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Indian stocks to open range-bound: Friday Market Preview

While US stocks gained on Thursday, concerns about growth still remain keeping investors on the sidelines

The local market is expected to open range-bound on the back of mixed cues from Asia. Wall Street closed higher overnight, halting a six-day losing streak as investors lapped up stocks at lower prices and good economic data. Asian markets were mixed in early trade on Friday as investors await the Chinese trade data. The SGX Nifty, which was in the green in early trade, was four points lower at 5,518 over its Thursday’s close of 5,522.

Back home, industrial output numbers for April will be announced today. Analysts estimate the growth at 5.1%, lower than 7.3% recorded in March. The Central Statistical Organisation (CSO) is set to unveil a new set of index with 2004-05 as the base year and more items. The CSO will release the IIP (Index of Industrial Production) with the new base year as well as the old base year, which will continue for three months.

Yesterday the market opened flat ahead of the weekly food inflation figures, with the Sensex just one point over its previous close of 18,395 while the Nifty shed three points to resume trade at 5,524. Concerns about the slowdown across the world also kept investors guarded. The Sensex touched its intra-day high in the first hour of trade at 18,450 and the Nifty climbed to 5,540 in noon trade.

The gauges were range-bound, when the announcement of a nearly one percentage point hike in food inflation numbers put some pressure on the market, pushing the indices to intra-day lows in noon trade. At the day's low the Sensex was down 67 points at 18,327 and the Nifty had lost 25 points to 5,502.

Subsequently, some buying in select stocks along with a positive opening on key European bourses enabled the domestic indices inch into the green, even as volatility continued through the session. The market closed near the opening levels with the Sensex shedding nine points to 18,385 and the Nifty losing six points at 5,521.

The Nifty was not able to touch the first resistance of 5,550, signalling a pause in the uptrend. However, we can still expect the current upmove to continue if the Nifty can manage to stay above 5,480.

Markets in the US witnessed a rebound in Thursday’s trade on positive economic news, ending a six-day slide. However, analysts opine that the gains will be short-lived. The US deficit declined 6.7% to $43.68 billion in April, its lowest level of the year, as exports touched a new high and purchases of oil fell sharply on a surge in prices.

A separate report showed that consumer confidence rose last week for the third consecutive time. The Bloomberg Consumer Comfort Index climbed to minus 45.9 in the period to June 5, the best showing since the end of April, from the prior week’s minus 47.1. On the other hand, initial claims for state jobless benefits increased to 427,000 last week, contrary to economists’ expectations for a fall to 415,000.

Banks witnessed the biggest gains with Wells Fargo & Co surging 3.4%, JP Morgan Chase & Co rose 1.5% and Goldman Sachs Group Inc added 1.5%.

The Dow gained 75.42 points (0.63%) to close at 12,124.36. The S&P 500 rose 9.44 points (0.74%) at 1,289.00 and the Nasdaq was up 9.49 points (0.35%) at 2,684.87.

Brent crude rose 1.5% on Thursday, touching a five-week high on OPEC’s failure to reach a deal on raising output. ICE Brent for July delivery settled at $119.57, gaining $1.72, the highest close since 4th May. US crude closed at $101.93, up $1.19, or 1.2%, highest since the end of May.

Markets in Asia were mixed on the last trading day of the week on a slew of economic data across the region. Japanese wholesale prices rose in May at a slower annual rate than the previous month on the back of a pause in commodity price rally. South Korea’s central bank on Friday raised its policy rate by a quarter percentage point after holding it steady for the past two months. Investors will closely watch China’s trade data to see how the world's second-largest economy is holding up amid government credit curbs and power shortages.

The Jakarta Composite gained 0.23%, the KLSE Composite rose 0.33%, the Nikkei 225 surged 1.25% and the Straits Times added 0.02%. On the other hand, the Shanghai Composite was 0.14% lower, the Hang Seng fell 0.45%, the Seoul Composite declined 0.55% and the Taiwan Weighted was down 0.59%.

Back home, the high-level committee constituted by finance minister Pranab Mukherjee, in its first meeting held yesterday, decided to seek public comments on ways to unearth black money. The committee, headed by CBDT chairman Prakash Chandra, was set up last month to examine ways to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery.

The meeting was held in the backdrop of the government facing flak from civil society and opposition for not doing enough to deal with the menace of black money.

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Speak Asia loses its PR agency as well

After one of its legal advisors reportedly quit, Speak Asia's PR agency LinOpinion, has also decided to stay away from the controversial MLM company

Speak Asia, the controversial online survey company, is facing rough weather these days. Following reports about senior advocate Ashok Saraogi quitting as one of its legal advisors, here comes other news. LinOpinion Public Relations, a division of Lowe Lintas group is no longer handling the Speak Asia account.

Lowe Lintas, one of India's top communication groups is a unit of Interpublic Group (IPG), and is part of the Lowe Worldwide network. The PR agency had won the full service business for Speak Asia online just three months ago.

Last month, several banks froze accounts of Speak Asia's distributors...sorry, technically, they all are distributors of Haren Ventures Pte Ltd, while Singapore-based United Overseas Bank closed accounts of Speak Asia online Pte Ltd. Following this, the MLM company has stopped paying its agents and accepting cash transfer requests as well, according to some panellists who do not want to reveal their names. They said the company continued sending some surveys and deposited reward points in the agent's e-wallet on its website. But the reward points cannot be encashed, unless the company accounts are unfrozen. Nevertheless, by its own admission, Speak Asia's chief executive Harender Kaur said in an e-mail to agents that the process to open an account in another bank in Singapore would take six to eight weeks and it could not pay money to anyone till that time.

The multi-level marketing (MLM) company that used to claim and advertise as "Asia's largest Online Survey Company" has changed its mind and tagline, and now describes itself on its website as "Asia's Largest Community of Sovereign Consumers".

Speak Asia also appears to be communicating with its panellists through the Moneylife website in the guise of a member. An email posted as a comment says,
"Few figures for you which shows how SPEAK ASIA is taking care of us:
Present Balance in UOB a/c of SA: 482 million dollars
(Sufficient funds to pay survey income to all the existing panelist for the next two years)
Now company has to withdraw funds from UOB as per the decision of UOB bank (Not abide by RBI, Govt. of India or Singapore its UOB's own decision as they are confused b'coz of media).
So company is taking following decision:
Escrow a/c*: 200 million dollars
a/c with new bank: 300 million dollars
But to process the pending request it will take some time so the company is trying to establish a temporary arrangement on priority basis for the newly associated 4 lakh panelists so that they don't get panic.
For SA upcoming ambitious project i.e. e-shoppe SA is already having 10 million dollars in advance from different prestigious brands.
Another fantastic news any time in the coming months SA in association with a UK based company can go for a 2G spectrum licence and launch our own Mobile network.
In context to ad based survey SA has already captured approx. 10% of the market share from advertisement in the TV channels all over India.
From Monday onwards their will be SMS blast by company to make us aware about new updates and news.
We had made a claim of Rs.3320.00 crores to all those who tried to defame us.
All staff of company will not withdraw their 2 month salary to support company at this crucial time.
2ND june 2011 talkatora stadium delhi booked for 2 seasons meeting of ticket 200/- only. (morning & evening 4000 speak asians each seasons) for tickets call priyal sir & myself.
(Three cheers for them)
Its really a good news to cheer.


Moneylife emailed it to top officials who gave us their visiting cards at the press conference on 16 May 2011. However, our messages sent, especially to Manoj Kumar, the company chief executive for India, bounced. Our mails to Mr Kumar have bounced many times in the past as well.

This (the bounced mails) further reveals, that the so-called biggest survey company, with over 19 lakh agents, does not even have its own e-mail server. Instead, all its officials use a paid e-mail service from Rediffmail Pro that is available for as low as Rs1,199 a year for five e-mail IDs.

Last month, advocate Saraogi called a press conference in Mumbai, barely after five days after Speak Asia's first media interface. Speaking at the press conference, Mr Saraogi said, "The company (Speak Asia) is not selling any surveys to panellists, but e-zines to its subscribers. Surveys are offered as additional benefit and can be withdrawn any time if the company's contract with clients comes to an end."

The senior lawyer also claimed that Speak Asia is selling its magazine over the Internet, which is allowed under the existing law in India and the company is in the publications business. Although Mr Saraogi said that he was a legal advisor for Speak Asia, not a single official from the company was present at the press conference.

We learn from our investigations and Speak Asia officials have also confirmed that the company is not registered in India and does not have any establishment or office in the country.

According to a PTI report, the Ministry of Corporate Affairs (MCA) said it could not investigate the Singapore-based multi-level marketing (MLM) company as it is not registered in India. "Speak Asia is not registered in India so we cannot do any investigation against it. MCA does not have any database of the company," corporate affairs secretary DK Mittal told reporters in New Delhi. He also said that Speak Asia has not applied for registration with the ministry, PTI reported.

However, on Wednesday, Manoj Kumar, Speak Asia's chief executive, told reporters in Delhi that the company is in the process of seeking approval from the Registrar of Companies, the Reserve Bank of India and the Foreign Investment Promotion Board. This is in contrast with the company's stand throughout past several months that it does not require any kind of permission, registration or licence from any Indian authority.

Since the company does not have any office in India, it is difficult to start proceedings against it, in case somebody wants to file a case. It becomes difficult to file a case in any police station as the company does not have any address in India and hence the police might refuse to lodge a complaint. According to Mr Saraogi, in such cases one can file a case from whatever location he or she is present and has accessed the website. Police can register a complaint based on the IP address location, he said.


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COMMENTS

JM MOHAN

5 years ago

I want to know about BIZARRE 's future

Murugan

5 years ago

Dear Editor,
Do you think if you stop speak asia everything will be cleared, no way my dear - you have to do so much of work to stop that, my question is why you are targetting only speak asia alone, what is the reason? many hundereds of company doing business in india as speak asia does and you know many companies who have got registration from india both under MCA and ROC operating in india and cheating pupil daily, i'm talking about all fake companies which is opening only with an intention of closing one day, even that closing day also fixed by that company - you pupil are not targetting those companies, instead of trying to close speak asia you just ask the govt. or pressurize govt. to put a full stop for all these kind of companies by passing a resolution or guidelines under the law, that will be the wise and valid point, if you choose to stop speak asia fisrt, surley it will be very easy for the govt. to take step against a particular company and stop the operations but what is the use, still hundereds and thousands of companies will continue their operations, if you still choose the way of doing your activities against speak asia it'll be confirmed that you are trying to act against speak asia alone with some other intention like getting money from someone and acting against it, i can send you many names of the companies operating in india in the name of survey and investment daily cheating number of people in india, mainly operates purely on the basis of chits and money circulation which has to be booked under chits and money circulation act of 1978 and send everyone to jail, many companies are doing money circulation in the name of products which they hold for name sake or just eye-wash with state and central govt. support, BJP & congress both supports them all, don't join with any political party and do this work, it seems that you have joined hands with BJP and acting against a specific company which believe to have congress support, you are just telling yourself for name sake as a non-profitable organization, but only it will be proved only if you stop raising your voice agaainst one company and start acting against all companies by asking govt. to set up a new rule or guidelines and pass them in next parliamentary resolution. That will make an end to all fraudulent businesses in our country! I know clearly if BJP is raising their voice against Speak Asia means it will be for the only intention to get money from that company which can be used for election purposes, it has happened many times before with many parties, it is not with a good intention, that Kirit Soumya and many others from BJP are number one 'chors', i'm not supporting any company, any party and also your work too, i'm just askingyou to act correctly and being a non-profitable organization don't sell yourself to cheap politicians by getting support from them (in the way of money) "money life"!

Murugan

5 years ago

Dear Editor,

For your Kind Attention, a company called NMart Retails, Mr. Gopal Shekawat, Managing Director Of NMart Retails, who is known to be a close relative of Pratiba Patil, our President and also known to have close connections with BJP political party candidates & good influence in many states like Gujarat is involving in pure Money Circulation Scheme and giving its Advertisements in TV's like Star News, Aaj Tak and some other different channels - the same channels which started to raise its voice against Speak Asia for sometime and then kept quite, They are collecting Rs. 5,500/- and gives voucher for all its distributors by which they can purchase products worth of Rs. 220/- monthly and get Rs. 11,000/- after 48 months, as usual binary plan from which by catching people to join the business they will be paid commission! They want to send out Speak Asia and they want to do the job of Speak Asia's consumer core business in India since they are an Indian Company; openly that MD of of that company has told that he has taken steps to send Speak Asia out of the country and moreover adds he is having support of politicians as well as media persons, if you are not raising your voice against that company and arresting that guy it'll be proved that you also support him in-directly!

Requesting you to take action against NMart Retails, which is telling that media like you are also supporting them in-directly!

Take Action against them and prove them wrong by arresting that MD of that company Mr. Gopal Shekawat!

Mukesh Parikh

5 years ago

Speakasia Website under Purchase Subscription option;
If you select any other countries except India...you will find only one address of Franchise :
71 Bukit Batok Crescent,
Prestige Centre, Singapore 658071
It clearly means this schemes are only made for Indians.
Recently when in Australia POK not shown in Indian Map. Indian origin Australian protested and got apology from Australian Govt.
BUT
on SA website when you select Pakistan, you get "AZAD KASHMIR".
Can't Indian govt. block this website for playing with soverignity of Country.

mukesh parikh

5 years ago

Attn: CEOs of Banks
When for opening SB A/c of a common man questions/"interrogation" by Bank officials about KYC are also asked to following entites while opening their a/c.s

Speak Asia Associates Bank A/cs.
1 GROW RICH ASSOCIATES Mumbai HDFC Bank ING Vysya Bank
2 SS BPO Services Ltd Mumbai HDFC Bank SBI
3 BRAMHANATH ENTERPRISES Mumabi GPPPJ Sah Bank
4 M/s. R. K. Investments Nashik ICICI Bank
5 BRAMHANAAD ENTERPRISES Pune ICICI Bank
6 BALAJI ASSOCIATES NAGPUR SBI
7 IQRA Infotech MUMBAI IDBI Bank
8 Permal Reddiar Vashi Abhyudaya Bank
9 Gallop New Media Inc. Pune ICICI Bank
10 ABN Research Online Mumbai SBI
11 Star Enterprises Navi Mumbai ING Vysya Bank
12 Biomile Marketing Pvt. Ltd. Dahanu HDFC Bank
13 NIVI INTERNATIONAL Mumbai HDFC Bank SBI
14 Universal Enterprises Mumbai Indusind Bank
15 SHREERAM INFOTECH Mumbai SBI
16 Money Ocean Financial Solutions Mumbai ICICI Bank IDBI Bank
17 SPEAK MUMBAI Mumbai ICICI Bank Axis Bank . DCB
18 BTC WORLD Mumbai ICICI Bank ING Vysya Bank
19 RISHIKESH INVESTMENTS AMRAVATI Bank of Baroda
20 POMP & GLORY ENTERPRISES SANPADA NAVIMUMBAI Federal Bank

Saikat Majumder

5 years ago

Hello, Mr. Editor U are very much Jealous of the Upcoming of SPEAKASIA. Thus trying to misrepresent SAOL,s Name & Fame. Be Care full to Comment Foul talking and Appear with Full Proof. We R "PROUD TO BE SPEAKASIAN".

govindan

5 years ago

MLM RACKET

Police raids and sealed p.i. marketing office. [www.pentaworldindia.biz].

REPLY

govindan

In Reply to govindan 5 years ago

An I S O 9001 - 2008 CERTIFIED COMPANY !!

govindan

5 years ago

JUNE 16,2011

News channels report that

Kerala Police alleges irregularities by HSBC Bank in Tycoon MLM racket case. Police will be taking action against all the banks involved in Tycoon scam

govindan

5 years ago

MLM Fraud

RMP office raided

Police raided RMPs' thrissur office and sealed.

govindan

5 years ago

NANO EXCEL MLM DIRECTOR ARRESTED

Bangalore:

NANO EXCEL Director Mr. Patrcik Thomas is in Jail.

He was arrested by Ulsoor Police and was remanded to Custody by the court.

govindan

5 years ago


Criminal complaint against NANO EXCEL MLM

Kerala : Thrissur (west) police register case against Managing Director Harishbau maddineni, his wife Meera Harish and their relative Chinna Rao

638 investors of Thrissur filed criminal complaint directly with the inspector general of police (Ms. Sanhdya IPS, IG Thrissur Range) against NANO EXCEL

1033 investors filed criminal complaints against NANO EXCEL in various police stations in Thrissur



govindan

5 years ago

Breaking News

POLICE RAIDS P A C L OFFICE IN CALICUT (www.paclindia.in)

[The PACL is known with its brand name " Pearls". PACL India claims they have ISO CERTIFICAION ISO-9001:2008 & ISO 14001:2004]

REPLY

govindan

In Reply to govindan 5 years ago

Latest reports suggest that this company had fooled the people of Andhra, closed their office and shifted to Kerala. According to reports, every year this Company (Oh Lord …. ISO ACCREDITED) changes the name and starts a new company.

THE WYNAD POLICE IS INVESTIGATING THE CASE.

govindan

5 years ago

MLM Rackets cannot hold meetings in Hotels, Resorts, convention Centers

Newspaper Report June 13, 2011

Police warns Hotels, Resorts and Convention centers against allowing money chain companies to hold meetings in their premises. If anyone found flouting the said order, they will be booked under Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

govindan

5 years ago

MLM RACKET

BIZARRE FRAUD

TYCOON FRAUD

link: Manoramanews

http://www.manoramanews.com/cgi-bin/MMOn...

kulbir singh

5 years ago

I think now a days one should know about the owner of the media and than decide to go through their articles.After what has happened with speakasia i have lost thrust in media. star tv is owning star panel that's why it is against a strong speakasia.i want to know what moneylife, rediff and some other media sources who are giving only subjective information are owning.i want to know who are the people who are owning them?so that i can guess what sort of business rivalry the con have with speakasia.these people have declared speakasia a pongi fraud company.i want to know on what basis the passed this verdict.who give them the power to give this totally subjective verdict.JUST DO YOUR PRIMARY JOB.and THAT IS TO PROVIDE OBJECTIVE INFORMATION and let your readers have there own opinion

REPLY

Saikat Majumder

In Reply to kulbir singh 5 years ago

Well Said Mr. Kulbir. I think they all doing these activities of their "Ext ream Jealousy".

Sanjeev Khanna

In Reply to kulbir singh 5 years ago

Well said, kulbir

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