Indian stocks to see range-bound opening: Tuesday Market Preview

Policymakers are worried about the pace of the economic recovery across the globe amid rising prices

The Indian market is likely to see a range-bound opening on the back of negative cues from the global markets and domestic inflationary pressures. Wall Street settled lower on Monday on economic concerns in the US and debt issues plaguing countries in Europe. The Asian pack opened weak on Tuesday on growth concerns and profit booking. The SGX Nifty was 10 points down at 5,480 compared to its previous close of 5,490.

The steep hike in petrol prices which came into force on Sunday, rattled investors, and led to the market opening lower. Negative cues from the global arena also added to the woes. The Sensex opened 31 points lower at 18,493 while the Nifty opened at 5,542, three points off its Friday close. Nervousness ahead of the announcement of headline inflation data also added to the sluggishness, and saw indices range-bound in negative terrain. The market touched its intra-day high in the first hour of trade, with the indices around the opening levels.

The market pared some of its losses as inflation numbers were marginally lower. Concern is already building that despite easing headline inflation, high fuel costs could lead the Reserve Bank of India (RBI) to go in for further tightening measures in June.

The market dropped in the post-noon session on the possibility that the government may also increase diesel and domestic LPG prices. The indices touched their intra-day lows in post-noon trade, with the Sensex at 18,320, down 211 points, and the Nifty off 57 points at 5,488. However, the market closed a little above these levels. The Sensex settled at 18,345, down 186 points and the Nifty closed at 5,499, down 46 points.

If the Nifty is able to keep itself above 5,540, we can expect the market to see some gains. The first resistance for the Nifty is at 5,650 but if the Nifty declines to below 5,472, we may see the market head for 5,390.

Markets in the US closed lower on signs of economic weakness as a gauge of manufacturing in New York State declined more-than-expected in May to its lowest level in five months, the New York Federal Reserve said. The Empire State Manufacturing Index fell to 11.88 in May from 21.7 in April, the lowest level since December 2010. Besides, White House and congressional Republicans have not been able to reach a consensus over the deficit and the debt ceiling. A failure to raise the debt limit could lead to a worse financial crisis than the one in 2008-09, president Barack Obama warned. This apart, European debt issues also weighed on investors’ sentiments.

The Dow Jones declined 47.38 points (0.38%) to close at 12,548.37. The S&P 500 fell by 8.30 points (0.62%) to settle at 1,329.47 and the Nasdaq was down 46.16 points (1.63%) to 2,782.31.

Markets in Asia opened lower on Tuesday on concerns about the pace of global growth and profit booking after recent gains. Global financial firm Moody’s Investor Services said Greek default losses may “far exceed” bank loans. Authorities stepped up pressure on Greece to sell assets and expand spending cuts to win an increase of its 110 billion- euro ($156 billion) aid package and more time to repay the loans.

The Shanghai Composite fell by 0.51%, the Hang Seng declined 0.58%, the Nikkei 225 lost 0.44%, the Seoul Composite retreated 0.29% and the Taiwan Weighted was down 0.28%. Markets in Singapore, Malaysia, Thailand and Indonesia are closed for a public holiday.

Back home, the new Index of Industrial Production (IIP) which will come into effect from 10th June, with the base year 2004-05, has been approved by the Committee of Secretaries (CoS).

Production trend in 100 new items, including ice cream, fruit juices and mobile phones will be included in the new index. It will also have items like computer stationary, newspapers, chemicals like ammonia, ammonia sulphate, electrical products like solder power systems, gems and jewellery and molasses.

On the other hand, obsolete articles like typewriters, loud speakers and VCRs would be taken off to make the series representative of the present-day industrial production and demand scenario.


The Speak Asia money trail

Moneylife investigation reveals that the mysterious trail of Speak Asia runs through several India companies and the money is being remitted to purchase 'survey software' from a company linked to the shadowy promoters

Some new, worrying details about Speak Asia, the flashy survey company that has ensnared millions of gullible Indians over the past few months, are now available from a Moneylife investigation.

It now appears that Speak India Network Marketing P Ltd is a company registered in Mumbai, with Indian directors. This company and Speak India Online are collecting money from survey panelists and have accounts in ICICI Bank, ING, State Bank of India and a dozen others. Each bank has remitted Rs50 crore to Rs180 crore. About Rs1,000 crore has already been transferred abroad. The money remitted to these accounts are pooled into a company called Tulsiateck, which is also registered in Mumbai.

Our sources tell us that Tulsiateck remits funds to buy "survey software" from a company called Haren Ventures Pte of Singapore owned by Harender Kaur, who sometimes appears as a promoter of Speak Asia at mega events such as the glitzy conference recently held in Goa. The money from Haren Ventures in Singapore may or may not be going to Speak Asia Singapore, the company in whose name this massive 'survey' company has enrolled 1.9 million panelists. Haren Ventures is the distributor of e-zine "Surveys Today". Interestingly, it is also into trading in coal from Kalimantan mines in Indonesia, for China and India, shows a Google search.

We now learn from the banks that some of the accounts of Speak India have been frozen for possible legal violations. If banks take a tough stand, Speak Asia may fold up as quickly as it grew.

For months together there has been no clarity about Speak Asia's business model and no information has been forthcoming as to who owns Speak Asia and how it makes money. It appeared to be another chain-marketing scheme, which was distributing liberal patronage to the Indian media, hiring expensive advertising and public relations firms, even as it was spreading its tentacles at lightening speed.

After the banks have frozen the accounts for possible foreign exchange violations, it should now become an issue that has to be investigated by the Enforcement Directorate, which has clearly been sleeping on its job. The pooling of funds and the import of bogus software is in the jurisdiction of the Enforcement Directorate.

Strangely enough, at the press conference Speak Asia held on Monday, company officials neatly evaded all issues, saying it was collecting Rs11,000 as a deposit from panelists. It claimed that this money was the subscription price for the spectacularly expensive magazine called "Surveys Today".

The Ministry of Finance and the Ministry of Corporate Affairs have done nothing so far to follow the trail of the large sums of money raised by this company and its modus operandi. Right from the growth of Speak Asia, Moneylife has been warning the public about this company. Recently, two TV channels also telecast detailed reports on the issue.


Kishore N

6 years ago

Take Action against MLM companies - HIGH COURT OF KERALA

According to various media reports a division bench of Hon. Kerala High Court directed the Police to take action against money-chain MLM companies even if there is no complaint.


6 years ago

1. Speakasia Online Pte Ltd. has been black listed by Singapore’s Registrar of Companies? Is that true? No, absolutely false. The company has not been blacklisted ever. People have misconstrued the (X) sign ACRA had given on their site for delay in filing the annual returns, last year. The returns for this FY 10-11 will be filed after the year end on 31st May and this status will change.23. Is it a fake company?No , it is a legal entity registered in Singapore . This is validated in annexure 1.
Edit Reply Reply

Rohit John [Moderator] 0 minutes ago

2. Who are the promoters of Speakasia Online Pte Ltd.?Speak Asia is owned by a holding company – Podium Ring International Ltd , registered in BVI , is owned and controlled by Ms Harender Kaur and Associates. 3. Is Speakasiaonline registered under Indian Companies Act also?No, Speak Asia is not registered as a company in India as it is not a PE ( permanent Establishment ) . The nature of business issuch that legally the need for a PE does not arise as per prevailing laws in India. However to effectively support the business in India, Speak Asia is now going to open a PE in India soon, as has been announced in the press conference by CEO India – Manoj Kumar. 4. Do we have any registered office or contact office of
Speakasia Online in India? No , Speak Asia does not have its office or its own contact office in India . It's business model is such that it has vendors for call center, Support , Marcom , Technology and Training who have respective legal business entities in India . 5. Who is
heading Indian operations of Speakasia Online? W.e.f 15th May 2011, Mr Manoj Kumar has taken charge as the CEO India . 6. Can Speakasia Online show its financial results of last few financial years?Annual financial results filed by the company thus far are available on ACRA site . We complete full one year of active operations on 31st May, 2011 and will file the returns . 7. Can speakasia online show its tax returns?Speak Asia does not collect any money from India and thus does not have any bank accounts here . The Collecting Representatives ( CR ) for ‘Surveys Today’ ezine have paid service tax against remittances made to HVP. Over 68Cr of Service Tax was paid in the FY 2010-11 for the business done in India . Tax returns for the same have been filed with service tax deptt . 8. Who are the clients for whom Speakasia Online conduct surveys? Can we have the list of those clients? Panel Business operates on the lines of multiple exchanges where panel providers are pooled in and the clients can take their pick of the panels based on their profile requirement directly or through brokers. The panel profile can be based on demographics and many other parameters. The selected profiled panel is picked up like in any other exchange and the work is allocated to them. Hence the panels cannot know the clients name directly. (e.g. in a stock exchange we buy stocks but at the time of buying we do not know who is selling those stocks) This is a confidential data hence the names have not been publically disclosed. However our books of accounts clearly show the details of income from panel business and the agencies who gave us work . The same is being submitted to concerned Govt authorities in India as a proof of income . 9. What is the business structure for Speakasia Online? How is money distributed to panelist? Speak Asia is creating a community of consumers which earns rewards points by participating in companies activities ( e.g -ezine sales , surveys filling , product referrals / sales , advertising based surveys , self development training programs ) on the website and burns those earned reward points for purchase of products and services from the website . The company’s business model is to make profits from product and service sales after providing for the cost of servicing the reward points. Speak Asia gets research done ‘on’ and ‘for’ different companies , products and services ; panelists earn reward points (RP) for participating with their valuable opinions in the surveysEffective June- July 2011 , advertisement based revenues will start where panelists earn reward points (RP) for watching the ads carefully and giving them feedback on the same.Products are available with Speak Asia at special rates; panelists earn through saving on purchase or reselling of productsThe Reward Points thus earned are redeemed through consumption of product and services offered by the company . Panelists can buy products ( such as mobile, LCD … aptly demonstrated in recent GenX bazaar at Goa where over 4,00,000 reward points were used by just 3000 panelists for buying goods ) . They can also buy subscription codes for distribution. The left over reward points can be encashed on request made on the website . All cash requests are processed through the bank and money is sent from Singapore to respective banks through TT . 10. Is any background check of panelist is done by the SpeakasiaOnline? What if distributors and franchisee holders are using fake names and id?Yes , every panelist is required to provide his mobile number and bank account details in his profile which are already validated by respective agencies who have a system in place . 11. What is the relationship between franchisee holder/ distributor and the company? Are they the legally authorised represetatives of the Company in India?The Distributors have an agreement with HVP Singapore for selling subscription of Surveys Today ezines . The subscription number / code is used for registering on the SAOL website .The distributors are also required to provide basic training to Panelists for using SAOL site effectively . These distributors are authorized representative of HVP Singapore . 12. From which country the payment is made to panelists? If it is India, then on whose name bank accounts are being operated? Payment to the Panelists in India is being made from Singapore through bank TT. There is no Bank Account of SAOL in India. 13. Are the RBI guideline’s regarding to foreign exchange being complied, if the payments are made to panelist from outside the Country? Yes , vide Master Circular No. 01/2010-11 dated 01.07.2011 issued by RBI in respect of Misc Remitance to India 14. Can Speakasia online show its legal/incorporation documents?Yes , Annexure1 is attached 15. Subscription money paid by the panelist is deposited into whose bank accounts? Money is deposited in the bank account of the distributors. These distributors in turn remit the money to HVP Singapore using the services of collection representatives ( CR ) using RBI authorized banks . 16. Has Speakasia online obtained any permission from SEBI to run a collective investment scheme,
which promise assured returns?Speak Asia does not run a collective investment scheme. Our panelists promote sales of Surveys Today ezine, work on the website, buy & refer products and services. This does not fall into the category of collective investment scheme. Thus no such permission is required from SEBI. 17. Are there any legal cases pending against Speakasia Online in Singapore, India or any other jurisdiction?What are the status of such cases? None till date 18. What recourse does the panelist have if speakasia online stops making payment to them?The company reserves in its accounts amounts equal to estimated payments for the month at the beginning of every month . and has offered to put funds equivalent to its 2 months payouts , in an escrow account which can be used for making any payment to the panelist. 19. What is a relationship between Haren Technologies and Speakasia Online?Speak Asia Online was earlier named as Haren Technology Pte Ltd which was incorporated on 15/12/2006 20. Are the same types of surveys conducted by Speakasia Online in Singapore also? The operations in Singapore are limited and the panel size is very small. Thus no surveys are being done there. In July 2011 we plan to actively acquire new panels in Singapore , Malaysia , Indonesia and Philippines for which a new office has already been acquired in Singapore. 21. In which all countries does Speakasia Online have its presence?Being an online activity the company panelists have registered from many countries such as Australia , Singapore , India , Malaysia , Phillipines , Indonasia , .. just to name a few . Full scale activities of the company have commenced in India and other will follow soon . 22. What all legal actions have been taken by Speakasia Online to protect its image in India and all over the world?We have approached all legal and governmental authorities in India ( such as PMO , Ministries of Finance , Company Affairs, Home Affairs and Law enforcement authorities ) through official communication for presenting our business , financial and legal framework.Further ,we have engaged the best of the breed organizations in their respective fields such as Management Consulting , PR, Legal , Tax compliances , Marketing Communication , Training etc . .
To your Success


6 years ago

Hi, If you are planning to join Speak Asia Online and earn unlimited then this the best time for you. As you know that Speak Asia is going to start e-commerce and TV Channel in Jully,2011. As you know that by Registering with Rs. 11,000/- for one ID with Speak Asia you can earn Rs.4,000/ per month and Rs.52,000 for one year. Now we have best ever offer for you:-Register with 3 IDs in just Rs. 11,000/- that means you have to pay just Rs.11,000/- for 3 Speak Asia IDs and Earn Rs. 4000X3 = Rs.12,000/- per month Rs. 52000X3 = Rs. 1,56,000 in a year This is the limited period offer, if you want join call or email us your complete details. Thanks, Ghanshyam



In Reply to Ghanshyam 6 years ago



6 years ago

*जिंदगी की असली उड़ान अभी बाकि है !*

*जिंदगी के कई इम्तेहान अभी बाकि है !*

*अभी तो नापी है मुट्ठी भर जमीं हमने !*

*अभी तो सारा आसमां बाकि है !!*

Mukesh Parikh

6 years ago

Speakasia Website under Purchase Subscription option;

If you select any other countries except will find only one address of Franchise :

71 Bukit Batok Crescent,

Prestige Centre, Singapore 658071

It clearly means this schemes are only made for Indians.

Recently when in Australia POK not shown in Indian Map. Indian origin Australian protested and got apology from Australian Govt.


on SA website when you select Pakistan, you get "AZAD KASHMIR".

Can't Indian govt. block this website for showing POK as part of pakistan.

Shyam Mehta

6 years ago

Our government doesn’t understand the risk of any fraud scheme or company run by unknown entity. What if such operation is run by anti-social persons or terrorists?


6 years ago

Kozhikode: The Vadakara police who are investigating a racket by a Chennai-based multi-level marketing company have come out with startling revelations of how hundreds of people in Kerala have been duped in the name of money-chain deposits.

Investigators on Monday released the pictures of two directors, Kamala Kannan and K. Sadasivasan of the Tycoons Empire International Limited, who are absconding. The company had swindled more than Rs 100 crore from investors. Earlier, a police team arrested four persons from the Payyoli region. Further investigations carried out in Chennai in the past one week revealed that the accused had collected deposits in the name of the company that launched a scheme two years ago.

Under the scheme, if investors deposited Rs. 1 lakh they were promised Rs. 10,000 a month for the next three years. They were also offered commission if they enrolled more people in the scheme.

Initially, the depositors received Rs. 10,000 for the first three months. However, the payment of instalments stopped abruptly.

Most of those duped belonged to the Payyoli and Vadakara regions in the district, besides Palakkad and Thrissur districts. Those who were deceived include police personnel, government employees and teachers.


6 years ago

Please read the judgement of Hon. Supreme Court in Kuriachan chacko Vs State of Kerala.

(2008)8 SCC 708

Vivek Agarwal

6 years ago

news wale speakasia ko galat keh rahe hai yadi news wale imandaar hai to har MP & MLA ke sampatti ki enquery kar ke ke bateye ki in per itna paisa kaha se aur kaise collect ho gaya


6 years ago

In networking the plan usualy works. The person joining the plan does not.

I have sent you the links on Youtube to what President Clinton of USA and Robert Kiyosaki of "Rich Dad Poor Dad" has to say about network marketing.

I do not support Speak Asia. Punish them if they have violated laws of this land.

Do not get carried away by what the police and politicians of this country have to say.

Let them be judged by the Judiciary and not by the legislature and the executive.



In Reply to venkatraman 6 years ago


6 years ago

Robert Kiyosaki on Networking.


6 years ago

President Clinton on Network Marketing.


6 years ago

What I do not understand can I lable as fraud ?

Amway was also called a fraud. The franchise business was almost made illegal.

Networking is a business of the future. If you do not understand it, try to. It is very rewarding if you are willing to learn first before expecting to earn. I know people who earn over 8 lakh in a month from networking.

Read about networking from the author of 'Rich Dad Poor Dad" Robert kiyosaki. If you can not find I can send you a link to the videos.

What we should be pondering is :
1. Have the owners of speak asia done due deligence.
2. Followed all legal aspects so as not to put the public to peril.
3. Have they followed the dictum of network marketing companies as regards to product and plan ?


Keshav B Bhat

In Reply to Venkatraman 6 years ago

Dear Mr Venkatraman,
No body is saying network marketing is wrong. But the way people are using it is making a lot of people loose money for the gain of a few. Do u want to earn and support your family by making any other person to loose his or her lifes savings which he or she may be fully dependent and investing it thinking it will make him or her overnight rich?
If so there is nobody except God who can help You or make you to understand the peoples suffering due to greed.


In Reply to Venkatraman 6 years ago

Robert Kiyoski on Network Marketing

President Clinton of USA on Networking.

This is reply to some of you who have sent the press release from the police of the state in which "Satyam Computers" flourished.

Remember in networking the plan usualy works. The person who joins the pan does not.


6 years ago




In Reply to GOVINDAN 6 years ago

Andhra banned Amway also.


6 years ago

dear speak asians,

please read the judgement of Hon. Supreme Court in kuriachan chacko Vs state of Kerala case



In Reply to GOVINDAN 6 years ago

pls send me the details. i want read


In Reply to rajeshkumar 6 years ago

Please seek the help of a lawyer. citation:- (2008)8 SCC 708

please also read Andhra Police press note:-

SC pulls up I-T dept for not taking timely action in 2G case

The court said despite the department coming to know about tax evasion cases in 2008, it started taking action only after March this year after it was directed to file action taken report. The court added that had it not intervened, the officials would have "slept over it" and the oversees probe would not have proceeded

New Delhi: The Supreme Court today pulled up the Income Tax (I-T) department for not taking timely action against the companies involved in the second generation (2G) spectrum allocation scam and said had it not intervened, the officials would have "slept over it" and the oversees probe would not have proceeded, reports PTI.

The court said despite the department coming to know about tax evasion cases in 2008, it started taking action only after March this year after it was directed to file action taken report.

"We are sure they (I-T department) would have slept over it otherwise (if it had not intervened). There is no doubt about it," a bench comprising justices GS Singhvi and AK Ganguly said.

Additional Solicitor General Vivek Tankha, appearing for the department, tried to justify the delay saying that big companies are involved in the case and they are creating obstacles.

The court, however, was not satisfied with the submission and said there is no need to say all these things about these companies as they are "prima facie tax evaders".

"How are they big? What kind of mindset do you have? Prima facie they all are tax evaders. Do not call them big. Do not insult the word," the bench said.

The department also informed that all telecom companies, which after the allotment of the spectrum, have sold their controlling stakes to foreign firms through the Mauritius route, have been asked to pay tax on the capital gain from such transactions.

Mr Tankha submitted that the department has already served notices to these firms and are treating them as assessees.

"The Director General of International Transactions has already issued notices to them. Some of them have already admitted that they should be taxed in India and we have issued them notices. They have permanent offices in India and they are assessees now," said Mr Tankha.

The bench asked the I-T department to complete the departmental proceedings against the tax-evading firms within the permitted time.

The bench also asked the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and I-T department to cooperate with each other during the probe.

The department said that it was following the Vodafone case, where the UK-based telecom giant bought controlling 67% stake in the Hutchison Essar using the DTAA (Double Taxation Avoidance Agreement) route in Mauritius and claimed exemption. However, the apex court asked it to make part payment of Rs2,500 crore.


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