Diamond Power commences production from compounding unit

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Diamond Power Infrastructure, earlier known as Diamond Cables, has commenced production from its state-of-the-art compounding unit having annualised capacity of 18,000 Mt. The said unit can manufacture various types of PVC & XLPE compounds.

The company has invested Rs 8 crore on development of this facility, which will meet 70% of the raw material demand for the power cables. It manufactures about 40,000 km of assorted sizes or high and low tension cables and compounds are very critical cost and quality components for such cables.

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SEBI to Rating agencies – Disclose Methodology + Fees Collected

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The Indian Rating Agencies – CRISIL, ICRA, Fitch, Care have been asked by the Stock Market Regulator – SEBI to disclose the Rating Methodology and the Fees it collected from the client to assign the rating. This is a major move in our view to achieve transparency in financial transaction and clean up the Financial markets, a mess created by Capitalists’ greed.

SEBI’s DGM Prasanta Mahapatra who was looking into the issue of achieving Transparency in Indian Corporate Rating system after the Collapse of American European Financial System. In his order he said,

6.1 Rating Procedure

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Top 10 Frauds in Indian Banking Sector

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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]

  1. Credit Cards
  2. Deposits – Savings A/C

    3. Read moreTop 10 Frauds in Indian Banking Sector

Wipro 1QFY11 guidance offers no surprise

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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

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Stocks reel under selling pressure from across all sectors

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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

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Detial of Swarup Committee Report on ULIP + Insurance

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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

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