| Professional
News |
| INCOME
TAX |
| I-T moves SC against transfer of
Nokia assets to Microsoft |
|
Delhi : The income-tax
department on Wednesday moved the Supreme Court to get the
transfer of Nokia India's Chennai plant's assets to software
giant Microsoft stalled as it apprehends it would not be able
to recover its tax dues of over R21,000 crore once the deal is
“consummated.”Earlier, Nokia had also moved the apex court
seeking immediate and smooth transfer of assets of its Chennai
plant as part of the impending $7.2-billion deal with
Microsoft. The company had challenged the High Court's
December 12 order that asked it to give an undertaking to
settle any final tax liabilities that would be imposed by I-t
in the tax dispute.
|
| CBDT clarifies key rule related to
TDS on overseas payments |
|
Delhi : The Central Board of
Direct Taxes has clarified to field officers that the
requirement of deducting tax at source when a person makes
payments to non-residents or foreign companies should be
enforced only on that part of the remitted amount that
accounts for the recipient's income chargeable to tax in
India. The Board also told the officers that the amount
chargeable to tax in India could be determined by the income
component in the total payment made, the nature of remittance
and any other relevant information. The clarification comes
after field officers sought clarity on the issue.
|
| SEBI |
| Sebi studying investors’ plea against
Maruti Suzuki move |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) will formally take up with
Maruti Suzuki India (MSIL) the issue relating to the auto
manufacturer’s new plant in Gujarat if it finds institutional
shareholders’ grievances are justified.A clutch of fund
managers has met with Sebi and the capital market regulator
will study their arguments against Suzuki Motor Corporation
(SMC) housing the Mehsana plant in its wholly-owned
subsidiary.
|
| SEBI: Appoint directors to fulfil
anti-money laundering obligations |
|
Maharashtra : SEBI-regulated
intermediaries (brokers, mutual funds, custodians, depository
participants and portfolio managers) will now have to appoint
a designated director responsible for ensuring compliance with
Anti-Money Laundering / Countering the Financing of Terrorism
(AML/CFT) Obligations.The designated director would be the
managing director or a whole-time director in case of
companies, managing partner in case of partnership firms,
proprietor for proprietorship firms and a managing trustee in
trusts.
|
| Finance & Money
Markets |
| IT stocks' fall offers a good entry
point for medium & long-term
investors |
|
Delhi : The ET Infotech
index has lost 4% in the past week as investors worried about
the adverse impact of a strong rupee on the profitability of
software services exporters are parking funds in cyclical
stocks in anticipation of an economic recovery in the medium
term.Though the flight away from technology stocks may
continue in the near term, the fundamental outlook for
top-rung software services firms is intact following a
sustained recovery in the US economy and revival in its
information technology outsourcing demand.
|
| Commodities |
| Private entities get approval to
export onions |
|
Delhi : The government
allowed private entities to export onions as its wholesale
price substantially reduced on improved supplies. Till now
only the state-owed agencies like STC, MMTC and PEC were
allowed to ship onions. "Export of onions has been made free,"
Directorate General of Foreign Trade (DGFT) said in a
notification on Wednesday. The move comes within a week of the
government removing the minimum export price (MEP) on onions
to boost exports
|
| Iron ore prices at 18-month low on
China slowdown fears |
|
West Bengal : Global iron
ore prices have plunged to a 18-month low on fears of a
slowdown in China which consumes 60% of the mineral. Prices
went down by almost 8.3% on Monday, one of its sharpest
plunges in a day, as iron ore faced the brunt of a credit
squeeze in China that is forcing steel mills to refuse to
enter into either long term agreements or spot contracts for
ore.
|
| Gold at 5½-month high on Ukraine,
China |
|
Delhi : Gold climbed to a
5-1/2 month high on Wednesday, geopolitical tug-of-war between
Russia and Kiev and the West over Crimea and fears of more
corporate defaults in China hurt equity markets, increasing
the metal's appeal as an insurance against risk.Spot gold
touched its highest since September 20 at $1,362.24 an ounce
in earlier trading and was up 0.6% at $1,357.30 an ounce.US
gold futures rose over 1 percent to their 5-1/2 month high of
$1,364.10 an ounce, before trading at $1,356.70, up 0.7
percent.
|
| MERGER &
ACQUISITION - NATIONAL |
| General Atlantic Partners to buy 30%
stake in CitiusTech |
|
Maharashtra : Private equity
firm General Atlantic Partners, which got in early on the IT
and IT enabled services boom, may be looking to catch the next
wave as it's close to buying a 30% stake in former McKinsey
executive turned entrepreneur Rizwan Koita-owned healthcare
technology firm CitiusTech for $100 million ( Rs 620 crore),
said three people close to the transaction. This marks the
second successful entrepreneurial venture in less than 15
years by Koita along with batchmates from IIT- Mumbai.
|
| Merger & Acquisition deals on the
rise in power sector |
|
Maharashtra : The Indian
power sector, charged up with increased merger and acquisition
activity recently, is poised for more such deals, as lenders
nudge beleaguered local developers to lower valuation
expectations of their projects to attract foreign investment.
In the last three months, foreign companies have committed
investments of around $2 billion, or about Rs 12,200 crore,
into hydro and thermal power plants in the country. Industry
observers say foreign investors are keen to pick up more
projects as the M&A route gives them easy entry into the
sector and valuations are attractive because most developers
are caught between huge debt and poor cash flow. But they are
being choosy.
|
| Health
Insurance |
| Premium for group health insurance
may fall 5-10% |
|
Maharashtra : Group health
insurance premium rates are not going to pinch employers this
year as competition among general insurers is expected to keep
rates under check.According to industry experts, despite high
claims in the group health insurance segment, rising
competition has resulted in insurers being unable to raise
rates. The premium rates for group health insurance are likely
to soften by 5-10 per cent at the time of policy renewals in
April.
|
| Reminders |
| Tenders |
| Irrigation Department Lucknow - Uttar
Pradesh 14/03/2014
|
| Municipal Corporation - Bundi
Rajasthan 14/03/2014
|
| Commissioner Of Income-Tax-5,Government Of
India 14/03/2014
|
| D N P Limited - Dibrugarh -
Assam 14/03/2014
|
| State Health Society -Chandigarh Punjab
14/03/2014
|
| Western Coalfields Limited - Nagpur
Maharashtra 15/03/2014
|
| National Horticultural
Board 15/03/2014
|
| Board Of Secondary
Education 15/03/2014
|
| Karnataka State AIDS Prevention
Society 15/03/2014
|
| District Panchayat - Mandla Madhya
Pradesh 17/03/2014
|
| National Rural Health Mission - Guwahati
Assam 18/03/2014
|
| Kudremukh Iron Ore Company
Limited 18/03/2014
|
| Directorate Of Technical Education
Chennai 18/03/2014
|
| Maharashtra State Co-Operative Marketing
Federation Limited 18/03/2014
|
| Andhra Bank 20/03/2014
|
| Headquarters Central
Command 20/03/2014
|
| South Eastern Coalfields
Limited 20/03/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2013-14/516 (Delhi) 13/03/2014
|
| Rupee Drawing Arrangement - Increase in trade related
remittance limit |
| Notification
No.RBI/2013-14/515 (Delhi) 12/03/2014
|
| Priority Sector Lending-Targets and Classification-Bank
loans to MFIs for on-lending-pricing criteria |
| |
|
 |
| Economy |
| India |
| Govt panel to review LPG subsidy
pipeline |
| Retail inflation declines to 25-month low in
February |
| Diesel, rupee worries herald new fiscal for oil
majors |
| Rs. 74,000 crore needed to develop aviation
sector |
| |
| International |
| China central bank ready to cut bank reserves if
growth falters |
| Soros says Europe faces 25 years of stagnation
without overhaul |
| Economy witnessed upward trend in last eight
months: Ishaq Dar |
| |
| Markets
Today |
| NSE |
6,491.75
|
|
| BSE |
21,774.61
|
|
| NASDAQ |
4,323.33
|
|
| |
|
|
| USD |
61.14
|
|
| EURO |
84.09
|
|
| JPY(100) |
59.50
|
|
| GBP |
101.61
|
|
|
| |
| Corporate
Watch |
| Russia’s VTB to fund Ruias led Essar Group
to buy back shares, pay off lenders |
|
Maharashtra : Russia's second
biggest bank VTB is looking to take its boldest bet so far on
an Indian corporate house. The bank is in advanced
negotiations with billionaire brothers Shashi and Ravi Ruia of
the steel-to-BPO conglomerate Essar to write them a cheque of
more than a billion dollars to help buy out minority
shareholders in London-listed Essar Energy Plc.
|
| SpiceJet places $4.4 billion order for 42
Boeing 737s |
|
Andhra Pradesh : No-frills carrier
SpiceJet made a splash on the first day of India Aviation 2014
with the announcement of an order for 42 Boeing 737 MAX planes
worth $4.4 billion at list prices. The Kalanithi Maran owned
carrier had completed the deal earlier but the order had been
listed as unidentified in the Boeing Orders & Deliveries
website, a statement said. Investors in the carrier cheered
the move, encouraged that this demonstrated its intent to
aggressively fight for market share amid competition from
IndiGo, Jet Airways GoAir and the proposed AirAsia India.
|
| Infy sees revenue growth at lower end of
forecast |
|
Karnataka : Infosys today said that
revenue growth for the 2014 fiscal would be at the lower end
of its projected rate.At a Barclays investor meet, SD
Shibulal, CEO of India’s second largest software exporter,
cautioned that sales growth would be at the lower end of its
9-10 per cent guidance as concerns linger over some of its
clients’ spending on technology. In the second quarter
results, the company had revised this guidance upwards from
6-10 per cent at the beginning of this fiscal, which had
cheered the markets.
|
| InterGlobe arm to focus only on business
jets, end other ventures |
|
Andhra Pradesh : InterGlobe
Established (The Estd), the luxury vehicle, yacht and aircraft
distribution arm of IndiGo promoter InterGlobe, has decided to
end distribution tie-ups with most of its marquee partner
brands and focus only on the small aircraft sales.The company,
distributor for niche luxury car brands like Koenigsegg, Ariel
and Gumpert, also small submarines and yachts, has decided to
stick to the aircraft business due to slow demand and lack of
maintenance infrastructure for the products.
|
| Bombardier bullish on its India growth
despite escalating aircraft cost |
|
Andhra Pradesh : Montreal-based
Bombardier, the world’s only manufacturer of both planes and
trains, is bullish about its growth in India despite a natural
escalation in aircraft cost. While the company reported a
stagnant growth between 2012 and 2013, it is optimistic about
growth during the second half of 2014-15. Talking to FE,
Nilesh Pattanayak, regional VP, Asia Pacific, Business
Aircraft, Bombardier, said the company projects delivery of
5,000 aircraft in the Asia-Pacific region across all
manufacturers between 2012 and 2031. Over the next 20 years,
Bombardier forecasts 4,740 deliveries in the Asia-Pacific with
specifically 1,340 business jet deliveries in India. The
demand is driven by economic growth, globalisation and the
rise in the number of billionaires in these markets.
|
| |
| Tenders
& Assignment |
National Judicial Academy  |
|
Description :APPOINTMENT OF
AUDITOR FOR
NATIONAL JUDICIAL ACADEMY AT BHOPAL
Last Date : 21/03/2014
Address :National Judicial
Academy,Suraj Nagar,Bhopal-462044(M.P)
Phone
:0755-2432500
|
| Jharkhand Agency For Promotion Of Information
Technology |
|
Description :Expression of
interest to appoint a registered chartered accountant firm for
auditing of accounts of JAP-IT.
Last Date
: 25/03/2014
Address
:Jharkhand Agency For Promotion Of Information
Technology,Ground Floor,Engineers Hostel-1,Near
Golchakkar,Dhurwa,Ranchi,Jharkhand
Phone
:0651-2401040
|
| Presidency University - Kolkata West
Bengal |
|
Description :Reputed
architectural firms & chartered accountants firms for
enlistment in presidency university.
Last Date
: 25/03/2014
Address
:Presidency University,86/1 College Street,Kolkata
700073
|
| Heavy Engineering Corporation Limited
|
|
Description :Appointment of
Internal auditor for financial year 2014-15 & 2015-16.
Last Date : 27/03/2014
Address :Heavy Engineering
Corporation Limited,Plant Plaza Road,Ranchi-834004 (Jharkhand)
Phone :0651-2401422
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata |
|
Description :Appointment of
Firms of Chartered Accountants constituting
Partnership
firm or a Limited Liability Partnership firm
under two bid system for undertaking Internal Audit &
Physical Verification of stocks in FCI, West Bengal Region
Last Date : 31/03/2014
Address :Asstt. General
Manager(Audit),Zonal
Office(East),10A,Middleton
Row,Kolkata-700071
|
| Central Mine Planning And Design Institute
Limited |
Description :Empanelment of
Firms of Chartered accountants/cost accountants - appointment
of internal auditors for central mine planning & design
institute limited. Last Date :
01/04/2014 Address :General Manager
(Internal Auditor), Central Mine Planning & Design
Institute Limited, Ranchi- 834031 (Jharkand)
Phone :0651-2230005
E-Mail :iad@cmpdi.co.in
|
| Uttaranchal Gramya Vikas Samiti |
|
Description :Request for
proposal from chartered accountants firms for internal audit
for the financial year 2013-14
Last Date
: 05/04/2014
Address
:Uttrakhand Gramya Vikas Samiti (UGVS)216,Pandit
Warl-II,Dehradun,248007
Phone
:0135-2773800
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