Aptus Ind: Updates on board meeting on March 25, 2013

Mar 15, 2013, 12.23 PM IST

Aptus Industries to consider the acquisition of 100% stake in M/s. Soft Sync Ltd, UK (Buckingham) based Company which is into Cloud Technology based SaaS (Software as Service) for corporates and retail segment powered by CISCO and Microsoft Cloud Technologies in its board meeting to be held on March 25, 2013.

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Aptus Ind: Updates on board meeting on March 25, 2013

Aptus Industries to consider the acquisition of 100% stake in M/s. Soft Sync Ltd, UK (Buckingham) based Company which is into Cloud Technology based SaaS (Software as Service) for corporates and retail segment powered by CISCO and Microsoft Cloud Technologies in its board meeting to be held on March 25, 2013.

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Aptus Ind: Updates on board meeting on March 25, 2013

Aptus Industries to consider the acquisition of 100% stake in M/s. Soft Sync Ltd, UK (Buckingham) based Company which is into Cloud Technology based SaaS (Software as Service) for corporates and retail segment powered by CISCO and Microsoft Cloud Technologies in its board meeting to be held on March 25, 2013.

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With reference to the earlier announcement dated March 14, 2013, regarding Board Meeting on March 25, 2013, Aptus Industries Ltd has now informed BSE that there is addition of business to be transacted in the board meeting scheduled to be held March 25, 2013. The following business is proposed to be added in the agenda of the Board Meeting:"To consider the acquisition of 100% stake in M/s. Soft Sync Ltd, UK (Buckingham) based Company which is into Cloud Technology based SaaS (Software as Service) for corporates and retail segment powered by CISCO and Microsoft Cloud Technologies."Source : BSE

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Buy Reliance Comm, says Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can buy Reliance Communications for short term.

Sukhani told CNBC-TV18, " Reliance Communications is actually a short-term buy. It has been in a choppy market for the last five-seven days. That choppiness has finally led to a breakout yesterday because of news or whatever. It is not news alone, if the technical do not support the news become irrelevant. So, technical are supporting a rally."

He further added, "After yesterday's breakout I would not suggest going head long into it, wait patiently for intraday consolidations or dips and then consider buying. But it is a buy. It is not a long-term buy. We are only talking of a couple of days of a rally or three days."

The company's trailing 12-month (TTM) EPS was at Rs -3.67 per share. (Dec, 2012). The latest book value of the company is Rs 218.97 per share. At current value, the price-to-book value of the company was 0.31. The dividend yield of the company was 0.37%.

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Sell MCX Silver at Rs 54500-54600: Nirmal Bang

Mar 15, 2013, 12.27 PM IST

Nirmal Bang has come out with its technical report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. According to the research firm, MCX Silver prices are likely to trade weak. One can sell the white metal at Rs 54500-54600 with a stoploss above Rs 55000.

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Sell MCX Silver at Rs 54500-54600: Nirmal Bang

Nirmal Bang has come out with its technical report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. According to the research firm, MCX Silver prices are likely to trade weak. One can sell the white metal at Rs 54500-54600 with a stoploss above Rs 55000.

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Sell MCX Silver at Rs 54500-54600: Nirmal Bang

Nirmal Bang has come out with its technical report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. According to the research firm, MCX Silver prices are likely to trade weak. One can sell the white metal at Rs 54500-54600 with a stoploss above Rs 55000.

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Nirmal Bang has come out with its technical report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. According to the research firm, MCX Silver prices are likely to trade weak. One can sell the white metal at Rs 54500-54600 with a stoploss above Rs 55000.

Gold prices are expected to trade sideways from 29600 to 29300, the trend remains weak one can trade within the range.

Silver prices are likely to trade weak. One can sell the white metal at 54500 -54600 with a stop above 55000.

Copper prices are expected to trade within the range from 432 to 424 one can trade within the range.

Nickel prices are expected to edge higher till 945 -950 one can buy on dips at 925 -920 with a stop loss below 910.

Lead prices are expected to resists the important level at 123. One can expected a range bound move from 120 to 123.

Crude price are expected to trade within the range from 5080 to 5000. One can trade within the range with a positive bias. If sustains above 5010 prices are expected to bounce till 5050-5070.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Live Market Updates: Sensex recovers; Feb inflation at 6.84%, banks shine

12:27

Key equity benchmarks recovered from day's low after the February WPI inflation data was announced.
The inflation rose to 6.84 percent in February from 6.62 percent in the previous month. A CNBC-TV18 poll estimated it to be at 6.5 percent compared to 6.6 percent in January.

At 12.14 hrs IST, the Sensex was up 94.83 points at 19457.38 and the Nifty jumped 31.50 points at 5882.70. About 1010 shares have advanced, 1415 shares declined, and 1084 shares are unchanged.

Major losers were GAIL (2.37%), Bajaj Auto (1.81%), Tata Motors (1.2%), Bharti Airtel (1.13%) and Jindal Steel (1.06%)

On the other hand, HUL was the top gainer rising 2.47% followed by   Maruti Suzuki (1.92%), SBI (1.68%), ICICI Bank (1.43%) and ONGC (1.18%).

The February WPI inflation data gives Reserve Bank of India (RBI) room to ease monetary policy when it meets next week, prime minister's economic adviser, C Rangarajan, said in an interview to CNBC-TV18. "As of now, the numbers provide some comfort for the authorities to move in the direction of easing."

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Demand momentum positive; need clarity on KYC norms: Titan

Moneycontrol Bureau

Jewellery volumes have picked up post the recent fall in gold prices, but new government norms like know your customer details could weigh on volumes in the near-term, Bhaskar Bhat, MD, Titan Industries , said on Thursday.

The government recently amended the Prevention of Money Laundering Act, and it has now made it mandatory for jewellers to seek KYC details from customers whose bill is more than Rs 50,000.

Bhat told CNBC-TV18 that while the government regulation was a step in right direction, more clarity on KYC norms and amended PML Act was needed.

"...Now, Prevention of Money Laundering Act particularly, the details are not yet known because the rules have not been framed, so whether it applies to retail outlets, jewellers or only to bullion traders and gems and gem stone traders and entities, that's not very clear," he said.

Bhat says that while the company has already been capturing customer data on invoices across its Titan, Tanishq and Gold Plus outlets, it will only start following the new KYC guidelines once the government issues more details and clarifications.

As such he says, since large part of jewellery purchases happen via cash payments, customers will have to be convinced to provide the details sought under KYC norms.

Bhat, though, remains confident that Titan will be able to convince customers on that front given the strong brand value.

The company has already complied with earlier requirements of getting pan card details of customers for transactions over Rs 5 lakhs and the company has lost a "little bit of business," he said.

Meanwhile, the company is seeing positive demand momentum in the second half of the current financial year, especially since the fall in gold prices in the last few weeks.

"The last few months have been better, especially in the last six weeks or so, gold prices having come down, volumes have come back," he said.

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SAT adjourns RIL-Sebi case hearing till Apr 8

The Securities Appellate Tribunal (SAT) today adjourned hearing on Reliance Industries' appeal against market regulator Sebi till April 8, in a case related to alleged violation of insider trading norms in sale of shares of the company's erstwhile subsidiary RPL in 2007.
    
The bench observed that it needs more time to study Sebi's view on the matter. The matter was last heard by SAT on February 21. RIL had approached SAT against Sebi after its application to settle the matter through a 'consent mechanism' was rejected by the regulator.
    
Under Sebi's consent mechanism, companies can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains. RIL has challenged Sebi's decision and also the recent changes made by the regulator in regulations governing settlement of cases through the consent mechanism, especially those already under consideration.
    
In May 2012, Sebi had tightened the norms for settlement through consent framework. As a result, many cases, including those related to insider trading, are not being settled through this mechanism. On January 3, Sebi published a list of 149 consent pleas, including 16 from entities related to RIL group, which it had found unsuitable for settlement through consent process.

These include applications of RIL itself and that of RIL Chairman Mukesh Ambani's close aide Manoj Modi.

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Octant Industries appoints company secretary

Mar 13, 2013, 12.26 PM IST

Octant Industries has informed that Mr. Sudhier Kumar Pola, an associate member of ICSI has been appointed as Company Secretary of the Company w.e.f. February 23, 2013. The said Company Secretary shall also act as compliance Officer of the Company.

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Octant Industries appoints company secretary

Octant Industries has informed that Mr. Sudhier Kumar Pola, an associate member of ICSI has been appointed as Company Secretary of the Company w.e.f. February 23, 2013. The said Company Secretary shall also act as compliance Officer of the Company.

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Octant Industries appoints company secretary

Octant Industries has informed that Mr. Sudhier Kumar Pola, an associate member of ICSI has been appointed as Company Secretary of the Company w.e.f. February 23, 2013. The said Company Secretary shall also act as compliance Officer of the Company.

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Octant Industries Ltd has informed BSE that Mr. Sudhier Kumar Pola, an associate member of ICSI has been appointed as Company Secretary of the Company w.e.f. February 23, 2013. The said Company Secretary shall also act as compliance Officer of the Company.Source : BSE

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Budget 2013: How will it impact indirect tax disputes?

Puneet Bansal & Saurabh Agarwal
BMR & Associates

While Budget 2013 may not have met the expectations of the industry on various fronts, however, a couple of steps have been made by the government in this budget to bring down increasing indirect tax disputes and litigations across the country. 

The expansion of the categories of the applicants eligible to seek advance ruling under the customs, central excise and service tax laws has been a path breaking step taken by the government in this budget. Till now, this facility was available to few categories of taxpayers like foreign companies, joint venture of foreign companies, PSUs etc. Going forward, Public Limited Companies can seek advance ruling from the authorities on their correct liability to pay customs duty, excise duty & service tax before they decide to enter into newer businesses & transactions. This would provide certainty of indirect taxes to investors and would go a long way in reducing the tax disputes in future. 

Further, the introduction of the Service Tax Voluntary Compliance Encouragement Scheme, 2013 ("the Scheme") is also a step taken by the government in the right direction. The scheme would enable the delinquent tax payers to step up themselves and pay their service tax liabilities. The Scheme will help genuine taxpayers to set things right for the past considering ambiguities in the service tax law in past few years during its evolution period.  The payment of service tax liability under the Scheme would grant immunity from interest, penalty and other proceedings to the taxpayers which might have been initiated against the taxpayers on account of such defaults. 

Having said the positives, the current budget has also proposed a couple of legislative changes which may be regressive for the industry at large. 

One of such proposals is limiting the power of the Tribunal under the customs, central excise and service tax laws to grant stay for a maximum period of 365 days post which the stay shall automatically stand vacated even where the delay in disposal of appeal is beyond the control of the taxpayers.  The proposed amendment (if enacted) would require taxpayers to shell tax out of their pockets even where the taxpayers are diligently pursuing their appeals before Tribunal but still Tribunal didn't dispose the appeals. The proposed amendment seems to be clearly against established principles of natural justice of audi alteram partem, which provides that no person should be condemned unheard. Also, this amendment defies the logic as it seeks to penalize taxpayers for pendency of large number of cases in the Indian judicial system.  

The second such proposal is introduction of the provisions under the federal indirect taxes wherein specific offences are proposed to be made non-bailable and authorizing the field formations to grant bail with respect to bailable offences.  Further, re-introduction of prosecution provisions under the service tax laws would add to the hardship & harassment of the tax payers.

Therefore, while the Finance Minister in his budget speech mentioned that the intent of the Central Government is to bring clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary. However, the fine print of some of the Budget proposals suggests that such reforms are distant from this stated intent.

Hence, the proposals made in Budget 2013 are a mixed bag (both boon and bane) for the taxpayers as far as Indirect tax disputes and litigations are concerned.

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International Data Management appoints company secretary

Mar 13, 2013, 12.27 PM IST

International Data Management has informed that Ms. Chitra Saluja, Company Secretary of the Company has resigned w.e.f. December 30, 2012. Further, the Company has appointed Mr. Nishant Rana, member of the Institute of Company Secretaries of India, as the new Company Secretary of the Company with immediate effect.

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International Data Management appoints company secretary

International Data Management has informed that Ms. Chitra Saluja, Company Secretary of the Company has resigned w.e.f. December 30, 2012. Further, the Company has appointed Mr. Nishant Rana, member of the Institute of Company Secretaries of India, as the new Company Secretary of the Company with immediate effect.

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International Data Management appoints company secretary

International Data Management has informed that Ms. Chitra Saluja, Company Secretary of the Company has resigned w.e.f. December 30, 2012. Further, the Company has appointed Mr. Nishant Rana, member of the Institute of Company Secretaries of India, as the new Company Secretary of the Company with immediate effect.

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International Data Management Ltd has now informed BSE that Ms. Chitra Saluja, Company Secretary of the Company has resigned w.e.f. December 30, 2012. Further, the Company has appointed Mr. Nishant Rana, member of the Institute of Company Secretaries of India, as the new Company Secretary of the Company with immediate effect.Source : BSE

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IKF Finance: Outcome of EGM

Mar 12, 2013, 12.24 PM IST

IKF Finance at its Extra Ordinary General Meeting (EGM) held on March 09, 2013 has approved the resolution regarding to offer, issue and allot 36,60,000 equity shares of Rs 10 each with a premium of Rs 3.25 per share on preferential allotment basis to both promoters and non promoters subject to necessary approval.

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IKF Finance: Outcome of EGM

IKF Finance at its Extra Ordinary General Meeting (EGM) held on March 09, 2013 has approved the resolution regarding to offer, issue and allot 36,60,000 equity shares of Rs 10 each with a premium of Rs 3.25 per share on preferential allotment basis to both promoters and non promoters subject to necessary approval.

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IKF Finance: Outcome of EGM

IKF Finance at its Extra Ordinary General Meeting (EGM) held on March 09, 2013 has approved the resolution regarding to offer, issue and allot 36,60,000 equity shares of Rs 10 each with a premium of Rs 3.25 per share on preferential allotment basis to both promoters and non promoters subject to necessary approval.

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IKF Finance at its Extra Ordinary General Meeting (EGM) held on March 09, 2013 has approved the resolution regarding to offer, issue and allot 36,60,000 equity shares of Rs 10 each with a premium of Rs 3.25 per share on preferential allotment basis to both promoters and non promoters subject to necessary approval.Source : BSE

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