New software enables IPO application via SMS

initial public offers

Applying for initial public offers (IPOs) could now be possible by just sending an SMS from mobile phones, courtesy a software developed by Vadodara-based Ekkay Magic.

Known as SMS IPO, the software enables an average investor to file IPO applications without filling the lengthy subscription forms.

The software works in such a way that investors already registered with stock brokers will be informed about IPOs via SMS alerts to their cell phones. All that the interested investors will have to do is to reply in a pre-defined format. The investment details received from investors and the customer information identified through their cellphone number will be captured and recorded at the stock brokers’ end.

BS

Pakistan asks for information

ISLAMABAD/NEW DELHI, Aug 18: A day after Indian Prime Minister Manmohan Singh said terror groups based in Pakistani territory were plotting attacks against India, Pakistan on Tuesday said it couldn’t take such remarks “lightly” and asked New Delhi to share information on such threats. “If the (Indian) Prime Minister says something like this, we can’t take it lightly,” Pakistan’s Foreign Minister Shah Mahmood Qureshi told reporters on the sidelines of an official function in Islamabad.

“If there is such information with (India), share it with the Government of Pakistan so that we can pre-empt such an act,” he said. “We have conveyed this to them and let’s see what is their response,” he added.

Rupee crosses 49 mark, closes at 48.95

Rupee crosses 49 mark, closes at 48.95
Date : Aug-18-2009 10:07



Due to the declining equity markets, the Indian rupee was affected where on August 17 it dropped down by 71 paise to close at a one-month low of 48.95/96 against the dollar. Moreover, due to the hope of increased capital outflows and huge dollar buying by foreign funds, it recorded the largest fall in absolute terms in more than three months.

In addition, the domestic unit resumed sharply lower at 48.53/54 a dollar from last Friday''s close of 48.24/25 per dollar at the inter bank foreign exchange trade while later it moved further lower to cross 49 level to a low of 49.02 before ending the day at 48.95/96 a dollar, a fall of 1.47%. However, due to the slow global markets along with the low monsoon, the Indian standard sensex fell by 626.71 points or 4.07%.

Sharma to unveil foreign trade policy on August 27

Sharma to unveil foreign trade policy on August 27
Date : Aug-18-2009 10:33



In order to discuss the details of the new five-year Foreign Trade Policy (FTP) which is to be unveiled on August 27, Union Commerce and Industry Minister Anand Sharma met Union Finance Minister Pranab Mukherjee. However, the new FTP is likely to look into the problems of exporters due to the huge slump in their traditional markets of the U.S. and the European Union and in addition it would give some incentives to exporters to broaden their global markets outside the U.S., the EU and Japan and venture into new markets including those of Africa.

Additionally, it is said that the government could give support but however, would not be able to create demand in the Western economies which were contracting. Moreover, the policy would outline the priority sectors as also sops, besides focusing on employment and labour intensive areas like textiles, leather, gems and jewellery, and handicrafts.