Wednesday, December 07, 2011
SKS Microfinance' hits 5% upper circuit, touching the monthly high of Rs112.95, as the company is planning to launch a wholly-owned subsidiary for non-microfinance businesses. Seven months ago, the company diversified into new businesses like Sangam Stories, mobile handset loans and gold loans.
The company plans to invest Rs15 crore in the next three years in order to align its customer grievance redressal and client protection practices with globally recognised benchmarks. “The investment will drive a five-pronged customer protection strategy, which includes privacy of client data, transparent and responsible pricing, mechanism for redressal of grievances, avoidance of over-indebtedness among borrowers and appropriate collection practices,” it said in a statement.
The Indian markets ended higher in a volatile session, with the Sensex rising by 72 points and the Nifty up by 23 points.
Govt suspends foreign supermarket entry on protests
Govt committed to growth of telecoms sector: PM
SKS Microfinance hits 5% upper circuit
Meghmani spurts on setting up JV with Mitsui, Kaneka
Also Read: Numb November; Markets down 9% on global growth woes
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
7/12/2011 531247 Alpha Hitech VIRAJ DEEPAK DALAL B 42000 5.85
7/12/2011 531247 Alpha Hitech M/S.CHANDRAVADAN J. DALAL S 41755 5.85
7/12/2011 532435 Asia HR Tech KAMAL KANAYALAL MAKHIJA B 70000 5.91
7/12/2011 532435 Asia HR Tech HARESH KANAYALAL MAKHIJA B 100000 5.91
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
07-DEC-2011,AUTOIND,Autoline Industries Limit,BP FINTRADE PRIVATE LIMITED,BUY,117313,122.52,-
07-DEC-2011,BEDMUTHA,Bedmutha Indust Ltd,MEENA AGARWAL,BUY,122574,47.19,-
07-DEC-2011,BEDMUTHA,Bedmutha Indust Ltd,NITIN BABAJI PALANDE,BUY,177411,47.17,-
07-DEC-2011,EXCELINFO,Excel Infoways Limited,ARCADIA SHARE & STOCK BROKERS PRIVATE LIMITED,BUY,233332,10.15,-
07-DEC-2011,IBREALEST,Indiabulls Real Estate Li,GENUINE STOCK BROKERS PVT LTD,BUY,3715921,53.71,-
07-DEC-2011,MBSWITCH,M&B Switchgears Ltd,PERSISTENT INFOTECH PRIVATE LIMITED,BUY,197000,87.35,-
By Namrata Acharya/Business Standard
Vikram Akula was the golden boy of microfinance when he launched his company SKS. How did things go so horribly wrong?.
The story of Vikram Akula is almost like a classic Greek tragedy with epic peaks, troughs and betrayals that could easily make up a Hollywood movie. Akula remains a controversial character, whose very name incites admiration and criticism in equal measure. Some say that he gave birth to the microfinance industry as we know it in India. Others say that his model of lending, pioneered by his company SKS Microfinance, gave birth to an almost unquenchable thirst for profit, driven by a business model that has no place in ameliorating the state of the poor in India. Regardless of how people feel, one thing remains clear: Microfinance will never be the same without him.
The benchmark indices edged higher in a volatile trading session today, 7 December 2011, on firm global cues. Both Sensex and Nifty ended at their highest closing levels since 15 November 2011. The BSE Sensex rose 71.73 points or 0.43%, up close to 95 points from the day's low and off about 127 points from the day's high. Market breadth was positive. Both mid-cap and small-cap indices on BSE underperformed the Sensex.
Index heavyweight Reliance Industries (RIL) edged higher in volatile trade. However, another index heavyweight ICICI Bank declined. Auto stocks were mixed. Most IT stocks rose on hopes euro zone will take concrete steps to resolve the region's debt crisis. Interest rate sensitive realty stocks extended recent gains on hopes a slowing economy could prompt the Reserve Bank of India (RBI) to pause on rate increases this month. Most of the metal stocks gained. Pharma stocks declined.
Nifty December futures open interest increased to 22.56 million shares from 21.98 million shares. Most of the accumulation seems to be on the short side as indicated by FIIs index futures segment. FIIs turned net sellers to the tune of Rs2.16 billion along with an increase of 4.86% shares in open interest. With no incremental long accumulation observed in the up move and the subsequent short build up on a halt in the rally in the index suggest cautious sentiments prevailing in the street.
The Indian markets resumed the session marginally lower and then turned to a positive note. The Asian indices rose, with optimism returning ahead of this week’s crucial European meetings after a report that more rescue funding may be available to help the region. Heavyweights like RIL, Infy, HDFC Bank, ITC, L&T, SBI, HDFC and Tata Power are the strong contributors to the Sensex.
The Indian rupee opened at 51.33 per dollar.
All the sector are trading in green. The top most gainers are - BSE Power up by 1.40%, BSE IT up by 1.21%, BSE Realty up by 1.19%, BSE CG up by 1.01% and BSE Auto up by 1.01%.
The European shares mostly fell on Tuesday (December 06, 2011) and the euro hit a one-week dollar low after an S&P warning of a eurozone downgrade overshadowed news of a Franco-German plan to save the single currency.
The US stocks were mixed on Tuesday as investors continued to worry about Europe's economy but some became hopeful that an upcoming summit of European leaders would yield results that combat the sovereign-debt crisis.
The Asian stock markets rose on Wednesday (December 07, 2011) amid cautious optimism European leaders will deliver a comprehensive plan to contain the Continent's debt crisis. SGX Nifty was trading 38 points higher, suggesting a positive start for the Indian markets.
Mahindra & Mahindra plans to more than double the output of its much sought after premium SUV, XUV 5OO to 4,000 units within the next 6 months. (ET)
Ranbaxy Laboratories launched a generic version of Caduet, used for treating cardio vascular diseases, in the US market, as part of an agreement with Pfizer. (ET)
Hindalco Industries has plans to double its capacities with an investment outlay of over US$5bn. (ET)
The Indian markets ended on a flat note at the end of a lackluster trading session, as investors turned cautious ahead of a crucial week for the debt-plagued eurozone. The Government's flip-flop on the FDI in retail issue also dampened the mood slightly with retail stocks particularly taking a hit in today's trade.
Markets traded with a negative bias throughout the day. The NSE Nifty recovered after hitting an intra-day low of 5002. It managed to hold on to the crucial 5,000 level even as the India VIX jumped by over 4%.
The only courage that matters is the kind that gets you from one moment to the next. - Mignon McLaughlin.
Every moment seems to be bringing new promises and often new disappointments. For now Europe continues to hog the limelight amid optimism that leaders from the region will be able to chalk out a wide-ranging plan to tackle the long-running credit crisis at a summit scheduled for Dec. 9. In other words, investors are expecting a financial ‘bazooka’ that will combine the resources of an existing bailout fund with one that is planned for next year.
The market may open on a positive note tracking firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 27 points at the opening bell. The market remained closed on Tuesday, 6 December 2011, on account of Moharum.
Key benchmark indices snapped a three-day rally in a volatile trading session on Monday, (5 December 2011) on profit booking. The BSE Sensex fell 41.50 points or 0.25% to 16,805.33.
Foreign institutional investors (FIIs) bought shares worth Rs 146.73 crore on Monday, 5 December 2011, as per the provisional data from the stock exchanges. FIIs had bought shares worth Rs 1318.27 crore in three trading sessions from 30 November 2011 to 2 December 2011.