A close below any previous day’s low will signal a reversal. However, the bulls are in the driver’s seat and declines may be shallow
The key benchmarks back home opened in the positive, following a strong rally in the US and Asian markets. Sensex opened at 19,697 while the Nifty opened at 5,983. Asian stocks rose as the Reserve Bank of Australia cut its benchmark interest rate to a record low on Tuesday and signaling it could do more. The indices looked firm and continued to rise through the afternoon, which gained strength post-European market opening. Sensex hit a high of 19,918 while the Nifty hit a high of 6,051. The Sensex closed at 19,889 (215 points up, 1.09%) which is its highest closing after 31 January 2013. The Nifty closed at 6,044 (73 points up, 1.21%) which is its highest closing after 30 January 2013. The NSE saw a volume of 58.71 crore shares
The broader indices closed in the positive. The BSE Mid-cap index rose 0.84% and the BSE Small-cap index rose 0.60%.
All the sectoral indices closed in the positive. The top sectoral indices were BSE FMCG (up 2%); BSE Bankex (up 1.8%); BSE Realty (up 1.4%); BSE Auto (up 1.12%) and BSE Capital Goods (up 0.9%).
Twenty-five of the 30 stocks on the Sensex closed in the positive. The chief gainers were Hero MotoCorp (up 3.65%); Bharti Airtel (up 3.14%); ITC (up 2.73%); Tata Motors (up 2.58%) and Jindal Steel (up 2.23%). The key losers were Coal India (down 1.73%); Wipro (down 1.50%); Mahindra & Mahindra (down 0.61%); Maruti Suzuki (down 0.07%) and Tata Power (down 0.05%).
The top two A Group gainers on the BSE were— Mphasis (up 10.52%) and Mahindra & Mahindra Financial Services (up 10.27%).
The top two A Group losers on the BSE were— Allahabad Bank (down 4.78%) and Gitanjali Gems (down 2.65%).
The top two B Group gainers on the BSE were—Salora Intl (up 20%) and Surana Telecom (up 20%).
The top two B Group losers on the BSE were— Arcuttipore Tea (down 19.40%) and Puneet Resins (down 19.29%).
Of the 50 stocks on the Nifty, 42 ended in the green. The key gainers were Hero MotoCorp (up 3.69%); DLF (up 3.35%); Axis Bank (up 3.01%); Lupin (up 2.95%) and IDFC (up 2.83%). The major losers were Coal India (down 1.96%); Ambuja Cements (down 0.62%); HDFC (down 0.57%); Mahindra & Mahindra (down 0.56%) and Ranbaxy (down 0.55%).
Except for Seoul Composite (fell 0.36%) and Taiwan Weighted (fell 0.07%), all the Asian indices closed in the positive. The maximum gainer was Nikkei 225 (up 3.55%). The European indices were trading in the green and so were the US Futures
The board of directors of APM Industries has recommended, subject to the approval of shareholders, a final dividend @ 50% i.e. Rs1 per equity share of Rs.2/- each for the year ended March 31, 2013. An interim dividend @ 30% i.e. Rs.0.60 per equity share was already paid on November 12, 2012. The total dividend for financial year 2012-13 is 80% i.e. Rs.1.60 per equity share. The stock rose 7.58% to close at Rs22.70 on the BSE
With reference to the news item appearing in the newspaper titled "Takeover buzz lifts Karnataka Bank", Karnataka Bank has clarified and has denied the rumour of merger of the bank with any Bank. The stock fell 1.02% to close at Rs154.80 on the NSE
While the HSBC Holdings chairman Mr Flint, the board of directors, and CEO Mr Milne of HSBC India are unaffected, will they care about the lives they have ruined in India?
The Hong Kong and Shanghai Banking Corporation Ltd (HSBC) group spends hundreds of crores of advertising around the world on how good the Bank is. Douglas Jardine Flint, the group’s chairman states how important HSBC’s reputation is. Stuart Gulliver, its chief executive, talks about HSBC’s values and staff acting with courageous integrity, empowering staff to do the right thing. As there always two sides to any story, let us see what the rest of the world has to say about the behaviour of the HSBC group around the world.
Senate investigation concluded that HSBC provided a, "gateway for terrorists to gain access to US dollars and the US financial system."
Senator Levin said HSBC had been ‘pervasively polluted for some time’.
Has the behaviour of HSBC been illegal and fraudulent in India?
The allegation being made about HSBC in India is that they are demanding money with menace and making threats to register people with credit bureaus (for e.g. CIBIL). Direct sales agents (DSAs) are falsely telling customers the credit card was free for life. Customers are being threatened, intimidated and blackmailed by staff. Some customers are being asked to sign blank letters of instructions (LOIs). In some cases, credit card statements are not appearing for years. Some customers are falsely reported to CIBIL for failing to comply with the rules and regulations. All this is violating people’s rights and violating the Indian Penal Code (IPC).
I know these allegations are true as I have been able to help many people in India and Indians around the world against HSBC’s illegal practices. I have been shocked and disgusted by the behaviour of HSBC in India towards their customers in India. Even Mr Flint, the group’s chairman has ignored customers who have contacted him directly concerning their serious problems with HSBC India and referred their complaints back to India.
When I have questioned this behaviour with the chairman and the Board of Directors of HSBC Holdings Plc at the 2011 and 2012 annual general meetings (AGMs), the Mr Flint’s response was to provide false and misleading information to the shareholders at the AGM’s.
The following behaviour by the executive management of the HSBC Group and in particular HSBC in India should scare anyone considering becoming a customer of the Bank anywhere in the world.
In 2009 Justice Appa Rao, who wrote the judgment, clearly held that there is deficiency in the service rendered by HSBC, which 'had acted against the guidelines issued by the Reserve Bank of India (RBI) and Banking Codes Standards Board of India (BCSBI) in regard to the code of bank's commitment to customers'. The bank did not inform the customer before asking the credit bureaus to blacklist her and brand her as a defaulter and an international economic offender, the judge said.
This is despite the petitioner clearing all her outstanding dues and the bank's own staff certifying the same, he said. The bank not only failed to rectify its mistake but also flouted all the rules, regulations and the guidelines issued by RBI and BCSBI, the judge said and awarded the compensation to the petitioner.
If people would like to go to http://www.consumercomplaints.in/?search=HSBC-BANK these are very serious complaints being made about HSBC India.
There are so many cases we could give as examples we have chosen only one, Sanjeev Kumar. He has been asking questions about his treatment by HSBC since December 2010, which HSBC will not answer.
Credit Card- Sanjeev Kumar’s case
In 2009, my Company had just opened my salary account with HSBC bank two months back and suddenly bank has blocked Rs27,000 in my saving account. When I talked to customer care they said that I have taken a credit card in 2007 and did shopping of Rs8,555 using the card. This amount with interest has now become Rs27000.
I have never received any credit card form HSBC bank and never received any statements for due amount or a reminder statement. When I went to the bank and asked them to verify my credentials and provide me the supporting documents, which shows that I received that credit card. However, they refused to give me the information.
Next day, on 13 August 2009, the bank deducted Rs39,093.42 from my account and left me and my family with zero rupees. HSBC left no money for food, no money for rent and not a single rupee in my account. HSBC Bank did return Rs11,990.13 subsequently, on 20 August 2009 to my savings account.
When I wanted to close my credit card, the bank did not allow me to do so. However, HSBC sent me a mailer that said, “Our records reflect that your card outstanding for the period 15 September 2009 to 14 October 2009 was Rs1,003.61 with the due date 5 November 2009; as we were not in receipt of the outstanding payment hence Rs1,003.61 was debited from your savings account”.
In December 2010, HSBC entered into Mr Kumar’s account and made a credit of Rs29,780.38, without his authorisation or agreement. When Mr Kumar refused this settlement, HSBC refused to answer him. Since December 2010, Mr Kumar has contacted Stuart Davis, the erstwhile CEO, and Mr Milne, the current CEO of HSBC India, in addition to Mr Flint Group Chairman. They have all refused to answer the simple question: What legal right did HSBC have to enter into his account and deposit money without his authorisation or agreement?
The reason we write this is because there are thousands of others who are similarly suffering due to wrong reporting by banks to CIBIL.
There have been so many problems with HSBC’s behaviour and this behaviour is continuing even today as the writing of this article. These abuses by HSBC concerning is concerning illegal practices?
Many credit card holders have stated they have not received statements for up to six years. When they have contacted, HSBC has demanded that they should pay first else there would be penalty charges, or the customers would find themselves their names as defaulter in credit bureau list.
This raises some questions like…
1) Are these charges legal when the bank has failed to follow the rules and regulation in contacting the customer?
2) Have HSBC followed the rules and regulation before reporting people to a credit bureau like CIBIL. If not then would these charges be illegal?
3) How many Indian people were falsely registered owing HSBC MONEY?
4) How many Indians have HSBC falsely registered with credit bureaus?
5) How many Indians have HSBC falsely registered having a credit card?
6) Have HSBC been registering illegal penalty charges against credit card holders in India?
7) Has HSBC been illegally been forcing people to pay money which it was not legally entitled to?
HSBC sold off their credit card and personal loan debt to JM Financial in June 2011 for $10 million. JM Financial employed Tata Consultancy Services (TCS) to collect these debts; it is amazing TCS have been able to contact many customers of HSBC for the payments.
1) How can Tata Consultancy Services (TCS) find these customers and HSBC could not?
2) I have received complaints from people who have never had a credit card with HSBC and now they have TCS demanding people pay money.
3) JM Financial was informed in 2011 there may be a very serious problem concerning the database with personal details supplied by HSBC.
4) I have also received very serious complaints concerning the behaviour of the collection agents, which I have taken up with JM Financial. I have forward the complaints to JM Financial, which have acted if a good manner but there can never be any excuses for bad practices by collection agents.
5) I have also informed Tata Consultancy Services about what was going on, I will not comment on their response.
6) People are impersonating the Police Officer’s and the Court Officer’s to threaten people that they will be arrested if they do not pay. Then, any company doing this has a very serious problem, as this behaviour is illegal.
Just because a Bank says you owe them money, it is not always true. Yes, there are rules and regulations framed by the regulators. The Bank must be willing to comply with rules and regulations and not ignore them.
The RBI has made it mandatory for loan-recovery agents to have done a certificate course and 100 hours of training in behavioural skills from the Indian Institute of Banking and Finance (IIBF). Else, from 1st January, banks and their outsourced agencies cannot employ them. ''Every agent will have to pass the examination conducted by IIBF all over India,'' RBI said in its circular. Some of the recovery agents of the banks have already undergone training in behaviour and banking.
Here are some more questions for HSBC…
1) The question about these so call debts and the penalty charges HSBC have registered against individuals, are they legal?
2) Has HSBC written off these illegal debts against their tax liabilities?
3) If HSBC has written off these illegal debts against their tax liabilities, would this not be tax fraud and fraud against the Government of India?
Blank letters of instructions (LOIs)
At the 2012 AGM, Mr Flint was questioned by a shareholder about customers being asked to sign blank LoIs. He assured that there was no question and the bank would never knowingly ask customers to sign blank LoIs.
Six months after the AGM HSBC issues this SMS…
“Dear customer, secure your personal information. You could be putting yourself to risk by signing blank/ incomplete documents such as account opening forms, Letter of Instructions for Mutual Fund purchase/switch/redemptions, Standing Instructions, Fund Transfers, Service requests etc. We urge you not to sign or hand-over any blank or incomplete document/s to any HSBC Staff to help us protect your interests.”
Why it took six months to send out this SMS and how many people received this message? Did HSBC send this message to any NRI’s and if the Bank did how many NRI’s received this message? Can any decent society afford the behaviour of the HSBC Group?
Is there sufficient evidence for P Chidambaram, the Finance Minister of India to announce a criminal investigation into the behaviour of HSBC India?
Other pieces of information
It is mandatory for a bank refusing you a loan to give the reason for rejecting your loan application in writing. You can ask the bank that is rejecting your loan application to provide you with the credit report that they have taken from a credit bureau. They are bound by law to give you a copy.
Please be advised…
1. You are citizens governed by laws of India.
2. Any recovery process has to be done as per laws of India.
3. Recovery cannot be done without a court order, which means that a case has to be filed against you, summons issued, your side of the story heard by the court and orders passed.
4. Police cannot arrest you based on a complaint of non-payment. Police can only act on court orders.
5. In case of any harassment, you should lodge a complaint of criminal intimidation and extortion with your local police station.
6. Please DO NOT pay cash to any person who promises to settle your account. Pay by account payee crossed cheque only and only in the name of your account with the bank.
7. Please insist on a settlement letter from the bank for accepting the money you are offering and closure of your account.
HSBC has a history of abusing customers, not complying with the rules and regulations of regulators around the world. So be careful while dealing with it in India.
(UK-based Michael Mason-Mahon is small private shareholder of HSBC and is known for keeping the ‘shareholder spring’ alive.)
In the RFDP for MA field, RIL has scaled down the investment by $276 million to $1.96 billion
The Indian government has asked for certain clarifications on revised investment plan submitted by Reliance Industries Ltd (RIL) for its main gas producing fields in the eastern offshore KG-D6 block.
In a written reply to a question in Rajya Sabha, Panabaaka Lakshmi, minister of state for Petroleum & Natural Gas, said, "RIL and its partners BP plc of UK and Niko Resources in August 2012 had submitted revised field development plan (RFDP) for D1 & D3 fields with downward revision in reserves."
RIL had filed revised field development plans for the Dhirubhai-1 and 3 (D1 and D3) gas fields as well as D-26 MA oil and gas field -- the only producing areas among a total of 19 oil and gas discoveries made in KG-DWN-98/3 or KG-D6 block.
In the RFDP for MA field, RIL has scaled down the investment by $276 million to $1.96 billion. The RFDP for MA field has been approved.
Lakshmi said as per the 2006 development plan, D1 and D3 fields were to produce 61.88 million standard cubic metres per day (mmscmd) from 22 wells in 2011-12 and 80 mmscmd from 31 wells in the year thereafter.
"The average gas production from D1 and D3 gas fields of KG-D6 block during 2012-13 was about 20.88 mmscmd against the production target of 80 mmscmd," she said. Gas production in April was about 15.89 mmscmd.
The decline in gas output was due to half of the 18 wells put on production ceasing due to water loading/sand ingress.