|
|
|
|
|
SEBI bars firms from buying shares through staff
trusts
Toyota rolls out 7th gen Camry at
Rs 23.8L
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
With no reforms, India’s stock bulls get edgy
Airtel to launch 4G services in Chandigarh
Gold marches ahead, demand plunges
CPP to float personal ID protection plan in India
Reliance Power forms joint venture
with Chinese firm
Rlys earnings miss Q1 target by
Rs 668 cr
|
|
SEBI bars firms from buying shares through staff
trusts
Mumbai, August 24 The regulator’s Employee Stock Option Scheme and Employee Stock Purchase Scheme guidelines allow listed companies to reward their employees through stock option schemes and stock purchase schemes. SEBI’s crackdown against unregulated staff welfare schemes and trusts has come amid concerns that some firms may be funding these schemes to deal in their own securities with an aim to manipulate the share price by engaging in fraudulent and unfair trade practices. The rules prohibit firms from buying their own shares unless it is consequent to reduction of capital and for certain regulatory requirements. Companies are also not allowed to give any loan, guarantee or other financial assistance for purchase of any shares in the company or in its holding company. However, these restrictions do not apply if the firm provides funds to a trust set up for the benefit of employees and utilizes such funds for purchase or subscription of shares in the company or its holding company. SEBI has come across instances of companies putting in place certain employee benefit schemes, pursuant to which they are setting up Trusts either by themselves or through third party service providers to deal in shares of the company. Some of the companies have also asked SEBI whether these schemes, which may involve purchase from secondary market by the trust or by third parties for the benefit of employees, would fall under its ESOS and ESPS guidelines. According to SEBI guidelines, ESOS/ESPS Trusts can only distribute options/shares to its employees issued by the company. Even under ESPS, the shares has to be issued by the company through a public issue or related methods. The norms are, however, silent on acquisition of shares from secondary market, although schemes involving purchase of shares from secondary market do not fall within the ambit of SEBI (ESOS and ESPS) guidelines. Employees not eligible for ESOP/ESPS include promoters, directors and those directly or through relatives or corporate bodies having over 10% stake in the firm. However, these restrictions do not apply if the staff welfare schemes do not come under SEBI's ESOS or ESPS norms. — PTI |
||
|
Toyota rolls out 7th gen Camry at
Rs 23.8L
New Delhi, August 24 The car, which was being imported as a complete built unit (CBU), will now be assembled at the company's second plant located near Bidadi (near Bangalore) in Karnataka. "The new Camry is currently being manufactured in ten plants across the globe and Toyota Kirloskar Motor will be the eleventh one. The local production of new Camry of global standards will mark an important milestone in Toyota Kirloskar Motor’s history," said Toyota Kirloskar Motor managing director Hiroshi Nakagawa told reporters. "This is the seventh generation of Camry. We’ll be manufacturing it locally in India so that it can be available easily," he added. “The model is currently being manufactured at 10 locations across the world and Bangalore will be the eleventh production base”, he added. The company has launched the new Camry with a 2.5-litre petrol engine with a 6 speed automatic transmission. "It’ll be only in the petrol mode as we don’t have diesel in our premium segment across the world. Camry is available only with petrol globally," Toyota Kirloskar Motor deputy MD (marketing) Sandeep Singh said. The upgraded Camry will compete with Honda's Accord, Volkswagen's Passat and Skoda's Superb. — PTI
|
||
|
With no reforms, India’s stock bulls get edgy
Mumbai, August 24
Investors now hope the government will act in the eight-week window from the end of the monsoon session of parliament on Sept 7 to the state elections in Gujarat in November. The brokerage said economic fundamentals have worsened as lower rainfalls in the monsoon season could hurt consumption, while a rally in crude prices could pressure deficits and inflation. Still, J.P.Morgan remains "positive" on Indian stocks, after upgrading equities to "overweight" from "neutral" on June 21. However, the bank suggest ed investors explore hedging strategies to lock in upsides while protecting themselves from any falls in shares in the near-term. — Reuters
|
||
|
Airtel to launch 4G services in Chandigarh
Chandigarh, August 24 Sources in the company say with 4G service launch in the city, Chandigarh will become one of the few cities in the world to commercially deploy this cutting edge technology. After its launch in Chandigarh, it will be extended to the other major towns of Punjab including Ludhiana, Jalandhar and Amritsar. Earlier this year, telecom minister Kapil Sibal had launched Airtel's 4G (TD-LTE) network in Kolkata. Sources said the launch would trigger accelerated equitable and inclusive economic growth, through proliferation of broadband services as envisioned in the draft national telecom policy. “The ultimate goal is to provide seamless connectivity. Almost 99.2 per cent of the area in the upper north circle of Airtel is covered by Edge. With the launch of the 4G service across Punjab telecom circle, customers can get seamless data connectivity,” said a company official. In 2010 Airtel had successfully bid for a broadband wireless access license spectrum in the Kolkata, Punjab, Karnataka and Maharashtra (excluding Mumbai) circles. “Currently the company earns almost one-tenth of its income from broadband services. With the rollout of 4G services the company hopes to substantially increase its revenues from data services,” the sources added. What is 4G cellular?
In telecoms 4G is the fourth generation of cellular communications standards and is a successor of 3G.Typically, a 4G system provides mobile ultra broadband internet access to laptops with USB wireless modems, smartphones, tablets and other mobile devices. Conceivable applications include amended mobile web access, IP telephony, gaming services, high definition mobile TV, video conferencing and 3D television. |
||
|
Gold marches ahead, demand plunges
Gold rose by Rs 80, surpassing its Thursday's record of Rs 31,035 per 10 grams. On the other hand, silver metal met resistance at existing higher levels and declined by Rs 150 to Rs 56,850 per kg. In New York, gold spurted by 2% to US $1,677.50 an ounce, its highest level since April 13 in New York. Back home, gold of 99.9 and 99.5% purity rose by Rs 80 to set a new peak level of Rs 31,115 and Rs 30,915 per 10 grams, respectively. The metal has gained Rs 595 in last four sessions. Sovereign gained Rs 50 to Rs 24,700 per piece of eight grams. — PTI/Reuters
|
||
|
CPP to float personal ID protection plan in India
Chandigarh, August 24 By opting for this service, customers can get access to their credit reports (prepared by agencies like CIBIL). The company will also search the internet for all illegal data trading sites, to check if a customer’s identity has been stolen and uploaded on these sites. CPP MD (assistance services) Ian Craig said the firm has tied up with CIBIL for giving consumers unlimited access to their credit reports. “We’ll be offering this service through the banks. Though as of now, our tie up is only with private banks. But we are looking forward to tie up with public sector banks also,” he said. “We’re also in the process of launching two other services — Call SOS and a range of financial assistance services for high net worth individuals. The One Call SOS service will enable assistance in case of a vehicle breakdown. These services will also be launched by December”, Craig added.
|
||
|
Reliance Power forms joint venture with Chinese firm
New Delhi, August 24 Reliance, controlled by billionaire Anil Ambani, and the state-owned Chinese company will form a partnership to invest in and develop Reliance's coal mines in Indonesia and offer operations and maintenance services to power plants in India and other markets. Indian power producers have been slow to expand. Financial details of the partnership were not released. — Reuters
|
||
|
Rlys earnings miss Q1 target by Rs 668 cr
Though Indian Railways’ revenues have gone up, they have fallen short of the target for April-June this year, minister of state for railways K.H. Muniyappa said in a written reply. It earned Rs 29,610 crore during the period this year against a target of Rs 30,278 crore. Indian Railways earnings have increased by Rs 5411 crore till June as compared to June, 2011. — PTI
|
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
Japanese car giant Toyota Motor on Friday launched next generation of premium sedan Camry in India at an introductory price of Rs. 23.8 lakh (ex showroom Delhi).
Besides, SEBI will also ask listed companies to disclose all their existing employee benefit schemes involving stock purchase and align them in accordance with its ESOS and ESPS norms within a given timeframe.
The global investment bank says investor hopes India would deliver reforms after presidential elections in late July have been dashed, while Parliament has been stalled because of the fallout of the controversial coal concessions to private companies.
Mumbai/New Delhi, Aug 24
New Delhi, August 24