| Professional
News |
| RBI |
| Non-food credit up 16.2%:
RBI |
|
Maharashtra : Non-food
credit, the amount banks lends to individuals and companies,
rose 16.2% year-on-year (y-o-y) to R49,36,372 crore for the
fortnight ended January 11, 2013, data from Reserve Bank of
India (RBI) showed. This growth was 132 basis points better
than 14.88% y-o-y growth recorded in the previous fortnight.At
the second quarter review of the monetary policy RBI had cut
credit growth projection for 2012-13 by one percentage point
to 16%. Bankers said marginal fluctuations in credit offtake
were normal expect demand for loans to pick up. Bankers also
said they were noticing a marginal improvement in credit
demand and said the retail segment was seeing the biggest
uptick.“There is a slight improvement in credit demand from
most segments and the retail segment continues to grow,” said
MS Raghavan, executive director of Bank of India.
|
| IRDA |
| IRDA suggests strict norms to prevent
insurance sector frauds |
|
Delhi : To prevent
fraudulent activities in the insurance business, sectoral
regulator IRDA has asked insurers to follow stringent due
diligence process for staff and agents besides identification
of vulnerable areas within an organisation. The communication,
sent out to chief executives of all insurance and reinsurance
companies, comes against the backdrop of concerns about
financial frauds that could hurt the interests of customers as
well as insurers. In its 'Insurance Fraud Monitoring
Framework', Insurance Regulatory and Development Authority
(IRDA) has asked insurers to lay down procedures for
monitoring and early detection of frauds
|
| Misc. Corporate Laws
& Other Commercial Policies |
| EU looking to include Budget sops in
free trade pact with India |
|
Delhi : The India-EU free
trade negotiations have been unofficially put on hold till the
Government announces its Budget for 2013-14 next month-end.The
EU is keenly watching out for budgetary concessions, in areas
such as insurance and import duties on goods, that could be
woven into the bilateral agreement, an Indian official has
said.“Since we have reached the last round of our
negotiations, it seems that the EU wants to wait and see what
our Budget offers so that it could incorporate it in the free
trade agreement. Once a commitment is made in a pact, it is
difficult to go back on it,” a Commerce Department official
told Business Line.
|
| Finance & Money
Markets |
| Rajiv Gandhi scheme: Govt plans to
allow tax benefits every year |
|
Delhi : Investors may soon
be allowed to avail themselves of tax benefits in Rajiv Gandhi
Equity Savings Scheme (RGESS) every year. A formal
announcement is expected in the Budget.The present scheme
allows an individual, with annual income up to Rs 10 lakh, to
invest up to Rs 50,000 in certain equities and mutual fund
schemes to get tax benefits for the first year. The investor
gets a 50 per cent deduction of the amount invested from the
taxable income for that year. This benefit is given only once
under Section 80CCG of the Income-Tax Act 1961.
|
| Street sees correction ahead as BSE
Auto index records 30% gain versus Sensex's 22%
returns |
|
Maharashtra : The 30% rally
in the BSE Auto Index which mirrors the performance of India's
top automobile manufacturers, outpacing the 22% gains recorded
by the broader Sensex in the past one year at a time when the
auto industry is faltering, has triggered off concerns
relating to an overvalued index and of a correction in the
offing.The index touched an all-time high of over 11,730
points on January 9 this year, ignoring the recent move by the
lobbying arm of the industry - SIAM - to downgrade the
industry's growth projections from 10-12% at the start of the
year to 0-1%
|
| Dubai bourse may launch Sensex
futures in march |
|
Maharashtra : Indians living
in the Gulf will soon be able to trade the BSE Sensex on the
UAE's Dubai Gold & Commodities Exchange, which became the
first exchange in 2007 to launch a successful dollar-rupee
futures contract. DGCX is likely to launch Sensex futures by
March this year after completing a technology upgrade, a top
exchange official told ET. An agreement licensing the Sensex
was signed between BSE and DGCX in the middle of last
year.
|
| Pre-Budget
2013-2014 |
| Budget 2013: Chidambaram plans to
introduce insurance, pension bills in Budget
session |
|
Delhi : Finance Minister P
Chidambaram plans to introduce the insurance and pension bills
in the Budget session of Parliament as he is optimistic of
securing the opposition's support on the contentious
legislations, Bank of America Merrill Lynch said after an
investor interaction it hosted with Chidambaram in
Singapore.The insurance bill will propose to raise the FDI cap
in the sector to 49% from 26%, while the pension bill will
open up the sector to foreign investment up to 49%
|
| Industry bodies oppose commodities
transaction tax |
|
Maharashtra : Industry
bodies have raised concern against the government’s
anticipated move to levy commodity transaction tax (CTT) in
Budget 2013-14, scheduled to be announced on February 28.In a
pre-Budget recommendation, the Confederation of Indian
Industry ( CII) said exchange-traded commodity transactions
continued to be exempted from CTT. It argued the imposition of
CTT would not only increase transaction costs, add to the cost
of risk management and dissuade genuine hedgers, but also
shift commodity derivatives trading to unofficial and illegal
‘dabba’ trading. It added globally, imposition /increase in
transaction taxes had led to migration of trade.
|
| PC Likely to have a Golden Rule:
Boost Savings & Tax-Savers |
|
Delhi : The finance ministry
may tweak tax exemption rules in the upcoming budget to make
investments in financial products more attractive than gold,
two government officials familiar with the development said.
The ministry is planning to raise the 80C exemption limit,
under which . 1 lakh is reduced from total income for
calculating tax. A plethora of investments, including PPF and
insurance premium, currently qualify for 80C exemption and the
budget may bring the Rajiv Gandhi Equity Savings Scheme within
the ambit of this section. Further, some of the increase in
the 80C limit may be carved out for investments in pension
products of mutual funds. Only one of these two options may
eventually be incorporated in the budget, the officials said.
|
| Commodities |
| Gold price up Rs 95, silver by Rs 450
on seasonal demand, global cues |
|
Delhi : Extending gains for
the third straight session, gold prices today rose by Rs 95 to
Rs 31,385 per 10 grams here on pick-up in seasonal demand amid
a firming global trend.Silver also rebounded by Rs 450 to Rs
59,750 per kg on increased offtake by industrial units and
coin-makers.Traders said a pick-up in wedding season demand
and a firming global trend mainly pushed up gold prices.They
said hike in import duty by the government also influenced
gold prices.In New York, gold rose by USD 1.70 to USD 1,691.80
an ounce and silver by 0.19 per cent to USD 32.21 an
ounce.
|
| INTERNATIONAL
BUSINESS |
| Dell deal poses risk to Microsoft
partnerships |
|
Microsoft Corp, after straining ties with
computer makers by releasing its own tablet computer last
year, risks further fissures with partners by planning to make
a strategic investment in Dell Inc.Dell is close to clinching
a leveraged buyout by Silver Lake Management LLC, and
Microsoft is discussing providing part of the funding, people
with knowledge of the matter said yesterday. Microsoft may
contribute about $2 billion for the deal, which could be
announced this week, one person saidAn investment would shore
up a partner and help Microsoft gain influence in business
computing as it loses ground with consumers gravitating toward
competing tablets and smartphones. PC makers also may fret
that the arrangement will give Dell an advantage, such as
through an early look at new software, deeper insight into
strategy or preference in product marketing and promotion.
Microsoft became a competitor to hardware manufacturers with
the release of the Surface tablet last year.
|
| MERGER &
ACQUISITION |
| Sequoia eyeing stake in Medimix
maker, Cholayil |
|
Karnataka : Sequoia India,
among the top private equity (PE) and venture capital funds,
is looking to invest about $25 million (Rs 135 crore) in
Cholayil, the Chennai-based company best known for its
ayurvedic range of soaps, Medimix.In a transaction attracting
a good amount of interest from PE and strategic investors,
Cholayil is understood to be in the process of taking on board
investors likely to add high value to its growth. The
four-decade-old company is understood to have yearly revenue
of close to Rs 150 crore and wishes to take the brand to the
rest of India.
|
| Banking |
| Deposit growth outpace that of credit
so far this quarter |
|
Maharashtra : Bank deposit
growth, which lagged credit growth in the October-December
quarter of the current financial year, appears to be gathering
momentum in the fourth quarter.As per banks’ statement of
position released by the Reserve Bank of India, in the first
fortnight of the January-March quarter, bank deposits grew by
a robust Rs 62,750 crore while credit growth was relatively
moderate at Rs 17,380 crore.In the October-December quarter,
the banking system’s credit growth outpaced deposit growth.
While credit was up by Rs 2,23,238 crore, deposit growth was
relatively muted at Rs 68,470
crore.
|
|
![]() |
| Economy |
| India |
| FDI inflows slump to two-year low at $1.05
bn |
| India 4th largest in steel output, logs highest
growth in 2012 |
| Engineering exports to miss $60 bn target in
FY'13 |
| Re recovers 14 p on FM reform
commitment |
| IMF cuts India's 2012 growth forecast to
4.5% |
| |
| International |
| Cameron promises Britons vote on EU
exit |
| UK December jobless falls to lowest since
mid-2011 |
| |
| Markets
Today |
| NSE |
6,019.35
|
-0.58%
|
| BSE |
19,923.78
|
-0.51%
|
| NASDAQ |
3,153.67
|
0.33%
|
| |
|
|
| USD |
53.75
|
|
| EURO |
71.64
|
|
| JPY(100) |
60.01
|
|
| GBP |
85.13
|
|
|
| |
| Corporate
Watch |
| Exide to buy out partners' stake in ING
Vysya Life for Rs 550 cr |
|
Maharashtra : Exide Industries Ltd
(EIL), India’s largest producer of automotive and industrial
batteries, which holds 50% of the equity capital of ING Vysya
Life Insurance Company Limited (IVL), has decided to acquire
the remaining 50% of the equity capital of IVL. With this
acquisition, ING Group will exit its insurance business in
India as part of its global restructuring strategy.Prior to
the exit from India, ING exited its insurance ventures in
Malaysia, Thailand, Hong Kong, while it is looking at similar
exits in China, Japan and Korea.
|
| M&M, BAE Systems to reconsider Defence
Land Systems biz |
|
Tamil Nadu : Mahindra &
Mahindra and BAE Systems have announced that they would make a
strategic review of their joint venture business- Defence Land
Systems India (DLSI).This has become necessary in view of the
developments in industry environment and customer procurement
and acquisition strategies, M&M said in a
statement.M&M said that since the formation of the venture
in 2009, with M&M holding 74 per cent stake and the rest
with BAE Systems, both stakeholders recognise that
`significant evolution has occurred in the Indian Land Systems
market’.The developments in the industry environment and in
customer procurement frameworks and acquisition strategies had
led them to `institute a strategic review of the business’.
The review would assess changes required to address the
evolving market and to meet emerging customer needs. The
statement clarified however that `no decision has yet been
taken on the way forward’.
|
| RCom net falls 43% on finance
costs |
|
Maharashtra : Anil Ambani’s
Reliance Communications (RCom) saw a 43.5 per cent decline in
consolidated third quarter net profit to Rs 105 crore, from Rs
186 crore in the same quarter last year.According to Thomson
Reuters, analysts had expected the company to report a net
profit of Rs 183 crore.“This is due to increase in finance
charges for refinancing foreign currency convertible bonds (
FCCBs) with interest-bearing loans,” said Gurdeep Singh,
president and chief executive officer of the wireless business
at RCom.
|
| Losses keeps widening with sales growth for
big retailers |
|
Maharashtra : Big unlisted retail
chains Reliance Industries' Reliance Fresh, Aditya Birla
Group's More, BhartiBSE -1.48 % Retail's Easyday and
Tata-owned Star Bazaar grew their sales in high double digits,
but their losses too widened to take them farther away from
the breakeven point. According to their financial statements
for 2011-12 filed with the corporate affairs ministry, these
food and grocery retailers increased their combined losses 42%
year-onyear to .`1,277 crore.
|
| JLR to raise over Rs. 2,100 crore via
bonds |
|
Delhi : Tata Motors-owned Jaguar
Land Rover (JLR) today said it will raise $400 million (over
Rs. 2,100 crore) through issue of bonds to support its
operational costs and future growth plans. 'Jaguar Land Rover
Automotive Plc, the parent company of the Jaguar Land Rover
group of companies and a subsidiary of Tata Motors Ltd,
announces the offer of $400 million Senior Notes due 2023,'
Jaguar Land Rover (JLR) said in a filing by Tata Motors on
Bombay Stock Exchange
|
| |
| Tenders
& Assignment |
Paschimanchal Vidyut Vitran Nigam
Limited ![]() |
Description : Empanelment of Chartered
Accountant Firms for Internal Audit of the units of
PVVNL
Last Date : 26/01/2013
Address :Dy.General Manager
(Accounts),Room No.213.Ist Floor.Urja Bhawan Victoria Park
Meerut
|
Krishna Bhagya Jala Nigam Limited ![]() |
Description :Appointment of Internal
Auditors for the year 2013-14 & 2014-15
Last Date : 28/01/2013
Address :PWD Office Annexe,3rd
Floor,K.R.Circle,
Nrupathunga Road,Bangalore
Phone :080-22244484
|
Punjab State Forest Development Corporation
Limited ![]() |
Description :Expression of interest are
solicited/invited from reputed firms of Chartered Accountants
for appointment as internal auditors
Last Date
: 28/01/2013
Address
:Tower No.2 &3,4th Floor,Forest
Complex,Sector-68,SAS Nagar (Mohali)
Phone
:0172-2298000
E-Mail :info@pbforestdevcorp.gov.in
|
Central Co-operative Bank Limited ![]() |
Description : Internal audit &
interbank account reconciliation
Last Date
: 31/01/2013
Address
:Patna - Bihar
|
Bihar Rural Livelihoods Promotion
Society ![]() |
Description :Expression of interest for
hiring of firm for statutory audit
Last Date
: 05/02/2013
Address
:BIHAR RURAL LIVELIHOODS PROMOTION SOCIETY (State
Rural Livelihoods Mission)
1stFloor, Annex-II, Vidyut
Bhawan, Bailey Road,
Patna,
Phone
:+91- 612-2504980
|
Tea Board Of India ![]() |
Description :Appointment of CA firm to
undertake internal audit of account & transactions of tea
board & its subordinate offices
Last Date
: 07/02/2013
Address
:TEA BOARD OF INDIA
14 B.T.M. Sarani, Kolkata-700
001
|
Zilla Panchayat ![]() |
Description :Appointment of Chartered
Accountant for Audit works
Last Date
: 11/02/2013
Address
:Zilla Panchayat Bijapur
Chhattisgarh
Phone :07853
E-Mail :zpbijapur.cg@nic.in
|
Army Public School ![]() |
Description :Appointment of Chartered
Accountant for the School for Auditing School Accounts for a
period no exceeding three years
Last Date
: 15/02/2013
Address
:Army Public School Near GPO.Meerut Cantt
Phone :0121-2662066 |
| |
| Reminders |
| Tenders |
| National Institute Of Fashion
Technology 25/01/2013
|
| Gvk Emergency Management And Research
Institute 28/01/2013
|
| Madhya Pradesh Power Generation Company
Limited 31/01/2013
|
| |
| Notifications
& Circulars |
| SEBI |
| CIR/CFD/DIL/4/2013
(Delhi) 23/01/2013
|
| Application Supported by Blocked Amount (ASBA)
facility |
| RBI |
| RBI/2012-13/391 (Delhi) 24/01/2013
|
| Foreign investment in India by SEBI registered FIIs in
Government securities and corporate debt |
|
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