Health, Mind, Beauty and Relations

Bad times in equity markets will pass

Raghu Palat

Chinese philosopher Confucius once said, “May you live in interesting times”. These are interesting times without a doubt, especially for those who invest in stock markets because the volatility of the markets must be sending them in a tizzy with the question – should we hang on or should we divest? Let’s look at the facts. The Sensex has fallen from a high of 29682 on January 29, 2015, to below 24000 last Thursday, only to recover 473 points to close the week at 24435. What we should do is to look at the reasons for this fall and then decide on the next course of action or inaction. The fall has been on account of three major factors. First of all, crude oil price is plunging. It is now at its lowest levels since 2003 and one of the reasons is the International Energy Agency opining that the global oil market could drown in oversupply. However, there is a positive too because falling oil prices would mean lower import costs that will cut inflation. The second reason is China, which has been the economic engine for global growth for two decades. Now, its growth is the lowest in 25 years. Fear of an overnight Chinese sell-off has punctured global optimism and caused global markets to fall significantly. Confidence is extremely fragile at present. As there is global uncertainty, foreign institutional investors are selling rapidly. This month sales of shares by FIIs have been over Rs 7,500 crore. Money is being pulled out of emerging markets rapidly. However, I believe the statement of the governor of the Reserve Bank of India that ‘China not falling off the cliff’ should be heeded. He says that the Chinese authorities should be taken at their word when they say that they are not deliberately depreciating their currency. Within India, though the finance minister speaks with confidence on the economy and that India can grow at 8-9%, there are concerns that exports have been weak and corporate earnings have not taken off. In addition, there have been delays in reforms and long awaited legislations such as GST. Also, the rupee has fallen against the dollar quite substantially. It is important to realise that markets rise on perception as do individual shares. When Narendra Modi came into power markets rose in anticipation of huge reforms. However, due to delays and uncertainty of when these reforms would happen the markets fell. I believe that even if the crude oil price is falling and China is in the grips of an economic crisis, the Indian markets would be rising if reforms are being made and overdue pro-growth laws are passed. It is all about perception. In this scenario let us look at the Indian investor. If you had invested in good, strong companies and you have invested for the long-term using your own savings then you should sit back and not worry. There is no need. As a wiser man once said, “This too will pass.” If, on the other hand, you have borrowed in order to purchase, it would be prudent to sell shares of those companies that are not intrinsically strong as they are likely to sink faster and take more time to rise in price. Punters and pundits are of course yelling for all those wishing to hear that this is a great opportunity to purchase shares. That is true if you have the money in hand to invest and are prepared to wait till the market once again becomes optimistic, which may take a while. However, do not borrow to buy. Buy only with the money you have to spare. Do not buy shares that are speculative. Leave the small caps alone. The writer is MD, Cortlandt Rand, and an author

GVR Infra Projects, GNA Axles and Maini Precision Products too have got green signal from Sebi to float their respective initial share-sale programme, according to the data.
Together, these companies are expected to raise at least Rs 2,500 crore, sources said.
Most of these companies plan to utilise IPO proceeds for business expansion as well as working capital requirements. Besides, the firms are taking the IPO route to achieve the benefits of listing the equity shares on the bourses. Some of the firms believe the listing of the equity shares will enhance their brand name and provide liquidity to the existing shareholders. All the five firms, which had filed their draft papers with the Securities and Exchange Board of India (Sebi) between September-November, received clearance from the regulator in January, as per information available with Sebi.
According to Prime Database managing director Pranav Haldea, the IPO market is expected to see flurry of activity in 2016 as there are 20 companies that have secured Sebi’s approval to raise Rs 7,315 crore, with 11 still on wait-list to mop up Rs 5,445 crore.

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There has been an outburst of malicious emails claiming to be from the Income Tax Department of India in the wild. In conversation with Satnam Narang, Senior Security Response Manager, Symantec, Krishna Bahirwani discusses the emails that mimic tax reciepts and contain malicious attachments.

What makes the attacks from these income tax phishing emails different from the others, besides the opportunity that they have exploited?

The cybercriminal has copied the template from a real intimation email sent by the Income Tax Department. None of these emails (sent by scammers) ever ask you for any personal information. They are just simply saying either we took money out of our bank account, for e.g. Rs.90000 or here is your income tax return for the fiscal year, and here is an attachment with the Challan. So both the emails contained the attachments which contained malicious files in them. If you run them, they are key loggers and they sent all that information back to the attackers. So it is not actually requesting any information from you, which I guess is not something that the Indian tax payers know in general.

Is there anything unique about it how they spoofed the addresses because sometimes if you open such emails via Gmail or via a client that has some sort of security built-in, it will tell you that this email is unsafe

Yeah, well I mean well-informed users can tell for sure that it is fake depending on the headers, but to the average user they are not going to check the headers. They will see it says an email id such as admin@cpc.gov.in and they will believe it is coming from the Income Tax Department. So while the emails we have looked at are being sent to enterprises, it is possible that the consumers using Gmail may be flagged that it is potentially a fraudulent email. Certain email providers may actually flag them based on the headers.

Are enterprise email clients a lot weaker than commercial clients like Gmail, in terms of spam detection of fraudulent senders?

Well, it is hard to say. I mean you know my experience is just Symantec, so we do detect them and that is how we are able to come up with this research, but I mean clearly there are some indicators that this is fraudulent. Certain email clients can be set to restrict attachments like when you say, I don’t want a zip file attachment, you can set those parameters. So really ultimately depends on whoever is administrating that the actual software on the gateway level.

How does India rank in terms of being targeted for this particular income tax related fraud email?

Our telemetry shows that 43 percent of these malicious scam emails were delivered to users in India. It also happens that there are other regions also seeing these emails, so you have the US at about 20%, UK at about 14%. It makes sense to me with the receiving them outside of India too because of Indian nationals working in another countries. However, tax related criminal activity happens across the globe. UK, Australia, US we see it everywhere. It was interesting to me because I have never seen anything like this particularly targeting Indians before.

Were you able to tell which country these emails were emerging from?

So I haven’t actually dug into that personally, but some of the malware distributed in this email scam was coded in Visual Basic. Based on our analysis, we believe the malware contains source code copied from other software, as there is a mixture of source code functions in both Hindi and Spanish languages. So clearly the person behind it is not the most sophisticated. They are just piecemealing it together, but regardless of how sophisticated it is, the way that the emails are designed, you know if I send you an email it says Rs.90,000 were deducted from your bank account, clearly you are going to be shocked, surprised and the curiosity might get the best of you and you will actually open that email and then the attachment.

How sophisticated is the key logger?

It is not. Like I said, it is borrowed code from other pieces of software, and is very crude but at the same time really does not matter how sophisticated it is as long it does the job, which is to siphon off the keyboard strokes and send it back to the attacker.

A lot of clients will download the attachment and then scan it before running it. So would it come up in such a scan? Is that definition been added recently or would it have picked it up anyway?

Well, we have different methods of detecting it and obviously if it is detected by our antivirus signatures, it will be flagged or if we have some rules in place for the actual mail client, it will detect it there too. So we are definitely catching these and that is why we are able to put out the research that we did.

Would you have caught it even prior to this research or are you not sure about that?

I am not 100% sure, but the ones that I looked at based on my research, yes.

Does it have any stealth features added to it.

I mean obviously it runs in the background. It is not something that pops and says hey I am a key logger!

Streaming giant Letv that has rebranded as LeEco launched the Le Max along with the Le 1s in India

At the event, Atul Jain, COO of Smart Electronics Business, LeEco India, who was previously the Senior Vice President at Samsung South-West Asia Regional HQ, took the stage to introduce the 6.33 inch screen Le Max as the company’s flagship. He announced that the phone’s current eUI or Eco User Interface was developed with feedback from more than 200,000 users worldwide. Le Max comes with a 2K display and a 21 MP camera, which the company claims is a world first. Le Max is also backed by the Qualcomm Snapdragon 810, octacore processor and 4GB of DDR4 RAM. The phone is available in two variants, 64GB silver or 128GB gold. To display the phone’s competitive performance, LeEco compared the Le Max with several other international brands by revealing the AnTuTu Benchmarks, which showed that the Le Max performed better when compared to other flagship phones with the Qualcomm 810 processor, like HTC one M9, Sony Xperia Z5. They revealed that the Le Max has a performance score of almost 84,000. In terms of photography, the Le Max comes with a 6-piece lens 21 megapixel rear camera with Sony’s IMX230 sensor and Optical Image Stabilisation. The Dual tone flash has two sources of light with different colour temperatures allowing for better balance of light. LeEco also provided comparison photos between the Le Max and the iPhone 6s to state that their phone has the superior camera. The front camera comes with a wide angle 5P lens and F2.0 aperture and also allows for people to just touch the fingerprint scanner at the back to capture photos or videos. Le Max also boasts of the best in class Hi-Fi audio experience with features like noise-reduction, lower surface noise, better frequency response and higher power output capacity. LeEco has partnered with AKG Acoustics, a world-class audio equipment professional company in Europe, to develop the Le Hi-Fi experience which delivers a powerful, undistorted sound that music professionals have trusted for almost 70 years. The full metal unibody design out of aircraft grade aluminium makes the phone fashionable and sturdy, and Le Max is also the world’s first full-floating glass, which is a Sharp Screen exclusively for LeEco, and bezel-less design, reaching an unmatched viewing experience. Atul, COO of Smart Electronics Business, LeEco India, said Le Max will be available in 2 colours, shimmer gold with 128GB and 36,999 and titanium silver with 64GB of storage for 32,999, which would be available on Flipkart from 16th February. LeEco also released a top-end variation of Le Max at the event. Le Max Sapphire has the same specs with Le Max except its display screen, which is a 6.33 inch sapphire. Not only expensive and looks elegant, this sapphire screen is as hard as a diamond. The limited edition sapphire version of Le Max is pink colour and is limited to 1000 pieces. To be able to buy this version of the Le Max, an invitation would be needed.