| Professional
News |
| Misc. - Direct
Tax |
| Govt may drop move to tax commodity
futures trading |
Delhi : There may be no
change in the rate of the Securities Transaction Tax or
introduction of Commodities Transaction Tax in this year’s
Budget.Finance Minister P. Chidambaram, in his first Budget
speech during the UPA-I regime, way back in 2004, introduced
Securities Transaction Tax (STT) as a tool to track equities
trade. STT rates have undergone changes several times.At
present, an investor pays STT at the rate of 0.1 per cent on
delivery-based transactions in the stock market. It means he
will have to pay Rs 100 on a transaction of Rs 1
lakh.
|
| HP Agrawal: The new GAAR needs
further modifications Article |
Delhi : Since liberalisation
of the Indian economy in 1991, the government has all along
laid a red carpet to lure foreign investors. However, for the
last 4-5 years, policies of the government have been somewhat
discouraging towards foreign investments. In this context,
introduction of General Anti Avoidance Rules ( GAAR) needs a
special mention. The Direct Tax Code Bill, which was
introduced in the Parliament included General Anti Avoidance
Rules (GAAR). While the DTC Bill is yet to be
passed,
|
| CUSTOMS |
| Apparel body asks for flat 5% duty on
cotton fabric varieties |
Tamil Nadu : The Apparel
Export Promotion Council (AEPC) has asked for reduction in
customs duty to flat five per cent on certain cotton fabric
varieties on a pilot basis with certain conditions. If
implemented, this would help in enhancing 100 per cent garment
exports in three years from $ 13.69 million to $ 30 million,
AEPC Chairman A Shaktivel said in a pre-Budget memorandum
submitted to Finance Minister P Chidambaram. The proposal
envisages improvement in cut to ship ratio in
synthetic/blended/speciality cotton fabrics and reduction in
the lead time taken in exports from 60-70 days to 35-40 days,
he said.
|
| India may slap 10% duty on gold
jewellery import from Thailand |
Delhi : India has told
Thailand that it will impose six-10 per cent duty on gold
jewellery imports in the proposed free trade agreement ( FTA),
according commerce ministry sources. The move is aimed at
curbing a spurt in gold jewellery imports in recent times,
which may rise further as the government raises Customs duty
on gold imports.However, the commerce ministry has ruled out a
total ban on gold imports from Thailand.
|
| RBI |
| RBI likely to cut repo rate, first
time in nine months |
Maharashtra : The Reserve
Bank of India (RBI) is expected to reward the government next
week for its efforts to reform the economy and bring its
finances under control by announcing its first cut in interest
rates in nine months. The RBI has been growing in confidence
that the government, gripped by inertia for much of last year,
is finally doing its bit to lift an economy that has slumped
to its slowest pace of growth in a decade.
|
| IRDA |
| IRDA May Cap Insurer’s Investment in
Promoter Companies to 5% |
Maharashtra : The Insurance
Regulatory and Development Authority (IRDA) is considering
restricting investments by life and non-life insurance
companies in their promoter companies to 5% from the current
limit of 12.5%.Current investment regulations stipulate that
12.5% of the corpus of Unit-Linked Insurance Plan (ULIPs) can
be invested in the insurer’s promoter company.However, IRDA is
of the view that for investment prudence, insurance companies
should not invest more than 5% in their promoter
company.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| DoT proposes super-regulator for
telecom, broadcasting sectors |
Delhi : After more than a
decade since it was first proposed, the Department of Telecom
(DoT) is planning to revive the Communications Convergence
Bill which envisages bringing in a super-regulator for the
telecom and broadcasting sectors.DoT has constituted a
committee to develop a conceptual framework for the
Bill.According to DoT’s action plan, the committee is expected
to give its report by end-February, after which an
inter-ministerial committee will draft the Bill by
mid-March.“The objective is to establish a single regulatory
framework for carriage of multi-faceted communications, IT and
multi-media,” stated DoT’s action plan document.
|
| Finance & Money
Markets |
| Market may see a 5% swing, post RBI
Q3 monetary policy review: Experts |
Maharashtra : Markets, which
have priced in an interest rate cut of 25 basis points, will
trade flat ahead of the RBI's quarterly policy review meeting
on Tuesday.Analysts expect a correction of 5-7% from current
levels if RBI does not cut interest rates, but say a decline
will be a good time to buy fundamentally strong scrips as they
continue to remain bullish on longterm prospects, based on the
continuity in and extension of reforms across sectors under
the helmsmanship of P Chidamabaram.If, however, the RBI
surprises markets with a 50-bps cut, benchmark indices like
Nifty could rally another 4-5% from now. The Nifty rose almost
a percent last Friday to 6074.65 on expectations of a rate cut
Tuesday.
|
| Commodities |
| Commodity markets at crossroads;
demand for gold wanes |
Maharashtra : Global
commodity markets exhibited diverse price action last week
with growth signals picking up momentum but not strong enough
as yet for a sustained rally. Fundamentals are surely to the
fore. Supplies are somewhat hassle-free amid tepid demand
conditions. No wonder price moves varied across the commodity
complex with crude oil drifting higher, moving above recent
tight trading ranges while the base metals complex was largely
range bound over the week. Tension between macro and micro
factors continue to limit any sustained periods of directional
trend, an expert commented. Investor confidence in the metals
complex is decidedly absent. Over the week, zinc and lead were
up 2.2 per cent and 2.5 per cent respectively.
|
| INTERNATIONAL
BUSINESS |
| Apple loses most valuable company
crown to Exxon |
Apple has been passed by Exxon Mobile
as the world's most valuable company in terms of market
capitalization. Following Apple's earnings this week, shares
have dropped sharply. That drop allowed Exxon to take the
market capitalization crown. The news isn't that surprising.
Not that Apple is bad or anything---its profits are simply
amazing. It's just that when analysts are tripping over
themselves to give Apple a $1,000 stock target and a $1
trillion market cap it's time to bail.
|
| CAG |
| CAG kicks off performance audit of
highway PPPs |
Delhi : In what would be a
first for public-private partnership (PPP) projects in the
road sector, the Comptroller and Auditor General of India
(CAG) has commenced performance audits of 100-odd highway
projects awarded during the tenure of two former ministers of
road transport & highways (TR Balu and Kamal Nath) and the
incumbent CP Joshi. Sources said CAG will conduct audit of the
projects awarded since 2007. The auditor has sought details of
identification and prioritisatisation of road projects under
the PPP model awarded for the II, III, IV and V phases of the
national highway development programmes. CAG is also expected
to examine model concession agreements for PPP
projects.
|
| Pension/Provident
Fund |
| EPFO may put “in abeyance” decision
to make Aadhaar mandatory |
Delhi : In the face of stiff
opposition from trade unions, retirement fund body EPFO may
put “in abeyance” its decision to make it mandatory to furnish
Aadhaar number for its over 50 million subscribers and new
members.“Amid the pressure from trade unions, the EPFO is
likely to put in abeyance its office order issued to field
staff for collecting Aadhaar numbers of existing members and
new subscribers joining the EPF scheme,” a source privy to the
development said.
|
| Banking |
| Banks want interest rate cap raised
for collateral-free loans to micro, small
units |
Maharashtra : Banks have
sought flexibility to charge a higher mark up on their minimum
lending rate on collateral-free loans given to micro and small
enterprises (MSEs) under a credit guarantee scheme.They have
moved the Credit Guarantee Fund Trust for Micro and Small
Enterprises (CGTMSE) in this regard.Lenders want the interest
rate cap on collateral-free loans given to MSEs under CGTMSE’s
.
|
| Soon, get interest on your savings
deposit every month |
Maharashtra : The interest
earned on your savings bank deposits is likely to be credited
to your account every month, against the current practice of
quarterly transfers. The Reserve Bank of India (RBI) is likely
to ask banks, as early as Tuesday, the day of the
third-quarter review of its monetary policy, to increase the
frequency of interest payment on savings account
deposits.According to bankers, the regulator feels banks now
have a robust technology platform that can enable an increase
in frequency of interest credit. Bankers confirm they have the
required technology for this.
|
|
![]() |
| Economy |
| India |
| India to become manufacturing hub: Anand
Sharma |
| PE, venture capital investments slump to $7.6 b
in 2012: E&Y |
| Railways eyes Rs 6,000 crore from non-core
business |
| India could supply surplus skilled workers to the
world: Sharma |
| Bulk users hit pumps for cheaper diesel after an
unprecedented price hike |
| Economic Growth of India To Rise By 5.5% in
2012-13: Hamid Ansari |
|
| International |
| Flexible central banks not maxed out on
policy' |
| China's industrial profit rises 17.3% for fourth
month |
| Davos 2013: China's Yi Gang warns on currency
wars as yuan in 'equilibrium' |
|
| Markets
Today |
| NSE |
6,074.80
|
0.00%
|
| BSE |
20,103.35
|
0.00%
|
| NASDAQ |
3,149.71
|
0.62%
|
|
|
|
| USD |
54.04
|
|
| EURO |
72.60
|
|
| JPY(100) |
59.51
|
|
| GBP |
84.91
|
|
|
|
| Corporate
Watch |
| Hinduja group acquires Belgium media firm
Alfacam |
Delhi : Expanding its presence in
Europe, UK-based global conglomerate Hinduja group has signed
a deal to acquire Belgian media company Alfacam, which
provides TV facilities and services to broadcasters and
production houses.Alfacam is best known for its broadcasting
vehicles for filming and broadcasting of major sports and
entertainment events. They were also used in a big way at the
Olympic Games in London last year.After this acquisition, the
over $ 25 billion Hinduja group would look to expand Alfacam's
services and businesses in different parts of the world,
including India.
|
| US-based Gap readies plans to open stores
in India next year |
Delhi : Gap Inc, the largest casual
wear retailer in the United States, is readying plans to open
stores in India sometime next year, making it one of the
highest profile global brands to set up shop in the country
after it threw open the single-brand sector to foreign
firms.News of San Francisco, California-based Gap's entry into
India, a country that it has used as a sourcing destination
for the past 14 years,
|
| India Inc controls operating costs,
maintains profitability intact |
Delhi : India's top companies have
managed to control costs in the quarter to December 2012 with
the lowest year-on-year rise in operating expenses in three
years. The check on expenses has helped them maintain
profitability at a time when revenue growth is slowing down,
signaling a bottoming out of earnings. An analysis by the ET
Intelligence Group of over 240 companies, excluding banking,
finance, and oil and gas companies, which have announced their
earnings so far shows that operating costs, which include
wages, grew by 9.7% at the aggregate level during the December
quarter over the same period a year ago.
|
| Multi brand chains may go the IKEA
way |
Delhi : International retail chains
like Walmart, Tesco, Carrefour and others, keen to tap the
Indian market, are likely to follow the IKEA route from now on
in terms of sustained negotiation with the government to spell
out their needs and worries, while holding out the promise of
FDI. Experts agreed that the IKEA success would enthuse other
foreign chains to engage with the government more to be able
to set shop in India , but they pointed out that single and
multi brand players operated in different categories and that
their requirements were quite unique to themselves.Relaxation
of the single-brand policy to ease the sourcing norms as well
as the recent clearance given to IKEA by the Foreign
Investment Promotion Board (FIPB) for its complete range of
products including cafes and restaurants, have conveyed to the
global majors the significance of continuous dialogue with the
government.
|
| Ashok Leyland to sell stakes in
subsidiaries to raise Rs 500 cr |
Tamil Nadu : Commercial vehicle
major Ashok Leyland is planning to offload stake in some of
its subsidiaries and also in IndusInd Bank Ltd. Ashok Leyland
hopes to garner about Rs 500 crore from the stake sale over
the next 12 months, said a senior company official. The firm
will use proceeds of the sale to pay off part of its Rs
3,500-crore debt.The process is expected to start once the
merger of two of its associate companies, Ashley Holdings and
Ashley Investments, with Ashok Leyland are
completed.
|
| Pay hikes at IT cos to be flat despite
turnaround |
Karnataka : India’s showpiece
information technology and business process outsourcing
industry has started to show early signs of a strong
turnaround after a long period of uncertainty but employees in
the sector will not have much to cheer as salary increases
will most likely remain flat for the coming financial year.
The IT & BPO sector, which broadly gave a salary increase
in the range of 6-8% in 2012-13, will most likely opt for a
smaller hike for 2013-14, industry executives and third-party
observers have said.
|
|
| Tenders
& Assignment |
Department Of Horticulture And Food
Processing ![]() |
Description :Expression of Interest for
Appointment of Chartered Accountant Firms for Audit of Records
under Horticulture Mission for North East & Himalayan
Stats
Last Date : 03/02/2013
Address :Department Of Horticulture
And Food Processing
Dehradun.Uttaran
|
Bhopal Cooperative Milk Federation
Limited ![]() |
Description :Requirement of chartered
accountant firms
Last Date :
05/02/2013
Address :Madhya Pradesh
State Cooperative Dairy Federation Ltd.Dugdha Bhavan,
Habibganj, Bhopal
Phone : 0755-2478250
E-Mail :bsds@sancharnet.in
|
Bangladesh Telecommunication Regulatory
Commission ![]() |
Description :Request for Expressions of
Interest (EOI) for Selection of Audit Firm (International) for
Information System Audit of Cellular Mobile Operators in
Bangladesh.
Last Date : 22/02/2013
Address :Bangladesh Telecommunication
Regulatory Commission (BTRC) , IEB Bhaban (5,6 &7th
Floor), Ramna, Dhaka-1000, Bangladesh.
Phone
:8802-7162277
|
Jaipur Vidyut Vitaran Nigam Limited ![]() |
Description :Request for Proposal to
Conduct Revenue Audit
Last Date :
26/02/2013
Address :Jaipur Vidyut
Vitaran Nigam Limited
Room No.1/11.Vidhyut
Bhawan,Janpath,Jyoti Nagar Jaipur
Phone
:0141-2740264
E-Mail :caoia.jvvnl@gmail.com
|
Department Of Local Self Government ![]() |
Description :Expression of Interest for
Appointment of Chartered Accountant for Audit work by Accrual
base double entry accounting system
Last Date
: 01/03/2013
Address
:Department Of Local Self Government Jaipur,Rajasthan
|
|
| Reminders |
| Tenders |
| Central Co-operative Bank
Limited 31/01/2013
|
| Madhya Pradesh Power Generation Company
Limited 31/01/2013
|
| Sardar Sarovar Narmada Nigam
Limited 02/02/2013
|
|
| Notifications
& Circulars |
| SEBI |
| CIR/MRD/DP/04/2013 (Maharashtra) 25/01/2013
|
| Comprehensive guidelines on Offer For Sale (OFS) of Shares
by Promoters through the Stock Exchange Mechanism. |
| CIR/MRD/DP/03/2013 (Maharashtra) 24/01/2013
|
| Guidelines for providing dedicated Debt Segment on Stock
Exchanges |
|
|
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