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Friday,
August 23, 2002, Chandigarh, India  
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Fresh SEBI probe into Tata Finance accounts
IT exports post
16 pc growth
Markfed to export non-basmati rice
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Time to enter fixed-income plan
Katrin Wrobel
Making diamond from human remains
Thomas Cook net rises to Rs 5.44
cr
Banks to accept fee for Ignou
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Fresh SEBI probe into Tata Finance accounts
Mumbai, August 22 “The fresh probe has been initiated after we came across a reference to circular trading in the report prepared by chartered accountancy firm A. F. Ferguson on irregularities in Tata Finance”, SEBI sources told PTI here today. The sources said a copy of the controversial report was later withdrawn by the firm after some of its portions were leaked to the media. “We are still investigating the issue and have not arrived at any conclusions”, they added when asked whether there was any indication of findings against former TFL Managing Director Dilip Pendse. According to the sources, SEBI is already investigating insider trading, allegedly done by Pendse and another director J. E. Talaulikar, in the finance company’s scrip. While investigation into Talaulikar’s case was complete, the entire probe was in an advanced stage, the sources said. The Reserve Bank of India also undertook a routine inspection of TFL’s accounts. The DCA has consulted the RBI and other regulators in connection with financial irregularities involving the TFL and Ferguson report. The DCA had indicated that it may launch inspection of TFL’s books of accounts to determine whether any financial irregularities had taken place.
PTI
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IT exports post 16 pc growth
New Delhi, August 22 During the April to June quarter, software and services exports jumped 16 per cent in dollar terms, to touch $ 1,975 million, up from $ 1,702 million in the corresponding period previous year. In rupee terms, the growth in software and services exports was about 20 per cent at Rs 9,600 crore. Electronics hardware exports remained virtually stagnant in dollar terms at $ 298 million during April-June, 2002, even as the growth in rupee terms in this segment was about 3.57 per cent at Rs 1,450 crore. Commenting on the growth projection for the second quarter ending September, 2002, D.K. Sareen, Executive Director of the Electronics and Computer Software Export Promotion Council (ESC), said IT exports would see a overall growth ranging between 25 per cent and 30 per cent. The second quarter performance of the sector should be better than the first quarter he added.
UNI
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Markfed to export non-basmati rice Chandigarh, August 22 This was disclosed here today by Capt Amarinder Singh, Chief Minister, Punjab. The export order was signed with Toepher International Asia, Singapore, for the long grain white rice for which the shipment was likely to take place in September, 2002. Mr S.S. Channy, Managing Director, said the Centre had declared Markfed on a par with Central PSUs for undertaking the export of wheat and rice supplied by the FCI on the subsidised rates. As such, Markfed had been exempted from giving bank guarantee for differential amount of the open sale rate of the FCI for wheat and rice and the export price fixed by the Central Government. In view of the huge stocks of non-Basmati rice the surplus non-Basmati should be exported besides domestic marketing. Since there was ample scope for broadening the marketing base both within and outside the country.
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Time to enter fixed-income plan London “All long-term statistics based on the idea that the equity prices are going to continue going up are misleading,’ says independent financial adviser David Kauders of Kauders Portfolio Management. “A few advisers are going to recommend people get out of equities — but any suggestion that equities are now cheap is nonsense.” He asserts that the rising equity markets in the past 50 years have come on the back of the inflationary pressures of a credit expansion as companies and individuals borrowed money to finance their businesses and asset purchases. “That whole era has come to an end,” he adds. ‘Borrowing is now distress borrowing. Once people are saturated with debt, the economy no longer inflates itself from rising prices caused by increased borrowing.” Chris Lynas, fixed-interest fund manager at Smith & Williamson, believes a fundamental shift is occurring — taking us away from the high-inflation environment that sustained high equity returns for so long. He believes investors should look far more seriously at fixed-interest investments in a worldwide economy where globalisation, technology, the Internet, development of the euro and other factors have conspired to take away the pricing power of businesses and reduce their scope for continued high-level profits. But he says there are problems in making this shift: “For most of the period between 1970 and 1995, people didn’t want to own government bonds. So very few people now analyse the fixed-interest sector. We have almost got to go back to the 1950s and 1960s to understand what drives bonds and gilts.” Lynas and Kauders believe most equity investors will lose out in the next few years because they do not understand that we have moved out of the equity era and into the fixed-interest era. Colin Jackson of adviser Baronworth is in the middle of the pro-equity and pro-fixed interest camps: “We are seeing an enormous demand for fixed-interest products. People are cashing in on equities and looking for a home for their money until stock markets recover. We are saying they should lock into guaranteed income bonds (see glossary) for two or three years, although they could get better rates over five years.’ Ordinary investors are showing considerable interest in the fixed-interest sector. In May and June, more money went into corporate bond funds than into equities or any other investment sector, according to the Investment Management Association. Kauders believes ordinary investors will have to work out the truth of the situation for themselves. Very few financial advisers, he believes, will be brave enough to go to their clients and say their previous advice was wrong and clients should now move away from equities.
By arrangement with the Guardian
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She may lose crown over nude rules
Berlin, August 22 Ralf Klemmer, director of the Miss Germany Corporation that holds the annual pageant, said Berlin dental technician Katrin Wrobel cancelled a contract with his firm because she said it contained "immoral clauses". "The contract she and all girls in the competition signed beforehand spelled it out quite clearly that marriage and nude photographs during the year are not allowed," Klemmer told Reuters. He said the rules were quite clear and Wrobel would be stripped of her Miss Germany crown if she did not relent. "The same rules apply to the Miss competitions all around the world," added Klemmer, whose firm has organised 42 consecutive Miss Germany contests since 1960. "It's strange that she now rejects this. But there is no way she can compete in the Miss World competition in Nigeria if this is not resolved." "We've never had a case like this in 42 years," he said. "If she wants to relinquish the crown then the runner-up will be awarded it. There cannot be another competition this year." Wrobel's lawyer Christian Schertz was not immediately available for comment. He was quoted in Bild newspaper on Thursday as saying Wrobel had cancelled the contract "because it is filled with immoral clauses". A tall brunette considered a long-shot to win the German competition in January, Wrobel, 24, has since landed a job as a presenter on a German television game show.
Reuters
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Making diamond from human remains
Chicago, August 22 “We’re building on the simple fact that all living creatures are carbon-based and diamonds are carbon-based,” said Greg Herro, head of LifeGem Memorials. The blue diamonds are the answer to people who think a tombstone or an urn full of ashes is not personal enough. And they are portable, Herro said.
Reuters
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Thomas Cook net rises to Rs 5.44 cr Mumbai, August 22 Income from domestic operations increased to Rs 25.83 crore for the reporting quarter from Rs 23.27 crore in the corresponding quarter last year. Other income decreased to Rs 45.2 lakh in the period under review from Rs 53.1 lakh for the quarter ended July 31, 2001.
SRF promoters cut stake Even as SRF Ltd is undergoing massive restructuring and is scouting for acquisitions to fuel growth, its promoters are reducing their hold over the company by about 3 per cent to bring their total stake down to 23.89 per cent on June 30, 2002. Promoters, including Arun Bharat Ram and associates, have been offloading the stake from 26.43 per cent in June last year. DCM Shriram Consolidated has offloaded about 2 per cent stake in the company to 1.1 per cent on June 30, 2002, as per information available with the stock exchanges. Despite repeated attempts, Vice-chairman for 2001-02 Arun Bharat Ram could not be contacted for comments. But even as the promoters are reducing stake, the company has been restructured with the demerger of three smaller businesses ployester films, engineering plastics and fishnet twines besides creation of a new company called SRF Polymers.
NIIT in Indonesia NIIT and University of Indonesia have forged a strategic partnership to set up a high-tech computer education center. To be located on the University of Indonesia’s campus, the center will offer globally-recognized, industry-relevant IT education programmes designed and developed by NIIT. The new centre will strengthen NIIT’s presence in the island country. An agreement to this effect between the two partners was signed recently.
Agencies |
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Banks to accept fee for Ignou NEW DELHI:
Come September, students of Ignou can deposit their fee in cash through the countrywide branches of Indian Bank and the IDBI Bank. To facilitate the new arrangement, to be effective from September, Ignou has signed an MoU with the two banks. The MoU was initialled by Ignou Registrar Vikram Chandra, Indian Bank DGM
S.K. Vermani and “Retail Banking North” Regional Head Ragini Atal. Earlier, the students had to submit application forms for admission and re-registration forms into various courses and programmes by attaching a demand draft as fee drawn on any bank to the Regional Centre.
UNI
BSE expels Home Trade MUMBAI: BSE has expelled a corporate broking member, Home Trade Ltd, allegedly involved in the government securities scam. The exchange had issued a show cause notice to Home Trade for contravention of rules and regulations of the bourse but the member did neither reply to the notice nor anyone personally appear on its behalf before the Governing Board of the bourse, BSE said in a release here
today. PTI
Ordinance on NPAs repromulgated NEW DELHI: In order to give more teeth to banks and financial institutions in tackling the problem of non-performing assets, President
A.P.J. Abdul Kalam today repromulgated the securitisation ordinance. An official release here said this seeks to replace a similar ordinance promulgated on June 21 this year. The re-promulgation of the securitisation ordinance was approved by the Cabinet last week. This would enable banks and FIs to set up asset reconstruction companies to curb their
NPAs. TNS
Hutchison net profit totals $ 763 m HONG KONG: Hutchison Whampoa said on Thursday its profit for the six months ended June 30 totalled HK $5.95 billion (US $763 million), beating the average forecast of HK $4.78 billion of nine analysts surveyed by Reuters. |
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Rice millers meet L&T plant Power stations Motorola system OBC profit Allianz Bajaj Talisma services Tata AIG life |
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