Connect with us

Market Updates

UP Police to expand cyber crime wings following spurt in online frauds

Published

on

e-commerce, online payment


Taking note of the growing cases of online frauds, the Uttar Pradesh government has decided to set up a multi-tiered specialised cyber wing that would taper down to the police station level.


The cyber cells would investigate a gamut of online frauds involving e-commerce, digital currency (such as bitcoin), credit cards and e-wallets.



The wing would have a presence at police stations, districts, zones and headquarters for effective investigation of online crimes and speedy disposal of such cases.


UP Director General of Police, O P Singh, has instructed senior police officials, including zonal additional DGPs, inspectors general of police and range deputy IGs, senior superintendent of police (SSP) and SPs to complete the preliminary rollout of the cyber cells by October 15.


The cyber wing would have a ‘cyber crime team’ at the police station, manned by a police inspector, a sub inspector and two head constables. It would investigate cases of frauds involving ATM, credit card, e-wallet, fake profile and password hacking.


Similarly, the district cyber crime cell would handle more serious online offences, such as ecommerce, fake Twitter handle, website defacement and prizes/lotteries.


A cyber crime investigation team and a cyber crime support team would also function at the district level to assist the local cyber cells. They would each have four police personnel — an inspector, a sub-inspector and two head constables. The cell would also monitor the social media platforms for possible misuse and targetting of gullible users. The cell would further organise interactive programmes in schools and colleges to create awareness among students on the topic of cyber offences.


As per the cyber wing roadmap, crime branch assistant SP/deputy SP would be the in charge of the district level cyber cell and report to the district SP.


Meanwhile, the cyber cell at the zone level would investigate more complex and grave cyber crimes, including data theft, ransomware, digital/cryptocurrency, dark web, cyber terrorism, online extortion etc. A zonal cyber crime investigation team and a zonal cyber crime support team would assist zonal cyber arms in investigation.


A state-level cyber cell is already operational at the UP Police headquarters, which would monitor the functioning of all zonal, district and police station level arms.


Currently, specialised cyber police stations are functioning at Lucknow and Noida (Gautam Budh Nagar district). Taking cognisance of the growing instances of such of cybercrimes, there is the proposal to set up six more specialised cyber police stations at Agra, Kanpur, Bareilly, Varanasi, Gorakhpur and Prayagraj (Allahabad) to cover all eight police zones. Lucknow and Noida fall under Lucknow and Meerut zone respectively.


Last year, DGP O P Singh had also observed that proliferation of internet had widened the scope of cybercrimes.

“Publish

Market Updates

India asks OPEC not to cut oil production; seeks better commercial terms

Published

on

India asks OPEC not to cut oil production; seeks better commercial terms


Battling a slowing economy, India on Tuesday implored oil cartel OPEC to not undertake deeper crude oil production cuts as it renewed its pitch for reasonable pricing of oil and stability in supplies.


In a meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, Oil Minister Dharmendra Pradhan also pitched for better commercial terms for crude oil imports including reduction in official selling price, extension of credit period from existing 30 days to 90 days from bill of lading, freight discount and open credit based on creditworthiness of Indian state-run refineries.


“We discussed the present oil availability scenario,” he told reporters here. “Organization of the Petroleum Exporting Countries (OPEC) is now taking cognizance of consumer interest in deciding on its policies.”

The oil cartel, he said, will meet in December and hoped it would not announce new cuts in production.


“We hope that in the current geopolitical situation, OPEC does not exercise greater production cuts. We sincerely believe that crude prices should be left to market forces of demand and supply. We have been consistently advocating maintaining an optimal balance between the producers and consumers for responsible pricing, which balances the interests of both the producer and consumer,” he said.


Pradhan said the voice of India, the world’s third-largest energy consumer behind the US and China, is now being heard and OPEC Secretary-General has been taking its views to the meetings of the producers.


OPEC nations led by Iraq and Saudi Arabia supply more than 80 per cent of India’s oil needs and any cut in output is likely to push up prices – something that a slowing economy cannot afford.


He said OPEC members such as Abu Dhabi have been very supportive of making up any production shortfall in the aftermath of attacks on Saudi oil facilities.


Indian companies have started exploring alternate sources for crude oil, to ensure that import basket is widely spread out, to counter any eventuality of a sudden supply shortage.


The minister said he is encouraging Indian firms to look for investment opportunities in producing assets. “Our companies are engaged with OPEC member countries for further investment opportunities.”






India, he said, attaches a lot of importance to the IndiaOPEC Institutional Dialogue and New Delhi looks forward for the fourth round at mutually convenient dates.


Earlier speaking at the India Energy Forum of CERAWeek, Barkindo said India’s enthusiasm for producer and consumer dialogue has contributed enormously to OPEC’s success in restoring sustainable stability to the world oil market.


India, he said, is one of the major drivers of global economic and oil demand growth. “Our latest figures for India show that oil demand increased in August by 0.12 million barrels per day (mb/d) for the second month running with a total consumption of 4.61 mb/d. The country’s oil demand growth in 2019 is estimated at 0.14 mb/d year-on-year, accounting for 15 per cent of global oil demand growth.”

While world oil demand is expected to rise by 14.5 mb/d, increasing from 97.2 mb/d in 2017 to nearly 112 mb/d in 2040, India will account for oil demand growth of 5.8 mb/d, which represents an astonishing 40 per cent of the overall increase. “India is projected to see the largest additional oil demand and the fastest growth (3.7 per cent per annum) in the period to 2040,” he said.


He said OPEC demonstrated repeatedly its commitment to sustainable stability, even during unprecedented events like the attacks on Saudi Arabia’s oil facilities one month ago.


“In the immediate aftermath of these shocking attacks, Saudi Arabia moved swiftly to ensure a stable supply to the global market as it worked to restore its production capacity. Its exemplary handling of the situation very quickly stabilized markets and allayed concerns about supply disruptions,” he said. “Additionally, the oil industry is in a much stronger position today to deliver a sustainable energy supply than it was just three years ago.”

He said OPEC has been since 2016 adjusting productions by the ‘Declaration of Cooperation’ which provides for a durable foundation for the opportunity to facilitate dialogue with consumers; promote a better understanding of market fundamentals; support energy sustainability, and promote technological advancement.


“OPEC does not believe in one-way streets. Throughout the ‘Declaration’ process we’ve been diligent in listening to the views of India and other oil-consuming nations. The ‘Charter’ provides a further means to engage in a constructive and consultative process,” he said.

 

“Publish
Continue Reading

Market Updates

Q2 preview: Refining margins may pump up Reliance Industries earnings

Published

on

(From right) Mukesh Ambani, CMD of RIL, with wife Nita Ambani and mother Kokilaben Ambani 	photo: bloomberg


With an improvement in refining margins, Reliance Industries (RIL) is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals (petchem) and a lower tax rate benefit for the retail and telecom businesses.


RIL will report its financial performance for the September 2019 quarter on Friday.



In a Bloomberg poll, 10 analysts estimated RIL’s consolidated net profit at Rs 11,256 crore and nine analysts estimated revenue at Rs 1.5 trillion. Brokerages like Centrum see the highest-ever consolidated earnings prospect for the company. In the September 2018 quarter, RIL reported a consolidated net profit of Rs 9,516 crore.


RIL’s refining business is expected to make a comeback in the September quarter, owing to higher margins. Analysts have pegged estimated gross refining margins (GRMs) in the range of $9.5 per barrel and $10.5 per barrel. This would be a turnaround from the $8.1 per barrel GRM reported in the June quarter, which was the lowest since October-December 2014.


“We expect September quarter GRMs at $9.5 per barrel, up from $8.1 per barrel during the June quarter, on the back of higher key product margins of diesel, gasoline, and jet fuel. The attack on Saudi Aramco oil processing facilities pushed gasoline margins to its highest level since 2018,” said analysts with BNP Paribas in their note. Analysts expect refining strength to offset petchem weakness.


Q2 preview: Refining margins may pump up Reliance Industries earnings


While the petchem segment is expected to be weak, other businesses like retail and telecom are expected to show steady results. “ While the petchem environment has weakened, we believe RIL’s ability to switch feedstock to gas for as much as 60-70 per cent of its requirement should limit the petchem margin decline quarter-on-quarter (QoQ),” said analysts with JPMorgan. They added, “Retail should be another strong quarter, though year-on-year (YoY) growth rates should come off essentially on a higher base. We forecast Reliance Jio’s earnings before interest, tax, depreciation and amortisation at Rs 5,010 crore, up 7 per cent QoQ, driven by continued strong subscriber growth.”


The telecom and retail business is also expected to benefit from lower tax rates, according to analysts with Nomura. At the consolidated level, in the Bloomberg poll, only one brokerage shared a pre-tax profit estimate for RIL, which was at Rs 15,560 crore for the September 2019 quarter. In a Kotak brokerage report, analysts pegged estimated profit before tax at Rs 14,918 crore for the September quarter, compared to Rs 13,197 crore in the same quarter a year ago.


Analysts with Bank of Baroda expect RIL’s retail earnings growth to witness slowdown, in line with macro trends across India. The brokerage estimated earnings before interest and tax at Rs 1,500 crore, a rise of 18 per cent YoY, but down 17 per cent sequentially.


In the post-results management guidance, analysts will look for further update on the company’s deleveraging plans. At RIL’s annual general meeting (AGM) in August, Group Chairman Mukesh Ambani announced plans to become zero net-debt company in 18 months. At the same AGM, Ambani also announced a proposed investment by Saudi Aramco in RIL’s oil-to-chemicals division.


Analysts on Friday will look for more details on this proposed deal and a commentary on expectations with regard to the Indian Maritime Organization (IMO) regulations.


The new IMO regulations require ships to use cleaner fuel starting January 2020, which are expected to improve the refining prospects for RIL.

“Publish
Continue Reading

Market Updates

NCDEX’s turnover halved in two weeks over castor seed futures default

Published

on

Agriculture, farm


The turnover of National Commodity & Derivatives Exchange (NCDEX), India’s largest futures trading platform for agricultural commodities, has declined by 54 per cent the past two weeks due to little interest on the part of traders in these commodities, after dozens of clients defaulted in castor seed contracts.


Total turnover on the exchange fell below the Rs 1,000-crore mark on Tuesday from Rs 2,179 crore recorded on September 30. The share of castor seeds, which was about a fourth of the total in September, at Rs 538 crore, came down to 8.9 per cent yesterday, at about Rs 75 crore.



“The decline in turnover is due to the elimination of defaulting clients. Brokers are strengthening their risk management systems to avoid such defaults. Once risk management is in place, new clients and members will join the trade,” said Vijay Kumar, Managing Director and Chief Executive Officer, NCDEX.


While the turnover on any exchange varies depending upon the volatility in commodity prices and traders’ interest in a specific product or sector as a whole. But, traders attribute the current decline to the impact of brokers’ disinterest in farm commodities after they incurred huge losses in castor seed in the recent past.


“Dozens of commodity traders (clients) defaulted, following huge losses in castor seed contracts, which turned very volatile in September, creating panic in futures trading in farm commodities. The continuous change in regulations and levy of margins following their subsequent withdrawal left many brokers high and dry. Around a dozen brokers have either decided to stop trading in agricultural commodities or are re-assessing the risk in this business,” said an industry expert.


An official from Motilal Oswal Financial Services Ltd confirmed that his firm is re-assessing the business and has taken precautionary measures and stopped fresh position in agri futures.


A senior official at another large broking firm from Mumbai also confirmed it wan’t accepting new orders from clients in the farm commodity space.


Some brokers claim to have lost all their working capital and taken a hit in multiples of the base minimum capital in castor seed trade.


An NCDEX spokesperson said, “Recently, the Exchange has issued two circulars with regard to castor seed futures, wherein it has revised the concentration margin and given the details of applicability of ASM margin. The Exchange has started further strengthening risk management framework to avoid any such cases in future. The Exchange is interacting and consulting with the various stakeholders to understand their views and feedback on various steps initiated by the Exchange.”


The Exchange will further strengthen ecosystem based on suggestions received from the market participants.”


A fortnight ago, the NCDEX had increased margins to discourage the sale of castor seed, which hit the lower circuit six days in a row. The absence of buyers on the exchange platform raised apprehensions of cartelisation by bears in castor seed. The exchange has put the clients’ inventory on sale.


Meanwhile, about half a dozen brokers and some of their clients met Sebi officials recently to discuss ways to restore traders’ confidence in farm commodities.


A broker who was a member of the delegation, said on condition of anonymity, “Sebi officials did not favour the idea of a ban on castor seed contract, saying the suspension would send a wrong signal to the farm commodity futures market. The regulator is considering allowing mutual funds in agri commodities to deepen the market further.”


“Also, exchanges are in the process of starting indices trading by the end of current year. The suspension of contract will have a negative bearing on agri futures,” the Sebi official argued.

“Publish
Continue Reading

Trending

Technology22 mins ago

Now, ask Alexa to pay utility bills as Amazon adds voice-based feature

In yet another step towards making online buying and other services completely voiced-based and hinged on its...

India asks OPEC not to cut oil production; seeks better commercial terms India asks OPEC not to cut oil production; seeks better commercial terms
Market Updates39 mins ago

India asks OPEC not to cut oil production; seeks better commercial terms

Battling a slowing economy, India on Tuesday implored oil cartel OPEC to not undertake deeper crude oil...

West Bengal Lottery Result1 hour ago

MAHARASHTRA STATE LOTTERIES SURBHI BUDH WEEKLY LOTTERY RESULT TODAY AT 04:30 PM ON 16/10/2019

MAHARASHTRA STATE LOTTERIES SURBHI BUDH WEEKLY LOTTERY RESULT TODAY AT 04:30 PM

(From right) Mukesh Ambani, CMD of RIL, with wife Nita Ambani and mother Kokilaben Ambani 	photo: bloomberg (From right) Mukesh Ambani, CMD of RIL, with wife Nita Ambani and mother Kokilaben Ambani 	photo: bloomberg
Market Updates1 hour ago

Q2 preview: Refining margins may pump up Reliance Industries earnings

With an improvement in refining margins, Reliance Industries (RIL) is expected to report a strong quarter for...

West Bengal Lottery Result2 hours ago

GOA STATE LOTTERIES RAJSHREE BUDH DHAMAL WEEKLY LOTTERY RESULT TODAY AT 06:30 PM ON 16/10/2019

GOA STATE LOTTERIES RAJSHREE BUDH DHAMAL WEEKLY LOTTERY RESULT TODAY AT 06:30 PM

Sports2 hours ago

Pro Kabaddi 2019, Semifinal 2: All you need to know about Bengal Warriors

Bengal Warriors will be coming into the semifinal 2 of Pro Kabaddi after a rest of six days...

Agriculture, farm Agriculture, farm
Market Updates2 hours ago

NCDEX’s turnover halved in two weeks over castor seed futures default

The turnover of National Commodity & Derivatives Exchange (NCDEX), India’s largest futures trading platform for agricultural commodities,...

Sports2 hours ago

Pro Kabaddi 2019 Live score: Delhi take on Bengaluru in semifinal 1 today

In today’s Pro Kabaddi 2019 match, the semifinal 1 will be played between Dabang Delhi and Bengaluru Bulls at the...

BSE, sensex BSE, sensex
Market Updates3 hours ago

Market Wrap, Oct 16: Sensex gains 93 pts, Nifty ends at 11,472

Domestic equities ended Wednesday’s lacklustre trading session in the positive territory. Buying in counters such as financials,...

sovereign bond sovereign bond
Market Updates3 hours ago

Will govt meet its fiscal deficit target? Bond traders are too skeptical

Most Indian traders are acting like the best days of the bond market are behind it as...

Trending