Shares of Aqua Logistics, a third party logistics provider, listed at 219.40 rupees on the BSE on Tuesday, a narrow discount to its issue price of 220 rupees a share, but rose as much as 6.5% in early trade.
The firm's shares listed at Rs 225 on the NSE.
The firm is raising about Rs 1.5 billion through the issue 6.87 million shares.
Saffron Capital Advisors and Centrum Capital were the managers to the issue.
At 9:02 am shares were trading at Rs 230.5 after hitting a high of 234.4 rupees on the BSE in a weak Mumbai market.
Tuesday, February 23, 2010
Wipro employee alleged for $4million fraud in the company commits suicide
Anoop Agarwal, the employee allegedly responsible for a $4 million fraud at Wipro, is believed to have committed suicide.
"The employee committed suicide within 10 days of the incident coming to light", a Wipro source told on condition of anonymity.
There was, however, no official word from either the police or the company on how he died.
Agarwal had been working with the company for the past three years in the ‘controllership’ division within the finance department. This cell is responsible for keeping the company’s financial books and also has powers to authorise payments whenever needed. The employee is believed to have embezzled about $4 million by stealing a password and transferring money from Wipro’s account at a bank.
"The employee committed suicide within 10 days of the incident coming to light", a Wipro source told on condition of anonymity.
There was, however, no official word from either the police or the company on how he died.
Agarwal had been working with the company for the past three years in the ‘controllership’ division within the finance department. This cell is responsible for keeping the company’s financial books and also has powers to authorise payments whenever needed. The employee is believed to have embezzled about $4 million by stealing a password and transferring money from Wipro’s account at a bank.
Maruti to recall 1 Lakh AStar following problem in its Fuel tank
It is the Indian version of a recall that global automobile manufacturers are in the midst of. Maruti Suzuki, the country’s biggest car maker by sales, is replacing fuel pump gaskets of one of its small car, the A Star, following reports of anomalies in the fuel tank.
Approximately 1 lakh cars, manufactured during a certain time frame, will get new fuel pump gaskets and O rings. An e-mailed reply from the company spokesperson said the company came across this issue last November as part of a regular quality monitoring process.
Approximately 1 lakh cars, manufactured during a certain time frame, will get new fuel pump gaskets and O rings. An e-mailed reply from the company spokesperson said the company came across this issue last November as part of a regular quality monitoring process.
Credit Card related complaints increase by 26% in 08-09 -- RBI
The report said RBI has started taking ‘class action’ , by issuing general directions to all banks to protect their customers. Such general
directions are issued by the regulator in cases that could benefit not only the applicant, but all those customers similarly placed without having to approach their respective banks.
The report said RBI has initiated class action against a foreign bank regarding the mode of calculation of interest rates on deposit accounts. A PSU bank was advised to recalculate interest rate on all housing loans as per terms of agreement entered into with all the borrowers without their application for relief. Yet another PSU bank was asked to recredit insurance premium that was debited to savings bank account holders without their concurrence under the group insurance scheme.
directions are issued by the regulator in cases that could benefit not only the applicant, but all those customers similarly placed without having to approach their respective banks.
The report said RBI has initiated class action against a foreign bank regarding the mode of calculation of interest rates on deposit accounts. A PSU bank was advised to recalculate interest rate on all housing loans as per terms of agreement entered into with all the borrowers without their application for relief. Yet another PSU bank was asked to recredit insurance premium that was debited to savings bank account holders without their concurrence under the group insurance scheme.
Oil exploration in Falkland island begins amid Argentina's claims
A British rig has begun drilling for oil in the territorial waters of the Falkland Islands, despite strong opposition from Argentina.
The platform has been towed to a point 100km (62 miles) north of the UK territory in the South Atlantic.
Argentina claims sovereignty over what it calls the Islas Malvinas and has imposed shipping restrictions.
UK Defence Minister Bill Rammell said the government had a "legitimate right" to build an oil industry in its waters.
The platform has been towed to a point 100km (62 miles) north of the UK territory in the South Atlantic.
Argentina claims sovereignty over what it calls the Islas Malvinas and has imposed shipping restrictions.
UK Defence Minister Bill Rammell said the government had a "legitimate right" to build an oil industry in its waters.
Suicide attack in SWAT valley left 6 dead
A suicide attack on a military vehicle in the Swat Valley killed at least six people, including two soldiers, according to a Pakistani security official and local news outlets. The bomber, who the official said was on foot, attacked a vehicle in central Mingora, the Swat Valley’s main town. Dozens of people were reported to have been injured in the attack.
Turkish PM attacked with the new technique - footwear attack
On a visit to Spain, you might be expecting the Turkish Prime Minister, to meet with his counterpart, Jose Luis Rodriguez Zapatero. Instead, Recep Tayyip Erdogan had a near-miss with a zapato – the Spanish word for shoe. The 27 year old man who threw the footwear was promptly arrested in Sevilla. He is now accused of attempted assault on a head of state.
Earlier in the day, the two premiers did manage to meet in Madrid to discuss Spanish support for Turkey’s bid to join the European Union. While Spain holds the EU’s rotating presidency, Zapatero is promising efforts to speed up Turkey’s entry.
Earlier in the day, the two premiers did manage to meet in Madrid to discuss Spanish support for Turkey’s bid to join the European Union. While Spain holds the EU’s rotating presidency, Zapatero is promising efforts to speed up Turkey’s entry.
NATO commander apologize for the attack on civilians in Afghan
The commander of U.S. and NATO forces in Afghanistan took his apology for a weekend airstrike that killed civilians directly to the Afghan people on Tuesday, with a video in which he pledged to work to regain their trust as NATO continues a mass offensive against the Taliban in the south.
U.S. Marines and Afghan ground troops pushing from the north and south of the insurgent stronghold of Marjah finally linked up after more than a week, creating a direct route across the town that allows convoys to supply ammunition and reinforcements.
In the video, translated into the Afghan languages of Dari and Pashto on a NATO Web site, a stern Gen. Stanley McChrystal, apologizes for the strike in central Uruzgan province that Afghan officials say killed at least 21 people.
U.S. Marines and Afghan ground troops pushing from the north and south of the insurgent stronghold of Marjah finally linked up after more than a week, creating a direct route across the town that allows convoys to supply ammunition and reinforcements.
In the video, translated into the Afghan languages of Dari and Pashto on a NATO Web site, a stern Gen. Stanley McChrystal, apologizes for the strike in central Uruzgan province that Afghan officials say killed at least 21 people.
Mad,Inhumane protest in J & K left 10 yr boy dead ...
In a fit of madness, the protesters killed an 10-day-old infant
as they pelted stone on the car in which the family was traveling on Monday, Feb 22, media report said.
The four-year-old brother of the baby Irfan Ahmed has also sustained injury during the attack.
Police said that protesters, who were calling for a shutdown in Baramulla, intercepted the vehicle in which the family was traveling to take Irfan for treatment.
as they pelted stone on the car in which the family was traveling on Monday, Feb 22, media report said.
The four-year-old brother of the baby Irfan Ahmed has also sustained injury during the attack.
Police said that protesters, who were calling for a shutdown in Baramulla, intercepted the vehicle in which the family was traveling to take Irfan for treatment.
Maoists attack police camp in WB after offering National ceasefire ..
Maoist rebels have attacked a police camp in West Bengal state, hours after a Maoist leader offered a national ceasefire, police say.
Three rebels were killed during the clash in the troubled area of Lalgarh.
The government, which recently launched a major offensive against the rebels, has asked the rebels to put the ceasefire offer "in writing".
The rebels want communist rule in large parts of India. More than 6,000 people have died during their 20-year fight.
Three rebels were killed during the clash in the troubled area of Lalgarh.
The government, which recently launched a major offensive against the rebels, has asked the rebels to put the ceasefire offer "in writing".
The rebels want communist rule in large parts of India. More than 6,000 people have died during their 20-year fight.
Advani confident of Gadkari's leadership to turn up BJP's fate
Nitin Gadkari's forthrightness has been able to melt away the despondency set in by two successive setbacks in the Lok Sabha elections and turned the BJP upbeat at the just concluded Indore conclave, senior leader LK Advani said today.
In his latest blog posting, Advani said that before the three-day Indore conclave, the question bothering BJP delegates was whether Gadkari will be able to inspire confidence in the party cadre, "seemingly disheartened and disappointed by two successive setbacks in the Lok Sabha elections of 2004 and 2009?"
In his latest blog posting, Advani said that before the three-day Indore conclave, the question bothering BJP delegates was whether Gadkari will be able to inspire confidence in the party cadre, "seemingly disheartened and disappointed by two successive setbacks in the Lok Sabha elections of 2004 and 2009?"
Good Taliban Vs Bad taliban
The Manmohan Singh government may have expressed its willingness to try out the US’ “good Taliban, bad Taliban” differentiation,
but the Congress is just not buying into this argument.
Reacting to the beheading of two Sikhs by the Taliban in FATA of Pakistan, Congress spokesman Manish Tewari said the incident is reprehensible. “This unfortunate incident is a message to those forces who make a distinction between ‘good Taliban and bad Taliban’. There is nothing called good Taliban. They need to be crushed with a resolute resolve of the civilised world,” Mr Tewari said.
but the Congress is just not buying into this argument.
Reacting to the beheading of two Sikhs by the Taliban in FATA of Pakistan, Congress spokesman Manish Tewari said the incident is reprehensible. “This unfortunate incident is a message to those forces who make a distinction between ‘good Taliban and bad Taliban’. There is nothing called good Taliban. They need to be crushed with a resolute resolve of the civilised world,” Mr Tewari said.
Religare in acquisition mood - Northgate in the list next
Religare Enterprises is close to buying a majority stake in a venture capital and private equity investment firm co-founded by former
top-flight American sportsmen, company officials said, as part of its plan to grow into a global financial services provider through overseas acquisitions.
Religare, owned by the former promoters of Ranbaxy Laboratories Malvinder and Shivinder Singh, has signed a definitive pact to buy about a 65% stake in California-based Northgate Capital for some $200 million (about Rs 1,000 crore), persons familiar with the development said. The deal is expected to close by July. “The partnership will accelerate our process of seeking similar partnerships in other asset classes,” CEO & MD Sunil Godhwani wrote in a statement to ET. He declined to disclose the value of the deal.
top-flight American sportsmen, company officials said, as part of its plan to grow into a global financial services provider through overseas acquisitions.
Religare, owned by the former promoters of Ranbaxy Laboratories Malvinder and Shivinder Singh, has signed a definitive pact to buy about a 65% stake in California-based Northgate Capital for some $200 million (about Rs 1,000 crore), persons familiar with the development said. The deal is expected to close by July. “The partnership will accelerate our process of seeking similar partnerships in other asset classes,” CEO & MD Sunil Godhwani wrote in a statement to ET. He declined to disclose the value of the deal.
Reliance needs Fame to be in the ADAG group of Company list
There is a curious M&A situation that’s developed over the weekend. Reliance’s interest in Fame has only strengthened and what was at one time just a proposal – verbal one at that too – has now become a concrete open offer at a substantial premium to the price that Inox paid for the very same transaction. Inox paid Rs 51 a share – the Anil Dhirubhai Ambani Group (ADAG) is willing to put Rs 83 a share on the table.
The only curious part of this transaction is that the ADAG is doing an open offer for 62% whereas 51% of this company is already owned by the Inox group.
The only curious part of this transaction is that the ADAG is doing an open offer for 62% whereas 51% of this company is already owned by the Inox group.
Kalpataru power transmission to raise funds upto $125 million
The board of power equipment maker Kalpataru Power Transmission has approved raising up to USD125 million via a qualified institutional placement or other modes of follow-on offerings, the company said in a statement on Tuesday.
It touched an intraday high of Rs 1,065 and an intraday low of Rs 1,045. At 10:40 hrs the share was quoting at Rs 1,060, up Rs 13.10, or 1.25%.
It was trading with volumes of 537 shares. Yesterday the share closed down 0.59% or Rs 6.25 at Rs 1,046.90.
It touched an intraday high of Rs 1,065 and an intraday low of Rs 1,045. At 10:40 hrs the share was quoting at Rs 1,060, up Rs 13.10, or 1.25%.
It was trading with volumes of 537 shares. Yesterday the share closed down 0.59% or Rs 6.25 at Rs 1,046.90.
Many sectors continue to be hurt very badly-- Anand Sharma
There is no doubt in Commerce Minister Anand Sharma's mind that the Indian economy will grow by 8% in FY11. In a speech opening the Budget session of Parliament, President Pratibha Patil said the economy was likely to grow about 7.5% in FY10 and that the government would aim for a annual growth rate of 8% in FY11 and 9% in FY12.
Sharma stated that inflation is of serious concern and said there is a shortage of pulses and edible oil in country. Exports, he added, are firmly in positive territory. Food prices are growing at the fastest pace in 11 years and the government fears a backlash from millions of rural poor who are its main voters.
Sharma stated that inflation is of serious concern and said there is a shortage of pulses and edible oil in country. Exports, he added, are firmly in positive territory. Food prices are growing at the fastest pace in 11 years and the government fears a backlash from millions of rural poor who are its main voters.
3G Auction likely by April 1st week -- 4 Private operators in each circle
In a move that will give the long-pending auction process for 3G spectrum a big push, telecom minister A Raja on Monday said the government will issue a notice inviting application (NIA) for bids from operators by the end of this week. The auctioning of 3G spectrum would start after 45 days of issuing the notice, he added, indicating that the auction would take place only by the next fiscal starting April 2010.
“NIAs will be released this week. Then, auction can take another 40-45 days,” Mr Raja said. The government will auction four slots of 3G spectrum in each circle, in addition to the one already allotted to state-owned telcos BSNL & MTNL, he added. The ministry got moving after the Prime Minister’s Office asked the Telecom Commission, the apex policy-making wing of the Department of Telecommunications (DoT), to wrap up the auction of 3G spectrum by March 31, 2010. It also asked DoT to ensure that each circle has four private players offering 3G services, besides the state-owned telcos BSNL and MTNL.
The 3G spectrum auction has been delayed by close to two years due to glitches over freeing up of spectrum and fixing bid prices. The defence ministry, which is supposed to release the airwaves held by them in phases once the alternative fibre network for the armed forces is ready, earlier accused the telecom department of not fulfilling its commitment of building the fibre network.
The law ministry also objected to a clause in the draft NIA that successful bidders may ask for compensation in case they were not allotted spectrum within the stipulated time. However, the telecom minister on Monday said all these differences among the ministries have been resolved.
For consumers, the urgency shown for the upcoming auction of 3G airwaves means they will be able to access high-end data services including ultra-fast internet, video-conferencing, interactive gaming and mobile TV services by next year when the operators roll out their commercial 3G services.
Currently, all telecom services in the country are offered on the 2G platform, except state-owned telcos BSNL and MTNL who already have commercial 3G services in place. While 2G widely caters to the voice market, 3G is believed to spur data traffic in the country.
“NIAs will be released this week. Then, auction can take another 40-45 days,” Mr Raja said. The government will auction four slots of 3G spectrum in each circle, in addition to the one already allotted to state-owned telcos BSNL & MTNL, he added. The ministry got moving after the Prime Minister’s Office asked the Telecom Commission, the apex policy-making wing of the Department of Telecommunications (DoT), to wrap up the auction of 3G spectrum by March 31, 2010. It also asked DoT to ensure that each circle has four private players offering 3G services, besides the state-owned telcos BSNL and MTNL.
The 3G spectrum auction has been delayed by close to two years due to glitches over freeing up of spectrum and fixing bid prices. The defence ministry, which is supposed to release the airwaves held by them in phases once the alternative fibre network for the armed forces is ready, earlier accused the telecom department of not fulfilling its commitment of building the fibre network.
The law ministry also objected to a clause in the draft NIA that successful bidders may ask for compensation in case they were not allotted spectrum within the stipulated time. However, the telecom minister on Monday said all these differences among the ministries have been resolved.
For consumers, the urgency shown for the upcoming auction of 3G airwaves means they will be able to access high-end data services including ultra-fast internet, video-conferencing, interactive gaming and mobile TV services by next year when the operators roll out their commercial 3G services.
Currently, all telecom services in the country are offered on the 2G platform, except state-owned telcos BSNL and MTNL who already have commercial 3G services in place. While 2G widely caters to the voice market, 3G is believed to spur data traffic in the country.
Judicial corruption a reality
Hectic lobbying is on to seek a raise in the retirement age of Supreme Court judges by another two years. The apex court judges now
retire at 65. In the event of this proposal getting through, Chief Justice of India K G Balakrishnan could continue for another two-and-a-half years.
But there is stiff resistance to the proposal from within the judiciary as many high court judges could find their elevation prospects blocked. Sources say that there are several competent high court judges who are waiting to be elevated to the Supreme Court.
retire at 65. In the event of this proposal getting through, Chief Justice of India K G Balakrishnan could continue for another two-and-a-half years.
But there is stiff resistance to the proposal from within the judiciary as many high court judges could find their elevation prospects blocked. Sources say that there are several competent high court judges who are waiting to be elevated to the Supreme Court.
Melbourne not safe for Indians - Oz opposition leader
Streets of Melbourne were not safe for Indians and the Government should spend money on policing and preventing racial attacks to improve relationship, Australia’s opposition leader Tony Abbott said on Tuesday.
The remarks came in the wake of the Government’s move to arrange accommodation for a team of Indian journalists touring Down Under.
The Department of Foreign Affairs and Trade (DFAT) is spending A$250,000 on flights and five-star accommodation for the journalists in a bid to clear up a diplomatic row over a series of attacks on Indians, the AAP reported quoting Herald Sun.
The remarks came in the wake of the Government’s move to arrange accommodation for a team of Indian journalists touring Down Under.
The Department of Foreign Affairs and Trade (DFAT) is spending A$250,000 on flights and five-star accommodation for the journalists in a bid to clear up a diplomatic row over a series of attacks on Indians, the AAP reported quoting Herald Sun.
NIA may take over investigation Pune blast from ATS
As the Maharashtra Anti-Terrorism Squad has been unable to provide a breakthrough, the Centre is seriously considering handing over investigations into the German Bakery blast to the National Investigation Agency (NIA).
Sources told that the issue had already been discussed at the highest levels in the Home Ministry and a decision to hand over investigations to NIA could be taken this week “if the ATS was not able to identify the vital clues” that could identify the group behind the blast.
Sources told that the issue had already been discussed at the highest levels in the Home Ministry and a decision to hand over investigations to NIA could be taken this week “if the ATS was not able to identify the vital clues” that could identify the group behind the blast.
IAF to unleash its full strength in exercise VayuShakti -2010 at Pokhran on Feb 28
Even as IAF gears up to unleash a massive high-voltage firepower exercise Vayu Shakti-2010 at Pokhran on February 28 to showcase its `shock and awe' capabilities, plans have also been set in motion to hold the first-ever air combat exercise with China.
"We hope to hold an exercise with China around 2012. The Army has already taken a lead in this. The planning has already commenced, but political clearances, suitable dates etc take some time to come,'' said IAF chief Air Chief Marshal P V Naik on Monday.
"We hope to hold an exercise with China around 2012. The Army has already taken a lead in this. The planning has already commenced, but political clearances, suitable dates etc take some time to come,'' said IAF chief Air Chief Marshal P V Naik on Monday.
Independant Power transmission project to be implemented by Sterlite
Today Sterlite Technologies announced about the first independent power transmission project in India.
The company also announced about the LoI (Letter of Intent) which it had received from the PFC (Power Finance Corporation Limited) for the development of an interconnecting power transmission project for the NE.
This 800 crore project is awarded on BOOM (Build Own, Operate and Maintain). It will connect the states of West Bengal, Bihar and Assam. The lines will be ready within three years.
The company also announced about the LoI (Letter of Intent) which it had received from the PFC (Power Finance Corporation Limited) for the development of an interconnecting power transmission project for the NE.
This 800 crore project is awarded on BOOM (Build Own, Operate and Maintain). It will connect the states of West Bengal, Bihar and Assam. The lines will be ready within three years.
Mamta kept her promises in the buget 09-10
Soon after railway minister Mamata Banerjee finished reading out her 2009-10 budget speech in Parliament, there were some who smirked and said: "It is a good budget if she has the next five years in mind to implement all the projects." Even as Mamata gets ready for the 2010-11 railway budget, those who made the snide remarks have egg on their faces. She has succeeded in keeping most of her promises. It is another matter altogether that new trains, remodelled stations and plans for industry, hospitals and colleges do not necessarily constitute a good railway budget.
"Mamata has been largely successful. She has gone beyond railways and considered the overall development of the state. The people of West Bengal have always felt that the Centre has not done enough for the state. Mamata has given a lot. What she has done is unprecedented," said Bhaskar Chowdhury, former chief commercial manager, Metro Railway.
"Mamata has been largely successful. She has gone beyond railways and considered the overall development of the state. The people of West Bengal have always felt that the Centre has not done enough for the state. Mamata has given a lot. What she has done is unprecedented," said Bhaskar Chowdhury, former chief commercial manager, Metro Railway.
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