Regulations
SEBI asks Idol India Infra, promoters, directors to refund money
SEBI also prohibited Idol India Infrastructures, its promoters and directors from accessing the securities market for raising funds
 
Market regulator Securities and Exchange Board of India (SEBI) has directed Idol India Infrastructures Ltd, its promoters and directors to refund money collected from investors.
 
SEBI said it found Idol India Infra, its promoters and directors flouting norms by raising Rs4.95 crore from over 10,000 investors through issuing non-convertible debentures (NCDs). 
 
However, the company claimed to have repaid a sum of Rs4.41 crore along with interest to its investors. 
 
In an order, SEBI directed Idol India Infrastructures, its promoter and directors to "refund the money collected by the company through the issuance of NCDs...With returns that were promised by the company to its investors. " 
 
In cases of delay in making the repayments, the company, its promoters and directors, would return the money collected from its investors with an interest of 15% per annum compounded at half yearly intervals, from the date of this order till the date of actual payment, SEBI said. 
 
The regulator said that repayments as claimed by the company, would need to be certified by Chartered Accountants. 
 
The market regulator also asked Idol India Infra to issue public notice, in all editions of two national dailies and in one local newspaper detailing the modalities for refund, including details on contact persons including names, addresses and contact details, within next 15 days. 
 
SEBI also prohibited India Infrastructures Ltd and its promoters and directors from accessing the securities market for the purposes of raising funds with immediate effect. 
 
"This restraint shall continue be in force for a further period of two years on completion of the repayments (to its investors), made to the satisfaction of SEBI," the regulator said in its order.

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ECGC India FY14 net profit surges 49% to Rs361 crore

For FY14, ECGC India reported higher net profit to Rs361 crore  as its gross premium income increased to Rs1,304 crore

 

Export Credit Guarantee Corporation of India Ltd (ECGC), a government owned export credit insurer, reported a higher full year net profit mainly on increase in its premium income and recoveries.


For the 12 month to end-March, ECGC said its net profit jumped 49% to Rs361 crore from Rs243 crore even as its gross premium income rose 13% to Rs1,303 crore from Rs1,157 crore, a year ago period. Its recoveries during FY14 increased by 31.66% to Rs159 crore.
During FY14, ECGC has covered 7% more aggregate risk value to Rs2.79 lakh crore from Rs2.60 lakh crore a year ago period. It comprises 49% of those under policies issued to exporters and 51% of that pertaining to covers given to banks.


“Though there have been signs of economic recovery in the US and Europe in 2013, political instability and strife in many countries like Libya, Syria, Egypt, Afghanistan, Sudan, Iraq, Turkey and Ukraine heightened risks for exporters and financing banks.

 

Therefore, the role of ECGC continues to be very important and crucial as exporting without suitable credit insurance is fraught with huge risk,” said N Shankar, chairman and managing director of ECGC in a release.


ECGC said during the FY14, it paid Rs898 crore of claims, significant 64% increase from Rs548 crore a year ago period. During FY14 ECGC paid out 381 claims worth Rs109.29 crore to exporter under policies issued to them and 175 claims worth Rs639.55 crore to financing banks under Export Credit Insurance for Banks (ECIB) Scheme. The major sectors under which it received maximum claims are Gems & Jewellery, ready made garments and textiles, engineering goods, chemicals and agriculture products.
ECGC paid a dividend of Rs88 crore to the Government of India.

For more stock results, check out this page

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Sensex, Nifty move higher on positive sentiments: Monday closing report
The market remains bullish and awaits fresh news to the next move. Non-Sensex stocks will do well
 
Monday was the third day of increase in the gains on the BSE 30-share Sensex for the third consecutive session. The clear victory of Narendra Modi and the positive speech from him added more strength to the current upmove.
 
Sensex opened at 24,340 while the NSE 50-share Nifty opened at 7,277. Sensex moved in the range of 24,108 and 24,448 and closed at its life time high 24,363 (up 241 points or 1%). Nifty moved between 7,194 and 7,291 before closing at its new lifetime high of 7,264 (up 61 points or 0.84%). The NSE recorded a huge volume of 190.90 crore shares. India VIX fell 15.08% to close at 20.6300.
 
The top five gainers among the other indices on the NSE were CPSE (9.38%), PSE (8.66%), Infra (7.51%), PSU Bank (6.81%) and Nifty Midcap 50 (6.75%), while the only four losers were IT (4.79%), FMCG (3.88%), Pharma (3.74%) and Consumption (0.08%).
 
Of the 50 stocks on the Nifty, 29 ended in the green. The top five gainers were BHEL (14.42%), Coal India (13.20%), NTPC (12.16%), PNB (11.23%) and ONGC (8.11%). The top five losers were TCS (6.24%), Dr Reddy (5.48%), Infosys (5.27%), Hindustan Unilever (4.95%) and ITC (4.75%). 
 
Of the 1,577 companies on the NSE, 1,276 companies closed in green, 260 closed in the red while 41 closed flat.
 
Standard & Poor's Ratings Services on 16 May 2014, said that the fiscal and economic reforms taken by India's new government in the next two to three months will have significant implications on India's sovereign credit rating.
 
Moody's Investor Service said that the Bharatiya Janata Party's resounding election win is credit positive for India as it boosts the prospect that a stable government will address the country's economic challenges.
 
All the five PSU stocks in the Sensex 30 pack zoomed higher. Four of these five PSUs were among the top four gainers.  Clearly defined policies and autonomy by the incoming government are likely to boost the fortunes of PSUs. The five PSUs were Bhel (16.94%), Coal India (12.73%), NTPC (10.35%), ONGC (8.17%) and Gail (5.13%).
 
With the strengthening of rupee software stocks were pulled down today. TCS, top loser in Sensex 30 stock, 5.69% others were Infosys (4.88%) and Wipro (4.25%).
 
Jaiprakash Power Ventures posted poor quarterly results today. The board of directors of the company at its meeting held on May 17, 2014is planning to seek shareholders’ approval/renewal of shareholders’ approval to raise funds of upto Rs3,000 crore (against Rs2,500 crore already approved on July 06, 2013) for the company’s ongoing projects and/or the projects of its joint venture and subsidiary companies and also to reduce company’s debt. The company was the top gainer (up 30.24%) in ‘A’ group of BSE.
 
Wockhardt (6.66%) was the top loser in ‘A’ group on the BSE. It was recently in news for recalling 109,744 bottles of a high blood pressure drug in the United States after it failed a dissolution test.
 
US indices closed in the positive on Friday. In economic data, construction on new US homes surged in April to the fastest pace in five months, with the volatile apartment category leading that jump, according to government data released Friday.
 
Except for KLSE Composite (0.20%), Seoul Composite (0.08%) and Taiwan Weighted (0.13%) all the other Asian indices closed in the red. Shanghai Composite (1.05%) was the top loser.
 
European indices were showing mixed performance while US Futures were trading lower.

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