| Professional News |
| Misc. - Direct Tax |
| Top 100 companies like SBI, LIC, HDFC Bank pay 10% more in advance tax in Q2 |
| Delhi : The overall advance tax realisation from the top 100 companies in the financial capital during the second quarter logged in a healthy 10 percent rise.This was driven by handsome payout by top corporates like SBIBSE 3.61 %, LIC and HDFC BankBSE 0.07 %, which helped negate a 15 percent drop by the largest corporate RIL.The overall growth in the top 100 corporate tax payers from the metrapolis, which contributes to over 30 percent of income collection annually, comes even as there has been gloomy news on the economic front.On a half-yearly basis, there has been an 11 percent jump among the top 100 list, a senior income tax department official said here today. Advance tax is a staggered way of paying income taxes through the year to avoid piling up of tax liability for the year-end. It is generally taken as a barometer of corporate earnings for the period. |
| SC asks government to check delays in income tax appeal |
| Delhi : The Supreme Court on Monday faulted government departments for dragging their feet on filing tax appeals running into crores and asked the government to put in place a mechanism to cut down the delays.A two-judge bench of the apex court, headed by CJI S H Kapadia and Justice A K Patnaik, expressed concern over the delays and wordered if the "department officials" were "conniving" with the litigants to delay the cases.Put in a mechanism to ensure there are no delays, the bench suggested. "Monitor it periodically to ensure that things don't go back to the way they were after six months," Kapadia, who retires later this month, told Additional Solicitor General Mohan Parasaran. |
| EXCISE |
| Excise cut leads to Rs 1/litre profit for OMCs |
| Delhi : After two months of losses, oil marketing companies (OMCs) have started making profits on sale of petrol, thanks to the softening global price and an excise cut announced by the government last week.The OMCs have begun making a margin of around Rs 1 on every litre sold. The three — Indian Oil, Bharat Petroleum and Hindustan Petroleum — were losing around Rs 6 on every litre of petrol in the first fortnight of this month. To prevent any price increase in petrol, the government last Thursday cut the excise duty by Rs 5.30 a litre. Until then, it was charging Rs 14.78 through excise on every litre. The move almost covered the loss that the OMCs were incurring on petrol. |
| SERVICE TAX |
| Service tax on toll: IRB Infra moves Highways Ministry |
| Delhi : Anticipating a Rs 600-crore notice from the Service Tax Department, IRB Infrastructure has moved the Highways Ministry. It has sought a clarification on the issue of levying service tax on highway toll revenues.Mumbai’s service tax commissioner has asked IRB Infrastructure – the company developing over 6,400 km of highways – to pay service tax on its total toll revenues over a five-year period.IRB, one of the top five highway developers by length, recently received a notice of Rs 60 crore for three of its special purpose vehicles (SPVs) that operate highways. It is likely to get a notice for another Rs 230 crore for the remaining seven operational SPVs, Virendra D. Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers, said. |
| RBI |
| RBI Governor Duvvuri Subbarao cuts CRR by 25 bps; leaves interest rates unchanged |
| Maharashtra : Reserve Bank of India (RBI) Governor Duvvuri Subbarao has once again dodged pressure from industry and left interest rates unchanged, choosing to play the role of a spectator for now instead of joining the government in the game of growth revival.But the conservative central banker did not disappoint the banking system altogether and cut the cash reserve ratio (CRR) by 25 basis points to 4.5%, a move bankers say would release Rs 17,000 crore worth of funds locked up with RBI into the banking system and could prod banks to lower lending rates. The prospects of an interest rate cut in its next review on October 30 rose with the government promising to deliver more on reforms. |
| Misc. Corporate Laws & Other Commercial Policies |
| Pan-India licences for 2G spectrum auction winners by December: Telecom ministry |
| Delhi : Mobile phone companies that win spectrum in the upcoming 2G airwaves auction will receive unified licences at the circle level and will be allowed to migrate to the full unified licensing regime by December, a senior telecom ministry official told ET .This will provide clarity to interested applicants, especially Reliance Industries' Infotel Broadband that has a pan-India wireless broadband access licence and is learnt to be interested in participating in the upcoming airwaves sale.Representatives of the company had sought clarity from the telecom department in the pre-bid conference last week on the type of licences that will be given after the auction. |
| Labour min may censure states for wage gaps, lax enforcement |
| Delhi : Worried over a subdued job market due to the economic slowdown, the Centre is likely to censure some states over disparity in wages of factory workers, tardy implementation of labour laws and slow progress on skill development. Union labour minister Mallikarjun Kharge has convened a meeting with state ministers on September 27 to discuss the contentious issues. Top of the minister's agenda, sources said, is the wide divergence of minimum wages among states and the non-compliance by some states even in offering the government-mandated national floor level minimum wage (NFLMW) to workers.Though states are free to prescribe higher wages, the Minimum Wages Act mandates that workers can't be offered less than the NFLMW. The government has revised the minimum wage floor successively from R35 per day in 1996 to R115 in 2011 to compensate workers for inflation. |
| Finance & Money Markets |
| Bonds sell-off after RBI leaves key policy rate unchanged |
| Maharashtra : Bond yields rose by over 5 basis points showing dissapointment at the RBI’s move to keep policy rates unchanged on Monday. Bankers expect yields to ease only marginally towards October end.RBI cut the cash reserve ratio by 25 bps to 4.5%. “The market was dissapointed by CRR cut,” said Manish Wadhawan, head of rates at HSBC. Even though a cut in CRR may look more potent than a rate cut as it infuses primary liquidity, traders were not impressed. “Liquidity is alright even now. I think a CRR cut was not needed,” said P Mukherjee, Axis Bank’s head of treasury. |
| IDBI Bank to raise $500 mn through MTN issue this week |
| Maharashtra : Taking the benefit of softening of bond yields in the global markets, IDBI Bank plans to raise about $500 million this week under its Medium Term Notes (MTN) programme.The bank is looking to issue dollar-denominated bonds this week. The tenure will depend on the feedback and appetite of investors, said an official associated with the bond offering.Rating agency Moody's has assigned a Baa3 rating to proposed issuance of long-term senior unsecured notes under its $1.5 billion Medium Term Note (GMTN) programme. These notes will be denominated in dollars and issued by the Dubai International Financial Centre (DIFC) branch, Dubai of IDBI Bank. |
| Commodities |
| Rice production may dip marginally this year |
| Delhi : The country’s rice output that touched a record high of 104.3 million tonnes (mt) last year could see a marginal dip this season ending June. This is on account of a shortfall in kharif acreage, as scanty rains during the early phase of monsoon hit plantings in Andhra Pradesh and Karnataka.However, crop prospects have improved with the monsoon’s revival in August. The showers are seen aiding the standing crop that is in grain formation stage. Besides, they also led to expansion of acreage. Transplantation of paddy is still on in key eastern rice-growing States of Bihar, Chhattisgarh and West Bengal.Various estimates peg the crop size in the range of 98 to 102 mt. The rice trade estimates the crop to be around 100 mt, while the Food Ministry expects it to be at last year’s level. |
| Spices Board joins hands with CII, USFDA for training centre |
| Kerala : The Spices Board has decided to partner with CII and USFDA to set up a collaborative training centre for food safety and supply chain management. This is to clear apprehension and concern on quality of spices and spices products exported from India.Inaugurating the collaborative training centre here on Monday, A. Jayathilak, Chairman, Spices Board, said that the centre, the first of its kind in India, is the culmination of the decision taken in the aftermath of the World Spice Congress held in Pune in February this year. |
| INTERNATIONAL BUSINESS |
| Despite a slowdown, smartphone advances still marching ahead |
| The arrival of the original iPhone in 2007 was a quantum leap for cellphones. Phones had never worked or looked like that.The iPhone 5 that Apple introduced last week with only incremental changes seemed to signal that the industry has entered an era of technological bunny hops.Faster chips, bigger screens and speedier wireless internet connections are among the refinements smartphone users can count on year after year in new models, most of them in familiar rectangular packages. |
| MERGER & ACQUISITION |
| Tech Mahindra acquires 51% in Bharti Group-owned mobile VAS provider Comviva Technologies for Rs 260 crore |
| Delhi : India's sixth-largest software services company, Tech Mahindra, has acquired a 51% stake in Bharti Group-owned mobile value-added services (VAS) provider Comviva Technologies for Rs 260 crore. In the new entity - to be called Mahindra Comviva - Bharti Group will continue to hold a 20% equity ownership, with Tech MahindraBSE -0.05 % owning 51% and the rest by private equity investors and employees. ET was the first to report the sale of Bharti Group-promoted Comviva to Tech Mahindra last month. Tech Mahindra will make an upfront payment of Rs 125 crore, with the balance to be paid over five years depending on Comviva meeting mutually agreed performance milestones. |
| Life Insurance |
| MetLife to pay Rs 190 cr for stake buyback |
| West Bengal : MetLife Inc is set to pay close to Rs 190 crore to Jammu and Kashmir Bank for buying a part of its stake in their insurance joint venture, MetLife India Insurance Co. The bank will sell 50 million shares to the global insurer, sources familiar with the development told Business Standard.The move is aimed at maintaining MetLife's 26 per cent stake in the Indian insurance venture.Earlier, it was decided that Punjab National Bank (PNB) will acquire 30 per cent stake in MetLife India Insurance buying shares from the joint venture partners. As part of the deal, MetLife, along with its other joint venture partners Jammu & Kashmir Bank, Karnataka Bank, Geojit Securities, Karvy Consultants and others, will transfer a part of its shares to PNB. |
| Banking |
| Karnataka Bank drops plans for rights issue |
| Karnataka : Karnataka Bank Ltd, a publicly-held private sector bank, has decided to drop plans to raise equity through a rights issue. In the stead, the bank will augment the capital by issue of tier-2 bonds.The bank, headquartered in Mangalore in Karnataka, has a capital adequacy ratio of 12.50 per cent (under Basel-II standards) against a minimum requirement of nine per cent. While the capital adequacy under tier-1 capital is at 10.99 per cent, it is at 2.06 per cent under tier-2 capital, a comfortable situation for the bank. It is to boost this capital that the bank may be eyeing to raise around Rs 250 crore through the issue of fresh bonds. The bank had earlier during 2007 raised Rs 350 crore by issuing 10-year bonds for augmenting tier 2 capital. |
| Government asks banks to focus on partially completed real estate projects' funding |
| Maharashtra : In a bid to improve housing stock in the country, Union secretary for financial services DK Mittal has asked commercial banks to focus on financing partially completed projects on a priority basis, developers' apex body CREDAI said in a release. At the joint meeting between developers body CREDAI and Indian Bankers Association, bankers insisted on the one-project one-bank account norm and opening escrow accounts to track the usage of project-specific funds. Bankers also suggested incentivizing the rate projects through lower interest rates. Presiding over the joint meeting, Mittal asked the developers' body to conduct a survey of unsold housing units in various cities and submit the same in order to enable a decision on unlocking of their value. CREDAI will be submitting first batch of this data on metro cities in the next 10 days. |
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| Economy |
| India |
| Domestic pharma market grows 13.7% in August |
| P Chidambaram rules out rollback of decisions and any threat to government; promises more reform-friendly steps |
| LPG distributors seek better enforcement system |
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| International |
| China and US in tit-for-tat WTO complaints exchange |
| Japanese firms shut China plants, US urges calm in islands row |
| Earnings in US are beginning to feel a pinch |
| Eurozone crisis: Why adopting the euro is a trap for some nations |
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| Markets Today |
| NSE | 5,600.05 | -0.18% |
| BSE | 18,496.01 | -0.25% |
| NASDAQ | 3,178.67 | 0.00% |
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| USD | 53.95 | |
| EURO | 70.43 | |
| JPY(100) | 68.63 | |
| GBP | 87.63 | |
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| Corporate Watch |
| Ad inventory for T20 WC sold out, ESPN pockets around Rs 250 cr |
| Delhi : With a total of 34 advertisers, including the likes of Reliance and Hero MotoCorp on board, ESPN Star on Monday said the upcoming T20 cricket World Cup will be its best ever in terms of advertising revenue, which as per industry estimates is nearly Rs 250 crore.“We have completely sold out our ad inventory. A total of 34 advertisers are on board with us for the upcoming T20 World Cup,” ESPN Software India Pvt Ltd Executive Vice-President Sanjay Kailash said. |
| Vodafone considers $2.2 billion tax provision on Indian law |
| Delhi : Britain's Vodafone, locked in a $2.2-billion tax dispute in India, has said it is consulting on the need to make provisions towards legal risks in the country, triggering talk it may be preparing for a settlement with the tax authorities. The company, which earlier this year won a four-year legal battle against the government after the Supreme Court ruled that it did not owe tax on its 2007 acquisition of Hutchison's Indian operations, had resisted setting aside any provision even during the peak of its dispute with the tax authorities. But latest comments from the group's finance chief appeared to indicate a change in its stance. |
| Google searches for SMBs ignored by Indian IT companies like Infosys, Wipro |
| Karnataka : Google is eating into the market of Indian IT services providers by aggressively selling its products and technology solutions to small and medium businesses, which are estimated to spend $15 billion (Rs 80,000 crore) on technology by 2015. From word processing and email to storage and enterprise search, Google is using every tool in its armoury to get the business of SMBs, some 1,000 of whom are already on its client roster. Operating in India since 2008, Google counts VoltasBSE 0.58 %, Yebhi, Nilkamal, Hiranandani and India InfolineBSE 3.58 % among some of its wins in the space. Working with hundreds of local reseller partners, Google is venturing into a multi-billion dollar market neglected by home-grown technology services companies such as InfosysBSE 1.58 %, WiproBSE -3.53 % and Tata Consultancy ServicesBSE -2.70 % who prefer big contracts from large enterprises. |
| Toyota Motor may plan a third greenfield plant in Hosur |
| Delhi : Toyota Motor is planning a third greenfield plant to meet any spurt in demand in coming years.It operates a majority-owned Indian subsidiary, Toyota Kirloskar Motor Private Limited (TKM), which is looking at expanding to Hosur in Tamil Nadu. Hosur is just few kilometres away from its two current plants at Bidadi, in the suburb of Bangalore. The two plants would reach a combined capacity of 3.1 lakh cars by January 2013.Toyota is one of the fastest-growing car companies in the otherwise slowing Indian domestic market. Its sales grew 34% to 73,148 cars in the first five months of the fiscal. The company is aiming at an annual production of around 4 lakh vehicles by 2015-16 that would take its market share to around 10%. |
| Panel for penalising Tata Power, Hindalco for delay in developing coal block in Jharkhand |
| Delhi : An official panel has recommended that the government should penalise Tata PowerBSE -1.01 % and Hindalco IndustriesBSE -2.26 % for delay in developing a coal block in Jharkhand, government sources said.'The inter-ministerial group (IMG) reviewing coal block progress took a decision on Monday to suggest deduction of bank guarantees of the two companies for slow progress at Tubed coal block with 189 million tonnes reserves,' a government official said.The block was allocated to Hindalco Industries and Tata Power in 2007 for their power plants. |
| Medium, heavy vehicles sales not hit by slowdown: Tata Motors |
| Maharashtra : Tata Motors expects to sustain its leadership position in the medium and heavy commercial vehicles segment with a slew of new launches.'This is a highly competitive sector, and we would be happy if we are able to sustain our market share in this growing industry.A number of new players are also coming into this sector...,' Tata Motors Executive Director (Commercial Vehicles) Ravi Pisharody said.At present, the company has about 68 per cent share in the medium and heavy commercial vehicles (M&HCV) segment and has been holding fort for the past 10 years, he said, at the launch of Tata Motors' heavy trucks. |
| BGR Energy bags Rs 1,900-cr contract from DVC |
| Tamil Nadu : BGR Energy Systems Ltd has bagged a Rs 1,900-crore contract from Damodar Valley Corporation to supply steam generators, according to a press release from BGR Energy. The Chennai-based company will supply steam generators for the Raghunathpur Thermal Power Project Phase-II. BGR Energy has received the Letter of Award from Damodar Valley Corporation, which is setting up the 2x660 MW project.The order value includes a €109.79-million component and a rupee component of about Rs 1,121 crore totalling Rs 1,901.57 crore. The order is to be executed over 58 months and provides for price variation and foreign exchange changes.In February 2012, BGR Energy emerged the lowest bidder in the National Thermal Power Corporation’s bulk tender for supplying 11 super critical boilers of 660 MW. |
| Shoe pinches for Reebok franchisees |
| Delhi : About 300 Reebok India franchisees downed their shutters in the Capital on Monday, protesting against what they called the ‘unfair exit options’ thrust upon them. They claim to have suffered losses of Rs 900 crore due to Adidas Group’s new management policies for India.Reebok India, however, claimed that at least two-third of its franchisees in India had made a smooth transition under the Franchisee Transformation Project. Under this, the company is looking to switch from the minimum guarantee (MG) model to cash-and-carry ventures.“A chunk of franchisees, which have made a clear commitment to adopt the new business terms, will attend the meeting this week to view the Spring Summer ’13 product range along with strategy for the coming year to give Reebok a fresh start in 2013,” a Reebok India spokesperson said. |
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| Tenders & Assignment |
Jammu And Kashmir State Agro Industries Development Corporation Limited ![]() |
Description :Invited from the experienced firms of charted accountant for undertaking below stated assignments – Tax audit & filling of income tax return, vat audit & filling of annual account return, assessment for assessment of income tax department, completion of balance sheets .
Last Date : 18/09/2012
Address :Jammu-kashmir - India
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Chhattisgarh State Power Transmission Company Limited ![]() |
Description :Enquiry for Appointment of Chartered Accountant for filing TDS return against tax deducted at source 9 (TDS) by the implementing agencies viz. NHPC, NESCL, PGCIL & CSPDCL under Rajiv Gandhi Grameen Vidyutikaran Yojna(RGGVY)
Last Date : 20/09/2012
Address :Chhattisgarh State Power Distribution CO.LTD,
Danganiya,Raipur-492013(CG)
Phone :0771-2574901
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Himachal Pradesh General Industries Corporation Limited ![]() |
Description :Offers invited from the Chartered Accountants toAppoint internal Auditors for its units.
Last Date : 25/09/2012
Address :Himachal Pradesh General Industries Corporation Limited,Shimla-107 001
Himrus Building,Cart Road,Shimla-171001
Phone : 0177-2624824,2624557
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Navodaya Vidyalaya Samiti ![]() |
Description :Internal Audit Work of Jawahar Navodaya Vidyalayas located in the State of Uttar Pradesh & Uttarakhand.
Last Date : 26/09/2012
Address :Lekhraj Panna,Third Floor,Sector-2,Vikas Nagar,Lucknow-226022
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General Administration Department ![]() |
Description :Expression of Interest is Invited from Chartered Accountant Firms for Appointment of Internal Auditor for audit of Bihar Prashasnik Sudhar Mission Society for the year 2012-13 & further extendable based on performance.
Last Date : 30/09/2012
Address :Bihar Prashasnik Sundar Mission Society
(General Administration Department)
Sinchai Barak No-1,Harding Road(Near Haz Bhavan)Patna
Phone :0612-2215908/2233333
E-Mail :bpsms1@gmail.com
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Department Of Horticulture And Food Processing ![]() |
Description :Hiring Services of the Firm of Chartered Accountants for Audit of Horticulture Mission for North East & Himalayan States (HMNEH) Uttarakhand for financial year 2012-13
Last Date : 30/09/2012
Address :Dehradun - Uttaranchal - India
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Sarva Shiksha Abhiyan ![]() |
Description :Expression of interest for internal audit
Last Date : 30/09/2012
Address :(WINTER)105 Karan Nagar,Jammu
(SUMMER) Madina Housing Colony,BEMINA Srinagar
Phone :0191-2563496
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Nuclear Power Corporation Of India Limited ![]() |
Description :Registered chartered accountant for "Assistance to Maintain TWS, Coarse Screen, & Stop Logs of CCW, ASW & SW System.
Last Date : 03/10/2012
Address :Tarapur - Maharashtra - India
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Punjab State Aids Control Society ![]() |
Description :Expression of interest for Chartered accountant firms for Statutory audit of Punjab state aids control society & internal audit of Peripheral units
Last Date : 05/10/2012
Address :Chandigarh - Punjab - India
Phone :0172-2636802,2636804
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| Reminders |
| Tenders |
| Government of India Ministry of Heavy Industries & public Enterprises Department of public Enterpris 20/09/2012 |
| Sarva Shiksha Abhiyan 20/09/2012 |
| Bharat Sanchar Nigam Limited 20/09/2012 |
| Rural Development Department 20/09/2012 |
| Chhattisgarh State Power Transmission Company Limited 20/09/2012 |
| Jammu And Kashmir Rural Road Development Agency 21/09/2012 |
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| Notifications & Circulars |
| CUSTOMS |
| Notification No. 83/2012-Customs (N.T.) (Delhi) 17/09/2012 |
| Making E-payment of Customs duty mandatory |
| ORDER (Delhi) 17/09/2012 |
| Appointment of Common Adjudicating Authority |
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