| Professional
News |
| Misc. - Direct
Tax |
| Looking for tax breaks? Here are few
less-known options |
Delhi : Many individuals
typically wit till the last moment to finalise their tax
savings plan, say experts. In the haste to exhaust the 1-lakh
deduction limit available under Section 80C, these individuals
tend to overlook certain tax deductions already earned during
the course of the year. The deadline for making tax-saving
investments is March 31."Those who are investing for reducing
their tax outgo should first determine the actual tax benefits
they would get before making investments in haste.
|
| Misc. - Indirect
Tax |
| States write to Finance Commission on
revenue impact of GST |
Delhi : With the Centre
failing to address the concerns of states on the Goods &
Services Tax (GST), the Empowered Committee of State Finance
Ministers has decided to send a letter to the 14th Finance
Commission, on the revenue loss they might suffer with
introduction of the proposed indirect tax system.Many central
and state taxes such as excise duty, service tax, value-added
tax, sales tax and luxury tax will be subsumed under a GST.
“The states will present to the FC a detailed note on the
losses they might incur due to subsuming of these taxes and
the potential gains due to them by getting the right to levy
service tax,” said EC Chairman Abdul Rahim Rather, after a
meeting of the group on Monday.
|
| SEBI |
| No violation in Jet deal, Etihad
tells Sebi |
Maharashtra : Abu Dhabi’s
Etihad Airways has denied violating takeover rules while
buying a 24 per cent stake in Naresh Goyal’s Jet Airways.In a
reply to the Securities and Exchange Board of India (Sebi),
the foreign airline has said it is not liable to make an open
offer for the public holding in Jet as there has been no
violation of the takeover code.Etihad’s main contention is the
deal was cleared by both the securities market regulator and
the Competition Commission of India before it was served a
notice by Sebi in February. The airline had to reply to the
notice within 21 days, failing which it could be asked to make
an open offer.
|
| RBI |
| RBI turned net seller of dollars in
Jan |
Maharashtra : Reversing the
trend of being a net buyer of dollars for three months in a
row, the Reserve Bank of India (RBI) became a net seller of
the US currency in January 2014.It sold dollars worth $1.92
billion in the month, buying $375 million and selling $2.3
billion. The central bank was a buyer on a net basis in
October-December 2013, as banks received huge dollar flows
into Foreign Currency Non-Resident (Banks) deposits, backed by
RBI’s offer to swap dollars. Under this window, banks could
swap fresh FCNR (B) dollar funds (deposits with a maturity
period of at least three years) at a fixed 3.5 per cent a
year. The window was open till November 30, 2013. RBI also
offered banks a swap on their foreign borrowings. The two
windows mobilised a sum of $34 billion.
|
| IRDA |
| Government asks Irda to clear the way
for insurance companies to invest more in
banks |
Delhi : Insurance companies
may be allowed to invest more of their funds in banks and
financial institutions, as the government explores ways to
infuse additional capital into state-run lenders. The
government has asked the sector regulator - Insurance
Regulatory and Development Authority (IRDA) - to raise
insurance companies' exposure limit to the banking sector to
30% from 25%, a senior government official said.
|
| FDI
Policy |
| Cabinet may still approve pending
changes to FDI rules |
Delhi : Despite differences
between the Urban Development Ministry and the Department of
Industrial Policy & Promotion (DIPP) over the proposed
changes in the FDI regime for construction, the Cabinet may
take a favourable decision on the mater, a senior Government
official told Business Line . The DIPP’s proposal on railways,
where it has pitched for 100 per cent FDI through automatic
route, on the other side, has the blessings of all Ministries
and Departments.
|
| Finance & Money
Markets |
| IIFCL looking at refinancing external
borrowings by UK arm |
Delhi : India Infrastructure
Finance Company will examine whether its UK-based arm should
enhance its scope of activities to include refinancing of
external commercial borrowings (ECBs), its Chairman and
Managing Director, SB Nayar said.Many infrastructure biggies,
including the GMR Group, have suggested to IIFCL that the
latter’s wholly-owned subsidiary in the UK should undertake
refinancing of ECBs.“We will certainly look into this issue
and take it up with the RBI,” Nayar told Business Line on the
sidelines of an IIFCL event in the Capital.
|
| India Infoline Housing to raise up to
Rs. 200 crore |
Maharashtra : India Infoline
Housing Finance Ltd (IIHFL), a wholly owned subsidiary of
India Infoline Finance Ltd, plans to raise up to Rs. 200 crore
through a public issue of non-convertible debentures (NCDs).
The bond will have a maturity period of six years. The NCDs,
which are unsecured and redeemable, will have face value of
Rs. 1,000 each and a coupon of 12 per cent. The minimum
subscription amount has been pegged at Rs. 10,000.Investors
will have two investment options — first, that offers interest
payment at monthly frequency (in this case the annualised
effective yield will work out to 12.68 per cent) and the
second, a cumulative option (with an annualised effective
yield of 12.25 per cent). The NCD issue will open for
subscription on March 12 and close on March 24.
|
| Morgan Stanley turns ‘overweight’ on
private banks |
Maharashtra : Morgan Stanley
turns "overweight" across all private sector lenders in India,
after previously having that stance for only HDFC Bank,
Housing Development Finance Corp, ICICI Bank, and Axis
Bank.The investment bank, in a report on March 10, said it
expects a re-rating across the sector as the bad-loan cycle
could be "close to the end" if the economy remains
stable.Morgan Stanley forecasts an improving economy, as
indicated by a narrowing current account deficit and a stable
currency, while also noting that liquidity has improved and
real deposit rates have turned positive.
|
| MF equity schemes see inflows for
fourth consecutive month |
Maharashtra : In what should
bring some cheer to the MF industry, equity schemes have seen
inflows in February, the fourth month of inflows for the
category in a row. This is higher than R496 crore of inflows
seen in January. The category’s assets rose 3.3% to R1.57 lakh
crore, helped by inflows and mark-to-market gains, latest data
from Amfi shows. The benchmark CNX Nifty gained 3% in February
on positive domestic cues.Assets under management (AUM) of the
Indian mutual fund industry increased 1.45%, or by R13,138
crore, in February to a record R9.16 lakh crore. The spurt was
primarily due to inflows into income and equity-oriented
funds.
|
| Can Nifty cross 6700 with high growth
stocks? |
Maharashtra : The current
bull run will go down in history as one of the strangest ever.
For one, the Nifty's rapid 27% climb from 2013 lows has not
been accompanied by any major IPOs or public issues. Cash
strapped, debt-laden companies, usually among the first to
jump at the opportunity to sell their overvalued stocks in a
bull market, are reluctant this time around.
|
| Half of Nifty constituents trading
nearly 10% below 52-week highs |
Maharashtra : At a time when
the benchmark indices are trading at their all-time highs,
half of the Nifty constituents are almost 10% below their
52-week highs, while 11 stocks are trading 20% below.Some
battered stocks such as DLF Jaiprakash Associates, IDFC, SBI,
Jindal Steel & Power and NTPC are trading 30-40% below
their 52-week highs. Of these, IDFC and Jaiprakash have
rallied 40-50% from the August 28 low of Nifty, but are still
far away from their 52-week highs.
|
| Rupee appreciates for fifth straight
day, ends at seven-month high |
Maharashtra : The rupee
appreciated for a fifth straight trading session, ending at a
seven-month high on Monday, on the back of heavy dollar flows
into both equities and debts. Besides, dollar sale by
companies also helped the domestic currency gain against the
greenback.At 60.84, the rupee ended above the 61-mark,
compared with Friday’s close of 61.09 to the dollar. The rupee
had ended at 60.81 against the dollar on August 6. It opened
weaker at 61.26 and during the early trade session, touched a
low of 61.34.
|
| Commodities |
| Growing stocks of aluminium lead to
long queues, high premia |
Delhi : Last year, the
global use of primary aluminium had risen eight per cent to
50.4 million tonnes (mt). In the last quarter of 2013, demand
rose 10 per cent. The spurt, according to investment bank
Barclays, shows the return of global manufacturing
confidence.As is the case with other metals, from steel to
copper, China remained at the fore of aluminium production and
consumption growth. Last year, however, proved disappointing
for India, where production likely contracted 4.7 per cent to
1.6 mt.
|
| Organic cotton production declines in
India as brands shift to Better Cotton
Initiative |
Maharashtra : India is still
the largest producer of organic cotton in the world,
accounting for two-third of the global organic cotton
production. But, the total organic fibre production of the
country has fallen by close to 50% as global brands shift to
Better Cotton Initiative (BCI). A marketing-driven green
alternative to conventional cotton grown using chemicals, BCI
is growing rapidly and getting premium over the conventional
cotton.
|
| MERGER &
ACQUISITION - NATIONAL |
| Prime Focus unit to acquire US based
DAX for Rs 56 crore |
Maharashtra : The technology
subsidiary of post-production company, Prime Focus, has agreed
to buy DAX, a California-based provider of cloud-based
production workflow applications for Hollywood movies, for Rs
56 crore. Prime Focus Technologies will make an upfront
payment of Rs 4.8 crore and infuse Rs 8 crore towards working
capital. The rest of the deal value will be paid over three
years, using cash generated from its North American
operations.
|
|
 |
| Economy |
| India |
| Diesel car sales lose momentum as steady rise in
fuel price hits demand |
| India can quadruple revenues from Africa by 2025:
McKinsey report |
| Indian debt sees $6-bn inflows, lifts Indian
rupee to 7-month high |
| Indian patent laws sound, unchallenged: Drug
companies tell US International Trade
Commission |
|
| International |
| Japan Q4 growth, external balance suffer blow in
test for Abenomics |
| US economy poised for gains in
2014 |
| Asian stock markets find firmer footing after
China slowdown fears sell-off |
|
| Markets
Today |
| NSE |
6,537.35
|
|
| BSE |
21,826.42
|
|
| NASDAQ |
4,334.45
|
|
|
|
|
| USD |
60.88
|
|
| EURO |
84.28
|
|
| JPY(100) |
58.82
|
|
| GBP |
101.15
|
|
|
|
| Corporate
Watch |
| RIL, Essar to benefit from Cairn’s
Rajasthan crude |
Delhi : Private refiners Reliance
Industries and Essar Oil have become the biggest beneficiaries
of Cairn India’s Rajasthan crude oil.Till the third quarter of
the current fiscal, Cairn has sold around seven million
barrels to RIL for its domestic refinery at Jamnagar, about
6.9 million barrels to Essar for its Vadinar refinery, and
around 3 million barrels to IndianOil Corp at an average price
of $95.6 a barrel.Rajasthan crude is sold at a 12.5 per cent
discount to Brent, while the price
|
| Kuwait Petroleum, IOC in talks for stake
sale in Paradip refinery |
Delhi : Kuwait Petroleum Corp (KPC)
is in talks with Indian Oil Corp (IOC) for buying a stake in
the state-owned firm's R29,777-crore Paradip refinery and a
proposed petrochemical complex.'They (KPC) have evinced
interest (in buying a stake). Talks are on,' a senior IOC
official said here.IOC, which will start commissioning the
15-million-tonne-a-year refinery at Paradip in Odisha in June,
is willing to offer no more than a 26% stake in the
project.
|
| Flipkart, Lenskart, Myntra & Snapdeal,
led by Bansals, account for 10k crore of 12k-crore e-commerce
market |
Karnataka : Even a decade ago, the
name 'Bansal' would have brought in images of coaching classes
in Rajasthan's Kota, but today it is the common factor binding
the who's who of India's fledgling e-commerce sector.Five
young men who answer to that name have emerged as trailblazers
of Indian e-commerce, taking on global biggies like Amazon and
eBay for top honours in the country's exploding market for
online retail.
|
| Nokia banking on its new Android smartphone
'Nokia X ' to regain market share |
Delhi : Nokia expects its Android
smartphones to help regain some of its lost market share in
the crucial mid-range segment in markets like India, managing
director for the country P Balaji said, adding that the
premium Lumia smartphones and new Asha models which will be
priced even lower than the existing ones will complete the
company's portfolio.
|
| HDFC Standard, Birla Life in race to buy
Aviva Life |
Maharashtra : HDFC Standard Life
and Birla Sun Life are among the six insurance companies which
have expressed interest in buying Aviva Plc's Indian business
Aviva Life, its venture with the Dabur group. The Burmans of
the Dabur family, too, will sell their holding as
multinational insurers are fast losing interest in the
business in India. 'We have received bids from six companies,
both existing and new,' said Mohit Burman, chairman of Aviva
Life.
|
| Trent Hypermarket waits for joint venture
nod with Tesco: Noel Tata |
Delhi : Tata-Tesco joint
multi-brand retail venture, the first foreign investment is
the sector, is awaiting final government operation before it
opening stores, a senior Tata group official said on Monday.
'We are awaiting the FDI approval, the FIPB approval. When we
get it we will make our plans,' Trent Ltd Vice-Chairman Noel
Tata said on the sidelines of a CII event on Monday. However,
a senior government official later told ET that the approval
had already gone.
|
|
| Tenders
& Assignment |
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
|
| 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
|
| Rural Development And Panchayati Raj Department -
Bangalkot Karnataka |
Description :Independent
Concurrent Audit of The Schemes of Rural Development &
Panchayat Raj Department In Karnataka
Last
Date : 15/04/2014
Address
:MS Bldg, 3rd Gate, 2nd Floor
RDPR Dept, GoK,
Bangalore
080-22342162
E-Mail :nregs-ka@nic.in
|
| Rural Development And Panchayati Raj Department -
Tumkur Karnataka |
Description :Independent
Concurrent Audit of The Schemes of Rural Development &
Panchayat Raj Department In Karnataka.
Last
Date : 15/04/2014
Address
:MS Bldg, 3rd Gate, 2nd Floor
RDPR Dept, GoK,
Bangalore
080-22342162
E-Mail :nregs-ka@nic.in
|
| Rural Development And Panchayati Raj Department -
Haveri Karnataka |
Description :Independent
Concurrent Audit of the Schemes of Rural Development &
Panchayat Raj Department in Karnataka
Last
Date : 15/04/2014
Address
:MS Bldg, 3rd Gate, 2nd Floor
RDPR Dept, GoK,
Bangalore
080-22342162
E-Mail :nregs-ka@nic.in
|
| Rural Development And Panchayati Raj Department -
Davanagere Karnataka |
Description :Independent
Concurrent Audit of the Schemes of Rural Development &
Panchayat Raj Department in Karnataka
Last
Date : 15/04/2014
Address
:Rural Development And Panchayati Raj Department,MS
Bldg, 3rd Gate, 2nd Floor
RDPR Dept, GoK,
Bangalore
080-22342162
E-Mail :nregs-ka@nic.in
|
| Rural Development And Panchayati Raj Department -
Chickballapur Karnataka |
Description :Independent
Concurrent Audit Of The Schemes of Rural Development &
Panchayat Raj Department In Karnataka.
Last
Date : 15/04/2014
Address
:Rural Development And Panchayati Raj Department,MS
Bldg, 3rd Gate, 2nd Floor
RDPR Dept, GoK,
Bangalore
080-22342162
E-Mail :nregs-ka@nic.in
|
|
| Reminders |
| Tenders |
| Northern Coalfields
Limited 12/03/2014
|
| Navodaya Vidyalaya Samiti - Hyderabad - Andhra
Pradesh 12/03/2014
|
| Uttarakhand State Council For Science And
Technology 12/03/2014
|
| State Project Facilitation
Unit 12/03/2014
|
| Air Force Station - Agra Uttar
Pradesh 13/03/2014
|
| BIHAR EDUCATION PROJECT
COUNCIL 13/03/2014
|
| Panchayat Samiti - Chittorgarh Rajasthan
13/03/2014
|
| 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
|
| Irrigation Department Lucknow - Uttar
Pradesh 14/03/2014
|
| Board Of Secondary
Education 15/03/2014
|
| National Horticultural
Board 15/03/2014
|
| Western Coalfields Limited - Nagpur
Maharashtra 15/03/2014
|
| Karnataka State AIDS Prevention
Society 15/03/2014
|
| District Panchayat - Mandla Madhya
Pradesh 17/03/2014
|
| 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
|
| National Rural Health Mission - Guwahati
Assam 18/03/2014
|
|
|
|
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