| Professional
News |
| Misc. - Direct
Tax |
| Revised DTC Bill in the
offing |
|
Delhi : The government will
come up with a modified Direct Taxes Code (DTC) Bill after
incorporating the suggestions of the Standing Committee on
Finance, which had suggested a slew of changes to the
legislation including raising annual income tax exemption
limit to up to Rs 3 lakh. "Will come out with modified DTC
(Bill) in response to standing committee suggestions," said
Parthasarathi Shome, advisor to the finance minister at a
FICCI event. In March, the Parliamentary panel headed by
senior BJP leader Yashwant Sinha in its report had suggested
raising the annual income exemption tax limit to Rs 3 lakh as
against Rs 2 lakh proposed in the original DTC Bill. Tax
exemption limit is Rs 2 lakh.
|
| EXCISE |
| Reduce customs and excise duty on
nutraceuticals, supplements, says
OPPI |
|
Delhi : The Organisation of
Pharmaceutical Producers of India(OPPI) is rooting for lower
customs and central excise duty on nutraceuticals and health
supplements in Budget 2013.According to OPPI, basic customs
duty(BCD) for health supplements should be slashed to 10% and
additional customs duty(ACD)/central excise duty to 6% to make
it at par with drugs. This would help in making the products
affordable for the common man and help boost the healthcare
agenda of the government.
|
| RBI |
| RBI cracks whip on loan
recast |
|
Maharashtra : The Reserve
Bank of India has proposed a steep rise in the provisioning
requirement for loan restructuring — to five per cent from
April 1, against 2.75 per cent at present.The new norms would
be applicable on fresh cases. For existing ones, the raise has
been proposed in a phased manner.In the draft guidelines on
restructuring of advances by banks, the banking regulator has
proposed to end the leeway given to banks on debt
restructuring from April 1, 2015, as recommended by the B
Mahapatra panel.
|
| Finance & Money
Markets |
| Traders roll over 64% Nifty positions
to February |
|
Maharashtra : Betting on a
"responsible" Budget, investors in stock futures and options
rolled over their month-end positions in counters like metal,
capital goods and telecom.The benchmark NSE 50 index Nifty
traded in a narrow range on the last day of January and about
76% positions were carried forward to the next month with some
short positions in sectors like FMCG and infotech. "Expecting
a reform-oriented budget, markets witnessed healthy rollover
for February series. Sectors like telecom, capital goods,
metals, PSU banking saw healthy rollovers," said Jitendra
Panda, head sales at Future CapitalBSE -1.47 %.
|
| Tata Capital plans 500-cr fund to
invest in distressed companies |
|
Maharashtra : Tata Capital,
the finance unit of India's largest business group, plans to
raise as much as Rs 500 crore ($94 million) for its first fund
that will invest in equities of distressed companies. Tata
Capital Special Situations Fund has attracted five state-run
banks to invest in the fund, which may be fully subscribed by
March, TA Ramkumar, head of Tata Capital's special situations
investment business, said in an e-mail. He declined to
identify the banks.
|
| ICICI Bank gets a treasury boost, net
rises 30% |
|
Maharashtra : ICICI Bank,
the second most valuable private sector lender, said earnings
for the December 2012 quarter rose 30%, led by a surge in
treasury income, even as profits from its retail lending
fell.But the bank reined in bad loans at both gross and net
levels with prudent lending and forecast lower additions to
restructured loans. The bank said its net profit for the
quarter was Rs 2,250 crore, up from Rs 1,728 crore a year
earlier. Analysts estimated ICICI Bank to post Rs 2,080 crore
net profit, according to a Bloomberg survey. "ICICI Bank has
managed the asset quality well during the last 18 months of
pain in the Indian economy," said Rikesh Parikh, VP - markets
strategy and equities, Motilal Oswal Securities. "FY14 will be
critical to see the fate of a few large exposures.
|
| Finance, IT FIIs' favourites in
2012 |
|
Maharashtra : Foreign
investors poured half their money into finance, banking and
infotech companies last year, while refraining from cyclical
bets like infrastructure, metals, realty and commodities. An
ET analysis shows nearly 47% — $11.5 billion of the $24.4
billion invested by FIIs last year — was in the three sectors,
with financial stocks attracting $5 billion, or 19.72%,
followed by banks ($4.1 billion) and Infotech ($2 billion).
Banking, which emerged as the best performing sector last
year, could have outperformed the Sensex on the back of FII
investments.
|
| SBI sees flight of deposits worth Rs
15,000 crore |
|
Maharashtra : With better
returns offered by tax-free bonds and liquid mutual funds,
State Bank of India ( SBI) has witnessed a flight of deposits
worth over Rs 15,000 crore in the last few weeks. The bank was
sitting on a surplus fund of Rs 55,000 crore. “There has been
a depletion of about Rs 15,000 crore in the recent past, as
depositors have moved money into tax-free bonds and liquid
mutual fund,” Chairman Pratip Chaudhuri said.
|
| More banks cut lending
rates |
|
Maharashtra : Following cut
in repo and cash reserve ratio by the Reserve Bank of India
two more large public sector lenders pared their base rates by
25 basis points (bps).Third largest public sector lender
Punjab National Bank (PNB) announced the cut in base rate by
25 bps to 10.25% while also another large public sector Union
Bank of India also announced the same while declaring their
quarterly results in Delhi and Mumbai.
|
| Commodities |
| Govt hikes sugarcane FRP by 23.5% to
Rs 210 per quintal for 2013-14 |
|
Delhi : The Centre has
raised the sugarcane price the mills have to pay to farmers by
23.5% to Rs 210 per quintal for the year starting October
2013. "We have accepted the recommendations of the Commission
for Agricultural Costs and Prices (CACP). Now farmers will be
able to cover the rise in cultivation cost," said Union Food
Minister KV Thomas. With this increase, sugarcane farmers will
get a fair and remunerative price (FRP) of Rs 210 a quintal -
up from Rs 170 in the 2012-13 marketing year.
|
| Gems & jewellery ind seeks easy
tax norms to boost biz |
|
Tamil Nadu : Gems and
jewellery industry has demanded reduction in gold import duty
and imposition of simplified tax regime to boost diamond trade
in the forthcoming budget."With the increasing import duties
on gold and other raw material such as cut and polished
diamonds, the industry has requested for eased tax norms given
the already slowed down economy," the Gem and Jewellery Export
Promotion Council said while sharing its Budget demands
submitted to the government.
|
| INTERNATIONAL
BUSINESS |
| Citigroup may exit consumer banking
in more countries |
|
Citigroup Inc is looking to pull out of
consumer banking in more countries in an effort to lower costs
and boost profits, according to two people familiar with the
matter. In December, Citigroup said it was withdrawing from
consumer banking in five countries - Pakistan, Paraguay,
Romania, Turkey and Uruguay - as part of an expense reduction
plan that will save $1.1 billion a year and eliminate 11,000
jobs. The cuts were one of Michael Corbat's first major steps
as chief executive, a position he took in October.
|
| MERGER &
ACQUISITION |
| Pipavav Defence offers 26% stake
sale |
|
Maharashtra : Pipavav
Defence & Offshore Engineering Company, the country’s
largest defence ship building company in the private sector,
founded by Nikhil Gandhi, has offered to sell 26 per cent of
its equity. A group of corporate majors is interested.The
talks are in an advanced stage and Pipavav’s board would soon
meet to decide on the buyer, based on the offers received, a
source involved with the negotiations said. The promoters were
seeking close to Rs 8,400 crore, or Rs 120 a share, the
sources said. The stock closed at Rs 87.85 today, up 1.9 per
cent.
|
| ONGC Videsh's plan to buy assets in
Azerbaijan gets nod |
|
Maharashtra : The cabinet
has cleared ONGC Videsh's (OVL) proposal to acquire minority
stakes of Hess Corporation in prolific oil fields and a
pipeline in Azerbaijan for $1 billion. "The acquisition shall
provide OVL, oil production of about 1 million tonnes per year
for about a decade," the oil ministry said after the cabinet
cleared the proposal on Thursday. OVL had announced in
September that it would acquire Hess Corporation's 2.7% stake
in the Azeri, Chirag and Guneshli oilfields in Azerbaijan and
a 2.36% interest in the Baku-Tbilisi-Ceyhan pipeline.
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|
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| Economy |
| India |
| Core sector grows 2.6% in Dec |
| Possibility of India's downgrade less than in
April 2012: S&P |
| Defence & welfare spending to be
cut |
| |
| International |
| Prez not on job of lifting
economy |
| Economy gained steam in November, growth on
target for 2013 |
| Deutsche Bank takes $3.5 bln loss to pay for
clean up |
| |
| Markets
Today |
| NSE |
5,998.90
|
-0.59%
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| BSE |
19,781.19
|
-0.57%
|
| NASDAQ |
3,142.13
|
-0.01%
|
| |
|
|
| USD |
53.20
|
|
| EURO |
72.61
|
|
| JPY(100) |
57.77
|
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| GBP |
84.24
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| |
| Corporate
Watch |
| Cancer drugs made by Emcure, Roche still
expensive for patients |
|
Maharashtra : Pune-based Emcure
Pharmaceuticals, which had entered into a licensing agreement
with Swiss drug maker Roche to sell low-cost versions of its
cancer drugs, has not really made the medicines any cheaper,
claim health activists, saying they are still too expensive
for Indian patients. Not just Roche, there's a growing clamour
these days that multinationals are using the voluntary
licensing route to not only retain control over the Indian
market but keep prices of their products high as well.
|
| Bharti Infratel Q3 net up 31 per cent to Rs
254 crore |
|
Maharashtra : Bharti Infratel, the
tower arm of Sunil Mittal-owned Bharti Enterprises, reported a
31% jump in its net profit after lower costs, higher average
rental per tower slot and a 64% surge in other income. But two
analysts said the high rental rate for tenants is showing on
Bharti Airtel's declining profitability,
|
| Reliance Communications & Lenovo tie up
for launch of smartphones |
|
Maharashtra : Telecom operator
Reliance Communications and Thinkpad range of computer maker
Lenovo have partnered to launch four or five smartphones for
Reliance GSM and CDMA technology customers, the companies said
in a joint statement on Thursday. The phones will be priced
under 8,000 each and will comprise two slots for SIM cards or
cell phone connections. A user would be able to plug in one
CDMA and one GSM connection on the instrument and can
selectively use the services.
|
| Maruti Suzuki aims to become India's
largest exporter of passenger cars |
|
Delhi : Maruti Suzuki, India's
largest carmaker, is scripting a strategy to pole-vault itself
to become India's largest exporter of passenger cars, by
building a base for manufacturing 3-million cars in five years
that includes at least 10 new vehicles across segments,
including the light commercial segment.To implement this
ambitious target from ground-up in India, the Japanese
parent
|
| TVS Motor, Hero MotoCorp turn to hybrid
scooters; launch in a year |
|
Delhi : Two-wheeler makers are
eyeing new segments for growth as volumes in bread-and-butter
bike models stagnate. Encouraged by the strong growth seen in
scooters for the last few years, market leader Hero MotoCorp
and TVS Motor Company are giving birth to an entirely new
hybrid scooter segment with models ready for launch in the
next nine to 12 months.
|
| L&T Finance Q3 net surges
215% |
|
Maharashtra : Non-banking financial
company (NBFC) L&T Finance Holding’s (LTFH) consolidated
net profit rose 214.78% year-on-year (yoy) to R294.60 crore in
the third quarter ending December 2012.
|
| DLF sells wind turbine project in Gujarat
for Rs 282 cr |
|
Delhi : Country’s largest real
estate player has sold off its 150MW wind turbine project in
Gujarat to Bharat Light and Power for Rs 282.30 crore as part
of its strategy to exit from non-core business.'The company
has entered into definitive business transfer agreement with
BLP Vayu (Project 1),
|
| Godrej Consumer Q3 net up 3% at Rs 172
cr |
|
Delhi : FMCG firm Godrej Consumer
Products Ltd today posted an increase of 3.07 per cent in
consolidated net profit at Rs 172.2 crore for the third
quarter ended December 31, 2012. The company had posted a net
profit of Rs 167.07 crore during the same period of previous
fiscal.
|
| Eastern Mattresses forms joint venture with
S. African firm |
|
Kerala : Eastern Mattresses Pvt
Ltd, which owns Sunidra brand of mattresses, has announced the
formation of a joint venture with Bam Furn Holdings, South
Africa (BFH). The joint venture — International Sleep
Solutions Pvt Ltd (ISSPL) — will manufacture and market spring
mattresses across
|
| Rural BPOs on the rise in US; Mahindra
Satyam opens 4 centres |
|
Andhra Pradesh : Indian IT firms
seem to have devised a method to cut human resource costs in
the US and Canada.They have begun to tap the ‘rural’ areas to
man their near-shore centres. Mahindra Satyam has opened its
fourth such centre in the last six months.
|
| |
| Tenders
& Assignment |
Department Of Agriculture ![]() |
Description :Required carryout the Audit
of Centrally Sponsored national Food Security Mission &
Accelerated Pulses Production Programme Schemes in all 21
Districts & State Headquarters for the year 2011-12
Last Date : 07/02/2013
Address :Directorate Of
Agriculture,Haryana
Krishi Bhawan,Sector-21,Panchkula
E-Mail :agriharyana2009@gmail.com
|
Municipal Council ![]() |
Description :Providing of Chartered
Accountant Service
Last Date :
10/02/2013
Address :Municipal Council
Roorkee Uttaranchal
|
Department Of Agriculture ![]() |
Description :Engagement of Preparing
final accounts & concurrent audit under NFSM, MMA, isopom,
mini mission II etc, additional central assistance schemes
Last Date : 12/02/2013
Address :Joint Director of
Agriculture,Block-III,3rd Floor,Writers Bldgs..,Kolkata
|
Coal India Limited ![]() |
Description :Reputed chartered account
firm/company or cost accountant firm/company for verifying
& certifying of closing coal stock as on 31.3.2013 in 466
miles/17 washeries/4 coke plants of CIL spread over in 8
states
Last Date : 25/02/2013
Address :Coal India Ltd.,10,N.S.
Road,1st Floor,Kolkata-700001,West Bengal,
|
| |
| Reminders |
| Tenders |
| Sardar Sarovar Narmada Nigam
Limited 02/02/2013
|
| Department Of Horticulture And Food
Processing 03/02/2013
|
| Bihar Rural Livelihoods Promotion
Society 05/02/2013
|
| Bhopal Cooperative Milk Federation
Limited 05/02/2013
|
| Tea Board Of India 07/02/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/408 (Delhi) 31/01/2013
|
| Financial Literacy Material |
| Notification
No.RBI/2012-13/409 (Delhi) 31/01/2013
|
| Disclosure Requirements on Advances Restructured by Banks
and Financial Institutions |
| DIRECTORATE GENERAL
OF FOREIGN TRADE |
| Notification No. 30 (RE-2012)
/2009-2014 (Delhi) 31/01/2013
|
| Introduction of provision for setting up of Private/Public
Bonded Warehouses for Gems and Jewellery sector in
FTP(RE-2012)(2009-2014). |
| Circular No. 13
(RE-2012)/2009-14 (Delhi) 31/01/2013
|
| Declaration of Intent for claiming Chapter 3 benefits of
Foreign Trade Policy-regarding. |
| |
|
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