| Professional
News |
| International
Taxation |
| India-Mauritius narrow down
differences on DTAA |
|
Delhi : India and Mauritius
have narrowed down their differences on matters related to the
three-decade-old Double Tax Avoidance Agreement (DTAA) and all
contentious issues will be resolved in the next meeting of the
Joint Working Group in April. "Two round of meetings of the
JWG have already taken place and the third round of the JWG
will take place soon. We have narrowed down the areas of
divergence. The next meeting has been fixed for sometime in
April to resolve issues which will be beneficial and
acceptable to both sides," President Pranab Mukherjee told
reporters accompanying him on his return from a three-day
state visit to Mauritius. Asked whether there was any common
ground on DTAA, he said unless those issues are resolved, one
has to wait.
|
| Misc. - Indirect
Tax |
| Indirect tax collections rise by 20%
in Apr-Feb |
|
Delhi : Indirect tax
collections has registered growth of 20% to Rs 4.17 lakh crore
in April-February period of the ongoing fiscal.The Budget
targetted 27% growth in the indirect tax collections in
2012-13 financial year.The excise duty collection during
April-February period totalled Rs 1.54 lakh crore, while
customs duty mop up was at Rs 1.5 lakh crore, according to
sources in the tax department.The service tax collection was
Rs 1.13 lakh crore during the period.The government had fixed
the target of indirect tax collection, comprising customs,
excise and service tax, at Rs 5.05 lakh crore for the current
fiscal, an increase of about 27% from 2011-12 target.In
February, the indirect tax collection was Rs 41,000
crore.Meanwhile, macroeconomic data has shown initial signs of
recovery.
|
| SEBI |
| Sebi's new norm to make PE investors
exit tough |
|
Maharashtra : A rule that
private equity (PE) houses are waking up to could delay their
exit plans once the primary market revives. Private equity
players, which comprise the largest group of foreign direct
investors, will be forced to don the promoter's hat in many
companies — a condition that is not going down well with them.
According to Sebi, PE investors will be identified as
promoters not only when they have a majority stake but also in
companies where their holdings are higher than the original
promoters. The obscure change in rule, brought in by capital
market regulator Sebi last October, will require PE investors
(who are identified as promoters) to come out with a string of
disclosures and postpone their exit once the companies go
public.
|
| FDI
Policy |
| No change in FDI
policy |
|
Delhi : The government does
not plan to liberalise foreign direct investment (FDI) norms
in the retail sector, said a senior government official,
ruling out any change in policy in the near future and dashing
hopes of global retail chains such as Walmart and Carrefour.
Senior executives and representatives of these companies met
government officials in New Delhi this week to lobby for
concessions. These included relaxing the local sourcing
conditions, making investment in real estate part of the
mandatory $50-million investment that foreign retail companies
have to make in back-end infrastructure, as well as lowering
the minimum investment figure itself.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Foreign Trade Policy to be announced
early April |
|
Delhi : The annual Foreign
Trade Policy is likely to be announced in the beginning of
April soon after the Commerce Department finalises incentives
and facilitative measures to boost exports. “On March 31 we
will have the provisional numbers (for exports and imports in
2012-13). I will wait for that. Soon thereafter the FTP will
be announced,” Minister for Commerce and Industry Anand Sharma
told reporters after consulting representatives from
exporters’ bodies FIEO and AEPC on the policy.The Government
is looking at ways to increase exports through the FTP to
bridge the growing deficits in the trade and the current
accounts and bring the balance of payments under
control.
|
| Government to revise investment
thresholds for MSMEs |
|
Delhi : The government will
revise the investments thresholds for micro, small and medium
enterprises in line with inflation to encourage them to invest
and expand. The ministry for micro, small and medium
enterprises will propose amendments to remove the definition
of small scale industries out of the sector law, which will
give the administration flexibility to increase the qualifying
thresholds. The MSME Act, 2006, defines a micro enterprise as
the one which has an investment of up to 25 lakh in plant and
machinery, those with up to 5 crore and 10 crore investment
qualifiy as small and medium enterprise,
respectively.
|
| Finance & Money
Markets |
| Infotech stocks take wing despite a
muted outlook, IT gets major share of portfolio
inflows |
|
Maharashtra : A growing
number of Indian investors are buying stocks of top software
exporters, leading to a surge in their valuations and casting
doubts over the sustainability of the rally in such stocks at
a time when the outlook for the sector is clouded. Over the
past three months, India has attracted over $13 billion of
portfolio flows. The movement of various sector indices during
this period indicates that the IT sector has benefited the
most from these foreign fund flows. In these three months, the
ET Infotech Index has gained 22% -- the highest among ET
sectoral indices. And it comes at a time when two out of every
three ET sectoral indices have posted negative
returns.
|
| Mutual Funds’assets slip 1.5% in
February on Nifty fall |
|
Maharashtra : A near 6% fall
in the Nifty during February pulled down assets under
management of mutual funds by 1.5% in February from record
levels a month earlier. AUMs fell to Rs 8.14 lakh crore from a
record high of Rs 8.26 lakh crore in January, mutual fund
industry body AMFI data shows. The fall in the Nifty resulted
in markto-market losses of equity-oriented mutual funds. The
AUM of these funds declined to a 15-month low of Rs 1.76 lakh
crore due to mark-to-market losses and outflow of Rs 160 crore
in February. When a security falls in value from the time it
was purchased, it leads to an MTM loss. The AUM of income
funds, mainly short maturity funds, also declined due to tight
liquidity conditions, which prevails towards the financial
year end.
|
| FIIs buy record Nifty, Bank Nifty
options in a single day |
|
Maharashtra : Foreign
institutional investors or FIIs, among the biggest buyers of
Indian stocks, purchased the highest-ever amount of Nifty and
Bank Nifty options in a single day on Tuesday.But the quantum
of bearish bets far outweighs bullish ones, indicating some of
these are to protect FIIs' cash market holdings, while others
are cover against their sales of Nifty put options to hedge
funds and international funds through P-notes on offshore
markets."FIIs purchased Nifty and Bank Nifty options worth Rs
4,037 crore (notional), a level unseen since the launch of
Nifty options in June 2001," said Krutik Shah, derivatives
analyst, Destimoney Securities.
|
| Commodities |
| Wheat exports from Australia seen
increasing 13% |
|
Delhi : Wheat shipments from
Australia, the world's third-biggest exporter this year, will
probably advance 13% in 2013-2014 as higher profits encourage
farmers to boost planting, CBH Group said. Sales may rise to
as high as 18 million tonne in the year beginning November
from 16 million tonne this year, said Tom Puddy, head of
marketing at the country's largest grain handler, which ships
about 6 million tonne of wheat a year. Production will expand
to 24 million tonne from 21.5 million tonne, he said. Rising
supplies from Australia may intensify competition among
shippers, with the United Nations predicting world output in
2013 to be the second-highest on record, boosted by a recovery
in yields in parts of Europe including Russia
|
| Gold edges higher on euro zone
concerns |
|
Delhi : Gold edged higher on
Wednesday to near a 1-1/2-week high reached in the previous
session on continued concerns about the euro zone after
disappointing data on factory output. The metal hit its
highest since Feb. 28 at $1,598.20 on Tuesday, but the bounce
ran out of steam due to pressure from an improving economic
outlook in the United States and continued redemptions in
gold-backed exchange-traded funds, analysts said. Spot gold
was up 0.3 per cent to $1,595.84 an ounce by 1109 GMT. The
metal broke above the $1,560 and $1,585 range in which it had
been confined since the start of March. The rally was fuelled
by automatic buy stop orders triggered at preset levels
between $1,586 and $1,587, traders said.
|
| MERGER &
ACQUISITION |
| ValueFirst Digital Media acquires
clk2c.com |
Delhi : Enterprise messaging
service provider ValueFirst Digital Media has acquired mobile
video service clk2c.com for an undisclosed amount, according
to a statement issued by the company. Clk2c.com, a unit of
Samadhan Systems, offers personalised video mobile messaging
and advertising solutions for enterprises and individual
consumers. The all-cash deal, announced on Wednesday, will
enable Gurgaon-based ValueFirst to execute media campaigns on
its opt-in consumer base of more than 25 million. "The mobile
video platform is a strategic fit in the company's portfolio
as we are trying to position it as a digital media solutions
provider rather than a pure value-added services player,"
Vishwadeep Bajaj, CEO of ValueFirst, said.
|
| Banking |
| Banks to auction Rs 9k-crore bad
loans to boost profits |
|
Maharashtra : At least 15
banks are auctioning distressed assets of Rs 9,000 crore, a
move aimed at cleaning up their books and shoring up profits
before the close of the financial year. The big-ticket loans
on the block includeRs 2,900 crore from IDBI Bank, Rs 1,041
crore from State Bank of India andRs 967 crore from UCO Bank,
people privy to the development said."Auction of bad loans
generally picks up momentum in last quarter of a fiscal year
as banks go on an overdrive to clean their books," said Siby
Antony, CEO of Mumbai-based Edelweiss Asset Reconstruction.
"But this year has seen a sharp rise not only in the quantum
of loan up for sale but also the number of banks showing
interest to selling stress loans." The size of the sale,
however, is a fraction of the bad loans in the Indian banking
system.
|
| |
| Reminders |
| Tenders |
| Zilla Panchayat-Gadag -
Karnataka 15/03/2013
|
| National Rural Health
Mission 15/03/2013
|
| Municipal Council 15/03/2013
|
| Rural Development
Department 15/03/2013
|
| Mahanadi Coalfields
Limited 15/03/2013
|
| Industrial Investment Bank Of India
Limited 15/03/2013
|
| Panchayat And Rural Development
Department 15/03/2013
|
| Karnataka State Pollution Control
Board 18/03/2013
|
| Zilla Panchayat- Uttara Kannada
Karnataka 18/03/2013
|
| Zilla Panchayat-Raichur
Karnataka 18/03/2013
|
| Rural Development And Panchayati Raj Department -
Saudatti taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Ramdurg Taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Raibag taluk 19/03/2013
|
| State Project Facilitation
Unit 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Khanapur Taluk 19/03/2013
|
| Rural Development And Panchayati Raj Department -
Athani 19/03/2013
|
| Rural Development And Panchayati Raj
Department 20/03/2013
|
| Mysore Paper Mills
Limited 20/03/2013
|
| Rural Development And Panchayati Raj
Department 20/03/2013
|
| Municipal Corporation-Bhilwara
Rajasthan 20/03/2013
|
| National Highway Authority Of
India 21/03/2013
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/437 (Delhi) 13/03/2013
|
| Implementation of Core Banking Solutions by UCBs |
| Notification
No.RBI/2012-13/436 (Delhi) 12/03/2013
|
| Money Transfer Service Scheme – Revised Guidelines |
| |
|
![]() |
| Economy |
| India |
| World Bank to provide $3-5 bn funding to India
for 4 years |
| Rate-cut chances brighten after RBI Governor
Subbarao praises 'responsible budget' |
| JNPT to spend Rs 1k Cr on road, rail
infrastructure |
| Hotel chains like Leela, Lemon Tree, Accor, IHG
go for management deals over investment in
properties |
| Economy will rebound in 2-3 years, says
PM |
| 20 Stalled highway projects get court
go-ahead |
| |
| International |
| U.S. Retail Sales Up Solid 1.1% in
February |
| China central bank focused on
inflation |
| Weak economy to depress oil demand throughout
2013 |
| Euro zone finance ministers to meet on Friday to
discuss Cyprus |
| |
| Markets
Today |
| NSE |
5,908.95
|
0.99%
|
| BSE |
19,570.44
|
1.07%
|
| NASDAQ |
3,245.12
|
0.09%
|
| |
|
|
| USD |
54.38
|
|
| EURO |
70.30
|
|
| JPY(100) |
56.37
|
|
| GBP |
81.25
|
|
|
| |
| Corporate
Watch |
| There’s no end to GM’s woes & losses in
India, auto major yet to get its strategy
right |
|
Maharashtra : The Indian subsidiary
of US auto major General Motors(GM) has run up losses of Rs
746 crore in the last financial year, according to documents
the company filed with the Registrar of Companies last week.
It sold 1.1 lakh cars last year taking a Rs 67,600 loss on
every car sold. GM entered India in 1995 and was one of the
earliest global car companies to woo consumers post
liberalisation. But its accumulated losses have since piled up
to Rs 1,598 crore, making it one of the least profitable car
companies in India. The losses suggest GM is yet to get its
India strategy right after 18 years of trials in India and
more than a few errors.
|
| Infosys seen more open to returning surplus
cash to shareholders |
|
Karnataka : Infosys, long regarded
as a wealthy but tight-fisted company, has indicated its
willingness in recent weeks to spend the cash one way or
another - either by buying other companies or returning money
to investors. This new openness with managing its cash pile -
it has enough money to buy at least 16 Boeing 787 Dreamliners
- is reflective of a broader shift in the Bangalore company's
approach to doing business, which is now being perceived as
more flexible and less conservative.Analysts who have met top
Infosysofficials in recent weeks were positively surprised by
the attitude of the company to questions regarding its $4
billion (Rs 22,000 crore) cash reserves.
|
| Samsung takes on Apple's iPhone with Galaxy
S4 launch |
|
Delhi : Samsung Electronics is
making its biggest run yet at the iPhone's US loyalists,
unveiling the new Galaxy S4 a few blocks from Apple's flagship
store in New York and broadcasting the event live in Times
Square. The debut of Samsung's marque smartphone at Radio City
Music Hall Thursday night lets Samsung bring the fight
directly to Apple's strongest market. The South Korean company
is relying on an advertising blitz and cutting-edge features,
potentially including a snazzier camera and eye-tracking
capabilities, to generate the kind of buzz associated with
Apple's products. Samsung's challenge is proving it can
innovate as effectively as its US competitor.
|
| Huge debt of Rs 46,000 cr weighs heavy on
Jaiprakash Associates |
|
Delhi : The recent fund-raising and
conversion of Foreign Currency Convertible Bonds, or FCCBs,
provide Jaiprakash Associates% the needed cushion to meet its
near-term capital needs. In the coming quarters, the company's
cash flows are expected to improve as many of the projects are
set to be commissioned. Over the last three months, the
company's stock has seen a sharp correction due to a stream of
events. First, the stake sale in its cement business did not
materialise after initial talks. Second, the company raised
$100 million (about Rs540 crore) through a Qualified
Institutional Placement, or QIP, at Rs83 per share.
|
| Apollo in talks to sell entire stake in
Dish TV |
|
Madhya Pradesh : US private equity
firm Apollo Global Management LLC is in talks to sell its 11
per cent stake in India's largest direct-to-home satellite
service operator Dish TV India Ltd, two sources with direct
knowledge of the development told Reuters on Wednesday.The
stake has a market value of about $144 million.Apollo, which
manages about $113 billion globally, has hired UBS to run a
process to sell its holding, the sources said.Apollo paid
about $100 million for its 11 per cent stake in the company in
2009.
|
| Kotak raises Rs.490 cr in first infra
fund |
|
Maharashtra : Kotak private equity
fund has reached the first close of its first ever
infrastructure fund raising $90 million (R490 crore). Apart
from Kotak, the other significant investors include
Japan-based Sumitomo Mitsui Banking Corporation, an affiliate
of Brookfield Asset Management, Japan Bank for International
Co-operation and a leading insurance group.“We are targeting a
final close of $250 million over the next 12-15 months,” said
Suman Saha, head (infrastructure advisory) at Kotak Investment
Advisors.Core Infrastructure India fund will invest in sectors
like power generation/transmission,
|
| |
| Tenders
& Assignment |
Jammu And Kashmir Rural Road Development
Agency ![]() |
|
Description :Conduction
audit on monthly annual accounts with balance sheet for the
year 2011-12 under programme fund & administrative
expenses fund funded.
Last Date :
18/03/2013
Address :Empowered Office
PMGSY (JKRRDA) Civil Secretariat J&k Jammu
|
Zilla Panchayat-Koppal Karnataka ![]() |
|
Description :Seeking
Expression of Interest from Chartered Accountant Firms to
provide professional support to Gram panchyats om maintenance
of accounts in Double Entry System.
Last Date
: 18/03/2013
Address :Chief
Executive Officer,Zila Panchayats, Koppal District Koppal
Karnataka
Phone :221226
|
KARNATAKA COOPERATIVE MILK PRODUCERS’ FEDERATION
LTD ![]() |
Description :Engaging the
services of Chartered Accountants for pre-audit work
Last Date : 19/03/2013
Address :KMF Complex, Dr MH Marigowda
Road, D.R.College Post, Bangalore 29 Phone
:25536209 E-Mail :kmf@sify.com
|
HP State Health & Family Welfare
Society ![]() |
|
Description :Hiring services
of Chartered Accountant firms for statutory audit of state
health society (SHS) & district health society (DHS) for
the financial year 2012-13 under national rural health mission
(NRHM)
Last Date : 20/03/2013
Address :Mission Director,
HP
State Health & Family Welfare Society,
SH & FWS,
Govt. of Himachal Pradesh
Phone
:0177-2624505
|
Rural Development And Panchayati Raj Department-
Hospet Taluk ![]() |
|
Description :Procurement of
Services of Chartered Accountants for Accounting in Grama
Panchayats in Hospet Taluk.
Last Date
: 20/03/2013
Address
:Bellary - Karnataka
Phone
:91-8392-266752
|
Samajik Suvidha Sangam ![]() |
|
Description :Empanel
chartered accountant firms initially for one year.
Last Date : 28/03/2013
Address :GOVERNMENT OF NCT OF
DELHI
B- Block, Vikas Bhawan, Upper Bela Road Civil Line,
Delhi- 110054
|
Sardar Sarovar Narmada Nigam Limited
![]() |
|
Description :Appointment Of
Chartered Accountants For Internal Audit Work.
Last Date : 31/03/2013
Address :Sardar Sarovar Narmada Nigam
Limite Gandhinagar Gujarat
|
West Bengal State Watershed Development
Agency ![]() |
Description :Expression of
interest from chartered accountant firms for Statutory audit
of institutions set up under integrated watershed management
programme in the state. Last Date :
02/04/2013 Address :Block-E, 4th
Floor writers Buildings, kolkata- 700001 Phone
:033-22141976 E-Mail :wbswda@gmail.com
|
Shipping Corporation Of India Limited
![]() |
|
Description :Appoitment of
Chartered Accountants Firms/Construction of. For Scrutiny of
Agents Accounts.
Last Date :
02/04/2013
Address :Shiping House,
Liner & Passenger Service Division 15th Floor, 245, Madame
Cama Road, Mumbai- 400021
|
Northern Coalfields Limited ![]() |
|
Description :Expression Of
Interest For Empanelment Of Cost Accountant Firms For
Statutory Cost Audit In Northern Coalfields Limited, For Cost
Audit For Companies (Cost Audit Report) Rules,2011 For The
Year 2013-14.
Last Date :
02/04/2013
Address :Northern
Coalfields Limited, P.O.-Singrauli Colliery, Dist.-Singrauli
(MP), Pin: 486 889
|
Zilla Panchayat - Bagalkote -
Karnataka ![]() |
|
Description :Seeking
expression of Interest (EOI) from Chartered Accountant firms
to provide professionals support to Gram panchayats on
maintenance of Accounts in Double Entry System
Last Date : 02/04/2013
Address :Zilla Panchayat,Bagalkote -
Karnataka
Phone :08354-235571
|
Madhya Pradesh State Agro Industries Development
Corporation Limited ![]() |
Description :Appointment of
internal auditors for the financial year 2012-13 &
2013-14. Last Date : 10/04/2013
Address :Panchanan, 3rd Floor,
Malviya Nagar, Bhopal-462 003 Phone
:0755- 2551756 E-Mail :mpagrohobpl@gmail.com
|
| |
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