Mumbai Angels invests in ZipDial

Bangalore-based ZipDial receives Series A investment of over $800,000 from both Indian and US angel investors, led by Mumbai Angels, an angel investing group

ZipDial receives Series A investment of over $800,000 from both Indian and US angel investors, led by Mumbai Angels, an angel investing group.

ZipDial Mobile Solutions Pvt Ltd is a Bangalore-based company founded by Valerie Rozycki (CEO) and Amiya Pathak (COO), technology entrepreneurs with degrees from top global universities and graduate schools such as IIT-Kanpur, IIM-Calcutta and Stanford University as well as extensive professional leadership experience in both India and the US, including companies like mChek, Zapak.com, eBay, and Ketera.

Anil Joshi, head Mumbai Angels, who lead the deal, said that Mumbai Angels decision to invest in ZipDial was simple. "We believe that ZipDial with their patent-pending technology and strong team would leverage mobile platform to deliver host of services to customers across industry." He informed that Sunil K Goyal, founding partner, YourNest Angel Fund and Shravan Shroff, Founder, Fame India Ltd have joined Business Review and Investment Committee (BRIC) of ZipDial to represent the investors from Mumbai Angels Group.

Sunil K Goyal explained that the Mumbai Angels Group is extremely impressed with ZipDial offering of a mass market tool for market research, and customer feedback. A brand or a customer service organisation can get real time response and analysis from their customer, with them using free service of ZipDial. ZipDial's patent-pending missed call concept offers varied services like polling, generating sales lead, and so on. According to him such an approach is unique and would certainly bring customers closure to their brands using high penetration of telecom services.

Mr Shroff explained that investors from the Mumbai Angels Group viewed ZipDial as a high quality early stage company with potential for sustainable scalability and profitable growth. He added that group was delighted by the business progress achieved till date.

"We are delighted to have Mumbai Angels as an integral part of ZipDial now," said Ms Rozycki. "We plan to make ZipDial yet another success story from their portfolio, helping to inspire even more entrepreneurship and innovation in the Indian market."

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Bull fight to take share prices back towards 20,000 on the Sensex: Wednesday Closing Report

A 5% rally from today's low possible on the back of a weakening dollar

The market opened soft on lacklustre global cues, following easing of oil prices and concerns about the pace of the global recovery. The Sensex fell 76 points to 19,187 and the Nifty opened lower by 38 points at 5,748. Realty, consumer durables and metal stocks witnessed selling pressure in opening trade. The market immediately touched the day's lows with the Sensex erasing 161 points at 19,102 and the Nifty falling 50 points to 5,736. February industrial output figures, which were released yesterday, also dampened sentiment.

However, across-the-board buying after the decline in the market over the last few days, turned the tide and the indices jumped into positive territory in the first half hour itself, pushing all sectoral gauges into the green. The gains continued through the session with the market scaling the day's high in the late session. At their intra-day highs, the benchmarks touched at 19,737 and 5,924.

The market closed slightly below these levels, as the Sensex surged 434 points to close at 19,697 and the Nifty gained 126 points to settle at 5,911, erasing the losses of the last five sessions. The benchmarks made lower lows and higher highs today. The advance-decline ratio on the National Stock Exchange was a positive 1301:483.

While all key gauges ended positive, the broader indices underperformed the Sensex. The BSE Mid-cap index rose 1.40% and the BSE Small-cap index advanced 1.30%.

Among the sectoral indices, BSE Capital Goods (up 2.73%), BSE Auto (up 2.54%), BSE Bankex (up 2.32%), BSE Fast Moving Consumer Goods (up 2.24%) and BSE IT (up 2.15%) were the top gainers.

The Sensex gainers were led by Jaiprakash Associates (up 7.09%), Hero Honda (up 5.86%), HDFC (up 3.92%), HDFC Bank (up 3.30%) and Larsen & Toubro (up 3.26%). Tata Power (down 0.51%) and Sterlite Industries (down 0.40%) were the only losers on the benchmark.

Recovering from their early lows, markets in Asia closed with gains in the range of 0.55% to 1.56% as a weaker yen helped tide over nuclear concerns in Japan. Upbeat ratings of carmakers by Nomura Holdings resulted in auto stocks in Japan and Korea settling higher.

Meanwhile, Japan cut the outlook for its economy on Wednesday for the first time in six months, stating that last month's devastating earthquake and tsunami would hurt growth.

The Shanghai Composite surged 0.95%, the Hang Seng rose 0.66%, the Jakarta Composite gained 0.41%, the KLSE Composite was up 0.63%, the Nikkei 225 advanced 0.90%, the Straits Times climbed 1.09%, the Seoul Composite jumped 1.56% and the Taiwan Weighted was up 0.55%.

Back home, foreign institutional investors were net sellers of stocks worth Rs691.22 crore on Monday, whereas domestic institutional investors were net buyers of shares worth Rs263.81 crore.

Tata Chemicals (up 2.13%), which had acquired 25.1% stake in the ammonia-urea fertiliser complex at Gabon in Africa for $290 million, plans to invest a further $170 million in phase two of the project and raise its stake further. The company, however, did not specify the exact percentage of stake it would further acquire.

Brokerage firm Geojit BNP Paribas Financial Services (down 6.39%) on Tuesday said its consolidated net profit dropped 60.96% to Rs2.92 crore in the fourth quarter ended 31 March 2011 over the corresponding period a year ago. It had a consolidated net profit of Rs7.48 crore in the same period last fiscal, the company said in a filing with the National Stock Exchange.

Pharma major Strides Arcolab (up 0.56%) today said it has received the US health regulator's nod to market a product from its new facility in Karnataka. The approval by the US Food and Drug Administration is for commercialising the first liquid injection sterile product from the company's new sterile injectable complex in Bangalore, the company said in a statement. The company, however, said it was not in a position to disclose the name of the product due to confidentiality.

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CBI opposes bail plea of corporate honchos in 2G scam

"From being suspects, they have now become accused and hence, will have to justify their bail plea," senior advocate UU Lalit, who has been appointed as a special prosecutor by the Supreme Court said

New Delhi: The Central Bureau of Investigation (CBI) today opposed the bail plea of five corporate honchos, who appeared as accused after being named in the charge-sheet in the second generation (2G) spectrum allocation scam case, in a Delhi court saying that from being "suspects" they have become "accused", reports PTI.

"The status of a person changes in law after filing of the charge-sheet. They are not entitled to release on bail ipso facto (by default) on appearance before the court. From being suspects, they have now become accused and hence, will have to justify their bail plea," senior advocate UU Lalit, who has been appointed as a special prosecutor by the Supreme Court, said.

"There are nearly 180 prosecution witnesses and some of them are under political perception of threat," Mr Lalit said and gave some classified documents to CBI judge OP Saini who has been appointed to hear exclusively the 2G case on day-to-day basis.

After defence lawyers sought a copy of the document, Mr Lalit said "It is not for you. I may use them in our reply."

The plea drew sharp reactions from defence lawyers, including senior advocates Mukul Rohatgi, KTS Tulsi and Ranjit Kumar who said in fact it is CBI which will have to justify the arrest in the backdrop of the fact that the accused were not arrested during the investigation.

Top corporate leaders Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) managing director Sanjay Chandra, and three top officials of Reliance ADA Group Gautam Doshi, Surrendra Pipara and Hari Nair appeared in the packed courtroom along with a battery of lawyers. They were not arrested in the case.

Within minutes of commencement of hearing, Mr Rohatgi, appearing for Vinod Goenka of Swan Telecom, moved the bail application saying "the accused is entitled to release on bail."

"The charge-sheet has already been filed, cognizance taken. If an accused is not arrested during the investigation, then there is no question of his arrest subsequently," Mr Rohatgi said.

"What is the apprehension of CBI? I have appeared before it during the investigation and now I am before the court and there is no precedent that the accused is denied bail after being summoned in such a case," he said.

The maximum sentence in such cases is seven years and the prosecutor has made an argument as if it is a heinous offence, Mr Rohatgi said, adding "cite a case where bail is denied to an accused who is summoned after filing of the charge-sheet in such cases."

"The prosecutor has made a topsy turvy argument. The court could have issued a warrant but the summons were issued," he said.

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