10 held guilty for Mumbai triple blasts
Mumbai : A Special POTA Court on Tuesday found 10 accused guilty and acquitted three others for the triple bomb blasts that shook Mumbai between December 2002 and March 2003 killing at least 12 people and injuring scores of others.
 
POTA Special Judge P.R. Deshmukh posted the hearing on the quantum of sentence for the 10 accused to Wednesday.
 
The first blast occurred near the McDonald's eatery in the main building of Mumbai Central Terminus on December 6, 2002, followed by another in a market in Vile Parle on January 27, 2003 and the third in a crowded ladies first class compartment of a suburban train near Mulund on March 13.
 
The prosecution said the accused, mostly members of the banned Students Islamic Movement of India (SIMI), wanted to avenge the razing of the Babri Mosque in Ayodhya in 1992 and the communal riots of Gujarat in 2002.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Reliance Defence to form venture with Israel's Rafael
Mumbai : Reliance Defence, a part of the Anil Ambani-led group, on Tuesday said it is forming a joint venture in India with Rafael of Israel for air-to-air missiles, air defence systems and large aerostats, with a seed capital of over Rs.1,300 crore.
 
"The strategic partnership with technology power house and one of the world leaders in defence technologies, Rafael Advance Defence Systems will mark the entry of Reliance Defence in the complex field of air-to-air and air defence systems manufacturing in India," a company statement said.
 
"The joint venture will give a big thrust into the field of indigenous production and development of high precision and state-of-the-art weapon systems in India," it said. Reliance and Rafael will have 51:49 holding in the venture as per the current guidelines of the government of India.
 
The new venture will be located at Dhirubhai Ambani Land Systems Park at Indore in Madhya Pradesh and will generate more than 3,000 highly-skilled jobs. The project will have an initial capital outlay of more than Rs.1,300 Crore, without including the cost of technology. 
 
Rafael has products like Python and Derby in the air-to-air missiles system, Spyder range in air defence systems and the Barak missiles family of surface-to-air missiles in the short and medium range.
 
"Rafael is also willing to offer solutions through the joint venture even for the ongoing 'buy global' programs where it is currently competing, in line with 'Make in India' initiatives, of the Indian Government," the statement said.
 
"Based on the current requirements, the joint venture will address multiple programmes valued at more than Rs.65,000 crore over next 10 years."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Stock manipulation: Jyoti Resins & Adhesives

Jyoti Resins & Adhesives shot up by 954% from January 2015 to March 2016. Is anybody keeping an eye on such rampant manipulation?

 

Jyoti Resins & Adhesives produces synthetic resin adhesives for application on wood, under the brand name EURO 7000. The Ahmedabad-based manufacturer reported a total turnover of Rs38.97 crore for the year ended December 2015, up 68% from Rs23.19 crore for the same period a year ago. Sales may have improved in the past few years, but this has failed to translate into bottom-line growth. Over the same period, Jyoti Resins reported a net profit of Rs65 lakh (CY2015) and a loss of Rs37 lakh (CY2014). In May 2015, the promoters pledged nearly their entire stake, 35% of the total shareholding, to Kalupur Commercial Co-operative Bank for a loan. Coincidentally, since then, the share price price has moved up substantially. In March 2015, Jyoti Resins had total debt-to-equity ratio of 2.20 times. Despite high debt and weak financials, with about 1,400 shareholders, the stock price of Jyoti Resins shot up by an eye-popping 954%, or nearly 11 times, in just over a year to Rs102.25 on 16 March 2016 from Rs9.70 on 1 January 2015. The stock is quoting at a price-to-earnings of 59 times. Who is involved in this blatant price-rigging? In April 2003, the promoters were debarred from the capital markets for manipulating the price of Jyoti Resins. However, the debarment was just for a period of one year. Thanks to lax regulations, price manipulators are at it again.

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