1. The proposed program of the Government of the United States to purchase assets and
equity from financial institutions in order to strengthen its crumbling financial sector has been named as________.
(a) Funding Strategies for Troubled Assets
(b) Troubled Asset Relief Program
(c) Financial Sector Stress Test Program
(d) Fiscal Stimulus and Asset Relief program
2. Which of the following is NOT a subsidiary or joint venture of the multinational
conglomerate Tata Group?
(a) Infiniti Retail (b) North Delhi Power
(c) Titan Industries (d) Bharati Shipyard
3. The type of influenza virus causing the deadly Swine Flu that is paralyzing societies and economies across the world is
(a) A (H1N1) (b) A (H5N1)
(c) Influenza B (d) A (H2N2)
4. In a recent list of 'America's Best CEOs’ for 2009, compiled by the Institutional Investor magazine, three Chief Executives of Indian origin have found a place – Indra Nooyi (Pepsico), Francisco D’souza (Cognizant Technology Solutions) and Ramani Ayer. Ayer is the CEO and President of:
(a) Hartford Financial Services (b) Aflac Insurance
(c) Cisco Systems Inc (d) ADP (Automatic Data Processing)
5. Italian carmaker Fiat is now ready to takeover bankrupt US auto major Chrysler.
Which of the following auto brands is also being considered by Fiat for prospective
acquisition?
(a) Skoda (b) BMW
(c) Opel (d) Escort
6. The neighbouring country, Nepal witnessed political turmoil yet again following the resignation of Prime Minister Prachanda. His resignation came in as a protest against the reinstatement (by the President) of the Army Chief, who had been sacked by the government for his unwillingness to recruit soldiers from the ranks of the former Maoist army. Name the Army General.
(a) Rookmangud Katawal (b) Pushpa Kamal Dahal
(c) Ram Baran Yadav (d) Girija Koirala
7. Team Chennai Super kings playing in the IPL 2009 Cricket Tournament is owned
by_______.
(a) Shahrukh Khan (b) Shilpa Shetty
(c) India Cements (d) GMR Group
8. The Chief Minister of Bihar, Nitish Kumar belongs to which of the following party?
(a) Samajwadi Party (b) Janata Dal (U)
(c) Rashtriya Lok Dal (d) Telugu Desam Party
9. Name the famous military leader whose novel “Clisson et Eugénie” is all set to be
released in English and will reveal a less-known romantic side of a personality known
for his territorial and political leadership.
(a) Adolf Hitler (b) Charles de Gaulle
(c) Francisco Franco (d) Napoleon Bonaparte
10. Name the Indian Chief Executive who had been honoured with a CBE (Commander
of the Order of the British Empire) by Queen Elizabeth II for his contribution to Indo-British economic relations.
(a) Kris Gopalakrishnan (b) Aditya Puri
(c) Mukesh Ambani (d) S Ramadorai
11. This is a brand of automobiles first produced in 1926, and sold in the United States, Canada and Mexico by General Motors (GM), marketed as an "athletic" brand
specializing in mainstream performance vehicles. Amid ongoing financial problems
and restructuring efforts, GM announced that it would phase out the brand by the end
of 2010. Name the brand.
(a) Pontiac (b) Cadillac
(c) Buick (d) Gmc
12. Which of the following bank has received Asian Banker’s award for best retail bank
in the year 2008?
(a) UTI (b) IDBI
(c) ICICI (d) HDFC
13. The world’s top cell phone maker Nokia has launched a new store to compete with
Apple’s hugely successful App store, which will have over 20000 application items
that can run on Nokia phones. What is the name of the store?
(a) Nokia Ovi (b) Nokia Nook
(c) NokStore (d) Nokia Digitization
14. Who is the Managing Director of the International Monetary Fund (IMF)?
(a) Pascal Lamy (b) Dominique Strauss-Kahn
(c) Koichiro Matsuura (d) Ban ki Moon
15. There are three Indians on a recent list of ‘most influential people on the planet’ released by Time Magazine in April 2009. Who among the following is NOT on the aforementioned list?
(a) Sonia Gandhi (b) Ronnie Screwvala
(c) Ratan Tata (d) Narayana Murthy
Answer Key
1.( b) 2.( d) 3.( a) 4.( a) 5.( c) 6.( a) 7.( c) 8.( b) 9.( d) 10.( d)
11.( a) 12.( d) 13.( a) 14.( b) 15.( d)
Friday, February 4, 2011
DLF PROMOTERS RAISE RS 3860 CRORE BY SELLING 10% STAKE
The money raised will be used to buy back DE Shaw stake in DLF Assets ad also to invest in DLF Assets. Promoters of the country’s largest real estate firm DLF Ltd have sold shares worth Rs 3,860 crore ($780 million) representing 9.9% to
institutional investors in the open market. The funds raised will be pumped into another privately held realty firm DLF Assets Ltd (DAL), which owes
the public listed firm around Rs 4,900 crore ($1 billion). DLF Assets purchases commercial properties from DLF and leases them out.
The transaction was done at a price of Rs 230 per share, a discount of 2.6% to the previous day's closing price. It was executed by Deutsche Bank and JP Morgan. More importantly, this could boost the share price as the free float has gone up from 11.4% to 21.3% which would bring in new investors in the company.
After this transaction promoters holding will go down from 88.6% to 78.7%. DLF, Vice
Chairman, Rajiv Singh, has said that the promoters are not looking to dilute any more holding in the near future.
Details of who were the buyers in the deal is not available yet but large existing institutional shareholders of DLF-- Capital International Fund, HSBC Holdings and Fidelity were among those who picked the stake.
institutional investors in the open market. The funds raised will be pumped into another privately held realty firm DLF Assets Ltd (DAL), which owes
the public listed firm around Rs 4,900 crore ($1 billion). DLF Assets purchases commercial properties from DLF and leases them out.
The transaction was done at a price of Rs 230 per share, a discount of 2.6% to the previous day's closing price. It was executed by Deutsche Bank and JP Morgan. More importantly, this could boost the share price as the free float has gone up from 11.4% to 21.3% which would bring in new investors in the company.
After this transaction promoters holding will go down from 88.6% to 78.7%. DLF, Vice
Chairman, Rajiv Singh, has said that the promoters are not looking to dilute any more holding in the near future.
Details of who were the buyers in the deal is not available yet but large existing institutional shareholders of DLF-- Capital International Fund, HSBC Holdings and Fidelity were among those who picked the stake.
DLF PROMOTERS RAISE RS 3860 CRORE BY SELLING 10
The money raised will be used to buy back DE Shaw stake in DLF Assets ad also to invest in DLF Assets. Promoters of the country’s largest real estate firm DLF Ltd have sold shares worth Rs 3,860 crore ($780 million) representing 9.9% to
institutional investors in the open market. The funds raised will be pumped into another privately held realty firm DLF Assets Ltd (DAL), which owes
the public listed firm around Rs 4,900 crore ($1 billion). DLF Assets purchases commercial properties from DLF and leases them out.
The transaction was done at a price of Rs 230 per share, a discount of 2.6% to the previous day's closing price. It was executed by Deutsche Bank and JP Morgan. More importantly, this could boost the share price as the free float has gone up from 11.4% to 21.3% which would bring in new investors in the company.
After this transaction promoters holding will go down from 88.6% to 78.7%. DLF, Vice
Chairman, Rajiv Singh, has said that the promoters are not looking to dilute any more holding in the near future.
Details of who were the buyers in the deal is not available yet but large existing institutional shareholders of DLF-- Capital International Fund, HSBC Holdings and Fidelity were among those who picked the stake.
institutional investors in the open market. The funds raised will be pumped into another privately held realty firm DLF Assets Ltd (DAL), which owes
the public listed firm around Rs 4,900 crore ($1 billion). DLF Assets purchases commercial properties from DLF and leases them out.
The transaction was done at a price of Rs 230 per share, a discount of 2.6% to the previous day's closing price. It was executed by Deutsche Bank and JP Morgan. More importantly, this could boost the share price as the free float has gone up from 11.4% to 21.3% which would bring in new investors in the company.
After this transaction promoters holding will go down from 88.6% to 78.7%. DLF, Vice
Chairman, Rajiv Singh, has said that the promoters are not looking to dilute any more holding in the near future.
Details of who were the buyers in the deal is not available yet but large existing institutional shareholders of DLF-- Capital International Fund, HSBC Holdings and Fidelity were among those who picked the stake.
Need to Change Archaic Juvenile Act: Kasab's Lawyer
The trial of Ajmal Amir Kasab, the sole surviving terrorist caught in the November 26 attacks, has thrown up the possibility of minors being used for terror attacks and time has come for the country to strengthen the Juvenile Justice Act to deal with such impending menace, special public prosecutor Ujjwal Nikam has said.
After Kasab unsuccessfully attempted to plead that he was a juvenile, a
possibility arises that terror groups might use minors to carry out suicide attacks, he warned. "Juvenile offenders are likely to infiltrate into the country. Time has come to change the archaic Juvenile Justice Act to ensure that terror suspect below the age of 18 should be tried under the stringent laws," said Nikam.
Recently, the Act was amended to increase the age of juvenile from 16 to 18 years. Even that would not suffice for a juvenile terrorist as there was no provision under the Act to award rigorous imprisonment like death penalty, Nikam said. A juvenile convict cannot be tried in a
regular court but only before a juvenile authority which does not award punishment even if guilt is proved, said Nikam.
Nikam said similar to Kasab, who had attempted to prove himself to be a juvenile to escape punishment taking advantage of the lenient Act, "Many young people are being brainwashed And used by terror groups and our existing laws are inadequate," Nikam said.
Nikam justified the need for examining FBI officials in Kasab trial saying it would help them provide the evidence in regard to phone calls made to Karachi during the attacks. The public prosecutor also favoured setting up of special courts to try terror cases just as was done in the case of 1993 Mumbai serial bomb blasts for speedy disposal. "There is a requirement that an anti-terror court should handle only one case. As of now, the condition is such that most anti-terror courts are handling multiple cases which delays the judgement", Nikam said. However, he opposed holding summary trials saying that trials should be held in a transparent manner giving a fair opportunity to an accused to defend himself.
Kasab, a resident of Faridkot in Pakistan, and two other alleged Indian Lashkar-e-Toiba operatives are facing trial for their alleged involvement in Mumbai terror attacks that killed 166 persons and injured 234.
Nikam said police had accumulated sufficient evidence against all the three accused. "In the case of Faheem Ansari and Sabauddin Ahmed, there were no confessions and we will be relying purely on evidence obtained to prove their guilt”.
Sharing his thoughts on the behaviour of Kasab during the trial, Nikam said he is not only been trained in terror warfare but also given training to escape the clutches of law by "dishonest" means. "Kasab said his age was 21 years to the Jailor and Doctor who examined him after his arrest but in the court he pleaded he was 17," he added.
After Kasab unsuccessfully attempted to plead that he was a juvenile, a
possibility arises that terror groups might use minors to carry out suicide attacks, he warned. "Juvenile offenders are likely to infiltrate into the country. Time has come to change the archaic Juvenile Justice Act to ensure that terror suspect below the age of 18 should be tried under the stringent laws," said Nikam.
Recently, the Act was amended to increase the age of juvenile from 16 to 18 years. Even that would not suffice for a juvenile terrorist as there was no provision under the Act to award rigorous imprisonment like death penalty, Nikam said. A juvenile convict cannot be tried in a
regular court but only before a juvenile authority which does not award punishment even if guilt is proved, said Nikam.
Nikam said similar to Kasab, who had attempted to prove himself to be a juvenile to escape punishment taking advantage of the lenient Act, "Many young people are being brainwashed And used by terror groups and our existing laws are inadequate," Nikam said.
Nikam justified the need for examining FBI officials in Kasab trial saying it would help them provide the evidence in regard to phone calls made to Karachi during the attacks. The public prosecutor also favoured setting up of special courts to try terror cases just as was done in the case of 1993 Mumbai serial bomb blasts for speedy disposal. "There is a requirement that an anti-terror court should handle only one case. As of now, the condition is such that most anti-terror courts are handling multiple cases which delays the judgement", Nikam said. However, he opposed holding summary trials saying that trials should be held in a transparent manner giving a fair opportunity to an accused to defend himself.
Kasab, a resident of Faridkot in Pakistan, and two other alleged Indian Lashkar-e-Toiba operatives are facing trial for their alleged involvement in Mumbai terror attacks that killed 166 persons and injured 234.
Nikam said police had accumulated sufficient evidence against all the three accused. "In the case of Faheem Ansari and Sabauddin Ahmed, there were no confessions and we will be relying purely on evidence obtained to prove their guilt”.
Sharing his thoughts on the behaviour of Kasab during the trial, Nikam said he is not only been trained in terror warfare but also given training to escape the clutches of law by "dishonest" means. "Kasab said his age was 21 years to the Jailor and Doctor who examined him after his arrest but in the court he pleaded he was 17," he added.
TATA SONS SELLS 1% TCS SHARES
Tata Sons, the primary holding company of the Tata group raised Rs
633.4 crore by selling 10.32 million shares of Tata Consultancy
Services in a bulk deal on the National Stock Exchange. The shares,
amounting to 1.05 per cent stake in India’s largest software exporter,
were held by Tata Ltd, a UK-based subsidiary of Tata Sons. The shares
were sold at Rs 615 per share.
The holding company of one of India’s largest business houses has
raised the money when its companies are facing a fund crunch. Tata
Motors, the country’s largest commercial vehicle maker, is in the
process of raising a $2 billion loan to refinance the remaining part of
the bridge loan it took to acquire Jaguar and Land Rover brands last
year. “With Tata Sons’ increased participation in its group companies’ investment requirements, Crisil expects the company’s capital structure to deteriorate from the present level over the medium term,” said the Mumbai-based credit rating agency in a note last month.
The company is also in the process of raising Rs 500 crore through issuance of bonds. Crisil has assigned AAA rating to the non-convertible debenture issue of the company.
“Tata Sons’ superior financial flexibility arises from its ability to raise additional funds by sale or pledge of shares of Tata Consultancy Services Ltd,” the Crisil had said in its note.
Tata Sons continues to directly hold 73.75 per cent in TCS. The stake was valued Rs 45,835 crore on Wednesday. Tata Sons is expected to continue to fund its participation in group companies through a judicious mix of debt and sale of investments. As the group’s primary holding company, the earnings of Tata Sons primarily come from dividends and sale of investments. Tata Sons had Rs 2,892 crore as cash and cash equivalents by the end of March 31, 2009, showing high liquidity.
633.4 crore by selling 10.32 million shares of Tata Consultancy
Services in a bulk deal on the National Stock Exchange. The shares,
amounting to 1.05 per cent stake in India’s largest software exporter,
were held by Tata Ltd, a UK-based subsidiary of Tata Sons. The shares
were sold at Rs 615 per share.
The holding company of one of India’s largest business houses has
raised the money when its companies are facing a fund crunch. Tata
Motors, the country’s largest commercial vehicle maker, is in the
process of raising a $2 billion loan to refinance the remaining part of
the bridge loan it took to acquire Jaguar and Land Rover brands last
year. “With Tata Sons’ increased participation in its group companies’ investment requirements, Crisil expects the company’s capital structure to deteriorate from the present level over the medium term,” said the Mumbai-based credit rating agency in a note last month.
The company is also in the process of raising Rs 500 crore through issuance of bonds. Crisil has assigned AAA rating to the non-convertible debenture issue of the company.
“Tata Sons’ superior financial flexibility arises from its ability to raise additional funds by sale or pledge of shares of Tata Consultancy Services Ltd,” the Crisil had said in its note.
Tata Sons continues to directly hold 73.75 per cent in TCS. The stake was valued Rs 45,835 crore on Wednesday. Tata Sons is expected to continue to fund its participation in group companies through a judicious mix of debt and sale of investments. As the group’s primary holding company, the earnings of Tata Sons primarily come from dividends and sale of investments. Tata Sons had Rs 2,892 crore as cash and cash equivalents by the end of March 31, 2009, showing high liquidity.
INDIAN GOVERNMENT TRANFERS 28000 CRORE FROM MSS ACCOUNTS
The Reserve Bank of India (RBI) said the government had transferred Rs 28,000 crore from the account maintained for the Market Stabilisation Scheme (MSS) to the normal cash account to fund expenditure. The decision to transfer the funds was taken after reviewing the cash position, the RBI said.
It may be recalled that the outstanding borrowing of the government from the RBI was Rs 40412 crore. This was more than the limit of Rs 20000 crore set under the agreement for Ways and Means Advances (WMA). After the transfer, the government is now backing within the WMA limit of Rs 20,000 crore. According to the agreement with the RBI, if the WMA borrowing stays above Rs 20,000 crore in April-September
for 10 successive business days, the government will have to draw it down by issuing securities to the market.
While borrowing under WMA is at the repo rate, currently 4.75 per cent, any overdraft is at 2 per cent above repo, or 6.75 per cent.
The RBI said based on the emerging fund requirements of the government, Rs 33,000 crore of MSS balances would be de-sequestered against the approved market borrowing
programme or bought back in the fiscal year 2009-10. The MSS outstanding as on May 2,
2009, is Rs 42,773 crore (face value).
In a parallel operation, an equivalent amount of government securities in the MSS portfolio will now form part of the normal borrowing of the government of India for fiscal year 2009-10.
It may be recalled that the outstanding borrowing of the government from the RBI was Rs 40412 crore. This was more than the limit of Rs 20000 crore set under the agreement for Ways and Means Advances (WMA). After the transfer, the government is now backing within the WMA limit of Rs 20,000 crore. According to the agreement with the RBI, if the WMA borrowing stays above Rs 20,000 crore in April-September
for 10 successive business days, the government will have to draw it down by issuing securities to the market.
While borrowing under WMA is at the repo rate, currently 4.75 per cent, any overdraft is at 2 per cent above repo, or 6.75 per cent.
The RBI said based on the emerging fund requirements of the government, Rs 33,000 crore of MSS balances would be de-sequestered against the approved market borrowing
programme or bought back in the fiscal year 2009-10. The MSS outstanding as on May 2,
2009, is Rs 42,773 crore (face value).
In a parallel operation, an equivalent amount of government securities in the MSS portfolio will now form part of the normal borrowing of the government of India for fiscal year 2009-10.
ICWAI MAKES SIX STANDARDS MANDATORY
The Institute of Cost and Works Accountants of India (ICWAI), the apex body regulating the cost accounting profession in the country, had made six cost accounting standards (CAS) mandatory from April 1, 2010. These standards are for classifications of costs, capacity determination, overheads, cost of production production for captive consumption, determination of average cost of transportation and material cost. These standards would bring in principle based accounting to give greater freedom to companies to treat different components of cost in an effective manner, bringing in flexibility and reducing compliance costs for companies.
“These standards would be applicable for all cost accountants in practice,” said Kunal Banerjee, President of ICWAI. At present, these standards are recommendatory only. However, from April next year, all practising cost accountants will have to make use of these standards while carrying out cost audits.
However, the standards are not mandatory for corporate entities, as they are governed under the Companies Act. Only cost accountants are covered under the ICWAI Act.
If a company is not following these standards, cost accountants are asked to make a suitable disclosure or qualification while undertaking cost audit.
To make companies also follow the cost accounting standards, an expert group constituted by the Ministry of Corporate Affairs (MCA) to review the working of the cost accounting profession in India recommended that cost accounting standards should be part of the existing National Advisory Committee on Accounting Standards (NACAS) or a similar body should be set up.
NACAS was set up under the companies act and accounting standards prepared by the
Institute of Chartered Accountants of India (ICAI) are notified after they are referred to the body.
The government has prescribed cost accounting records rules (CARR) in 43 industries. The companies which are covered by CARR are required to maintain the cost data in the manner prescribed under these rules.
Cost audit, supported by cost accounting standards, can provide relevant and credible cost and revenue data to regulators to support their decisions.
As of now, the institute has come out with six standards only, though there would be 39 cos accounting standards in all. Banerjee said the institute would bring out four more standards soon.
“These standards would be applicable for all cost accountants in practice,” said Kunal Banerjee, President of ICWAI. At present, these standards are recommendatory only. However, from April next year, all practising cost accountants will have to make use of these standards while carrying out cost audits.
However, the standards are not mandatory for corporate entities, as they are governed under the Companies Act. Only cost accountants are covered under the ICWAI Act.
If a company is not following these standards, cost accountants are asked to make a suitable disclosure or qualification while undertaking cost audit.
To make companies also follow the cost accounting standards, an expert group constituted by the Ministry of Corporate Affairs (MCA) to review the working of the cost accounting profession in India recommended that cost accounting standards should be part of the existing National Advisory Committee on Accounting Standards (NACAS) or a similar body should be set up.
NACAS was set up under the companies act and accounting standards prepared by the
Institute of Chartered Accountants of India (ICAI) are notified after they are referred to the body.
The government has prescribed cost accounting records rules (CARR) in 43 industries. The companies which are covered by CARR are required to maintain the cost data in the manner prescribed under these rules.
Cost audit, supported by cost accounting standards, can provide relevant and credible cost and revenue data to regulators to support their decisions.
As of now, the institute has come out with six standards only, though there would be 39 cos accounting standards in all. Banerjee said the institute would bring out four more standards soon.
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