Professional
News |
Misc. - Direct
Tax |
Gross direct tax collection grows
7.14 per cent in April-November |
Delhi : Gross direct tax
collection rose by 7.14 per cent in the April-November period
of the current fiscal, as against an annual target of 15 per
cent, on account of slower corporate activity. The gross
direct tax collection during the eight months of 2012-13 stood
at Rs 3.25 lakh crore, up from Rs 3.04 lakh crore in the
corresponding period last year, a Finance Ministry statement
said.
|
FinMin mulls cutting capital gains
tax, raising STT |
Delhi : The Finance Ministry
has sought views from market participants on possible changes
in the capital gains tax and securities transaction tax (STT)
structure. “This issue was raised during the meeting between
the Finance Ministry and market participants on Monday. The
Ministry asked them whether the combination of reducing
capital gains and increasing STT will be good or not.
However,
|
Misc. - Indirect
Tax |
India to take diplomatic route to
resolve tiff over auto duty with Sri
Lanka |
Delhi : India will take take
up the matter of increased duty on automobile imports with Sri
Lanka through diplomatic channels, an external affairs
spokesman said. The nation's decision last month to hike
duties across the board and impose additional levies on
utility and commercial vehicles has hit Indian auto companies.
Sri Lanka accounts for $800 million of India's total of $6
billion worth of auto exports. "We intend to take this up
diplomatically. We have already taken it up in Colombo.
|
SEBI |
Companies with high pledged stake may
face F&O ban from Sebi to check slide in share
prices |
Maharashtra : Cash-strapped
promoters who have pledged a substantial part of their
holdings with lenders may be squeezed further as the
Securities and Exchange Board of India, or Sebi, is planning
to keep their company stocks out of the equity derivatives
segment to check a steep slide in share prices.What has
prompted the regulator to consider such a measure are rising
instances of stocks plunging as much as 50% within
|
RBI |
RBI plans to push export
lending |
Delhi : The RBI has mooted a
separate carve-out for export credit within the overall
priority sector lending target for banks to make funds
available for exports amidst rising concern that the declining
exports will keep current account deficit elevated and
depreciate the rupee, undermining its efforts to rein in
inflation. India's exports fell for seventh month running,
declining 4.2% in November to $22.9 billion while imports rose
6.4% to $ 41.5 billion,
|
RBI may announce ceiling on banks’
exposure to commodity futures |
Delhi : The Reserve Bank of
India (RBI) is likely to announce a ceiling on banks' exposure
to commodity futures, after the government allowed them to
trade in this segment by amending the banking regulation law.
The RBI could also come out with relevant operational
guidelines once Parliament approves the Banking Laws Amendment
Bill introduced in the Lok Sabha on Monday,
|
Decline in WPI must for RBI to cut
rates: C Rangarajan, PMEAC |
Delhi : We had expected that
the performance of the industrial sector in the second half
will definitely be better. It turns out in the first half
there was low growth in the manufacturing sector. Therefore, I
expect that the growth rate in the second half of the year
will be around 7%. For the year as a whole, we can get
something like 3.5%. While 8.2% may not be maintained in the
subsequent months, I do expect the growth rate in the region
of 7%.
|
Misc. Corporate Laws
& Other Commercial Policies |
Centre seeks Trai view on entry of
government entities into broadcasting |
Delhi : The information and
broadcasting ministry has sought Telecom Regulatory Authority
of India's views on the proposal of central and state
government entities to enter the broadcasting sector. Views
have been sought on the entry of central and state government
departments, government-owned companies, undertakings or joint
ventures with the private sector and government funded
entities.
|
Finance & Money
Markets |
NRE deposits emerging as an
attractive investment option |
Maharashtra : With global
interest rates continuing to remain low, non-resident Indians
( NRIs) can use the non-resident (external) rupee account
(NRE) as an attractive option to park their funds, say
experts. According to them, the advantages of NRE accounts are
many: They offer higher interest rates,
|
Re rebounds by 22 p to end at 54.26
on $sales, capital inflows |
Maharashtra : Snapping a
two-session losing string, the rupee today bounced back by 22
paise to end at 54.26 on the back of fresh dollar selling by
exporters and capital inflows worth about USD 250 million.A
weak dollar overseas ahead of a US Fed policy meeting also
aided the rupee recovery while late weakness in domestic
equities restricted the rupee's rise, forex dealers said. At
the Interbank Foreign Exchange (Forex) market, the local unit
resumed higher at 54.40 a dollar from overnight close of
54.48, but declined immediately to a low of 54.46.
|
Equity funds see outflows for sixth
straight month |
Maharashtra : Despite the
run-up in the equity market in November, mutual fund investors
have opted to press the exit button in equity mutual fund
schemes. November saw outflows of R1,304 crore, latest data
from mutual fund industry body Amfi show. This was the sixth
consecutive month of outflows in equity funds, bringing the
net outflows in the category for the year to Rs 12,702 crore.
The average assets under management of the industry rose to
R7.93 crore in November, up 3.2% from R7.68 crore in
October.
|
Commodities |
Gold prices edge higher ahead of Fed
meeting |
Delhi : GOLD rose on Tuesday
as European stocks hit 18-month highs and the euro
strengthened, but gains were limited ahead of a US Federal
Reserve meeting where policymakers were expected to announce
more potentially bullion-supportive stimulus plans. Many
economists expected the Fed to announce monthly bond purchases
of $45b after its meeting on Tuesday and Wednesday. Gold
benefits from an easy monetary policy as investors fear that
repeated cash printing will damage the value of currencies,
prompting them to seek safety in hard assets such as
bullion.
|
MERGER &
ACQUISITION |
Delta buys 49 per cent stake in
Virgin Atlantic for $360 million |
Delhi : Delta Air Lines said
it will buy almost half of Virgin Atlantic for $360 million as
it seeks a bigger share of the lucrative New York-to-London
travel market. Delta plans to form a joint venture with Virgin
Atlantic where the two airlines would share money from the
flights operated under the partnership. In order to coordinate
their schedules, they'll need antitrust approval from U.S. and
European regulators.
|
Banking |
Banks get SC's backing on derivative
defaults |
West Bengal : The Supreme
Court on Tuesday ruled that banks were entitled to declare as
a wilful defaulter any person who did not repay his dues under
a foreign exchange derivatives contract. This was legal and
within the various circulars issued by the Reserve Bank of
India ( RBI) in dealing with derivative transactions, the apex
court said. The judgment paves the way for banks to resume
recovery proceedings, which were stalled as the matter was sub
judice.
|
|
|
Economy |
India |
November exports slip 4.2%: Government likely to
announce fresh trade-related incentives |
Mumbai, Bangalore and Delhi languish at bottom of
PWC list for top investment destinations |
India's November trade deficit 7.9% lower than
the previous month |
Cargo volumes of major ports dip 2.8% on slowing
trade |
Manufacturing in India to grow at China's
cost |
S&P warns India of junk rating, cites fiscal
deficit |
|
International |
US Fed may launch bond buying plan to shore up
economy |
US, EU considering world's biggest free trade
pact |
Monti says still in charge as markets fear Italy
crisis |
Rich Gain as Companies Seek to Beat Obama Tax
Increases |
|
Markets
Today |
NSE |
5,888.00
|
-0.18%
|
BSE |
19,355.26
|
-0.16%
|
NASDAQ |
3,022.30
|
0.00%
|
|
|
|
USD |
54.26
|
|
EURO |
70.72
|
|
JPY(100) |
65.52
|
|
GBP |
87.60
|
|
|
|
Corporate
Watch |
Walmart to apply US laws to Indian
operations; wants anti-bribery undertaking from store
owners |
Delhi : Walmart is demanding
anti-bribery undertakings from landlords of its Indian stores
along with rights to inspect their books, the latest blowback
from its global anti-bribery campaign that has put an
unflattering spotlight on its fledgling India operations. The
US supermarket group's India venture, Bharti Walmart, now at
the centre of a raucous political debate on the entry of
foreign firms into the supermarkets sector, wants landlords of
all its stores in India, including Easyday stores operated by
partner Bharti Enterprises, to give undertakings saying they
are not party to and will not indulge in corrupt practices,
effectively bringing them under the ambit of US anti-bribery
laws.
|
Kingfisher Airlines may fly past Jet
Airways in the race for alliance with Etihad
Airways |
Maharashtra : Vijay Mallya's
Kingfisher Airlines has emerged as the dark horse in the race
for a strategic alliance with Etihad Airways as the possible
deal between Naresh Goyal's Jet Airways and the Abu
Dhabi-based airline may flounder on valuations. There were
reports on Tuesday in certain section of the media that Etihad
would pay Rs 3,000 crore for a 48% stake in Kingfisher. That
values the airline at Rs 5,600 crore, almost four-and-a-half
times more then its existing market cap of Rs 1,261 crore.
Sources within Kingfisher said that there is no finality on
the structure of the deal as yet and that decision would
depend on Etihad deciding which airline it wants to invest
in.
|
Contract manufacturing: Granules bets on
partner OmniChem’s strength |
Maharashtra : The Rs 654-crore
drug-maker Granules India is not worried at being a late
entrant in the contract research and manufacturing (CRAM)
business. Through its equally-partnered venture with Ajinomoto
OmniChem, Granules is set to work with innovative companies on
products that are still to come off patent-protection. “We are
not a late entrant, since the joint-venture partner has a
history in CRAMS,” says Granules Chief Executive Bhaskar
Krishna Arumugam. “If we were doing it all from scratch, it
would have been too much of a risk,” he says. In fact, it is a
good way to enter, since, the partner company has its customer
relationships, marketing team and credibility, he
adds.
|
Videocon, BPCL joint venture finds oil off
Brazilian coast |
Tamil Nadu : A consortium in which
the wholly owned subsidiaries of Videocon Industries and
Bharat Petroleum Corporation are members have completed the
drilling of a second well in a block off Brazilian coast.
According to a BSE announcement, the drilling confirmed the
existence of oil and helped determine the extent of the
reservoir. Discovery of hydrocarbons The discovery of
hydrocarbons has been made in a block named BM-SEAL-11 in the
sea where the water depth is close to 2.5 km, about 100 km off
the coast of the city of Aracaju — in what is known as the
Sergipe Basin — which was first announced in September
2011.
|
|
Tenders
& Assignment |
CENTRAL BANK
OF INDIA |
Description :APPLICATION FOR ASSIGNMENT
OF CONCURRENT AUDIT IN CENTRAL BANK OF INDIA
Last Date : 20/12/2012
Conditions :Only Online Applications
will be considered. No other applications will be entertained
whether submitted in hard copy or through ‘e-mail’.
Address :CENTRAL BANK OF INDIA
|
Rural Development And Panchayati Raj
Department |
Description :Expression of interest for
Engagement of internal audit firm as internal auditor of state
society and 25 district societies for three years from
2012-2013.
Last Date : 22/12/2012
Address :Pudhu Vaazhvu
Project,No.91,St.Mary's Road, Abiramapuram,Chennai 600018.
Phone :044-43443200
E-Mail :pvpstate@gmail.com |
Bihar Education Project Council |
Description :Appointment of Concurrent
auditors for financial year 2012-13
Last Date
: 31/12/2012
Address :BIHAR
EDUCATION PROJECT COUNCIL Shiksha Bhawan, Campus of
Rastrabhasha Parishad, Saidpur, Rajendra Nagar, Patna-800004
Phone :0612 2667164 |
|
Reminders |
Tenders |
Bihar Urban Infrastructure Development
Corporation Limited 14/12/2012
|
Central Bank Of
India 15/12/2012
|
Andrew Yule And Company
Limited 15/12/2012
|
Indian Overseas
Bank 15/12/2012
|
Orissa State Seeds Corporation
Limited 15/12/2012
|
Indian Institute Of Information Technology And
Management 17/12/2012
|
Shipping Corporation Of India
Limited 17/12/2012
|
Allahabad Bank 17/12/2012
|
Social Welfare
Department 18/12/2012
|
Panchayat And Rural Development
Department 19/12/2012
|
|
Notifications
& Circulars |
RBI |
Notification
No.RBI/2012-13/323 (Delhi) 11/12/2012
|
Exim Bank's Line of Credit to the Government of the United
Republic of Tanzania |
|
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