Mumbai, Dec 8 : Power producer JSW Energy's Rs 2,700-crore public offer got over-subscribed 1.48 times today, thesecond day of issue, with most bids coming from qualifiedinstitutional buyers.
The initial public offer (IPO) received bids for 33.75crore equity shares against 22.75 crore shares on the offerfor public, the latest data with the National Stock Exchange(NSE) shows.
In qualified institutional buyers category the issue gotsubscribed 2.77 times of the reserved portion, whereas in noninstitutional investors category it got bids for 14.78 lakhstocks against 2.69 crore equities reserved for them, as perNSE data.
JSW Energy has entered into capital market with its IPOin the price band of Rs 100-115 and expects to garner up to Rs2,700 crore. The issue closes on December 9.
The IPO proceeds will be utilised for investment of aboutRs 2,140 crore in project SPVs and repayment of corporate debtof Rs 480 crore.
Last week, the company raised Rs 464.86 crore through theissue of shares to seven anchor investors, including RelianceCapital Trustee and Credit Suisse Singapore Ltd at a price ofRs 110 per piece.
J M Financial Services, SBI Cap Securities and ICICISecurities are acting as the book running lead managers forthe issue.
Thursday, December 10, 2009
NPPA slaps Rs 20-cr fine on Cipla for overcharging
New Delhi, Dec 7 : Pharma company Cipla Ltd todaysaid it has received notices, demanding about Rs 20.15 crore,from drug price regulator for allegedly over-pricing two drugs.
The company has received a notice from sectoral regulatorthe National Pharmaceutical Pricing Authority demanding anamount of about Rs 20.14 crore, comprising allegedlyovercharged amount of Rs 11.54 crore and interest thereon ofRs 8.59 crore, in respect of the drug Ciprofloxacin, Ciplasaid in a filing to the BSE.
"The period to which these amounts pertain to have notbeen specified in the demand notice," the company said in itsfiling to the Bombay Stock Exchange (BSE).
The drug maker also got a notice demanding an amount ofRs 11 lakh comprising interest up to April 2009 in respect ofthe drug Doxycycline, it further said.
Both the drugs are antibiotic, used in treatment ofbacterial infections.
According to Cipla, notices are contrary to rulings ofthe Supreme Court and the demand is not tenable. There were nodetails of the ruling in the Cipla statement.
"These demands are contrary to the orders of the SupremeCourt and the company has received legal advice that entireamounts demanded by the government are not tenable andsustainable," Cipla said.
In July also, Cipla had received notices from NPPA foralleged over-pricing of two drugs--Salbutamol and Norfloxacin.
In July, Cipla had got a demand notice of Rs 64.39 crorefor asthma drug Salbutamol and Rs 2.19 crore for Norfloxacin,used in treating infections.
NPPA, under the aegis of Chemicals and FertlizersMinistry, is responsible for keeping an eye on the pricemovement of dugs in the country.
Shares of Cipla today settled the day at Rs 351.5, down1.99 per cent from its previous close on the BSE
Three types of Kerala rice get GI protection
New Delhi, Dec 7 : Three varieties of rice producedin Kerala are registered as Geographical Indications (GI), theParliament was informed today.
Three kinds of rice -- Pokkali, Navara and PalakkadanMatta -- produced in Kerala have been registered as GIs underthe Geographical Indications of Goods (Registration andProtection) Act, 1999, Minister of State for Commerce andIndustry Jyotiraditya Scindia said in the Lok Sabha.
The GI tag is used on goods that have a specificgeographical origin and possess qualities, reputation andcharacteristics that are essentially attributable to thatregion alone.
Once granted, the GI status legally prohibits others tosell the product under the same name.
Replying to a question of a Member of Parliament, Scindiasaid the Union government has not received any proposal fromthe Madhya Pradesh government for registration of paddy of aspecial variety under the GI.
Answering a separate question in the lower house, Scindiasaid, the country's Patent Offices received 458 applicationsfor pre-grant opposition--for other parties to contest theexclusivity claims of the product--during January 2005 toMarch 2009.
Three kinds of rice -- Pokkali, Navara and PalakkadanMatta -- produced in Kerala have been registered as GIs underthe Geographical Indications of Goods (Registration andProtection) Act, 1999, Minister of State for Commerce andIndustry Jyotiraditya Scindia said in the Lok Sabha.
The GI tag is used on goods that have a specificgeographical origin and possess qualities, reputation andcharacteristics that are essentially attributable to thatregion alone.
Once granted, the GI status legally prohibits others tosell the product under the same name.
Replying to a question of a Member of Parliament, Scindiasaid the Union government has not received any proposal fromthe Madhya Pradesh government for registration of paddy of aspecial variety under the GI.
Answering a separate question in the lower house, Scindiasaid, the country's Patent Offices received 458 applicationsfor pre-grant opposition--for other parties to contest theexclusivity claims of the product--during January 2005 toMarch 2009.
JSW Energy fixes IPO price band at Rs 100-115 a share
New Delhi, Dec 3 : Power producer JSW Energy has fixedthe price-band of its proposed initial public offer in therange of Rs 100-115 per equity share.
The company, led by Sajjan Jindal, is offering a discountof Rs 5 to retail investors in the issue price that will bedetermined after the completion of book building process, JSWEnergy said in a public announcement today.
JSW Energy Ltd, a part of the JSW Group, is entering thecapital market with its initial public offer (IPO) on December 7 till December 9.
The company expects to raise funds up to Rs 2,700 crorethrough its public offer.
The energy firm has an operational capacity of 860 MWwith additional 2,790 MW capacity under construction andimplementation stage.
JM Financial Consultants, Kotak Mahindra Capital Company,ICICI Securities, IDFC-SSKI Ltd, JP Morgan India, SBI Capital,Morgan Stanley India and IDBI Capital are book running leadmanager of the public offer
The company, led by Sajjan Jindal, is offering a discountof Rs 5 to retail investors in the issue price that will bedetermined after the completion of book building process, JSWEnergy said in a public announcement today.
JSW Energy Ltd, a part of the JSW Group, is entering thecapital market with its initial public offer (IPO) on December 7 till December 9.
The company expects to raise funds up to Rs 2,700 crorethrough its public offer.
The energy firm has an operational capacity of 860 MWwith additional 2,790 MW capacity under construction andimplementation stage.
JM Financial Consultants, Kotak Mahindra Capital Company,ICICI Securities, IDFC-SSKI Ltd, JP Morgan India, SBI Capital,Morgan Stanley India and IDBI Capital are book running leadmanager of the public offer
Mauritius-based AfrAsia Bank gets FII licence from SEBI
New Delhi, Dec 2 : Mauritius-based AfrAsia Bank todaysaid it has received the Foreign Institutional Investor (FII)licence from market regulator Securities & Exchange Board ofIndia (SEBI).
"This will enable the bank to provide a complete bouquetof service to its global business clients and facilitate theirinvestments into Indian stocks and debt market using the sub-account route of FII," AfrAsia Bank said in a statement.
An FII is an institution established or incorporatedoutside India, which proposes to make investments insecurities in India and regulated under the strict provisionsof the SEBI.
Sub-account on the other hand means "any person residentoutside India, on whose behalf investments are proposed to bemade in India by a FII and who is registered as a sub-accountunder these regulations."
"This is an important step in our strategy to tap theIndian market", AfrAsia Bank CEO James Benoit said.
AfrAsia Bank has also entered into a strategic tie upwith leading ICICI Bank for providing custodial services inIndia to its clients, the statement said.
"This will enable the bank to provide a complete bouquetof service to its global business clients and facilitate theirinvestments into Indian stocks and debt market using the sub-account route of FII," AfrAsia Bank said in a statement.
An FII is an institution established or incorporatedoutside India, which proposes to make investments insecurities in India and regulated under the strict provisionsof the SEBI.
Sub-account on the other hand means "any person residentoutside India, on whose behalf investments are proposed to bemade in India by a FII and who is registered as a sub-accountunder these regulations."
"This is an important step in our strategy to tap theIndian market", AfrAsia Bank CEO James Benoit said.
AfrAsia Bank has also entered into a strategic tie upwith leading ICICI Bank for providing custodial services inIndia to its clients, the statement said.
FIIs pump Rs 5,400 cr into stock mkts in Nov
New Delhi, Dec 1 : The equity markets witnessed anet inflow of Rs 5,400 core from overseas investors duringNovember, taking their total investment in the country so farthis year to over Rs 73,100 crore, the highest ever inflow ina single year.
In November, foreign institutional investors (FIIs)bought shares worth Rs 51,063.10 crore, and sold equitiesworth Rs 45,565.90 crore, resulting in a net investment of Rs 5,497 crore, according to the data available with the marketregulator Securities and Exchange Board (SEBI).
The record inflow by FIIs into the local stock marketshas alarmed the government and other authorities concerned. It has also made industry chambers like Assocham demanding a two-percentage point tax on FII funds, while exporters body FIEO demanded government intervention to contain the flow asit had been making the rupee stronger against the Americangreenback, rendering exports incompetent from price angle.
After turning negative following the collapse of the globalfinancial services icon Lehman Brothers in the middle ofSeptember last year, FIIs inflow into the domestic stockmarkets have begun to rise sharply.
Last month, Finance Minster Pranab Mukherjee had said thatinvestment into the equity markets by foreign investors wasnot a matter of concern, but the government would act if itfinds any distortions.
Describing the foreign capital inflows as the successstory of India's recovery, Reserve Bank Deputy Governor SubirGokarn on Monday said that the inflow should not be viewed asa threat at this point of time.
"You could see them as a positive sign which is that theyreflect increasing global confidence in Indian recovery," the newly appointed Gokarn had said.
The trend of strong FII inflows to the tune of Rs 31,000crore witnessed during the June quarter gained furthermomentum during the July-September period, which attracted a net Rs Rs 34,313 crore.
Last year, FIIs were net sellers of the domestic stocksworth Rs 52,900 crore. The selling trend of FIIs continuedtill the first two months of the current year. However, by theend of March they started betting big on the domestic bourses.
So far this year, the Bombay Stock Exchange's benchmarkindex Sensex--composed of 30 blue-chip stocks--has risen over 70 per cent.
In November, foreign institutional investors (FIIs)bought shares worth Rs 51,063.10 crore, and sold equitiesworth Rs 45,565.90 crore, resulting in a net investment of Rs 5,497 crore, according to the data available with the marketregulator Securities and Exchange Board (SEBI).
The record inflow by FIIs into the local stock marketshas alarmed the government and other authorities concerned. It has also made industry chambers like Assocham demanding a two-percentage point tax on FII funds, while exporters body FIEO demanded government intervention to contain the flow asit had been making the rupee stronger against the Americangreenback, rendering exports incompetent from price angle.
After turning negative following the collapse of the globalfinancial services icon Lehman Brothers in the middle ofSeptember last year, FIIs inflow into the domestic stockmarkets have begun to rise sharply.
Last month, Finance Minster Pranab Mukherjee had said thatinvestment into the equity markets by foreign investors wasnot a matter of concern, but the government would act if itfinds any distortions.
Describing the foreign capital inflows as the successstory of India's recovery, Reserve Bank Deputy Governor SubirGokarn on Monday said that the inflow should not be viewed asa threat at this point of time.
"You could see them as a positive sign which is that theyreflect increasing global confidence in Indian recovery," the newly appointed Gokarn had said.
The trend of strong FII inflows to the tune of Rs 31,000crore witnessed during the June quarter gained furthermomentum during the July-September period, which attracted a net Rs Rs 34,313 crore.
Last year, FIIs were net sellers of the domestic stocksworth Rs 52,900 crore. The selling trend of FIIs continuedtill the first two months of the current year. However, by theend of March they started betting big on the domestic bourses.
So far this year, the Bombay Stock Exchange's benchmarkindex Sensex--composed of 30 blue-chip stocks--has risen over 70 per cent.
Gammon Infra hopes to complete stake buy in ICTPL by March '10
New Delhi, Dec 9 : Gammon Infrastructure today saidit expects to complete the acquisition of 24 per cent stake inits special purpose vehicle Indira Container Terminal frompartner, Spain-based Dragados by March next year.
"We hope to complete the purchase of 24 per cent stake inIndira Container Terminal Pvt Ltd (ICTPL) by March, 2010,"Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.
ICTPL, a joint venture between Dragados and the GammonGroup, is developing an offshore container terminal at Mumbaiport.
The transaction is subject to regulatory approvals asmay be required, Umrigar said.
Dragados is selling its stake in the JV under its globalrestructuring plan, he added.
Gammon Infra yesterday announced that it had enteredinto an agreement with Dragados Servicios Portuarios yLogisticos SL to acquire the firm's 50 per cent stake in ICTPLin two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after threeyears post the commencement of commercial operations of the offshore container terminal project being implemented byICTPL," the company said.
The company did not disclose financial details of the transaction.
"We hope to complete the purchase of 24 per cent stake inIndira Container Terminal Pvt Ltd (ICTPL) by March, 2010,"Gammon Infrastructure Projects Manging Director Parvez Umrigar told PTI.
ICTPL, a joint venture between Dragados and the GammonGroup, is developing an offshore container terminal at Mumbaiport.
The transaction is subject to regulatory approvals asmay be required, Umrigar said.
Dragados is selling its stake in the JV under its globalrestructuring plan, he added.
Gammon Infra yesterday announced that it had enteredinto an agreement with Dragados Servicios Portuarios yLogisticos SL to acquire the firm's 50 per cent stake in ICTPLin two phases.
"The agreement envisages buying of 24 per cent stake in ICTPL now and a further 26 per cent equity stake after threeyears post the commencement of commercial operations of the offshore container terminal project being implemented byICTPL," the company said.
The company did not disclose financial details of the transaction.
After Nifty, NSE tweets on Junior Nifty, currency derivatives
New Delhi, Dec 10 : Encouraged by the growing fanfollowing for its tweets on the micro-blogging site Twitter,the National Stock Exchange has now started twittering forJunior Nifty index as well as for the currency derivatives andinterest rate futures.
Till recently, the 'twitterati club' of NSE was limitedto posting live quotes only of its benchmark index Nifty.
NSE joined this club last month, becoming the firstbourse in the country to have a presence on Twitter--which hasbecome a favoured short-messaging social networking websiteand can be accessed through mobile phone and internet.
Outside India, exchanges and indices having establishedtheir presence on Twitter including Nasdaq of the US andLondon Stock Exchange's FTSE.
On Twitter, NSE posts quotes of its indices-including thecurrent level as also the highs and lows, every 5 minutesduring the market hours.
In short span, Nifty has registered over 3,500 followersfor its 'tweet' messages, which are capped at a maximum of 140characters per post. So far, about 1,292 tweets have beenposted on the exchange's page on the Twitter.
The number of followers, till today, for the NSE's JuniorNifty, currency derivatives and interest rate futures onTwitter is 34, 54 and 18 respectively.
With Twitter, investors can reach the NSE with theirmobiles and need not to log onto internet through computers.
Twitter is a free social networking and micro-bloggingservice that enables a user to send and read messages known astweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitterwebsite or short message service (SMS) on mobile phone.
Till recently, the 'twitterati club' of NSE was limitedto posting live quotes only of its benchmark index Nifty.
NSE joined this club last month, becoming the firstbourse in the country to have a presence on Twitter--which hasbecome a favoured short-messaging social networking websiteand can be accessed through mobile phone and internet.
Outside India, exchanges and indices having establishedtheir presence on Twitter including Nasdaq of the US andLondon Stock Exchange's FTSE.
On Twitter, NSE posts quotes of its indices-including thecurrent level as also the highs and lows, every 5 minutesduring the market hours.
In short span, Nifty has registered over 3,500 followersfor its 'tweet' messages, which are capped at a maximum of 140characters per post. So far, about 1,292 tweets have beenposted on the exchange's page on the Twitter.
The number of followers, till today, for the NSE's JuniorNifty, currency derivatives and interest rate futures onTwitter is 34, 54 and 18 respectively.
With Twitter, investors can reach the NSE with theirmobiles and need not to log onto internet through computers.
Twitter is a free social networking and micro-bloggingservice that enables a user to send and read messages known astweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitterwebsite or short message service (SMS) on mobile phone.
Jindal Power plans IPO to raise Rs 10,000 cr
New Delhi, Dec 10 : Power producer Jindal Power Ltd(JPL) is planning to raise about Rs 10,000 crore through aninitial public offering.
Jindal Power's board of directors, which met today, hasdecided to go for initial public offer (IPO) for raising up toRs 10,000 crore, Jindal Steel & Power Ltd said in a filing tothe National Stock Exchange (NSE) today.
Jindal Power is a subsidiary of Jindal Steel & Power Ltd (JSPL).
"Jindal Power will be holding an extra ordinary generalmeeting of the members of the company for obtaining theirapproval for the said IPO," it added.
The company did not disclose details of the proposed IPO.
Jindal Power's board of directors, which met today, hasdecided to go for initial public offer (IPO) for raising up toRs 10,000 crore, Jindal Steel & Power Ltd said in a filing tothe National Stock Exchange (NSE) today.
Jindal Power is a subsidiary of Jindal Steel & Power Ltd (JSPL).
"Jindal Power will be holding an extra ordinary generalmeeting of the members of the company for obtaining theirapproval for the said IPO," it added.
The company did not disclose details of the proposed IPO.
Godrej Properties IPO subscribed 1.28 times on second day
Mumbai, Dec 10 : The initial public offer of GodrejProperties Ltd (GPL) got subscribed 1.28 times on the secondday of issue today, with most of the bids coming fromqualified institutional investors.
In an almost flat market, the IPO of Mumbai-based realtorreceived bids for over 98.95 lakh shares against 77.32 lakhequities on offer for public, latest data with the National Stock Exchange (NSE) showed.
In the qualified institutional buyers portion, the IPOgot subscribed 2.42 times, with bids for over 96 lakh sharesagainst 39.60 lakh equities reserved for them.
Godrej Properties has entered the capital market with atotal issue size of 94.29 lakh equity shares, which includesanchor investor portion of 16.97 lakh shares, in the pricerange of Rs 490-530 per piece.
Godrej Properties expects to garner up to Rs 499.77 croreat the upper end of the IPO price band.
The IPO, which opened on December 9, closes tomorrow.
The IPO proceeds would be utilised for acquiring land,construction of projects and repayment of loans.
The company currently focuses on residential, commercialand township developments.
The secondary market barometer Sensex today finished theday at 17,189.31, a gain of 64.09 points or 0.37 per cent overits previous close.
In an almost flat market, the IPO of Mumbai-based realtorreceived bids for over 98.95 lakh shares against 77.32 lakhequities on offer for public, latest data with the National Stock Exchange (NSE) showed.
In the qualified institutional buyers portion, the IPOgot subscribed 2.42 times, with bids for over 96 lakh sharesagainst 39.60 lakh equities reserved for them.
Godrej Properties has entered the capital market with atotal issue size of 94.29 lakh equity shares, which includesanchor investor portion of 16.97 lakh shares, in the pricerange of Rs 490-530 per piece.
Godrej Properties expects to garner up to Rs 499.77 croreat the upper end of the IPO price band.
The IPO, which opened on December 9, closes tomorrow.
The IPO proceeds would be utilised for acquiring land,construction of projects and repayment of loans.
The company currently focuses on residential, commercialand township developments.
The secondary market barometer Sensex today finished theday at 17,189.31, a gain of 64.09 points or 0.37 per cent overits previous close.
DB Corp ropes in 9 anchor investors; IPO opens tomorrow
New Delhi, Dec 10 : Media house DB Corp, whichpublishes Hindi daily Dainik Bhaskar, today said it has got commitment of Rs 69.36 crore from nine anchor investors underits initial public offering that opens tomorrow.
The company has finalised allocation of 32.71 lakh sharesto anchor investors at a price of Rs 212 per share, upper bandof the IPO, DB Corp Ltd informed stock exchanges.
Nine anchor investors include — FID Funds (Mauritius) Ltd,FIL Trustee Company, Nomura Funds Ireland--India Equity Funds,ICICI Prudential Life Insurance Company, IDFC Classic EquityFund, Government of Singapore, Reliance Capital Trustee, IndiaCapital Fund and BNP Paribas Arbitrage.
The firm, which publishes newspapers in three languages —Hindi, Gujarati and English — is entering the capital marketwith the issue size of 1.81 crore equity shares in the priceband of Rs 185-212 a piece.
At the upper band of price range, the company expects togarner about Rs 385.31 crore. The IPO closes on December 15.
The issue will constitute about 10 per cent of the fullydiluted post-issue capital of the company.
The proceeds would be utilised for expanding the company'spresence in new markets and repayment of debts.
DB Corp, which has presence in 11 states, plans to expandinto new markets in the next two years and would focus on small cities and towns.
The company has finalised allocation of 32.71 lakh sharesto anchor investors at a price of Rs 212 per share, upper bandof the IPO, DB Corp Ltd informed stock exchanges.
Nine anchor investors include — FID Funds (Mauritius) Ltd,FIL Trustee Company, Nomura Funds Ireland--India Equity Funds,ICICI Prudential Life Insurance Company, IDFC Classic EquityFund, Government of Singapore, Reliance Capital Trustee, IndiaCapital Fund and BNP Paribas Arbitrage.
The firm, which publishes newspapers in three languages —Hindi, Gujarati and English — is entering the capital marketwith the issue size of 1.81 crore equity shares in the priceband of Rs 185-212 a piece.
At the upper band of price range, the company expects togarner about Rs 385.31 crore. The IPO closes on December 15.
The issue will constitute about 10 per cent of the fullydiluted post-issue capital of the company.
The proceeds would be utilised for expanding the company'spresence in new markets and repayment of debts.
DB Corp, which has presence in 11 states, plans to expandinto new markets in the next two years and would focus on small cities and towns.
Sunday, December 6, 2009
NSE joins Twitter bandwagon
New Delhi, Nov 24 : The National Stock Exchange (NSE) has joined the fast-growing 'Twitterati' club, and to startwith the bourse has begun posting live quotes of its benchmark index Nifty on the micro-blogging website Twitter.
With this, NSE has become the first Indian bourse -- and so far the only one -- to have a presence on Twitter, which has become a favoured short-messaging social networking website and can be accessed through mobile phone and internet.
Outside India, exchanges and indices having established their presence on Twitter include Nasdaq of the US and LondonStock Exchange's FTSE.
NSE currently posts quotes of its Nifty index, including the current level as also the highs and lows, every 10 minutesduring the market hours and plans to expand its presence to other information for investors over the time.
In just about a week of its launch, the NSE has already registered about 1,600 followers for its 'tweet' messages, which are capped at a maximum of 140 characters per post. So far, about 500 tweets have been posted on the exchange's page on the Twitter.
An exchange official said that the NSE has distinguished itself from other bourses with its presence on Twitter.
The exchange aims to add some more indices and tools on the social networking site on coming period.
"To start with, it's a live ticker of Nifty only, but it will change over the time. Through Twitter, an investor can be in touch with the market," the official said.
With Twitter, the investors can reach the NSE with their mobiles only and need not log onto internet through computers.
Twitter is a free social networking and micro-blogging service that enables a user to send and read messages known as tweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitter website or short message service (SMS) on mobile phone.
NSE's rival Bombay Stock Exchange (BSE), the oldest bourse in Asia, is yet to join Twitter, but recently launched a redesigned version of its website.
With this, NSE has become the first Indian bourse -- and so far the only one -- to have a presence on Twitter, which has become a favoured short-messaging social networking website and can be accessed through mobile phone and internet.
Outside India, exchanges and indices having established their presence on Twitter include Nasdaq of the US and LondonStock Exchange's FTSE.
NSE currently posts quotes of its Nifty index, including the current level as also the highs and lows, every 10 minutesduring the market hours and plans to expand its presence to other information for investors over the time.
In just about a week of its launch, the NSE has already registered about 1,600 followers for its 'tweet' messages, which are capped at a maximum of 140 characters per post. So far, about 500 tweets have been posted on the exchange's page on the Twitter.
An exchange official said that the NSE has distinguished itself from other bourses with its presence on Twitter.
The exchange aims to add some more indices and tools on the social networking site on coming period.
"To start with, it's a live ticker of Nifty only, but it will change over the time. Through Twitter, an investor can be in touch with the market," the official said.
With Twitter, the investors can reach the NSE with their mobiles only and need not log onto internet through computers.
Twitter is a free social networking and micro-blogging service that enables a user to send and read messages known as tweets. Tweets are text-based posts of up to 140 characters.
A user can send and receive tweets through the Twitter website or short message service (SMS) on mobile phone.
NSE's rival Bombay Stock Exchange (BSE), the oldest bourse in Asia, is yet to join Twitter, but recently launched a redesigned version of its website.
SMC Group to hire 3,000 people in next 3yrs
New Delhi, Nov 22 : Domestic brokerage firm SMC Group today said it plans to hire 3,000 professionals and open 3,500 offices in the next three years to expand network in the country.
The company would invest Rs 50 crore in expansion plans.
"We are in process to expand our network by adding 3,500 offices to reach across the country over the next three years. We need a strong team of professionals and for this we will be hiring about 3,000 people during the period," SMC Group CMD Subhash Chand Aggarwal told PTI.
At present, the Delhi-based financial solutions provider has a network of over 1,500 offices spread over 375 towns in the country. The current workforce of the group is about 7,000 serving over five lakh customers.
Aggarwal said the expansion plan would cost over Rs 50 crore and the firm has enough money to finance the growth.
"In recent time, we raised money through different routes and in coming period also we will raise some funds for these purposes," he said.
SMC's products and services include institutional, retail brokerage of equity, commodity, currency, derivatives, IPOs and mutual funds distribution and portfolio management amongothers.
SBICAP invites bid for sale of investor stake in NSE, MCX
New Delhi, Nov 23 : Brokerage firm SBICAP Securities today invited bids for the sale of an investor's stake in the National Stock Exchange and the Multi Commodity Exchange.
The Investor is selling one per cent stake in NSE and nearly six per cent in MCX. The last date for the bid is November 30.
In a public announcement, SBICAP Securities invited bids for 4.50 lakh equity shares representing one per cent of the total equity capital of NSE and 46.20 lakh shares representing 5.91 per cent of the total equity share capital of MCX.
"A client of SBICAP Securities Ltd (SSL) intends to sell the above shares. Applications are invited from interested bidders for purchase of the said shares held by our client", it said.
SSL, a 100 per cent subsidiary of SBI Capital Markets, did not reveal the name of the client. State Bank of India holds 86.16 per cent shares in SSL. The remaining 13.84 per cent is held by the Asian Development Bank.
NSE has been promoted by leading financial institutions, banks, insurance companies and other financial intermediaries. State Bank of India, SBI Capital Markets Ltd and ICICI Bankare among the promoters of the exchange.
The Investor is selling one per cent stake in NSE and nearly six per cent in MCX. The last date for the bid is November 30.
In a public announcement, SBICAP Securities invited bids for 4.50 lakh equity shares representing one per cent of the total equity capital of NSE and 46.20 lakh shares representing 5.91 per cent of the total equity share capital of MCX.
"A client of SBICAP Securities Ltd (SSL) intends to sell the above shares. Applications are invited from interested bidders for purchase of the said shares held by our client", it said.
SSL, a 100 per cent subsidiary of SBI Capital Markets, did not reveal the name of the client. State Bank of India holds 86.16 per cent shares in SSL. The remaining 13.84 per cent is held by the Asian Development Bank.
NSE has been promoted by leading financial institutions, banks, insurance companies and other financial intermediaries. State Bank of India, SBI Capital Markets Ltd and ICICI Bankare among the promoters of the exchange.
When contacted an NSE official said the exchange had no knowledge about the client. There are many promoters, who hold over one per cent stake in the exchange.
MCX officials could not be reached for comment.
There are rumours in the market that Fidelity may be diluting its stake in the country's top commodity exchange.
LPO industry to suffer from eco downturn for short term: Report
New Delhi, Nov 29 : Facing the heat of recessionary pressure, India's legal process outsourcing (LPO) industry is likely to see a decline in revenue and is expected to reachUSD 440 million dollars (around Rs 2,000 crore) by 2010 end, a report said.
According to a report by business intelligence & research firm ValueNotes, global economic downturn has slowed down LPO industry and is changing the service provider's landscape.
"Revenues from the offshore legal services industry were USD 320 million for 2008 and are expected to reach USD 440 million by 2010 end," it said.
The offshore legal services industry grew at a rapid pace until 2007. However, the slow down in buyer market impacted the offshore industry resulting in falling growth rate.
The industry that was growing at a compound annual growth rate (CAGR) of over 40 per cent over the last four years until 2007, dropped to 28 per cent in 2007-08, and further reduced to 16 per cent for 2008-09.
The fall is pri marily due to recessionary cost pressures impacting the global legal services market and the subsequent affect on the number and value of offshoring contracts, the report said.
However, industry experts are hopeful about the future of Indian LPO sector.
According to Neeraja Kandala, a legal services analyst, "while revenue estimates till 2010 are not very encouraging, we believe the slowdown is short term. Post 2010, we expect the industry to pick up pace as the global economy recovers."
Post 2010, we will see consolidation in the industry with larger players acquiring capacity and capability, as well as global law firms looking for control over India capacity, the report said.
Echoing similar views, Mumbai-based LPO company Pangea3 Co-CEO Sanjay Kamlani said, "we have been seeing growth of more than 100 per cent every 6 months and anticipate a continuation of this trend."
The ambit of LPO industry includes work outsourced is a mix of legal services as well as paralegal work.
"The work includes day to day contract drafting, M&A due diligence, electronic discovery that includes IP litigation, legal research and patent drafting," Kamlani said.
The uncertain economic conditions resulted in many weaker players fading away from the competitive landscape. Over the last two years, more than 20 per cent of the total number of service providers in industry discontinued their operations, the report said.
"While there are various reasons for these shut downs, the economic slowdown added to the troubles of some of the service providers," analyst & co-author of the report, titled"Legal Process Outsourcing: Crisis Creates New Opportunities for LPOs", Suheil Patel said.
BSE launches new access platform Fastrade
Mumbai, Nov 24 : The Bombay Stock Exchange today launched its new market access platform--Fastrade.
Fastrade is a terminal and Internet-based market access solution developed by Marketplace Technologies, a group firm of the BSE, the exchange said in a circular.
However, the current market access solution--BSE On-line Trading (BOLT)--provided by the exchange will continue to function on as is basis, the circular added.
"Fastrade is being offered in addition to the BOLT. The BOLT will continue to be supported by the BSE," the bourse said.
For trading on the BSE cash and derivatives segment, the new market access platform will be provided free of cost to all members of the exchange, it added.
CDSL account holder's can soon trade on NSE's MF platform
New Delhi, Dec 2 : The National Stock Exchange (NSE) will soon enter into an agreement with depository services provider CDSL, allowing CDSL account holders to trade on the exchange's newly launched mutual fund platform.
"NSE is likely to sign a pact with the Central Depository Services Ltd (CDSL) this week for the just introduced mutual fund service system (MFSS) by the exchange," a market source close to the development told PTI.
Currently, depository settlement is available only for the account holders in National Securities Depository Ltd (NSDL).
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund.
Many other fund houses, including Reliance MF, Tata MF, Birla MF, ICICI Prudential MF, Fidelity, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance stage" of talks with NSE for listing their schemes on the exchange platform, the source said.
"Soon these fund houses are likely to finalise their joining on the exchange to make their products available on the new trading platform," the source added.
On the agreement with CDSL, sources said that "NSE's move would enable lakhs of depository account holders of CDSL to be able for trade in mutual funds on the India's largest bourse."
The assets of the mutual fund industry has breached Rs 8 lakh crore level at the end of November.
The National Stock Exchange's new platform enables investors to buy and sell MF schemes through over 1.5 lakh NSE trading terminals in the same way as equity shares are traded through brokers.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
It is understood that BSE has tied-up with Tata Mutual Fund for the venture and is in talks with 4-5 other leading fund houses to participate in the platform, a source close tothe development had said.
"BSE is likely to start this platform on Friday and is talking to 4-5 funds to participate in the venture," the source said.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 37 mutual fund houses areoperating in the country.
"NSE is likely to sign a pact with the Central Depository Services Ltd (CDSL) this week for the just introduced mutual fund service system (MFSS) by the exchange," a market source close to the development told PTI.
Currently, depository settlement is available only for the account holders in National Securities Depository Ltd (NSDL).
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund.
Many other fund houses, including Reliance MF, Tata MF, Birla MF, ICICI Prudential MF, Fidelity, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance stage" of talks with NSE for listing their schemes on the exchange platform, the source said.
"Soon these fund houses are likely to finalise their joining on the exchange to make their products available on the new trading platform," the source added.
On the agreement with CDSL, sources said that "NSE's move would enable lakhs of depository account holders of CDSL to be able for trade in mutual funds on the India's largest bourse."
The assets of the mutual fund industry has breached Rs 8 lakh crore level at the end of November.
The National Stock Exchange's new platform enables investors to buy and sell MF schemes through over 1.5 lakh NSE trading terminals in the same way as equity shares are traded through brokers.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
It is understood that BSE has tied-up with Tata Mutual Fund for the venture and is in talks with 4-5 other leading fund houses to participate in the platform, a source close tothe development had said.
"BSE is likely to start this platform on Friday and is talking to 4-5 funds to participate in the venture," the source said.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 37 mutual fund houses areoperating in the country.
NSE to launch MF platform tomorrow, fund houses keen to join
New Delhi, Nov 29 : The country's top mutual fund houses, including UTI Mutual Fund, are keen to join National Stock Exchange's new mutual fund service system (MFSS), which will be launched tomorrow.
According to market sources, UTI Mutual Fund will be the first to leverage the NSE's mutual fund platform, which would enable exchange's members to use its existing infrastructure for transaction in MF schemes.
Initially, UTI will list its equity and debt s chemes that are in about 30 numbers, people familiar with the matter said.
Along with UTI, "all top mutual fund houses are keen to join this platform," he added.
UTI spokesperson could not be reached for comment on the issue.
At the end of October, UTI Mutual Fund had an average asset under management (AUM) of Rs 76,847 crore.
NSE's new MFSS will commence from November 30 and it will substitute the existing MF scheme, introduced in 2000.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for th e secondarymarket transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about new MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 36 mutual fund houses are operating in the country.
NSE's mutual fund platform will be available on all business days between 9 am to 3 pm.
According to market sources, UTI Mutual Fund will be the first to leverage the NSE's mutual fund platform, which would enable exchange's members to use its existing infrastructure for transaction in MF schemes.
Initially, UTI will list its equity and debt s chemes that are in about 30 numbers, people familiar with the matter said.
Along with UTI, "all top mutual fund houses are keen to join this platform," he added.
UTI spokesperson could not be reached for comment on the issue.
At the end of October, UTI Mutual Fund had an average asset under management (AUM) of Rs 76,847 crore.
NSE's new MFSS will commence from November 30 and it will substitute the existing MF scheme, introduced in 2000.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchange infrastructure.
"The infrastructure that already exists for th e secondarymarket transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
According to SEBI, the stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors.
Market participants are enthusiastic about new MF platform and a number of fund houses are expected to join this facility in the coming days. At present, 36 mutual fund houses are operating in the country.
NSE's mutual fund platform will be available on all business days between 9 am to 3 pm.
Monster to launch rural jobsite soon
Leading job portal Monster India today said it will launch its rural jobsite rozgarduniya.com, which is in a pilot phase now, by early next year across nine states.
Rozgarduniya.com was launched by Monster India in partnership with ITC e-Choupal in the second half of 2009.
"We are hopeful of completing the pilot phase by early 2010 and activate the entire e-Choupal network across nine states covering 40,000 villages," Monster.com Managing Director for India (South Asia and Middle East) Sanjay Modi told PTI.
At present, the pilot phase is running across two locations--Hathras and Pilibhit in western UP covering 610 e-Choupals and 3,095 villages. The objective of the pilot phase is to check the seeker and employer user-interface and respective functionalities, Modi said.
The e-Choupal, which is a rural digital infrastructure set up by the tobaccos-to-hospitality major ITC's agri business division, is one of the largest exporters of agricultural commodities from the country.
Modi said over the past two months, about 140 people were recruited from Hathras and Pilibhit centers by corporates.
On the revenue model, he said in the current model job seeking services are free. "The prospective employers would be paying us on a subscription-based model," he added.
Rozgarduniya.com is available in English and Hindi only, Modi said, adding he plans to make it available in other leading languages too. Monster India has also tied up with Dish TV to offer jobs on television--first of its kind in the country.
Rozgarduniya.com was launched by Monster India in partnership with ITC e-Choupal in the second half of 2009.
"We are hopeful of completing the pilot phase by early 2010 and activate the entire e-Choupal network across nine states covering 40,000 villages," Monster.com Managing Director for India (South Asia and Middle East) Sanjay Modi told PTI.
At present, the pilot phase is running across two locations--Hathras and Pilibhit in western UP covering 610 e-Choupals and 3,095 villages. The objective of the pilot phase is to check the seeker and employer user-interface and respective functionalities, Modi said.
The e-Choupal, which is a rural digital infrastructure set up by the tobaccos-to-hospitality major ITC's agri business division, is one of the largest exporters of agricultural commodities from the country.
Modi said over the past two months, about 140 people were recruited from Hathras and Pilibhit centers by corporates.
On the revenue model, he said in the current model job seeking services are free. "The prospective employers would be paying us on a subscription-based model," he added.
Rozgarduniya.com is available in English and Hindi only, Modi said, adding he plans to make it available in other leading languages too. Monster India has also tied up with Dish TV to offer jobs on television--first of its kind in the country.
Reliance MF to join NSE trading platform; Fidelity offers NFO
Mumbai, Dec 3 : The country's top private fund house Reliance Mutual Fund will join the National Stock Exchange's newly launched mutual fund service system.
"The various schemes of Reliance Capital Asset Management Ltd will be permitted on the MFSS (mutual fund service system) with effect from December 4," NSE said in a circular today.
Reliance MF schemes are managed by Reliance Capital Asset Management Ltd, a wholly-owned subsidiary of Reliance Capital.
Fidelity Mutual Fund is also joining NSE's MF platform with effect from December 4.
Meanwhile, in a separate statement Fidelity today said it would offer the new fund offer (NFO) of its Fidelity India Value Fund (FIVF) through the MF trading platform of both theNSE and the BSE.
"Investors can invest in the FIVF NFO by contacting their stock broker and placing their order. On allotment, the units of the fund will be credited to their demat accounts,"Fidelity said.
"With this, Fidelity has become the first mutual fund to offer an NFO through the stock exchanges," it claimed.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
After the launch of the new mutual funds trading platform by NSE, Asia's oldest bourse the Bombay Stock Exchange (BSE) also announced its plans to start trading in MFs and is likely to start it from December 4.
The Market regulator SEBI, recently gave its approval for facilitating transactions in mutual fund schemes through stock exchanges.
Many fund houses, including Tata MF, HDFC Mutual Fund, ICICI Prudential MF, SBI MF, IDFC Mutual Fund, Religare MF and Franklin Templeton are in "advance talks" with NSE for listing their schemes on the exchange platform, a market source said.
At present, over 35 mutual fund houses are operating in the country.
At the end of November, Reliance MF's average asset under management (AUM) stood at Rs 1,22,252.43 crore. Over the month Reliance MF added Rs 5,471 crore to its assets.
Birla Sun Life joins NSE's new MF trading platform
New Delhi, Dec 2 : After UTI Mutual Fund, Birla Sun Life becomes the second fund house in the country to join the National Stock Exchange's newly launched mutual fund service system (MFSS).
"The various schemes of Birla Sun Life Asset Management Company Ltd will be permitted on the MFSS with effect from December 3," the NSE said in a circular today.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
Many other fund houses, including Reliance MF, Tata MF, ICICI Prudential MF, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF, Fidelity and Franklin Templeton are in"advance talks" with the National Stock Exchange for listing their schemes on the exchange platform, a source close to the development told PTI.
At the end of last month, UTI Mutual Fund's average asset under management (AUM) was at Rs 79,895.22 crore, while Birla Sun Life Mutual Fund's asset was about Rs 69,631.94.10 crore.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, over 35 mutual fund houses are operating in the country.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchanges.
"The various schemes of Birla Sun Life Asset Management Company Ltd will be permitted on the MFSS with effect from December 3," the NSE said in a circular today.
On November 30, NSE made its mutual fund trading platform operational beginning with UTI Mutual Fund, the fourth largest fund house in the country.
Many other fund houses, including Reliance MF, Tata MF, ICICI Prudential MF, HDFC Mutual Fund, SBI MF, IDFC Mutual Fund, Religare MF, Fidelity and Franklin Templeton are in"advance talks" with the National Stock Exchange for listing their schemes on the exchange platform, a source close to the development told PTI.
At the end of last month, UTI Mutual Fund's average asset under management (AUM) was at Rs 79,895.22 crore, while Birla Sun Life Mutual Fund's asset was about Rs 69,631.94.10 crore.
Market participants are enthusiastic about MF platform and a number of fund houses are expected to join this facility in the coming days. At present, over 35 mutual fund houses are operating in the country.
Market regulator SEBI, recently gave its approval for facilitating transactions in MF schemes through stock exchanges.
Wednesday, November 25, 2009
NSE's new MF service system from Nov 30
Mumbai, Nov 24 : The National Stock Exchange today said it is proposing to introduce a new mutual fund service system (MFSS), which will enable its members to use the existing infrastructure for transaction in MF schemes.
The NSE proposes to introduce new MFSS for facilitating transaction in MF schemes through the stock exchange infrastructure, the NSE said in a circular, adding the new MFSS will commence from November 30.
Market regulator SEBI, in a recent circular, gave its approval for facilitating transactions in MF schemes through the stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
The stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors, the market regulator had said.
The existing MF scheme, introduced in December 2000, will be substituted with the new MFSS, the exchange added.
The NSE proposes to introduce new MFSS for facilitating transaction in MF schemes through the stock exchange infrastructure, the NSE said in a circular, adding the new MFSS will commence from November 30.
Market regulator SEBI, in a recent circular, gave its approval for facilitating transactions in MF schemes through the stock exchange infrastructure.
"The infrastructure that already exists for the secondary market transactions through the stock exchanges with its reach to over 1,500 towns and cities, through over two lakh stock exchange terminals can be used for facilitating transactions in mutual fund schemes," SEBI had said.
The stock exchange mechanism would also extend the present convenience available to secondary market investors to mutual fund investors, the market regulator had said.
The existing MF scheme, introduced in December 2000, will be substituted with the new MFSS, the exchange added.
Thursday, November 12, 2009
Indian stocks attract Rs 34,300-cr foreign fund in Q2
New Delhi, Oct 13 : Betting big on Indian stocks,one of the best among the emerging markets, foreign fundhouses have invested a hefty Rs 34,300 crore during the secondquarter of this fiscal.
During the July-September period, foreign institutionalinvestors (FIIs) made a net investment of Rs 34,313 crore inequities, as per the data available with the market regulatorthe Securities and Exchange Board of India (SEBI).
With Indian bluechips giving nearly 17 per cent returnsduring the period, FIIs are bullish on good returns fromemerging markets, like India.
Analysts said nearly half of FII inflows have come viaqualified institutional placements (QIP) and IPOs combined.
"This trend of inflows would broadly sustain over thelong term considering the strong dynamics of the Indianeconomy," domestic brokerage firm Angel Broking said in aresearch note.
The trend of strong FII inflows to the tune of Rs 31,000 crore or USD 6.3 billion witnessed during Q1 FY2010 gainedfurther strength during the September quarter this fiscal.
With this, total cumulative FII inflows in 2009 crossedthe USD 10 billion mark during September 2009 and stood atabout Rs 60,000 crore (USD 12.4 billion) at the end of the month.
Indian markets gave 19 per cent return to those whoinvested during the July-September period.
According to an analysis of MSCI Barra indices-- thatmeasures returns from various stock markets across the world--bourses in Brazil and Russia gave over 26 per cent return toinvestors while those in China gave only four per cent.
In the latest quarter, September saw the highest monthly inflow of Rs 18,300 crore. While fund flow in August was Rs4,900 crore, in July it was Rs 11,000 crore.
Interestingly, during the three month period last year, FIIs pulled out a net Rs 11,326 crore from the country's stockmarkets, which saw Sensex giving a negative return of five percent. The global financial crisis turned worse with thecollapse of US financial services major Lehman Brothers lastSeptember.
Foreign funds pulled out money from Indian marketsto meet obligations in their home countries.
Last year, FIIs were net sellers of Indian stocks worthRs 52,900 crore, as per the SEBI data. This trend continued till February 2009. However, by theend of March they started betting on Indian markets.
FIIs invested about USD 17.7 billion (about Rs 70,000crore) in 2007, the highest ever so far.
BSE to slash transaction charges in cash equity segment
Mumbai, Oct 5 : The Bombay Stock Exchange today saidit will reduce transaction charges in cash equity segment witheffect from October 7, a move that follows a similar slashingin trading fee by its rival the National Stock Exchange.
The new structure will have two components--one forpassive orders and other for active orders, BSE said in astatement.
For passive orders, transaction charges will be reducedfrom Rs 3.50 per Rs 1,00,000 to Rs 2.25 per Rs 1,00,000 ofgross turnover, whereas for active orders it will be reducedfrom Rs 3.50 per Rs 1,00,000 to Rs 3.25 per Rs 1,00,000 ofgross turnover, it said.
According to the exchange, these transaction charges willinclude current contributions of Rs 0.01 each on Rs 1,00,000of gross turnover to the trade guarantee fund and investorprotection fund.
"With the new pricing framework coming in place fromtomorrow, we are expecting to have more order flow from Indianand international investors," Bombay Stock Exchange (BSE) MD and CEO Madhu Kannan said.
"This also shows our commitment to the members that wewill continue to strive to provide the most efficient tradingplatform while bringing down the cost of transactionsconsiderably," Kannan added.
On September 7, National Stock Exchange had lowered thetransaction charges by about 10 per cent in cash andderivatives segments.
From October 1, the slab for transaction charges in cashsegment on the NSE have been to Rs 3 to Rs 3.25 per Rs 1 lakhfrom Rs 3.5 per per Rs 1 lakh charged earlier.
Tara Health Foods files draft paper with SEBI for share sale
New Delhi : Edible oil and poultry productsmaker Tara Health Foods has sought approval from the capitalmarket regulator, Securities and Exchange Board of India, foran initial public offer of one crore shares.
According to the draft red herring prospectus (DRHP)filed with the SEBI, the Ludhiana-based company is consideringa pre-IPO placement of 10 lakh equity shares with investors.
The company plans to hit the primary market with onecrore equity shares with a face value of Rs 10 each.
Tara Health Foods would utilise the issue proceeds topart finance its expansion plans and to meeting its workingcapital requirements.
It may also consider placement of share to anchorinvestors, the draft paper said.
The company is setting up a new edible oil refining plantapart from expansion of its cattle feed plant.
The issue is being made through 100 per cent bookbuilding process. The shares offered through the IPO would belisted on the Bombay Stock Exchange and the National StockExchange, it added.
Atherstone Capital Markets is the lead book manger of the issue.
GI status sought for Bhagalpur silk fabrics and sarees
New Delhi, Oct : A group of organisations havesought Geographical Indication (GI) status for silk fabricsand sarees produced in Bhagalpur division of Bihar.
The Bhagalpur Regional Handloom Weavers Cooperative Unionand six other organisations have filed an application beforethe Chennai-based Geographical Indication Registry, the competent authority under Government of India, for a GI tag for 'Bhagalpur Silk Fabrics and Sarees'.
The Geographical Indication is a sign used on goods thathave a specific geographical origin and possess qualities,reputation or characteristics that are essentiallyattributable to that region. Once granted, the GI status would legally prohibit othersto sell sarees and fabrics made at places other than Bhagalpurunder the same brand.
The GI tag for fabrics and sarees can become an effectivetool for economic empowerment of the weaver community.
"The grant of GI tag to Bhagalpur Silk Fabrics and Sareeswould certainly help the local weavers from losing their sharein the revenue generated through the sale of these products,"Dhananjay Kumar, who works as Cluster Development Executive ata local organisation in Bhagalpur, told PTI over phone.
Recently, a similar status was granted to famous Banarasbrocades and sarees. In the past, GI tag has been awarded to anumber of products or goods, including Darjeeling Tea, GoaFeni and Madhubani Paintings.
At present the application for GI tag for Bhagalpur silkfabrics and sarees is in pre-examination stage. A meeting ofconsultative group of the GI registry is expected next month,which would discuss the application, Kumar said
The application for GI has been filed under class 24 and25 of the Geographical Indications of Goods (Registration andProtection) Act, 1999. Class 24 of the Act deals with textilesand textile goods, bed and table covers while class 25 is forclothing, footwear and headgear.
Bhagalpur, a divisional town in Bihar, is situated on thebank of river Ganga. Thousands of handloom weavers of the areaare dependent of the business of silk and related products.
Bhagalpur is well known for its sericulture, manufactureof yarn and weaving them into products. The silk produced hereis of a distinct and special type. The local silk is known as'Tussah' or 'Tusser' silk.
NMDC flavour of PSU stocks; soars 20 per cent
Mumbai, Nov 10 : India's largest iron ore producerNMDC today rose sharply by about 20 per cent on BSE-- the maximum permissible surge in a single day for the stock-- amidgains in all other PSU stocks.
Brokers said NMDC attracted hectic buying support eventhough broader market sentiment was dampening.
NMDC shares opened higher by 2.33 per cent and soonpicked up momentum. It almost hit the upper trading limit of20 per cent during intra-day.
Finally, it ended at Rs 433.70, higher by 19.99 per centfrom its previous close.
Brokers said reports that a decision on disinvestment inthe company was likely to be taken by the Cabinet by mid-December sparked hectic buying into the stock.
Steel Secretary Atul Chaturvedi yesterday said the note ondivestment in NMDC and SAIL is likely to reach the Cabinet bymid-December.
PSU stocks have suddenly turned investors' favouriteafter the government last Thursday said public holding in allprofitable listed PSUs have to be minimum 10 per cent.
Since then PSU index has been rising and it today closedhigher by close to 2 per cent.
At the end of September quarter, the government held a98.38 per cent stake in NMDC.
Meanwhile, the benchmark Sensex today closed down by58.16 points at 16440.56
PSU investors richer by Rs 26k cr in a single day
Mumbai, Nov 5 : The market capitalisation of publicsector companies jumped by a near Rs 26,000 crore today bouyedby positive sentiment after the government's decision todivest 10 per cent stake in all publicly traded firms.
The total market capitalisation of the 48 listed PSUs onthe Bombay Stock Exchange's PSU index soared by Rs 25,956crore to Rs 15.76 lakh crore in a single day.
On Wednesday, the market valuation of these firms stoodat Rs 15.51 lakh crore.
Shares of public sector firms were in demand on counters.Out of 48 companies in the BSE's PSU Index, 41 ended in thegreen, while 7 firms bucked the trend and closed in red.
Rashtriya Chemicals & Fertilizers led the gain among PSUstocks and ended the trade at Rs 65.90, up 12.17 per cent fromits previous close.
According to market analysts, the rise in PSU investorwealth has been due to the upbeat investor sentiment ongovernment's decision to divest 10 per cent stake in thelisted PSU entities.
Hindustan Copper advanced 9.98 per cent to close at Rs233.05 and oil major Gail India gained 6.89 per cent to closeat Rs 367.90 on the BSE.
The BSE's PSU Index gained 139.31 points or 1.67 per centto close at 8,463.77 points today.
Kotak Mahindra Bank wins cybersquatting case at WIPO
New Delhi, Oct 11 : Kotak Mahindra Bank has won acybersquatting case at the World Intellectual PropertyOrganisation (WIPO) against a South Korea-based person, whowas using the name 'Kotak' in an internet domain.
The ruling came after the private sector lender filed acomplaint before the Geneva-based WIPO on July 16 this year.
Y G Jo of Seoul was using the domain name 'kotakbank.com'about which the bank contended that the name is confusinglysimilar to its brand 'Kotak' and the website name has beenregistered in bad faith.
WIPO, a part of the United Nations, asked the Seoul-basedperson to transfer disputed internet site to Kotak MahindraBank.
Cybersquatting is an illegal activity for buying andofficially recording an address on the internet that is thename of an existing company or a well-known person, with theintention of selling it to the owner in order to make money.
WIPO's Arbitration and Mediation Centre found the domainname was chosen and employed precisely for its potentialcommercial value in misleading internet users familiar withthe complainant's well-known and arbitrary Kotak marks.
The bank holds a trademark registration for Kotak thatwas registered in the country on October 28, 2003.
WIPO is a specialised agency for developing a balancedand accessible international system in the field ofintellectual property rights
MakeMyTrip approaches HC against WIPO order favouring Tatas
New Delhi, Oct 2 : Travel portal MakeMyTrip has movedthe Delhi High Court challenging a recent ruling by globalintellectual property regulator WIPO that directed it tohandover domain name www.oktatabyebye.com to Tata Sons.
In its petition, MakeMyTrip submitted that its domain namewww.oktatabyebye.com does not clash with the registeredtrademark of Tata Sons and it had a mere phonetic similarity.
The matter will be again taken up by the court's registraron January 11, 2010.
In August, 2009, allowing the plea of Tata Sons,Geneva-based World Intellectual Property Organisation (WIPO)had consented with its contention that the domain name wasconfusingly similar to its 'Tata' brand and the travel portalhas no rights or legitimate interests to use it.
It also directed MakeMyTrip to transfer domain name to Tata Sons.
"The decision of the panel (WIPO) is causing irreparableharm to MakeMyTrip and is likely to dilute distinctivecharacter of its services and reputation which is likely to bedebased and eroded," said MakeMyTrip in its petition filedthrough its law firm Lal & Sethi.
It further submitted that due to long and continuous useand extensive advertising and sales promotion of the domainname www.oktatabyebye.com, it is exclusively associated withthem.
Barkha Dutt wins domain dispute against Hyderabad-based entity
New Delhi, Nov 9 : Barkha Dutt, a noted journalist and Group Editor of NDTV news channel, has won an internet domain dispute at the World Intellectual Property Organisation (WIPO) against a Hyderabad-based entity.
The Hyderabad-based cybersquatter--easyticket, Kapavarapu-- has been using a domain name-- 'barkhadutt.com' -- which was registered on January 8, 2007.
Barkha Dutt approached Geneva-based WIPO Arbitration and Mediation Center in September, 2009, objecting the ownership of internet site 'barkhadutt.com' by easyticket.
In her complaint filed with the WIPO, Dutt contended that "her name is widely recognised by the public and any reference to 'Barkha Dutt' is instantly associated with her alone, as the renown Indian journalist and no other entity has rights to use the name."
"The complainant asserts that due to the fame associated with her name, she enjoys the status of a celebrity, and it is well-known that celebrities have the right to restrain third parties from exploiting their name and fame," according to the details available with the judgement copy.
In its order, WIPO's sole panelist--Harini Narayanswamy-- ordered the transfer of disputed domain name 'barkhadutt.com' to the complainant (Barkha Dutt).
The WIPO is a specialised agency of the United Nations for developing a balanced and accessible international system in the field of intellectual property rights.
New Delhi to host events on IPR, traditional knowledge
New Delhi, Nov 6 : Representatives from knowledge sector from different parts of the world, including those from the World Intellectual Property Organisation, will gather in New Delhi next week to deliberate on various issues related to intellectual property rights and traditional knowledge.
The fifth "International Forum on Creativity and Inventions –-A Better Future for Humanity in the 21st Century" will take place in New Delhi from November 11 to 13.
The event is organised by the World Intellectual Property Organization (WIPO) in co-operation with the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry.
Geneva-based WIPO is a specialised United Nations agency for developing a balanced and accessible international system in the field of intellectual property.
Industry body Federation of Indian Chamber of Commerce and Industry (FICCI) will also assist in organising the event.
The WIPO forum will provide an opportunity to stakeholders engaged in promoting innovation to exchange experiences and ideas on topical IP issues.
While, another programme-- International Conference on Traditional Knowledge-- to be held on November 13, would also take place in city.
WIPO Director-General Francis Gurry, on his maiden visit to India, is also coming here to participate in the programmes. During his visit Gurry will also meet top Indian officials.
India, UN body discuss sharing patent database
New Delhi, Nov 9 : Officials of the Intellectual Property Office (IPO) here today discussed sharing the nation's database of over 2.30 lakh patent documents with theGeneva-based World Intellectual Property Organisation (WIPO).
"We have discussed about the posting of 2.33 lakh records of the patent documents on the (IPO) website and this data will be shared with World Intellectual Property Organisation(WIPO)," the Controller General of Patents, Designs & Trade Marks P H Kurian told PTI.
The Geneva-based WIPO is a specialised United Nations agency for developing a balanced and accessible international system in the field of intellectual property.
The WIPO Director General Francis Gurry, in New Delhi to participate in different programmes focused on different intellectual property issues, discussed also the working ofthe electronic modules with the IPO officials.
"He (Gurry) expressed his keenness in operationalising IPO as International Searching Authority," Rajesh Dixit, Assistant Controller of Patents & Designs at the IPO, said.
However, according to Kurian, the operationalisation of IPO as International Searching Authority would be possible by June, 2010, only.
Monday, September 28, 2009
UN agency orders transfer of disputed domain name to Tata Sons
New Delhi, Sep 28 : Tata Sons, the investment holding firm for the Tata Group, has won a domain case at the World Intellectual Property Organisation against Canada-based Toronto Asia Tele Access.
Toronto Asia Tele Access, whose abbreviated form is 'TATA', claims it provides long distance communication services and has been using a domain name 'tata-telecom.com'.
"The domain tata-telecom.com be transferred to the complainant (Tata Sons)," WIPO Arbitration and Mediation Center said in its judgement.
On May 21 this year, Tata Sons filed a complaint against Toronto Asia Tele Access at Geneva-based WIPO, a UN agency.
Tata Sons had contended that Canadian firm had no rightor legitimate interests in the disputed domain name.
Toronto Asia Tele Access is not commonly known by the disputed domain name but is instead commonly known as "Toronto Asia Tele Access Telecom, Inc", Tata Sons said.
"The respondent (Canadian entity) registered the disputeddomain name in order to exploit and profit from complainant's (Tata) trademark rights," Tata Sons said in its contention at the WIPO Arbitration and Mediation Center demanding transferof disputed domain name.
WIPO is a specialised agency of the United Nations fordeveloping a balanced and accessible international system inthe field of intellectual property rights.
FIIs turns net buyers in debt markets after six months
New Delhi, Sep 27 : Foreign institutional investors (FII) have turned net buyers in the debt market for the first time in the last six months investing net Rs 594 crore in debt instruments so far this year.
FIIs, so far in 2009, bought debt instruments worth Rs 77,161 crore, while sold instruments valued at Rs 76,566 crore, resulting in a net buy of Rs 594 crore, as per data available with the Securities and Exchange Board of India (Sebi).
FIIs remained net investors in the debt segment in the first two months (January and February) of this year, but in March they were net sellers.
Heavy buying trend resumed in September and FIIs turned net buyer in the debt segment.
"FIIs are looking for investment in emerging markets and India is preferred choice. In coming days also, overseas firms will continue their investment strategy," Delhi-based Unicon Financial Intermediaries Chief Executive Gajendra Nagpal said.
In equity segment also, foreign fund inflow has witnessed significant rise in recent time. In first nine-months of this calendar year, overseas inflow in domestic stock markets has crossed a whopping $11 billion (Rs 54,000 crore) mark.
FIIs, so far in 2009, bought debt instruments worth Rs 77,161 crore, while sold instruments valued at Rs 76,566 crore, resulting in a net buy of Rs 594 crore, as per data available with the Securities and Exchange Board of India (Sebi).
FIIs remained net investors in the debt segment in the first two months (January and February) of this year, but in March they were net sellers.
Heavy buying trend resumed in September and FIIs turned net buyer in the debt segment.
"FIIs are looking for investment in emerging markets and India is preferred choice. In coming days also, overseas firms will continue their investment strategy," Delhi-based Unicon Financial Intermediaries Chief Executive Gajendra Nagpal said.
In equity segment also, foreign fund inflow has witnessed significant rise in recent time. In first nine-months of this calendar year, overseas inflow in domestic stock markets has crossed a whopping $11 billion (Rs 54,000 crore) mark.
Sunday, September 20, 2009
Reliance withdraws GI tag applications for Jamnagar and KG Gas
New Delhi, Sep : Reliance Industries Ltd, thenation's most valued company, has withdrawn applications toregister the terms, 'Jamnagar' and 'Krishna Godavari', asgeographical indication (GI) tags for its petro products.
The Mukesh Ambani-led RIL had sought the GI tag for fiveproducts, four with a prefix of 'Jamnagar' and one for KrishnaGodavari Gas.
The company has now 'withdrawn' its applications for fourproducts, including Jamnagar Petrol, Jamnagar Fuel, JamnagarLPG and Jamnagar Diesel, while request for the registration ofKrishra Godavari Gas has been 'abandoned', a senior officialfrom Chennai-based Geographical Indication Registry told PTI.
RIL, however, declined to comment on the issue.
The GI is a sign used on goods that have a specificgeographical origin and possess qualities, reputation orcharacteristics that are essentially attributable to thatregion.
A GI status provides legal protection and facilitates foraction in case of infringement. Further, it promotes economicprosperity of producers in a particular area. GIs are coveredas an element of Intellectual Property Rights.
GL Verma, Assistant Registrar of Trade Marks & GI, saidthe applications of RIL for the term Jamnagar was facingopposition and now the company had withdrawn its applications.
RIL has withdrawn its GI applications exactly after fouryears of filing. The company had filed its applications forthese products on September 15, 2005, as per the details withthe office of Geographical Indications.
Controller General of Patents, Designs & Trade Marks alsoconfirmed the withdrawal and abandonment of applications.
Under the Geographical Indications of Goods (Registrationand Protection) Act, 1999, the GI office functions under theController General of Patents, Designs, and Trade Marks.
RIL had filed applications under class 4 of GeographicalIndications of Goods (Registration and Protection) Act, 1999.Class 4 of the Act deals with products for industrial oils andgreases, lubricants, dust absorbing, wetting and bindingcompositions, fuels (including motor spirit) and illuminants,candles and wicks.
The GI status for the products with Jamnagar prefix wassought for the geographical areas of Gujarat, whereas the tagfor Krishna Godavari Gas was for Andhra Pradesh.
"The decision in this case is a standard practice," Rodney D Ryder, an intellectual property law expert at Delhi-basedlegal firm Kochhar & Co, said.
In past, the GI tag has been awarded to a number ofproducts or goods such as the famous Darjeeling Tea, MadhubaniPaintings, Kashmiri Sozani Craft and Thanjavur Painting.
The Mukesh Ambani-led RIL had sought the GI tag for fiveproducts, four with a prefix of 'Jamnagar' and one for KrishnaGodavari Gas.
The company has now 'withdrawn' its applications for fourproducts, including Jamnagar Petrol, Jamnagar Fuel, JamnagarLPG and Jamnagar Diesel, while request for the registration ofKrishra Godavari Gas has been 'abandoned', a senior officialfrom Chennai-based Geographical Indication Registry told PTI.
RIL, however, declined to comment on the issue.
The GI is a sign used on goods that have a specificgeographical origin and possess qualities, reputation orcharacteristics that are essentially attributable to thatregion.
A GI status provides legal protection and facilitates foraction in case of infringement. Further, it promotes economicprosperity of producers in a particular area. GIs are coveredas an element of Intellectual Property Rights.
GL Verma, Assistant Registrar of Trade Marks & GI, saidthe applications of RIL for the term Jamnagar was facingopposition and now the company had withdrawn its applications.
RIL has withdrawn its GI applications exactly after fouryears of filing. The company had filed its applications forthese products on September 15, 2005, as per the details withthe office of Geographical Indications.
Controller General of Patents, Designs & Trade Marks alsoconfirmed the withdrawal and abandonment of applications.
Under the Geographical Indications of Goods (Registrationand Protection) Act, 1999, the GI office functions under theController General of Patents, Designs, and Trade Marks.
RIL had filed applications under class 4 of GeographicalIndications of Goods (Registration and Protection) Act, 1999.Class 4 of the Act deals with products for industrial oils andgreases, lubricants, dust absorbing, wetting and bindingcompositions, fuels (including motor spirit) and illuminants,candles and wicks.
The GI status for the products with Jamnagar prefix wassought for the geographical areas of Gujarat, whereas the tagfor Krishna Godavari Gas was for Andhra Pradesh.
"The decision in this case is a standard practice," Rodney D Ryder, an intellectual property law expert at Delhi-basedlegal firm Kochhar & Co, said.
In past, the GI tag has been awarded to a number ofproducts or goods such as the famous Darjeeling Tea, MadhubaniPaintings, Kashmiri Sozani Craft and Thanjavur Painting.
Indian MDH loses to Pakistani MDH in website dispute case
New Delhi, Sep 2 : Leading masala-maker Mahashian DiHatti Ltd, popularly known by its brand name MDH, has lost awebsite address dispute case against a Pakistani firm engagedin a similar business at the World Intellectual Property Organisation.
Mahashian Di Hatti had approached the Geneva-based WIPOArbitration and Mediation Center objecting the ownership of anInternet site 'mdhfoods.com' by Pakistan's MDH Food Company.
The Indian firm contented before the Center that disputeddomain name is identical and confusingly similar to its MDH mark, since it incorporates the mark in its entirety and theaddition of "foods" does not detract from its distinctiveness.
The Pakistani firm has no rights or legitimate interestsin the disputed domain name since the complainant (here Indianfirm), as the prior user and hence the lawful owner of themark, has not licensed or otherwise permitted MDH Food Companyto use it, it further said.
The Indian company successfully established the factthat the site 'mdhfoods.com' is confusingly similar to itsmark, but failed to establish the absence of rights orlegitimate interest in the domain name on the part of therespondent.
In its order dated August 19, WIPO's sole panelist --Alan L Limbury -- "denied" the complaint of Mahashian Di Hatti Ltd.
The disputed domain name was registered on February 21last year. The website offers spices and food products.
In its argument before the WIPO Panel, the Pakistanienterprise denied all the claims of the Indian firm and saidit has been selling masala and food products in Pakistan since1984 under the name MDH, which stands for Muhammad Dawood Hassan Food Company.
MDH Food said "in Pakistan its name MDH is unique,sovereign, autonomous, special, independent and commonlyknown."
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights. The complaintwas filed with the WIPO Center on June 26, 2009.
The complainant (India's MDH) was founded in 1913 as asmall shop in Sialot, now in Pakistan, selling spices underthe name Mahashian Di Hatti, which in Punjabi means "the shopof the Magnanimous."
After the partition of India, the firm moved to Delhiand has since grown substantially, selling spices andcondiments under the logo MDH around the world, includingunder the domain name 'mdhspices.com'.
But because of trade restrictions between the twocountries, it does not sell into Pakistan.
The enterprise has registered trademark rights in thelogo MDH in many countries and the distinctive feature of thatmark is the letters MDH
Mahashian Di Hatti had approached the Geneva-based WIPOArbitration and Mediation Center objecting the ownership of anInternet site 'mdhfoods.com' by Pakistan's MDH Food Company.
The Indian firm contented before the Center that disputeddomain name is identical and confusingly similar to its MDH mark, since it incorporates the mark in its entirety and theaddition of "foods" does not detract from its distinctiveness.
The Pakistani firm has no rights or legitimate interestsin the disputed domain name since the complainant (here Indianfirm), as the prior user and hence the lawful owner of themark, has not licensed or otherwise permitted MDH Food Companyto use it, it further said.
The Indian company successfully established the factthat the site 'mdhfoods.com' is confusingly similar to itsmark, but failed to establish the absence of rights orlegitimate interest in the domain name on the part of therespondent.
In its order dated August 19, WIPO's sole panelist --Alan L Limbury -- "denied" the complaint of Mahashian Di Hatti Ltd.
The disputed domain name was registered on February 21last year. The website offers spices and food products.
In its argument before the WIPO Panel, the Pakistanienterprise denied all the claims of the Indian firm and saidit has been selling masala and food products in Pakistan since1984 under the name MDH, which stands for Muhammad Dawood Hassan Food Company.
MDH Food said "in Pakistan its name MDH is unique,sovereign, autonomous, special, independent and commonlyknown."
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights. The complaintwas filed with the WIPO Center on June 26, 2009.
The complainant (India's MDH) was founded in 1913 as asmall shop in Sialot, now in Pakistan, selling spices underthe name Mahashian Di Hatti, which in Punjabi means "the shopof the Magnanimous."
After the partition of India, the firm moved to Delhiand has since grown substantially, selling spices andcondiments under the logo MDH around the world, includingunder the domain name 'mdhspices.com'.
But because of trade restrictions between the twocountries, it does not sell into Pakistan.
The enterprise has registered trademark rights in thelogo MDH in many countries and the distinctive feature of thatmark is the letters MDH
Tata takes oktatabyebye.com from MakeMyTrip
New Delhi, Aug 26 : Tata Sons, the holding company ofthe Tata Group firms, has won a case at the World Intellectual Property Organisation against the travel portal, MakeMyTrip,which has been using the term 'tata' in one of its website,'oktatabyebye.com'.
Gurgaon-based mmt admin (commonly known as MakeMyTrip)has been using the domain name 'oktatabyebye.com'.
Tata Sonshas contended that it is confusingly similar to its 'Tata'brand and the travel portal runner has no rights or legitimateinterests to use it.
In May, Tata Sons had moved the Geneva-based WIPOArbitration and Mediation Center demanding transfer ofdisputed domain name. The company had argued that the siteinfringed the right of its registered trademark/service mark'Tata'.
The WIPO has now ordered the transfer of domain name toTata Sons.
"The impugned website incorporates the Tata's orporatename and registered trademark in full and it proves that it isidentical in part and confusingly similar to its well-knownbrand in which the company has a statutory right," Tata Sonshad said in its complaint.
Replying to the charges, MakeMyTrip had said the usage ofthe word "tata" as a gesture finds its mention in the originof a place called Ta Ta Creek as far back as in the year 1860and denied that the domain in question is confusingly similarto the trade mark 'Tata' of the complainant.
The Gurgaon-based firm stated that "the impugned domainname is derived from the common parlance "OK Ta Ta Bye Bye"since it signifies travel, journey and related activities.
But in its argument at the WIPO, Tata Sons said, "it isapparent that the sole purpose of registering the disputeddomain name is to misappropriate the reputation associatedwith the complainant's well-known and famous trademark Tata."
The Internet site owner has registered a separate domainname (makemytrip.com). According to Tata Sons, both the sitesoffer similar services.
However, MakeMyTrip says both cater to separate class ofpersons. While makemytrip.com offers discounts and easy accessto travel plans, oktatabyebye.com lets these travelers make anonline records about their journey.
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights.
As per details available with the WIPO, Tata Sons duringthe case had made an effort to settle the issue with theMakeMyTrip, which refused to accept the just demands on thegrounds on "vague reasons.
Gurgaon-based mmt admin (commonly known as MakeMyTrip)has been using the domain name 'oktatabyebye.com'.
Tata Sonshas contended that it is confusingly similar to its 'Tata'brand and the travel portal runner has no rights or legitimateinterests to use it.
In May, Tata Sons had moved the Geneva-based WIPOArbitration and Mediation Center demanding transfer ofdisputed domain name. The company had argued that the siteinfringed the right of its registered trademark/service mark'Tata'.
The WIPO has now ordered the transfer of domain name toTata Sons.
"The impugned website incorporates the Tata's orporatename and registered trademark in full and it proves that it isidentical in part and confusingly similar to its well-knownbrand in which the company has a statutory right," Tata Sonshad said in its complaint.
Replying to the charges, MakeMyTrip had said the usage ofthe word "tata" as a gesture finds its mention in the originof a place called Ta Ta Creek as far back as in the year 1860and denied that the domain in question is confusingly similarto the trade mark 'Tata' of the complainant.
The Gurgaon-based firm stated that "the impugned domainname is derived from the common parlance "OK Ta Ta Bye Bye"since it signifies travel, journey and related activities.
But in its argument at the WIPO, Tata Sons said, "it isapparent that the sole purpose of registering the disputeddomain name is to misappropriate the reputation associatedwith the complainant's well-known and famous trademark Tata."
The Internet site owner has registered a separate domainname (makemytrip.com). According to Tata Sons, both the sitesoffer similar services.
However, MakeMyTrip says both cater to separate class ofpersons. While makemytrip.com offers discounts and easy accessto travel plans, oktatabyebye.com lets these travelers make anonline records about their journey.
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights.
As per details available with the WIPO, Tata Sons duringthe case had made an effort to settle the issue with theMakeMyTrip, which refused to accept the just demands on thegrounds on "vague reasons.
Banarasi saree gets GI tag, joins club of protected goods
New Delhi, Sep 18 : Banarasi sarees - famous for their fine quality and elaborate patterns woven in silk and gold - have now joined the club of many protected goods that includes Tirupati Laddu and Darjeeling Tea as it has received a Geographical Indication (GI) status by the government.
The Chennai-based Geographical Indication Registry, the competent authority under Government of India, has issued the GI certificate for' Banaras Brocades and Sarees' this month.
After the grant of GI tag, no saree or brocade made outside the six identified districts of Uttar Pradesh can be legally sold under the name of Banaras Saree and Brocade.
GI tag would help genuine producers to legally counter increasing threats from sarees produced in other regions and countries, but sold in India under the tag of Banaras saree.
The application for GI registration of these products was filed by Banaras Bunkar Samiti, Human Welfare Association and six other organizations in July, 2007.
"GI certificate for Banaras saree and brocade can become an effective tool for economic empowerment of the weaver community," UNCTAD India's Deputy Project Coordinator Abhijit Das said.
UNCTAD and its partners have worked closely with weavers in Banaras and facilitated the process of GI registration.
"We dedicate this recognition to millions of weavers of UP, who are engaged in production of products," Rajani Kant, Director of Human Welfare Association, one of the applicants, said.
GI tag for Banarasi saree would help the weavers of the region to commercially leverage for enhancing their incomes.
GI is an Intellectual Property Right which identifies a good as originating in a certain region where a given quality, or reputation of the product is essentially attributable to its geographical origin.
The GI certificate not only recognises the uniqueness and distinct identity of Banaras sarees, but also of related products such as silk brocades, dress material, bed and table.
The products are manufactured in the traditional manner by weavers in Varanasi, Azamgarh, Chandauli, Jaunpur, Mirzapur and Sant Ravi Dass Nagar (Bhadohi).
"At present, sarees produced in Bhagalpur (Bihar), Surat and Bangalore are also sold as Banarasi sarees.I hope this can be stopped once we get the tag," Rajni Kant added
The Chennai-based Geographical Indication Registry, the competent authority under Government of India, has issued the GI certificate for' Banaras Brocades and Sarees' this month.
After the grant of GI tag, no saree or brocade made outside the six identified districts of Uttar Pradesh can be legally sold under the name of Banaras Saree and Brocade.
GI tag would help genuine producers to legally counter increasing threats from sarees produced in other regions and countries, but sold in India under the tag of Banaras saree.
The application for GI registration of these products was filed by Banaras Bunkar Samiti, Human Welfare Association and six other organizations in July, 2007.
"GI certificate for Banaras saree and brocade can become an effective tool for economic empowerment of the weaver community," UNCTAD India's Deputy Project Coordinator Abhijit Das said.
UNCTAD and its partners have worked closely with weavers in Banaras and facilitated the process of GI registration.
"We dedicate this recognition to millions of weavers of UP, who are engaged in production of products," Rajani Kant, Director of Human Welfare Association, one of the applicants, said.
GI tag for Banarasi saree would help the weavers of the region to commercially leverage for enhancing their incomes.
GI is an Intellectual Property Right which identifies a good as originating in a certain region where a given quality, or reputation of the product is essentially attributable to its geographical origin.
The GI certificate not only recognises the uniqueness and distinct identity of Banaras sarees, but also of related products such as silk brocades, dress material, bed and table.
The products are manufactured in the traditional manner by weavers in Varanasi, Azamgarh, Chandauli, Jaunpur, Mirzapur and Sant Ravi Dass Nagar (Bhadohi).
"At present, sarees produced in Bhagalpur (Bihar), Surat and Bangalore are also sold as Banarasi sarees.I hope this can be stopped once we get the tag," Rajni Kant added
Tirupati ladoo awarded GI tag
New Delhi, Sep 15 : Tirupati laddoo, offered to devotees at the Lord Venkateswara Temple in Andhra Pradesh, has been awarded geographical copyright.
This bars others from naming or marketing the sweetmeat preparation under the same name.
The Tirumala-Tirupati Devasthanams, a trust that administers the Venkateswara Temple in the Tirumala hills, had applied for Geographical Indication (GI) with the Chennai-based Geographical Indication Registry in March 2008.
“The GI certificate for Tirupati Laddoo has been granted to the trust (TTD). The Laddoo is now protected under law and nobody can copy it,” Assistant Registrar of Trade Marks and GI, GL Verma told PTI.
Under GI, the right to marketing a product is tied to a definite geographical territory and the manufactured goods should be produced or processed or prepared in that territory.
Popular items that have been granted GI tag world over include Champagne and Tequilla, and the procedure helps in preventing others from surreptitiously exploiting a brand name that has evolved over a period of time.
The GI status provides legal protection and facilitates for action in case of infringement. GIs are covered as an element of Intellectual Property Rights.
Controller-General of Patents, Designs, and Trade Marks, P H Kurian, also confirmed granting of GI status to Tirupati Laddu.
TTD, however, couldn't be reached for comments.
Tirupati Laddoo is the popular name for Sri Vari Laddu that is offered as prasadam (sacred food) to the devotees after they worship Lord Venkateswara.
“The size and flavour are typical characteristics of Tirupati Laddoo. Tirupati Laddoos are not produced anywhere in the world and are very unique in terms of quality, reputation and other characteristics, which go into its making,” TTD had claimed in its application.
Primarily there are two types of laddoos - small and big. A small laddoo weighs about 174 grams, whereas the big ones weigh between 700 and 720 grams.
In the past, GI tag has been awarded to a number of Indian products or goods including Darjeeling Tea, Madhubani Paintings and Goa Feni.
This bars others from naming or marketing the sweetmeat preparation under the same name.
The Tirumala-Tirupati Devasthanams, a trust that administers the Venkateswara Temple in the Tirumala hills, had applied for Geographical Indication (GI) with the Chennai-based Geographical Indication Registry in March 2008.
“The GI certificate for Tirupati Laddoo has been granted to the trust (TTD). The Laddoo is now protected under law and nobody can copy it,” Assistant Registrar of Trade Marks and GI, GL Verma told PTI.
Under GI, the right to marketing a product is tied to a definite geographical territory and the manufactured goods should be produced or processed or prepared in that territory.
Popular items that have been granted GI tag world over include Champagne and Tequilla, and the procedure helps in preventing others from surreptitiously exploiting a brand name that has evolved over a period of time.
The GI status provides legal protection and facilitates for action in case of infringement. GIs are covered as an element of Intellectual Property Rights.
Controller-General of Patents, Designs, and Trade Marks, P H Kurian, also confirmed granting of GI status to Tirupati Laddu.
TTD, however, couldn't be reached for comments.
Tirupati Laddoo is the popular name for Sri Vari Laddu that is offered as prasadam (sacred food) to the devotees after they worship Lord Venkateswara.
“The size and flavour are typical characteristics of Tirupati Laddoo. Tirupati Laddoos are not produced anywhere in the world and are very unique in terms of quality, reputation and other characteristics, which go into its making,” TTD had claimed in its application.
Primarily there are two types of laddoos - small and big. A small laddoo weighs about 174 grams, whereas the big ones weigh between 700 and 720 grams.
In the past, GI tag has been awarded to a number of Indian products or goods including Darjeeling Tea, Madhubani Paintings and Goa Feni.
Sun Pharma to file 30 applications for generic drugs in US
New Delhi, Sep 20 : Sun Pharmaceutical Industries,the country's most valued drug maker, aims to file 30applications in the US for manufacturing and marketing of itsgeneric products, company CMD said.
The company would file these applications along with itsUS-based subsidiary Caraco, which is facing trouble due tonon-compliance of current good manufacturing practice of theUS drug regulator.
"This year too, we intend to file 30 ANDAs in the USacross the two companies," Sun Pharma CMD Dilip Shanghvi saidin his speech to the shareholders of the company during theannual general meeting held last week.
We continue to spend for product development and file newproducts from these sites in India and the US, he said.
Between Sun and Caraco, 111 products are pending with the US FDA (Food and Drug Administration).
An abbreviated new drug application (ANDA) is anapplication for a generic drug approval in the US for anexisting licensed medication or approved drug.
The USD 30 billion-plus US generic market, the largestgeneric market in the world, is of great interest to allpharma companies across the world with global aspirations.
Last year, generics accounted for 71 per cent of the USpharma market by prescription.
India and the US, the two largest markets for Sun Pharma,together accounted for 80 per cent of the company's turnoverin the latest financial year.
Stating about the Rs 36,000-crore pharmaceutical market of India, Shanghvi said in here market competition has beenintense and will continue to remain so in foreseeable future.
Companies with global presence continue to either set upoperations or enter into contract manufacturing agreementswith companies in India with the purpose of creating a lowcost sourcing base for their global operations.
"Over and above this, competition from Chinese companiesis on the increase strong effort at enhancing their presencein the regulated markets globally," he said.
According to Shanghvi, the new patent regime, which was introduced in 2005, is likely to have an impact in the yearsto come.
"We expect the pipeline of new drugs available for launchto gradually shrink," he further said.
The recent acceptance of the revised Mashelkar Report,which recommends patenting of incremental changes may be an indicator of things to come. Of course, these are not thecountry's best interests in the long run.
Currently, in India the patenting of incremental changesare not allowed under the law.
"This will open up a floodgate of patent applications forrudimentary changes and may result in patent life beingextended far beyond what it is worth," Shanghvi added.
The company would file these applications along with itsUS-based subsidiary Caraco, which is facing trouble due tonon-compliance of current good manufacturing practice of theUS drug regulator.
"This year too, we intend to file 30 ANDAs in the USacross the two companies," Sun Pharma CMD Dilip Shanghvi saidin his speech to the shareholders of the company during theannual general meeting held last week.
We continue to spend for product development and file newproducts from these sites in India and the US, he said.
Between Sun and Caraco, 111 products are pending with the US FDA (Food and Drug Administration).
An abbreviated new drug application (ANDA) is anapplication for a generic drug approval in the US for anexisting licensed medication or approved drug.
The USD 30 billion-plus US generic market, the largestgeneric market in the world, is of great interest to allpharma companies across the world with global aspirations.
Last year, generics accounted for 71 per cent of the USpharma market by prescription.
India and the US, the two largest markets for Sun Pharma,together accounted for 80 per cent of the company's turnoverin the latest financial year.
Stating about the Rs 36,000-crore pharmaceutical market of India, Shanghvi said in here market competition has beenintense and will continue to remain so in foreseeable future.
Companies with global presence continue to either set upoperations or enter into contract manufacturing agreementswith companies in India with the purpose of creating a lowcost sourcing base for their global operations.
"Over and above this, competition from Chinese companiesis on the increase strong effort at enhancing their presencein the regulated markets globally," he said.
According to Shanghvi, the new patent regime, which was introduced in 2005, is likely to have an impact in the yearsto come.
"We expect the pipeline of new drugs available for launchto gradually shrink," he further said.
The recent acceptance of the revised Mashelkar Report,which recommends patenting of incremental changes may be an indicator of things to come. Of course, these are not thecountry's best interests in the long run.
Currently, in India the patenting of incremental changesare not allowed under the law.
"This will open up a floodgate of patent applications forrudimentary changes and may result in patent life beingextended far beyond what it is worth," Shanghvi added.
FII inflows set to cross USD 10 bn-mark this month: analysts
New Delhi, Sep : Foreign investment in the Indianstock markets may cross USD 10 billion-mark by the end of thismonth as a hefty USD 9.8 billion (Rs 47,674 crore) havealready been poured into the bourses by overseas entities sofar this year, analysts feel.
"FII inflows in the Indian equity market would continuein the coming days and it may cross USD 10 billion level bySeptember-end," Anand Rathi Financial Services Director & Headof Research Tarun Sisodia.
Foreign institutional investors (FIIs) are the net buyerof shares worth Rs 47,674 crore so far in this year, accordingto the data available with the market regulator or Securitiesand Exchange Board of India (SEBI).
The infusion of money by overseas investors in shares isa part of their portfolio management in various emergingmarkets and India is part of that strategy, Sisodia, who isbased in Mumbai, said.
So far in this month, foreign investors have infused overRs 7,400 crore (USD 1.5 billion), increasing their total netinvestment, since FIIs were allowed in India, to over Rs 2.78lakh crore (65 billion dollars), as per SEBI data.
"FII investment in the local markets may cross USD 10billion mark by end of this week. As everything is bullish andpicture of Indian stock market is very rosy," Delhi-based SMCGlobal's Vice President Rajesh Jain said.
Significantly, so far in 2009, the Bombay StockExchange's benchmark index Sensex gained over 73 per cent.Nifty, the benchmark index of National Stock Exchange has alsoadvanced fairly so far this year.
In long term, the rise in benchmark index would continue, Sisodia added.
"The Indian market has seen a huge inflow of funds fromoverseas investors and crossing 10 billion dollars level isnot tough in the current month," Ashika Stock Brokers ResearchHead Paras Bothra said.
After pulling out a hefty Rs 52,986 crore (11.9 billiondollars) from the local stock markets last year, FIIs remainednet seller of shares for the first two month of current year.
However, with the sign of revival of economies, the trendturned positive during March and marketmen feel that the yearwill close with huge inflows.
"FII inflows in the Indian equity market would continuein the coming days and it may cross USD 10 billion level bySeptember-end," Anand Rathi Financial Services Director & Headof Research Tarun Sisodia.
Foreign institutional investors (FIIs) are the net buyerof shares worth Rs 47,674 crore so far in this year, accordingto the data available with the market regulator or Securitiesand Exchange Board of India (SEBI).
The infusion of money by overseas investors in shares isa part of their portfolio management in various emergingmarkets and India is part of that strategy, Sisodia, who isbased in Mumbai, said.
So far in this month, foreign investors have infused overRs 7,400 crore (USD 1.5 billion), increasing their total netinvestment, since FIIs were allowed in India, to over Rs 2.78lakh crore (65 billion dollars), as per SEBI data.
"FII investment in the local markets may cross USD 10billion mark by end of this week. As everything is bullish andpicture of Indian stock market is very rosy," Delhi-based SMCGlobal's Vice President Rajesh Jain said.
Significantly, so far in 2009, the Bombay StockExchange's benchmark index Sensex gained over 73 per cent.Nifty, the benchmark index of National Stock Exchange has alsoadvanced fairly so far this year.
In long term, the rise in benchmark index would continue, Sisodia added.
"The Indian market has seen a huge inflow of funds fromoverseas investors and crossing 10 billion dollars level isnot tough in the current month," Ashika Stock Brokers ResearchHead Paras Bothra said.
After pulling out a hefty Rs 52,986 crore (11.9 billiondollars) from the local stock markets last year, FIIs remainednet seller of shares for the first two month of current year.
However, with the sign of revival of economies, the trendturned positive during March and marketmen feel that the yearwill close with huge inflows.
Japan topples US in number of patents issued: UN agency
New Delhi, Sep 18 : Japan granted the maximum number of patents in 2007 and has replaced the United States from number one position, a status it was enjoying for nearly a decade, a UN agency report says.
"The USPTO (United States Patent and Trademark Office), which has issued the highest number of patents since 1998, was overtaken in 2007 by the patent office of Japan," the World Intellectual Property Organisation (WIPO) said in a statement on Friday.
Geneva-based WIPO is a specialised agency of the United Nations for developing a balanced and accessible international system in the field of intellectual property rights.
Further, the patent office of China has replaced the EPO (European Patent Office) as the fourth largest office in terms of issuing grants, WIPO said in its report titled the "World Intellectual Property Indicators 2009."
The report is based on 2007 figures, the last year for which complete worldwide statistics are available, WIPO said.
In 2007, Japan granted 1.64 lakh patents, whereas in USA the number was 1.57 lakh. The total number of granted patent in that year stands at 18.5 lakh.
In terms of patent filing, the report said Patent offices of India, Brazil and Mexico, received a significant number of filings, report stated.
Trends in intellectual property activity shows that demand for IP rights continued to increase prior to the onset of the global economic crisis, it said.
"The USPTO (United States Patent and Trademark Office), which has issued the highest number of patents since 1998, was overtaken in 2007 by the patent office of Japan," the World Intellectual Property Organisation (WIPO) said in a statement on Friday.
Geneva-based WIPO is a specialised agency of the United Nations for developing a balanced and accessible international system in the field of intellectual property rights.
Further, the patent office of China has replaced the EPO (European Patent Office) as the fourth largest office in terms of issuing grants, WIPO said in its report titled the "World Intellectual Property Indicators 2009."
The report is based on 2007 figures, the last year for which complete worldwide statistics are available, WIPO said.
In 2007, Japan granted 1.64 lakh patents, whereas in USA the number was 1.57 lakh. The total number of granted patent in that year stands at 18.5 lakh.
In terms of patent filing, the report said Patent offices of India, Brazil and Mexico, received a significant number of filings, report stated.
Trends in intellectual property activity shows that demand for IP rights continued to increase prior to the onset of the global economic crisis, it said.
Wednesday, September 2, 2009
Indian MDH loses to Pakistani MDH in website dispute case
New Delhi, Sep 2 : Leading masala-maker Mahashian DiHatti Ltd, popularly known by its brand name MDH, has lost awebsite address dispute case against a Pakistani firm engagedin a similar business at the World Intellectual PropertyOrganisation.
Mahashian Di Hatti had approached the Geneva-based WIPOArbitration and Mediation Center objecting the ownership of anInternet site 'mdhfoods.com' by Pakistan's MDH Food Company.
The Indian firm contented before the Center that disputeddomain name is identical and confusingly similar to its MDH mark, since it incorporates the mark in its entirety and theaddition of "foods" does not detract from its distinctiveness.
The Pakistani firm has no rights or legitimate interestsin the disputed domain name since the complainant (here Indianfirm), as the prior user and hence the lawful owner of themark, has not licensed or otherwise permitted MDH Food Companyto use it, it further said.
The Indian company successfully established the factthat the site 'mdhfoods.com' is confusingly similar to itsmark, but failed to establish the absence of rights orlegitimate interest in the domain name on the part of therespondent.
In its order dated August 19, WIPO's sole panelist --Alan L Limbury -- "denied" the complaint of Mahashian Di Hatti Ltd.
The disputed domain name was registered on February 21last year. The website offers spices and food products.
In its argument before the WIPO Panel, the Pakistanienterprise denied all the claims of the Indian firm and saidit has been selling masala and food products in Pakistan since1984 under the name MDH, which stands for Muhammad Dawood Hassan Food Company.
MDH Food said "in Pakistan its name MDH is unique,sovereign, autonomous, special, independent and commonlyknown."
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights. The complaintwas filed with the WIPO Center on June 26, 2009.
The complainant (India's MDH) was founded in 1913 as asmall shop in Sialot, now in Pakistan, selling spices underthe name Mahashian Di Hatti, which in Punjabi means "the shopof the Magnanimous."
After the partition of India, the firm moved to Delhiand has since grown substantially, selling spices andcondiments under the logo MDH around the world, includingunder the domain name 'mdhspices.com'.
But because of trade restrictions between the twocountries, it does not sell into Pakistan.
The enterprise has registered trademark rights in thelogo MDH in many countries and the distinctive feature of thatmark is the letters MDH.
Mahashian Di Hatti had approached the Geneva-based WIPOArbitration and Mediation Center objecting the ownership of anInternet site 'mdhfoods.com' by Pakistan's MDH Food Company.
The Indian firm contented before the Center that disputeddomain name is identical and confusingly similar to its MDH mark, since it incorporates the mark in its entirety and theaddition of "foods" does not detract from its distinctiveness.
The Pakistani firm has no rights or legitimate interestsin the disputed domain name since the complainant (here Indianfirm), as the prior user and hence the lawful owner of themark, has not licensed or otherwise permitted MDH Food Companyto use it, it further said.
The Indian company successfully established the factthat the site 'mdhfoods.com' is confusingly similar to itsmark, but failed to establish the absence of rights orlegitimate interest in the domain name on the part of therespondent.
In its order dated August 19, WIPO's sole panelist --Alan L Limbury -- "denied" the complaint of Mahashian Di Hatti Ltd.
The disputed domain name was registered on February 21last year. The website offers spices and food products.
In its argument before the WIPO Panel, the Pakistanienterprise denied all the claims of the Indian firm and saidit has been selling masala and food products in Pakistan since1984 under the name MDH, which stands for Muhammad Dawood Hassan Food Company.
MDH Food said "in Pakistan its name MDH is unique,sovereign, autonomous, special, independent and commonlyknown."
The WIPO is a specialised agency of the United Nationsfor developing a balanced and accessible international systemin the field of intellectual property rights. The complaintwas filed with the WIPO Center on June 26, 2009.
The complainant (India's MDH) was founded in 1913 as asmall shop in Sialot, now in Pakistan, selling spices underthe name Mahashian Di Hatti, which in Punjabi means "the shopof the Magnanimous."
After the partition of India, the firm moved to Delhiand has since grown substantially, selling spices andcondiments under the logo MDH around the world, includingunder the domain name 'mdhspices.com'.
But because of trade restrictions between the twocountries, it does not sell into Pakistan.
The enterprise has registered trademark rights in thelogo MDH in many countries and the distinctive feature of thatmark is the letters MDH.
Tuesday, May 12, 2009
Managers feel state of economy impacting job decisions: Study
New Delhi, May 12 As many as three in every four middle-level managers in Indian companies feel the state of the economy is having some impact on their job related decisions, with most of them saying they will stay at their current position until the situation improves, says a study.
According to the study by global consultancy firm Accenture, about 75 per cent of middle managers surveyed feel the state of economy is having some effect on their job related decisions with most saying they would like a new job but would stay in their current position until the economy improves.
Further, one in every five respondents said they are taking steps to improve the security of their jobs, such as working harder or longer hours.
The survey also pointed out that 50 per cent of middle-level managers in the country were extremely satisfied working at their current organisations, while nearly 42 per cent surveyed middle managers say they are only somewhat satisfied.
"Significantly, more middle managers who are not interested in another job are highly satisfied with their current organizations (83 per cent versus 49 per cent considering and 18 per cent looking)," the study, 'Middle Managers Outlook: India', noted.
The study by the global consultancy firm revealed that nearly two-thirds of middle managers would consider another job, but are not actively looking.
The Accenture study was conducted in October last year, to assess middle managers' outlook on their current job situations. A total of 156 web-based interviews were conducted by the firm in the country.
Interestingly, over half of the middle managers (53 per cent) in India feel job dissatisfaction stems primarily from insufficient pay or benefits, followed by two-in-three (40 per cent) who feel dissatisfaction is due to lack of prospects or advancement, the survey revealed.
One-third are dissatisfied due to insufficient training, inflexible work hours, the inability to balance work and life and a lack of challenge.
About 46 per cent selected insufficient compensation for one the most frustrating aspects of the job.
About two-in-five or fewer are frustrated by other areas, including: not getting credit for the work I do, increasing workload, no clear career path, inflexible work hours and insufficient training.
According to the study by global consultancy firm Accenture, about 75 per cent of middle managers surveyed feel the state of economy is having some effect on their job related decisions with most saying they would like a new job but would stay in their current position until the economy improves.
Further, one in every five respondents said they are taking steps to improve the security of their jobs, such as working harder or longer hours.
The survey also pointed out that 50 per cent of middle-level managers in the country were extremely satisfied working at their current organisations, while nearly 42 per cent surveyed middle managers say they are only somewhat satisfied.
"Significantly, more middle managers who are not interested in another job are highly satisfied with their current organizations (83 per cent versus 49 per cent considering and 18 per cent looking)," the study, 'Middle Managers Outlook: India', noted.
The study by the global consultancy firm revealed that nearly two-thirds of middle managers would consider another job, but are not actively looking.
The Accenture study was conducted in October last year, to assess middle managers' outlook on their current job situations. A total of 156 web-based interviews were conducted by the firm in the country.
Interestingly, over half of the middle managers (53 per cent) in India feel job dissatisfaction stems primarily from insufficient pay or benefits, followed by two-in-three (40 per cent) who feel dissatisfaction is due to lack of prospects or advancement, the survey revealed.
One-third are dissatisfied due to insufficient training, inflexible work hours, the inability to balance work and life and a lack of challenge.
About 46 per cent selected insufficient compensation for one the most frustrating aspects of the job.
About two-in-five or fewer are frustrated by other areas, including: not getting credit for the work I do, increasing workload, no clear career path, inflexible work hours and insufficient training.
Monday, May 11, 2009
Global trademark registration touches one-million mark
New Delhi, May 11 : The international trademark registration touched the one-million mark this month, more than a century after the first trademark was registered by a Swiss chocolate maker.
The World Intellectual Property Organisation (WIPO), the UN body which registers trademark, said the growing number of registrations reflects an increasing awareness among the general public and the business community.
“Trademarks and the branding efforts help consumers make informed choices about the products they buy,” WIPO Director General, Mr Francis Gurry said in a statement on Monday.
The trademarks are registered at the WIPO under its Madrid System for the International Registration of Marks.
“They (trademarks) are extremely valuable commercial assets. WIPO’s international trademark registration system is a cost-effective, user-friendly and streamlined means by which businesses operating internationally can protect and manage their trademark portfolio,” Mr Gurry further said.
Madrid System offers a trademark owner the possibility to have his trademark protected in several countries by simply filing one application directly with his own national or regional trademark office.
The World Intellectual Property Organisation (WIPO), the UN body which registers trademark, said the growing number of registrations reflects an increasing awareness among the general public and the business community.
“Trademarks and the branding efforts help consumers make informed choices about the products they buy,” WIPO Director General, Mr Francis Gurry said in a statement on Monday.
The trademarks are registered at the WIPO under its Madrid System for the International Registration of Marks.
“They (trademarks) are extremely valuable commercial assets. WIPO’s international trademark registration system is a cost-effective, user-friendly and streamlined means by which businesses operating internationally can protect and manage their trademark portfolio,” Mr Gurry further said.
Madrid System offers a trademark owner the possibility to have his trademark protected in several countries by simply filing one application directly with his own national or regional trademark office.
Sunday, May 10, 2009
FIIs bring Rs 3,614 cr in 5 days; accounts 91% of 2009 inflow
New Delhi, May 10: In just five trading sessions this month, the Indian equity market saw foreign investments to the tune of Rs 3,614 crore, accounting for 91 per cent of the overall purchases so far this year.
Foreign Institutional Investors (FIIs) have pumped in a net of Rs 3,614 crore in equities in May, which saw the Bombay Stock Exchange benchmark Sensex breaching the psychological 12,000-level, the highest in the last seven months.
Last week, FIIs made a gross purchase of equities worth Rs 14,447 crore and sold equities valued Rs 10,832 crore, resulting in net investment of Rs 3,614 crore, as per the data available with the market regulator Securities and Exchange Board of India.
So far this year, FIIs have made a gross purchase of equities worth Rs 1,35,692 crore and sold equities valued at Rs 1,31,721 crore, resulting in net investment of Rs 3,970 crore, Sebi data shows.
The previous week also recorded the biggest weekly infusion by the FIIs in the current calendar year. With a bulk investment of Rs 1,491.10 crore in a single day, FIIs remained net purchasers in equities in the remaining days.
However, analysts believe buying equities by the FIIs last week was just momentary as there was no specific reason to bring back their confidence.
"There was heavy buying by FIIs in a single day and on the other days they made normal investments. This week they would square-off their positions and wait for clarity for the general election results on May 16," Arun Kejriwal Head of Kejriwal Research and Investment Services said.
After pulling out a hefty Rs 52,987 crore from the Indian stock markets in 2008, which saw the Bombay Stock Exchange benchmark Sensex plunging 51 per cent, FIIs have turned net buyers during the last week of April.
The Sensex has gained over 23 per cent so far this year to touch 12,134.75 points, the highest level in the past seven months.
Indicating a revival in the stock market, the flight of FIIs back to the Indian markets saw an infusion of Rs 6,508 crore in the capital market in April alone, the highest monthly infusion so far this year.
An analysis of the data of foreign investment shows that the confidence of FIIs in the Indian equities started to build in the month of March, when they made a net investment of Rs 530 crore in stocks.
However, the investment was significantly less as compared to Rs 6,681 crore sell-off by them in the first two months of 2009.
"FIIs would be selling now as prices have gone up too soon. This week they will refrain from making any large scale purchases and would resort to selective profit booking," Unicon Financial Intermediaries chief executive Gajendra Nagpal said.
Foreign Institutional Investors (FIIs) have pumped in a net of Rs 3,614 crore in equities in May, which saw the Bombay Stock Exchange benchmark Sensex breaching the psychological 12,000-level, the highest in the last seven months.
Last week, FIIs made a gross purchase of equities worth Rs 14,447 crore and sold equities valued Rs 10,832 crore, resulting in net investment of Rs 3,614 crore, as per the data available with the market regulator Securities and Exchange Board of India.
So far this year, FIIs have made a gross purchase of equities worth Rs 1,35,692 crore and sold equities valued at Rs 1,31,721 crore, resulting in net investment of Rs 3,970 crore, Sebi data shows.
The previous week also recorded the biggest weekly infusion by the FIIs in the current calendar year. With a bulk investment of Rs 1,491.10 crore in a single day, FIIs remained net purchasers in equities in the remaining days.
However, analysts believe buying equities by the FIIs last week was just momentary as there was no specific reason to bring back their confidence.
"There was heavy buying by FIIs in a single day and on the other days they made normal investments. This week they would square-off their positions and wait for clarity for the general election results on May 16," Arun Kejriwal Head of Kejriwal Research and Investment Services said.
After pulling out a hefty Rs 52,987 crore from the Indian stock markets in 2008, which saw the Bombay Stock Exchange benchmark Sensex plunging 51 per cent, FIIs have turned net buyers during the last week of April.
The Sensex has gained over 23 per cent so far this year to touch 12,134.75 points, the highest level in the past seven months.
Indicating a revival in the stock market, the flight of FIIs back to the Indian markets saw an infusion of Rs 6,508 crore in the capital market in April alone, the highest monthly infusion so far this year.
An analysis of the data of foreign investment shows that the confidence of FIIs in the Indian equities started to build in the month of March, when they made a net investment of Rs 530 crore in stocks.
However, the investment was significantly less as compared to Rs 6,681 crore sell-off by them in the first two months of 2009.
"FIIs would be selling now as prices have gone up too soon. This week they will refrain from making any large scale purchases and would resort to selective profit booking," Unicon Financial Intermediaries chief executive Gajendra Nagpal said.
Top 10 firms add Rs 40,000 cr, RIL leads pack of gainers
New Delhi, May 10 (PTI) The country's 10 most valued firms added over Rs 40,000 crore to their market capitalisations last week, with Reliance Industries accounting for over one-third of the total gain.
The 10 most valued firms added Rs 41,538 crore to their valuation last week, taking the total market capitalisation of the elite club to Rs 12,89,157 crore at the end of trade on Friday.
Last week, valuation of the club, comprising four private and six public sector entities, was at Rs 12,47,619 crore.
Corporate behemoth RIL added Rs 14,841 crore to its market cap last week, taking its valuation to Rs 2,98,549 crore. The valuation of the Mukesh Ambani-led firm was at Rs 2,83,709 crore a week ago. Shares of RIL surged over five per cent to end at Rs 1,897 on the Bombay Stock Exchange last week.
However, amid overall gain in the broader market, three firms, NTPC, BHEL and ITC, lost a combined Rs 777 crore in a week.At the end of Friday's trade, power utility NTPC witnessed an erosion of Rs 289 crore from its valuation to Rs 1,56,499 crore. BHEL lost Rs 206 crore and FMCG major ITC Rs 283 crore.
Besides, mining giant NMDC gained Rs 12,667 crore during the week and moved up four places to the fifth slot in the premier club. NMDC's valuation stood at Rs 90,950 crore at the end of trade last week.
State-run oil major Oil and Natural Gas Corp added Rs 3,721 crore and MMTC gained Rs 3,830 crore in their valuation, respectively. The market cap of ONGC, the most valued PSU entity, stood at Rs 1,88,840.83 crore.
Besides, telecom services provider Bharti Airtel and State Bank of India added Rs 3,435 crore and Rs 3,012.5 crore, respectively, to their valuation last week. IT bellwether Infosys added Rs 807 crore to its valuation and dropped by a notch to the sixth place in the top-10 club.
Apart from the 10 most valued firms, two private sector lenders, ICICI Bank and HDFC Bank, added Rs 4,770 crore and Rs 1,820.62 crore, respectively, last week. ICICI Bank's and HDFC Bank's market capitalisation stood at Rs 53,186 crore and Rs 46,821 crore, respectively.
RIL, the numero-uno in the list, is followed by ONGC (Rs 1,88,840 crore), NTPC (Rs 1,56,498 crore), Bharti Airtel (Rs 1,45,671 crore), NMDC (Rs 90,950 crore), Infosys (Rs 87,148 crore), MMTC (Rs 85,624 crore), SBI (Rs 84,131 crore), BHEL (Rs 80,650 crore), ITC (Rs 71,091 crore).
The 10 most valued firms added Rs 41,538 crore to their valuation last week, taking the total market capitalisation of the elite club to Rs 12,89,157 crore at the end of trade on Friday.
Last week, valuation of the club, comprising four private and six public sector entities, was at Rs 12,47,619 crore.
Corporate behemoth RIL added Rs 14,841 crore to its market cap last week, taking its valuation to Rs 2,98,549 crore. The valuation of the Mukesh Ambani-led firm was at Rs 2,83,709 crore a week ago. Shares of RIL surged over five per cent to end at Rs 1,897 on the Bombay Stock Exchange last week.
However, amid overall gain in the broader market, three firms, NTPC, BHEL and ITC, lost a combined Rs 777 crore in a week.At the end of Friday's trade, power utility NTPC witnessed an erosion of Rs 289 crore from its valuation to Rs 1,56,499 crore. BHEL lost Rs 206 crore and FMCG major ITC Rs 283 crore.
Besides, mining giant NMDC gained Rs 12,667 crore during the week and moved up four places to the fifth slot in the premier club. NMDC's valuation stood at Rs 90,950 crore at the end of trade last week.
State-run oil major Oil and Natural Gas Corp added Rs 3,721 crore and MMTC gained Rs 3,830 crore in their valuation, respectively. The market cap of ONGC, the most valued PSU entity, stood at Rs 1,88,840.83 crore.
Besides, telecom services provider Bharti Airtel and State Bank of India added Rs 3,435 crore and Rs 3,012.5 crore, respectively, to their valuation last week. IT bellwether Infosys added Rs 807 crore to its valuation and dropped by a notch to the sixth place in the top-10 club.
Apart from the 10 most valued firms, two private sector lenders, ICICI Bank and HDFC Bank, added Rs 4,770 crore and Rs 1,820.62 crore, respectively, last week. ICICI Bank's and HDFC Bank's market capitalisation stood at Rs 53,186 crore and Rs 46,821 crore, respectively.
RIL, the numero-uno in the list, is followed by ONGC (Rs 1,88,840 crore), NTPC (Rs 1,56,498 crore), Bharti Airtel (Rs 1,45,671 crore), NMDC (Rs 90,950 crore), Infosys (Rs 87,148 crore), MMTC (Rs 85,624 crore), SBI (Rs 84,131 crore), BHEL (Rs 80,650 crore), ITC (Rs 71,091 crore).
Thursday, May 7, 2009
IPL team Deccan Chargers seeks trademark rights
New Delhi, May 7 : Deccan Chargers, one of the Indian Premier League’s franchises, has filed multiple applications before Government authorities seeking exclusive trademark rights for its name.
“The Deccan Chargers have filed for trademark protection in multiple classes aiming for an expanded brand portfolio” Kochhar & Co Partner Rodney D. Ryder, who is legal adviser to the Deccan Chargers, said.
The application, filed by Deccan Chargers Sporting Ventures Pvt Ltd, for the exclusivity of trademarks has been sought under various categories, including Class 25 (deals with clothing, footwear) and Class 28 (games, playthings), Ryder added.
Interestingly, the trademark rights are not only limited to the sports-related classes but the firm is also seeking exclusivity of the brand under many other classes, including tobacco, smokers’ article, beers, coffee tea, sugar and bread.
“(Trademark) protection helps ensure exclusivity and protect ownerships rights. The brand is more valuable when protected. Business partners, franchisees, customers, all know that the rights are exclusive,” Ryder further said.
Significantly, the Essel group-promoted Indian Cricket League (ICL) has also sought trademark of its different brands before the government authorities.
The Board of Control for Cricket in India (BCCI), the apex governing body for the sport in the country, has objected to dozens of twenty-twenty related trademark applications filed by Essel Sports Private Ltd.Essel Sports is a part of Subhash Chandra-led Zee group, which is the force behind the ICL.
The ICL runs parallel to the BCCI’s Indian Premier League (IPL), although both the leagues conduct cricket tournaments in the 20-20 format, where each team is allowed to play for 20 overs.
The two groups have been often clashed over issues ranging from contracting of players to telecast rights and the latest showdown seems to be on trademarks.
The BCCI has now opposed Essel’s move to get registered in its (Essel) name various trademarks involving phrases like Twenty-Twenty and its many other combinations, as per the information available from the Controller General of Patents Designs and Trademarks under the ministry of commerce and industry
“The Deccan Chargers have filed for trademark protection in multiple classes aiming for an expanded brand portfolio” Kochhar & Co Partner Rodney D. Ryder, who is legal adviser to the Deccan Chargers, said.
The application, filed by Deccan Chargers Sporting Ventures Pvt Ltd, for the exclusivity of trademarks has been sought under various categories, including Class 25 (deals with clothing, footwear) and Class 28 (games, playthings), Ryder added.
Interestingly, the trademark rights are not only limited to the sports-related classes but the firm is also seeking exclusivity of the brand under many other classes, including tobacco, smokers’ article, beers, coffee tea, sugar and bread.
“(Trademark) protection helps ensure exclusivity and protect ownerships rights. The brand is more valuable when protected. Business partners, franchisees, customers, all know that the rights are exclusive,” Ryder further said.
Significantly, the Essel group-promoted Indian Cricket League (ICL) has also sought trademark of its different brands before the government authorities.
The Board of Control for Cricket in India (BCCI), the apex governing body for the sport in the country, has objected to dozens of twenty-twenty related trademark applications filed by Essel Sports Private Ltd.Essel Sports is a part of Subhash Chandra-led Zee group, which is the force behind the ICL.
The ICL runs parallel to the BCCI’s Indian Premier League (IPL), although both the leagues conduct cricket tournaments in the 20-20 format, where each team is allowed to play for 20 overs.
The two groups have been often clashed over issues ranging from contracting of players to telecast rights and the latest showdown seems to be on trademarks.
The BCCI has now opposed Essel’s move to get registered in its (Essel) name various trademarks involving phrases like Twenty-Twenty and its many other combinations, as per the information available from the Controller General of Patents Designs and Trademarks under the ministry of commerce and industry
Sunday, May 3, 2009
FIIs turn net investors in 2009, inject Rs 356 cr in equities
New Delhi May 3: Foreign Instituional Investors (FIIs) have emerged as net buyers in the Indian stock markets after a one year face-off, with net investment of Rs 356 crore in the first four months of the year.
So far this year, FIIs have made a gross purchase of equities worth Rs 1,21,245 crore and sold equities valued at Rs 1,20,888 crore, resulting in net investment of Rs 356 crore, as per the data available with the market regulator Sebi.
After pulling out a hefty Rs 52,987 crore from the Indian stock markets in 2008, which saw the Bombay Stock Exchange benchmark Sensex plunging 51 per cent, FIIs have turned net buyers at the end of Wednesday's trade.
"Risk aversion has reduced and FIIs have started showing confidence in India. They know that the India growth story is intact and in long run the market is going to give better returns," SMC Global Vice President Rajesh Jain said.
Analysts say strenghtening of Rupee against the US greenback in the last one month signals that the flow of foreign funds are coming back to the country.
The rupee, which had touched a high of Rs 52 against the US dollar, has now appreciated and is hovering around Rs 49 a dollar mark.
"The US dollar is getting weaker as the FIIs, sensing a turn around, are now focussing on the emerging economies as their investment destination," Mr. Jain added.
So far this year, FIIs have made a gross purchase of equities worth Rs 1,21,245 crore and sold equities valued at Rs 1,20,888 crore, resulting in net investment of Rs 356 crore, as per the data available with the market regulator Sebi.
After pulling out a hefty Rs 52,987 crore from the Indian stock markets in 2008, which saw the Bombay Stock Exchange benchmark Sensex plunging 51 per cent, FIIs have turned net buyers at the end of Wednesday's trade.
"Risk aversion has reduced and FIIs have started showing confidence in India. They know that the India growth story is intact and in long run the market is going to give better returns," SMC Global Vice President Rajesh Jain said.
Analysts say strenghtening of Rupee against the US greenback in the last one month signals that the flow of foreign funds are coming back to the country.
The rupee, which had touched a high of Rs 52 against the US dollar, has now appreciated and is hovering around Rs 49 a dollar mark.
"The US dollar is getting weaker as the FIIs, sensing a turn around, are now focussing on the emerging economies as their investment destination," Mr. Jain added.
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