Confidence Petroleum wins Rs36.64 crore order

Confidence Petroleum India Ltd announced that two of its units have received orders worth Rs36.64 crore from Hindustan Petroleum Corporation Ltd (HPCL) for supply of LPG cylinders.

Confidence Petroleum’s Khopoli Cylinder manufacturing unit and Andhra Cylinders, a unit of Envy Cylinders, have bagged the orders, the company said in a filing to the Bombay Stock Exchange (BSE).

The work is to be executed by April 2011, it added.

Confidence Petro is also expecting further orders from HPCL for its Bazpur (Uttaranchal), Kalmeshwar and Saoner (Nagpur) units.

On Monday, Confidence Petroleum zoomed 9.97% to Rs18.75, while HPCL declined 1.02% to Rs397.70 on the BSE. The benchmark Sensex gained 0.94% to 19,691.78 points.


Amara Raja Batteries launches India’s first specialised battery for telecom sector

Amara Raja Batteries Ltd has launched Amaron Volt TM, a specialised storage battery for the Indian telecom industry.  

Amaron Volt TM, a 2V high integrity series product is the latest valve-regulated lead-acid battery (VRLA) offering from Amaron Hi Life range to meet the emerging demanding applications requirement of reliable backup power in Indian telecom market.

Understanding the requirements of the telecom industry, Amaron Volt TM will be fulfilling the backup power requirements for mission critical applications even in harsh, remote and outdoor locales. Amaron Volt TM will also extend its service to other critical areas like rural-off grid and poor grid installations, renewable energy installations/solar installations, mission critical power sector installations, high end UPS & data centre installations.

With its high reliability and advanced features Amaron Volt TM makes for an ideal choice for demanding backup use in telecom, broadband, IT, Power utility, solar PV applications and in the fast spreading rural telecom market.

On Monday, Amara Raja Batteries ended 0.61% up at Rs174.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.94% to 19,691.78 points.


SEBI to keep tab on bureaucrats, politicians’ investments

New Delhi: As part of its money laundering prevention efforts, market watchdog Securities and Exchange Board of India (SEBI) will now keep a tab on mutual fund investments made by bureaucrats and politicians, including former and current state heads, reports PTI.

Come 1 January, 2010, all the new as also existing MF investors would need to disclose if they are or have been a head of state (both at central and state governments). This would even apply to MP (Member of Parliament), MLA (Member of Legislative Assembly) or MLC (Members of Legislative Council).

Such disclosures would also need to be made by civil servants, bureaucrats and all politicians in the new Know Your Customer (KYC) compliance regime being implemented by the fund houses as per SEBI’s direction with effect from next month.

Earlier, KYC norms required investors to only disclose their broader occupation details like whether they are in public or private sector service, business and agriculture, or if they are professionals, retired persons or housewives.

The new KYC norms, being implemented to meet the prevention of money laundering regulations, are to be followed by both new and existing investors in mutual funds.

According to industry experts, the new KYC norms would help SEBI compile a dossier on investments made by bureaucrats and politicians.

This could be helpful in its various probes and with regard to preventive measures for money laundering activities.

Recently, the Reserve Bank of India (RBI) also asked the banks to be extra careful while dealing with customers who could be ‘politically exposed persons (PEPs)’.

RBI said that banks would need to maintain a high level of monitoring for PEPs, although it has termed as ‘low-risk’ those customers who are salaried employees and work in government departments, government owned companies, regulators and statutory bodies.

The new KYC norms being implemented by fund houses would also make it mandatory for all investors to furnish their PAN (Permanent Account Number) details from next year irrespective of the size of their investment.

Currently, individual investors need to quote PAN only for investments of Rs50,000 or more, although non-individual investors are required to quote their PAN for all amounts.

All the fund houses have been asked by the Association of Mutual Funds in India (AMFI) to comply with new KYC norms.

The norms would include collecting details like PAN, address proof and photograph of all their new and existing investors, with effect from 1 January, 2011.

The AMFI decision follows a direction from market regulator SEBI earlier this year to tighten the KYC norms to check fraudulent practices and money laundering activities.

Earlier in 2007, SEBI had made it mandatory to furnish PAN—which is allotted by the Income Tax Department—for all stock market transactions as part of efforts to check fraudulent practices.


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