CBI books former PEC CMD, other officials for cheating
New Delhi: The CBI has booked ex- chairman cum managing director of PEC, A K Mirchandani, and its several serving and former officials, along with two private companies, for allegedly cheating the PSU under the Commerce Ministry to the tune of Rs 531 crore, officials said today.
The agency has booked Pisces Exim (I) Pvt Ltd and Jet Link Infotech Pvt Ltd, their officials along with officials of PEC on charges including criminal conspiracy and corruption, they said.
PEC had entered into 15 agreements between 2010-12 with Pisces Exim Ltd for export of iron ore to a foreign buyer for which funds were released by it, they said.
In its complaint, PEC has claimed that Pisces Exim allegedly defaulted on its agreement, they said.
Not only it failed to supply iron ore, as required, but also failed to refund the amount paid to it by PEC, they said.
“Presently, a sum of Rs 531.72 crore (including the interest up to September 30, 2016) is due and payable to PEC along with interest till realisation. Importantly, the said monies due are public money,” the PEC has alleged in its complaint, now a part of the FIR.
The agency has booked 15 persons and companies in this connection.
SEBI bans Cypress Money, partners from markets, orders refund
New Delhi: SEBI has barred Cypress Money Investment Adviser and its partners from the securities market for at least three years and asked them to refund the fees collected from clients in respect of the unregistered investment advisory as well as research analyst services.
A Sebi probe found that Cypress Money was providing investment advisory services and was also offering stock recommendations and technical and fundamental calls in form of research analyst services in exchange of consideration from October 2015 to June 2017.
It has provided services to 90 clients and collected a total of Rs 14.7 lakh as fees from these clients.
However, Cypress Money and its partners were acting as investment advisors and research analyst without securing registration from the regulator.
By indulging in such activities, they have violated the regulator’s investment advisors as well as research analyst services norms.
In its order dated May 3, Sebi has asked Cypress Money and its partners — Anubhav Kandpal, Saumya Kala and Suman Kala — to refund the money received from its clients as fees, issue public notices with modalities of the refund.
They have been asked to submit a certificate from a chartered accountant after the repayments within three months, failing which Sebi would initiate recovery proceedings against him.
Sebi also barred them from all direct or indirect dealings in securities market till three years from the date of refund, while partners have also been restrained for at least three years from associating with any listed company or any company intending to raise money from public.
The regulator further prohibited the company and its partners from undertaking any investment advisory services, research analyst services or any other activity in the securities market without obtaining registration from Sebi.
Sensex tanks 188 points to end below 35k-mark
Mumbai: The BSE Sensex tumbled over 188 points today to close at a one-week low of 34,915.38, extending its slide for the second straight session due to selling in auto, healthcare, metal and FMCG stocks.
Unabated foreign fund outflows, disappointing earnings and a weak rupee added to the gloom.
Global cues too were weak as investors eyed the outcome of US-China trade talks as well as the US jobs report.
The BSE 30-share barometer opened higher at 35,144.96 and advanced to 35,206.55 in morning trade on value-buying in recently battered stocks.
However, across-the-board profit booking at every rise pulled it down to a low of 34,847.61.
It finally finished at 34,915.38, down 187.76 points or 0.53 per cent. This is its weakest closing since April 26, when it had settled at 34,713.60.
The gauge lost 73.28 points in the previous session.
The wider NSE Nifty too fell by 61.40 points or 0.57 per cent to end at 10,618.25. It shuttled between 10,700.45 and 10,601.60 during the session.
On a weekly basis, the Sensex recorded its first drop in six, losing 54.32 points, or 0.16 per cent, while the Nifty lost 74.05 points, or 0.69 per cent.
Meanwhile, foreign institutional investors (FIIs) net sold shares worth Rs 148.42 crore and domestic institutional investors (DIIs) sold shares worth Rs 578.92 crore in yesterday’s trade, provisional data showed.
GST Council meet: Council defers decision on sugar cess, refers digital payments incentive issue to GoM
New Delhi: The all-powerful GST Council today deferred a decision on levying a cess on sugar and referred the issue of incentivising digital payments to a group of state finance ministers.
The panel, the highest decision-making body of the Goods and Services Tax (GST) regime, in its 27th meeting agreed to a proposal to convert the GST Network — the company that provides IT backbone to the new indirect tax regime — into a government-owned entity.
Announcing the decisions taken today, Finance Minister Arun Jaitley, who chaired the meeting conducted through a video conferencing, said a roadmap for introduction of simplified return filing has been decided. A single monthly return filing system would come into force in six months, Finance Secretary Hasmukh Adhia said.
Jaitley said while most states were in favour of giving a 2 percent incentive if all payments are paid digitally or through cheques, some wanted a small negative list and so the issue will be referred to a five-member group of state finance ministers.
Another group of ministers (GoM) would look at the issue of levy of cess on sugar beyond the GST tax rates. West Bengal Finance Minister Amit Mitra said some states were not in favour of such a levy.
Jaitley said the GST Network or GSTN currently is 24.5 percent owned by the central government and a similar percentage is held by state governments collectively. The remaining 51 percent is with five private financial institutions — HDFC Ltd, HDFC Bank Ltd, ICICI Bank Ltd, NSE Strategic Investment Co and LIC Housing Finance Ltd.
The council agreed to a proposal of buying out the stake of private entities to make GSTN a government-owned entity, he said adding the central government will own 50 percent and the remaining would be collectively held by state governments.
North Korea: Kim Jong-Un condoles death of bus accident victims
Beijing [China]: North Korean leader Kim Jong-Un visited the Chinese embassy at Pyongyang to express his condolences for the people killed in a bus accident at North Korea on Monday.
32 Chinese tourists were killed and two injured after a bus traveling from Kaesong to Pyongyang fell from a bridge in North Korea, as reported by CNN. Further four North Korean citizens were also killed in the accident. A team of rescue vehicles and doctors were rushed to the location to bring the situation under control. Kim Jong-Un also met the injured at the hospital and sympathised with the families of the deceased.
Chinese President Xi Jinping assured of all the possible efforts to be taken to save the lives of two Chinese tourists who were injured in the accident. China’s state-run news agency Xinhua said President Xi asked the Chinese Ministry of Foreign Affairs and the embassy in the Democratic People’s Republic of Korea on Monday to use “all necessary means.” Earlier on Monday China’s embassy official in North Korea also visited the location to take stock of the situation.
Rupee extends losses, falls 8 paise against US dollar
Mumbai: The rupee extended morning losses and dropped 8 paise to 66.20 in against the American currency following sustained bouts of dollar demand from importers and banks amid higher dollar overseas.
The rupee opened lower at 66.16 from last Friday’s closing level at 66.12 per dollar at the interbank foreign exchange here. The domestic unit turned volatile and hovered between 66.23 and 66.14 during morning deals before once again quoting at its opening level of 66.20 at 1130Hrs. Continued foreign capital outflows from local equities and higher crude oil weighed on the rupee, a dealer said.
Meanwhile, the US dollar traded near a two-week high against a basket of major currencies in early Asian trade, bolstered by rising US bond yields, while easing concerns over global political risks weighed on the safe haven yen. The 30-share BSE Sensex trading higher by 109.13 points, or 0.32 per cent, at 34,524.71 at 1130Hrs.
TCS becomes first Indian company to hit USD 100 billion market capitalisation
New Delhi: Shares of Tata Consultancy Services (TCS) today surged over 4 per cent, following which the IT major became the first listed Indian company to hit market capitalisation of over USD 100 billion (Rs 6,80,912.10 crore).
Shares of the company today opened at Rs 3,429, rising 4.39 per cent to touch an intra-day high of Rs 3,557 on BSE. Following the uptick in the counter, the market capitalisation of the company swelled to Rs 6,80,912.10 crore. On NSE, the stock jumped 4.56 per cent to Rs 3,557.90. At the end of Friday’s trading session the the IT major commanded a m-cap which was Rs 7,917.08 crore, just short of the USD 100 billion milestone at Rs 6,52,082.92 crore.
The stock was the biggest gainer in both benchmark indices — BSE and NSE. The nation’s largest software exporter TCS on April 19 reported a 4.4 per cent rise in March quarter net profit at Rs 6,904 crore. The Tata group flagship, which contributes around 85 per cent of the group’s profit, reported a revenue growth of 8.2 per cent at Rs 32,075 crore for the three months to March. In dollar terms, the company had its highest revenue growth in 14 quarters at 11.7 per cent.
“With robust deal wins and green-shoots in banking, financial services and insurance (BFSI) sector, there is definite possibility of double-digit revenue growth. With growth acceleration, scale up in digital and support from currency, margins are ready for uptick as well, implying return of double-digit revenue/earnings growth after 3 years,” Edelweiss Research said in a note. It also announced a 1:1 bonus of shares and a dividend of Rs 29 a share, taking the total payout to shareholders at Rs 50 for the year. It has given out close to Rs 26,000 crore to the shareholders in dividends and bonuses in the year.
Sensex, Nifty turn choppy on mixed global cues
Mumbai: Domestic equities opened on a choppy note today tracking mixed cues from other Asian markets, ahead of F&O expiry later this week. The benchmark BSE Sensex, which had lost 11.71 points in the previous session on Friday, rose 78.11 points, only to turn negative within minutes of session opening. The 30-share index was trading 15.24 points, or 0.04 per cent, lower at 34,400.34, with metals and banking stocks leading the losses.
The NSE Nifty opened 28.75 points, or 0.27 per cent, higher at 10,592.80. Brokers said weakness in rupee and other Asian markets weighed on domestic equities, ahead of April futures and options (F&O) series this week. ICICI Bank, Bajaj Auto, Hero MotoCorp, Coal India and Tata Steel were among the top losers, falling up to 2 per cent. While, gainers included IndusInd Bank, Yes Bank, TCS, Bharti Airtel, L&T, M&M, Kotak Bank, Sun Pharma, HDFC, RIL, ONGC, NTPC, Bajaj Auto and Maruti Suzuki, rising up to 2 per cent.
HDFC shares climbed 1.17 per cent, to Rs 1,984, in early trade after it posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to a year ago period. Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement Saturday.
On a net basis, domestic institutional investors (DIIs) bought shares worth a net Rs 111.01 crore, while foreign portfolio investors (FPIs) sold shares worth a net Rs 21.02 crore on Friday, per provisional data showed. Globally, Hong Kong’s Hang Seng fell 0.23 per cent, Japan’s Nikkei was down 0.34 per cent, while Shanghai Composite Index gained 0.14 per cent. The US Dow Jones Industrial Average had ended 0.82 per cent lower in Friday’s trade.