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Startled by the disclosure of fudging of accounts by Satyam founder B Ramalinga Raju, market regulator SEBI on Wednesday ordered probe B R Raju into share market operations and inspection of the IT company.
"SEBI has ordered an investigation into the affairs relating to buying, selling or dealing in the shares of Satyam Computers," it said in a release.
The probe follows a letter written by Raju in which he disclosed that "accounts provided to the stock exchanges were not true".
The investigation, SEBI said, will ascertain whether any provision of the Act or regulation has been violated.
As a first step, SEBI today ordered an investigation into affairs relating to buying, selling or dealing in shares of Satyam to ascertain if any regulatory provision was violated. Besides, it ordered inspection of Satyam Computer (books).
Giving details of the irregularities, Raju said the company's balance sheet as of September 30 carries "inflated (non-existent) cash and bank balances of Rs 5,040 crore (as against Rs 5,361 crore reflected in the books)."
Also Read :
-Market response after Satyam Fraud
-SEBI to probe Satyam market Operations
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
It also carries "an accrued interest of Rs 376 crore which is non-existent, understated liability of Rs 1230 crore on account of funds arranged by me, overstated debtors position of Rs 490 crore (as against Rs 2651 crore in the books."
The USD 2-billion Satyam also reported a revenue of Rs 2700 crore for the September quarter and an operating margin of Rs 649 crore (24 per cent of revenue) as against the actual revenue of Rs 2112 crore and an actual operating margin of Rs 61 crore (3 per cent of revenue).
"This has resulted in artificial cash and bank balances going up Rs 588 crore in Q2 alone," Raju said, adding that the gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years.
Satyam, meanwhile, said Board member Ram Mynampati has been appointed interim CEO. "We are obviously shocked.. immediate priorities are to protect interest of shareholders, protect the careers and security of its approximately 53,000 associates..," Satyam said in a statement.
A shocked industry called for deeper regulation. "This fraud on the investors and employees... shows a systemic breakdown in audit and board oversight... questions will need to be asked," FICCI President Rajeev Chandrasekhar said.
Also Read :
-Market response after Satyam Fraud
-SEBI to probe Satyam market Operations
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
FICCI and CII, however, said the Satyam episode should not be seen as a blot on all the Indian firms.
Corporate Affairs Minister Prem Chand Gupta said stern action would be taken under the law.
posted under - Satyam Computer services, satyam updates, SEBI updates, SEBI on Satyam, Satyam india, Satyam Fraud
Wednesday, January 7, 2009
SEBI orders probe into Satyam market operations
Sensex Down 750 pts due to Satyam Fraud
The Indian stock market was robbed of its stimulus Wednesday after one of the biggest corporate frauds came to light. In a shocking revelation, Satyam Computer Services Ltd’s promoter and chairman, B Ramalinga Raju admitted to a fraud to the tune of Rs 7,000 crore in the company’s balance sheet.
In a letter to the board, Raju said the company’s cash and bank balance as on Sep 30, 2008, was inflated by Rs 5,040 crore as against Rs 5,361 crore reflected in the books. Further, the balance sheet carried an accrued interest of Rs 376 crore which was non existent, and an understated liability of Rs 1,230 crore on account of funds transferred by Raju. The balance sheet also carried an over stated debtors’ position of Rs 490 crore (as against Rs 2,651 crore in the books).
This triggered a massive sell-off as investors dumped shares across the board, mainly from realty and IT sectors, on fears of corporate governance issues.
Also Read :
-Market response after Satyam Fraud
-SEBI to probe Satyam market Operations
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
The Bombay Stock Exchange’s 30-share Sensex closed at 9586.88, sharply down 749.05 points or 7.25 per cent from Tuesday’s close. The index touched an intra-day low of 9510.15 from a high of 10469.72.
National Stock Exchange’s benchmark Nifty ended at 2920.40, down 192.40 points or 6.18 per cent. The index touched an intra-day low of 2888.20 and high of 3147.20.
“Raju’s confession came as a shock for the market. Traders got out of realty companies as well on fears that they might also have similar skeletons in the closet. Sharp price in fall of Reliance Industries shares led to further pain,” said senior analyst from a local brokerage.
Not even the second rungs stocks were spared in the mayhem that followed. The BSE Midcap Index lost 7.17 per cent and BSE Smallcap Index fell 6.29 per cent.
“It is one of the worst days for Indian investors as a truly shocking and mind-numbing development transpired in the Indian corporate and stock market history. This has shaken the confidence of investors - both domestic and global -repercussions of which could be felt over the medium-term. Hopefully, this development will now lead to greater weightage being provided to corporate governance standards by companies and investors alike. As far as our view on Satyam Computers is concerned, we have ‘discontinued coverage’ on the stock with immediate effect and would advise current investors to exit the stock and nonexistent investors to stay away,” said Hitesh Agarwal, Head-Research, Angel Broking.
Also Read :
-Market response after Satyam Fraud
-SEBI to probe Satyam market Operations
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
In the biggest single day fall for a stock, Satyam Computer lost 77 per cent to end at Rs 40.25 on NSE. The scrip touched a low of Rs 30.80 from a high of Rs 188.70.
Jaiprakash Associates (-29.15%), Reliance Communications (-17.02%), DLF (-16.15%) and Reliance Infrastructure (-13.54%) were the other top Sensex losers.
Hindustan Unilever (1.95%), Infosys Technologies (1.67%), Maruti Suzuki (0.53%) Wipro (0.23%) and Grasim Industries (0.13%) were the only Sensex gainers.
The Satyam episode led to 2,124 losers on the BSE and only 364 gainers.
posted under - Satyam Computer services updates, Satyam fraud, Indian markets january 7, satyam fraud updates, Satyam employees in dissarray
Tuesday, January 6, 2009
BSE training Institute
BSE has carved out a unique position among stock exchanges in the world in respect of knowledge development and management. It set up an exclusive training facility way back in 1989 which has now emerged as the leading facility in financial and securities market training in India.
BTI currently offers 36 courses, conducted over 180 programmes attended by over 8,000 participants a year. Participants are not only from all over the country but also from South Asia, Central Asia, Eastern Europe, Middle East and Africa. BTI also conducts various customised programmes for leading corporate and financial institutions.
Other important BSE updates -
Currency Derivatives at BSE
international Programme on Demat and Depositories
What is BSE -ASBA- explained
BSE's certification on currency futures
Facilities
BSE Training Institute (BTI) enjoys the patronage of the entire spectrum of financial community in India. Recently, BTI has expanded from 1/2 Floor, to 1 1/2 Floor at P.J.Towers, which includes state-of-the-art 50 -seater Certification Center equipped with TFT Monitor and Linux Virus Free Operating Platform. The BTI has additional modern facilities of an 80-seater class room, a 50-seater class room, a 30-seater class room, a 30-seater Computer Lab, a 20-seater Conference Hall, a Reference Library and a Dining Hall.
One of the unique features of BSE Training Institute are the faculties and the speakers, which are drawn from the Industry, a rich pool of professionals, practitioners and eminent personalities, who mix the theory with practical aspects through which participants gets hands on knowledge of the market.
3-month programme with JBIMS
Other important BSE updates -
Currency Derivatives at BSE
international Programme on Demat and Depositories
What is BSE -ASBA- explained
BSE's certification on currency futures
BTI also runs a highly popular 3-month part-time Certificate Programme on Capital Markets (CPCM) jointly with the Jamnalal Bajaj Institute of Management Studies. The successful participants of this programme are awarded certificates by the University of Mumbai. This programme is highly popular with stock brokers, sub-brokers, investment consultants, portfolio managers, and professional from the depositories, depository participants, banks, insurance companies, mutual funds, custodians, clearing houses and financial institutions. Management students have also found this Programme of great value.
BSE TRAINING INSTITUTE
Bombay Stock Exchange Limited
P.J.Towers,18th & 19th Floor
Dalal Street
Mumbai - 400001
Tel.: 22721126 / 27 / 1233 / 34 Fax: 22723250
Ext. 8303,8246,8247, 8161, 8197, 8464, 8175,8121, 8859, 8813
Email: training@bseindia.com
FII to remain positive in 2009
India Infoline expects domestic equities market to generate a return of over 30% in 2009. The prediction stems from three broad views - India is relatively better positioned for stronger and faster economic growth than rest of the world, a reversal of downward pressure on the rupee due to the turnaround in current account and sharp decline in cost of capital.
According to India Infoline analysts, while corporate capex will likely take a long time to recover, public spending and infrastructure spending will hold up well. Even as cost of capital is rapidly coming off, domestic liquidity conditions have improved and thus credit availability should improve. The sharp declines in commodity prices have reduced the cost of building infrastructure by 15-25% across the board.
Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
"Notwithstanding large declines expected in external trade, a deceleration in industrial and services sectors and the investment cycle, we believe India is well positioned to grow its GDP by at least 5-6% in 2009. Industrial growth too will likely revive more quickly, owing to large capacity additions in core sectors, especially those where growth is constrained by supply," the Infoline report said.
Although India is still trading at a 20% premium to the MSCI EM index, this premium is lower than the average of 40% that it enjoyed over the past five and half years. Thus in a relative sense, Indian equities have been de-rated vis-a-vis emerging markets.
"The brokerage believes, FII flows will be positive in 2009, led mainly by increased weights in emerging markets and global funds. Earnings growth momentum and macro data will be bad for the next few quarters, but markets will look for growth cues beyond the next 2-3 quarters," the India Infoline report said.
Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
The report states that earnings growth, except in commodities and select domestic cyclicals, will either be resilient or in most cases will likely be better than what markets are pricing in, especially from the third quarter of next fiscal. The brokerage has picked Tata Steel, Suzlon Energy, Bajaj Auto, ICICI Bank and DLF Ltd as the 'dark horses' for 2009. India Infoline is overweight on financials and consumer staples sectors and underweight on IT and energy sectors.
posted under - FII in India, projection of FII in India, Foreign institutional updates, indian markets updates, bse updates, nse updates, bse companies list
source - www.economictimes.com
Friday, January 2, 2009
BSE Holidays list - 2009
The following post shows BSE holidays for calender year 2009 from January to December 2009
Sno. - Event - date/month/year - Day
1 - Moharram - 8th January 2009 - Thursday
2 - Republic Day - 26th January 2009 - Monday
3 - Mahashivratri - 23rd February 2009 - Monday
4 - Id-E-Milad - 10th March 2009 - Tuesday
5 - Holi - 11th March 2009 - Wednesday
6 - Ram Navmi - 3rd April 2009 - Friday
7 - Mahavir Jayanti - 7th April 2009 - Tuesday
8 - Good Friday - 10th April 2009 - Friday
9 - Dr. Ambedkar Jayanti - 14th April 2009 - Tuesday
10 - Maharashtra Day - 1st May 2009 - Friday
11 - Ramzan Id - 21st September 2009 - Monday
12 - Dasera - 28th September 2009 - Monday
13 - Gandhi Jayanti - 2nd October 2009 - Friday
14 - Diwali ( Bhaubeez) - 19th October 2009 - Monday
15 - Gurunanak Jayanti - 2nd November,2009 - Monday
16 - Christmas - 25th December,2009 - Friday
17 - Moharram - 28th December2009 - Monday
posted under - BSE holidays, holidays in bse, bse holidays 2009, holidays in 2009 in BSE, BSE holidays list 2009
Thursday, January 1, 2009
BSE | NSE | DJIA | NASDAQ | S & P Indexes at closing - January 2009
www.livebombaystockexchange.blogspot.com wishes all it's esteemed visitor's a very happy new year. This post 1st for the year 2009 includes closing rates of major stock markets of india and world such as Bombay Stock Exchange ( BSE) , National Stock Exchange ( NIFTY), Dow Jones Industrial Average(DJIA), Standard and Poor (S & P), Nasdaq Composite Index (NSDX) , closing rates of these most important indices are very important for regular investor's as they show the trends of stock exchanges and world economic trends.
The post provides closing rates details of Dow Jones Industrial Average(DJIA), NASDAQ, BSE (Bombay Stock Exchange), NSE (National Stock Exchange) on per day basis. You can check live DJIA ticker for latest Dow Jones Industrial Average Updates.
Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-Rs v/s US$ latest updates
-World's Strongest economies list
-Trouble in Indian Forex
-Indian Agricultural Updates
-US Economic recession-how it started
By the end of this year i predict that BSE would be between 13ooo to 15000 ( it may be different scenario depending on US economic developments)
Note - All the closing rates of BSE, NSE, NASDAQ, DOW JONES INDUSTRIAL AVERAGE(DJIA), Standard and Poor(S & P) are according to Indian Standard time . to see closing rates of DJIA, NASDAQ, Standard and Poor ( S & P) according to American Standard time click here.
January 23, 2009 FRIDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8122.80 - Down(-105.30)
NASDAQ (Closing rates) - 1465.49 - Down(-41.58)
SENSEX (Closing rates) -8674.35 - Down(-139.49)
NIFTY (Closing rates) - 2678.55 - Down(-35.25)
Standard & Poor (S & P) - 827.50 - Down(-12.74)
January 22, 2009 THURSDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8228.10 - Up^279.01
NASDAQ (Closing rates) - 1507.07 - Up^66.21
SENSEX (Closing rates) -8813.84 - Up^34.67
NIFTY (Closing rates) - 2713.80 - Up^7.65
Standard & Poor (S & P) - 840.24 - Up^35.02
January 21, 2009 WEDNESDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 7949.09 - Down(-332.13)
NASDAQ (Closing rates) - 1440.86 - Down(-88.47)
SENSEX (Closing rates) -8779.17 - Down(-321.38)
NIFTY (Closing rates) - 2706.15 - Down(-90.45)
Standard & Poor (S & P) - 805.22 - Down(-44.90)
January 20, 2009 TUESDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8222.22 - Down(-59.02)
NASDAQ (Closing rates) - 1529.33 - Up^17.49
SENSEX (Closing rates) -9100.55 - Down(-229.02)
NIFTY (Closing rates) - 2796.60 - Down(-49.60)
Standard & Poor (S & P) - 909.73 - Up^3.08
January 19, 2009 MONDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8281.22 - Up^68.73
NASDAQ (Closing rates) - 1529.33 - Up^17.49
SENSEX (Closing rates) -9329.57 - Up^5.98
NIFTY (Closing rates) - 2846.20 - Up^17.75
Standard & Poor (S & P) - 850.12 - Up^6.38
January 16, 2009 FRIDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8212.49 - Up^12.35
NASDAQ (Closing rates) - 1511.84 - Up^22.20
SENSEX (Closing rates) -9323.59 - Up^276.85
NIFTY (Closing rates) - 2828.45 - Up^91.75
Standard & Poor (S & P) - 843.74 - Up^1.12
January 15, 2009 THURSDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8200.14 - Down(-248.42)
NASDAQ (Closing rates) - 1489.64 - Down(-56.82)
SENSEX (Closing rates) -9046.74 - Down(-323.75)
NIFTY (Closing rates) - 2736.70 - Down(-98.60)
Standard & Poor (S & P) - 842.62 - Down(-29.17)
January 9, 2009 FRIDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8742.46 - Down(-27.24)
NASDAQ (Closing rates) - 1617.01 - Up^17.95
SENSEX (Closing rates) -9406.47 - Down(-180.41)
NIFTY (Closing rates) - 2873.00 - Down(-47.40)
Standard & Poor (S & P) - 909.73 - Up^3.08
January 8, 2009 THURSDAY - BSE | NSE closed due to mohharam
January 7, 2009 WEDNESDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 9015.10 - Up^62.21
NASDAQ (Closing rates) - 1652.38 - Up^24.35
SENSEX (Closing rates) -9586.88 - Down(-749.05)
NIFTY (Closing rates) - 2920.40 - Down(-192.40)
Standard & Poor (S & P) - 934.70 - Up^7.23
January 6, 2009 TUESDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8952.89 - Down(-81.80)
NASDAQ (Closing rates) - 1628.03 - Down(-4.18)
SENSEX (Closing rates) -10335.93 - Up^60.33
NIFTY (Closing rates) - 3112.80 - Down(-8.65)
Standard & Poor (S & P) - 927.47 - Down(-4.35)
January 2, 2009 FRIDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8776.39 - closed (1st jan in US)
NASDAQ (Closing rates) - 1577.03 - closed (1st jan in US)
SENSEX (Closing rates) -9958.22 - Up^54.76
NIFTY (Closing rates) - 3046.75 - Up^13.30
Standard & Poor (S & P) - 903.25 - closed (1st jan in US)
January 1, 2009 THURSDAY Closing rates/price:
DOW JONES (DJIA Closing rates) - 8776.39 - Up^108.00
NASDAQ (Closing rates) - 1577.03 - Up^26.33
SENSEX (Closing rates) -9903.46 - Up^256.15
NIFTY (Closing rates) - 3033.45 - Up^74.30
Standard & Poor (S & P) - 903.25 - Up^12.61
published under - BSE closing Rates, bse rates, djia closing rates, djia updates, nasdaq live, nasdaq rates, Standard and Poor rates, S and P rates at closing, Nifty closing rates, indian markets at closing january 2009, major world markets