Further move on Nifty may be indecisive
Indian markets, which opened with a lull on Thursday took a quick plunge into the negative and after hitting the day’s low, the benchmark indices witnessed a gradual recovery. In the last few minutes of the trading session, S&P BSE Sensex re-entered the level above 25,000 for the second time during the day and stayed there till the end.
Sensex opened at 24,828 while the NSE 50-share Nifty opened at 7,400. Sensex hit a low of 24,645 and moved higher to hit a high at 25,044 and closed at 25,020 (up 214 points or 0.86%), while the Nifty moved from the level of 7,361 to the level of 7,485 and closed at 7,474 (up 72 points or 0.97%). The NSE recorded a volume of 161.69 crore shares. India VIX fell 0.75% to close at 15.4475.
Prime minister Narendra Modi on Wednesday, held discussions with Secretaries of all the Ministries and senior officers of the Departments of the Government of India. Such a meeting has taken place after more than eight years. The Prime Minister listened extensively to suggestions and comments of the Secretaries for nearly two and a half hours.
He called upon the senior bureaucrats to simplify and streamline the administrative rules and procedures to make them people-friendly. He also encouraged the officers to take decisions and assured them that he would stand by them.
Prime Minister Modi is reportedly visiting Washington to meet President Barack Obama in September, signalling a new start in ties with a leader once denied a visa by the United States.
Coming back to the markets, Tata Power, which was recently in news over its subsidiary, Tata Power Renewable Energy, successfully commissioning a 25MW solar farm in Maharashtra's Satara district, was among the top four gainers in the Sensex 30 pack. Tata Power rose 3.64%.
Mahindra & Mahindra launched the limited edition 'XUV500 Sportz' in India. Built on its W8 model, the Sportz is priced at Rs. 13.68 lakh (ex-showroom, Mumbai). The stock was the top loser (1.46%) in the Sensex 30 stock.
Shares of oil marketing companies were in focus on Thursday as news made rounds that the oil ministry will consult the Prime Minister's Office (PMO) and Finance Ministry on hiking LPG and kerosene prices. BPCL (6.95%) was among the top two gainers in the ‘A’ group on the BSE.
Credit Suisse has downgraded Max India to underperform with a target price of Rs292 per share. The brokerage says that after the recent 50% run-up on expectations of an increase in insurance FDI limit to 49%, it will offer little upside hereon. The stock was the top loser (6.30%) in the ‘A’ group on the BSE.
US inidices closed Wednesday marginally higher.
Service industries in the US expanded at the fastest pace in nine months in May. The Institute for Supply Management said its services sector index rose to 56.3 last month from 55.2 in April as new orders, order backlogs, and hiring increased.
A private report showed employment rose less than economists projected. Private employers added 179,000 jobs to their payrolls last month after hiring 215,000 workers in April, according to payrolls processor ADP.
The influential US non-farm payroll data for May 2014 is due for release tomorrow, 6th June 2014.
Except for Hang Seng (0.18%), Straits Times (0.02%) and Seoul Composite (0.65%) all the other Asian indices closed in the positive. Shanghai Composite (0.79%) was the top gainer.
European indices were trading in the green. US Futures were also trading higher.
ADooye is selling its 'packages' with a promise to pay for watching online advertisements and adding more members to the network. The whole things sounds more like a MLM or 'double your money' scheme
Adooye.com, (ADooye) a supposedly US based website, provides online network marketing platform to its members by selling 'packages', which offer around Rs500 for watching 10 advertisements every day. It also offers various 'points' based rewards, bonuses and commisions on adding more people down the line as per binary system used by multi-level marketing (MLM) companies. ADooye is another in a string of MLMs that we have come across, like Speak Asia, Fanbox, Empower Network, QNet and other pyramid and Ponzi schemes that lured people by promising high returns under the pretext of different products and services.
Moneylife investigated this company when a worried reader wrote to asking to look into their credentials. Their website states that Adooye is founded by Australian Mathew Reichgruber and Alessandro Sen, and marketed by Delhi based AD Marketing. This affiliated marketing company, which operates like an MLM sells various 'packages' containing online advertisements, on viewing which the member is rewarded.
In their FAQs section, in response to the question, “So how does it work? And where does the money come from? The sardonic reply is, “we are still developing the whole system and cannot afford for anyone to abuse the idea and outrun us in the end.” However, in its presentation (http://www.adooye.com/Adooye_thomas_latest.pdf) ADooye pitches itself as an 'Affiliate Marketing' company and says that as more viewers watch advertisements, this generates web traffic for advertisers and income for ADoyee.
Apart from this, ADooye earns more income from selling various expensive 'packages', which are nothing but login access to view 10 advertisements daily for 140 days, to its registered members. They have a built network with the help of paid members who generate web traffic, when even for showcasing advertisement they charge money from its members.
If you are amazed by its offers and think its a 'great earning opportunity,' its certainly not! They need you to pay first to get started. ADoyee asks to register online by paying Rs500 and giving referral ID of any active ADooye member (so that the member will get a commision on your registration). After registering, they ask you to purchase any of their 'packages' which costs from Rs3000 to Rs25,000 with 140 days of validity. These packages offer you nothing but a login panel wherein you see 10 advertisements daily. The costlier the packege, higher your rewards for clicking on the advertisements. It also includes conditions like 'affiliate lock period for ad watch payout' for 20 days.
Many of its agents describe it as an 'MLM company with a legal payment gateway!' As it offers various shopping cards with the points you earn, which you can then use for shopping at various places. Points earned by members can be transfered to your bank account or Adooye card, which lets the points be used for shopping at various places. Adoyee.com said, “The bigger your crowd, the more you earn, there will be an innovative activity of pair and direct referral.” It offers 5% referral and 10% binary commisions on adding another members to network.
Their network of agents often use social media and blogs to market ADoyee and its packages in typical MLM fashion, as the 'best life changing online earning opportunity'. Many of their agents put advertisements on various job portals as the best part time income opportunity. One of their messages says, 'Earn Rs500 in 5 minutes daily just by clicking on advertisement!'
While checking Adooye.com's credentials and safety on scamadviser.com, it reviewed Adoyee.com as a 'Suspicious - Might be unsafe' website based in United States. Scamadviser.com in its review said, “This site is using an anonymous service, which prevents us from identifying the site owner. Be aware that many scam sites use this as a method to hide their identity. The website has been newly registered with a short life expectancy, which follows the pattern used by many fraudulent and dubious websites. Please be vigilant and take extra care before providing any payment information.”
It appears to be nothing but another MLM, which is trying to get money out of your pockets by promising you great monetary returns and non-monetary rewards for nothing. Moneylife has written several articles on frauds that lure people by floating various MLMs and frequently warned investors that “If it looks too good to be true, it usually is.” This is clearly another in the same category.
Officials from ADooye were not immediately available for comments. Our emails sent to them remained unanswered till writing the story. We would incorporate their views as and when we receive it.
Vodafone may apply for Unified Licence at appropriate time and obtain spectrum through market-related process for continuing the service in seven circles, the Telecom Dept has said
The Department of Telecom (DoT) has rejected Vodafone India's request to extend its licences in seven service areas that are expiring next year. In a note, the DoT said, "(Vodafone's) request for extension of licences in Kerala, Tamil Nadu, Haryana, Rajasthan, UP East, Maharashtra and Gujarat service areas expiring in December 2015 cannot be acceded".
Vodafone declined to comment.
In 2015-16, 29 licences are expiring, including seven held by Vodafone.
Vodafone applied to extend the licences under a provision allowing an extension of 10 years at the wish of the DoT. However, the official note said that circumstances have materially changed since the permits were granted in 1995 and the extension of licences is no longer conducive.
DoT cited a 2 February 2012, judgement of the Supreme Court, which cancelled 122 2G-licences that were allocated spectrum through an administrative process without being auctioned, provisions of the National Telecom Policy 2012, and the new licence regime among the reasons for rejecting Vodafone's request.
"Vodafone may apply for UL (Unified Licence) at appropriate time and obtain spectrum through market-related process for continuing the service in the service areas where the licences of Vodafone are going to expire in December 2015," the note said.
Meanwhile, the DoT has sought the recommendations of the Telecom Regulatory Authority of India for auctioning of spectrum in the 18 service areas where licences are expiring.
The 29 licence-holders in these areas together have about 198 megahertz of spectrum. Most of these licences have spectrum in the premium 900 MHz band for which telcos paid about two times more than the base price fixed by the government in the recent auction.
They hold about 172 MHz in 900 MHz, and 26 MHz in the 1800 MHz band.
In the February spectrum auction, bids of about Rs62,162 crore were received. In the total tally, bids worth Rs23,590 crore were received for 900 MHz spectrum in the Delhi, Mumbai and Kolkata service areas alone. The 1800 MHz band auction fetched bids worth Rs37,572.60 crore.