Mad bull snorts

Money continues to gush in, irrespective of nosebleed valuations

The market was up today, taking a cue from strong global indices. The BSE Sensex was up 218 points (1.2%) to close at 17,933 and the Nifty closed at 5,361, higher by 57 points (1.08%) from the previous close.

The market started on a high note today. The early gains were pared in the morning session. However, a bullish sentiment was present in the bourse throughout the day as the market rebounded from its low to reach the intraday high during afternoon trade.

Most Asian stocks edged up on Friday, led by overnight gains on Wall Street as strong US retail sales data boosted confidence in recovery in the world’s biggest economy. European markets were up, despite the troubles in Greece being far from resolved.

Chinese stocks rose on renewed optimism that Beijing may be getting closer to allowing the yuan to appreciate against the US dollar. The key benchmark indices in China, Japan, Taiwan, Hong Kong, and Singapore rose by 0.25% to 1.56%. The key benchmark indices in South Korea and Indonesia fell by 0.31% to 0.54%.

US markets were up on strong retail sales data. The Dow gained 29.55 points (0.27%) to 10,927.07. The S&P 500 rose 4 points (0.34%) to 1,186. The Nasdaq added 5 points (up 0.23%) to 2,436. An official from the US Federal Reserve indicated that interest rates would remain on the lower side for a longer period of time to help the economy to recover.

South Korea kept its interest rates at a low level of 2% and said that this regime is required to bring the economy back on track. After a spree of buying, foreign institutional buyers were less active on Thursday. They were net buyers of Rs62 crore. Domestic institutional investors were net sellers of Rs93 crore. The rupee was up on strong domestic markets and the weakness of the dollar.

Shree Ganesh Jewellery House (down 37%) listed on the bourses today. It had priced the initial public offer at Rs260 at the lower price band of Rs 260-Rs270 per share. Maruti Suzuki India (down 0.4%) has said that it does not have adequate capacity to meet with the growing demands for its cars. Private Equity firm CX Partners has bought 8% stake in Monnet Ispat (up 0.8%) for Rs150 crore from the secondary market. Tata Steel (up 0.8%) and NMDC will jointly develop two steel projects in Karnataka and Chhattisgarh. HEG (up 0.68%) plans to raise Rs400 crore by selling equity to invest in capacity expansion and for working capital requirements. Rise in crude oil prices has propped up oil stocks of companies involved in oil exploration. Jaiprakash Associates (up 2.57%) plans to sell about 165 apartments at its project ‘Jaypee Greens Wish Town’ at Noida, near New Delhi, at a minimum price of Rs3.30 crore each. The project comprises 4,100 square feet apartments, adjacent to a golf course. Shakti Pumps (up 5.5%) has received an order from the Maharashtra Electricity Distribution Company for supply of 3,530 energy-efficient pumps for an agricultural pilot project in Sholapur. Jet Airways (up 6.6%) is likely to increase its fares. BGR Energy (up 0.4%) has said that it has a current order book of Rs10,150 crore. Telecom stocks were up as the 3G auction commenced today. Telecom operators are competing for a total of 71 3G slots on offer in India’s 22 telecom circles which is to be followed by a separate auction of broadband spectrum, one of the world's biggest such auctions in recent years.

For the ninth week in a row the market has ended higher. We are headed for another correction, possibly a longer one next week.


Gold falls on low demand

The yellow metal had gained Rs300 in the last two trading sessions; prices fell despite positive global cues

Snapping a two-day upward march, gold prices fell by Rs95 to Rs16,855 per 10 grams in the bullion market here today on reduced off-take at existing levels, despite positive global cues, reports PTI.

Standard gold and ornaments fell by Rs95 each to Rs16,855 and Rs16,705 per 10 grams, respectively. The metal had gained Rs300 in the last two trading sessions.

However, sovereign remained flat at Rs14,000 per eight-gram piece.

Analysts said low demand at existing levels led to the fall in gold prices, though the metal was trading higher in overseas markets where it gained 0.4% to $1,155.38 an ounce.

Some investors were also seen shifting their funds from bullion to the rising equity markets for quick gains, which put pressure on the metal’s prices, analysts said.

Silver ready too declined by Rs25 to Rs27,775 per kg and weekly-based delivery shed Rs10 to trade at Rs27,560 per kg. On the other hand, rates of silver coins remained unchanged at Rs33,500 for buying and Rs33,600 for selling of 100 pieces.


Fraudulent emails peddling HCL jobs resurface

The scam messages are mainly targeted at youngsters with less that a year of work experience and students who have just completed their courses

White-collar crime over the Internet is increasingly growing bigger in scale, almost on a daily basis. Given the huge margins involved in these frauds, the Internet is turning many tech-savvy youngsters into white-collar criminals. The latest fraud to make the rounds is an email that offers candidates an opportunity to work with technology company HCL Technologies Ltd with a salary ranging from Rs26,000 to Rs92,000 per month, excluding house rent allowance (HRA), dearness allowance (DA), conveyance and other benefits.

This is not the first time that HCL is facing such a fraud. About three years ago, the company found out that an email was being sent in its name offering jobs to recipients. This time also the company replied to Moneylife saying that "HCL Technologies strongly condemns this email and has nothing to do with it."

However, despite providing all the details of the sender of such fake emails, including the bank account number and name, there is no word about any action initiated by the company. Axis Bank spokesperson said,"The Bank is in the process of carrying out a full examination into the matter. A preliminary check reveals that there is an account in the name of the individual in question with our Mayur Vihar branch in New Delhi. The Bank has taken necessary precautionary measures and further action will depend upon the outcome of our investigation."

The latest mail has been sent using [email protected]' as the sender with a subject line, 'Your Resume has been selected'. This mail is targeted at youngsters with less than a year’s experience or fresh graduates, since they are mostly not aware about the working of companies. In addition, many of them are not well-versed with the use of language in official communications and can easily fall prey to such fake mails.

The mail, a copy of which is with Moneylife, fails to impress on three accounts. One, the email IDs used to send these messages and those given for replying, are not from HCL. Instead, the fraudsters have used email IDs from free email service provider websites, like and Second, no company asks candidates to pay money upfront for any job and that too in an individual's name and account. Third, the language used in the mail is full of errors.

For e.g., the mail reads: "You are selected according to your resume in which Project you have worked on according to that you have been selected in Company. Your offer latter (sic) will dispatch very shortly after receiving your confirmation of cash deposited in AXIS BANK. We wish you the best of luck for the subsequent and remaining stage.” You would notice the pathetic grammar used throughout the message.

In case you have received such mails, delete them immediately. HCL has created a webpage ( that gives information about the job fraud mails.{break}

According to media reports, in February this year, the Chennai police arrested two engineering graduates for creating a fake website of an information technology company and cheating aspiring job-seekers after sending them employment offers. The police also arrested a security guard of the Chennai-based company for providing the database of job applicants to the accused graduates.

These two engineers procured details of job applicants from the security guard and then created a fake website of the company. Using prepaid SIM cards, the duo asked a few candidates to appear for an interview. They even conducted interviews over the phone. After a few days, they sent emails to the 'interviewed' candidates saying that they have been selected and had to deposit Rs30,000 in the company's bank account.

What is interesting is that the duo used an account of a person from Assam, whose debit card they had stolen. They used ATMs, mostly those where there are no security cameras, to withdraw money. Not only this, even while calling the applicants, they used a special voice converting software that changes a male's voice to that of a woman.

Although the arrest of a couple of fraudsters is not going to change the scene, such activities involve huge returns. Why are email frauds on the rise? It is simple arithmetic. The cost of sending a spam mail to around 50 million email IDs is often less than $500. So, even if a single user bites the bait and loses $501, the phisher breaks even.

Carl Leonard, senior manager, Websense Security Labs, had said, “A new wave of scams has emerged using a combination of legitimately bought advertising space, false news stories and the lure of job opportunities with well-known companies. This aggressive campaign, which preys on a population weakened by the economic downturn, demonstrates how cybercrime has moved on from the spotty teenage hacker in his bedroom to a sophisticated business run with all the trimmings.”

(Read 'How can you protect yourself from e-mail frauds' here


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