Even a half-hourly close below 6070 on the Nifty may pull the index down
Aditya Birla Chemicals shares hit its 52-week high on BSE due to strong December quarter results achieved on robust sales growth and new acquisitions
Aditya Birla Chemicals (India) Ltd, Wednesday hit its 52-week high at Rs122 on the BSE following the company’s good third quarter results. Aditya Birla Chemicals said its December quarter net profit increased mainly on higher sales and contributions from its new acquisitions.
For the quarter to end-December the chemical producer said its net profit stood at Rs16.36 crore while its total revenues, including sales, grew to Rs286.88 crore. However, the company clarified that its third quarter results are not comparable with previous year due to new acquisitions.
“The results of the company for the quarter and nine months ended 31 December 2013 includes results of the said acquisition during quarter and hence current period and year-to-date numbers are not fully comparable with earlier period,” Aditya Birla Chemicals said in a regulatory filing.
Aditya Birla Chemicals has acquired the business comprising of Chlor Alkali & Phosphoric Acid plant at Karnataka and salt works at Gujarat from Solaris Chemtech Industries for Rs153 crore on 1 September 2013, which contributed to sales growth during December quarter.
Aditya Birla Chemicals closed Wednesday 4.9% higher at Rs116.35 on the BSE, while the 30-share Sensex ended the day flat at 20,448.
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The HC refused to defreeze bank accounts of Transview Enterprises owned by Suresh Thimiri, who is often touted as QNet India's CEO but had denied any relations with the MLM operator
The Bombay High Court on Wednesday rejected interim application filed by Suresh Thimiri, who is often touted as QNet India's chief executive, to defreeze bank accounts Transview Enterprises Pvt Ltd, a separate company owned by him.
Transview Enterprises is an associate company of Vihaan Direct Selling Pvt Ltd that handles QNet's multi-level marketing (MLM) operations in India since 14 April 2012. Before that QNet's Indian operations were controlled by QuestNet Enterprises (India) Pvt Ltd, a company registered at Chennai.
Vihaan Direct Selling, in which Michael Ferreira, the former world billiards champion, owns 80% stake, is a direct selling agent of QNet and had done large financial transactions with Mr Thimiri's company Transview. This made the EOW to freeze Transview's bank accounts in ING Vyasa Bank at Bengaluru.
Mr Thimiri, who in his anticipatory bail application on 19 August 2013 had denied any relations with QNet and its representative, however, has ratified deals between Vihaan Direct Selling and his company, Transview Enterprise.
In his application before the Bombay High Court to defreeze bank accounts of Transview Enterprise, Mr Thimiri said, "The applicant (Mr Thimiri, director of Transview) is in the business of importing and manufacturing products such as Bio Discs, Chi Pendants, Nutriplus, Homepure, watches and various other products and sells the same to M/s Vihaan Direct Selling India Pvt Ltd."
While Mr Thimiri is trying very hard to de-link himself from the probe, his own submissions are revealing truth. Vihaan Direct Selling carries 'QNet' brand in India that is registered trademark of Transview Enterprise of Mr Thimiri. The submission made by Mr Thimiri before the Courts only underline his links with QNet in India.
Last week, the Enforcement Directorate (ED) registered a case under the prevention of money laundering act (PMLA) against QNet, Vihaan Direct Selling, Ferreira and QNet founder Vijay Eswaran and three other independent representatives (IRs) of the MLM operator.
The Economic Offences Wing (EOW) of Mumbai Police, which is also probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.
For weeks, the former world billiards champion avoided appearing before the EOW until a Mumbai court hearing his anticipatory bail application asked him to present himself before the police by 27th January. On 31st January, the Session Court extended till 17th February the interim protection from arrest granted to Mr Ferreira in the QNet scam. He however, has been asked to attend EOW offices as and when required besides obtaining prior permission from the Court before going abroad.
The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) before the EOW stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Mr Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”