PF trusts have enough surplus to pay 9.5 percent interest

New Delhi: Private provident fund trusts have enough surplus to be able to pay over 9.5 percent interest on PF deposits, says an analysis by the Employees' Provident Fund Organisation's (EPFO).

Some of the private PF trusts have sufficient funds to pay interest of up to 11.5 percent on the retirement funds of their employees, the analysis said.

 

Manali

PGDM 2nd sem

 

 

The bull market is here, that’s for sure: Deepak Mohoni

The market rallied further last week, with the Sensex finishing 3.21% or 604.75 points higher, and the Nifty ending 3.04% up. The CNX Midcap Index outperformed the two main indices, marginally with a gain of 3.90%.

DLF was the biggest winner among the index stocks with a 9.1% gain. The other index stocks to go up included Maruti Suzuki , Hero Honda , Reliance Infrastructure and HDFC , with gains ranging between 7.8% and 6.6%. None of the index stocks declined last week.

Atlanta was the biggest winner among the more heavily-traded non-index stocks with a 31% advance. The other non-index stocks to move up included Gravita India , DB Realty , Kwality Dairy India , Delta Corp , Reliance MediaWorks , LIC Housing Finance and HOEC with gains between 21.5% and 11.1%.

Acropetal Technologies was the biggest loser among the more heavily-traded nonindex stocks with a 16.7% loss. The other non-index stocks to go down included Piramal Healthcare, Tech Mahindra, Fineotex Chemical, Jain Irrigation, MOIL , Coal India and Sun Pharmaceutical, with losses falling between 13% and 2.8%.

INTERMEDIATE TREND

The market's intermediate trend is up. The uptrend would end if the Sensex breaches 17,775, the Nifty 5,325, and CNX Midcap 7,525 (Figures rounded down to the nearest 25). The uptrend has been on since the Sensex's March 21 bottom of 17,792.

LONG-TERM TREND

Our long-term (major) trend has been finally confirmed as up, meaning a new bull market is on the way. Several bull market signals were triggered in the past two weeks. The Sensex, the Nifty and even the CNX Midcap index have gone above their past intermediate tops. The Sensex and the Nifty are both above their 200-day moving averages. The same behaviour is being seen in an increasingly large number of stocks.The shortest bear markets of the past 25 years have ended within three months, and the mildest ones had a 20-25% loss. The bear market which may have just ended shows a decline of 18% in a little over three months.

The bull market has started on February 11 when the Sensex bottomed out at 17,295. The index has been among the best global performers since then, just ahead of Indonesia, the Philippines and South Korea.

TRADING & INVESTING STRATEGIES

Existing portfolios should be held on to as we are in a bull market now. Even the more volatile stocks are somewhat safer, as the bull market has reduced the downside risk. Investments should now be made after the next intermediate downtrend develops and runs for a week or more.

GLOBAL PERSPECTIVE

A few global markets, including the Dow and the Nikkei, are in an intermediate uptrend now, and the recent rally may have placed many of the others in unconfirmed ones. The Dow will fall into a downtrend should it breach 12,140.

Global markets have generally been in bull phases for several months. Our market and Brazil had been among the very few exceptions, and Brazil too may be bottoming out. Japan crashed into a bear market territory following the recent disasters, but has already recovered over half the lost ground. The Dow would go into a major downtrend if it were to breach 11,500.

The Sensex had gained 9.9% in the 12 months that ended on Thursday, up six positions to the 16th place among 35 wellknown global indices considered for the study. Sri Lanka continues to head the list with a 92.9% jump.

Argentina, Indonesia, South Korea and Denmark follow. The Dow Jones Industrial Average has gained 12.8% and the NASDAQ Composite gained 15.8% over the same period. (These rankings do not take exchange rate effects into consideration).

NAME- DEEPAK KUMAR JHA

PGDM(2010-12)

ROLL NO.-06

Top-level changes likely at Sebi

NEW DELHI: A major makeover may be in the offing at Sebi, with as many as five new faces expected to join in the market regulator's leadership positions over the next few months.

The changes—in the positions of two whole-time members and three executive directors—would follow the appointment of a new Sebi chairman, U K Sinha, in February.

The nine-member Sebi board comprises a chairman, three whole-time members, two independent members and three nominee directors, including one each from Reserve Bank, finance ministry and ministry of corporate affairs.

The three-year terms of two whole-time directors, M S Sahoo and K M Abraham, are ending in July and the government has already begun the process of finding their replacements.

The finance ministry had in February invited applications till March 30 for the two positions, but has now extended the deadline till April 18. Before beginning the search process, the ministry had asked former Sebi chairman C B Bhave, and later his successor, about whether the two incumbents should be granted extension. pti

Besides the Chairman, another change recently occured in the Sebi board as Corporate Affairs Secretary D K Mittal replaced his predecessor R Badyopadhyay as the nominee of his ministry.

Even as the search continues for two whole-time members, the tenure is also ending for three executive directors, namely K N Vaidyanathan, J N Gupta and J Ranganayakulu.

These three persons have some key portfolios under their charge. While Vaidyanathan is incharge of mutual funds, J N Gupta takes care of secondary markets and Ranganayakulu of legal affairs and enforcement departments.

While the appointment of new whole-time members would be done by the Finance Ministry, Sebi conducts the search process for executive directors and then suggests the prospective names to the union government.

The two-year term of both Vaidyanathan and Gupta would end in July, while Ranganayakulu's three-year tenure ends in August this year.

The impending changes in high-level decision making positions at Sebi are being eagerly awaited in the backdrop of a number of new regulations proposed by Sebi in the areas being handled by the the incumbents, a senior official said.

Some of the major actions taken by Sebi in recent months concerned mutual fund space, while final rules are awaited on issues like new takeover norms and governance and ownership structure of stock exchanges. 
PRABHAKAR MANI 
PGDM 2 SEM

Wipro may be forced to rethink its strategy to score over TCS, Infosys

With over a dozen small and large acquisitions in the last 10 years, Wipro has pursued inorganic growth more aggressively than its peers. The latest acquisition of the US-based SAIC's oil and gas business is a testimony that Wipro's new CEO TK Kurien will continue with the company's 'string of pearls' philosophy.

But has the inorganic strategy helped the country's third-largest IT exporter to score over its peers? The past financial performance suggests that Wipro has lagged behind its bigger peers TCS and Infosys , who have largely relied on organic growth. And with Cognizant , a relatively smaller player, closing in fast, Wipro's top brass may be forced to rethink its strategy.

More than a decade ago, Wipro had planned to enhance its deliverables faster than its peers by acquiring niche players across verticals and geographies. The strategy, however, has not propelled Wipro's growth; the company still languishes at the third place in the IT pecking order.

Wipro is yet to report a rebound in its growth despite revival in the global outsourcing demand. In each of the last two quarters, growth in its trailing 12-month revenue was lower than its bigger peers. The acquisition of SAIC's oil and gas division would give Wipro a headroom in the$19-billon US market for upstream IT solutions. The SAIC's management has pegged FY12 revenue from the segment at $200 million, which is less than 5% of Wipro's current IT revenue.

In its analyst call two weeks ago, SAIC had revised its FY12 total revenue guidance downwards after adjusting for the discontinuing oil and gas vertical. It, however, left the earnings guidance untouched, which suggests that its oil and gas business, which is now acquired by Wipro, is not profitable enough. SAIC's CFO Mark Sopp stated during the call that the division has shown high margin volatility in the past. With offshoring component, Wipro may be able to stabilise margins of the new business.

A major turnaround in Wipro's growth momentum in the immediate future is less likely as Wipro has guided for a modest 3-5% sequential growth in its dollar denominated revenue for the March 2011 quarter. Its peers are expected to grow at a higher single digit rate.


PIYUSH JOSHI

PGDM-2sem

54 beneficial compounds 'discovered' in maple syrupComments Email print Financial Express Facebook Twitter more Washington: An Indian-origin scientist-led claims to have discovered 34 new beneficial compounds in pure maple syrup, and confirmed that 20 compounds found last year in preliminary research play a key role in human health. Navindra Seeram of University of Rhode Island and his team have isolated and identified the 54 beneficial compounds in pure maple syrup from Quebec in Canada, five of which have never been seen in nature. "I continue to say that nature is the best chemist, and that maple syrup is becoming a champion food when it comes to the number and variety of beneficial compounds found in it. "It's important to note that in our laboratory research we found that several of these compounds possess anti-oxidant and anti-inflammatory properties, which've been shown to fight cancer, diabetes and bacterial illnesses," he said. These discoveries of new molecules from nature can also provide chemists with leads that could prompt synthesis of medications that.Comments Email print Financial Express Facebook Twitter more Washington: An Indian-origin scientist-led claims to have discovered 34 new beneficial compounds in pure maple syrup, and confirmed that 20 compounds found last year in preliminary research play a key role in human health. Navindra Seeram of University of Rhode Island and his team have isolated and identified the 54 beneficial compounds in pure maple syrup from Quebec in Canada, five of which have never been seen in nature. "I continue to say that nature is the best chemist, and that maple syrup is becoming a champion food when it comes to the number and variety of beneficial compounds found in it. "It's important to note that in our laboratory research we found that several of these compounds possess anti-oxidant and anti-inflammatory properties, which've been shown to fight cancer, diabetes and bacterial illnesses," he said. These discoveries of new molecules from nature can also provide chemists with leads that could prompt synthesis of medications that.Washington: An Indian-origin scientist-led claims to have discovered 34 new beneficial compounds in pure maple syrup, and confirmed that 20 compounds found last year in preliminary research play a key role in human health. Navindra Seeram of University of Rhode Island and his team have isolated and identified the 54 beneficial compounds in pure maple syrup from Quebec in Canada, five of which have never been seen in nature. "I continue to say that nature is the best chemist, and that maple syrup is becoming a champion food when it comes to the number and variety of beneficial compounds found in it. "It's important to note that in our laboratory research we found that several of these compounds possess anti-oxidant and anti-inflammatory properties, which've been shown to fight cancer, diabetes and bacterial illnesses," he said. These discoveries of new molecules from nature can also provide chemists with leads that could prompt synthesis of medications that...Washington: An Indian-origin scientist-led claims to have discovered 34 new beneficial compounds in pure maple syrup, and confirmed that 20 compounds found last year in preliminary research play a key role in human health. Navindra Seeram of University of Rhode Island and his team have isolated and identified the 54 beneficial compounds in pure maple syrup from Quebec in Canada, five of which have never been seen in nature. "I continue to say that nature is the best chemist, and that maple syrup is becoming a champion food when it comes to the number and variety of beneficial compounds found in it. "It's important to note that in our laboratory research we found that several of these compounds possess anti-oxidant and anti-inflammatory properties, which've been shown to fight cancer, diabetes and bacterial illnesses," he said. These discoveries of new molecules from nature can also provide chemists with leads that could prompt synthesis of medications that...

Washington: An Indian-origin scientist-led claims to have discovered 34 new beneficial compounds in pure maple syrup, and confirmed that 20 compounds found last year in preliminary research play a key role in human health. Navindra Seeram of University of Rhode Island and his team have isolated and identified the 54 beneficial compounds in pure maple syrup from Quebec in Canada, five of which have never been seen in nature.
"I continue to say that nature is the best chemist, and that maple syrup is becoming a champion food when it comes to the number and variety of beneficial compounds found in it.
"It's important to note that in our laboratory research we found that several of these compounds possess anti-oxidant and anti-inflammatory properties, which've been shown to fight cancer, diabetes and bacterial illnesses," he said.
These discoveries of new molecules from nature can also provide chemists with leads that could prompt synthesis of medications that...
jitendra kumar singh
pgdm second sem

The bull market is here, that’s for sure

The market rallied further last week, with the Sensex finishing 3.21% or 604.75 points higher, and the Nifty ending 3.04% up. The CNX Midcap Index outperformed the two main indices, marginally with a gain of 3.90%.

DLF was the biggest winner among the index stocks with a 9.1% gain. The other index stocks to go up included Maruti Suzuki , Hero Honda , Reliance Infrastructure and HDFC , with gains ranging between 7.8% and 6.6%. None of the index stocks declined last week.

Atlanta was the biggest winner among the more heavily-traded non-index stocks with a 31% advance. The other non-index stocks to move up included Gravita India , DB Realty , Kwality Dairy India , Delta Corp , Reliance MediaWorks , LIC Housing Finance and HOEC with gains between 21.5% and 11.1%.

Acropetal Technologies was the biggest loser among the more heavily-traded nonindex stocks with a 16.7% loss. The other non-index stocks to go down included Piramal Healthcare, Tech Mahindra, Fineotex Chemical, Jain Irrigation, MOIL , Coal India and Sun Pharmaceutical, with losses falling between 13% and 2.8%. 

GAURAV KUMAR
PGDM-2sem

Ratan Tata faces PAC probe in 2G scam

The graft scandal, potentially India's largest, has tarnished the stature of Prime Minister Manmhohan Singh and fuelled doubts that he will not serve a full term.

It is one of the several corruption scandals that have emerged during Singh's second term, hobbling policymaking and diverting the government's attention from pushing forward crucial economic reforms.

A dispute between the government and opposition over whether a parliamentary panel should investigate the scandal paralysed parliamentary proceedings for weeks late last year, until Singh caved in to the demands of his political opponents.

The scandal has also led to several official decisions being scrutinised or reversed, raising regulatory risk.

Shares in Reliance Communications, DB Realty and Unitech, whose units were charged on Saturday, all fell on Monday morning, lagging a broader market that was in positive territory.

Tata ranks No 61 in the Forbes list of the world's most powerful people as head of autos-to-software conglomerate Tata Group. Neither he nor his telecoms company, Tata Teleservices, have been charged by police in the case.

But Rajeev Chandrasekhar, a lawmaker and former telecoms entrepreneur, has said Tata Teleservices gained from a change in policy in 2007 on the rules for granting 2G licences. Tata has denied his company received any undue benefits.

Andimuthu Raja, the telecom minister during the licence allocations, was forced to resign and has been arrested. He was charged on Saturday with abuse of official position, cheating and criminal conspiracy.

Tata had earlier backed Raja and the policy changes he made, saying they "broke the powerful cartel which had been holding back competition".

BILLIONS OF DOLLARS LOST

India may have lost as much as $39 billion in revenue due to violation of rules when lucrative 2G mobile phone licences were granted in 2008, the state auditor has estimated, a sum equivalent to the country's defence budget.

The Public Accounts Committee (PAC), the panel which will question Tata, scrutinises the accounts of the government and is chaired by Murli Manohar Joshi, an independent-minded lawmaker from the main opposition Bharatiya Janata Party.

Anil Ambani, the billionaire chairman of Reliance ADA Group, is due to appear before the panel on Tuesday.

Apart from the PAC, the scandal is also being investigated by a special cross-party parliamentary committee.

The police investigation is being monitored by the Supreme Court, which earlier reprimanded Singh for not moving quickly enough to act against his minister.

Several corruption scandals, which include charges of graft in the run-up to the 2010 Commonwealth Games and allegations officials at state-run banks took bribes for corporate loans, have undermined Singh's image as a clean and effective leader.

They could also affect the performance of his ruling Congress party in five state elections across April and May, in which the party must perform well or risk the coalition unravelling.

The first round of elections began on Monday with the northeastern state of Assam going to polls.
name-DEEPAK KUMAR JHA
PGDM(2010-12)
ROLL NO.-06