Stocks
Sensex, Nifty may soon witness a correction: Tuesday Closing Report

The Nifty has to maintain itself above 5,675 to sustain the uptrend

 
The market settled in the positive on all-round gains in the second half of trade. The Nifty has to maintain itself above 5,675 to sustain the uptrend. The National Stock Exchange (NSE) reported a volume of 58.90 crore shares and advance-decline ratio of 1153:382.
 
The market witnessed a lacklustre opening on concerns about the pace of economic growth following not-so-impressive indicators that were released yesterday. Unimpressive domestic auto sales figures for March 2013 also weighed on the sentiments. On the global front, markets in Asia, excluding Japan, were mostly higher in morning trade on hopes that growth will pick up. US markets settled lower on weak manufacturing data for March.
 
The Nifty opened two points down at 5,702 and the Sensex resumed trade at 18,864, down one point from its previous close. Trade was range-bound for a major part of the morning session in the absence of any triggers. 
 
Meanwhile, the benchmarks fell to their lows at around 10.00am. At this point, the Nifty fell to 5,687 and the Sensex retracted to 18,827.
 
Buying in metal, capital goods and oil & gas stocks helped the benchmarks emerge into the positive in noon trade. A positive opening of the key European markets saw the domestic indices move further northwards in the second half of the trading session. All sectoral indices on the BSE were trading in the positive on all-round buying support.
 
The market hit its intraday high in the last hour of trade with the Nifty touching 5,755 and the Sensex climbing to 19,061. The market settled a tad off the highs, making it the fourth positive close in a row.
 
The Nifty settled 44 points (0.77%) higher at 5,748 and the Sensex gained 176 point (0.93%) to finish the session at 19,041.
 
Among the broader indices, the BSE Mid-cap index surged 1.43% and the BSE Small-cap index jumped 2.28%.
 
All sectoral indices closed in the positive. The top gainers were BSE Metal (up 2.07%); BSE Oil & Gas (up 1.99%); BSE Capital Goods (up 1.88%); BSE Healthcare (up 1.82%) and BSE PSU (up 1.73%).
 
Twenty-three of the 30 stocks on the Sensex closed in the positive. The major gainers were Sun Pharmaceutical Industries (up 4.61%); Wipro (up 4.28%); Sterlite Industries (up 3.79%); ONGC (up 2.76%) and Jindal Steel & Power (up 2.53%). The chief losers were Bajaj Auto (down 1.53%); HDFC (down 0.74%); Tata Power (down 0.47%); Bharti Airtel and ICICI Bank (down 0.41% each).
 
The top two A Group gainers on the BSE were—Reliance Communications (up 10.86%) and Eicher Motors (up 7.82%). 
The top two A Group losers on the BSE were—Satyam Computer Services (down 5.75%) and Tech Mahindra (down 3.43%).
 
The top two B Group gainers on the BSE were—Bihar Sponge Iron (up 20%) and Reliance Industrial Infrastructure (up 20%).
The top two B Group losers on the BSE were—Shimoga Technologies (down 20%) and GI Engineering Solutions (down 14%).
 
Of the 50 stocks on the Nifty, 36 ended in the green. The key gainers were Sun Pharma (up 4.97%); Reliance Infrastructure (up 4.77%); Sesa Goa (up 4.13%); IDFC (up 3.51%) and Cairn India (up 3.11%). The major losers were Bajaj Auto (down 1.36%); Asian Paints (down 1.31%); HDFC (down 1.11%); Axis Bank (down 0.98%) and Tata Power (down 0.73%).
 
Markets in Asia closed mostly higher on hopes of a revival of the global economy. On the other hand, the Nikkei declined over 1% as the yen strengthened to a new one-month high against the dollar. The Shanghai Composite closed lower on news that curbs on drug prices might reduce margins of pharmaceutical distributors.
 
The Hang Seng rose 0.31%; the Jakarta Composite gained 0.40%; the KLSE Composite surged 1.04%; the Straits Times climbed 0.30% and the Taiwan Weighted rose 0.18%. Among the losers, the Shanghai Composite fell 0.30%; the Nikkei 225 dropped 1.08% and the Seoul Composite declined 0.49%.
 
At the time of writing, the CAC 40 of France was 1.11% higher; the DAX of Germany rose 1.19% and UK’s FTSE 100 was trading 1.02% higher. At the same time, the US stock futures were in the positive, indicating a firm opening for US stock later in the day. 
 
Back home, foreign institutional investors were net buyers of shares totalling Rs313.07 crore on Monday. On the other hand, domestic institutional investors were net sellers of stocks aggregating Rs269.16 crore.
 
Soma Textiles & Industries has signed a business transfer agreement with GTN Engineering (India) for sale of the company’s unit at Baramati in Maharashtra on slump sale basis at a total lump sump sale consideration of Rs29.80 crore. Soma Textiles fell 7.59% to close at Rs3.65 on the NSE.
 
A section of workmen affiliated to Goa Trade & Commercial Worker's Union (affiliated to AITUC) of GKB Ophthalmics has resorted to an indefinite strike with effect from 2 April 2013, thereby bringing down the production to a 25% level. However the stock rose 8.07% to close at Rs 20.75 on the NSE.
 

 

User

How defrauded customers taught Timtara.com a lesson using social media

Several customers cheated by the online shopping portal came together through social media and kept up pressure on the police, which finally led to arrest of the timtara.com’s top executives

In an extraordinary effort, several cheated consumers of online shopping portal Timtara.com kept up the pressure on the local police through social media, resulting in the arrest of the website’s top executives. After lot of hue and cry and around 200 complaints from cheated customers, last week the Delhi police arrested Arindam Bose, director of timatara.com, and his associate Harish Ahluwalia. Setting an example, these consumers showed how to successfully use social media to track and lodge complaints against the online shopping portal.

 

Several customers, who were cheated by Timtara.com, joined hands through a Facebook page (which was later closed by the social networking site). Members (and cheated customers of Timtara.com) like Deepak Agnihotri, Neeraj Prasad, Ankit Sharma, Vikalp Gupta and others filed cases with the Delhi police, Noida police as well as the Economic Offences Wing (EOW).

 

“We put up immense pressure on the police to file a first information report (FIR) against Arindam Bose, Harish Ahluwalia and others. At least one among us would call and ask details from the police station several times a day. I don't know why it took so long for the police to register the FIR but finally they did. In the meantime, the company was selectively refunding money to members. In fact, just a week before registering the case, Timtara.com refunded me. However, we continued with our efforts and filed case against them," said Neeraj Prasad.

 

Prasad said, several cheated customers of Timtara.com came together on Facebook through various forums, like “timtara.com consumer voice”. He also created a Facebook page “timtara.com fraud website” to create awareness. “However,” he said, “It was a matter of extreme frustration that Facebook sided with the frauds and shut down the page without any courtesy as warning, etc. This page had listed photos and addresses of all the known timtara.com employees.”

 

The group then contacted a lawyer and sent a legal notice demanding Rs50 lakh as punitive damages from Timtara.com. After receiving the notice, the portal started selectively paying money. “They (Timtara.com) refunded money to a few other people who were not among the complainants so as to discourage more people joining us. They even sent old/repaired goods to some members from our group,” Prasad said.

 

Finally the case was registered against the company in the consumer court and on 30th March, police arrested Bose and his associate Ahluwalia.

User

COMMENTS

Ramanjulu Kalupuri

3 years ago

I have ordered 'Samsung Galaxy Ace' in timtara on 10th Dec 2012 worth of Rs 10,500.00 and I have not got the product and nor money. I have sent multiple mails and called many times, their simple answer we will raise request to next level and you will get back the money.

Not got till, any hope ?

N Raja Sekar

3 years ago

Sir I was cheated 13600 by them any way of getting that back?

Kirankumar

3 years ago

I have ordered a samsung Mobile worth Rs. 19100 on 21st March 2013 but till now I have not received my product nor the money back.
could someone help me to get my money back.

Regards
kiran
09902122882

Tushar

3 years ago

I have made many complaints and still i have not received the product or the refund.

My transaction Id : 10170227, dt. 20/1/13 for INR 4489 at Timtara website

Plz. help.

Tushar

N Raja Sekar

3 years ago

Order No 10161773
I ordered a Blackberry Playbook 16GB on 31/12/2011 with Order No 10161773 with a value of Rs13,300% , as there was a delay in Shipment it was cancelled on 08/01/2012. I got a cancellation mail order. Later when I asked for refund I was told it will be done in a week. Every week I mail them and most often I wont get a reply. It is now more than 700 days. No sign of refund.
Now no one is replying to mails or picking up phones.

N Raja Sekar

3 years ago

Order No 10161773
I ordered a Blackberry Playbook 16GB on 31/12/2011 with Order No 10161773 with a value of Rs13,300% , as there was a delay in Shipment it was cancelled on 08/01/2012. I got a cancellation mail order. Later when I asked for refund I was told it will be done in a week. Every week I mail them and most often I wont get a reply. It is now more than 700 days. No sign of refund.
Now no one is replying to mails or picking up phones.

RAJU M J

4 years ago

I ordered a camera and wrist watch worth Rs 13000 /- (order no 10326394 and 10326396).
I cancelled the same , but still the refund is pending.

Could any one help me in this regard.

Raju M J
9940202757

Homi Irani

4 years ago

I have been cheated of 18000

Please help

Homi Irani
9221609542

mayank

4 years ago

i am still waiting for my 15000 refund

plzz help me
Mayank Talwar
7838855739

REPLY

lijo

In Reply to mayank 4 years ago



I tried the below options:
1.emailed details to [email protected] (payu.in was the online payment gateway of timtara in my case) they took care of my request and helped me refund my money :)timtara will change the provider time to time. so findout ur payment gateway provider and email them.

2.http://www.akosha.com/ (they'll charge u about 500 bugs i think. but the'll get u a solution)

Arun

4 years ago

Those who know how to get money back from timtara.com Please please help me out

Arun
9860223983

REPLY

Kaushal

In Reply to Arun 4 years ago

Hi Arun,Just file a compliant with your bank/card from where the payment was made.

lijo

In Reply to Arun 4 years ago



I tried the below options:
1.emailed details to [email protected] (payu.in was the online payment gateway of timtara in my case) they took care of my request and helped me refund my money :)timtara will change the provider time to time. so findout ur payment gateway provider and email them.

2.http://www.akosha.com/ (they'll charge u about 500 bugs i think. but the'll get u a solution)

ANKUR SHARMA

4 years ago

I ALSO ORDERED BSNL PENTA TABLET FROM THIS SITE ON 2 NOV 2012 BUT NOT RECEIVED MY PRODUCT TILL NOW…..MY ORDER IS STILL SHOWING “This order is marked as Awaiting Shipment”
MY TRANSACTION NO. IS 10152379……..PLSSS CONSULT ME IF SOMEONE HAVING INFORMATION HOW TO GET OUR MONEY BACK FROM THIS WEBSITE……
ANKUR SHARMA
8281711125

ramesh palla

4 years ago

im also a victim of timtara.com i hav ordered a mobile of costs 10500/- but up to know i didnt get any product and amount also not refunded.....i hav complainted them lot of times but no response now the site was closed then how can i get my money back....,

ramesh palla

4 years ago

then how can i get my money back....,is there any chance to get it.... :(

Anchal Gupta

4 years ago

Have covered an article on my blog portal. Initially didn't know about much .. so just conducted an interview. It was all rosy picture painted but later we saw comments and read reviews in Mouthshut. we covered a story again.

here is the blog link.

http://www.retailopia.com/2012/08/order-...

Joseph Fernandes

4 years ago

I am also a victim of Timtara's fraud, perpetuated a year back. I had ordered softel's snack maker and paid online Rs1442/- but the item was not delivered and refund NOT yet given.
Joseph Fernandes
Mumbai

REPLY

Niraj Prasad

In Reply to Joseph Fernandes 4 years ago

bhai what are you waiting for. file an FIR, file a consumer case, raise your voice, write to media/blog/fb/twitter/everywhere ... or if you can, break their bones.

Personal Finance Exclusive
Third-party motor insurance premium hike by 20% is simply arbitrary!

IRDA had earlier proposed the hike of nearly 40% for private cars and 100%to 300% for goods carrying vehicles. While lower hike of 20% is welcome, will insurers compensate it by increasing your Own Damage premium?

The Insurance Regulatory and Development Authority (IRDA) has hiked third-party (TP) motor premium by 20%, effective 1 April 2013. It seems to be U-turn after the proposed 40% TP premium hike for private cars, and 100% to 300% increase for Goods Carrying Vehicles (GCV). IRDA had come up with the proposed hike after studying claims experience for different types of vehicles from the Insurance Information Bureau (IIB) data. If so, then the hike of 20% for private vehicles and public GCV is simply arbitrary.
 

What is astounding is that private GCV will have a 1% decrease in TP premium when the proposed hike was 100% to 300% based on capacity of the vehicle! Why even do the farce of studying the IIB data when you are going to trash the scientific data anyway?

IRDA had asked for feedback from stakeholders before making the increase. Moneylife had sent feedback to look at more parameters than just engine cc for deciding the TP premium. There was no response from IRDA. There is a need to look at geographical area, vehicles with all-India-permit, private vehicle models that are prone to commercial usage and so on to decide the TP premium.
 

The proposal had a jump of 85% for private cars below 1000cc; 1.4% increase for private cars between 1000cc and 1500cc and 43% hike for cars over 1500cc. With 20% across the board for private vehicles, there seems to be no justification. Similarly, the proposed 100% to 300% increase in TP premium hike for GCV seems to have been ignored, possibly due to pressure from the powerful lorry owners association. The TP premium hike for public GCV will be 20% to 28%. Surprisingly, there is 1% decrease in the private GCV segment TP premium.
 

According to KG Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance, “The initial notification was based on a working done by IRDA as per the formula notified in their circular last year.  However, they received many representations from several groups of insured’s and this may have prompted them to decrease the hike. The increase is not sufficient to cover the losses and this will continue to put burden on the non-life insurers.”
 

Sanjay Datta, chief-underwriting and claims, ICICI Lombard, says, “The regulator has clarified in its order that the rate increases have been moderated considering the sudden impact on policyholders. Rate hike proposed initially through the exposure draft would have certainly helped the industry to move towards breaking even in this business segment a bit faster. We expect current rates to correct further over a period of time.”
 

Even the proposed hefty hike for GCV TP premium was considered inadequate by insurance companies. Mukesh Kumar, Head-HR, marketing and strategy planning at HDFC ERGO, had earlier said, “The proposed hike is still inadequate for this class, judging from the loss experience. Vehicles with higher tonnage are used for longer distances, mostly inter-state. Therefore, the risk exposure is higher.”
 

Your TP premium may be subsidising the commercial vehicles responsible for insurance companies’ losses. According to Dr Amarnath Ananthanarayanan, CEO and MD, Bharti AXA General, “The rate on an average has been increased up to 20% across various classes of vehicles and is less than is what is required to make the TP insurance viable for commercial vehicles. The rate of increase should have been higher to ensure that the general insurance industry does not bleed. We look forward to more such rate revisions in the future or better still de-tariff of the TP premiums. It would help the customers more as in this case the better customers would enjoy lower premium rates as opposed to the current scenario wherein the good customers are subsidizing the bad customers.”
 

Mr Mukesh Kumar agrees that the 20% hike is not sufficient considering the TP claims and has a view that de-tariffing of TP cover might be the only ideal solution.
 

Type of Vehicle

TP Premium – Apr 2012 (Rs)

TP Premium – Apr 2013 (Rs)

% increase

Not exceeding 1000cc private car

784

941

20%

1000cc – 1500cc private car

925

1,110

20%

Exceeding 1500cc private car

2,853

3,424

20%

Goods Carrying Vehicle (private) <7,500kg to greater than 40,000kg capacity

9,818-13,020

9,690-12,851

-1%

Goods Carrying Vehicle (public) <7,500kg to greater than 40,000kg capacity

10,902-12,529

13,082-15,035

20% to 28%

Three-wheelers not exceeding six passengers for hire or reward

1,097 plus 525 per licensed passenger

1,102 plus 527 per licensed passenger

1%

Not exceeding 1000cc for hire or reward car

3,059 plus 588 per licensed passenger

3,417 plus 657 per licensed passenger

12%

1000cc – 1500cc hire or reward car

4,779 plus 588 per licensed passenger

5,338 plus 657 per licensed passenger

12%

Exceeding 1500cc hire or reward car

5,543 plus 588 per licensed passenger

6,191 plus 657 per licensed passenger

12%


By all possibility, insurance companies will increase the “Own Damage” premium to compensate for low increase in TP premium. This has been done in the past too based on the feedback Moneylife received from few insurance companies for our cover story on “Road Accidents – Know your financial rights” (20 Sep 2012).
 

According to Mr Rao, “For an insurer if the motor class of business has to break-even he may have to balance the Own Damage and TP premium. A loss in the TP side would mean higher Own Damage premium.  However this is not good for the industry in the long run as this will discourage the TP insurance seekers who are taking own damage cover to avail the cover thereby increasing losses and in the end will increase TP premium much more.”
 

Mr Mukesh Kumar, says, “The motor product in totality has to be sustainable. Technically that should not be the case; however, if one portion of the risk is underpriced, there are chances that the other portion may cross subsidize the losses.”
 

The proposed hike for auto rickshaw and taxi insurance was 11% and 13% respectively. In reality, the hike is 1% for auto rickshaw and 12% for taxi TP premium. The taxi union has sent a protest letter to the IRDA against the TP premium increase coming a year after the last hike in April 2012. The taxi union’s contention is that the accident rate of taxis is negligible in Mumbai. This has been confirmed by one insurance broker. It justifies Moneylife’s recommendation to IRDA that TP premium should not be solely based on engine cc.
 

Third-party motor insurance is the only segment where the tariffs are set by IRDA. The TP liability cover, which is mandatory in India, does not provide any benefit to the insured; however, it covers the insured’s legal liability for death/disability of third party loss or damage to third party property.
 

Also read –

Third-party motor insurance premium hike may be 40%. Is it justified?

Road Accident: Know your financial rights

Save on your Car Insurance

User

COMMENTS

Laxmanprasad Gupta

4 years ago

Motor Insurance loss ratio for FY 2010-11 is 75 % for whole of motor business (OD 54% & TP 113%) hence when over all business is profitable then why at all increase in premium. In motor private car it is as a whole (OD&TP) 64% & in two wheelers as a whole (OD&TP) the loss ratio is only 53%. The higher TP losses in motor department are mainly due to higher losses in public service vehicles. The incurred claim ratio (OD&TP) of private cars & two wheelers is already profitable to insurers & constitute the maximum motor insurance consumers. In such a situation to burden this segment with higher premium is penalizing these consumers for the good performance shown. We are of the opinion that at least in private cars & two wheelers premium rate should not have been increased. Since the stated mission of IRDA is to protect the interests of policy holders hence hike in premium for private cars & two wheelers should be withdrawn. Unfortunately in India there is no forum to highlight such injustice suffered by insurance consumers.
Dr.L.P.GUPTA Author of “India Insurance Guide 2013”

REPLY

Dayananda Kamath k

In Reply to Laxmanprasad Gupta 4 years ago

the basic principle of insurance is sharing of losses of the person who sufferred the loss by all policyholders. this loophole is being used to the hilt to benfit some as is always in india with every regulator.even though they are created to protect the weak they protect the mighty powerful and influential. becasue there lies the bread and butter for them

Dayananda Kamath k

4 years ago

it is but natural because courts are giving crores of rupees to third party accident claiments. it is based on some assumptions that what the deceased would have earned. and normally it is the rich who can afford the court expenses go on appeal and win also. but courts allowing such huge amounts will lead to increasing the premiumes which is paid by poor because they do not have any other choice.there is overall limit of say rs.10 lakh per person.which is a substancial amount.

MOHAN SIROYA

4 years ago

Earlier Citizens, especailly seniors suffered for lack of cap or control on ever increasing medi-claim premium. The IRDA was openly, then with an hidden agenda , allowed the Insu. Cos. to enhance premium merely to take care of the hammed pre-text that in this area, the ICs are losing heavyly. Why ?Solely because the ICs mismanaged and paid handsomely to the Third Party Agent . A clique was thus abetted by the very controlling Authority IRDA as silent spectator when the TPAs managed to pay the Hospitals, introducing various loopholes ,including the sub-standard services and treatment, for "Showing " the paymaster ICs that cost is under control .
And now this anoother blow allowed by IRDA. And they will not reply to any complaints or good suggestions ,as there is no such "culture" nor there is any rule or sustem to make them act/reply in timebound manner .
90 percent of Senior citizens owning cars ,have just taken out the Insuracne only for TP liability , and that strikes the very root of it. And even if the ICs hike the "Damage" ratio to some extent, only the upper income group of ten percent can get benefit ( As it is, 90 percent are not covering that risk).
The Regulators who act as Manipulatiors are proving scourge in a democracy.

Mohan Siroya

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