Stocks
Adi Finechem hits 52-week high on robust results

Adi Finechem hit its 52-week high following 123% jump in its full year net profit and bonus issue

 

Adi Finechem Ltd, an Ahmedabad-based speciality chemical producer, on Wednesday hit its 52-week high at Rs169.15 on the BSE, following 123% jump in its full year net profit and bonus issue of shares.


For the 12 month to end-March, Adi Finechem said its net profit surged 123% to Rs18.68 crore from Rs8.39 crore while total revenues, including sales, grew 23% to Rs151.82 crore from Rs123.10 crore, a year ago period.


Adi Finechem said its total expenditure in FY14 grew 12% to Rs121.33 crore from Rs108.10 crore. Its costs of raw material consumed increased only 6% to Rs93.49 from Rs88.02, a year ago period.


However, Adi Finechem said it paid 125% higher taxes of Rs9.71 crore to Rs4.32 crore, a year ago period.


For the quarter to end-March, Adi Finechem said its net profit surged 145% to Rs6.43 crore from Rs2.62 crore even as its total revenues, including sales, grew 50% to Rs44.32 crore from Rs29.46 crore, same period last year.


Adi Finechem's reserves and surplus increased 79% to Rs34.75 crore from Rs19.41 crore.
Adi Finechem declared dividend of Rs1.50 per share.


The company declared bonus issue in the ratio of 1:10 (1 bonus share for every 10 shares) subject to shareholder's approval. Earlier in July 2013 also it had allotted 1 bonus share for every 10 shares.


Adi Finechem closed Wednesday 4% higher at Rs167.6 on BSE, while the S&P BSE Sensex ended the day marginally down at 24,298.


For more stock results, check out this page

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Getting the Police to register a crime
It took former Central Information Commissioner Shailesh Gandhi six months to get copy of the DGP's proposal on conducting a Crime Victimisation Survey, which would help judge performance and stop police from refusing to register complaints
 
Citizens are upset when important complaints or representations by them are not responded to by government authorities. It appears this is the way they are organised/disorganised! I have been pursuing the cause of getting a proper assessment system for police performance. Our present system of linking police performance is completely flawed since it is linked to number of crimes registered. This has given rise to the widespread practice of refusal to register crimes in most police stations. Instead of controlling crime, crime reporting and statistics are controlled. This is known as ‘burking’ and its widespread prevalence is known to almost everyone in the police.
 
While discussing this issue, I heard that Sanjeev Dayal, the Director General of Police (DGP) of Maharashtra as well as Police Commissioner of Mumbai, had given a proposal to the Home department for introducing a more rational ‘Crime Victimisation Survey’ of a nature held in many nations. This survey would be a good measure to judge police performance and could lead to a decline in the widespread illegal practice of refusal to register crimes. 
 
I decided to find out the fate of this proposal. I sent an application under the Right to Information (RTI) Act to the Public Information Officer (PIO) of the Home Ministry (which was received on 31 December 2013) asking for a copy of the report. After sitting on the RTI application for about two months, it was transferred to the PIO of the Home department,  which has still not been able to locate it. It appears this important proposal has been treated with contempt and carelessness.
 
I finally asked the DGP’s office for a copy and received it (see below). I think this is a great concept and would lead to meaningful evaluation of police in terms of their response to citizens. If we resort to appropriate evaluation methods for our police we could get better policing.
 
The project correctly identifies the key problem as ‘inadequacy of sensitivity by police in their professional interaction with common citizens, and Police not taking adequate cognizance of peoples' complaints on crime victimisation.’  
 
If this project were to be discussed and implemented properly it could lead to improvements in ‘People's experience of being victims of crime, Including general perceptions of safety In localities,’ and an improvement in ‘People's level of comfort with their jurisdictional police for reporting victimization due to crime.’ This could lead to a better evaluation of police performance and thereby result in a better policing. Citizens should discuss this and consider persuading the government to consider the Police department’s proposal with some seriousness.
 
 
(Shailesh Gandhi served as Central Information Commissioner under the RTI Act, 2005, during 18 September 2008 to 6 July 2012. He is a graduate in Civil Engineering from IIT-Bombay. Before becoming a full time RTI activist in 2003, he sold his packaging business. In 2008, he was conferred the Nani Palkhivala Memorial Award for civil liberties.) 

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COMMENTS

SuchindranathAiyerS

3 years ago

The day may come when the Police and the rest of "Government" and courts follow the law and do their work. But I doubt it will come in my life time.

rajivahuja

3 years ago

If I go to a Police Station & they refuse file my FIR,saying xyz excuses like where the crime was commited it does not fall into there jurisdiction etc,what action I can take as an citizen to lodge an FIR in that very P.S

REPLY

Bapoo Malcolm

In Reply to rajivahuja 3 years ago

This "amcha section nahi" attitude was told to me, as a kid, by my Dad. It's not new. I am 73 years old.

There are guidelines passed by the Hon. Supreme Court (SC) that are painted on all police station walls. Please take time to read them.

As for refusal, try this out. I do it every time. Take extra copies of your complaint with you. You MUST take hard copies; do ot depend on oral statements. The cops usually fudge verbal complaints. Then try to get it accepted at the inward receipt level. Most probably, you will be refused and sent to someone else. At all stages note the names from the name tags.

After having tried these two attempts, go to the nearest post office, write in hand the refusals and names and the harassment, on all your copies. Send two copies, one to the police station and to the Commissioner. Registered Post A/D, or Speed Post A/D.

Next visit the police station again and tell them the steps you have taken. Offer them the copy with your remarks, once again.

You will be treated like a king!

Bapoo M. Malcolm

Troublesome? Yes, but it works. That's life. Beat them at their own game.

rajivahuja

In Reply to Bapoo Malcolm 3 years ago

Thank you.But I sincerely hope that an event like this does not come.

Andhra HC asked to decide on Ranbaxy-Sun Pharma merger
Sun Pharmaceutical, Ranbaxy Laboratories and Daiichi Sankyo approached the Supreme Court seeking its direction to vacate interim order of the Andhra Pradesh High Court, which had stayed the merger
 
The Supreme Court on Wednesday asked the Andhra Pradesh High Court, which had passed an interim order staying the $4 billion merger of Ranbaxy with Sun Pharma, to decide the issue within next two days.
 
Hearing appeals filed by Sun Pharmaceutical, Ranbaxy Laboratories and Daiichi Sankyo Company against the interim order issued by the High Court, a Bench of justices BS Chauhan and AK Sikri asked the HC to decide the issue and posted the case for hearing on 27th May.
 
The pharmaceutical giants approached the court seeking its direction to vacate interim order of the High Court which had on 25th April stayed the merger and ordered status quo.
 
The HC had passed the order on a petition filed by two individual investors,  who alleged that there was heavy trading of Ranbaxy stock before the merger, with Sun Pharma, was announced on 6th April.
 
They had pleaded the Court to direct market regulator Securities and Exchange Board of India (SEBI) to investigate the insider trading of Ranbaxy shares and take appropriate action against Sun Pharma and Silver Street.
 
Senior advocate Abhishekh Manu Singhvi, appearing for Sun Pharmaceutical, submitted that there is absolute abuse of process of law in the case as the order was passed on a petition of two individuals, which would affect the biggest deal in the pharma sector.
 
The Bench, however, said that shareholders have right to challenge the merger and asked the HC to decide the issue.
 
The Mumbai-based Sun Pharma had on 6th April announced that it would fully acquire Ranbaxy in an all-stock transaction with a total equity value of $3.2 billion, along with debt of $800 million, taking the overall deal value to $4 billion. 
 
As reported by Moneylife, over six trading days, prior to the announcement of its acquisition by Sun Pharma on Monday, Ranbaxy shares rallied 34%. The stock rose by as much as Rs116 (34%) in days before its made public announcement, a huge rise of 8.18% happening on 4th April, the last trading day before the actual announcement! This was extremely unusual and pointed to a clear case of insider trading. (Read: Insider trading in Ranbaxy?)
 
For months before Sun Pharma decided to buy Ranbaxy for $4 billion, Sudhir Valia, the executive director of Sun Pharma, through a partnership firm, had been seen buying stake in Ranbaxy. (Read: Was Sun Pharma's Valia betting big on Ranbaxy?)
 
According to information available on the BSE, Silverstreet Developers, a firm in which Valia was one of the partners, had been seen buying stake in Ranbaxy since December quarter. Silverstreet Developers LLP's stake in Ranbaxy was 1.41% as on December 2013 end. The stake increased to 1.64% at the end of March 2014. And days after this, Sun Pharma announced the big takeover. 

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