Reliance Broadcast Network wins 5-year contract from Delhi Metro

Reliance Broadcast Network Ltd, formerly Reliance Media World Ltd, said its out-of-home (OOH) division BIG Street won a five year from Delhi Metro Rail Corp Ltd (DMRC) for the development of line III. No financial details were provided.

According to a company filing, the contract includes out-of-home (OOH) media inventory on line III covering 21 premium stations spread over 33.5 km stretch of high potential areas covering both west and central Delhi and touching over a million commuters each day.

On Monday, Reliance Broadcast Network shares ended 1.5% up at Rs69 on the Bombay Stock Exchange, while the Sensex closed 0.6% lower at 18,020 points.

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Power trading yet to power up

Power trading on the two power exchanges in India has been stagnant for the past six months. Volumes are expected to increase, only if more states agree to participate in the open access system.

While, the prices of merchant power traded have been volatile at India's two power exchanges, growth of volumes on both the exchanges has been stagnant. The volumes in June on both exchange has been around in the same range as in January.

According to the monthly volume data available with Indian Energy Exchange (IEX), 7,23,403.16 MWh was the total volume traded on the exchange in January 2010. In June 2010, the total volume traded was 7,48,388.58 MWh, with a month-on-month (m-o-m) change of a mere 3%. In July so far, volumes declined.

Similarly, the total monthly volume traded on Power Exchange India Ltd (PXIL) has remained stagnant for the past six months. In January 2010, around 1,44,009MWh was traded on the power exchange. In June 2010, around 1,44,434.3 MWh was traded on the exchange. The m-o-m change for January and June volumes is less than 1%. PXIL's volumes too declined in July.

The total volume of power traded on IEX showed a decline in February and March at -9% and -14% m-o-m, respectively compared to their previous months. The exchange has witnessed a rise in May and June at 5% and 26% respectively over the immediate previous months.

In PXIL volumes declined by -15%, -30% and -8% respectively in March April and May compared to their immediate previous months. In June volume growth was positive in both the exchanges.

The stagnant trend in volumes has been attributed to various reasons. According to sources from IEX, the fall in March was due to the fact that more power was being supplied through long-term contracts.

On the other hand, more states have been allowing open access since April, which has triggered a rising trend from April onwards. States like Andhra Pradesh and Tamil Nadu allowed their industries open access during this period. Active participation from Punjab, which allowed open access earlier, was also noticed April onwards.

While the growth in volumes have been stagnant over a period of six months, officials from IEX are positive that volumes are bound to increase over a period of time, as both the market as well the power sector are evolving. Volumes are expected to increase, if more states agree to participate in the open access system.

IEX is the country's first power trading exchange, which started operations in June 2008, followed by PXIL which started operating from October 2008. IEX has been far ahead in terms of volumes with a monthly average of 6,45,829.397 MWh traded in the last six months against 1,21,077.814 MWh traded on PXIL for the same period.
 

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Technology can prevent corporate fraud: PwC

New Delhi: Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers (PWC), reports PTI.

A new PwC report, '2010 Internal Audit State of the Productivity of the Profession Survey', said that about 48% of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18% have no access to these tools.

"With a predicted increase in scope and responsibility and heightened focus on risks, it is essential that internal audit functions prioritise focus, employ smarter resourcing and skill models and use technology as an enabler," PwC India executive director Satyavati Berera told PTI.

However, a number of internal auditors in India are not convinced that technology has a measurable benefit, with 38% of the respondents to PwC's survey unable to calculate the benefit.

Of the companies that saw benefits in the use of information technology, 38% said it provides greater coverage, 28% talked about targeted risk testing, 18% were eyeing efficiency and 17% were keen on the ability for continuous monitoring, the study said.

PwC suggested that companies can initiate a pilot project for a technology-enabled audit methodology or audit lifecycle so that an assessment can be made about the opportunity for technology to enhance and streamline that process.

"It is important for raising the performance bar because this year's survey results indicate that auditors at present are not convinced that technology has a clear benefit," PwC said.

The role of internal audit processes hold significance in India in the aftermath of the Rs10,000 crore accounting scam at Satyam Computer Services that was brought to light in January last year by the IT firm's founder and the fraud's perpetrator, B Ramalinga Raju.

The firm's internal audit team head V S Prabhakar Gupta, who is not out on bail, was booked by the Central Bureau of Investigation (CBI) for being party to the crime - the largest in India's corporate history.

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