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Meeting on BlackBerry services inconclusive

New Delhi: The government today deferred a decision on blocking some BlackBerry phone services and decided to hold further consultations with all stakeholders soon, reports PTI.

"The meeting remained inconclusive. No decision has been taken and we will hold further talks soon," a home ministry official said.

The meet was convened by the Union home ministry and was attended by officials of the Department of Telecommunications (DoT) and state-run service provider Bharat Sanchar Nigam Limited (BSNL).

The discussion was aimed at finalising the government's strategy on Blackberry phones, which is facing the threat of being blocked in the country if the telecom service providers do not address government's security concerns.

Meanwhile, a top official of BlackBerry maker Research In Motion (RIM)-which has nearly one million subscribers in the country and has a growing market-paid a courtesy visit to home minister P Chidambaram.

Last week, BlackBerry had made a fresh attempt to break the logjam over its services in India by offering "metadata" and relevant information to security agencies which will enable them to lawfully intercept communication on such phones but it failed to enthuse them.

RIM representatives explained that BlackBerry mobile device sends encrypted emails, which is sent to BlackBerry Enterprise Server (BES) located with the service provider.

BES decrypts messages and sends it to the email server of the service provider where it remains stored in decrypted form. Then it is pushed to the BlackBerry device in encrypted form.

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Herd on the street: Shree Ashtavinayak, GIC Housing, Everonn, banking licences, Anant Raj

What’s buzzing in these counters right now

Shree Ashtavinayak Cine Vision: The market rumour is that this company will earn a bumper profit from 3 Idiots. However, this seems unlikely. Shree Ashtavinayak has produced and distributed films like Jab We Met, Golmaal Fun Unlimited, Golmaal Returns, Kidnap, Blue, Maine Pyar Kyon Kiya, Luck, and Bhagambhag - but not 3 Idiots. This film has been produced by Vidhu Vinod Chopra who owns his own company, Vinod Chopra Productions, and the film has been distributed by the same company too. Ashtavinayak's next big release will be Dabbang, starring Salman Khan, Mahi Gil and Sonakshi Sinha directed by Abhinav Singh Kashyap.

GIC Housing Finance: The buzz is that it will enjoy a re-rating in line with LIC Housing and Gruh Finance. But be warned, the stock is already at an all-time high (so are Gruh and LIC Housing), and thus, it is in completely unchartered territory.

Everonn Education: This company is rumoured to take over Hyderabad-based ICFAI - despite refutation from ICFA ICFAI said in a press release: "None of the ICFAI Universities have any deal with Everonn and did not even talk/meet them." Countering the rumour that Everonn is to acquire 65 ICFAI schools at Rs 2.5 billion-Rs3 billion, ICFAI said, "ICFAI Universities do not run schools at Elementary and Secondary Levels. ICFAI Universities conduct only UG, PG and Doctoral programs under faculties of Management, Science & Technology, Law, Education and Humanities."Punters in league with some business channels are spreading rumours.

Banking licence rumours: The stocks of Religare Enterprises and Indiabulls Financial Services are driven by the rumour that they would get banking licences. The Reserve Bank of India released a discussion paper about the basis of issuing new banking licences and surprisingly the paper seems quite open to at least discussing the allowing of corporate houses into banking. Yesterday all these shares rose on hopes of getting a banking licence: Religare Enterprises, Mahindra & Mahindra Financial Services, Shriram Transport Finance, Reliance Capital, IFCI, and LIC Housing Finance. Rumours of IFCI trying for a banking licence have been around for some time now and so are counter-statements by its management. (See: http://www.moneylife.in/article/81/8057.html).

Anant Raj: There is some talk of a power plant coming up in Manesar from Anant Raj. On its website, Anant Raj says gas linkages, land acquisition, and evacuation systems are being identified for setting up four 250MW combined cycle gas based power plants as an independent power producer, for export to the national grid. According to Edelweiss Research, in its Q1FY11, Anant Raj earned Rs820 million from its 0.29msf residential project at Kapashera
(sold at Rs5,000/sq ft). It launched another residential project (Sector M-1, Manesar of ~1.1msf) this quarter, of which, 200 of the 560 units have been sold at Rs2,500/sq ft; revenues are likely to accrue in Q2FY11E.

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