08/06/2013

Financial Technologies jumps after NSEL

The stock hit a high of Rs 169 and a low of Rs 121 so far during the day. The stock had hit a 52-week low of Rs 105.50 on Friday, 2 August 2013. The stock had hit a 52-week high of Rs 1223.80 on 13 November 2012.The stock had underperformed the market over the past one month till 2 August 2013, slumping 80.60% compared with the Sensex's 1.54% fall. The scrip had also underperformed the market in past one quarter, tumbling 81.48% as against Sensex's 2.90% fall. 

The small-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.Mr. Anjani Sinha, MD & CEO of NSEL stated that in the interest of arriving at a consensus and satisfactory solution for settlement of dues in accordance with Exchange Rules and Bylaws, he held various meetings with the Members of the Exchange and the buyers/ processors. These meetings were also aimed at ensuring avoidance of any incidence, which may have consequential impact on larger market. He also held meetings with the Forward Markets Commission. 

He expressed confidence over handling large quantum of pay-in /payout obligation at the same time. However, in case of declaration of default by any member, which would lead to a long litigation process, the following options have been proposed and the final decision would be taken after due consultation with all stakeholders. 

NSEL on Sunday, 4 August 2013, proposed two options for settlement of trades on the exchange in the aftermath of NSEL's decision on 31 July 2013 to suspend trading in most one-day forward contracts and to defer the settlement of all pending contracts for 15 days. 

NSEL said that there are eight members/processors, who are willing to pay as per the scheduled due date or even earlier. The total amount pertaining these 8 members is Rs 2181 crore.Get the led fog lamp products information, find oilpaintingreproduction, manufacturers on the hot channel. NSEL said that there are 13 members/processors,The 3rd International Conference on ledstriplights and Indoor Navigation. who have offered to pay 5% of their total dues every week, if this proposal is agreed upon by the exchange. Total amount pertaining to these 13 members is about Rs 3107 crore. There are 3 processors with whom negotiation is still going on, NSEL said. The amount pertaining to these parties comes to Rs 311 crore. 

As per the second option for settlement of trades, NSEL said that the exchange is in possession of post dated cheques (PDC) from various processors amounting to Rs 4900 crore against their settlement obligation and balance parties have confirmed payment regularly. While PDCs are a commitment, the payout process may not roll out smoothly in a month's time, NSEL said. Hence, the market participants have proposed the first option as a safer alternative, NSEL said. 

ECS' PA-DSS compliant platform will help e-RG to launch programs with multiple financial institutions and channels like ATM/ POS/ Internet/ Mobile on the same platform. Contactless, otherwise commonly known as "tap & go" payment cards, are more convenient to use and perfectly aligns to "Cashless Nigeria" initiative of Central bank of Nigeria,Have a look at all our bestrtls models starting with free proofing. a release issued by e-Reenue Gateway said.What's the difference between airpurifiertarget and Porcelain Tiles? 

The eRG payment cards offer consumers a choice of debit or prepaid Smart Cards with the first NFC (Near Field Communication) capabilities in the country. e-RG's platform is meant to better serve clientele in making and accepting payments, tax remittances and utility bill payments. This is the next generation payment technology that enables the customers to make payments without swiping their card. 

The launch of this card by e-RG enables all card users to pay their bills in a safe, secure and seamless environment along with the use of the card for personal requirements. The electra iTx suite of products will assist e-RG in its plans to increase the card base to 50 Million users in the next five years. The CBN' Cashless Policy is a vision of a world beyond cash and believes that electronic payments can enable economic growth and create a more financially inclusive economy. 

Ramesh Mengawade, CEO, ElectraCard Services said, "We are extremely proud to implement the electra suite of products for e-RG as it is the first-of-its-kind project in Nigeria. The electra suite offers customers the flexibility to implement innovative payment solutions and empowers them to deploy new services in the market quickly. We are certain that this project will be a trendsetter and will raise productivity and provide widespread benefits to consumers." 

Benjamin Adebajo, CEO, e-Revenue Gateway said, "We are very happy with our choice in ECS, as they have been able to provide us with end-to-end solutions for our payment requirement. The ECS suite is scalable and provides enhanced security, ease of integration and their expertise in working with MasterCard PayPass makes them the ideal choice." 

Kevin John Steele, managing director and CEO, Biman Bangladesh Airlines, said: Over the next two years, we plan to double both our fleet and our passenger numbers, while also improving customer service and significantly reducing our operational costs. 

SITA will help us upgrade our systems architecture, which will enable us to launch new user-friendly products, as well as innovative tools for our staff. In addition, SITA will proactively manage our network infrastructure in line with our specific business objectives, so we can focus on our growing business, while remaining up-to-date with the latest technology. 

The 10-year deal will see SITA provide infrastructure at Bimans global locations and deploy a new private automatic branch exchange at Bimans offices in Dhaka, which will be integrated into the airlines call centre. 

SITA will also deliver a suite of applications adapted to the airlines needs to any device and location as part of its flexible, on-demand IT services and industry software offerings, allowing for the creation of efficiencies across data, servers and applications.These partymerchantaccount can, apparently, operate entirely off the grid.

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