<img class="gwt-Image" src="/photo/48481091.cms" /> <keyword id="2246636" type="UNKNOWN" weightage="100" keywordseo="vakrangee-ltd">Vakrangee Ltd</keyword>., a mid-sized <keyword id="69869" type="UNKNOWN" weightage="100" keywordseo="software-services">software services</keyword> provider, inched up in trade after the company reported a tepid set of earnings. 
 
Vakrangee said its first quarter net profit rose 10 percent to 84.4 crore rupees compared with 76.3 crore rupees in the sequential past quarter. Sales during April-June rose 1.5 percent to 700 crores from 690 crores in the fourth quarter. 
 
Vakrangee gained 1.4 rupees, or 0.9 percent, to 157.25 rupees on the National Stock Exchange, where 9.75 lakh shares were traded compared with 12 lakh shares, its 5-day average. 
 
Vakrangee's market capitalisation has gained 19 percent in one year to 7,900 crore rupees. The stock trades at 11.6 times its book value of 13.44 rupees. 
 
Image credit: Indiatimes

Vakrangee's shares are soaring. Know why

<img class="gwt-Image" src="/photo/48347465.cms" style="width: 800px; height: 600px;" /> Strategic partnership of <keyword id="2246636" type="UNKNOWN" weightage="100" keywordseo="vakrangee-ltd">Vakrangee Ltd</keyword> and <a href="http://www.businessinsider.in/Amazon-learnt-this-in-India-and-is-introducing-it-in-its-operations-globally/articleshow/46757510.cms">Amazon</a> would soon result in the launch of more than 37,000 centres across the country help the <a href="http://www.businessinsider.in/Didnt-get-employed-by-Amazon-in-its-last-hiring-drive-Amazon-gives-you-fresh-opportunity-again/articleshow/47445152.cms">e-commerce</a> giant sell in rural and semi-urban areas and leverage the recently created <keyword id="6392137" type="UNKNOWN" weightage="100" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> accounts for payments. 
 
"Presently with 12,568 <a href="http://www.businessinsider.in/Amazon-to-take-on-rivals-by-launching-its-own-fashion-label/articleshow/46214680.cms">Vakrangee Centres</a> in place the aim of the company is to have 50,000 plus Centres in next two years," the company said in a statement. 
 
Vakrangee expects to leverage its role as a player in the financial inclusion marketplace to help sales. The Kendras already serve as ATM, insurance and e-governance centres. 
 
"Anybody can go to the nearest Vakrangee Kendra, select product from the Tablets/PCs available in Kendra and order the products, make the payment and pick-up the products at ease," the company said. 
 
Online payments could be made through rural India's Jan Dhan Yojana accounts - free accounts given to citizens to bring them into the formal banking sector. 
 "For making payment Vakrangee executing the 'Jan Dhan Yojana' will make the payment through their bank accounts or they can deposit cash in the account there itself which then will be paid to <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword>," the company said. 
 
 
(Image credits: Indiatimes)

Vakrangee to open 37,000 centres to increase Amazon’s reach in rural and semi-urban areas

<img class="gwt-Image" src="/photo/47817975.cms" /> 2015 seems to be a good year for Indian companies. Their growth has been as wide reached as never before. With 11 Indian companies ranked among top 200 Asia Pacific corporations in <keyword id="245051" type="COMPANY" weightage="100" keywordseo="Forbes-Asia">Forbes Asia</keyword>'s 'Best Under A Billion' list, India was ranked fourth on the list after <keyword id="5565" type="COUNTRY" weightage="20" keywordseo="South-Korea">South Korea</keyword> which has 17 firms in the coveted list. 

	The list covers public companies with annual revenue of $5 million to $1 billion, Forbes said, adding that they should also have positive net income and should be publicly traded for at least a year. 
 
 The Indian companies that made it to the list include <keyword id="2075166" type="UNKNOWN" weightage="20" keywordseo="avanti-feeds-ltd">Avanti Feeds Ltd</keyword>, Borosil Glass Works, Byke Hospitality, Caplin Point Laboratories, Centum Electronics, Kaveri Seed, Kitex Garments, NGL Fine-Chem, Orbit Exports, Premco Global and Vakrangee. 

	Of the 200 companies, 123 are new to the list, which underscores the "dynamism of the region's small and medium-sized sector", Forbes said. 
 

	Companies from mainland China &amp; Hong Kong (84) as well as Taiwan (36) dominated this year's list accounting for 60 per cent of the top 200 publicly-traded companies in the Asia Pacific region. 

	India and Malaysia both have 11 companies on the list while Australia has nine firms. This year, Japan dropped out of the top five countries, with only eight companies compared to 15 last year. 
 <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword> and Thailand were represented by six companies each, while Pakistan had by 2 companies. "The secret to making the BUB is consistent growth in the measured performance metrics. One off year and you are out," Forbes Asia Editor <keyword id="2918973" type="UNKNOWN" weightage="20" keywordseo="Tim-Ferguson">Tim Ferguson</keyword> said, adding that "it is also important to have a good, liquid channel for public stock offerings". 
	 
	(image credits: dwavesys.com)

11 Indian companies in Forbes Asia’s under a billion list

<ul><li>A number of auditors are ending their relationship with clients amid high scrutiny from SEBI. </li><li>According to the Ministry of Corporate Affairs, the auditors of as many as 204 companies have submitted their resignations in the year so far. </li><li>In January 2018, SEBI slapped a two-year ban and fine on PwC for failing to report the corporate malfeasance at Satyam Computer Services.</li></ul>When it comes to <keyword id="6373268" type="TOPIC" weightage="20" keywordseo="Corporate-Governance">corporate governance</keyword>, India has seen its fair share of scams related to questionable business dealings, balance sheet discrepancies and embezzlement. The most recent debacle that comes to mind is that of ICICI Bank, the country’s largest private sector lender. The bank’s CEO, Chanda Kochhar, is currently being investigated over allegations of conflict of interest and misconduct. She reportedly allowed the extension of loans to Videocon Group, the former chairman of which had a business relationship with Kochhar’s husband. While India Inc has had a tenuous grasp of corporate governance standards, it has never seemed to be a problem for auditors who weren’t subject to very heavy regulatory scrutiny. Until now, that is. At the beginning of the year, the Securities and Exchange Board of India (SEBI) slapped <a href="https://www.livemint.com/Companies/KlbBm6VhxhQQswdgT9bycK/Satyam-case-Sebi-bans-PwC-entities-from-auditing-listed-fir.html">a two-year ban and a fine </a>against the Indian unit of PricewaterhouseCoopers (PwC) for failing to report and facilitating the corporate <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> at Satyam Computer Services, founded by the now-imprisoned Ramalinga Raju, which was revealed in 2009. While PwC is challenging the ban, the damage has been done. Auditors now have no choice but to recuse themselves in situations of corporate malfeasance for fear of reputational damage and punitive action. A mass exodus According to the data from the Ministry of Corporate Affairs, <keyword id="6359983" type="UNKNOWN" weightage="20" keywordseo="Accounting">accounting</keyword> firms of as many as 204 companies have submitted their resignations from the beginning of the year to 17 July. Around 75% of these resignations came in the corporate strongholds of Mumbai, Delhi, Kolkata and Ahmedabad. In comparison, only 16 auditors submitted resignations in 2017. In a number of cases this year - such as the resignation of Deloitte as the accountant for Manpasand Beverages Ltd - the resignation came days before the annual accounts were scheduled to be released owing to inadequate information. The resignations have not gone unnoticed by shareholders, based on the declining share prices of companies like <a href="https://www.google.co.in/search?ei=qdRWW5_PDIbavATQxbCQAg&amp;q=Vakrangee+Limited+share+price&amp;oq=Vakrangee+Limited+share+price&amp;gs_l=psy-ab.3..0l5.1607.3010.0.3104.13.9.0.1.1.0.337.1365.0j1j2j2.5.0....0...1c.1.64.psy-ab..8.5.1145...0i22i30k1j0i10k1.0.XUhs6OVQ2Ng">Vakrangee Ltd</a>, an IT services firm whose <keyword id="6437332" type="UNKNOWN" weightage="20" keywordseo="auditor">auditor</keyword> PwC quit at the end of January 2018. The Ministry of Corporate Affairs has initiated a formal investigation into this exodus and is looking to understand the underlying reasons. For its part, SEBI will continue its initiative to improve corporate governance standards across the country. At its <a href="https://www.sebi.gov.in/media/press-releases/mar-2018/sebi-board-meeting_38473.html">board meeting in March</a>, the regulator agreed to a number of reforms including the separation of the posts of CEO and chairman in listed companies and increasing the importance of audit committees. Earlier this month, it also released <a href="https://economictimes.indiatimes.com/markets/stocks/news/sebi-seeks-comments-on-fresh-norms-for-fiduciaries/articleshow/64995732.cms">a set of draft norms</a> giving it clear authority to act against accounting firms in cases of corporate fraud.

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Vakrangee's shares are soaring. Know why

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Vakrangee to open 37,000 centres to increase Amazon’s reach in rural and semi-urban areas

BI India Bureau

11 Indian companies in Forbes Asia’s under a billion list

BI India Bureau

A spate of auditor resignations points to India Inc’s problems with corporate governance

Dilsher Dhillon