| Professional
News |
| SEBI |
| Sebi chief Sinha wants discipline in
IPO pricing |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) took various initiatives in
2012 to make the initial public offering (IPO) process more
investor-friendly. Sebi chairman UK Sinha, however, believes
that “discipline” is still missing among the investment
banking community when it comes to pricing IPOs. In an
exclusive interaction with FE, Sinha said the capital market
watchdog has taken “serious note” of the way IPOs are priced
and will soon introduce the concept of a safety net to bring
in more discipline.”Mandatory safety net is another proposal
at the consultation stage, which is aimed at bringing in more
discipline in pricing,” Sinha told FE, adding that apart from
pricing, the IPO market faces two other concerns —
infrastructure availability and investor sentiment.
|
| 2 entities fail to make prima facie
case to revoke ban: Sebi |
|
Maharashtra : Sebi today
said the restraining order on two entities, related to plunge
in some mid-cap stocks in July, would continue since the
parties were unable to make a "prima facie case" to revoke
restrictions on them in accessing the securities market. The
market regulator's order came on plea by Umnag Nemani and
Cheminare Trade Comm, where he is a director. Both are among
the 19 entities barred by Sebi in August from the securities
market, following an initial probe into the steep decline in
share prices of some mid-cap stocks in July.
|
| RBI |
| RBI to compile list of MSMEs lacking
access to bank credit |
|
Tamil Nadu : In a bid to
address the long-pending grievance of the micro, small and
medium enterprise (MSME) sector that it lacks sufficient
access to bank credit, the Reserve Bank of India ( RBI) plans
to join hands with industry associations to prepare a database
of units that do not have such access. Banks should cater to
the MSME sector for sustainable growth, said N S Viswanathan,
southern regional director of RBI, adding that it is the best
medium for achieving financial inclusion. Credit penetration
for this segment is only seven per cent, with the overwhelming
majority still depending on money lenders.
|
| Bonds rally on RBI buying, auction
shift |
|
Delhi : Bonds rallied on
Tuesday, with the benchmark yield falling below the central
bank's current repo rate for the first time since early April
2011, after a scheduled auction was cancelled and the Reserve
Bank of India said it will buy more bonds. Bonds extended a
rally which began on Monday on growing hopes that the
government's increasing thriftiness will help prevent any
additional borrowing via bonds, and any excess borrowing will
be limited to shorter-dated treasury bills.
|
| Finance & Money
Markets |
| Festive demand sees spurt in retail
loans, but worst far from over |
|
Maharashtra : Retail loans
kept the momentum of credit growth going for banks in
November, thanks to a late pick-up in the festive demand,
according to the monthly data put out by the RBI on Monday.
Total retail loans for the month grew 16.3% from a year ago to
R8,58,000 crore against a growth of 13.3% in November last
year. In October, retail loans had increased 14.1% to
R8,33,734 crore compared with the increase of 14.3% last year.
Overall, bank credit during November grew almost 18% annually,
to R46,61,000 crore compared with a 17.16% growth in the same
period last year. Loans to the retail housing segment, which
includes priority sector housing, grew 13.23% from a year ago
to R4,37,200 crore, marginally lower than the 13.6%
year-on-year growth recorded in the previous year. Vehicle
loans during the month grew 25.77% y-o-y to R1,09,300 crore
compared with a growth of 17.9% in November last
year.
|
| 'Not all delivery-based deals qualify
as investment activity' |
|
Maharashtra : Investors,who
profit by frequently buying and selling shares, may have to
pay higher tax if one goes by a recent order of a tax
tribunal. Such profits can now be treated as business income
with a 30% tax payout depending on the frequency and
transaction pattern, against a short-term capital gain tax of
15%. The Mumbai bench of the Income Tax Apellate Tribunal
(ITAT), after hearing a case between one Devji Nenshi Palani
and the Income-Tax department, passed an order in September
which implies that not all delivery-based transactions may be
treated as investment activity if such deals are resorted to
with high frequency and are large in number. The order was
made public recently.
|
| Sensex surges 26% in 2012, best in 3
years |
|
Maharashtra : Foreign
investors kept up their purchases on the last day of the year,
investing 826 crore in Indian shares even as domestic
institutions net sold 201 crore worth of equities, provisional
data on the BSE showed. The benchmark BSE index fell 0.09%, or
18.13 points, to end at 19,426.71 points on Monday, but surged
25.7% for the year to mark its biggest gain since 2009. The
broader Nifty ended down 0.06%, or 3.25 points at 5905.10, but
was up 27.70% in 2012.
|
| Higher investment limits & weaker
rupee help FIIs buy a record Rs 45,400 cr worth of Indian
bonds |
|
Maharashtra : Overseas
portfolio investment in equity is much talked about, but there
was a silent revolution that took place in the debt segment of
the securities market where overseas investors bought a record
Rs 45,000 crore of bonds last year. The highest yield among
top emerging markets, barring Brazil, made Indian fixed income
securities attractive for overseas investors who are
desperately chasing yields. In 2012, FIIs poured in Rs 45,400
crore into the Indian debt market, the highest in six years,
partly helped by higher investment limits and a weak currency
at the beginning of the year.
|
| Commodities |
| Gold set for 12th annual gain on
stimulus efforts |
|
Delhi : Gold rose, poised
for a 12th consecutive annual gain, as central banks from
Europe to China pledge more steps to spur economic growth and
US lawmakers near a deadline for budget talks. Gold for
immediate delivery added 0.3% to $1,661.38 an ounce by 12:44
pm in London, extending this year's climb to 6.2%. Prices
rebounded from a five-week slump as the deadline for the
so-called US fiscal cliff of automatic tax increases and
spending cuts due to take effect Monday
|
| Crude oil futures poised for yearly
drop since 2008 |
|
Delhi : Crude oil headed for
its first annual decline since 2008 in New York as US
lawmakers sought an agreement on averting automatic tax
increases and spending cuts that threaten the economy of the
largest Crude consumer. West Texas Intermediate fell 0.9%,
dropping for a third day. US Senate Majority Leader Harry Reid
said there are "still significant differences" between
Democrats and Republicans with one day remaining to avoid the
budget measures known as the fiscal cliff.
|
| INTERNATIONAL
BUSINESS |
| Warren Buffetts of the East go wrong
in China bets |
|
The Warren Buffetts of the East failed
to live up their reputations in 2012, when big-name investment
gurus made the wrong calls on China while markets in India and
Southeast Asia raced ahead to rank among the top performers
globally. Between January and November this year, Franklin
Templeton's Mark Mobius and Value Partners' Cheah Cheng-hye
fell short of their benchmarks by the widest margins in more
than a decade, data from Thomson Reuters Lipper showed.
|
| Huawei partner 'offered embargoed
Hewlett-Packard gear to Iran' |
|
The Chinese technology company Huawei
is under the spotlight again after documents were uncovered
that allegedly show it offered to sell €1.3m (£1.1m) of
Hewlett-Packard equipment to Iran through a local partner, in
breach of trade sanctions.The allegations will increase fears
about Western technologies slipping into Iran from China.
Huawei, one of the world’s largest technology companies, has
previously found itself at the centre of tensions between the
US and China after the US House of Representatives’
intelligence committee claimed that China could use Huawei
equipment for spying and urged US companies to stop doing
business with the company.
|
| Experts back whistleblowers over
Deutsche Bank's risk valuations |
|
Accounting experts say Deutsche Bank appears
to have improperly accounted for billions of dollars of credit
derivatives trades by failing to value adequately the risk
that its trading counterparties could walk away. The Financial
Times reported this month that US regulators were examining
claims from three former Deutsche employees who have accused
the bank of failing to recognise $4bn-$12bn in paper losses on
complex derivatives, known as leveraged super seniors, with a
notional value of $130bn. The trades involved Deutsche buying
credit protection from investors on highly-rated corporate
debt.
|
| Japanese billionaire Okada bet big on
Filipino fixer |
|
Japanese billionaire Kazuo Okada was
facing a crisis: work on his dream casino by the bay in Manila
was going nowhere. Instead of a world-class resort packed with
Chinese high-rollers, Okada, 70, was sitting on a $300-million
patchwork of reclaimed and undeveloped land next to the Manila
airport that by the middle of 2009 was threatening to become a
money pit, according to company records and people involved.
Crucial regulatory approvals were tied up in red tape. The
provisional gaming license was flawed. No one could tell the
architect how high he could build the gold-toned towers
without endangering incoming aircraft.
|
| MERGER &
ACQUISITION |
| Private equity investments down
nearly 15% in 2012 |
|
Tamil Nadu : Private equity
(PE) investments in India were down by 14.7 per cent to $8.9
billion in 2012, mainly because of delays in fund deployment
by the PE firms. It was a challenging business environment for
PE firms to raise funds, says a report. PE firms invested $8.9
billion over 406 deals in India during 2012 compared with
$10.4 billion across 483 deals the previous year, according to
an analysis by Venture Intelligence, a Chennai-based research
service focused on private company transactions and
financials.These figures, which include VC investments and
exclude PE investments in real estate, take the total
investments by PE firms over the past five years to about
$41.4 billion across 2,036
transactions.
|
|
![]() |
| Economy |
| India |
| External debt rises 5.8% in April-September to
$365.3 billion |
| Cement industry expected to add 30-40 mtpa in
2013 |
| Investment worth Rs 12,000 cr lined up for
capacity expansion |
| Eight core sector industries’ growth declines to
1.8% |
| Steep fall in exports pushes up current account
deficit to $22 b |
| What is ailing the radio
industry? |
| Hello revenues: Good times ahead |
| Govt invites proposals for 17 coal blocks with
8,500 MT reserves, 14 blocks earmarked for power
cos |
| Cash transfer scheme to roll out in 20 districts
from today, says Finance Minister |
| Pure mall business out, mixed development in, say
realtors |
| 2013 might bring cheer to the IT sector but only
in the second half |
| Current account deficit at record 5.4% of GDP in
Q2 |
| India Inc upbeat on 2013
prospects |
| Industrial employment up 8% |
| Foreign retailers may wait till 2014 for India
action |
|
| International |
| Asia to continue to rise despite US fiscal
cliff |
| Tax rejection a problem for Holland
|
| Singapore may slip into
recession |
| In Europe, focus shifts to speed of a nascent
recovery |
| Manufacturing pickup boosts China
rebound |
| BRIC Dominance Fades as State Meddling Curbs
Equity Returns |
| Cliff deal' may put US & global economy on
fiscal slope |
| China to resume import tax for some goods in
2013 |
|
| Markets
Today |
| NSE |
5,950.85
|
0.77%
|
| BSE |
19,580.81
|
0.79%
|
| NASDAQ |
3,050.39
|
0.00%
|
| |
|
|
| USD |
55.00
|
|
| EURO |
72.60
|
|
| JPY(100) |
63.42
|
|
| GBP |
89.34
|
|
|
|
| Corporate
Watch |
| Sinovel gets approval to sell wind turbine
machines in India |
|
Tamil Nadu : Chinese company
Sinovel which is one of the largest wind turbine manufacturers
in the world, has received the ‘type approval’ from the Centre
for Wind Energy Technology to sell its (specified) machines in
India. This approval effectively paves the way for Sinovel’s
entry into the Indian wind market. The company has received
approval for its 1.5 MW machine that has a rotor diameter of
82.92 metres and hub height of either 70 metres or 80 metres.
Sinovel has an agreement with the Ghodawat group of
Maharashtra to use the latter’s facilities to produce the
turbines in India.
|
| LIC hikes stake in Cairn
India |
|
Maharashtra : Life Insurance
Corporation of India has rejigged its portfolio in several
companies ahead of New Year 2013. The companies whose shares
were bought and sold by LIC through the open market included
Cairn India, Tata Global Beverages and Sanofi India.According
to filings with the BSE, the state-run insurance giant bought
about 39.42 crore shares (or 2.06 per cent) in Cairn India
taking LIC’s total stake in the company to 7.088 per
cent.
|
| Kingfisher loses
licence |
|
Delhi : Kingfisher Airlines’ flying
permit, suspended by the Directorate General Of Civil Aviation
( DGCA), expired today. However, the airline put up a brave
face, saying there was no cause for concern as regulations
permitted licence renewal within two years. The Kingfisher
Airlines stock fell 2.36 per cent to close at Rs 14.92 on the
Bombay Stock Exchange. The benchmark Sensex fell 0.09 per
cent.
|
| Hemmed in at home, Tata Power swings focus
abroad |
|
Maharashtra : Tata Power, India’s
largest private power producer, is in the process of setting
up a 12,500-Megawatt (Mw) generation capacity abroad in the
next seven years. This is twice the 6,899-Mw capacity set up
in India in its 90-year history. The company is looking abroad
as its domestic plans are facing roadblocks such as limited
fuel supply and delayed project approvals. The imported
coal-based 4,000-Mw Mundra project is under financial stress
following Indonesia’s move to ban exports of coal below the
notified prices since September 2011. The company is currently
seeking an increase in rates for power produced from the
Mundra ultra mega power plant ( UMPP) in Gujarat.
|
| IndiGo to rejig routes to
Singapore |
|
Maharashtra : IndiGo is withdrawing
its Mumbai-Singapore and Delhi-Singapore flights as part of
its route-rationalisation exercise. High fuel costs and
intense competition are said to be the reason behind the move.
The airline will redeploy its planes to start new services
from Hyderabad and Chennai to Singapore. IndiGo is yet to
inform travel agents. The airline is not accepting web
bookings on Singapore flights from Mumbai and Delhi beyond
March. Also, no flights are available on the Mumbai-Bangkok
route from March.
|
| FIPB seeks more info from
IKEA |
|
Delhi : Finance Ministry today
sought more information from IKEA for its India investment
plans and will take up the Swedish furniture major's proposal
to open cafeterias at its proposed mega retail outlets next
week. 'IKEA's proposal will be taken up next week,' Economic
Affairs Secretary Arvind Mayaram said after the Foreign
Investment Promotion Board (FIPB) reviewed the application.The
FIPB, headed by Mayaram, has already recommended permission to
IKEA to invest Rs 4,200 crore for undertaking single-brand
retailing of its products. The recommendation has been
forwarded to Cabinet Committee on Economic Affairs (CCEA) for
final approval. An official in the Department of Industrial
Policy and Promotion (DIPP) said that FIPB has asked IKEA to
provide more information regarding its investment plans in
India.
|
|
| Tenders
& Assignment |
Punjab National Bank ![]() |
Description :Empanelment of
Professional for Due Diligence Report from Reputed Firms of
Company Secretary / Chartered Accountant / Cost Accountant or
Individual CA/CS/Cost Accountant
Last Date
: 03/01/2013
Address :Credit
& Rehabilitation Deptt,Circle office Deen Dayal Bhawan 4th
Floor,Janpath,Bhubaneswar-751009 Odisha
|
Mahila Arthik Vikas Mahamandal Limited
![]() |
Description :Expression of
Interest for Chartered Accountants, Empanelled with CAG of
India for Appointment of Independent Auditor at Regional Level
ie for head Office of Mavim for the FY 2012-2013 to cover
audit of 33 District offices
Last Date
: 07/01/2013
Address :Griha
Nirman Bhavan,"MHADA"Bldg,
Room No.143.Mezzanine
Floor,Kalanagar,
Bandra (East),Mumbai-400051
Phone :91-22-26590640
|
Technopark ![]() |
Description : Expression of
Interest for the appointment of Statutory Auditor from the CA
firms operating
Last Date :
15/01/2013
Address :
Thiruvananthapuram - Kerala
|
State Health Society ![]() |
Description :Expression Of
Interest For “Statutory Audit” Of Various Rogi Kalyan Samities
Last Date : 15/01/2013
Address :State Health Society pariwar
Kalyan Bhawan,Sheikhpura,Patna
|
Hindustan Prefab Limited ![]() |
Description :Intends To
Outsource Its Internal Audit Of Its Corporate Office
Last Date : 18/01/2013
Address :HINDUSTAN PREFAB LIMITED
(A GOVT. OF INDIA ENTERPRISES)
JANGPURA, NEW
DELHI-110014
|
Maharashtra State Horticulture And Medicinal
Plants Board ![]() |
Description :Request for
Proposal of Chartered Accountant firms for Annual statutory
audit
Last Date : 19/01/2013
Address :Maharashtra State
Horticulture And Medicinal Plants Board Medicinal Plants
Board
Sakhar Sankul,Shivajinagar,Pune 411005
Phone :020-25513228
E-Mail :mshmpb_pune@rediffmail.com
|
Comptroller And Auditor General Of
India ![]() |
Description :Invited online
from the firms of Chartered Accountant who intend to be
empanelled with this office for appointment as auditors of
Government Companies
Last Date :
31/03/2013
Address :Office of The
Comptroller
And Auditor General Of India
9,Deen Dayal
Upadhyaya Marg,New Delhi-110002
|
|
| Reminders |
| Tenders |
| Municipal Council 04/01/2013
|
| Tamil Nadu Milk Producers Cooperative Federation
Limited 04/01/2013
|
| Mahanagar Telephone Nigam
Limited 07/01/2013
|
|
| Notifications & Circulars |
| RBI |
| Notification
No.RBI/2012-13/354 (Delhi) 31/12/2012
|
| Revision in existing investment limits in plant
and machinery / equipment for lending to Micro Enterprises in
the 40:20 proportion |
| Notification No.RBI/2012
-13/355 (Delhi) 31/12/2012
|
| Adoption of ISO 20022 messaging standard in Next
Generation RTGS (NG-RTGS) system |
| Notification
No.RBI/2012-13/356 (Delhi) 31/12/2012
|
| White Label ATMs in India - Submission of
Applications |
|
|
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