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  • Sensex tumbles 405 pts on weakening rupee, European mkts

    Published on March 22, 2012

    Mumbai : The BSE benchmark Sensex on Thursday tumbled over 405 points on FII outflows as investors feared that weakening rupee will hit importers and government finances, amid falling European markets.

    Of the 30 Sensex scrips, 28 tumbled, while two ended in the green. All the 13 sectoral indices closed in losses.

    Market heavyweight Reliance Industries dropped 4.15 per cent, and Infosys by 1.39 per cent. The two carry 20 per cent weight on the Sensex.

    The index, which had gained 328 points in the last two trading sessions, dropped by 405.24 points, or 2.30 per cent to 17,196.47, after hitting the day’s low of 17,136.50.

    The NSE 50-issue index Nifty plunged 136.50 points, or 2.54 per cent to 5,228.45 with stocks of realty, power and banking sectors suffering the most.

    Brokers said the rupee’s falling to more than two months low, breaching Rs 51 per US dollar level, triggered selling.

    They said a weakening trend in the European stock markets on fears that Chinas manufacturing may contract further, also hit the market sentiment.

    S® �� ea�w P� ASS SE™) reader and credential platform. This new access control platform extends  physical access control beyond traditional smart cards to enable digital credentials to be embedded in smartphones for identity authentication. Such enhanced technology can also accommodate the constantly evolving security levels via simple firmware updates. This will meet the growing needs of Singapore’s digital consumers of whom 89% will own a smartphone by mid-2012, according to a report by global information and measurement company, Neilson.

    “With the innovations for mobile access and increasing deployment of NFC devices, our daily lives will be brought to a whole new level of convenience,” said Mr. Lee Wei Jin, Director of Sales, ASEAN, Identity & Access Management, HID Global. “We are proud to be part of Cards & Payments Asia 2012 to showcase the implementations of exciting innovative applications for NFC-enabled phones that will transform the way we work and play.”

    Global NFC application revenue is expected to reach $10.6 billion in 2012, according to a report by business intelligence company, Visiongain.  Such rapid growth in NFC will change the business landscape of many sectors, such as retail and transportation.

    Mobile Transactions Made Easier

    M2CASH, a Diamond Sponsor and exhibitor will be rolling out its cutting-edge money transfer system at Cards & Payments Asia 2012. Built with Virtual Card Technology, users can adopt this system flexibly even without a bank account or an ATM card. Electronic ID verification of both the sender and receiver can be done in just 7 seconds and M2CASH is the only system globally able to perform this integral security check. This system will be available on the web as well as mobile platforms such as iOS, ANDROID, Windows Mobile and Blackberry to enable 60-second transactions on-the-go.

    “I believe this innovation will benefit the global money transfer market significantly when it is launched at Cards & Payments Asia 2012. Our fully encrypted and 100% insured transfers will put the minds of many people at ease if they adopt our system, said Mr. Rick Whaite, Director of Global Brand and Marketing, M2CASH. “We are now at the age where the virtual of the past generation becomes the reality of the present.”

    Every year, over 200 million people[1] are engaged in money transfers of about $400 billion globally. This new technology invented will shift this paradigm of money transfer from the old-fashioned, slow and costly paper-based methods to instantaneous, virtual and secure money transfers. This fully encrypted and revolutionary system will make global money transfers much easier than before.

    Richard Ireland, Chief Executive of Terrapinn Asia Pacific said, “Cards & Payments Asia 2012 is the converging platform for the governments, retail, telecommunications and banking industries through smart technology innovations. The technologies showcased will revolutionise lifestyles in every aspect, such as security and identification, and will also drive service, growth and business opportunities for many organisations across Asia. This is an event for all stakeholders to attend if they want to stay ahead of the competition.”

    Cards & Payments Asia 2012 will also be hosting the inaugural Smart Card Awards Asia, which recognises industry leaders for setting great standards of excellence. The winners will be announced at its Awards Dinner at Marina Mandarin Hotel on 25 April 2012.

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