National Spot Exchange Ltd (NSEL) to ensure recovery of Rs 5,300 crore from 24 defaulters.

"...while investigations and various legal proceedings are pending, where the actual facts are yet to be established, any action based on FMC's recommendations towards merging NSEL with the FTIL will irreparably prejudice and harm FTIL and its over 60,000 shareholders, 1000 plus employees, lenders and other stakeholders," FTIL said in a statement.

FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year. After FMC declared FTIL as 'unfit' to run any bourses, the company had to exit from its commodity exchange MCX and lose management control in the stock exchange, MCX-SX.

In a letter to BSE and NSE, FTIL said its Board is opposed to FMC's recommendations that NSEL be merged with FTIL and the government should take over management of FTIL.

"Should more than 60,000 public shareholders of FTIL suffer a non-existent liability of Rs 5,500 crore by the device of a forced merger when the very existence of any legal liability of NSEL and consequently of FTIL as its holding company, is sub judice before the Bombay High Court," it said.

Stating that the government can merge two companies in public interest, FTIL said that interest of 13,000 clients of the brokers who traded on NSEL platform for higher return cannot be "termed as public interest".

The company said about 66 per cent of the entire outstanding amount is due to 781 persons. Asserting that it has fully supported NSEL in recovery process, FTIL said it has given a loan of Rs 179 crore to the spot exchange to make part payment of dues to 6,600 small investors.

It also informed that NSEL has recovered more than Rs 360 crore from 24 defaulters and same has been distributed proportionately amongst the investors.

"NSEL with support from FTIL and under guidance from FMC has been making all efforts for recovery of the money from the defaulters including but not limited to filing various recovery suits and criminal complaints for dishonour of cheques against defaulters," it said.

FTIL said it has also supported NSEL in meeting administrative and legal expenses.

Financial Tech stock price

On September 16, 2014, Financial Technologies closed at Rs 244.05, down Rs 7.4, or 2.94 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 129.95.


The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company was 0.47.


21.03 | 0 komentar | Read More

ITC plans to open new hotel in Sri Lanka within 5 years

Cigarettes-to-hotels major ITC is looking to set shop in Sri Lanka within the next 5 years. Besides that, he also said Indian conglomerate will open new hotels in Ahmedabad, Hyderabad, Kolkata, Amritsar, Delhi and Chennai.

Cigarettes-to-hotels major  ITC is looking to set shop in Sri Lanka within the next 5 years, says chairman YC Deveshwar. Besides that, he also said Indian conglomerate will open new hotels in Ahmedabad, Hyderabad, Kolkata, Amritsar, Delhi and Chennai.  

"There's one that has come up, Fortune Hotel in Bangalore. So there are many projects underway. There's a second hotel in Calcutta," he told CNBC-TV18.

ITC stock price

On September 16, 2014, ITC closed at Rs 353.15, up Rs 1.50, or 0.43 percent. The 52-week high of the share was Rs 386.75 and the 52-week low was Rs 307.60.


The company's trailing 12-month (TTM) EPS was at Rs 11.40 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 30.98. The latest book value of the company is Rs 32.97 per share. At current value, the price-to-book value of the company is 10.71.


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Fare war now on global routes

Written By komp limpulima on Senin, 15 September 2014 | 21.03

Initiating a fare war on global routes, Qatar Airways and Singaporean budget carrier Tigerair today announced massive limited-period discounts hoping to corner a chunk of the Indian travel market share.

While Tigerair announced a special one-way base fare of Rs 10 only to Singapore for Indian passengers to commemorate completion of decade-long operations, Qatar Airways launched a global promotional offer of up to 25 percent savings on its tickets to over 140 destinations across the world.

Tigerair's Rs 10 one-way fare offer to Singapore would be applicable only on round trip tickets from India, under which the fare could be as low as Rs 7,499 including taxes, the airline said in a statement.

The Qatar Airways' promotional fare tickets under its three-day 'The World is Yours' global sale would have to be bought between today and Wednesday for travel from September 25 till June 15 next year, the airline said in a statement.

The discount of up to 25 percent is being offered for return travel in all classes for travel from India via its Doha hub, a Qatar Airways statement said, adding that there were limited seats on offer subject to availability.

The airline connects 12 cities in India via Doha to an array of destinations like Barcelona, Dallas, London, Miami, New York, Paris, Rome and several others.

In the statement, its Chief Executive Akbar Al Baker said, "Qatar Airways' global sale is eagerly awaited by our passengers and with up to 25 percent discount on return fares, there will never be a better time for our customers to plan leisure or business trips."

Tigerair's tickets which can be booked till September 21 would be valid for travel commencing January 12 to March 31, 2015, and July 21 to September 22, it said.

The airline was also offering special all-in return fares starting Rs 11,999 to destinations like, Bali, Jakarta, Perth, Manila, Hong Kong, Sydney, Gold coast via Singapore. Flights to Sydney and Gold Coast would be operated in collaboration with Scoot, another Singapore-based low-cost long-haul airline, the statement said.

The offers can be availed of on Tigerair's official website from any of the five cities of Bangalore, Chennai, Hyderabad, Kochi and Tiruchirappalli. Tigerair operates total 37 weekly flights to Singapore from six Indian destinations.


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Cobra Beer's journey to London restaurants, pubs

The idea was as outrageous as it was unexpected. Outrageous because here was an entrepreneur out to create yet another new beer and to do this in India and sell it in Britain at a time when UB's Kingfisher was an established accompaniment to the Indian meal in British curry type restaurants.

The idea was unexpected because Karan Bilimoria, son of General Bilimoria - hero of 1971 war -- had just graduated in law from Cambridge University and nobody expected him to plunge from Cambridge into beer. But he took the plunge, and came out a winner.

From his early beginnings in 1989, he has carried his Cobra Beer successfully, while passing some difficult humps. It is now an accompaniment to the Indian meal and more. Its sales are on the rise in the Indian restaurant and also it standalone sales are picking up in super markets and at pubs such as this close to the legal heart of London. This year Cobra sales around the world are set to top Rs 1,000 crore.

In an interview to CNBC-TV18, Karan Bilimoria talks about the journey so far and his future plans.

Below is the transcript of Karan Bilimoria's interview with Sanjay Suri on CNBC-TV18.

Q: So the sparkle is back and business is flowing smoothly as Cobra should, where do we go from here?

A: It has been a lovely long journey. Short in the terms for beer brand because Cobra Beer is about to celebrate its 25th anniversary next year and we have come a long way since we have started importing the beer from Bangalore into the UK and selling it from the back of our battered car door-to-door to the Indian restaurants and the grocery shops and here we are, 24 years later in 98.6 percent of all the licensed Indian restaurants in the UK and in almost all the big super markets and now making an entry into the pubs and the bars throughout the UK.

Q: The pubs is where it all happens and you are now selling in pubs and in mainstream restaurants in super markets, how big is this market?

A: Our foundation has always been the Indian restaurants, the curry restaurants and I will always be grateful to the restaurateurs for their support without which we wouldn't be where we are today. The beauty about Cobra is when I created it as a brand, it was to be a beer that sits in between a lager and an ale, the refreshment of a lager and the smoothness of an ale combined. So we have a widely appealing taste to men and women, to people anywhere in the world and also to accompany food, especially Indian food and curry but also on its own. In that sense Cobra works beautifully in a pub and a bar and of course in the UK, we have this wonderful culture where pubs are part of the community and for Cobra's growth potential in the future, our expansion to pubs is crucial and we are making wonderful already.

Q: It has been your dream of course that Cobra is a very natural and lovely accompaniment to a curry as it is still called. But that the beer should standalone without having to lean on anything for support, are you nearing that dream?

A: I have always believed that Cobra would be a journey and the journey would start in Indian restaurants and would always stay as a foundation in restaurants but if it will also expand in the super markets and the pubs and the bars and also exported around the world and Cobra has now been exported to 40 countries around the world. Also now produced in India for the Indian market, which we are very proud of and it is growing rapidly there. So yes, Cobra is now -- also what has been proven time and again since 2001 when we first entered the Monde Selection World Quality Awards, we entered one Cobra and got one gold medal and that was so exciting. Fast forward from 2001 to now and I am proud to say -- we won 78 gold medals in the Monde Selection World Quality Awards. So one of the two most awarded beers in the world in the Monde Selection and people now recognise Cobra as a great beer, it is one of the best beers in the world.

Q: 100 million pounds worth of sales in Britain and in India this year, any plans for significant new placement of capital for further expansion?

A: We have a joint venture with Molson Coors, one of the largest brewers in the world who have giant breweries Molson Coors in the United States of America (USA), in Denver, have the biggest brewery in the world. That one brewery can produce more beer than the whole of India's beer production of all the breweries in India put together. The brewery in the UK, where we brew global beer, is the largest brewery in Britain. That one brewery has a capacity to brew well over half of all the beer produced throughout India. So they are giant brewers and we have enormous capabilities to expand. In India we have a brewery in Bihar, we have contract brewery in other states in India and are available in about six states throughout India at the moment.


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Android One to cater 1 bn Indian users: Google's Pichai

Sundar Pichai, VP-Android, Google said Android One would give the company a chance to address one billion users in India who do not have an access to internet.

The phones will be high quality smart phones with latest software backed by Google but at the same time we are also helping our partners to build the hardware needed to affordable high quality smart phones, said Pichai.

Google launched the first smart phones under its Android One project in India , pricing them at around Rs 6,399 to capture the low-cost segment of the world's fastest growing smart phone market.

It has tied up with Indian mobile players Micromax, Karbonn and Spice Mobiles to launch the affordable phones, which are powered by its operating system and aimed at emerging markets.

With regards to the tie-up, he said the company will provide the base platform which will be maintained and updated by them but will allow partners to customise them.
 
Answering a query on why Samsung has not been a part of this project, he said "We are two big companies, so there are times when we do stuff different from each other." However, Samsung still remains our largest partner and we owe them a lot for the success of android, he added.

According to Caesar Sengupta, product management director, Google said Android one is an extension of the android program.

Also read: Why Android One is a historic launch for Indian phonemakers

Below is the transcript of Sundar Pichai's and Caesar Sengupta's interview with CNBC-TV18's Malvika Jain.

Q: You are the man of the moment. Google has unveiled Android One today – the much awaited device. How are you positioning it in the market and how is it going to be a differentiator as far as Google is concerned?

Pichai: For us Android One is really important because it gives us a chance to address the one billion users in India who don't have access to internet. Our differentiated approach is we are building high quality smart phones with software backed by Google. We will make sure it is the latest and the greatest software running Android but at the same time we are helping our partners with building the hardware needed so that you can actually build a affordable yet high quality smart phone.

Q: Initially if I am correct you have partnered with three companies, Spice, Karbonn and Micromax. However if you are giving them an interface how are these devices going to be any different? Where does the creativity component come in?

Pichai: We provide a base platform which we maintain and we update but we allow them to customise on top of it. You have to understand, the launch of today is just the first step in our journey. We launched all of Android few years ago with one phone. Similarly we are doing it with three phones but you will see choice and customisation on top of Android One increase very widely over time.

Q: How is it going to be any different from the usual Android phones which are available in the market?

Sengupta: Android One is an extension of the Android program. The software is the same; the big differences are the software on this is directly from Google. What we have done is worked with our partners to create a turnkey solution that lets our hardware OEM partners, phone manufacturers bring products to market at a very low cost at a very high quality.

Q: Samsung is nowhere on the list. Is this in some manner a way to move away from Samsung even though it continues to be a market leader? They are working on their own operating systems, so is this like some sort of a back up plan that Google has come up with?

Sengupta: Absolutely not, Samsung is a very close partner. They are one of the most important partners for us on Android. They have shipped amazing phones on Android and we actually work together with them on many initiatives. In fact as Sundar said we are now working on more initiatives on Samsung than ever before.

more to come


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Wipro bags deal from Saudi Electricity Company

"As part of this engagement, Wipro will implement and rollout the plant maintenance and project system functionality of the SAP ERP application for SEC's distribution business line across KSA," it said in a statement.

Wipro Arabia, a subsidiary of India's third largest IT firm Wipro, has bagged a contract from Saudi-based Saudi Electricity Company (SEC) for implementing and rolling out plant maintenance and project system functionality of SAP ERP application.

No financial details were disclosed.

SEC is the largest power utility company in the Middle East serving approximately five million customers in the Kingdom of Saudi Arabia (KSA).

"As part of this engagement, Wipro will implement and rollout the plant maintenance and project system functionality of the SAP ERP application for SEC's distribution business line across KSA," it said in a statement.

The SAP ERP-based system is expected to go live in the next 10 months.

Once implemented, it is expected to enable the power utility company to have an integrated system that offers centralised and standardised processes across its plants, it added.

This will help ensure uptime of distribution networks, expense controls and effective utilisation of assets.

Also read:  Cognizant to acquire healthcare IT firm TriZetto for $2.7bn

"We have traditionally had a strong position in the utilities space in the global market, and this will allow us to further strengthen our leadership in this space in KSA," Wipro Arabia General Manager and Head Thomas George said.

The deployment will help SEC to methodically migrate existing data from current digitised and manually maintained systems to SAP Enterprise Resource Planning (ERP) solution.

In addition, the solution will help SEC to streamline day-to-day operations and increase operational and financial efficiencies.

"With this program, we will be able to scale up our operations in a significant way and seamlessly manage our distribution networks. Wipro's deep domain capability and technology-leadership will help us deliver cost-effective services and serve our large customer base in an efficient manner," Eng Mohammad A Al-Nahari, NEBRAS Program Executive Director, Saudi Electricity Company said.

Wipro stock price

On September 15, 2014, Wipro closed at Rs 567.80, down Rs 6.95, or 1.21 percent. The 52-week high of the share was Rs 610.50 and the 52-week low was Rs 447.00.


The company's trailing 12-month (TTM) EPS was at Rs 32.76 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.33. The latest book value of the company is Rs 118.96 per share. At current value, the price-to-book value of the company is 4.77.


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No ind director in CIL,MCL power project nod may be delayed

"The board may take up the matter in the next meeting on September 17. Once it is cleared, it would reach the Coal India board for approval," MCL Chairman and Managing Director AN Sahay had said.

Absence of any independent director in  Coal India Ltd may delay board approval for Mahanadi Coalfields Ltd's 1,600-MW maiden thermal power plant. The MCL pithead power project which had been delayed for various reasons in the past, was ready to take-off once it gets approval from its own board and its parent CIL board. "The board may take up the matter in the next meeting on September 17. Once it is cleared, it would reach the Coal India board for approval," MCL Chairman and Managing Director AN Sahay had said.

But, since 50 percent of the Coal India board strength remains vacant, the company may prefer to defer the decisions till new independent directors' posts are filled. Coal India board strength is of 14 members of which seven are for functional and seven are independent directors. Currently, there are no independent directors on the board.

Also Read: Pact for developing CIL mines under PPP in final stage

Former Coal India chairman N C Jha said technically the board can take decisions with 50 per cent strength, but it might not feel prudent to do it. Ready with necessary infrastructure for the power project, Sahay said, "Once the CIL board gives its nod and clearances are received, it would take another three years for the power plant to come into operation."

He said around 800 acres has already been acquired and water linkages are in place. The plant would utilise coal from MCL's Basundhara coal mines.

Coal India stock price

On September 15, 2014, Coal India closed at Rs 352.00, down Rs 5.95, or 1.66 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 240.50.


The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.56. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.52.


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