The exchange has sought clarification from the company as to how could it deny the first news that was received on the company's letterhead and signed by the company secretary
Mumbai: The Bombay Stock Exchange (BSE) on Monday said it is investigating the trading of shares in Bodal Chemicals, following the company's denial that it had issued a notice for a bonus issue, reports PTI.
The exchange is investigating the trades pursuant to the wrong announcement made by the company, BSE said in a statement.
It said it had received a fax from Bodal Chemicals on 27 August 2011 signed by the company secretary informing that the meeting of the board of directors would be held on 29 August 2011 to approve bonus issue. It also enclosed a press release issued by the company.
The announcement was disseminated on the BSE's website yesterday morning at 8.13am, the release said.
At 1.41pm, BSE received an email from the company signed by its chairman and managing director denying having sent any intimation or press release on 27th August. The said intimation was also disseminated on the BSE's website at 2.24pm.
The exchange said it was now investigating the matter and seeking clarification from the company as to how could it deny the first news that was received on the company's letterhead and signed by the company secretary.
The decline in economic growth has been attributed to the poor performance of the manufacturing sector, which grew by 7.2% from 10.6% in the corresponding period of 2010-11
New Delhi: Confirming fears of a slowdown, India's economy grew by just 7.7% in the first quarter of the fiscal 2011-12 compared to 8.8% growth in the same three-month period last fiscal, mainly due to the poor performance of the manufacturing sector, reports PTI.
The government has projected overall economic growth in the current fiscal at around 8.5%, while the Reserve Bank of India (RBI) has projected the growth to moderate to 8% from 8.5% per in FY10-11.
In the latest data released by the government on Tuesday, gross domestic product (GDP) growth for the April-June quarter of the 2010-11 fiscal has also been revised downward to 8.8% from the earlier provisional estimate of 9.3%.
During the quarter ending 30 June 2011, growth in the manufacturing sector dipped to 7.2% from 10.6% in the corresponding period of 2010-11.
In addition, the mining and quarrying sector grew by just 1.8% during the quarter under review, as against 7.4% growth in the first quarter of the previous fiscal.
However, farm output showed an improvement, expanding by 3.9% during the quarter under review, compared to 2.4% in the corresponding three-month period last fiscal.
Furthermore, trade, hotels, transport and communications segments grew by 12.8% in the quarter under review, up from 12.1% in the year-ago period.
The services sector, including insurance and real estate, grew by 9.1% in the June quarter this year compared to 9.8% expansion in the corresponding period last year.
The Planning Commission has estimated GDP growth at 8%-8.3% per cent in the 2011-12 financial year. The Indian economy expanded by 8.5% in the 2010-11 fiscal.
This ad is extremely annoying. The story is weak—and the sound effects will deaden your senses
I wanted to suss out the Tata Aria when it was launched last year. But I got put off by the ad. It featured a mating ritual between an SUV (sports utility vehicle) and a sedan to generate a new species, a crossover breed. 'The finesse of a sedan. The muscle of an SUV' was the promise. Didn't work for me. The ad had no idea, no muscle, and yup, no finesse. As a result, the hybrid mule stayed in my mind as a poor replica of a typical Indian SUV. And I certainly wasn't going to spend my hard-earned bucks on a mule.
Well, Tata is back with another strange ad for the Aria. This time the mule image has been chucked, and they have tried to copy a James Bond flick. A young firang couple (why foreigners?) is driving the Aria on a highway. Along with their kid. All of a sudden, the hunky hubby announces to his wife that he's a secret agent, and speeds the car to escape unknown enemies giving them a chase. This follows a whole lot of serious noise. As the Aria speeds along dangerously, avoiding collisions with other vehicles, falling objects, etc, until it brakes at the edge of a cliff. The Aria stops, but the pursuing cars fall off. Enemy outwitted in a matter of seconds. All this tamasha is, of course, mainly done to highlight the features of the mule, er, gaadi.
It's an extremely annoying commercial. There are many problems with this ad. First, the crazy sound effects will deaden all your senses. Then, a very weak story of a so-called secret agent, who does nothing but drive recklessly. You cannot do a James Bond feature film in one minute. If that was possible, Hollywood studios would not waste time, material and money over a two-hour flick. And without a proper script, the ad is reduced to senseless noise and action. Also, if the ad feels so unexciting in 60 seconds, imagine how silly it will look in shorter edits. I learnt this lesson on my first day in the ad biz: If your idea cannot be communicated in a 20-second TV spot, it means it's a weak idea and should be immediately junked.
Net-net: Yes, I am still put off by the Aria. Maybe it's no longer a mule, but it's still a headache car, and I will not spend lakhs on a sardard. See, this is why advertising is so important to business. It can make or break a brand. And even Mr James Bond can't save it when things go wrong.