Mumbai: Wall Street Finance today announced its un-audited financial results for the quarter ended September 30, 2008. The performance highlights are:
• Operational Review for the Quarter ended September 30, 2008
• Total income of Rs. 929.45 lakhs, against Rs. 713.78 lakhs in the corresponding period, an increase of 30.22 per cent
• Net profit of Rs. 24.67 lakhs, against Rs. 9.73 lakhs in the corresponding period, an increase of 153.55 per cent
The Company also inducted Mr. Sudip Bandyopadhyay, Director & CEO, Reliance Money,Mr. S. P. Talwar, Retired Deputy Governor, Reserve Bank of India and Mr. Rajnikant Patel,Ex-Executive Director & CEO, Bombay Stock Exchange on its Board.
"We are very pleased with this strategic tie-up with Reliance Money Express. We strongly believe that this tie-up will help us build on synergies and propel our recently launched Investment Services further,” said Mr. Areef Patel, Vice Chairman, Wall Street Finance Ltd.
“I am pleased to join the Wall Street Finance Board. We are confident that this association will capitalise on the strength of both Reliance Money Express and Wall Street Finance, paving the way for a new chapter in the financial services sector in the country,” said Mr. Bandyopadhyay, newly inducted Director of Wall Street Finance.
About Wall Street Finance Ltd.
Wall Street Finance Ltd. (WSFL) was set-up in 1986 as a Public Limited Company and is today a leader in Foreign Exchange and Money Remittance services in the country. The Company has a market capitalisation of approximately Rs. 40 crore and a 3-year dividend track record. It is the only deposit-taking NBFC (D) that also has an Authorised Dealer-II licence. This prestigious licence has been issued to the Company based on its 15-year-old track record in the field of foreign exchange as well as strict compliance policies adopted by the Company. This has now opened a large market for the Company, in the field of foreign exchange, which was earlier restricted to banks. The Company is now able to offer Outward Remittance Services for a wide range of activities. To capitalise on the huge opportunity in both Inward and Outward Remittance, WSFL is expanding its network by opening more branches across the country.
The Company is one of the principal agents of Western Union Money Transfer and operates over 3500 locations for Money Transfer. It has now got into Investment Services as a distributor of various Wealth Management Products of Reliance ADAG.
Thursday, October 30, 2008
Wednesday, October 29, 2008
India gets set for Mumbai, Kolkata coastal floods
Climate change could result in Kolkata and Mumbai being amongst the top ten port cities of the world exposed to coastal flooding in 2070, with an exposure of estimated 2.54 crores of people and assets worth US$3.85 trillion. A coastline of about 7,500 kms will be at risk in the country due to coastal flooding that may occur as a result of climate change in 2070.
This has been stated in a global study conducted by the Organization for Economic Cooperation (OECD) in 2007 on ‘Ranking Port Cities with High Exposure and Vulnerability to Climate Extremes’. The report notes that those cities with greatest population exposure to extreme sea levels also tend to be those with greatest exposure to wind damage from tropical and extra tropical cyclones. The report has attempted to estimate the exposure of the world’s large port cities to coastal flooding due to sea level rise and storm surge.
According to the projections made in the Report, The study also claims that the top ten port cities with highest exposure to wind damage are also among the top twenty port cities exposed to present-day extreme sea levels. As per the Report, the risk of impact from the exposure to coastal flooding can be reduced through a range of adaptation strategies including flood and wind protection measures, effective disaster management strategies, and land use practices
According an official release, the Indian Government, on its part, has decided to take concrete steps and measures to meet the challenge of climatic change. It has been implementing various adaptation related programmes in the process of planned economic development. Specific measures taken include coastal protection infrastructure and cyclone shelters, plantation of coastal forests and mangroves. Further, in coastal regions, restrictions have been imposed in the area between 200m and 500m of the high tide line while special restrictions have been imposed in the area up to 200 m to protect the sensitive coastal ecosystems and prevent their exploitation.
The National Action Plan on Climate Change (NAPCC) which was released on 30th June 2008 outlining the strategy to meet the challenge of Climate Change. The National Action Plan advocates a strategy that promotes, firstly, adaptation to Climate Change and secondly, further enhancement of the ecological sustainability of India’s development path. The Action Plan envisages, among many other actions, effective disaster management strategies, strengthening communication networks and disaster management facilities at all levels and protection of coastal areas through focusing on coastal protection and early warning systems.
This has been stated in a global study conducted by the Organization for Economic Cooperation (OECD) in 2007 on ‘Ranking Port Cities with High Exposure and Vulnerability to Climate Extremes’. The report notes that those cities with greatest population exposure to extreme sea levels also tend to be those with greatest exposure to wind damage from tropical and extra tropical cyclones. The report has attempted to estimate the exposure of the world’s large port cities to coastal flooding due to sea level rise and storm surge.
According to the projections made in the Report, The study also claims that the top ten port cities with highest exposure to wind damage are also among the top twenty port cities exposed to present-day extreme sea levels. As per the Report, the risk of impact from the exposure to coastal flooding can be reduced through a range of adaptation strategies including flood and wind protection measures, effective disaster management strategies, and land use practices
According an official release, the Indian Government, on its part, has decided to take concrete steps and measures to meet the challenge of climatic change. It has been implementing various adaptation related programmes in the process of planned economic development. Specific measures taken include coastal protection infrastructure and cyclone shelters, plantation of coastal forests and mangroves. Further, in coastal regions, restrictions have been imposed in the area between 200m and 500m of the high tide line while special restrictions have been imposed in the area up to 200 m to protect the sensitive coastal ecosystems and prevent their exploitation.
The National Action Plan on Climate Change (NAPCC) which was released on 30th June 2008 outlining the strategy to meet the challenge of Climate Change. The National Action Plan advocates a strategy that promotes, firstly, adaptation to Climate Change and secondly, further enhancement of the ecological sustainability of India’s development path. The Action Plan envisages, among many other actions, effective disaster management strategies, strengthening communication networks and disaster management facilities at all levels and protection of coastal areas through focusing on coastal protection and early warning systems.
Friday, October 24, 2008
Indian economy at point of inflexion, RBI sounds alarm bells
There is increasing evidence that the US slowdown is spreading via the trade and financial channels.
MUMBAI:The reserve Bank of India today sounded alarm bells on the state of the country’s economy.
Starting that aggregate supply conditions in the Indian economy have shown resilience in the second quarter of 2008-09 in the face of a deteriorating global macroeconomic and financial environment, the Central Bank said: “There are, however, growing indications that the underlying economic cycle is turning in tune with global economic developments and that domestic economic activity is straddling a point of inflexion.”
The highlights of the overall assessment as presented in the mid-year review by RBI Governor D Subbarao are:
• Aggregate demand conditions continue to be mainly investment-driven, although some slackening which set in during the first quarter of 2008-09 appears to have become broad based.
• Reflecting the aggregate demand pressures, key monetary and banking aggregates – money supply, deposit and non-food credit growth – have been expanding during the year so far at rates that are significantly elevated relative to indicative trajectories given in the Annual Policy Statement of April 2008.
• The developments in monetary conditions resulted in a tightening of liquidity conditions in domestic financial markets through the second quarter of 2008-09.
• Signs of deterioration in the fiscal situation appear to be adding to aggregate demand pressures in the economy.
• Domestically, imported inflation pressures have been keeping headline inflation at elevated levels with considerable uncertainty as to where it will peak and when.
• Since the First Quarter Review of July 2008, global economic prospects have weakened further. The global economy is facing the deflationary effects of the financial crisis. There is increasing evidence that the US slowdown is spreading via the trade and financial channels.
• The outlook for the emerging economies remains positive, but uncertainties about their resilience to the global shocks have increased.
• The international financial system is gripped by extreme risk aversion in the wake of spectacular failures among the world's largest financial institutions, including several credited with history and tradition.
• Conditions in global financial markets have worsened with the freezing of inter-bank markets in US and Europe necessitating massive liquidity injection facilities from central banks in these economies, reduction of policy rates, recapitalisation of troubled private banks by governments, coordinated action by European governments to bail out weak banks and guaranteeing of all deposits in the banking system in many countries.
• In the overall assessment, global economic conditions have worsened and the future path of their evolution has turned highly uncertain. The broadening slowdown of economic activity in the advanced economies is beginning to impact the macroeconomic prospects of emerging economies, with those reliant on exports and on international financial markets for external financing needs likely to be the most vulnerable. Inflation remains elevated and a key risk to global economic prospects.
Details of the RBI review can be accessed at: http://rbi.org.in/scripts/Annualpolicy.aspx
MUMBAI:The reserve Bank of India today sounded alarm bells on the state of the country’s economy.
Starting that aggregate supply conditions in the Indian economy have shown resilience in the second quarter of 2008-09 in the face of a deteriorating global macroeconomic and financial environment, the Central Bank said: “There are, however, growing indications that the underlying economic cycle is turning in tune with global economic developments and that domestic economic activity is straddling a point of inflexion.”
The highlights of the overall assessment as presented in the mid-year review by RBI Governor D Subbarao are:
• Aggregate demand conditions continue to be mainly investment-driven, although some slackening which set in during the first quarter of 2008-09 appears to have become broad based.
• Reflecting the aggregate demand pressures, key monetary and banking aggregates – money supply, deposit and non-food credit growth – have been expanding during the year so far at rates that are significantly elevated relative to indicative trajectories given in the Annual Policy Statement of April 2008.
• The developments in monetary conditions resulted in a tightening of liquidity conditions in domestic financial markets through the second quarter of 2008-09.
• Signs of deterioration in the fiscal situation appear to be adding to aggregate demand pressures in the economy.
• Domestically, imported inflation pressures have been keeping headline inflation at elevated levels with considerable uncertainty as to where it will peak and when.
• Since the First Quarter Review of July 2008, global economic prospects have weakened further. The global economy is facing the deflationary effects of the financial crisis. There is increasing evidence that the US slowdown is spreading via the trade and financial channels.
• The outlook for the emerging economies remains positive, but uncertainties about their resilience to the global shocks have increased.
• The international financial system is gripped by extreme risk aversion in the wake of spectacular failures among the world's largest financial institutions, including several credited with history and tradition.
• Conditions in global financial markets have worsened with the freezing of inter-bank markets in US and Europe necessitating massive liquidity injection facilities from central banks in these economies, reduction of policy rates, recapitalisation of troubled private banks by governments, coordinated action by European governments to bail out weak banks and guaranteeing of all deposits in the banking system in many countries.
• In the overall assessment, global economic conditions have worsened and the future path of their evolution has turned highly uncertain. The broadening slowdown of economic activity in the advanced economies is beginning to impact the macroeconomic prospects of emerging economies, with those reliant on exports and on international financial markets for external financing needs likely to be the most vulnerable. Inflation remains elevated and a key risk to global economic prospects.
Details of the RBI review can be accessed at: http://rbi.org.in/scripts/Annualpolicy.aspx
Wednesday, October 22, 2008
Smooth landing for airlines
Praful meets Deora, gets EMI breather on fuel bills
NEW DELHI:In view of the financial crisis being faced by the Indian airlines industry, the Minister for Civil Aviation, Shri Praful Patel today met the Minister for Petroleum and Natural Gas, Shri Murli Deora. Senior officials of Ministry of Civil Aviation, Ministry of Petroleum and Natural Gas, the oil PSUs and representatives of the airlines industry were also present.
It was decided at the meeting that:
• A 90 days credit period will be given by the oil companies to the airline companies up to 31 March, 2009 following which the situation will be reviewed to pay their credit.
• The airlines industry can pay their present cumulative outstanding credit in 6 monthly installments by 31 March, 2009.
• The ATF prices will be revised every 15 days to be at par with the world market prices. This is in view of the fluctuation prices of crude oil in the international market.
In view of the support extended to the airline industry by the Government and the oil PSUs, the airlines were asked to refrain from any retrenchment of staff. At the meeting it was also clarified that the national carrier Air India was not laying of any employee. The CMD, NACIL assured that the company had no plan of retrenchment of any of their employees.
The Indian airline industry representatives have expressed their satisfaction to the Minister for Petroleum and Natural Gas and Minister for Civil Aviation for their initiative in providing relief to the sector.
Smooth landing for airlines
Praful meets Deora, gets EMI breather on fuel bills
NEW DELHI:In view of the financial crisis being faced by the Indian airlines industry, the Minister for Civil Aviation, Shri Praful Patel recently met the Minister for Petroleum and Natural Gas, Shri Murli Deora. Senior officials of Ministry of Civil Aviation, Ministry of Petroleum and Natural Gas, the oil PSUs and representatives of the airlines industry were also present.
It was decided at the meeting that:
• A 90 days credit period will be given by the oil companies to the airline companies up to 31 March, 2009 following which the situation will be reviewed to pay their credit.
• The airlines industry can pay their present cumulative outstanding credit in 6 monthly installments by 31 March, 2009.
• The ATF prices will be revised every 15 days to be at par with the world market prices. This is in view of the fluctuation prices of crude oil in the international market.
In view of the support extended to the airline industry by the Government and the oil PSUs, the airlines were asked to refrain from any retrenchment of staff. At the meeting it was also clarified that the national carrier Air India was not laying of any employee. The CMD, NACIL assured that the company had no plan of retrenchment of any of their employees.
The Indian airline industry representatives have expressed their satisfaction to the Minister for Petroleum and Natural Gas and Minister for Civil Aviation for their initiative in providing relief to the sector.
NEW DELHI:In view of the financial crisis being faced by the Indian airlines industry, the Minister for Civil Aviation, Shri Praful Patel recently met the Minister for Petroleum and Natural Gas, Shri Murli Deora. Senior officials of Ministry of Civil Aviation, Ministry of Petroleum and Natural Gas, the oil PSUs and representatives of the airlines industry were also present.
It was decided at the meeting that:
• A 90 days credit period will be given by the oil companies to the airline companies up to 31 March, 2009 following which the situation will be reviewed to pay their credit.
• The airlines industry can pay their present cumulative outstanding credit in 6 monthly installments by 31 March, 2009.
• The ATF prices will be revised every 15 days to be at par with the world market prices. This is in view of the fluctuation prices of crude oil in the international market.
In view of the support extended to the airline industry by the Government and the oil PSUs, the airlines were asked to refrain from any retrenchment of staff. At the meeting it was also clarified that the national carrier Air India was not laying of any employee. The CMD, NACIL assured that the company had no plan of retrenchment of any of their employees.
The Indian airline industry representatives have expressed their satisfaction to the Minister for Petroleum and Natural Gas and Minister for Civil Aviation for their initiative in providing relief to the sector.
Indian economy resilient, says PM
TOKYO: Prime Minister Dr. Manmohan Singh today said that India would emerge stronger from the current “great turbulence in the world economy”.
“The short-term outlook is somewhat cloudy but I am confident that the Indian economy has the resilience to sustain its growth momentum in the medium run. We hope to build on India’s many inherent strengths as an emerging market economy that is now ready for rapid and sustained growth,” he said addressing the Business Luncheon hosted by Nippon Keidanren in Tokyo today.
“Over the past four years, we have averaged 9% GDP growth per year. It looks like slowing down in the current year because of conditions in the global economy. But, once normalcy returns, we can and we are determined to regain the 9% growth trajectory. We have a tradition of a high rate of domestic savings averaging 35% of our GDP. This is like most Asian countries, and we also have a strong and a dynamic private sector,” he said.
Speaking on "India-Japan Economic Relations in the 21st Century", the Prime Minister said: “We meet at a time of great turbulence in the world economy. The international financial crisis, which still continues, has revealed the extra-ordinary vulnerability of the global financial system even in the industrialized world. The crisis has choked credit flows and predictably spilled over to the stock market. We have to prevent the liquidity crisis from becoming a crisis of confidence in the international monetary and financial system.”
He pointed out that the Governments and central banks of the major economies have taken strong and even innovative steps to deal with the crisis. The global nature of the crisis calls for a coordinated global response. Developing countries like India are also affected by the crisis and have to be part of the solution. “We cannot afford to risk the gains we have made in the last few years. Nor do we wish to remain vulnerable to infirmities in international surveillance, supervision and regulatory mechanisms in the future,” he said.
The government has taken several measures in India in the last few weeks to ensure adequate liquidity and confidence in our financial system. The fundamentals of Indian economy have been and continue to be strong. The country’s banking system is well capitalized. “But, we have experienced a shrinking of liquidity and we are responding by injecting additional liquidity to ensure that the rhythm of economic activity is not disrupted. The Reserve Bank of India stands ready to respond quickly to address the emerging needs of our economy,” Dr Singh said.
“The short-term outlook is somewhat cloudy but I am confident that the Indian economy has the resilience to sustain its growth momentum in the medium run. We hope to build on India’s many inherent strengths as an emerging market economy that is now ready for rapid and sustained growth,” he said addressing the Business Luncheon hosted by Nippon Keidanren in Tokyo today.
“Over the past four years, we have averaged 9% GDP growth per year. It looks like slowing down in the current year because of conditions in the global economy. But, once normalcy returns, we can and we are determined to regain the 9% growth trajectory. We have a tradition of a high rate of domestic savings averaging 35% of our GDP. This is like most Asian countries, and we also have a strong and a dynamic private sector,” he said.
Speaking on "India-Japan Economic Relations in the 21st Century", the Prime Minister said: “We meet at a time of great turbulence in the world economy. The international financial crisis, which still continues, has revealed the extra-ordinary vulnerability of the global financial system even in the industrialized world. The crisis has choked credit flows and predictably spilled over to the stock market. We have to prevent the liquidity crisis from becoming a crisis of confidence in the international monetary and financial system.”
He pointed out that the Governments and central banks of the major economies have taken strong and even innovative steps to deal with the crisis. The global nature of the crisis calls for a coordinated global response. Developing countries like India are also affected by the crisis and have to be part of the solution. “We cannot afford to risk the gains we have made in the last few years. Nor do we wish to remain vulnerable to infirmities in international surveillance, supervision and regulatory mechanisms in the future,” he said.
The government has taken several measures in India in the last few weeks to ensure adequate liquidity and confidence in our financial system. The fundamentals of Indian economy have been and continue to be strong. The country’s banking system is well capitalized. “But, we have experienced a shrinking of liquidity and we are responding by injecting additional liquidity to ensure that the rhythm of economic activity is not disrupted. The Reserve Bank of India stands ready to respond quickly to address the emerging needs of our economy,” Dr Singh said.
Saturday, October 18, 2008
Anything for infra, says Indian Govt
To invest whopping Rs 20,00,000 crores in current plan period
CHENNAI: Union Minister of Shipping, Road Transport and Highways,T.R. Baalu has said that the Union Government is committed to improve the infrastructure of the country to meet the growing needs of the economy.
Presiding over the signing ceremony of the Memorandum of Understanding between the Ennore Port Ltd and Nissan Motor (India) Pvt Ltd for export of Cars through Ennore Port in Chennai today, Mr Baalu said that the country’s economy is poised to take a great leap and to give the economy a big boost, Government has planned to give an impetus to infrastructure development.
He said that over Rs. 20,00,000 crore (20 lakh crore) would be invested during the five years of 11th five year plan for the infrastructure development out of a total investment of over Rs. 36,00,000 crore (36 lakh crore) which is 56.4% of the total investment.
Thiru Baalu said that the Department of Shipping has launched the National Maritime Development Policy (NMDP), which has put the port sector in India in an overdrive mode during the past 4 years. He said that the capacity of major ports stood at 384.5 million tonnes in March 2004 and it has leaped forward to 532 million tonnes as on March 2008, representing a 36% growth in capacity in the last four years. Likewise, the traffic through the major ports went up from 344.79 million tonnes in 2003-04 to 519.23 million tonnes in 2007-08, registering an impressive growth of 51%, the Minister added.
He informed that the NMDP comprises of 387 projects involving a total investment of Rs.1,00,339 crores (approximately US $ 21 billion). Out of this, Rs.55,804 crores (approximately US $ 12 billion) is for the Port sector and the balance Rs.44,535 crores (approximately US $ 9 billion) is for the Shipping and Inland Waterway Transport sectors with the target of completion by 2011-12. Thiru Baalu said that Tamil Nadu’s Gross State Domestic Product (GDP) for 2007 is estimated at Rs.2,75,000 crore which comes to 9.50% per year and which is in line with the national growth of 9.08%. He said that keeping in view the pace of development in the State in last few years, as also the glorious maritime history, a total of Rs.13,284 crores has been allocated by the Department of Shipping, Government of India to Tamil Nadu for the development of the three major ports, namely, Ennore, Chennai and Tuticorin. This translates to around 23.80% of the total NMDP investments. Of this, Ennore Port’s share at Rs.6,466 crores alone is nearly half of that for Tamil Nadu at 11.59% of the NMPD allocation for the 12 Major Ports.
Commending the performance of the Ennore Port, which is the first corporate port of the country, the Minister said that though youngest, the Port has embarked on the ambitious programme under Phase-I of the NMDP to develop various projects at an estimated cost of Rs.2,700 crore. The total investment by private partners through the BOT projects is around Rs.1100 crore and apart from this, the Ennore Port is investing Rs.300 crore in connectivity and harbour deepening projects, the Minister informed.
He also commended the Ennore Port for taking up the major initiative to facilitate export of Cars in pursuit of which, the EPL and Nissan Motor (India) have signed an MOU today. He hoped that the project would be completed on time and the export of cars would commence immediately after commissioning of the Nissan’s upcoming Car Plant at Oragadam, near Chennai.
Thiru Baalu added that Ennore Port along with Chennai Port would be a catalyst in making Chennai the Detroit of Asia by facilitating seamless exports and imports, and it would be the Engine of industrial and economic development of not only Tamil Nadu but also its hinterland in the other Southern States. (PIB)
CHENNAI: Union Minister of Shipping, Road Transport and Highways,T.R. Baalu has said that the Union Government is committed to improve the infrastructure of the country to meet the growing needs of the economy.
Presiding over the signing ceremony of the Memorandum of Understanding between the Ennore Port Ltd and Nissan Motor (India) Pvt Ltd for export of Cars through Ennore Port in Chennai today, Mr Baalu said that the country’s economy is poised to take a great leap and to give the economy a big boost, Government has planned to give an impetus to infrastructure development.
He said that over Rs. 20,00,000 crore (20 lakh crore) would be invested during the five years of 11th five year plan for the infrastructure development out of a total investment of over Rs. 36,00,000 crore (36 lakh crore) which is 56.4% of the total investment.
Thiru Baalu said that the Department of Shipping has launched the National Maritime Development Policy (NMDP), which has put the port sector in India in an overdrive mode during the past 4 years. He said that the capacity of major ports stood at 384.5 million tonnes in March 2004 and it has leaped forward to 532 million tonnes as on March 2008, representing a 36% growth in capacity in the last four years. Likewise, the traffic through the major ports went up from 344.79 million tonnes in 2003-04 to 519.23 million tonnes in 2007-08, registering an impressive growth of 51%, the Minister added.
He informed that the NMDP comprises of 387 projects involving a total investment of Rs.1,00,339 crores (approximately US $ 21 billion). Out of this, Rs.55,804 crores (approximately US $ 12 billion) is for the Port sector and the balance Rs.44,535 crores (approximately US $ 9 billion) is for the Shipping and Inland Waterway Transport sectors with the target of completion by 2011-12. Thiru Baalu said that Tamil Nadu’s Gross State Domestic Product (GDP) for 2007 is estimated at Rs.2,75,000 crore which comes to 9.50% per year and which is in line with the national growth of 9.08%. He said that keeping in view the pace of development in the State in last few years, as also the glorious maritime history, a total of Rs.13,284 crores has been allocated by the Department of Shipping, Government of India to Tamil Nadu for the development of the three major ports, namely, Ennore, Chennai and Tuticorin. This translates to around 23.80% of the total NMDP investments. Of this, Ennore Port’s share at Rs.6,466 crores alone is nearly half of that for Tamil Nadu at 11.59% of the NMPD allocation for the 12 Major Ports.
Commending the performance of the Ennore Port, which is the first corporate port of the country, the Minister said that though youngest, the Port has embarked on the ambitious programme under Phase-I of the NMDP to develop various projects at an estimated cost of Rs.2,700 crore. The total investment by private partners through the BOT projects is around Rs.1100 crore and apart from this, the Ennore Port is investing Rs.300 crore in connectivity and harbour deepening projects, the Minister informed.
He also commended the Ennore Port for taking up the major initiative to facilitate export of Cars in pursuit of which, the EPL and Nissan Motor (India) have signed an MOU today. He hoped that the project would be completed on time and the export of cars would commence immediately after commissioning of the Nissan’s upcoming Car Plant at Oragadam, near Chennai.
Thiru Baalu added that Ennore Port along with Chennai Port would be a catalyst in making Chennai the Detroit of Asia by facilitating seamless exports and imports, and it would be the Engine of industrial and economic development of not only Tamil Nadu but also its hinterland in the other Southern States. (PIB)
Wednesday, October 15, 2008
Golden Era: Indian post offices to sell gold coins
NEW DELHI:Indian Post Offices have started selling 24 carat gold coins from today.
The sale will be available in over 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat in the pilot phase. The gold coins are in the popular denomination of half gram, one gram, 5 grams and 8 grams. The prices of these coins will be competitive based on the prevailing prices of gold.
Launching the service in Delhi, Communications and IT Minister A. Raja directed the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man. He announced that the sale will gradually extend based on public response. He said, during Phase-II of the project, Post Offices will be selling gold coins with India Post logo.
India Post has launched this pioneering venture in association with World Gold Council and Reliance Money. World Gold Council will help market the Swiss Medallions supplied by Reliance Money, making it available to Indian consumers through Post offices in a convenient and cost effective manner. The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland. It has the benefits like internationally recognized certification, low risk of duplication, quality packaging, product standardization, numbering and assayer certificate.
Mr Raja observed that the Post office, known for its trust and reliability, will serve as an ideal location for the people to buy quality gold coins. He said, India Post will continue to maximize the network, by making the post office a one stop shop for communication, distribution and retail solutions. Mr. Raja said, the time has come for India Post to boldly venture into new services that will make the Post office as the hub for various businesses.
Gold is the latest addition to a range of retail activity that India Post has already taken up. India Post has been selling various products under Retail Post category and there is sustained growth in the revenue from these activities. Post Office sells UPSC applications and university applications, it retails Darjeeling Tea in West Bengal, it markets Aloe Vera products in Gujarat and it takes orders for distribution of Prasadams of various temples in Andhra Pradesh and Kerala. Apart from enhancing the revenue of the Department, this will enable India Post to usher in a new image of India Post as a modern and relevant organization to the public in all areas of life.
The Minister of State for Communications & IT, Mr. Jyotiraditya M. Scindia, who was the guest of honour at the launch ceremony, declared that this pilot project on the sale of gold coins would be a beginning of many more such retail services that India Post will undertake. He said, the venture reinforces India Post’s dedicated service to the ordinary Indian.
Speaking on World Gold Council’s association with India Post, Mr. Ajay Mitra, Managing Director of the Council, said, “Retailing gold through India Post is a ground-breaking initiative in the Indian investment sector and one of its kind in the world”. Mr. Sudip Bandyopadhyay, Director and CEO, Reliance Money, said, “We want to take the culture of structured investments in gold to the masses through India Post and provide gold at impeccable quality, quantity and price points”.
The sale will be available in over 100 India Post outlets in Delhi, Tamil Nadu, Maharashtra and Gujarat in the pilot phase. The gold coins are in the popular denomination of half gram, one gram, 5 grams and 8 grams. The prices of these coins will be competitive based on the prevailing prices of gold.
Launching the service in Delhi, Communications and IT Minister A. Raja directed the Department of Post to take the gold coins to rural post offices so that the benefit goes to the common man. He announced that the sale will gradually extend based on public response. He said, during Phase-II of the project, Post Offices will be selling gold coins with India Post logo.
India Post has launched this pioneering venture in association with World Gold Council and Reliance Money. World Gold Council will help market the Swiss Medallions supplied by Reliance Money, making it available to Indian consumers through Post offices in a convenient and cost effective manner. The gold coins will be packed in a sealed cover with the certification from Valcambi, Switzerland. It has the benefits like internationally recognized certification, low risk of duplication, quality packaging, product standardization, numbering and assayer certificate.
Mr Raja observed that the Post office, known for its trust and reliability, will serve as an ideal location for the people to buy quality gold coins. He said, India Post will continue to maximize the network, by making the post office a one stop shop for communication, distribution and retail solutions. Mr. Raja said, the time has come for India Post to boldly venture into new services that will make the Post office as the hub for various businesses.
Gold is the latest addition to a range of retail activity that India Post has already taken up. India Post has been selling various products under Retail Post category and there is sustained growth in the revenue from these activities. Post Office sells UPSC applications and university applications, it retails Darjeeling Tea in West Bengal, it markets Aloe Vera products in Gujarat and it takes orders for distribution of Prasadams of various temples in Andhra Pradesh and Kerala. Apart from enhancing the revenue of the Department, this will enable India Post to usher in a new image of India Post as a modern and relevant organization to the public in all areas of life.
The Minister of State for Communications & IT, Mr. Jyotiraditya M. Scindia, who was the guest of honour at the launch ceremony, declared that this pilot project on the sale of gold coins would be a beginning of many more such retail services that India Post will undertake. He said, the venture reinforces India Post’s dedicated service to the ordinary Indian.
Speaking on World Gold Council’s association with India Post, Mr. Ajay Mitra, Managing Director of the Council, said, “Retailing gold through India Post is a ground-breaking initiative in the Indian investment sector and one of its kind in the world”. Mr. Sudip Bandyopadhyay, Director and CEO, Reliance Money, said, “We want to take the culture of structured investments in gold to the masses through India Post and provide gold at impeccable quality, quantity and price points”.
Tuesday, October 14, 2008
Anil Ambani's Reliance Money buys stake in HK exchange
First Indian firm to acquire a stake in an international exchange
Becomes the second largest shareholder in HKMEx
Reliance Money to get a seat on the HKMEx board
Mumbai, October 14, 2008: Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, has acquired a 15 per cent stake in Hong Kong Mercantile Exchange (HKMEx). With this holding, Reliance Money becomes the second-largest shareholder in the commodity exchange and will have a board membership. Reliance Money is the first Indian firm to acquire a stake in an international exchange.
"Even as Asia has emerged as a key market for global commodities, the region does not have a strong commodity exchange. We believe that our deal with HKMEx will help us capitalise on the growing demand for commodities in this region," said Mr. Sudip Bandyopadhyay, Director and CEO, Reliance Money.
Reliance Money has recently received approval from the FMC and Ministry of Consumer Affairs for acquiring 10 per cent stake in domestic National Multi-Commodity Exchange of India. It plans to up this stake to 26 per cent.
"We plan to build synergies between both the exchanges thereby leveraging on the growth potential of commodity trading in India, China and the rest of Asia," added Mr. Bandyopadhyay.
HKMEx proposes to start trading in the first quarter of 2009 and will kick-start its operations by offering dollar-denominated oil contracts. It would also diversify into other commodities going forward.
Monday, October 13, 2008
Banish Fear, says Indian FM
NEW DELHI, October 13, 2008: Indian Finance Minister P. Chidambaram today declared that “we must banish fear”.
Making a statement on the ongoing crisis in the financial markets, Mr Chidambaram said: We must remain confident and respond to the situation in a cool and mature manner. We must banish fear. Especially, depositors have nothing to fear because their deposits in banks are safe.”
He said: “Investors must take informed decisions. Before you sell, you must remember that for every seller there is a buyer. You must ask yourself why the buyer is buying in these times of perceived uncertainty and, therefore, ask yourself the further question whether there is a need to act in haste or in panic. In my view, there is no reason at all to act in haste or to give room for panic.”
“If all the players in the economy remain confident and take informed decisions, I have no doubt that the Indian economy will weather the current storm and emerge stronger.,” he said.
Pointing out that “this is a time of uncertainty,” he said: “Yet, even in a time of uncertainty there are some facts that cannot be – and ought not to be – ignored.”
The Indian economy continues to grow at a satisfactory rate. As recently as last week, the IMF’s research department (Mr. Oliver Blanchard) noted that “the Indian economy would continue to do well despite the impact of the global liquidity crunch.” As per projections made by the IMF, India is expected to post a GDP growth of 7.9 per cent during the current fiscal year.
The stock market indices are important indicators, but they are not the only indicators of the health of the Indian economy. The ratio of investment to GDP remains high at over 35 per cent at the end of the first quarter of 2008-09. The monsoon has been normal; the Kharif crop (especially rice and cotton) has been good; farmers are sowing their fields; and the prospects for the Rabi crop are bright. Factories continue to produce goods and the services sector is growing at a brisk rate, he said.
“Crude oil and commodity prices have declined sharply. This is expected to have a beneficial effect on inflation.
“The root cause of the present uncertainty is liquidity and not any dramatic change in the fundamentals of the economy. According to RBI figures, as on 26th September, 2008, non-food credit increased, year-on-year, by 24.8 per cent. Between April and 26th September, non-food credit grew by 7.8 per cent. Time and demand deposits with banks grew, year-on-year, by 18.8 per cent and, between April and 26th September by 7.2 per cent. I am happy that depositors continue to repose their confidence in the health of our banking system.
“Nevertheless, liquidity was found to be inadequate and, consequently, lenders were unwilling to take risks. Some lenders and investors faced redemption pressures leading to a sale of assets, especially stocks. The markets that are bearing the brunt of the problem are the capital market and the money market and, to an extent, the foreign exchange market. These problems can be overcome if adequate liquidity is infused into the system.
“Accordingly, RBI has taken measures that have infused an additional Rs.60,000 crore into the financial system. The LAF also provides liquidity and, as on 10th October, 2008, Rs.91,500 crore had been accessed by banks through the LAF window. We believe that these steps should ease the liquidity situation and the flow of credit should become smoother, relieving the pressures that had built up in the last two weeks.
“Government, RBI and SEBI have been in close consultation with each other during the weekend. I have spoken to the Governor, RBI and Chairman, SEBI several times in the last two days. We are coordinating our actions. We are watching the situation carefully and we will respond swiftly according to the needs of the situation. We are working on more measures that will infuse liquidity, make credit intermediation smoother, and increase the confidence of depositors and investors. We hope to be able to announce them shortly.
“Our banks are ready and willing to provide credit. Suitable advisories are being issued to the banks.
Over the weekend, the US, UK, Euro zone and Australian authorities have announced a number of measures to stabilize the financial system. The Australian capital market and three of the East Asian capital markets have opened on a bright note this morning. I expect that our capital market will also take its cue from these positive developments.”
Making a statement on the ongoing crisis in the financial markets, Mr Chidambaram said: We must remain confident and respond to the situation in a cool and mature manner. We must banish fear. Especially, depositors have nothing to fear because their deposits in banks are safe.”
He said: “Investors must take informed decisions. Before you sell, you must remember that for every seller there is a buyer. You must ask yourself why the buyer is buying in these times of perceived uncertainty and, therefore, ask yourself the further question whether there is a need to act in haste or in panic. In my view, there is no reason at all to act in haste or to give room for panic.”
“If all the players in the economy remain confident and take informed decisions, I have no doubt that the Indian economy will weather the current storm and emerge stronger.,” he said.
Pointing out that “this is a time of uncertainty,” he said: “Yet, even in a time of uncertainty there are some facts that cannot be – and ought not to be – ignored.”
The Indian economy continues to grow at a satisfactory rate. As recently as last week, the IMF’s research department (Mr. Oliver Blanchard) noted that “the Indian economy would continue to do well despite the impact of the global liquidity crunch.” As per projections made by the IMF, India is expected to post a GDP growth of 7.9 per cent during the current fiscal year.
The stock market indices are important indicators, but they are not the only indicators of the health of the Indian economy. The ratio of investment to GDP remains high at over 35 per cent at the end of the first quarter of 2008-09. The monsoon has been normal; the Kharif crop (especially rice and cotton) has been good; farmers are sowing their fields; and the prospects for the Rabi crop are bright. Factories continue to produce goods and the services sector is growing at a brisk rate, he said.
“Crude oil and commodity prices have declined sharply. This is expected to have a beneficial effect on inflation.
“The root cause of the present uncertainty is liquidity and not any dramatic change in the fundamentals of the economy. According to RBI figures, as on 26th September, 2008, non-food credit increased, year-on-year, by 24.8 per cent. Between April and 26th September, non-food credit grew by 7.8 per cent. Time and demand deposits with banks grew, year-on-year, by 18.8 per cent and, between April and 26th September by 7.2 per cent. I am happy that depositors continue to repose their confidence in the health of our banking system.
“Nevertheless, liquidity was found to be inadequate and, consequently, lenders were unwilling to take risks. Some lenders and investors faced redemption pressures leading to a sale of assets, especially stocks. The markets that are bearing the brunt of the problem are the capital market and the money market and, to an extent, the foreign exchange market. These problems can be overcome if adequate liquidity is infused into the system.
“Accordingly, RBI has taken measures that have infused an additional Rs.60,000 crore into the financial system. The LAF also provides liquidity and, as on 10th October, 2008, Rs.91,500 crore had been accessed by banks through the LAF window. We believe that these steps should ease the liquidity situation and the flow of credit should become smoother, relieving the pressures that had built up in the last two weeks.
“Government, RBI and SEBI have been in close consultation with each other during the weekend. I have spoken to the Governor, RBI and Chairman, SEBI several times in the last two days. We are coordinating our actions. We are watching the situation carefully and we will respond swiftly according to the needs of the situation. We are working on more measures that will infuse liquidity, make credit intermediation smoother, and increase the confidence of depositors and investors. We hope to be able to announce them shortly.
“Our banks are ready and willing to provide credit. Suitable advisories are being issued to the banks.
Over the weekend, the US, UK, Euro zone and Australian authorities have announced a number of measures to stabilize the financial system. The Australian capital market and three of the East Asian capital markets have opened on a bright note this morning. I expect that our capital market will also take its cue from these positive developments.”
Saturday, October 11, 2008
India continues to be tourist destination
Tourism sector in India continues to witness encouraging trends despite the fears of global economic slow down. The foreign tourist arrivals to India have touched 3.87 millions by September 2008, which is an increase of 10.4% over corresponding period of previous year. While the percentage increase in foreign tourist arrivals of 2007 over 2006 for the month of September was only 1.3%, the increase in 2008 has been as high of 9.6%, according to data available with the Press Information Bureau (PIB)
The foreign exchange earnings to India in tourism sector in rupee terms has touched 36,464 crores by September, which is a 17.8% increase over previous year for the corresponding period while the increase in 2007 over 2006 for the same period was 13.7%. Interestingly in September 2007, there was a negative growth of foreign exchange earnings over 2006. However, the trend has been reversed and there has been 21.2% increase in FE earnings in September 2008 as compared to 2007.
India continues to be a long duration and high spending destination for foreign travelers. This is quite evident from the statistics received through the UNWTO World Tourism Barometer, which indicate that the foreign exchange earnings per foreign traveler coming to India has been US $ 2112 in the year 2007, which is more than twice the foreign exchange earned per foreign traveler worldwide (which is US $ 948) as well as Asia Pacific (which is US$ 1027). In fact, most of the major Asian countries like China, Japan, Indonesia, Malaysia, Singapore and Thailand much less foreign exchange earned per foreign traveler as compared to India.
The resilience of Indian tourism sector is also evident from the fact that while the growth rate of foreign tourist arrivals worldwide has been 5% in 2008 and the average growth rate of Asia Pacific has been 6.9%, the foreign tourist arrivals to India have grown at a rate well above 10%.
Foreign Tourist Arrivals (FTAs) and Foreign Exchange Earnings (FEE) from Tourism in India during September 2008 and comparative figures of 2006 and 2007
Can India survive the global financial crisis? Yes, says World Bank
Finance Minister P Chidambaram sought to draw the attention of the business community to the fact that Mr. Robert Zoellick, President, World Bank, has said that “India is in a position to weather the global financial turmoil.”
The Minster, in a statement in New Delhi on Friday, also said: “I also wish to draw attention to the statement of Mr. H. Kuroda, President, ADB that the impact on the financial sector in Asia is limited this time.
Credit is the lifeline of trade, commerce and business and, hence, it is important that credit continues to flow to all sectors of the economy. In consultation with RBI and other regulatory authorities, Government will address the liquidity and other concerns about the economy, he said..
“It is also important to maintain our confidence in the Indian economy. As the Cabinet noted on Wednesday, the fundamentals of our economy are strong and there are many indicators which affirm the sound fundamentals,” Mr Chidambaram added.
The Minster, in a statement in New Delhi on Friday, also said: “I also wish to draw attention to the statement of Mr. H. Kuroda, President, ADB that the impact on the financial sector in Asia is limited this time.
Credit is the lifeline of trade, commerce and business and, hence, it is important that credit continues to flow to all sectors of the economy. In consultation with RBI and other regulatory authorities, Government will address the liquidity and other concerns about the economy, he said..
“It is also important to maintain our confidence in the Indian economy. As the Cabinet noted on Wednesday, the fundamentals of our economy are strong and there are many indicators which affirm the sound fundamentals,” Mr Chidambaram added.
Wednesday, October 8, 2008
Newlook NMCE gets brand new corporate identity
The new identity was unveiled by Shri. B. C. Khatua, IAS, Chairman, Forward Markets Commission
Mumbai, October 8, 2008: National Multi-Commodity Exchange of India Ltd. (NMCE), the country's first online demutualised, multi-commodity exchange, unveiled its new identity today. The new identity was unveiled by Shri. B. C. Khatua, IAS, Chairman, Forward Markets Commission
Mr. Kailash Gupta, Managing Director, NMCE and Mr. Sudip Bandyopadhyay, Director, NMCE were also present on this occasion.
The unveiling of the new identity, comes at the back of NMCE receiving approval from the Ministry of Consumer Affairs for Reliance Money’s proposed acquisition of stake in the exchange.
Mr. B.C. Khatua, while unveiling the new identity wished NMCE all the very best and stated, “The new corporate identity is not a mere change in the logo but a reflection of the inner change in approach and mindset to take upon new challenges to be a vibrant and leading Commodity Exchange of the future.”
“It was important for us to review what our members and clients think of the exchange. The objective has been to make it contemporary, forward looking and relevant. In addition to launching a new identity, we have also moved our Corporate Office to Mumbai, and are looking at recruitments at various levels to further strengthen our management,” said Mr. Kailash Gupta, Managing Director, NMCE.
The exchange’s current logo is being replaced with a new and bold looking ‘NMCE’ written in red with three red and blue arrows on its top right hand side, signifying continuous forward movement.
“With a renewed focus on growth, NMCE is aggressively looking at not only revamping the entire working of the exchange but also changing the way the exchange is looked at. We not only plan to expand our membership network and commodity base offered, but also plan to reach out to the huge investor base in the commodity space through various new schemes and tie-ups,” said Mr. Sudip Bandopadhyay, Director, NMCE.
The exchange through its new identity is defining itself as one which has a bold outlook towards the future. The colour ‘Red’ in the logo depicts dynamism and an innovative approach to continuously be on the look-out for newer opportunities in today’s ever changing business environment; while the colour ‘Blue’ which stands for depth, denotes the trust and faith of its members, clients and all other stakeholders.
NMCE is the country's first online de-mutualised, multi-commodity exchange with a nationwide reach. It not only revived futures trade electronically in the commodities in India after a gap of 41 years but also integrated the centuries old commodity market with the latest technology. NMCE has 300 members with more than 30,000 clients and is present across 14 states in India.
The launch of the new corporate identity comes at a time when the exchange is preparing to announce a series of exciting business initiatives, such as starting an agri-spot exchange and launching of currency futures amongst others. The new identity is sure to kick-off a fresh chapter not only for NMCE but also the Indian commodities markets.
About National Multi-Commodity Exchange of India
www.nmce.com
The National Multi-Commodity Exchange (NMCE) was launched on November 26, 2002 as the country's first online demutualised, multi-commodity exchange with nationwide reach. It is promoted by the country's largest warehousing corporation CWC along with NAFED - the country's apex body of marketing cooperatives, Punjab National Bank, the second largest public sector bank and the Government of Gujarat. NMCE not only revived futures trade electronically in commodities in India after a gap of 41 years, but also integrated the centuries old commodity market with the latest technology.
NMCE offers an electronic platform for futures trading in plantation, spices, food grains, non-ferrous metals, oilseeds and their derivatives and is backed by compulsory delivery based settlement to ensure transparent and fair trade practices. It is the first to introduce efficient clearing and settlement system backed by adequately capitalised corporate brokerage houses in commodities with sound and reliable transferable warehouse receipt system, using appropriate communication channels.
For further details –
Poonam Gupta NMCE +91-9825017610
B. N. Kumar Concept Communication +91-9321048332mailbnk@gmail.com
Mumbai, October 8, 2008: National Multi-Commodity Exchange of India Ltd. (NMCE), the country's first online demutualised, multi-commodity exchange, unveiled its new identity today. The new identity was unveiled by Shri. B. C. Khatua, IAS, Chairman, Forward Markets Commission
Mr. Kailash Gupta, Managing Director, NMCE and Mr. Sudip Bandyopadhyay, Director, NMCE were also present on this occasion.
The unveiling of the new identity, comes at the back of NMCE receiving approval from the Ministry of Consumer Affairs for Reliance Money’s proposed acquisition of stake in the exchange.
Mr. B.C. Khatua, while unveiling the new identity wished NMCE all the very best and stated, “The new corporate identity is not a mere change in the logo but a reflection of the inner change in approach and mindset to take upon new challenges to be a vibrant and leading Commodity Exchange of the future.”
“It was important for us to review what our members and clients think of the exchange. The objective has been to make it contemporary, forward looking and relevant. In addition to launching a new identity, we have also moved our Corporate Office to Mumbai, and are looking at recruitments at various levels to further strengthen our management,” said Mr. Kailash Gupta, Managing Director, NMCE.
The exchange’s current logo is being replaced with a new and bold looking ‘NMCE’ written in red with three red and blue arrows on its top right hand side, signifying continuous forward movement.
“With a renewed focus on growth, NMCE is aggressively looking at not only revamping the entire working of the exchange but also changing the way the exchange is looked at. We not only plan to expand our membership network and commodity base offered, but also plan to reach out to the huge investor base in the commodity space through various new schemes and tie-ups,” said Mr. Sudip Bandopadhyay, Director, NMCE.
The exchange through its new identity is defining itself as one which has a bold outlook towards the future. The colour ‘Red’ in the logo depicts dynamism and an innovative approach to continuously be on the look-out for newer opportunities in today’s ever changing business environment; while the colour ‘Blue’ which stands for depth, denotes the trust and faith of its members, clients and all other stakeholders.
NMCE is the country's first online de-mutualised, multi-commodity exchange with a nationwide reach. It not only revived futures trade electronically in the commodities in India after a gap of 41 years but also integrated the centuries old commodity market with the latest technology. NMCE has 300 members with more than 30,000 clients and is present across 14 states in India.
The launch of the new corporate identity comes at a time when the exchange is preparing to announce a series of exciting business initiatives, such as starting an agri-spot exchange and launching of currency futures amongst others. The new identity is sure to kick-off a fresh chapter not only for NMCE but also the Indian commodities markets.
About National Multi-Commodity Exchange of India
www.nmce.com
The National Multi-Commodity Exchange (NMCE) was launched on November 26, 2002 as the country's first online demutualised, multi-commodity exchange with nationwide reach. It is promoted by the country's largest warehousing corporation CWC along with NAFED - the country's apex body of marketing cooperatives, Punjab National Bank, the second largest public sector bank and the Government of Gujarat. NMCE not only revived futures trade electronically in commodities in India after a gap of 41 years, but also integrated the centuries old commodity market with the latest technology.
NMCE offers an electronic platform for futures trading in plantation, spices, food grains, non-ferrous metals, oilseeds and their derivatives and is backed by compulsory delivery based settlement to ensure transparent and fair trade practices. It is the first to introduce efficient clearing and settlement system backed by adequately capitalised corporate brokerage houses in commodities with sound and reliable transferable warehouse receipt system, using appropriate communication channels.
For further details –
Poonam Gupta NMCE +91-9825017610
B. N. Kumar Concept Communication +91-9321048332mailbnk@gmail.com
Tuesday, October 7, 2008
Big demand for Hindalco Rights renunciations: Trading worth Rs 450 cr
• Hindalco Rights record: Rs 450 cr worth Renuniciations traded.
• Issue closes on Friday
• In every rights issue, share holders have two options - either accept the rights offer or renunciate.
• Each renunciation shows that there is a buyer.
• In case of Hindalco, the transactions show that the volume of renunciation is almost 48 million shares. This means that there is a strong demand for as many shares. Yesterday was the last day for renunciations.
• Obviously, these are the buyers who have faith in the company.
• This points also reiterates that the Hindalco Rights issue - the largest rights issue in the country - is garnering good support.
• The GDR segment is already subscribed to the extent of 99.3 per cent.
• Merchant bankers have already underwritten 40% and promoters have announced they will buy 50% of the rights issue.
• Issue closes on Friday
• In every rights issue, share holders have two options - either accept the rights offer or renunciate.
• Each renunciation shows that there is a buyer.
• In case of Hindalco, the transactions show that the volume of renunciation is almost 48 million shares. This means that there is a strong demand for as many shares. Yesterday was the last day for renunciations.
• Obviously, these are the buyers who have faith in the company.
• This points also reiterates that the Hindalco Rights issue - the largest rights issue in the country - is garnering good support.
• The GDR segment is already subscribed to the extent of 99.3 per cent.
• Merchant bankers have already underwritten 40% and promoters have announced they will buy 50% of the rights issue.
Saturday, October 4, 2008
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