Stocks
TCS market cap crosses Rs5 lakh crore

The market cap of the Tata group IT company stood at Rs5.07 lakh crore. TCS is followed by state-run ONGC at Rs3.48 lakh crore, RIL at Rs3.31 lakh crore, ITC at Rs2.78 lakh crore and Coal India at Rs2.43 lakh crore

 

Tata Consultancy Services (TCS) on Wednesday attained a market valuation of over Rs5 lakh crore for the first time, helped by a rally in the stock. The market capitalisation (m-cap) of TCS surged to Rs5.07 lakh crore, the highest for the company since its listing in 2004.

In dollar terms, TCS’ market valuation rose to $83 billion.

Interestingly, TCS’s current market capitalisation is higher than the combined valuation of Infosys (Rs1.90 lakh crore), HCL Technologies (Rs1.08 lakh crore), Wipro (Rs1.40 lakh crore) and Tech Mahindra (Rs50,416.95 crore).

TCS rose 2.21% to close Wednesday at Rs2,586.90 on the BSE, after touching a  a new 52-week high at Rs2,595 during the day.

The Tata group company's share has been in strong position, rallying more than 8% in five consecutive sessions from last Thursday, after the company posted a 45% jump in June quarter net profit.

TCS is also currently the country’s most valued company in terms of market valuation.

The IT major was followed by State-run ONGC whose m-cap stood at Rs3.48 lakh crore, Reliance Industries Ltd (RIL) Rs3.31 lakh crore, ITC (Rs2.78 lakh crore) and Coal India (Rs2.43 lakh crore).

User

SEBI bars Sai Prasad Corp, directors from raising funds through schemes

The latest order against the company is the third such ruling by SEBI against a Sai Prasad group firm. In 2013, SEBI had issued similar directions against two other Sai group firms — Sai Prasad Properties and Sai Prasad Foods

 

In another crackdown on an unauthorised money pooling scheme promising high returns, market regulator Securities and Exchange Board of India (SEBI) has barred Sai Prasad Corp and its directors from raising funds from the public and from launching any new investment plans.

The firm and its three directors were allegedly running ’collective investment scheme (CIS)’ in the name of its ‘joint venture participation business for the development of land’, SEBI said.

SEBI said that Sai Prasad Corp had raised Rs137.12 crore from the public in 2012-2013, which increased to Rs478.35 crore during 2013-2014.

In its order, the market regulator said that Sai Prasad Corp was "prima facie engaged in fund mobilising activity from the public" through a CIS "without obtaining a certificate of registration from SEBI".

Citing safety of investors, the regulator said steps were required to prevent the company and its directors — Balasaheb K Bhapkar, Shashank B Bhapkar and Vandana B Bhapkar — from further carrying on with the fund mobilising activity.

As per the order, the firm and its directors have been asked "not to collect any money from investors from its existing JV Participation Structure/ scheme" and "not to launch any new schemes or plans or float any new companies to raise fresh money".

The entities have also been ordered to immediately submit the full inventory of the assets owned by Sai Prasad Corporation out of the amounts collected from the investors.

Besides, the company and its directors have been asked not to dispose any of the properties or alienate the assets of the existing scheme as well as not to divert any funds mobilised from the public.

The company and its directors would have to furnish all the information sought by SEBI with regard to scheme-wise list of investors alongwith the details of amount mobilised.

The order against the company is the third such ruling by SEBI against a Sai Prasad group firm. In 2013, SEBI had issued similar directions against two other Sai group firms — Sai Prasad Properties and Sai Prasad Foods.

The three directors of Sai Prasad Corporation were also found to be directors of these other two group firms.

In its latest ruling the market regulator observed that schemes of Sai Prasad Corporation were akin to plans offered by the two other group firms.

SEBI also noted that despite being ordered not to mobilise money from public, the three directors had continued to collect funds.

SEBI had begun a probe in the case after it had received certain complaints last year alleging that Sai Prasad group of companies were raising funds from public.

In another crackdown on an unauthorised money pooling scheme promising high returns, market regulator Securities and Exchange Board of India (SEBI) has barred Sai Prasad Corp and its directors from raising funds from the public and from launching any new investment plans.

The firm and its three directors were allegedly running ’collective investment scheme (CIS)’ in the name of its ‘joint venture participation business for the development of land’, SEBI said.

SEBI said that Sai Prasad Corp had raised Rs137.12 crore from the public in 2012-2013, which increased to Rs478.35 crore during 2013-2014.

In its order, the market regulator said that Sai Prasad Corp was "prima facie engaged in fund mobilising activity from the public" through a CIS "without obtaining a certificate of registration from SEBI".

Citing safety of investors, the regulator said steps were required to prevent the company and its directors — Balasaheb K Bhapkar, Shashank B Bhapkar and Vandana B Bhapkar — from further carrying on with the fund mobilising activity.

As per the order, the firm and its directors have been asked "not to collect any money from investors from its existing JV Participation Structure/ scheme" and "not to launch any new schemes or plans or float any new companies to raise fresh moneys".

The entities have also been ordered to immediately submit the full inventory of the assets owned by Sai Prasad Corporation out of the amounts collected from the investors.

Besides, the company and its directors have been asked not to dispose any of the properties or alienate the assets of the existing scheme as well as not to divert any funds mobilised from the public.

The company and its directors would have to furnish all the information sought by SEBI with regard to scheme-wise list of investors along with the details of amount mobilised.

The order against the company is the third such ruling by SEBI against a Sai Prasad group firm. In 2013, SEBI had issued similar directions against two other Sai group firms — Sai Prasad Properties and Sai Prasad Foods.

The three directors of Sai Prasad Corporation were also found to be directors of these other two group firms.

In its latest ruling the market regulator observed that schemes of Sai Prasad Corporation were akin to plans offered by the two other group firms.

SEBI also noted that despite being ordered not to mobilise money from public, the three directors had continued to collect funds.

SEBI had begun a probe in the case after it had received certain complaints last year alleging that Sai Prasad group of companies were raising funds from public.
 

User

118 signatories endorse statement on SLAPP cases against authors, journalists and publishers

About 118 prominent citizens, activists, and journalists have signed a statement of concern about what they call Strategic Litigation Against Public Persons- SLAPP, to silence authors, journalists and publishers for good. This follows notices served by RIL upon Paranjoy Guha Thakurta, for writing a book called “Gas Wars...” and another notice upon Moneylife for publishing articles based on information available in public domain

 

Statement of Concern on SLAPP Cases filed against authors, journalists and publishers

We, the undersigned condemn the threats of defamation cases served on authors, journalists and now as publishers in writing.

We have read the book "Gas Wars: Crony Capitalism and the Ambanis" co-authored and published by Paranjoy Guha Thakurta and the review article ‘“Ambani ki dukaan?” ’by Sucheta Dalal, Managing Editor of moneylife magazine website and her messages on twitter and we found nothing defamatory either in the book or in the articles and tweets. The impeccable credentials of Paranjoy Guha Thakurta and Sucheta Dalal have been exemplary for Indian journalism in the era of paid news, embedded journalism and draconian corporate control over media.

We note that both the book and the article are based on information that is readily available to everybody in the public domain.

We are outraged by the assault on freedom of press and public interest through threatening letters. The attempt to intimidate journalists who report truth which commercial czars is quite reprehensible.

We express our support to the authors and publishers in question who have exercised their right to free expression enshrined in Article 19(1) (a) of the Constitution of India. The day such voices are silenced that would be a black day for Indian journalism and democracy.

We have observed that the authors have been fair to Late Dhirubhai Ambani, Mukesh Ambani and Anil Ambani and their companies, by providing their version of events and circumstances.

Among other issues, the core issue that this scholarly and rigorously referenced book and the articles in question raise is: who all are colluding with to deprive present and future generations of Indians of their claims of the natural resources of the country?

We have pondered over the questions like: “If gas price is low as per correct production rate then, why should Indians pay higher price of gas? Who wants Indians to pay price of Indian natural resource as per US price rate?” We observe that the legal notices from Mukesh Ambani and Anil Ambani and their companies through their lawyers will have us accept that raising such questions is defamatory.

While delivering the speech at the award of Nobel Prize for Literature in 2005, Harold Pinter said, “I believe that despite the enormous odds which exist, unflinching, unswerving, fierce intellectual determination, as citizens, to define the real truth of our lives and our societies is a crucial obligation which devolves upon us all. It is in fact mandatory. If such a determination is not embodied in our political vision we have no hope of restoring what is so nearly lost to us - the dignity of man.” Paranjoy Guha Thakurta, his co-authors and Sucheta Dalal and her colleagues have done their duty as citizens, writers and as purveyors of truth.

This undemocratic act by these richest persons of our country and the artificial persons-the companies- they run is totally unacceptable, deplorable and constitutes an illegitimate advance against citizens’ rights.


Signatories...


1.    Prof. Jayati Ghosh, Jawaharlal Nehru University, New Delhi  
2.    Prof Ramsharan Joshi, former VC, M.C.N.University of Journalism, Bhopal and  

        journalist
3.    Githa Hariharan, Writer
4.    Garga Chatterjee, Indian Statistical Institute
5.    Seema Mustafa, Editor, The Citizen, www.thecitizen.in 
6.    Prof. Ayesha Kidwai, Jawaharlal Nehru University, New Delhi
7.    Arun Kumar, Former Member, Press Council of India (XIth Term), General

        Secretary, Bihar Working Journalists Union, Member, National Executive 

        Committee and Indian Journalists Union
8.    Prof. Kamal Mitra Chenoy, Jawaharlal Nehru University, New Delhi  
9.    Siddharth Varadarajan, Journalist & Former Editor, The Hindu
10.  Prof. (Dr) Dr.Mohan Rao, Jawaharlal Nehru University, New Delhi
11.  Wilfred Dcosta, Indian Social Action Forum (INSAF)
12.  Mitali Saran, Writer & Columnist
13.  Subhash Gatade, author and human rights activist
14.  Dr. Malem Ningthouja, Campaign for Peace & Democracy, Manipur
15.  Irfan Engineer, Director, Institute of Peace Studies and Conflict Resolution, Mumbai
16.  Mukul, Dube, Writer, Photographer and social activist
17.  Gautam Navlakha, human rights activist & journalist, Delhi 
18.  Omair Ahmad, Author
19.  Trupti Shah, Activist, Gujarat
20.  Himanshu Thakkar, South Asia Network on Dams, Rivers and People (SANDRP)
21.  Chittaroopa Palit, Narmada Bachao Andolan
22.  Kamayani Bali Mahabal, Feminist and Human rights activist, Mumbai
23.  Faisal khan, National Alliance of People's Movements
24.  Yashwant, Editor, http://bhadas4media.com/, NCR     
25.  Pushpraj, Journalist and Author of Nandigram Diary, Patna  
26.  Rohit Prajapati, Activist, Gujarat
27.  Xavier Dias, Editor, Khan Kaneej Aur ADHIKAR (Mines, minerals & RIGHTS),

        Jharkhand
28.  Prithvi Raj Sharma, founder member of Indian Community Activists network

         (ICAN)
29.  Dilip Simeon, Historian and author of Revolution Highway, Delhi
30.  Gopal Krishna, researcher, journalist and social activist, ToxicsWatch Alliance

         (TWA)   
31.  Dr Babu Rao Kalapala, Scientist  
32.  Dipak Dholakia, Citizens’ Solidarity—Forum for Water and Sanitation (CS-FWS)
33.  Kiran Shaheen, Memoirist and activist
34.  Sudhir Pattnaik, Writer and Media Person, Bhubaneswar
35.  Sankara Narayanan, social activist 
36.  Noor Zaheer Zaheer, Writer and Researcher
37.  Preeti Sampat, Anthropologist, City University of New York
38.  Persis Ginwalla, Social activist, Ahmedabad
39.  B.R. Bapuji, Professor (Retired), University of Hyderabad
40.  M. Thimma Reddy, People's Monitoring Group on Electricity Regulation, Hyderabad
41. Shweta Tripathi, Social Activist 
42. R.Subbarao, former Senior DGM, BHEL, Secunderabad
43. Sagar Rabari, Jamin Adhikar Andolan, Gujarat (JAAG)
44. Krishnakant, Social activist, Gujarat
45. Ashok Tankashala, Journalist and Writer, Hyderabad
46. Dr Paresh R. Vaidya, Scientist
47. Roger Moody, Writer & Researcher
48. E. Theophilus. citizen, Uttarakhand
49. Leo Saldanha, Environmental Activist and author
50. Soumya Dutta, Environmental activist, Author & educator, Convenor - Climate &

        Energy, Beyond Copenhagen
51. Nityanand Jayaraman, Writer and Social Activist, Chennai
52. Jai Sen, CACIM, New Delhi
53. Souparna Lahiri, Independent Researcher
54. Ravindranath, River Basin Friends, Dhemaji, Assam
55. Gautam Mody, General Secretary, New Trade Union Initiative
56. Lalit Surjan, Chief Editor, DeshBandhu, Raipur, Chattisgarh
57. Narayan Jee Choudhary, Social Activist, Bihar
58. Sukla Sen, Writer & Social Activist
59. Ranjan Panda, Social Activist, Odisha
60. Shriprakash, Film maker, Jharkhand
61. Stan Swamy, Jharkhand Bachao Andolan
62. Ramaswamy R Iyer, former Secretary, Government of India
63. Rabin Chakraborty, Retired Teacher, Calcutta University
64. Vidyadhar Atkore, Member, Western Ghats Forum, Bangalore
65. R.Selvam,  Co-ordinator, Tamil Nadu Organic Farmers Federation, Erode District,

        Tamil nadu
66. Rajendra K Sail, Social Activist, Chhattisgarh
67. Dr.Gabriele Dietrich, NAPM
68. Suresh Bhat B, Citizen, Mangalore
69. YP Chawla, Researcher, Writer, Advisor, Electricity Regulation
70. Charles Chasie, citizen
71. Dr. S. Jeevananda Reddy, citizen
72. Dr Sudhirendar Sharma, Director, Ecological Foundation  
73. Prakash Louis, Indian Social Institute, Bangalore
74. Murli Manohar Prasad Singh, editor, Naya Path, Janwadi Lekhak Sangh
75. Rekha Awasthi, Janwadi Lekhak Sangh
76. Ramesh Sharma, Social Activist
77. M K Tayal, Social Activist
78. Gourinath, Social Activist
79. Krishna Soni, General Secretary, AVARTAN Theatre Group, Hyderabad
80. Rajendra Ravi, Social Activist
81. Sujit Patwardhan, Parisar, Pune
82. Pallav Kumar, researcher
83. Shree Prakash, SUM Net India
84. Bharati Sinha, Communications Director, Greenpeace India
85. Afroz Alam 'Sahil', Editor (Investigation), www.beyondheadlines.in
86. Anil Sinha, Deccan Herald, New Delhi
87. KM Bhai, Social Journalist, Kanpur
88. Pankaj Chaudhary, Poet, Assistant Editor, Forward Press
89. Surendra Grover, Media Durbar
90. Mangalesh Dabral, Poet
91. Sanjeev Kumar, writer
92. Ranjana Bisht, journalist
93. Ramesh Sharma, INSAF
94. Varun Shialesh, Writer
95. Subhash Gautam, journalist & research scholar
96.  Sudha Bharadwaj, trade unionist and human rights lawyer, Bilaspur Chhattisgarh
97. Ulka Mahajan, Sarvhara Jan Andolan 
98. Mukta srivastava, Shoshit Jan Aandolan
99. Dr Dinesh Kumar Mishra, noted river biographer and environmentalist      
100. Soumik Banerjee, Researcher & Practitioner, Sundarpahari, Godda, Jharkhand
101. Pankaj Bisht, Writer and editor, Samayantar
102. Qaneez Sukhrani, Social Activist, Pune
103. Fulan Bhattacharji, Citizen, Tripura
104. Nandita Dutta, Citizen, Tripura
105. Suchitra Sarkar, Citizen, Tripura
106. Balaji Pandey, Director, Institute for Socio-Economic Development, Bhubaneswar
107. Manoj Misra, Yamuna Jiye Abhiyaan, Delhi
108. Udayashankar Chaturvedi, scientist
109. Asit, Writer & Activist
110. Dr. Anant Phadke, Pune, Shramik Mukti Dal, (Democratic)
111. Ashok Jain, former Chief Engineer, DVC
112. Ritu Khanna, Translator
113. Gurmeet Singh, Satnam, Author Jangalnama
114. Nand Kumar Kashyap, citizen, Bilaspur, Chhattisgarh
115.  K. Ashok Rao, President, National Confederation of Officers' Associations (NCOA) &

          Patron, All India Power Engineers Federation (AIPEF)
116. Prathmesh Mishra, Architect, Bilaspur
117. Ravi Singh, citizen and environmentalist, Agra
118. Walter Mendoza, Indian Network on Ethics in Climate Change
 

User

COMMENTS

citizensforum

2 years ago

I've started the petition "citizens: Endorse the Statement of Concern on SLAPP Cases filed against authors, journalists and publishers available at citizensforum2014.blogspot.in" and need your help to get it off the ground.

Will you take 30 seconds to sign it right now? Here's the link:

http://www.change.org/petitions/citizens...

REPLY

Sucheta Dalal

In Reply to citizensforum 2 years ago

I would have been nice if you put a short statement on the petition. Most people dont have time to click and go to the blog spot to read the statement. And, people dont want to sign until they read it.
Would request you to edit the petition and paste the content right there.
thanks

vivek shah

2 years ago

DEar Sucheta

I think you should route this through change.org

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)