Stocks
Weakness on Sensex, Nifty persists: Friday Closing Report

The first sign of a reversal of downtrend in Nifty will be if the index closes above 5,770 on Monday

The domestic market settled lower on pressure from rate-sensitive sectors after the RBI governor said that liquidity tightening measures would be eased only after the forex market stabilises. The NSE saw a huge volume of 72.68 crore shares.

 

The market opened in the green after the government yesterday eased FDI rules for multi-brand retail. Asian markets which were mostly higher in morning trade on positive economic news also boosted sentiments.

 

The Nifty opened 22 points higher at 5,750 and the Sensex resumed trade at 19,400, up 83 points over its previous close. Buying in consumer durables, IT, fast moving consumer goods (FMCG) and technology sectors helped the benchmarks hit their high in initial trade. The Nifty rose to 5,762 and the Sensex went up to 19,452 at their respective highs.

 

The indices soon pared early gains and drifted lower on profit booking in PSU, realty, power and banking stocks. Meanwhile, the rupee lost 27 paise to 60.70 against the dollar in early trade on higher demand for the greenback from importers, even as RBI took more measures to curb the domestic unit’s fall.

 

The market continued to fall in post-noon trade on selling in metal, power, PSU and realty stocks. A comment by the RBI governor D Subbarao that the central bank will roll-back the liquidity tightening steps only after stability is seen in the forex market added to the investors’ woes.

 

The indices touched their lows in the late session on selling in rate-sensitive sectors with the Nifty slipping to as low as 5,649 and the Sensex declining to 19,079.

 

However, the market closed lower, but off the lows, on the RBI governor’s comments about considering easing liquidity curbs. The Nifty declined 50 points (0.87%) to settle at 5,678 and the Sensex closed trade at 19,164, a cut of 153 points (0.79%).

 

The broader indices too settled lower. The BSE Mid-cap index fell 0.40% and the BSE Small-cap index fell 1.32%.

 

BSE Consumer durables (up 5.38%); BSE IT (up 0.96%); BSE Teck (up 0.55%) and BSE Oil & Gas (up 0.08%) were the sectoral gainers while all other sectoral indices fell. The major losers were BSE Realty (down 4.01%); BSE Power (down 3.77%); BSE Metal (down 3.65%); BSE PSU (down 2.64%) and BSE Capital goods (down 1.55%).

 

Out of the 30 stocks on the Sensex, six stocks settled in the green. The main gainers were TCS (up 1.66%); Infosys (up 1.04%); Reliance Industries (up 0.84%); Wipro (up 0.58%) and Tata Motors (up 0.45%). The main losers were Jindal Steel (down 7.29%); Coal India (down 5.84%); Tata Power (down 3.93%); Sterlite Inds (down 3.92%) and Tata Steel (down 3.74%).

 

The top two A Group gainers on the BSE were— Jaiprakash Power (up 16.04%) and IRB Infrastructure (up 13.76%).

 

The top two A Group losers on the BSE were— Financial Technologies (down 21.12%) and MCX (down 20%).

 

The top two B Group gainers on the BSE were— Sharp India (up 20%) and Hindustan Construction (up 19.95%).

 

The top two B Group losers on the BSE were— Shalimar Paints (down 19.99%) and Rainbow Denim (down 19.89%).

 

Of the 50 stocks on the Nifty, 15 ended in the in the green. The major gainers were Ranbaxy (up 4.06%); Cairn (up 2.60%); ACC (up 2.29%); Ambuja Cements (up 2.21%) and Lupin (up 2.08%). The main losers were Power Grid (down 11.52%); Jaiprakash Associates (down 9.09%); Jindal Steel (down 8.08%); DLF (down 6.86%); and Bank of Baroda (down 5.84%).

 

Markets in Asia settled mostly in the green on firm economic news from across the world. The European Central Bank’s decision to keep rates low for some more time and the US Federal Reserve’s move to continue its bond buying programme also supported the gains.

 

The Shanghai Composite added 0.02%; the Hang Seng gained 0.46%; the Jakarta Composite rose 0.36%; the KLSE Composite advanced 0.26%; the Nikkei 225 surged 3.29%; the Straits Times gained 0.33%; the Seoul Composite settled 0.14% higher and the Taiwan Weighted climbed 0.54%.

 

At the time of writing, two of the three key European indices were in the positive and the US stock futures were trading with minor gains.

 

Back home, foreign institutional investors were net buyers of equities amounting to Rs177.78 crore on Thursday while domestic institutional investors were net sellers of shares totalling Rs293.62 crore.

 

TVS Motor Company plans to set up an assembly line in Uganda. The company will also launch two new motorcycle models for Uganda. The company has appointed a new distributor, Yuvaraj International Uganda Limited. The company has been present in two wheeler segment in Uganda for about a decade and currently has around eight dealers offering sales, service and spare parts facilities across the country. The company plans to reach 25% market share within a year of commencing operation with the new distributor. The stock rose 1.46% to close at Rs31.25 on the NSE.

User

Charu Deshpande's jottings point to a suicide note?
The investigating team from Mumbai that questioned several officials, including some in the vice-president rank at Tata Steel, had found a handwritten note and other evidence in connection with the alleged suicide of Charu Deshpande 
 
A six-member team of Mumbai police that interrogated several officials of Tata Steel in connection with the alleged suicide of Charudutta (Charu) Deshpande, the steelmaker's former chief of corporate communication claimed to have found a handwritten note. 
 
According to a release from Press Club, Mumbai, the police have unearthed notings in Charu Deshpande's handwriting where he has mentioned some of the circumstances and names associated with his harassment in the days and months before his death. "These jottings virtually amount to a suicide note with statements that say, 'I go without fear, or rancour!’ the release added.
 
Himanshu Roy, joint commissioner of police, told a delegation of the Mumbai Press Club that the police team that had gone to the Tata Steel headquarters at Jamshedpur had seized Deshpande's personal computer and was examining as many as 1,000 emails he had stored. "We have interrogated as many as 47 persons so far including the vice-presidents Partho Sengupta, Ramesh Krishnan, the assistant of Charu and the current head of corporate communications," Roy said.
 
Roy, in a briefing on the progress of the investigations by the joint team of Thane Rural and Mumbai Crime Branch police, said the investigations revealed that Charu Deshpande had no family disputes or problems at home, and that his frustration and disappointment was because of his work place and his experiences at Tata Steel. It was discovered that Deshpande was the first person in Tata Steel - who despite being appointed at very senior IL2 level of seniority - was not confirmed in service after completion of his probation.
 
"In the weeks before his exit in May, depositions revealed that Deshpande's behaviour became more nervous and he began to smoke heavily. In one instance, this even triggered a fire alarm," Roy said, adding, "He developed a sense of frustration because of being sidelined and denied normal travel opportunities which he thought were very essential to fulfil his job profile. Only two of his 36 requests for travel were sanctioned. His request for an audience with the senior management was repeatedly denied." 
 
Roy mentioned that the general harassment of Charu Deshpande become more focused and sharp after the publication of an article in Forbes Magazine on Tata Steel in February. "The article was not too negative of Tata Steel, but some Tata Steel managers perceived it so, and blamed it on Charu. It has been established that he was uncomfortable with one or two persons; and the harassment by his tormentors only increased after the Forbes article," he said.
 
The Police are still examining the data and are keen to fill some gaps. Police teams may visit Jamshedpur again if so required, and the investigation will soon be completed and the case will be taken to its logical conclusion, Roy said.
 
Meanwhile, on 27 July, the internal Inquiry Committee (IC) appointed by Tata Group chairman Cyrus Mistry on the Charu Deshpande case, held a special sitting to record the depositions of Rajesh Chaturvedi, MD of Adfactors PR, Vinda Walawalkar, PR executive and Prince Mathew, author of the Forbes article. The three persons had been in close touch with Charu before his death and the calling for these witnesses was formally requested by the Press Club, the release said.
 
However, the release from Mumbai Press Club, is also sketchy as it leaves out several issues. If the police claim harassment, why are they not acting on this? Also, why did the IC of Tata group seek deposition from three outsiders, when all the action was inside Tata Steel (as per the police)?  
 
 
You may also want to read:  Death of a PR Man
 
 

User

COMMENTS

Vinay Joshi

4 years ago

Ms.Sucheta & Mr. Debashis,

ARE YOU NOT ACCREDITED MEMBERS OF THE PRESS?!None from your org?!!

Why should the Press Club, even if sketchy, IN THE FIRST PLACE release on which you depend upon?

Have you understood the provisions of the release?

Introspect.

Regards,

How Vodafone helped dupe its own subscriber

If you are in the habit of returning calls or missed calls received on mobile, beware; you may end up making an ISD call that costs Rs50-Rs100 per minute. In this case, the Vodafone subscriber received and dialled an ISD number without using any prefix like '00' or '+' or country code and yet was billed in thousands 

As if receiving unsolicited commercial communications (marketing calls, SMS) was not enough, here is a stunning case of a Vodafone subscriber who is billed exorbitantly for returning a call to a 'missed call' number. The number (2699108063) did not have any prefix to denote whether it is a local, STD or international number. Technically, the call should have been rejected by the mobile service provider, as direct dialling to numbers starting with '2' is not allowed in India. Mobile number within the same circle can be dialled directly (without any prefix), for call to any landline number one needs to add the STD code and for ISD, you will have to use either '00' or '+' and then the country code, as per the norms. And yet, Vodafone billed the subscriber at Rs50 per minute calling the number as an international (ISD) call.

 

Here is the first person account from the post-paid subscriber of Vodafone...

 

"I work as an accountant and my job includes dealing with various banks, financial firms, government bodies, etc. as well as speaking to a vast cross-section of people on a daily basis. I am on the phone most of the time and I regularly call back people who are on call waiting or if there is a missed call on my mobile.
 

In June, I received a missed call from 2699108063, an unknown number that did not have any prefix. As, usual I did not check any prefix before the number and called back. There was a girl on the other end who was speaking in fluent Hindi. She was speaking softly and slowly and hence I could not hear her voice very clearly. (In a way she was dragging the call, I realised later). Since, I could not hear her clearly, I called her again. Again her voice was not very clear and the call went on for a long time due to this. What little I could make from the call was that she was from Lokhandwala in Andheri and was seeking my personal information.
 

Later, when I saw the bill from Vodafone, I was shocked to find the calls to this number added up to Rs2,050. When I contacted Vodafone, they said this call was made to an international number and was charged at Rs50 per minute. I wonder how that number can be an international one as the girl said she was speaking from Lokhandwala in fluent Hindi."

 

The subscriber is a high-value customer of Vodafone with a dynamic credit limit of over Rs75,000. When the subscriber complained to Vodafone, he received an advice of being careful while calling back on unknown missed call number. As expected the mobile operator refused to reverse the charges.

Moneylife sent an email to Vodafone about this missed call scam where the subscriber was billed for calling a missed call number. We too received the standard reply from the PR agency of Vodafone. It says, "The scenario you have described in your mail about fraudulent international missed calls is one that is affecting the entire industry. People who are committing this fraud call from international SIMs, give one or two rings and then stop. This induces the receiver to call back."

 

The PR Agency also quoted the standard disclaimer from Vodafone's site, which says, "Please do not call any unidentified international number as it may result in higher call charges".

 

Unfortunately, the standard disclaimer does not resolve the issue. Especially, how a customer should identify an ISD number if the caller ID service from the mobile operator does not show the clear markings? And this may not be just a single occurrence.

 

Claiming that this type of incidents is not limited to Vodafone, the PR agency promised to get back to us with a complete and detailed answer. However, we never heard from them again.

 

Instead, on 23rd July, we received a call from Suresh Rangarajan, associate vice president for public relations at Vodafone India. He said, his team is finding out the details from its switches and would get back to us soon. (The switch is a computer-controlled component of a telephone network that connects two lines to complete a telephone call) Till writing the article, there was no response from Vodafone. We will incorporate their reply as and when we receive it.

 

In the meantime, Amin Shaikh, one of the customer service executives of Vodafone, contacted the subscriber offering to waive off 30% of the amount from his bill. When the subscriber refused, the Vodafone executive increased it to 50%. However, the subscriber out rightly, rejected this offer as well.

 

After searching on Vodafone site, we found that the number 2699108063 dialled by the subscriber, was from Comoros, a small island nation in the Indian Ocean. For calls made from India to this small African nation, Vodafone charges Rs50 per minute. However, we are amazed how the subscriber can make a direct ISD call without any prefix to the Comoros Island. Is there something more than what meets the eye?

 

There is a possibility that the 'missed call' may be from a charge-back number. But even in this case, Vodafone should have informed this to its subscriber, which it didn't. In the absence of any such mechanism, how the subscriber is supposed to know if the call he is making would cost him a bomb?

 

The only thing, a subscriber, especially a mobile user, can do is not to call back on any unknown and missed call numbers or install some application like TrueCaller that provide the information of the caller.

 

User

COMMENTS

Om

3 years ago

Hi,
I am an vodafone subscriber This month I have received bill for the Fraud Call Rs 1120/-. I fell vodafone is all part of this fraud because of following reason
1)The fraud is occurring for 2 yrs for which they have not built any security system to control this Fraud.
2) The international settlement which they are doing for these call they are the profit of these fraud.

As per that business is growing they are not interested in customer nor TRAI is taking action against them on this issue.

God save, Money transfer facility is also with them still security is not implemented for fraud call

raj

4 years ago

Whenever you get missed call from international number, calling nummber always comes with prefix "+" symbol. Whenever we get missed call from India, calling number always comes with prefix "+91".
We are also getting missed calls from such International number. It always comes with Prefix "+" symbol. These are ISD calls and connects to Friendship Chat Line in India. Vodafone has noting to do with such number.

REPLY

MDT

In Reply to raj 4 years ago

Thanks for your comment.
Kindly read the story once again. It clearly says (quoting the subscriber) "I received a missed call from 2699108063, an unknown number that did not have any prefix".
Also nowhere the article says about Vodafone having anything to do with with the number. All the article says is why there was no 'prefix'? So why are you giving clarification on behalf of Vodafone?
Thanks,
MDT

Pankaj Mehta

4 years ago

I too had the same problem with Vodafone, with a single ring when just retiring to sleep at 11 pm from 2698100216. In half sleep you think this call is from somewhere in Maharashtra, and call back. The bill showed a charge of Rs 50/min. A email to Vodafone to complain brought no response. Glad Moneylife wrote this article.

Vodafone India

4 years ago

Hello Sir/Madam,

Please help us with your current and alternate contact numbers at http://bit.ly/18Ymcln and we will get back to you with assistance at the earliest.

Regards,
Vodafone Customer Care.

REPLY

MDT

In Reply to Vodafone India 4 years ago

Thanks for your comment. Good to see that you are active in resolving a subscriber's issue when posted in public forum.
BTW...any comment on the issue mentioned in the article?
Regards,
MDT

Nihar Mody

4 years ago

Is vodafone involved in this scam? I never receive such calls on my Reliance number!

What does caller gain from such missed calls and we calling back. Clearly Vodafone is the gainer.

arvindkumar baid

4 years ago

Similar case has happened with me. In my mobile i had stored a 9 digit number to prevent sms being sent by my children inadvertently while using mobile on the first number stored on mobile. But the vodafone actually deducted charges for the same and that too std charges stating that the message has been delivered even though i don't think there is any 9 digit mobile number in our country. i have kept vodafone number for incoming call as there connectivity is good in gujarat but for outgoing calls i am using other operator

REPLY

Vodafone India

In Reply to arvindkumar baid 4 years ago

Hello Arvind,

Please help us with your current and alternate contact numbers at http://bit.ly/15C6nvX and we will get back to you with assistance at the earliest.

Regards,
Vodafone Customer Care.

MDT

In Reply to Vodafone India 4 years ago

Thanks for your comment. Good to see that you are active in resolving a subscriber's issue when posted in public forum.
BTW...any comment on the issue mentioned in the article?
Regards,
MDT

Simple Indian

4 years ago

I had been a Vodafone subscriber in Mumbai for 4 years and was desperately waiting for the MNP policy, as Vodafone's tariffs are among the costliest in the circle. Besides, it was perhaps the first mobile telecom operator to start charging its own subscribers for calling up their Customer Care (think it was 123). They also twice rejected my MNP request on frivolous grounds of "you have violated the contractual obligations" which turned out to be due to an add-on SMS Pack I had subscribed to (how silly of them). Finally, when I managed to migrate to another operator through MNP, my bill charges dropped by over 50% - for the same usage.
It is an open secret that Airtel-Vodafone-Idea are a cartel and raise tariffs in tandem.

We are listening!

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