The Securities Exchange Board of India (SEBI) stated recently that system audits of mutual funds in India must be conducted by CISA/CISM-certified (or equivalent) auditors. ISACA, a global association of 86,000 IT and business professionals and a provider of IT knowledge and certifications, believes that this is a crucial step undertaken by SEBI, considering the importance of systems audit in the technology-driven asset management activity.
After trading in the range of 15,100-16,000 during the period between the middle of July and September 7, 2009, the BSE Sensex has finally crossed and closed above the upper band. Not only has the Sensex doubled from its multi-year lows (on March 9), even price to earnings (P/E) has jumped almost 100 per cent from 10.9 times in March to 19.44 times now. The Sensex has outperformed the world markets with only Hang Seng coming close to it with 74 per cent return. The markets in Europe, US and Japan are almost half way through the Sensex rise.
The shipping ministry has objected to environment ministry s proposal to draft a new policy on development of ports, fearing that it could prove fatal for the government s ambitious National Maritime Development Programme (NMDP). The opposition to the proposal has been conveyed in a letter written by shipping minister GK Vasan to minister of state (independent charge) for environment and forest Jairam Ramesh. Expressing his reservations, Vasan has asked the environment ministry to give a green signal to ongoing projects under NMDP, a four-year-old programme that has failed to catch the desired pace till now. He also demanded expedited environment clearance ...
The State Bank of India (SBI) has turned down any chance of hike in interest rates in its credit portfolio in the coming six months. The bank also thinks the stimulus packages announced by the government should not be withdrawn suddenly. Instead, it should be allowed to continue till real growth was witnessed in the economy. Regardless of what happens to inflation, I don t think there would be any increase in interest rates in the next six months, said SBI chairman OP Bhatt. He was interacting with the reporters after honouring 22 of the bank s Patna circle achievers. With the ...
The profitability of Indian automobile majors could be under pressure in 2010-11 with raw material prices hardening, an expected hike in the excise duty and new emission norms set for next year. Operating margins for major players are expected to come in at between 10% and 12% and may be lower than those that they report for 2009-10. So far, margins in the current year have been reasonably good at around 14%, thanks to lower prices of steel, plastic and natural rubber. Raw material costs, which accounted for 66% of net sales last year, fell to around 55% in the ...
For the better part of the year 2008 and 2009, analysts have been predicting a glut of cement in the market and a consequent drop in prices. The huge supply of an estimated 75 million tonnes of capacity, they said, was expected to come on stream during 2009-10 and 2010-11 on the back of about 29 million tonnes having been added in 2008-09. As a result, prices, they believed, would come off by about 7-8% in 2010-11 and bottom out only some time in the middle of 2011-12. Meanwhile, demand is expected to grow at around 9% this year and ...
As the market picked up the pieces from the global meltdown and inched back to its glorious milestones, the Tata group has leapt ahead of the bourses this year. Thirty-one companies from the salt-to software conglomerate saw their combined market capitalisation soar by more than Rs 2 lakh crore, or by over 150%, in 2009 (up to December 24, 2009). The jewel in the Tata crown, Tata Consultancy Services, had a rocking year, with its M-cap trebling, by 213%. Investors in Mukesh Ambani s Reliance Industries group were also rewarded handsomely. The combined market capitalisation of the group swelled more than ...
