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Editor's Desk The Reserve Bank of India – RBI Maintains Data on Frauds on the basis of area of operation under which the frauds have been perpetrated. According to such data pertaining to the calendar year 2009, Top 10 Categories under which Frauds have been reported by banks (number wise and amount wise) are as follows,
Top 10 Categories of Fraud in the Indian Banking Sector [ Based on Number of Complaints]
Wipro’s numbers broadly as per expectation. Total revenues for the quarter came in Rs 70 Bn while revenues for IT-Services came in at Rs 52.6 Bn.
Wipro, like TCS, sustained its continued performance on margins (in IT-Services), improving margins sequentially by 0.6% to 24.4%, which we believe came in from better offshore leverage (offshore revenues moved up 90bps Q/Q to 50.6% of revenues and offshore volumes went up 4.8% Q/Q). That said, this quarter did not reflect the full impact of wage hikes as revised wages
Local equity markets are witnessing intense selling pressure from across all sectors on back of weak global cues. All Asian markets are trading in the negative terrain with Shanghai Composite declining by more than 4% and Jakarta Composite shedding around 3%. Moreover, most of the other Asian indices declined by more than one percentage point on the US SEC’s (Securities and Exchange Commission) fraud charges against Goldman Sachs. Back home, all sectors in the broader indices are trading in the red with Metal segment losing around 2.3%, followed by Oil & Gas, Power, Auto and Realty that also lost more than one percentage point. Adding to woes is the Downgrade of Indian Equities by Morgan Stanley to EqualWeight.
Coupled with the global events, RBI’s looming liquidity tightening measures
Read moreStocks reel under selling pressure from across all sectors
AS requested by our readers, here is an excerpt from the recommendations of Swarup Committee’ report for Insurance Sector / ULIP Case.
All retail financial products should go no-load by April 2011. The pension product in the NPS is already no-load. Mutual funds have become no-load with effect from 1 August 2009. Insurance policies need to remove the bias towards selling the policy with the highest commission. Because there are almost three million small agents who will have to adjust to
Read moreDetial of Swarup Committee Report on ULIP + Insurance
Indian airline passenger traffic, at 3.98 mn for March, represented 23.4% YoY growth, re-affirming our positive view on the sector. Airline seat factors came down for all airlines on account of seasonality. Market share for both Jet (including Jetlite) and SpiceJet largely remained unchanged. The Indian aviation sector clocked its highest annual traffic for FY10, at 46.3mn passengers (+17%
YoY), marginally beating our BofAML FY10 estimate. We expect strong 15% passenger growth for FY11, at 53mn passengers. Strong passenger traffic can partially offset the cost pressure related to rising ATF prices.
We have just received Information from the Ministry of Finance, Department of Revenue Assistant Director on the total number of Income Tax Assesses in India. Can you take a guess ? India’s population is around 1.1 bn while the Income tax assesses / payers are less than 4%. yes you have read that right. Here is how the Income Tax Payers Base in India looks like,