A number of websites have cropped up, trying to lure investors with dubious claims of more than 100% returns—why are the regulators silent?
Speak Asia is not the only company luring thousands of people with dubious claims and the promise of extraordinary returns. The legitimate options & futures trading market of the National Stock Exchange (NSE) is a happy hunting ground for shoddy online tip-sheets, luring the gullible.
The Internet is flooded with websites claiming accurate tips, as high as 99% in trading in Nifty Futures & Options, etc. These portals are luring people to subscribe to their various plans—which is nothing but virtual gambling.
Most of the trades are usually in the Nifty and individual stock options where average trading volumes on the NSE are about Rs1,00,000 crore per day. Of these, index options account for 65% of total volume.
A Google search throws up dozens of websites promising huge returns through their tip-sheets, but market regulators seem to be unaware of these portals.
The modus operandi of all these tip-sheet portals is similar. They claim 99% accuracy, provide various stock options plans on (weekly or yearly) subscription. On an average, two-three 'tips' are delivered via mobile text messages. A few punters deliver tips using online chat rooms.
There are many more websites making such claims—Here are a few:
Obviously, if generating such high market returns was so easy, investors all across India-and around the globe-will be flocking to Mumbai. The blatant dubiousness of these claims is obvious even with a cursory glance at these sites. But a few might just bite the bait. The moot point is, while a Google search can throw up so many sites, why are the regulators silent?
In past four years, Kavveri Telecom has acquired four different RF products and antennas manufacturing companies in North America
The Board of Kavveri Telecom Products, a leading telecom equipment manufacturer, has approved the acquisition of an RF company in Europe.
The RF solutions and products provided by this European company are considered world class, not only address a key technology requirement for the company, but will also provide a further opportunity to improve their business performance by leveraging Kavveri's low cost high value manufacturing capabilities.
This acquisition will also expand Kavveri's sales channels for their products in key world markets in Europe, Africa and Latin America. Kavveri has recently won an order of Rs75 crore from Europe and the company hopes that by this acquisition in Europe, would give it better position to get large orders from the customers in Europe.
Speaking about this acquisition, Shivakumar Reddy, managing director, Kavveri Telecom Products said that, "We are extremely positive about this acquisition. It will facilitate Kavveri to go one step ahead in its strategic initiative of making its facilities in India the global manufacturing hub."
Kavveri Telecom provides world class hardware products and solutions for the telecom, defence and space industry.
On Friday, Kavveri Telecom ended 1.79% up at Rs130.50 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.02% at 18,326.09.
Asked how much the country's economic growth could be in 2011-12, India's chief statistician TCA Anant said: "The expectation now is that probably it will be 8.5%. This is subject to the assumption on how effectively do we manage the oil price situation"
New Delhi: The country's chief statistician TCA Anant today said high global crude prices could impact India's economic growth in 2011-12 and projected that the gross domestic product (GDP) is likely to grow by around 8.5% during the fiscal.
He also said that headline inflation will fall below the 8% mark by August-September if the country receives a normal monsoon, reports PTI.
"The oil situation is a matter of worry and it is likely that oil prices internationally will harden significantly... Crude is also a major input. So it may be a factor which will dampen some of our growth expectations," Mr Anant told reporters here on the sidelines of a FICCI event.
Asked how much the country's economic growth could be in 2011-12, he said: "The expectation now is that probably it will be 8.5%. This is subject to the assumption on how effectively do we manage the oil price situation."
In its pre-Budget economic survey, the government had projected that the country's GDP would grow by 9% this fiscal.
However, the Reserve Bank of India (RBI), in its monetary policy for 2011-12 released earlier this month, pegged GDP growth at 8% and said inflationary pressure would affect growth.
Finance minister Pranab Mukherjee and other senior figures in the government also recently said that growth would be below 9%.
Mr Anant said the current political turmoil in parts of the Middle East and North Africa (MENA), along with the recent tsunami and earthquake and subsequent radiation leakage that hit Japan, could affect oil prices.
"The Middle East situation is an area of concern. It is likely that the fall-out of the events in Japan may temporarily raise demand for fossil fuel like oil and gas while they review their nuclear dependence... I suspect these (factors) will contribute to a certain measure of hardening of crude prices," the chief statistician said.
Global crude prices are currently above $100 per barrel on account of events in the MENA region, particularly the civil war in Libya, a major oil exporter and OPEC member.
Regarding inflation, Mr Anant said the rate of price rise of food items is showing a declining trend.
Asked by when headline inflation is likely to fall below 8%, he said: "My guess is that if all goes well and if by July it appears that monsoon is normal, I think... maybe by mid-year, either August or September, we should see inflation rates moderate. But I am putting a big assumption there."
Headline inflation in the country has been above the 8% mark since January 2010.
In April, overall inflation stood at 8.66%, as against over 9% in March.
In its annual policy, the RBI had said that while inflationary pressure from food items has been declining, concerns remain about high global commodity prices. It projected that inflation would average 9% during the first half of the fiscal, before moderating to 6% by year-end.
Yesterday, finance minister Pranab Mukherjee had also said that inflation is showing a 'declining trend".
Food inflation, which remained in double digits for most of 2010, fell to an 18-month low of 7.47% in the first week of May.
However, inflation in the manufacturing segment was 6.18% in April. Experts have been warning against high inflation in the core (non-food) segment.
Regarding the new Consumer Price Index (CPI), which factors in retail prices across the country, Mr Anant said it will take some time before inflation figures emerge from it.
"The CPI indices are tricky to read at the moment for inflation, as the interpretation is very complicated," he said, adding that inflation numbers under the index would be available from January next year.
Regarding the growth in the fourth quarter of 2010-11, he said data is still being worked upon.
Asked about the growth numbers for last fiscal, which are going to be released next month, he said: "For 2010-11, we had given an advance estimate of 8.6%. That is being pulled in two directions.
"There is a downward pressure by the fact that subsequent data on Index of Industrial Production (IIP) is slightly lower, the subsequent data on agriculture is slightly higher.
So the net effect... I don't know."