BLACKBERRY POSTS LOSS, TO CUT JOBS

Blackberry has reported a second quarter net loss of $965m following a slump in sales.

It will also be cutting 4,500 jobs in a bid to stem those losses.

FOREIGN EXCHANGE RESERVE JUMPS

India's foreign exchange  reserves jumped by $2.03 billion to $277.38 billion for the  week ended Sep 20. This is the biggest weekly gain in  two years.

BLACKBERRY IS UP FOR SALE

Blackberry, which is unable to match its competitors in smart phone market is considering out right sale of the company. Initially it will reduce its work force by 40% by Dec 2013 and simultaneously is scouting for a suitor. In the recent years the company has lost market share to rivals like Apple Inc and Samsung Electronics Co .

SAMSUNG IS NUMBER ONE HAND SET MAKER IN INDIA

Samsung has overtaken Nokia as number one hand set maker in India. Samsung ended the year with revenues of Rs.11,328 crore in 2012-13 with 31.5% market share. On the other hand, Nokia, with 27.2% market share, dropped to the No 2 spot. The mobile handset market in India is estimated to have grown by 15% in 2012-13 to touch Rs.36000 crore, according to  Voice&Data Survey.

SEBI CLEARS ADVANCE ENZYME AND INTAS PHARMA IPOS

SEBI has given the final nod for the IPOs of Advance Enzyme and Intas pharma. The IPOs are likely to hit the market in the next quarter.

RELIANCE NETWORK PLANS DELISTING

Reliance Broadcast Network  board will consider delisting of equity shares of the company from stock exchanges in its meeting on 18-09-2013, as per the filings with the exchanges.

RAJAN EFFECT: RUPEE AT ONE MONTH HIGH

Rupee  closed at a one-month high of 62.83 against the dollar yesterday on hopes of further steps by the regulators to ease investment norms for overseas entities in government debt would attract more capital flows.

BARCLAYS FPO MAY BE DELAYED

Barclays further offer of shares may be delayed as Financial Conduct Authority has  warned Barclays Bank of a £50m fine for its 2008 investment deal with Qatari investors.

Barclays plans raise £5.95bn through the issue of new shares in the first week of October may be delayed in view of the latest development.

RANBAXY PLANT FAILS MANUFACTURING STANDARDS : U S REGULATOR

Ranbaxy Laboratories has been slapped restrictions on its new Mohali factory by the US drug regulator for not complying with manufacturing standards.

 

Ranbaxy shares plunged in excess of 30%  and closed at at Rs.318.85.

Last year the company had paid $500 million to resolve fraud allegations and charges that it sold drugs that did not conform to manufacturing regulations.

APPLE TO RELEASE TWO NEW SMART PHONES TODAY

The much discussed smartphones iPhone 5C, iPhone 5S from Apple will be officially launched today. 5S is high end phone where as 5C will be very competitively priced to attract the lower end smart phone customers. 

NSE NEWS : SUSPENSION OF SECURITIES

NSE has suspended the equity trading of the following companies w.e.f. September 17, 2013 until further notice on the Capital Market Segment for non- compliance with certain provisions of the Listing Agreement.

·        Ashco Niulab Industries Limited

·        Crew B.O.S. Products Limited

·        Dhanus Technologies Limited

·        Koutons Retail India Limited

·        Polar Industries Limited

·        Spanco Limited

      ·        Taksheel Solutions Limited

BRICS FORM $ 100 BILLION CRA

Brics  countries have formed a $ 100 billion Contingency Reserve Arrangement to fight dollar appreciation against their respective currencies.

China, will contribute $41 billion, while India, Brazil and Russia will pay in $18 billion and South Africa $5 billion.

REGULATORS, PLEASE WAKE UP.

 We hereby reproduce an article that we wrote in Aug 2012, on Onelife Capital advisors.

 Friday, August 24, 2012

Price rigging, scam, manipulation, insider hand, broker-promoters collusion, fraud are all happening / brewing under the direct nose of the regulators. This is in respect of share price movement of Onelife Capital Advisors Ltd. (OCAL). The stock is up from Rs 114 a year ago to Rs 616. SEBI had barred the promoters of OCAL from participating in the market for diverting IPO funds for unspecified purposes. In a month, the share price of OCAL is up 27 per cent from a low of Rs 482. Look at the financials of the company. On equity of Rs 13.36cr, the company reported a loss of Rs 23 lacs for the June 2012 quarter. The company has no history of dividend or bonus.

ABOUT THE COMPANY:

OCAL is a SEBI registered Category I, Merchant Banker.

The company reported sales of Rs 1.56cr and net loss of Rs 1.99cr, on equity of Rs 13.36, for the year 2012. The EPS is negative.

One life capital came public a year ago at Rs 110. At the time of going public the company had indicated that they are in the process of securing license to do business in Equity Broking (BSE) and Portfolio Management Services from SEBI. The company’s latest website does not indicate anything about it.

At the time of IPO, the employee strength was eleven. It had no branches as on the IPO date.

The company started its operations in FY2010; Income from operations consists principally of income from investment banking and related services, which includes fee-based income from merchant banking, corporate advisory (including research services), debt syndication services and professional fees. In FY10, the company earned a total income of Rs.61.7 lakh comprising professional fees and consultancy charges.

The share price appears to be manipulated; otherwise there is no reason why a loss making, financial advisory company should trade in excess of  1000PE. Highest PE for any shares any where in the world.

SEBI BARS ONE LIFE CAPITAL PROMOTERS

SEBI has barred the promoters of Onelife Capital advisors for fraud committed in its own IPO. Among others SEBI has directed Onelife Capital Advisors Ltd  and its Managing Director Mr.Pandoo P. Naig shall, jointly and severally, bring Rs35.25 crores, the amount diverted from IPO proceeds into other companies within six months from the date of the order.

The Board of Directors of OCAL shall ensure compliance of above direction and submit amonthly progress report in the above regard to SEBI. Further the Board of Directors shall also furnish to SEBI a Compliance Report duly certified by a SEBI registered Merchant Banker within two weeks of compliance of the above direction.

Onelife Capital Advisors Ltd and its managing director Mr.Pandoo P. Naig  shall be remain restrained and prohibited from accessing the securities market and also prohibited from buying, selling and otherwise dealing in securities market, directly or indirectly, in whatsoever manner, for a period of 3 years from the date of the interim order.

TCS'S MARKET CAP AT ALL TIME HIGH

TCS' market cap touched Rs 4 lakh crore, thus becoming the second company in Indian markets after Reliance Industries to cross this milestone. RIL had crossed this mile stone in Oct 2007.

At present, TCS is the only company with a market value of over Rs 4 lakh crore, where as  Reliance Industries market cap stands at Rs 2.85 crore. RIL closed at Rs 884 yesterday in the exchanges.