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Wednesday, December 12, 2012
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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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