Citizens' Issues
Gurudwara shooting incident will be fully investigated: US

US Deputy National Security Advisor assured Ambassador Rao that these tragic killings at the Gurudwara would be fully investigated

 
Washington: The US has assured India that the tragic shooting incident at a Gurudwara in Wisconsin will be fully investigated, reports PTI quoting a top Indian diplomat.
 
Indian Ambassador to the US Nirupama Rao said the US Deputy National Security Advisor spoke to her from White House on Sunday to convey "sincerest condolences" from US President Barack Obama over the shooting incident in which seven people including the gunman, have been killed.
 
"Mr Brennan (John) assured me these tragic killings would be fully investigated, that Sikh community is precious part of fabric of American nation," she wrote on the micro-blogging site twitter.
 
The US Under Secretary of State for Political Affairs, Wendy Sherman had also telephoned her to "express heartfelt condolences" on the dastardly and horrible killings in Wisconsin, Rao said.
 
"Our hearts bleed for precious & innocent lives lost in Oak Creek. This is a very tragic time for our community. We must maintain calm," said the Indian Ambassador, who was quick to dispatch her Chicago Consul General to Milwaukee for an on the spot assessment of the situation.
 
Rao also thanked her Pakistani counterpart Sherry Rehman who used Twitter to express her condolences over the tragic incident.
 
"Saddened at the tragedy. Our prayers with the victims and their families in the Wisconsin shooting at the Sikh temple," Rehman wrote in the Twitter website addressed to Rao.
 
"Thank you. This is a moment of deep sadness. Violence is so meaningless," said Rao.
 
Rao has nearly 40,000 followers on the micro-blogging site.
 

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India Inc's net profits to grow by 24.5% in FY13: CMIE

According to CMIE, net profits of corporate India to grow by a robust 24.5% in FY13, after falling by 0.6% in FY12, due to softening of commodity prices and steady interest rates

 
Mumbai: Corporate India's net profits are expected to grow by a robust 24.5% in FY13 due to softening of commodity prices and steady interest rates, an economic think-tank said, reports PTI.
 
"We expect net profits of corporate India to grow by a robust 24.5% in FY 13, after falling by 0.6% in FY 12. The net profit margin of corporate India too is expected to inch up to 7.2% from 6.8% in FY 12," Centre for Monitoring Indian Economy (CMIE) said in its monthly review here.
 
The factors that are expected to moderate the topline growth -- softening of commodity prices and steady interest rates, will provide a boost to its bottomline. A slower growth in other expenses compared to FY 12 is also expected to help.
 
The companies are also unlikely to incur similar forex losses in FY13. The rupee had depreciated by around nine% in each of the two quarters ended September 2011 and December 2011. Compared to that, the rupee depreciated steeply in only the first quarter of the current year. "We expect the rupee to remain stable in the second quarter and start appreciating thereafter," CMIE said.
 
Sales growth is however expected to slump to 13.2% in FY13 from over 20% in the preceding two years. The growth is expected to decelerate sharply to 15.9% in the first half of FY13 and to 11.4% in the second.
 
"The corporate sales growth is expected to decelerate only on account of a major slump in the sales growth of the petroleum products and the banking industry, which together account for 43% of corporate sales," CMIE said.
 
The sales growth of the petroleum products industry has been volatile and subject to major price fluctuations and government regulations. The sales growth of banking industry is a function of interest rate changes and credit demand.
 
"We expect net sales of the petroleum products industry to grow by 9.6% in FY13, compared to a much higher growth of 33% in FY12. A slower rise in prices of administered as well as non administered petroleum products is expected to pull down the growth of the industry in the current year. We expected average unit realisation of the industry to rise by only 6% in FY13 as compared to 25% in FY12," CMIE said.
 
The growth in the income of the banking industry too is expected to slow down to 16.4% in FY13 from 33.7% in FY12. This will be mainly because of stable interest rates. Interest rates had risen rapidly last year and had pushed up the income growth.
 
CMIE expects rest of the corporate India to see only a mild deceleration in sales growth to 14.3% in FY13 from 16.1% in FY12. This slight moderation in sales growth will be mainly a reflection of lower inflation. "We expect inflation in manufactured products to come down to 6.6% in FY13 from 7.2% in FY12," it said.
 

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MCX-SX gets SEBI, RBI approval for currency options

The approvals would allow MCX-SX to expand its offerings in the currency derivatives segment by introducing currency options in the USD-INR currency pair

 
New Delhi: MCX Stock Exchange (MCX-SX) has said it has received approvals from market watchdog Securities and Exchange Board of India (SEBI) and banking regulator Reserve Bank of India (RBI) to launch Currency Options, reports PTI.
 
These approvals will enable the exchange to expand its offerings in the Currency Derivatives Segment (CDS) by introducing Currency Options in the Dollar-Indian Rupee (USD-INR) currency pair.
 
MCX-SX said it held a successful mock trading session on 4 August 2012 and will soon announce the date of live trading of Currency Options.
 
Currency Options are contracts that grant the buyer of the option the right, but not the obligation, to buy or sell the underlying currency at a specified exchange rate during a specified period.
 
For this right, the buyer pays premium to the seller of the option. Currency futures contracts in US Dollar-Indian Rupee, Euro-Indian Rupee, Japanese Yen-Indian Rupee and British Pound-Indian Rupee pairs are already traded on MCX-SX.
 
MCX-SX, whose application for a full-fledged stock exchange was recently approved by Sebi, currently offers trading in only currency futures.
 
It has witnessed a steady and significant growth in currency futures turnover and open interest and continued to maintain its leadership in currency futures with a market share of 43.57% in the last fiscal (FY11-12).
 
The average daily turnover has increased from Rs324.78 crore during its first month of operations to Rs13,530.47 crore at the end of July 2012.
 
The MCX-SX currency futures platform is supported by a strong membership base of 751 members and witnesses nationwide participation from 714 towns and cities across India, the exchange said.
 
Commenting on the latest development MCX-SX MD and CEO Joseph Massey said: "We thank SEBI and RBI for allowing us to introduce Currency Options on our exchange. Options have the comparative advantage of maintaining a certain degree of flexibility in hedging.
 
"Introduction of this product completes the spectrum of hedging instruments available on the MCX-SX currency segment and adds further efficiency to risk mitigation mechanism in USD-INR".
 
The Exchange is used by SMEs, treasury of large corporates (importers and exporters), banks, institutions and individuals involved in forex transactions, among others.
 
Options would help in transparent price discovery, effective risk management, hedging, trading, creating a competitive business environment and cost-effective protection from fluctuation in the forex rates, experts said.
 
MCX-SX launched currency futures trading in USD-INR contracts in October 2008, while it launched trading in three new currency pairs in January 2010.
 

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