May6: Bank says Ram Ram
May6: Bank says Ram Ram
Security personnel stand guard in front of SKS Microfinance's head office in Hyderabad
Shares in SKS Microfinance fell by the maximum daily limit of 20% on Friday to an all-time low, after JPMorgan cut its share price target by more than half and investors got jittery about expected weak results.
The stock fell to Rs 330.75 after JPMorgan slashed the price target to Rs 200 from Rs 550.
Trade in many stocks is frozen after a movement in either direction hits a cap set by the stock market regulator. For SKS, the cap is set at 20%.
A priest holding fire during morning prayers on the banks of Ganges in Varanas
In a bank with no security gates, guards or locks, deposits from thousands of customers from across India are stacked on shelves, protected from theft by the grace of god.
In a cramped room in a small house in Uttar Pradesh, Ram Ram Bank offers no interest or loans, but has around 5,000 customers who flock to deposit documents bearing God's name.
"There is no need for security as there is no fear of any theft," said Lovelesh Tewari, who founded the bank 25 years ago.
"People feel better by writing God's name as it becomes a medium to release their pent up frustrations and eventually the faith makes them work towards their goals."
The bank's customers scribble "Ram" on pieces of paper as many as 100,000 times and deposit them in the bank. Ram is also known as Rama.
OPEC building is pictured in the centre Vienna.
The deep sell-off on oil markets this week is welcome because prices above $120 a barrel were too high and crude at $90 to $100 is ideal, an OPEC delegate said on Friday
Oil prices fell towards $107 a barrel on Friday, extending losses from a record rout in the previous session that wiped as much as 10% from the price.
"The price had been going too high, to $120 a barrel, which is not good for consumers because it can affect the world economy," said the delegate, who declined to be identified by name. "A price in the range of $90 to $100 will be ideal."
The delegate said the drop in prices had been prompted in part by the death of al Qaeda leader Osama bin Laden.
An employee of Samsung Electronics walks past one of its 3D LED televisions displayed for visitors at the company's headquarters in Seoul
The global 3D television market will grow more than 5-fold to account for 11% of flat-screen TV sales this year, as prices fall sharply and manufacturers add the function as an add-on feature, research firm IHS iSuppli predicted on Friday.
It projected 3D TV shipments would rise to 23.4 million units this year from last year's 4.2 million units, gaining further to 159 million units in 2015. By that time, iSuppli said, 3D TVs would account for more than half of global flat-panel shipments.
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