Buy bank of baroda @ 248 sl 242 Target 255, 258
If you want more trading tips please call 09380516241
Wednesday, January 28, 2009
Saturday, January 10, 2009
trading tips 12-01-2009
buy jp associates @65 sl 58 target 78, 85 in 2 to 3 days.
if you want more trading tips please call 09380516241
if you want more trading tips please call 09380516241
DISCLAIMER :-Readers must be advised that while the information herein is expressed in good faith, its accuracy is not guaranteed. There is always the risk of loss while trading for which the Author is not responsible. The views expressed in the website is just an analysis based on Technical analysis and it should not be construed as an offer for buy or sell. Anyone trading based on the recommendations are doing so at their own risk and the Author is not responsible for any financial loss arising out of it.
Thursday, January 8, 2009
satyam story part 2
Ramalinga Raju built Satyam Computer Services Ltd. into India’s fourth-biggest software maker over the past two decades. Yesterday, he undermined the company’s future with revelations that he had overstated profit and falsified assets for “several years.”
Satyam fell 78 percent after Raju told the Hyderabad-based company’s board he had inflated the balance sheet by 50.4 billion rupees ($1.03 billion) with “fictitious” cash, according to a letter delivered to the Bombay Stock Exchange.
“There is a clear danger of customers deserting Satyam if rapid steps aren’t taken,” said Apurva Shah, head of research at Mumbai-based brokerage Prabhudas Lilladher Pvt. “That may put the viability of the company in question.”
The scandal shook confidence in India’s stock market, sending the Sensex index down 7.3 percent yesterday, its biggest drop in more than 10 weeks. Securities & Exchange Board of India Chairman C.B. Bhave said the disclosure was of “horrifying magnitude,” and the markets regulator ordered a probe into trading of Satyam shares.
India’s main accountants group has started an investigation into Satyam, Ved Jain, president of the Institute of Chartered Accountants of India, said in a telephone interview from New Delhi. “We will come out with the truth very quickly,” he said.
The government is verifying the facts about Satyam and will take action after the investigation is complete, Prem Chand Gupta, minister for company affairs said yesterday in New Delhi.
“There will be no leniency in dealing with this case,” he said.
‘Woeful Misuse’
The fall of the 54-year-old entrepreneur, a pioneer of India’s software industry, began three weeks ago when Satyam proposed paying $1.6 billion for two companies connected to Raju. The plan was scrapped 12 hours later, after investors called it a “woeful misuse of cash.” Yesterday, Raju said the sale was designed to plug the hole in Satyam’s balance sheet.
As recently as September, the London-based World Council for Corporate Governance gave Satyam its Golden Peacock Award. The council yesterday withdrew the prize because Satyam, which means truth in Sanskrit, had withheld material facts. Raju received CNBC’s Corporate Citizen of the Year award in Asia in 2002 and was named Ernst & Young Entrepreneur of the Year in 2007, according to Satyam’s Web site.
Raju resigned yesterday along with his younger brother, Rama Raju, the company’s managing director.
Mea Culpa
“His mea culpa is unbelievable,” Shankar Sharma, director and chief global trading strategist at First Global Stockbroking Pvt. in Mumbai. “The fact that he admitted it in a letter is a shocking and a first, at least in India.”
Raju is a graduate of Ohio University in Athens, Ohio, according to Satyam’s Web site.
He founded Satyam in 1987 following rivals such as Tata Consultancy Services, India’s biggest computer services company, which was established in 1968, and Infosys Technologies Ltd., the second-biggest, which started operations in 1981.
Indian computer firms grew as companies in the U.S. and Europe started farming out software coding to cut costs.
In May 2001, Satyam became only the third Indian company to trade in the New York Stock Exchange. It raised $140.8 million. The company counts ArcelorMittal, the world’s largest steelmaker, and Nissan Motor Co., Japan’s third-biggest carmaker, among its customers.
Telstra Corp., Australia’s largest telephone company, said Satyam’s disclosure will be a factor when it cuts two out of its four main technology suppliers this year. Qantas Airways Ltd., Australia’s biggest airline, said it has a backup plan “in the event Satyam is unable to continue services.”
Satyam employs about 53,000 people and has offices from the U.S. to the U.K., Brazil and Australia.
‘No Stone Unturned’
“I would like to emphasize that Satyam is leaving no stone unturned in our efforts to create a sound foundation for our future,” Raju said Oct. 17 after reporting second-quarter net income of 5.81 billion rupees, beating the median estimate of 5.47 billion rupees from eight analysts surveyed .
In his letter to the Satyam board, Raju said he had improperly added 5.88 billion rupees to second-quarter accounts.
PricewaterhouseCoopers LLC’s Indian unit, Satyam’s auditor, is examining Raju’s statement, the firm said in an e-mailed statement, declining to comment further because of client confidentiality.
“This quarter will be tumultuous for us,” interim Chief Executive Officer Ram Mynampati said yesterday in an e-mailed statement. “Rumors will abound and it would be fair to assume that competition will try to leverage it to their advantage.”
Puffed Up
Raju said he puffed up profit figures to bolster Satyam’s stock price because he feared a decline would make the company a takeover target because of the founder’s small stake.
SRSR Holdings Pvt., which holds the Raju family’s shares in Satyam, reduced its holding to 3.6 percent from 8.3 percent last month, Satyam told the Bombay Stock Exchange in two filings made during the past week. Of the 3.6 percent, 1.7 percent is pledged to lenders, it said.
Satyam’s shares fell 62 percent last year on the Bombay Stock Exchange, compared with a 54 percent decline in the exchange’s 30-member Sensitive Index.
Concerns about Satyam had begun to leak out even before Raju’s statement.
Last month, the World Bank declared Satyam ineligible for contracts for eight years from September, alleging “improper” benefits were given to the bank’s employees. Two days later, Satyam demanded an apology, saying the bank’s statements had harmed the company.
“One can fool some people for some time, but not all the people for so long,” said Arun Kejriwal, founder of Kejriwal Research & Investment Services in Mumbai.
Satyam fell 78 percent after Raju told the Hyderabad-based company’s board he had inflated the balance sheet by 50.4 billion rupees ($1.03 billion) with “fictitious” cash, according to a letter delivered to the Bombay Stock Exchange.
“There is a clear danger of customers deserting Satyam if rapid steps aren’t taken,” said Apurva Shah, head of research at Mumbai-based brokerage Prabhudas Lilladher Pvt. “That may put the viability of the company in question.”
The scandal shook confidence in India’s stock market, sending the Sensex index down 7.3 percent yesterday, its biggest drop in more than 10 weeks. Securities & Exchange Board of India Chairman C.B. Bhave said the disclosure was of “horrifying magnitude,” and the markets regulator ordered a probe into trading of Satyam shares.
India’s main accountants group has started an investigation into Satyam, Ved Jain, president of the Institute of Chartered Accountants of India, said in a telephone interview from New Delhi. “We will come out with the truth very quickly,” he said.
The government is verifying the facts about Satyam and will take action after the investigation is complete, Prem Chand Gupta, minister for company affairs said yesterday in New Delhi.
“There will be no leniency in dealing with this case,” he said.
‘Woeful Misuse’
The fall of the 54-year-old entrepreneur, a pioneer of India’s software industry, began three weeks ago when Satyam proposed paying $1.6 billion for two companies connected to Raju. The plan was scrapped 12 hours later, after investors called it a “woeful misuse of cash.” Yesterday, Raju said the sale was designed to plug the hole in Satyam’s balance sheet.
As recently as September, the London-based World Council for Corporate Governance gave Satyam its Golden Peacock Award. The council yesterday withdrew the prize because Satyam, which means truth in Sanskrit, had withheld material facts. Raju received CNBC’s Corporate Citizen of the Year award in Asia in 2002 and was named Ernst & Young Entrepreneur of the Year in 2007, according to Satyam’s Web site.
Raju resigned yesterday along with his younger brother, Rama Raju, the company’s managing director.
Mea Culpa
“His mea culpa is unbelievable,” Shankar Sharma, director and chief global trading strategist at First Global Stockbroking Pvt. in Mumbai. “The fact that he admitted it in a letter is a shocking and a first, at least in India.”
Raju is a graduate of Ohio University in Athens, Ohio, according to Satyam’s Web site.
He founded Satyam in 1987 following rivals such as Tata Consultancy Services, India’s biggest computer services company, which was established in 1968, and Infosys Technologies Ltd., the second-biggest, which started operations in 1981.
Indian computer firms grew as companies in the U.S. and Europe started farming out software coding to cut costs.
In May 2001, Satyam became only the third Indian company to trade in the New York Stock Exchange. It raised $140.8 million. The company counts ArcelorMittal, the world’s largest steelmaker, and Nissan Motor Co., Japan’s third-biggest carmaker, among its customers.
Telstra Corp., Australia’s largest telephone company, said Satyam’s disclosure will be a factor when it cuts two out of its four main technology suppliers this year. Qantas Airways Ltd., Australia’s biggest airline, said it has a backup plan “in the event Satyam is unable to continue services.”
Satyam employs about 53,000 people and has offices from the U.S. to the U.K., Brazil and Australia.
‘No Stone Unturned’
“I would like to emphasize that Satyam is leaving no stone unturned in our efforts to create a sound foundation for our future,” Raju said Oct. 17 after reporting second-quarter net income of 5.81 billion rupees, beating the median estimate of 5.47 billion rupees from eight analysts surveyed .
In his letter to the Satyam board, Raju said he had improperly added 5.88 billion rupees to second-quarter accounts.
PricewaterhouseCoopers LLC’s Indian unit, Satyam’s auditor, is examining Raju’s statement, the firm said in an e-mailed statement, declining to comment further because of client confidentiality.
“This quarter will be tumultuous for us,” interim Chief Executive Officer Ram Mynampati said yesterday in an e-mailed statement. “Rumors will abound and it would be fair to assume that competition will try to leverage it to their advantage.”
Puffed Up
Raju said he puffed up profit figures to bolster Satyam’s stock price because he feared a decline would make the company a takeover target because of the founder’s small stake.
SRSR Holdings Pvt., which holds the Raju family’s shares in Satyam, reduced its holding to 3.6 percent from 8.3 percent last month, Satyam told the Bombay Stock Exchange in two filings made during the past week. Of the 3.6 percent, 1.7 percent is pledged to lenders, it said.
Satyam’s shares fell 62 percent last year on the Bombay Stock Exchange, compared with a 54 percent decline in the exchange’s 30-member Sensitive Index.
Concerns about Satyam had begun to leak out even before Raju’s statement.
Last month, the World Bank declared Satyam ineligible for contracts for eight years from September, alleging “improper” benefits were given to the bank’s employees. Two days later, Satyam demanded an apology, saying the bank’s statements had harmed the company.
“One can fool some people for some time, but not all the people for so long,” said Arun Kejriwal, founder of Kejriwal Research & Investment Services in Mumbai.
Tuesday, January 6, 2009
satyam story
Satyam Computer Services Ltd. Chairman Ramalinga Raju resigned after announcing the company had falsified accounts and assets, sending shares of the Indian software-services provider tumbling in Mumbai.
Satyam had 50.4 billion rupees ($1.04 billion) of “inflated” cash on its balance sheet at the end of Sept. 30, the Hyderabad-based company said in a release today. Raju, 53, unsuccessfully tried to sell two companies last month to Satyam in the “last attempt to fill the fictitious assets with real ones,” Hyderabad-based Satyam said in a statement sent to the Bombay Stock Exchange, citing the chairman.
Satyam shares tumbled a record 37 percent as of 11:34 a.m. in Mumbai trading. Raju, the founder and chairman, on Dec. 16 announced a $1.6 billion takeover of the two companies owned by his family, only to drop the deal hours later after stockholders protested. Separately, the World Bank Dec. 23 declared India’s fourth-biggest software-services provider ineligible for contracts for eight years, alleging ‘improper” benefits were given to the bank’s employees.
Raju scrapped the planned acquisition of Maytas Properties Ltd. and Maytas Infra Ltd., less than 12 hours after announcing it. Investors dumped the stock, causing a 31 percent slide, amid questions over Satyam’s decision to spend cash to buy unrelated businesses during the economic slump.
Satyam had 50.4 billion rupees ($1.04 billion) of “inflated” cash on its balance sheet at the end of Sept. 30, the Hyderabad-based company said in a release today. Raju, 53, unsuccessfully tried to sell two companies last month to Satyam in the “last attempt to fill the fictitious assets with real ones,” Hyderabad-based Satyam said in a statement sent to the Bombay Stock Exchange, citing the chairman.
Satyam shares tumbled a record 37 percent as of 11:34 a.m. in Mumbai trading. Raju, the founder and chairman, on Dec. 16 announced a $1.6 billion takeover of the two companies owned by his family, only to drop the deal hours later after stockholders protested. Separately, the World Bank Dec. 23 declared India’s fourth-biggest software-services provider ineligible for contracts for eight years, alleging ‘improper” benefits were given to the bank’s employees.
Raju scrapped the planned acquisition of Maytas Properties Ltd. and Maytas Infra Ltd., less than 12 hours after announcing it. Investors dumped the stock, causing a 31 percent slide, amid questions over Satyam’s decision to spend cash to buy unrelated businesses during the economic slump.
Sunday, January 4, 2009
Thursday, January 1, 2009
sell nifty
sell nifty @3100 sl 3125 target 3035, 2985
sell hero honda
if you want more trading tips call me 09380516241
sell hero honda
if you want more trading tips call me 09380516241
Subscribe to:
Posts (Atom)