| Professional
News |
| Misc. - Direct
Tax |
| WITHHOLDING TAX ON QFI ON SETTLEMENT
BASIS: CBDT |
|
Delhi : Foreign individual
investors, trusts and pension funds that invest in India
through the Qualified Foreign Investor Framework will not face
tax deduction on each individual share transaction but will
require a permanent account number. The Central Board of
Direct Taxes, the apex direct taxes body, has said in a
detailed clarification issued by way of frequently asked
questions that withholding tax on QFI income will be computed
on settlement
|
| 'Exempt commodity derivatives from
transaction tax' |
|
Delhi : Amid speculation
that government may impose tax on commodity derivatives in the
budget 2013-14, industry bodies have demanded exemption to
such derivatives from transaction tax, saying any levy would
distort the nascent market. Commodity bourses and brokerage
firms are speculating that government may reopen the old
proposal made in the 2008-09 Budget to levy 0.017 per cent tax
on commodity derivatives trade (Rs 17 on Rs 1 lakh worth
transaction).
|
| CUSTOMS |
| Reduce export duty on iron ore fines
to 5% in Budget: FIMI |
|
Delhi : Miners' body FIMI
has pitched for a drastic reduction in export duty on
low-grade iron ore to 5 per cent from the present 30 per cent
saying that the current rate has rendered shipments unviable.
"We have requested the government to slash export duty on iron
ore fines in the Budget to the level it existed prior to March
2011, at five per cent," RK Sharma, Secretary General,
Federation of Indian Mineral Industries (FIMI), told PTI.
|
| GST |
| No need for a major revision in GST
Bill |
|
Delhi : The Goods and
Services Tax (GST) Bill pending with a Parliamentary panel
does not require major changes before its re-introduction in
Parliament despite the recently ordered review of the proposed
indirect tax regime’s design, said Bihar deputy chief minister
Sushil Kumar Modi, who heads a panel of state finance
ministers on GST. Two panels led by revenue secretary to the
central government Sumit Bose set up last month to advise on
GST’s design and states’ compensation will miss their December
31 deadline
|
| SEBI |
| Sebi seeks clarification on Diageo
offer for United Spirits |
|
Delhi : Market regulator
Sebi has sought additional details from global liquor giant
Diageo with regard to its Rs 5,441 crore open offer for
acquiring 26 per cent stake in UB Group firm United Spirits
Ltd The open offer is part of a proposed acquisition of up to
53.4 per cent stake in United Spirits (USL) by Diageo Plc for
an aggregate amount of Rs 11,166.5 crore. As per the deal,
announced on November 9,
|
| COMPANY
LAW |
| New Companies Bill to offer investors
exit option if corporates 'misuse'
funds |
|
Maharashtra : Minority
investors will soon be provided with an exit option by
companies if the funds raised from them are utilised for a
purpose other than that stated in its objects of the company
or in case of a change in prospectus. The new Companies Bill
2012, passed by the Lok Sabha last week (tabled in the Rajya
Sabha earlier this month), specifically provides an
opportunity to the shareholders to exit from the company in
case of change in its objects or in its offer document.
|
| RBI |
| RBI norms may dent NBFC profit, says
Icra |
|
Maharashtra : The proposed
guidelines by the Reserve Bank of India (RBI) for non-banking
finance companies (NBFCs) are likely to impact the
profitability of these entities by 15-20 basis points
(0.15-0.20 per cent) in the medium-term, according to a
research report by rating agency Icra. “The higher tier-I
capital requirement could translate into a decline of 115
basis points in the sectors’ return on equity,”
|
| RBI may release final guidelines in
January |
|
Maharashtra : Year 2013
could ring in some good news for bank aspirants. The Reserve
Bank of India (RBI), currently giving final touches to the
proposed bank licence norms, is likely to release the final
norms in January, according to RBI sources. However, the
process of inviting the applications might not start
immediately, sources added.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Rating system: Power and steel plants
in coal-starved states will get priority in coal block
allocations |
|
Delhi : Power and steel
plants of state-run companies like NTPC and Steel Authority of
India that are ready for operations and are being set up in
coal-starved states will get priority in coal block
allocations. The government will rate power and steel
companies on a scale of 30 points based on criteria like their
financials, past record in developing a coal block and
proximity of the end use project to the coal block.
|
| Finance & Money
Markets |
| BSE shares soar 50% after bourse
decides to go public |
|
Maharashtra : Ever since
BSE, Asia's oldest bourse, announced its intent to go public
three months earlier, its shares traded in the grey market
have reportedly risen in value by 50% to Rs 300 apiece,
inching towards a record high they touched when the Singapore
Exchange (SGX) picked up a 5% stake from the bourse's
broker-shareholders five years ago.
|
| Bank of India revises interest rates
on select bulk fixed deposits |
|
Maharashtra : The public
sector bank, Bank of India, has increased the interest rates
on some of its bulk fixed deposits. The interests have been
raised for deposits of Rs. 10 crore and more for certain
specific maturities. While making the announcement, the bank
said, "...has informed the BSE that the bank has revised the
interest rate for the deposit of Rs 10 crore and above for the
time bucket of 1 year and above to less than 2 years to 9 per
cent (earlier 8.75 per cent)."
|
| Fag-end selling over growth concern
drags Sensex 94 points down |
|
Maharashtra : Bucking a
positive global trend, the BSE benchmark Sensex on Thursday
closed nearly 94 points lower at 19,323.80 on fag-end selling
due to growth concerns, amid expiry of December futures
contract. The Bombay Stock Exchange 30-share barometer
initially touched a high
|
| Banking funds outshine FMCG, pharma
in 2012 |
|
Maharashtra : Banking funds
have emerged as sectoral outperformers in CY12 as hopes of an
economic revival and anticipation of interest rate cuts in
2013 fuelled a rally in banking stocks in the past few months.
Banking funds have given average category returns of 47.1%,
outperforming defensive sectors, such as FMCG, which have
given average category returns of 46.7%, and pharma
(32.2%).
|
| Sensex falls 93 points; derivatives
expiry sparks record volumes in F&O
segment |
|
Maharashtra : The BSE Sensex
fell as recent gainers such as Reliance Industries were hit by
profit-booking, while IT stocks fell due to concerns about
their outlooks on a day in which the expiry of derivatives led
to record volumes in the futures and options (F&O)
segment. Turnover in F&O on Thursday reached around 4.2
trillion Indian rupees,
|
| Bharti Infratel shares likely to list
in Rs 200-220 range |
|
Maharashtra : The biggest
initial public offering (IPO) of this year from Bharti
Infratel, a company that rents out towers for mobile phone
companies, will list on the bourses on Friday. The company,
which received tepid response from most of the investor
category, raised around Rs 4,118 crore. The shares are
expected to list in the range of Rs 200 to Rs 220 as per the
unregulated grey market estimates.
|
| Govt notifies MCX-SX as recognised
stock exchange |
|
Maharashtra : The government
has notified the country's newest bourse MCX-SX as a
recognised stock exchange, paving the way for initial public
offers, listing and trading of shares its platform. MCX-SX
(MCX Stock Exchange) has already got an approval from Sebi
(Securities and Exchange Board of India) to function as a
full-fledged stock exchange.
|
| Commodities |
| Brent holds near $111 on U.S. fiscal
jitters; Japan supports |
|
Gujarat : Brent crude held
near $111 per barrel on Thursday as jittery investors stayed
on the sidelines with a deadline to avert a U.S. fiscal crisis
approaching, while hopes the new Japanese government's
policies will spur demand supported prices.
|
| China growth helps iron ore to rally
the most in two years |
|
Delhi : Iron ore is rallying
the most in about two years as analysts predict that China,
the biggest buyer, will import a record amount in 2013 as its
accelerating economic growth spurs demand for steel. Trade to
China will climb 6.9% to 778 million tonne in 2013, or 65% of
all shipments, according
|
| Gold eases slightly, focus on US
budget talks |
|
Delhi : Gold inched down in
thin trade on Thursday, with investors keeping a close eye on
talks between the White House and Congress to prevent the US
economy from plunging into recession next year.
|
|
![]() |
| Economy |
| India |
| AP, Bengal trailing national GDP
rates |
| Rupee ends 2 days of gains on share weakness,
growth worries |
| IT services, pharma could drive hiring growth in
2013: Survey |
| India ranked 40th among 50 dynamic
economies |
| Manmohan Singh warns against complacency, pitches
for hike in prices of petroleum goods, coal &
power |
| EGoM on spectrum may meet next
week |
| |
| International |
| Limited bond issuance to boost economy: Japan
FM |
| China October Industrial Profits Jump
20.5% |
| |
| Markets
Today |
| NSE |
5,908.35
|
0.65%
|
| BSE |
19,444.84
|
0.63%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
54.78
|
|
| EURO |
72.18
|
|
| JPY(100) |
63.58
|
|
| GBP |
88.30
|
|
|
| |
| Corporate
Watch |
| Bharti Walmart sells bulk of wares to Easy
Day retail |
|
Delhi : Bharti Walmart, the
wholesale joint venture company, earned more than half its
revenues in 2011 by selling merchandise to Bharti Retail,
turning the spotlight on a rule that restricts cash-and-carry
ventures from selling more than a fourth of their wares to
'group companies', but fails to define these affiliate firms.
In 2011, Bharti Retail, the company that runs Easy Day stores,
|
| Mid-sized IT firms like Mindtree, Hexaware,
Infotech Enterprises see worrying signs in
2013 |
|
Karnataka : After a year of growing
faster than the big boys, India's medium-sized software
services exporters are looking at a tougher, slower year ahead
even as they wait for economic revival in their largest market
— the United States. In 2012, companies like Mumbai-based
Hexaware, Hyderabad-based Infotech Enterprises and Pune-based
KPIT Cummins literally gave larger peers such as Infosys and
Wipro a run for their money.
|
| Law Ministry says no to Bharti Airtel
subsidiary Hexacom listing |
|
Delhi : The law ministry has said
that Telecom Consultants of India (TCIL), which owns 30% stake
in a Bharti Airtel subsidiary that offers mobile services in
north-eastern states (excluding Assam) and Rajasthan, should
not seek a listing of this company. Instead the Solicitor
General said that TCIL should accept Bharti's offer of a
dividend at 20% from financial year 2011-12 onwards.
|
| Tata Sons pledges shares of Rs 2.6k cr in
group firms |
|
Maharashtra : Tata Group's holding
company, Tata Sons, has pledged shares worth over Rs 2,600
crore in three flagship group companies. On December 24, Tata
Sons pledged 11 million shares in Tata Motors, 10 million in
Tata Steel and and 15 million in Tata Consultancy Services
with Centralbank Financial Services Ltd. The value of the
shares pledged has been calculated in line with their closing
price on December 24. Market experts say group companies often
bank on Tata Sons for finance, either to fund an acquisition,
or to pay debt.
|
| GMR Group drives off Ahmedabad
highway |
|
Delhi : The GMR Group has walked
out of the 555-km long Kishangarh-Udaipur-Ahmedabad National
Highway, 16 months after it won this in a bid in which it
promised to pay the National Highways Authority of India
(NHAI) over R9,000 crore on a net present value (NPV) basis.
The company issued a Notice of Intention to terminate the
agreement to NHAI under clause 37.2 of the concession
agreement last Friday.
|
| Clariant India’s parent to sell 3 units to
US firm for $550 m |
|
Maharashtra : Clariant Chemicals
India said its Swiss parent Clariant is selling its textile
chemicals, paper specialties and emulsions businesses,
including those in India, to US-based investment firm SK
Capital. Basel, Switzerland-based Clariant said in a statement
that it was selling the three businesses globally for 502
million Swiss francs ($550 million or about R3,020 crore). In
2012, the divested businesses are expected to generate 1.2
billion swiss francs (or about R7,240 crore) in sales and an
estimated Ebitda of 80 million swiss francs (or about R482
crore).
|
| Bristol-Myers sues DRL over patent
row |
|
Delhi : U.S.-based drug maker
Bristol-Myers Squibb Company has filed a patent infringement
case against Dr. Reddy’s Laboratories (DRL) over cancer drug
Ixempra. Bristol-Myers in its petition filed in the United
States District Court of New Jersey alleged that the Indian
drug maker had infringed the patents of its drug on three
counts.
|
| IKEA insists on approval for its entire
range of products |
|
Delhi : Swedish furniture retailer
IKEA on Thursday said it wants the government to allow it to
'retail its entire range of products', including opening of
cafes in its stores in India, in the wake of FIPB approving
only Rs 4,200 crore investment out of a proposed total of Rs
10,500 crore. 'The IKEA Group must have the ability to retail
its entire range of products in India as is being done
globally in every country, where IKEA stores are located. This
is as per the IKEA concept,'
|
| |
| Tenders
& Assignment |
Municipal Council ![]() |
Description :Appointment of Chartered
Accountant for Auditing
Last Date :
04/01/2013
Address :Bijnor - Uttar
Pradesh
|
Maharashtra State Aids Control Society
![]() |
Description :Expression of interest from
CAG Empanelled Chartered Accountant firm
Last
Date : 10/01/2013
Address
:GOVERNMENT OF MAHARASHTRA
R.K.Kidwai Rd.Ackworth
Leprosy Complex,
Wadala (W)Mumbai-400031
|
Collector Office ![]() |
Description : Audit Work by Chartered
Accountants
Last Date : 11/01/2013
Address :Collector Office Raigarh
Chhattisgarh
|
Software Technology Parks Of India ![]() |
Description : Appointment of Internal
auditor for FY 2012-13 at STPI-HQ, STPI & Its sub centers
Last Date : 11/01/2013
Address :Dept.of Electronics and
Information Technology, Ministry of Communications and IT
(Govt of India) Ganga Software Technology
Complex,Sector-29,Noida (UP)201303
Phone
:0120-2470400
|
Gujarat Mineral Development Corporation
Limited ![]() |
Description :Expression of interest for
Empanelment of Internal Auditors
Last Date
: 15/01/2013
Address
:Gujarat
|
| |
| Reminders |
| Tenders |
| Power Transmission Corporation Of Uttarakhand
Limited 29/12/2012
|
| Department Of Horticulture And Food
Processing 29/12/2012
|
| Himachal Pradesh State Handicrafts And Handlooms
Corporation Limited 29/12/2012
|
| Bihar Education Project
Council 31/12/2012
|
| Gujarat Mineral Development Corporation
Limited 31/12/2012
|
| Mahanagar Telephone Nigam
Limited 31/12/2012
|
| Tamil Nadu Milk Producers Cooperative Federation
Limited 04/01/2013
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| ORDER (Delhi) 24/12/2012
|
| Appointment of Common Adjudicating Authority |
| RBI |
| Notification
No.RBI/2012-13/349 (Delhi) 27/12/2012
|
| Exim Bank's Line of Credit of USD 19 million to the
Government of Guyana |
| Notification No.RBI/2012-13/350
(Delhi) 27/12/2012
|
| Exim Bank's Line of Credit of USD 250 million to the
Government of Mozambique |
| DIRECTORATE GENERAL
OF FOREIGN TRADE |
| Policy Circular No. 9(RE-2012)/2009-14
(Delhi) 27/12/2012
|
| Operationalisation of provisions of Para 5.11.2 of Hand
Book of Procedure Vol-1 (2009-14) [RE: 2012] |
| |
|
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