| Professional
News |
| SEBI |
| Cabinet approves proposal to give
Sebi more powers |
|
Delhi : The cabinet on
Wednesday approved a proposal to bring an ordinance to give
more powers to the Securities and Exchange Board of India
(Sebi) to protect the interests of investors.The capital
market regulator will have powers to search and seize assets
of defaulting firms, seek information from entities, and
access call data records in insider trading
investigations.Sebi will also be allowed to regulate “chit
fund” schemes, said Praful Patel, minister of heavy
industries, Reuters reported.
|
| FDI
Policy |
| Multi-brand retail FDI policy riders
might be eased |
|
Delhi : Under pressure from
international retailers, the government might soon amend the
foreign direct investment (FDI) policy on multi-brand retail
trading (MBRT) by easing some conditions which had drawn sharp
criticism from global investors. However, there is no proposal
to hike the FDI limit in the sector from 51 per cent. The
department of industrial policy and promotion (DIPP), nodal
agency for FDI policy under the ministry of commerce and
industry, seems to have prepared a note for the Cabinet
Committee of Economic Affairs (CCEA) to consider.
|
| Raising the cap to 100%, a booster
for ARCs |
|
Delhi : The Centre’s
decision to hike foreign investment cap in asset
reconstruction companies (ARCs) from existing 49 percent to
100 per cent has come as a huge booster dose for the asset
reconstruction industry. This is highly encouraging as the
stage would now expand to include global players in the Indian
ARC sector, P. Rudran, Managing Director and CEO, Arcil told
Business Line. This decision has come at a time when
non-performing assets in the banking system are on the
rise.Arcil is the country’s first asset reconstruction
company. Currently, about 15 percent of its equity capital is
held by foreign institutions.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Drug makers suffer an overdose of
control |
|
Delhi : The National
Pharmaceutical Pricing Authority, or NPPA, has announced new
price caps for 191 essential drugs that are 10 to 50 per cent
lower than the current prices. Drug makers have 45 days to
recall the earlier batches and send out new ones with the
lower price tags. This is a part of the Drug Price Control
Order, 2013, that aims to bring 348 essential drugs under
price control, against 74 bulk drugs earlier. So, more price
caps will be announced in the weeks to come. Companies that
sell below the price caps cannot raise prices - they'll
continue to sell at the old prices.The switch, various
estimates suggest, will raise the span of price control from
18 per cent of the market (currently worth Rs 72,000 crore per
annum) to 30 per cent. AIOCD Pharmasofttech AWACS,
|
| Finance & Money
Markets |
| RBI opens R25,000-crore liquidity
window for MFs as redemptions surge |
|
Maharashtra : The Reserve
Bank of India (RBI) on Wednesday said it would open a special
R25,000-crore liquidity window to cater to the needs of mutual
funds. Funds have been forced to sell assets after investors
withdrew an estimated R30,000-40,000 crore. The RBI will open
a three-day repo window on Thursday to let banks borrow at
10.25% to meet the liquidity requirements of mutual funds;
mutual funds should be able to access money at 11.25-12%. The
central bank’s measures to curb liquidity, announced late on
Monday, and the consequent surge in bond yields, have seen
investors pulling out money from liquid schemes over the last
couple of days. Both the Securities and Exchange Board of
India (Sebi) and RBI are tracking redemptions to gauge the
period for which the special window needs to remain
open.
|
| Returns on debt, gilt funds come
crashing down |
|
Maharashtra : The bond
market party seems to have come to an abrupt end after mutual
fund returns from debt and money market schemes crashed up to
4% on Tuesday even as bond yields climbed nearly 50 basis
points. The stern steps taken over the past few days by the
central bank to arrest the slide of the rupee has impacted
debt markets, which ironically are considered less risky among
all asset classes. Medium and long-term bond and gilt funds
were among the worst hit, with some of the funds losing nearly
4% in a single day. What's worse is that the trailing 1-year
returns of bond funds may fall to around 8% levels after
Tuesday's crash from the lofty 13-14% returns at the end of
May.
|
| Rupee weakens despite easing of FDI
norms |
|
Maharashtra : The rupee
posted slight falls on Wednesday as continued dollar demand
from importers eroded early gains from the government’s
decision to relax foreign direct investment rules in various
sectors.The Reserve Bank of India was suspected selling
dollars in late trade via state-run banks from around 59.50
levels to push up the rupee, several dealers said. The rupee’s
weakness, in spite of strong steps taken by the RBI late on
Monday to support the currency, shows demand for dollars
remains strong, overriding the central bank’s attempt to stamp
down on speculation.The government relaxed foreign direct
investment (FDI) rules on Tuesday in a broad swath of
industries including telecoms,
|
| Commodities |
| HNIs undeterred from gold investing
despite price correction |
|
Maharashtra : The growing
underperformance of domestic gold prices to equity markets has
not managed to shift allocation of high net-worth individual
(HNI) investors away from gold-linked investments towards
equities.Experts say even after a steep correction in gold
prices this year, investors are not yet re-allocating their
gold exposure towards stocks despite equity markets looking
fairly valued. Instead, their interest in tax-free bonds,
fixed deposits and short-term funds has gone up, given the
high volatility in financial markets, domestically and
globally
|
| Gas allocation: Top priority for
fertiliser sector stays |
|
Delhi : The existing policy
according top priority to the fertiliser sector in the
allocation of natural gas, whose availability is only falling,
will continue. An empowered group of ministers (EGoM), which
met here briefly on this issue, decided that the power sector
would not be treated on par with the fertiliser sector in
allocation of this scarce resource, for the latter having a
direct bearing on the fortunes of the farming
community.Heeding to the views of the power ministry that
sought a status upgrade for the sector given that generation
capacities of 18,000 MW are operating below optimum plant load
factor due to paucity of gas, the EGoM, however,
|
| INTERNATIONAL
BUSINESS |
| Frantic Rule-Writing Won’t Avert New
Banking Crisis |
|
Five years after the great financial
meltdown, have the U.S. and other advanced economies done
enough to head off the next calamity? The short answer is
no.There’s been frantic activity, all right. Heroic feats of
legislation and rule-writing will keep regulators, compliance
officers and analysts busy for years. But the gain in safety
from all this is likely to be small -- too small, probably,
even to offset the danger created since the crash by greater
concentration in the finance industry. Once the residual fear
from the last crisis fades and the appetite for risk revives,
financial systems might be more at risk than before, not
less.
|
| Barclays, traders fined US$488M amid
U.S. energy probe |
|
Barclays Plc and four former traders
were ordered to pay a combined US$487.9-million in fines and
penalties by the U.S. Federal Energy Regulatory Commission for
engaging in what the agency said was a scheme to manipulate
energy markets in the Western U.S. from 2006 to 2008.The
agency directed the company and traders to pay US$453-million
in civil penalties to the U.S. Treasury within 30 days,
according to the order issued Tuesday. The London-based bank
also must surrender US$34.9-million in profits, to be
distributed to programs that help low-income homeowners pay
energy bills in California, Arizona, Oregon and Washington,
the FERC said.
|
| China cracks down on pharma
sector |
|
China announced a nationwide crackdown
on the sale of illegal medicine on Wednesday and said it would
tighten industry regulation, piling pressure on a sector
already reeling from a bribery scandal at British drugmaker
GlaxoSmithKline (GSK).The state food and drug administration
said the six-month campaign would also target illegal online
drug sales and the sale of fake traditional Chinese medicine.
It gave no details on possible changes to regulation. “We must
resolutely punish illegal acts, expose illegal enterprises,
recall problematic products,” Wu Zhen, the agency's deputy
commissioner,
|
| Life
Insurance |
| Large appetite for fresh capital in
life insurance space |
|
Delhi : The life insurance
industry may be among the few to actually see Foreign Direct
Investment (FDI) flows materialise quickly, if the
government’s proposal to hike the limit from 26 per cent to 49
per cent goes through. The proposal, however, is yet to be
cleared by Parliament.Many Indian players already operate
joint ventures with global financial services companies in
this space. They have already inked shareholders’ agreements
that allow foreign partners to increase their stake in the
Indian venture if regulations permit. Among the foreign
partners who already hold 26 per cent or less and are hoping
to increase their stakes are: German Allianz group (for Bajaj
Allianz), Japanese Nippon Life (Reliance Life),
|
| Banking |
| HDFC Bank delivers on growth,
disappoints on loan quality |
|
Delhi : Strong loan growth
and stable margins drove net interest income for HDFC Bank in
the quarter ended June 30. The healthy profit growth of 30 per
cent was backed by 21 per cent growth in net interest income.
While fee income continued to languish, growing 12 per cent,
treasury income trebled from last year. What was surprising
was the pressure on asset quality, with gross non-performing
assets (GNPAs) increasing 16 per cent sequentially. However,
GNPA is still around 1 per cent of loans, which is
comforting.HDFC Bank continues to outperform the industry, its
loan book growing 21 per cent during the quarter over the last
year.This was driven by a 25.5 per cent growth in retail loans
and 16.5 per cent growth in corporate loans. But it is
corporate loans which are now growing faster.
|
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/143 (Delhi) 17/07/2013
|
|
Special Repo Window for Liquidity Requirement
of Mutual Funds
|
| Notification
No.RBI/2013-14/144 (Delhi) 17/07/2013
|
|
Maintenance of SLR – MSF
|
| Notification
No.RBI/2013-14/145 (Delhi) 17/07/2013
|
|
Exim Bank's Line of Credit of USD 35 million
to the Government of the Republic of Ghana
|
| Notification
No.RBI/2013-14/141 (Delhi) 16/07/2013
|
|
Standardization and Enhancement of Security
Features in Cheque Forms/Migrating to CTS 2010
standards
|
| Notification
No.RBI/2013-14/142 (Delhi) 16/07/2013
|
|
Liquidity Adjustment Facility
|
| |
|
 |
| Economy |
| India |
| Pollution costs India $80 bn a
year |
| Govt fertiliser subsidy may fall short this
fiscal: Report |
| Rupee slide: FIIs plan to stay out of Rs
40,000-cr PSU divestment |
| Mineral output down 5.7% in May, value is Rs
18,074 cr |
| Planning Commission estimates show sharp fall in
poverty rate |
| |
| International |
| Decline in Europe revenues disappoints
co |
| U.K. Jobless Claims Fall Most in 3 Years as
Economy Recovers |
| Deutsche Bank's Jain bullish on
$ |
| BoE puts QE differences on hold at first Carney
meeting |
| Ben Bernanke says US Fed could ramp up bond
purchases if needed |
| China’s premier holds the line on reforming
economy |
| |
| Markets
Today |
| NSE |
6,038.05
|
|
| BSE |
20,128.41
|
|
| NASDAQ |
3,610.00
|
|
| |
|
|
| USD |
59.68
|
|
| EURO |
78.18
|
|
| JPY(100) |
59.51
|
|
| GBP |
90.79
|
|
|
| |
| Corporate
Watch |
| Bharti Retail returns 17 properties across
country as Walmart holds back due to bribery
probe |
|
Delhi : Bharti Retail has returned
17 properties, which it had leased across the country to open
Easyday stores, back to landlords, a possible fallout of the
newfound reluctance of ally Walmart to engage in front-end
retailing in India for now, said three company insiders.
Walmart, which operates a cash and carry joint venture with
Bharti, had lobbied hard for the entry of foreign supermarkets
into India,
|
| Coca-Cola faces slowest quarterly sales
volume growth in 5 years due to heavy
rains |
|
Delhi : Coca-Cola's sales volume
growth in India crashed to 1% in April-June, its slowest
quarterly growth in five years, as early and heavy monsoon
rains across the country took the fizz out of the world's
largest soft drink company. This compares with the 20%
year-on-year volume growth in the year-ago quarter. 'India
volume growth...
|
| ArcelorMittal scraps Rs 50,000 cr steel
project in Odisha |
|
Delhi : In the biggest foreign
investment pullout, world's largest steel maker ArcelorMittal
today scrapped its USD 12 billion (Rs 50,000 crore) steel
plant in Odisha over inordinate delays, problems in acquiring
land and securing iron ore linkages.The developement comes
just a day after South Korean steel major Posco pulled out of
its Rs 30,000-crore steel mill in Karnataka and the government
widened its doors to foreign direct investment for a dozen
sectors.
|
| RIL profit seen up
17-20% |
|
Maharashtra : Riding on a weaker
rupee and an improvement in petrochemical margins, Reliance
Industries Ltd (RIL) is expected to post better earnings for
the first quarter of the current financial year, according to
analysts.When compared on a year-on-year basis, it could be a
double-digit growth for RIL, given its low base last year. The
Mukesh Ambani-led company will announce its first quarter
results on Friday.RIL is estimated to post a 17-20 per cent
year-on-year rise in profits. However,
|
| Renault-Nissan aims at 500,000 units a year
from Chennai plant |
|
Tamil Nadu : Renault-Nissan, a
global alliance between France’s Renault SA and Japan’s Nissan
Motor Co Ltd, is planning to expand the capacity of its
Oragadam's plant near here to 500,000 units a year from the
current 400,000 units as it eyes an ambitious 15 per cent
market share in India. Nissan will set up a new manufacturing
line, which will eventually take the plant capacity to 600,000
units per annum, said Toru Hasegawa, corporate vice-president
(Africa, West Asia and India),
|
| L&T aims to unlock realty value with
mix of sale & development |
|
Maharashtra : Larsen and Toubro
(L&T), the $14-billion engineering and construction
conglomerate, is seeking to monetise its land holdings through
a mix of sales and development projects, starting with a
proposed sale of the land earmarked for its abandoned SEZ
project. The 30-acre plot in Chennai, which was to be
developed into an SEZ, has been put on the block, people
familiar with the development told FE.
|
| Suzlon looks to sell green HQ in bid to cut
debt, raise $400 m in FY14 |
|
Maharashtra : Wind turbine maker
Suzlon Energy, which is implementing a R9,500-crore corporate
debt restructuring plan, is looking at monetising its global
corporate headquarters in Pune. Suzlon One Earth, a
platinum-rated green building that has set a benchmark for
corporates in building a green campus, could be harnessed to
cut the company’s debt.According to industry sources, Suzlon
is looking at investors who would buy the property and lease
it back to the firm. This way, Suzlon will be able to derive
the value of the property and also continue to operate from
the premises. The new investor could also be leasing space to
other companies in addition to Suzlon.
|
| |
| Tenders
& Assignment |
Ahmedabad Urban Development Authority
 |
Description :Appointment of
chartered accountants firms for pre-Audit of bills of
non-JnNURM infrastructure projects Last Date
: 29/07/2013 Address
:Ahmedabad Urban Development Authority,Sardar
Vallabhbhai Patel Bhavan,Usmanpura,Ashram Road,Ahmedabad
-380014 Phone :27545051
E-Mail :auda_urban@yahoo.co.in
|
| Mahila Arthik Vikas Mahamandal Limited
|
|
Description :Expression of
interest from chartered Accounts firms implementing IFAD
Funded (Loan 682IN) Tejaswini Rural Women’s Empowerment
Programme. In 33 district reputed firms of chartered
accountants, empanelled with CAG of India for Independent
audit of MAVIM for the F.Y. 2012-2013
Last
Date : 30/07/2013
Address
:Mahila Arthik Vikas Mahamandal Limited,(A Government
of Maharashtra Undertaking)Griha Nirman Bhavan (MHADA),
Mezzanine Floor,Kala Nagar, Bandra (East), Mumbai- 400 051
Phone :91-22-26590640
|
| Delhi Sc/st/obc/ Minorities And Handicapped
Financial And Development Corporation |
|
Description :Invited from
Interested Eligible Firms of Chartered Accountants for
Appointment on Contract basis to Bring the Pending Accounts of
the Corporation ie 2005-06 onwards Prepared ie Ready for Audit
in Consonance with the Provisions of Companies Act 1956, firms
having Sufficient & Similar Experience in Non-Banking
finance Companies shall only be Considered
Last Date : 31/07/2013
Address :Ambedkar Bhawan
Institutional Area,Sector-16,Rohini,Delhi-110085
|
| State Aids Control Society - Gujarat
|
|
Description :Expressions of
interest CAG empanelied chartered accountant firms to conduct
– the statutory audit of State Aids control society, internal
audit of NGOs & peripheral units under state Aids control
society for financial year 2013-14 engagement initially for
one year
Last Date : 31/07/2013
Address :Daman & Diu State AIDC
Control Society 2nd Floor,CHC Campus,Fort Area,Moti
Daman-396220
|
| Income Tax Department |
|
Description :Qualified
chartered accounts/firms of CAs for Empanelment to carry out
special audit U/S 142 (2A) of IT act 1961
Last
Date : 31/07/2013
Address
:Income Tax Department.Central Revenue
Building,I.P.Estate,New Delhi-110002
|
| National Institute Of Agricultural Extension
Management |
|
Description :Appointment of
ca firm to undertake internal audit of manage
Last Date : 01/08/2013
Address :National Institute Of
Agricultural Extension Management,Rajendranagar, Hyderabad -
500030
|
| Department Of Education - Bhopal Madhya
Pradesh |
Description :Providing of chartered
accountant service.
Last Date :
02/08/2013
Address :Department Of
Education
Bhopal,Madhya Pradesh
|
| Headquarters [ Indep ] Sub Area |
|
Description :CA Audit of
Golden Lion canteens located at the financial year from 010
April 2013 to 31 March 2014
Last Date
: 05/08/2013
Address :Multi
Location - Multi State
|
| |
| Reminders |
| Tenders |
| National Rural Health Mission -
Dehradun 20/07/2013
|
| Uttarakhand Health & Family Welfare
Society 20/07/2013
|
| State Health Society - Patna -
Bihar 22/07/2013
|
| State Horticulture Mission - Patna
Bihar 22/07/2013
|
| Oil And Natural Gas Corporation
Limited 22/07/2013
|
| State Aids Control Society - Ranchi
Jharkhand 22/07/2013
|
| Security Printing
Press 23/07/2013
|
| Eastern Investments
Limited 23/07/2013
|
| Delhi State Civil Supplies Corporation
Limited 24/07/2013
|
| Housing And Urban Development Corporation
Limited 24/07/2013
|
| Bharat Earth Movers
Limited 24/07/2013
|
| Software Technology Parks Of India -
Chennai 25/07/2013
|
| Siliguri Jalpaiguri Development
Authority 25/07/2013
|
| Orissa State Warehousing
Corporation 25/07/2013
|
| Municipal
Corporation 25/07/2013
|
| |
| |
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