| Professional
News |
| SEBI |
| RIL to be made party to insider
trading case between Sebi, RTI activist Arun
Agarwal |
|
Maharashtra : The Bombay
High Court has directed that Reliance Industries (RIL) be made
a party to the case between the Securities and Exchange Board
of India (Sebi) and right-to-information (RTI)
activist-cum-lawyer Arun Agarwal, who is seeking release of
names involved in an insider trading case. The division bench
comprising Justices DY Chandrachud and AA Sayed said since the
matter relates to a probe on RIL, the company should be given
a chance to present its case.
|
| RBI |
| RBI sets up supervisory bodies for
SBI and ICICI Bank |
|
Maharashtra : The Reserve
Bank of India (RBI) has set up two supervisory bodies for
State Bank of India (SBI) and ICICI Bank to ensure compliance
of global prudential norms and reduce supervisory overlap,
reports PTI."The objective of establishing supervisory college
is to deal with supervisory issues revolving around these
banks and establish a cooperation mechanism for cross-border
supervision," RBI said in a statement.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| New industrial policy to provide sops
for SMEs |
|
Maharashtra : After a delay
of about 21 months, the new industrial policy for Maharashtra
is likely to be announced on Wednesday. The Industries
Department would be placing the policy before the State
Cabinet for approval. A senior Maharashtra Government official
told Business Line on condition of anonymity that the policy
would focus on small and medium industries,
|
| CIL must not favour PSU power
cos’ |
|
Delhi : Defying the
convention of patronising public sector enterprises (PSEs) at
the expense of private firms, new power minister Jyotiraditya
Scindia has sent a missive to his counterpart in the coal
ministry, strongly recommending that public and private sector
firms be treated on par in signing fuel supply agreements with
Coal India (CIL). In the modified model FSA, CIL proposes to
retain the right to unilaterally terminate its agreement with
private power developers in case of a dispute,
|
| Finance & Money
Markets |
| Nearly 60% of fund managers bullish
on equities, says survey |
|
Maharashtra : With the
recent announcements on fiscal consolidation by the government
and hopes of cut in interest rates by the Reserve Bank of
India (RBI), Indian fund managers have become more optimistic
towards Indian equities and are advising investors to increase
allocation towards the equity market. According to the latest
fund manager survey by ICICI Securities, the overall outlook
has improved significantly over the last three months,
|
| What is a 'White-label
ATM'? |
|
Delhi : The Reserve Bank
recently allowed nonbanking companies to set up white-label
ATMs in the country. ET explains how they differ from the
usual bank-run cash dispensers: What is a white-label ATM?
Most automated teller machines (ATMs), or machines that
dispense cash, are owned by banks. But ones that are owned and
operated by non-banking companies are called while-label ATMs
(WLAs). They function just the same way as any other bank-run
ATM.
|
| Commodities |
| Policy makers face a wall on curbing
gold demand |
|
Delhi : Legend has it that
Moses smashed in disgust the tablet carrying the Ten
Commandments down Mount Sinai when he saw Jews in delirium
worshiping a golden calf. The feeling about the yellow metal
in the minds of finance minister P Chidambaram and his
economic affairs secretary Arvind Mayaram, who forecast the
Indian rupee to touch Rs 50 to the US dollar, may be something
similar to that of Moses. The unbridled import of gold that
accounts for more than two thirds of the current account
deficit, according to some policy makers, is causing macro
economic imbalances.
|
| Commodities slide on weak US factory
output data, gold hits one-month low |
|
Delhi : Major commodities
took a hit on Tuesday as an unexpected contraction in the US
factory output as well as protracted negotiations on the
budget crisis in the world's largest economy prompted
investors to pull out of risky assets. Gold hit a nearly
one-month low on technical selling after the price broke
through key support levels despite easing measures by the
Australian central bank.
|
| Sugar output may fall to 23 million
tonnes in 2012-13: K V Thomas, Food
Minister |
|
Delhi : Sugar production in
the country is expected to decline to 23 million tonnes in
2012-13 due to delayed monsoon and drought situation in
Maharashtra and Karnataka, Food Minister K V Thomas said
today. The country had produced 26.2 million tonnes of sugar
in 2011-12 marketing year (October-September), against the
annual demand of 22 million tonnes.
|
| INTERNATIONAL
BUSINESS |
| Honda's Nov auto sales down 29.2
percent in China |
|
Honda Motor Co Ltd and its Chinese
joint ventures sold 41,205 vehicles in China in November, down
29.2 percent from a year earlier, the Japanese automaker said
on Tuesday. That was an improvement from October when sales
fell 54 percent, although sales are still well below last
year's level due to the ongoing impact of a diplomatic row
between the countries that sparked anti-Japan protests across
China.
|
| Struggling Nokia sells headquarters
building |
|
Nokia plans to sell its head office
near the Finnish capital to real estate investors for €170
million ($US220 million) as the struggling cellphone maker
continues to cut costs. CFO Timo Ihamuotila says the deal, to
be concluded later this month, is in line with aims to shed
non-core activities, adding that Nokia will continue to
operate from the Espoo headquarters “on a long-term basis.”
The Finnish company has operated in the glass and steel
structure, known as Nokia House, since 1997.
|
| Generic drug makers see drought
ahead |
|
They call it the patent cliff. Brand-name
drug makers have feared it for years. And now the makers of
generic drugs fear it, too. This year, more than 40 brand-name
drugs — valued at $35 billion in annual sales — lost their
patent protection, meaning that generic companies were
permitted to make their own lower-priced versions of
well-known drugs like Plavix, Lexapro and Seroquel — and share
in the profits that had exclusively belonged to the brands.
Next year, the value of drugs scheduled to lose their patents
and be sold as generics is expected to decline by more than
half, to about $17 billion, according to an analysis by Crédit
Agricole Securities.“The patent cliff is over,” said Kim
Vukhac, an analyst for Crédit Agricole.
|
| Banking |
| Moody’s rings alarm bells on asset
quality of banks |
|
Maharashtra : The asset
quality of Indian banks is far worse than being reported as
provisioning norms prescribed to them are weak compared with
international standards, global rating agency Moody’s Investor
Service said on Tuesday. “We view the loan classification
(more particularly with regards to restructured loans) and
provisioning practices in India as weak and we believe they
mask the extent of the banks’ asset quality and capital
challenges,” the agency said in a special report on the Indian
banking sector.
|
| Bankers to get more powers in road
projects |
|
Delhi : The government is
set to make amendments to the model concession arrangement for
road projects that will give more functional and supervisory
powers to banks, according to an official. The move is aimed
at speeding up execution of road development projects, which
are often held up due to various factors including financing
issues. Tardy progress in improving road infrastructure is
often cited as impediment to economic growth in Asia's third
largest economy.
|
|
![]() |
| Economy |
| India |
| India, Japan ink $15b currency swap
pact |
| Plan Panel snubs Finmin, rejects spend cut
pitch |
| IMF adopts view on capital controls, India
wary |
| Plastic exports may hit $8 bn in FY13, domestic
consumption set to zoom |
| No need to change RBI's inflation comfort level,
says Rangarajan |
| Should RBI allow banks to buy back
gold? |
| Indian investors worried over Indonesia FDI
policy, export curbs talk |
| Fiscal deficit is likely to stay closer to 6%:
Economists |
| 5th top smartphone user, India gaining on China,
US |
| A low carbon economy is possible |
| |
| International |
| Europe’s economic war of
attrition |
| Germany, France at odds over EU banking
supervisor |
| A mixed record |
| BANK OF ENGLAND WANTS MORE CURBS ON BANKERS'
PAY |
| |
| Markets
Today |
| NSE |
5,900.50
|
0.19%
|
| BSE |
19,391.86
|
0.23%
|
| NASDAQ |
2,996.69
|
0.00%
|
| |
|
|
| USD |
54.51
|
|
| EURO |
71.25
|
|
| JPY(100) |
66.35
|
|
| GBP |
87.79
|
|
|
| |
| Corporate
Watch |
| GMR-Maldives spat: Bilateral relations with
Maldives under review |
|
Delhi : The Maldives government and
the GMR-led consortium that runs the Male international
airport both dug in their heels on Tuesday even as the Indian
government expressed its desire not to allow the matter to
escalate.
|
| Competitors eye Bharti Infratel's IPO;
Reliance Infratel, Viom Networks next in line to follow
suit |
|
Maharashtra : Competitors are
keenly eyeing the upcoming public offer of Bharti Infratel,
the tower arm of the India's largest mobile phone operator, as
this may be the first positive signals for the cash-strapped
sector. Viom Networks and Reliance Communications' arm
Reliance Infratel are next in line to follow suit should this
issue become successful, said seven analysts interviewed by
ET. However, valuations of the remaining companies may come at
a significant discount to Bharti Infratel, they
said.
|
| Indian Badminton League modelled on
cricket's IPL, smash hit with India
Inc |
|
Delhi : The proposed Indian
Badminton League (IBL) - modelled on cricket's cash-rich,
franchise-based Indian Premier League (IPL) - has received 18
expressions of interest from corporates for its franchises so
far, said its organiser, adding that they expect 12-14 more
initial bids over the next 15 days. Ashish Chadha, CEO of
Sporty Solutionz, IBL's commercial partner,
|
| PC Jeweller to raise Rs 609 cr from
IPO |
|
Maharashtra : Leading jewellery
brand PC Jeweller (PCJ) today said it is planning to raise up
to Rs 609 crore from its proposed IPO to fund its expansion
plans and has fixed the price band between Rs 125 and Rs 135
per share. The Initial Public Offering (IPO) comprises over
4.51 crore equity shares and the public issue will open on
December 10 and close on December 12.
|
| Piramal’s Indiareit raises Rs 440 cr from 3
realty exits |
|
Maharashtra : Indiareit Fund
Advisors, the real estate private equity arm of Piramal
Enterprises, has exited investments worth Rs 440 crore from
three of its earlier funds and one from a third party
mandate.and expects to raise another $120 million through more
exits in the near future. India’s property market has been
tough for global private equity funds, whose investments have
been stuck due to low valuations. Initially,
|
| Wipro's non-IT biz finally comes of
age |
|
Karnataka : Wipro’s decision to
separate its information technology (IT) and non-IT businesses
is meant to give a clear focus on the former in these
challenging times — global IT spending is down, margins are
under pressure, and Cognizant is fast emerging as a serious
challenger to the big three (TCS, Infosys and Wipro). The
demerger is also expected to give a boost to the non-IT
business.
|
| Too many trouble spots for Indian companies
abroad |
|
Maharashtra : GMR may be going
through a nightmarish experience in Maldives, but the script
is all too familiar for some of the top Indian companies —
from the Tatas to Jindals to Vedanta’s Anil Agarwal and
others. Many companies that have made investments abroad have
had to fight local governments and political risk has become a
top decider for ventures abroad.
|
| Dalmia Continental to raise private funds
to expand FMCG biz |
|
Maharashtra : Olive oil major
Dalmia Continental plans to offload 22 per cent stake in the
company to private equity players to raise Rs 25 crore for
further expansion in the FMCG business. Chairman V.N. Dalmia
said, “We are looking to garner funds from private equity
players by offloading 22 per cent stake while retaining a
majority stake in the company. Almost Rs 25 crore would be
raised through the private equity route
|
| |
| Tenders
& Assignment |
District Panchaya ![]() |
Description :Audit Work by Accountant
Last Date : 12/12/2012
Address :District Panchayat
Korea
Chhattisgarh
|
Jharkhand State Agriculture Marketing
Board ![]() |
Description :Expression of Interest for
Providing of Chartered Accountant Service
Last
Date : 12/12/2012
Address
:Jharkhand State Agriculture Marketing Board Ranchi
Jharkhand
|
Allahabad Bank ![]() |
Description :Performing IS Audit of its
CBS Data Centre, DRS, PG etc
Last Date
: 17/12/2012
Address
:Allahabad Bank is cell,Inspection Department,Head
Office 2,N,S,Road,Kolkata-700001
|
National Ganga River Basin Authority
![]() |
Description :Expression of Interest for
Internal Audit of West Bengal State Program Management Group
Last Date : 24/12/2012
Address :National Ganga River Basin
Authority
Nagarayan,Df,-8,Sector-1,Bidhannagar,Kol-64
|
Public Health Engineering Department
![]() |
Description :Expression of Interest For
Provide Accountant Service For Auditing Work of Annual
Accounts
Last Date : 24/12/2012
Address :Public Health Engineering
Department
Jaipur Rajasthan
|
| |
| Reminders |
| Tenders |
| UGC-DAE Consortium for Scientific
Research 06/12/2012
|
| Ugc-dae Consortiun For Scientific
Research 06/12/2012
|
| Jammu And Kashmir Economic Reconstruction
Agency 10/12/2012
|
| State Health And Family Welfare
Society 10/12/2012
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No.
51/2012-Customs(ADD) (Delhi) 03/12/2012
|
| Regarding imposition of definitive anti-dumping duty on
imports of digital offset printing plates |
| |
|
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