Religare Enterprises posts consolidated loss of Rs98.46 crore in Q3

On stand-alone basis, Religare has posted a net profit of Rs35.7 lakh for the December quarter compared to net loss of Rs4.41 crore in the year-ago period

Religare Enterprises has posted a net loss of Rs98.46 crore for the quarter ended 31 December 2010 compared to net profit of Rs21.67 crore for the quarter ended 31 December 2009, the company informed the stock exchanges today.

Total income has increased from Rs 413.37 crore for the quarter ended 31 December 2009 to Rs 718.23 crore for the last quarter, representing a rise of 73.75%.

On stand-alone basis, the company has posted a net profit of Rs35.7 lakh for the quarter ended December 2010 quarter compared to net loss of Rs4.41 crore in the year-ago period.

Total income on a stand-alone basis has increased from Rs18.43 crore for the quarter ended 31 December 2009 to Rs41.50 crore for the quarter in review.

"While in the quarter gone by we saw some softness in the India business owing to pressure points in the financial markets, the structural story remains intact," Religare Enterprises group CEO Shachindra Nath said.

In a separate filing to the BSE, Religare said the company's board has approved fund raising of up to Rs2,500 crore through issue of capital.

Shares of Religare Enterprises were trading 0.93% down at Rs499 apiece in the post-noon session today.

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SEBI adopts new tool to analyse data, identify manipulators

The new tool-Data Warehousing and Business Intelligence System (DWBIS)-will significantly enhance SEBI's investigation and surveillance functions

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Monday said it has implemented a new tool for speedy analysis of data and identification of possible violations like insider trading, reports PTI.

The new tool-Data Warehousing and Business Intelligence System (DWBIS)-will significantly enhance SEBI's investigation and surveillance functions, the regulator said in a statement.

"The Data Warehousing tool will allow SEBI to exploit the power of modern technology in terms of computation and speed of data analysis," it added.

DWBIS will also allow SEBI, along with the similar tools available with the exchanges and depositories, to expedite the investigation and completion of its quasi judicial orders arising from cases of violations pertaining to the securities market.

SEBI said the new tool in next one year will host "pattern recognition algorithms" to monitor the trade and order data received by the market regulator in order to identify networked clients who possibly collectively indulge in violations of securities laws.

The tool has software functions aimed at addressing "crimes like insider trading, front running, etc," SEBI said.

The existing databases across departments of SEBI will get linked with this new tool in a way to enable the efficient utilisation of the stored data for SEBI's investor protection and regulatory roles, the regulator said.

SEBI has signed a contract for this project designed and to be delivered by TCS, as the system integrator. The rollout of the project took place yesterday with chairman CB Bhave receiving the first set of reports from the system.

The new tool is expected to be used extensively by SEBI in its various investigations into possible irregularities in the market dealings.

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Payment for Iran crude yet to be done, certification still on

As per the requirement of the German central bank, Deutsche Bundesbank (DBB)-which had permitted payment in euros through EIH -each drop of oil bought from US-sanctioned Iran is being certified

New Delhi: Days after India put in place a mechanism to pay for Iranian crude oil, payments to the nation's second largest oil supplier are yet to begin as the tedious process for certification of the oil bought is still underway, reports PTI.

After the Reserve Bank of India (RBI) in December stopped the use of a long-standing clearing mechanism for payments, India had on 3rd February decided to pay for the Iranian oil using euros through Germany-based Europisch-Iranische Handelsbank AG (EIH Bank).

Sources said as per the requirement of the German central bank, Deutsche Bundesbank (DBB)-which had permitted payment in euros through EIH -each drop of oil bought from US-sanctioned Iran is being certified.

First, the oil companies are certifying the crude oil they bought from Iran and payments that are due. This is being counter-certified by the ministry of petroleum and natural gas.

Furthermore, State Bank of India-the banker which is to route the payments-is also affixing its seal on the transactions, sources said, adding these will be presented to DBB, which will then authorise the transfer of euros to the bank account of National Iranian Oil Co (NIOC).

SBI had refused to facilitate payments for Iranian oil after the RBI on 23rd December disallowed payments for Iranian crude using a long-standing clearing house system run by the central banks of nine countries-including India and Iran-dubbed the Asian Clearing Union (ACU).

However, Iran, which makes up for over 12% of India's oil needs, had continued to supply oil on credit despite the outstanding amount crossing a staggering $3 billion.

Sources said payments for crude oil bought since September are due. Currently, certification of the crude oil bought since September is being done and once the backlog is cleared, certification would be done on a monthly basis.

After the certification, oil companies like Essar Oil will transfer money to SBI, which in turn will use its Frankfurt branch to route payments to EIH.

Sources said import of crude oil from Iran has not been banned by either the UN or European Union.

India imported 21.3 million tonnes of crude oil from Iran in 2009-10 and imports in 2010-11 are expected to amount to around 18 million tonnes, as Reliance Industries has totally stopped using crude oil from the Persian Gulf nation.

The nation imports 12 million barrels of crude oil every month from Iran, which is the nation's second-largest supplier after Saudi Arabia.

Sources said regulations endorsed by the EU in October required deals involving Iran and the euro to be accompanied by a certificate outlining payment details for each and every transaction.

Under the ACU mechanism, payments for all trade deals between member countries are settled every two months, with individual transactions not being accounted for separately.

MRPL is the biggest importer of Iranian crude oil in the country, sourcing about 4 million barrels every month, which amounts to 7.1 million tonnes every year. Mumbai-based Essar Oil imports roughly 3 million barrels every month (about 5 million tonnes a year) and Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) about 3 million tonnes each.

ACU, based in the Iranian capital of Tehran, settles trade transactions between Bangladesh, Bhutan, India, Iran, Nepal, Pakistan, the Maldives, Myanmar and Sri Lanka.

Till 2008, payments to Iran under the ACU mechanism were done in US dollars, but after the United States imposed sanctions against the Middle East country over its suspected nuclear weapons programme, the currency was switched to the euro.

United Nations' sanctions do not forbid buying Iranian oil and recently the European Central Bank (ECB) asked the RBI to provide certificates that the euro is being used to import products that are not on the US sanctions list.

Sources said while certification for crude oil imports was easy to provide and track, the RBI chose to scrap the system altogether.

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