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Global banks, Indian firms under SEBI scanner for round tripping
TCS 4th quarter profit zooms 48% to Rs 5,357 crore
TCS chief executive Natarajan Chandrasekaran speaks during a news conference in Mumbai on Wednesday. REUTERS
Inculcate product standards to compete globally: Cabinet Secy
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Cairn Energy seeks shareholders’ nod to sell Cairn India stake
Samsung’s ‘ChatON’ service now on all major mobile platforms
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Global banks, Indian firms under SEBI scanner for round tripping
New Delhi, April 16 Swiss banking majors UBS and Credit Suisse as well as British financial services giant HSBC are also believed to have come under SEBI’s scanner, they added. A senior official declined to identify the entities being probed, saying it could come in the way of investigations. He also said irregularities have been noticed in the share prices of 15-20 companies and it is not necessary that the firms or their promoters are involved in wrongdoing. He noted that not all names reported in the media are correct and there are many more that are under the scanner. Some portfolio managers at some banks, which have a significant presence in the Indian financial markets, could have helped clients route money back into the country as foreign funds using investment vehicles across jurisdictions. "UBS does not comment on market speculation or rumour and, in any case, considers all correspondence with the regulators confidential," Hong Kong-based spokesman Mark Panday said. Credit Suisse declined to comment, saying the matter is market speculation. An HSBC India spokesperson declined to comment. The regulator feels some promoters may have been involved in such practices to boost share prices of their companies by showing a strong FII interest, sources said. SEBI is coordinating with regulators and agencies in India and abroad in this case, where some well-known companies and industrialists are suspected to be involved, they added. According to sources, while the banks may not have been directly involved, their employees may have dealt with the clients without keeping the banks in the loop. SEBI is also looking at the possible use of Protected Cell Companies (PCCs) from Mauritius, British Virgin Islands, Cayman Islands and Seychelles for alleged round-tripping of funds back into the capital market in the form of foreign institutional investor and overseas venture capital money.
— PTI Tightening the noose
What is round tripping
It is a market-manipulation practice used to misrepresent the number of transactions occurring on any given day. Round-trip trading artificially inflates volume and
revenues, but in reality adds no profit. |
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TCS 4th quarter profit zooms 48% to Rs 5,357 crore
Mumbai, April 16 The city-headquartered firm had posted a net profit of Rs 3,615.64 crore a year earlier, it said in a BSE filing. Consolidated revenue for the January-March quarter was up 31.2% to Rs 21,551.09 crore from Rs 16,430.09 crore in the year-ago period. The results are on India GAAP basis. "We have delivered strong growth and strengthened our competitive positioning in the market. We have maintained our momentum, improved our quality of growth, deepened our relationship with customers and expanded our presence in the newer markets of Europe during the past 12 months," TCS chief executive officer N Chandrasekaran said. Sequentially, net profit was up 0.5% from Rs 5,333.43 crore in the October-December quarter, while revenue rose 1.2% from Rs 21,293.96 crore. For 2013-14, net profit was up 37.69% to Rs 19,163.8 crore and revenue grew 29.87% to Rs 81,809 crore. It added 9,751 employees in the Q4 to take its head count to 300,464.
— PTI To hire 55,000 employees in FY15
TCS said on Wednesday it will hire 55,000 employees this fiscal, including 25,000
freshers. "We are planning to hire 55,000 this fiscal. We have already said that as far as campus hiring is concerned, it will be 25,000," TCS executive vice-president and Global HR Head Ajoy Mukherjee said. |
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Inculcate product standards to compete globally: Cabinet Secy
New Delhi, April 16 "It is essential that the Indian industry inculcates a culture driven by standards. In many countries, product standards are developed through a voluntary consensus of companies engaged in producing competing products," he said at a conclave on the role of standards in international trade organised by the CII and the Commerce Ministry. Indian industry, therefore, has a crucial role to play in the development of standards, he said. Seth said the lack of proper standards hurts domestic sales and add to transaction costs for exporters. "It is not surprising that Indian exporters have to incur high costs in order to comply with standards and technical regulations in foreign markets," Seth said. He called for a coordination mechanism to implement a road map on product standards in a time-bound manner. At present, several government departments and other stakeholders are involved in setting and implementing standards. "If we are unable to act with clarity and speed, we run the risk of not only exposing our consumers to inferior goods but also slowly getting excluded from main export markets," he added. He said India does not have a proper legislative instrument to notify and administer technical regulations.
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Cairn Energy seeks shareholders’ nod to sell Cairn India stake
New Delhi, April 16 Cairn Energy had said in a regulatory filing after the annual general meeting on May 16, 2013, that shareholders had authorised the Board to dispose of all or part of the company's residual interest in Cairn India. "As previously announced, Cairn has at present been restricted by the Indian Income-Tax Department from selling its shares in Cairn India. "However, Cairn believes it is appropriate to retain the flexibility to realise shareholder value from its residual interest in Cairn India in the event that the selling restriction is removed and is therefore seeking to renew the Residual Interest Disposal Authority," it said. Its AGM is scheduled to be held in Edinburgh on May 15. Cairn sought shareholder approval to sell the residual stake through on-market transactions, including participation in any share buyback by Cairn India. At the current price, the residual stake of 9.65% will fetch Cairn Energy over Rs 6,665.35 crore.
— PTI |
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Samsung’s ‘ChatON’ service now on all major mobile platforms
New Delhi, April 16 "ChatON Version 3.5 is available on all major operating systems - Android, Apple’s iOS, Windows and Blackberry - from today and for use across different kinds of devices. Users need not pay for it at present," Samsung Director, Media Solutions Centre, South West Asia, Tarun Malik said here. He said the company may think of monetising ‘ChatON’ in the future depending on company's policy but at present there is no such plan. "In the latest version, we have added many new features. It will allow users to share a file with a size of up to 1GB, the largest allowed by any instant messaging platform and the same can be sent to 1,001 users at one-go," he said. Samsung did not disclose the number of users ChatON has in India, but said it has 200 million subscribers globally. The company has added a message translation feature that can facilitate people speaking different languages to chat with each other. "ChatON is also India's first messaging application to feature English-to-Hindi and Hindi-to-English instant translation feature. Version 3.5 has also introduced a local language translation feature for incoming messages, which supports 14 Indian languages," Malik said. Samsung has integrated SMS mode, video and voice over internet calling feature in the new version as well. It will also provide access to content from various genres like news, entertainment, games, health among others.
— PTI |
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Snapdeal.com acquires Doozton.com Govt hikes import tariff value on gold, silver IndiaHomes raises
Rs 150 cr to expand to 50 major towns RCom increases tariffs by up to 20% for pre-paid users
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The country's largest software services firm Tata Consultancy Services (TCS) today reported a 48.2% jump in consolidated net profit to Rs 5,357.6 crore for the quarter ended March 31, helped by growth in Europe and APAC and investments in digital technologies.
