The market regulator disposed off representation made by Dushyant N Dalal and Puloma D Dalal, who have been restrained from securities market for seven years
Market Securities and Exchange Board of India (SEBI) has disposed of a representation made by two individuals, who had sought the vacation of restrictions imposed on them with respect to securities market dealings.
The representation made by Dushyant N Dalal and Puloma D Dalal, who have been restrained from securities market for seven years starting 21 July 2009, has been disposed of, SEBI said in an order.
After finding that they indulged in fraudulent, deceptive and manipulative practices in initial public offers (IPOs) of various companies, SEBI had directed them to pay a disgorgement amount of Rs6 crore. The amount included simple interest at the rate of 12% annum for four years (2005-09) on the unlawful gain of over Rs4 crore.
In its order on 21 July 2009, SEBI had said that in case Rs6 crore disgorgement amount is not paid within 45 days of the order, the two would be restrained from dealing in the securities market for a further period of seven years.
SEBI also said the request made by the applicants for vacating the restraint imposed on them for non-compliance with the disgorgement order within the time stipulated in the order cannot be acceded to.
"A view on the quantum of penalty to be levied on the applicants have already been taken in the SEBI order. The applicants are undergoing the restraint only because of their non-compliance with the disgorgement order and as directed vide the SEBI order," Prashant Saran, whole time member of SEBI said.
In last one month, onion prices have jumped by 90% to Rs18.50 per kg as against Rs9.75 per kg on 30th May
Over the past two weeks, onion prices at Lasalgaon, the country’s largest wholesale market for the edible bulb, jumped almost 40% to Rs18.50 per kg. This is despite the imposition of minimum export price (MEP) on the vegetable to check its domestic rates from going up.
According to RP Gupta, director of National Horticultural Research and Development Foundation (NHRDF), onion prices have increased due to speculation amid anticipation of weak monsoon affecting Kharif (summer-sown) crops.
The impact of rise in onion prices at Lasalgaon in Nashik is being felt at Delhi’s Azadpur market where they are ruling at Rs15-25 per kg depending upon the quality, traders said.
Average rate of onions at Lasalgaon have soared to Rs18.50 per kg from Rs13.25 per kg on 18th June, as per NHRDF.
On 17th June, the Centre had imposed an MEP of $300 per tonne on onion to curb overseas sales and control rising retail prices.
In last one month, prices have jumped by 90% to Rs18.50 per kg as against Rs9.75 per kg on 30th May.
“Onion prices have gone up purely on anticipation of drought as there has not been any decline in the supplies,” Gupta said.
About 39 lakh tonnes of rabi onion is stored in the country but that may not be sufficient if kharif crop gets affected on account of deficient monsoon, he added.
The Met department has predicted a below normal monsoon this year, posing threat to kharif crops including rice.
Monsoon rains are key for the farm sector as about 40% of agriculture land is irrigated through rain water.
The domestic demand during the lean period from June to November is met through stored rabi (winter) crops and fresh kharif (summer) crops.
Onion production is estimated to have risen to 192 lakh tonne during 2013-14 crop year (July-June), from 168 lakh tonne in 2012-13. Exports meanwhile fell to 13.58 lakh tonnes last fiscal from 18.22 lakh tonnes in 2012-13.
Onion is predominantly a rabi crop grown throughout India.
During the kharif season it is grown mainly in Maharashtra, Karnataka, Gujarat and Andhra Pradesh.
According to Nomura, demand perspective for Indian IT industry looks better due to some possible uptick in technology outsourcing and a more stable pricing outlook as against pricing pressure indications in second quarter
Accentures has annoucned its third quarter results in the US, which accorging to Nomura points out towards an optimism in both revenues and earnings, which are higher than analysts' forecasts.
According to Nomura's research note the key positives for Indian IT players, based on Accenture results, are: (a) broad-based revenue growth ahead of guidance; (b) strongest growth in consulting in nine quarters at 6% year-on-year and consulting booking growth of 10% year-on-year; and 3) strong growth in outsourcing at 10% year-on-year, which is the best in past seven quarters.
The key negatives, as pointed out by Nomura are (a) weak growth in outsourcing bookings up 2% year-on-year; 2) lowering of top end of FY14F revenue growth guidance to 5%; and (c) reduction in top end of diluted EPS guidance.
Nomura believes that the results are marginally positive for India IT from a demand perspective as it indicates: (a) some uptick in technology outsourcing; (b) continued strength in Digital; and 3) a more stable pricing outlook (vs pricing pressure indications in 2Q).
Nomura remains constructive on IT sector demand and remains overweight on the sector. The recommended top Buys are HCL Tech, TCS and Tech Mahindra.