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Deloitte Haskins & Sells, the auditor of Financial Technologies (FT), has said the company’s results for the year ended March should no longer be relied upon due to the crisis at group company National Spot Exchange Ltd (NSEL). As a result, the company was deferring the passing of three items from its 25th annual general meeting on Wednesday, it said in a release to stock exchanges on Tuesday.
In a statement, Financial Technologies said: “Due to purported crisis at NSEL in the recent past and based on the communication of management of NSEL and the statutory auditor of NSEL on the financial statement of NSEL, the statutory auditors of the company on September 23, in accordance with Standard on Auditing 560 informed that the audit reports dated May 30 on the standalone and the consolidated financial statement of the company for the year March 31 should no longer be relied upon.”
Following this development, the company said the financial accounts may undergo amendment together with revised Auditors’ Report which will be approved and published once the accounts are finalised.
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Newer technologies such as social media, analytics and cloud computing (SMAC) will help India’s IT-BPO industry cross $225-billion-mark in revenues by 2020, according to a CII report.
These technologies have opened new avenues for the Indian IT-BPO vendors. Since globally companies are adopting SMAC technologies for operational efficiency, Indian IT-BPO vendors can develop their SMAC strategies, according to CII Report – ‘The SMAC Code – Embracing New Technologies for Future Business’ released at at CII Connect 2013.
SMAC enables companies leverage the cloud for storing huge volumes of multi-structured customer data, generated over mobile devices and social media and analyse these data sets for business advantage.
Industry estimates suggest that the global ICT spending will reach the $5-trillion mark by 2020 driven by the combination of social media, mobility, analytics and cloud. In 2012, SMAC approximately contributed about 20 per cent of the total ICT spending and they are collectively, growing at about 18 per cent year-on-year. At this rate, it is expected that these technologies will become 80 per cent of the total spending by 2020, the report said.
The Indian IT industry expanded from an $8 billion in 2000 to an estimated $ 108 billion in 2013. The industry took advantage of the vast pool of highly skilled resources available at low cost, and rode on the wave of application development and BPM services to spread its wings.
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BlackBerry Limited announced it has signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence.
Hyderabad-born Prem Watsa is the founder, chairman, and CEO of Fairfax Financial Holdings, based in Toronto. Often called the “Canadian Warren Buffett” he is an alumnus of the Hyderabad Public School, Begumpet and a graduate of the Indian Institute of Technology with a degree in Chemical Engineering.
The letter of intent contemplates a transaction in which BlackBerry shareholders would receive $9 in cash for each share of BlackBerry they hold, in a transaction valued at approximately $4.7 billion. The consortium would acquire for cash all of the outstanding shares of BlackBerry not held by Fairfax. Fairfax, which owns approximately 10 percent of BlackBerry’s common shares, intends to contribute the shares of BlackBerry it currently holds into the transaction.
The BlackBerry Board of Directors, acting on the recommendation of a special committee of the board of directors, approved the terms of the LOI under which the consortium, which is seeking financing from BofA Merrill Lynch and BMO Capital Markets, would acquire BlackBerry and take the company private subject to a number of conditions, including due diligence, negotiation and execution of a definitive agreement and customary regulatory approvals.
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The investment ideas of Warren Buffett is most basic and simple to implement. The beauty of his investment ideas is that they are so easy and logical that at timespeople overlook the same ideas even though it must have crossed their mind. These investment ideas of Warren Buffett has not only help the maestro to make billions but also stands as a guiding principles for every other investor of this world.
Warren Buffett’s investment ideas asks us to buy stocksof only those companies whose “fundamentals” are very strong and its stock is available at “undervalued price”. When we say strong fundamentals we mean a healthy financial report, unique product line which is run by exceptional managers.
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What To Do Today..........
Our Opininon for Today's Market.......
1.Market Looks Volatile.....
1.Some Insider Say NIfTy go up to 6200
What To Do Today........
Nifty....Today Face Resistence at......5960..5993..6082
Nifty.....Today Support at ...5875...5842...5802
Nifty Range...4200--------6600
TRACK ME RESEARCH......
NEXT TGT FOR
Sell Nifty Around 6200/6300
Our Opininon for Today's Market.......
1.Stock Specific Movement Expected Today ......
2.Midcaps Looks Good....
INTRADAY HOT STOCKS: 27/09/2013
uy pnb sl 476 tgt 490/498
buy coal ind sl 295 tgt 305/310
buy idfc sl 88tgt 95/98/102sell below 87
buy hexaware ab 126 tgt 129/133 sl 122
buy adani sl 140 tgt 155/160/165
buy yesbk sl 306 tgt 330/340
buy relinf sl 372 tgt 420*/440/460
buy zeel ab 222 sl 212 tgt 235/240/251/255
BUY SESAGOA SL 180 TGT 188/190/194 BUY ON DIP
UP SIDE WE HAVE EXIT CHANCE NO FRESH BUYING
L&T FINANCE HOLDINGS
(BSE TICKER-533519@ Rs.83/-)
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RBI TO ANNOUNCE NEW BANK LICENCE SOON
L&T HOLDINGS EXPCTED TO GET FIRST BANKING LICENCE !!!!
Rs.120/- Rs.150/-
Alert:- Our Subscriber's Long in Stock!!!
ZEE ENTRTAINMENT
(Bse Ticker-505537@ Rs.242/-)
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BIGGEST BULL RUN YET TO START!!!!
TARGET
Rs.800/- Rs.1200/-
NO IF & BUT!!!
SUVEN LIFE
(Bse Ticker-530239@ Rs.43/-)
Great--Great Breakout On Chart!!!!!
Yesterday Stock Closing Above Rs.36.30 Now Stock Heading to Rs.60/-
Company Also Declare Great Result!!!!
TARGET
Rs.55/- Rs.60/- SL Rs.32/-
Alert:--
In First Week Of September We Gave Buy Call On Suven Life @ Rs/38/- Stock Rise Almost 30% In Newt 3-4 Trading Session!!!!
Forget Short Term Movment
