| Professional
News |
| International
Taxation |
| Five advance pricing pacts signed
with MNCs |
|
Delhi : India signed the
first batch of five advance pricing agreements (APAs) with
multinational companies on Monday, in a move that will reduce
transfer pricing litigation and provide certainty to companies
with a presence here. Such agreements, between a taxpayer and
the tax department, define a transfer-pricing procedure for a
particular set of transactions.
|
| Misc. - Direct
Tax |
| Taxman mops up Rs 45,000 crore of
direct taxes in one week |
|
Delhi : Despite a major
downward revision in the estimate for gross tax receipts, the
Centre is staring at a shortfall of Rs 10,000-12,000 crore in
collections, indicating a spending squeeze sharper than
envisaged in the interim budget as the government is believed
to have met the fiscal deficit estimate of 4.6% of gross
domestic product (GDP).The revised estimate (RE) of Rs 6.4
lakh crore for direct tax receipts seemed within touching
distance on Monday,
|
| SEBI |
| Sebi can now hike its penalties;
police to help in searches |
|
Delhi : With re-promulgation
of the much- awaited Sebi ordinance, the market regulator can
now enhance its own penalty against defaulters within three
months while it can avail services of police and central
government officers for search and seizure operations, reports
PTI. These powers are in addition to those granted to Sebi
through earlier two ordinances, the last of which lapsed in
January.
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| COMPANY
LAW |
| Government issues new rules for
auditors |
|
Delhi : The government on
Monday issued the rules governing the audit and auditors,
which also contain details of mandatory rotation of auditors.
These rules will be operational from April 1, 2014. The
corporate affairs ministry has so far rolled out rules for 11
chapters of the new companies law. In the final rules the
ministry has specified the threshold for identifying the class
of companies that have to implement mandatory
rotation.
|
| New Companies Act takes
effect |
|
Delhi : The new Companies
Act, 2013, will come into force from Tuesday. However, many
sections are yet to be notified.Among these are setting up of
a National Company Law Tribunal (NCLT), a National Financial
Reporting Authority (NFRA), winding-up of sick companies and
special courts. Companies will be required to follow the
provisions in this regard of the old Companies Act, 1956.
|
| RBI |
| RBI may maintain status quo in
monetary policy today |
|
Maharashtra : The Reserve
Bank of India (RBI) will come out with its annual monetary
policy on Tuesday amid expectations it will maintain status
quo because retail inflation, especially in food items, was
yet to show definite signs of moderation. "We may have come to
the end of the interest rate tightening cycle. Rates, however,
must remain on hold for now...No room for a rate cut anytime
soon," CRISIL said in a note.
|
| RBI wants govt to pare stakes in
banks |
|
Maharashtra : The Reserve
Bank of India (RBI) has recommended the Centre reduce its
holdings in public sector banks. This, it says, is essential
for robust corporate governance practices, considering these
lenders’ deteriorating asset quality and rating downgrades.The
recommendation is part of a detailed blueprint for sweeping
reforms in public sector banks, prepared by the central
bank.
|
| IRDA |
| Hike in third-party's insurance
premium not reason enough to change
course |
|
Delhi : Your car insurance
premium for third-party liability coverage is set to rise 20%
from April 1. The Insurance Regulatory and Development
Authority ( Irda) issued a circular last week spelling out the
quantum of hike applicable to private cars, two-wheelers and
commercial vehicles for the financial year 2014-15.
|
| Finance & Money
Markets |
| Sovereign wealth & pension funds
top investors among global funds that bet on Indian
equities |
|
Delhi : Sovereign wealth
funds emerged as the top investors among global funds that bet
on Indian equities last year, indicating strong faith in the
long-term prospects of the Indian economy that's currently in
a slump and yet to show definitive signs of a
recovery.Regulatory data showed the share of long-term funds
such as sovereign wealth funds and pension funds in total
foreign institutional investor, or FII, inflows into Indian
equities topped 16% in December 2013 from 9% in May
2013.
|
| Mid-cap, small-cap rally may boost
mutual funds inflows |
|
Maharashtra : The rally in
mid- and smallcap stocks over the past few days will enable
mutual funds to end the financial year with higher net asset
values (NAVs) and avert redemption pressure, say fund
managers. BSE Mid-cap index is up 3.5% and Small-cap index by
3.2% in the last five trading sessions against the 1.5% gain
in the Sensex.The indices had underperformed the Sensex since
the beginning of the year till March 25.
|
| MCX, FTIL debate over preferential
share allotment |
|
Maharashtra : Hours after
India's only listed exchange MCX on Monday said it would
consider making a preferential offer at its board meeting on
April 3, its shareholder Financial Technologies India (FTIL)
lashed out at the bourse for what it described as an "attempt
to derail" its move of divesting stake in a "fair and
transparent manner".FTIL holds 26% in MCX.
|
| Commodities |
| Gold imports drop to 6-year
low |
|
Maharashtra : Import of gold
in the financial year which ended on Monday is estimated to
have been at a six-year low of 557 tonnes, lowest after
2007-08. This follows imposition of stiff import curbs,
including very high tariffs.Abroad, gold investors lost 19.4
per cent. In India, due to a slide in the rupee’s value (10.4
per cent) and the rise in duty and high premium for physical
delivery, the fall in return was only to 3.2 per
cent.
|
| 4% increase in support price for
paddy mooted |
|
Delhi : The Commission for
Agricultural Costs and Prices (CACP) has recommended a Rs 50 a
quintal increase in the minimum support price (MSP) of common
grade paddy to Rs 1,360 a quintal for the 2014-15 kharif
season. "The raise in the paddy MSP has been decided based on
the current stock position and possible impact on food
subsidy," an official said.As on March 1, rice stocks in Food
Corporation of India (FCI) godowns are estimated to be 18.8
million tonnes, against the requirement of 14.2 million
tonnes.
|
| Crude oil imports poll vault to 23%
in Feb |
|
Delhi : India's crude oil
imports surged 23% in February as demand for fuel rose with
electioneering for the Lok Sabha polls picking up.The world's
third-biggest crude oil importer bought 16.42 million tonnes
of oil from overseas last month, up from 13.37 million tonnes
a year earlier, according to oil ministry data.Refiners see
demand for fuel, especially diesel, rising as electioneering
picks up for the April-May Lok Sabha polls.
|
| Banking |
| Private banks turn to SMEs to drive
growth |
|
West Bengal : India Inc’s
reluctance to borrow money and emerging credit quality stress
in retail segments such as commercial vehicle and commercial
equipment finance have prompted private sector banks to turn
to small and medium enterprises (SME) to drive their business
growth.“Growth in retail credit, especially in the high-profit
segments like credit cards and auto loans, has tapered down.
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|
 |
| Economy |
| India |
| India’s energy intensity rises 10.5% since
FY06 |
| Fiscal deficit exceeds estimates |
| JICA to give Rs 8,383 cr loan for Phase-III of
Delhi Metro |
| Government seeks EC nod to defer diesel price
hike; petrol rates cut 90p/l |
| Core sector grows 4.5 per cent in
February |
| |
| International |
| FOREX-Dollar declines as euro rides out inflation
dip |
| Japan factory output slows unexpectedly in
February |
| France’s public sector deficit missed govt target
in 2013 |
| Switzerland to probe forex
rigging |
| Greece's bonds beat peers on route to
market |
| |
| Markets
Today |
| NSE |
6,721.05
|
|
| BSE |
22,446.44
|
|
| NASDAQ |
4,198.99
|
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| |
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| USD |
60.03
|
|
| EURO |
82.81
|
|
| JPY(100) |
58.01
|
|
| GBP |
99.83
|
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| |
| Corporate
Watch |
| GMR Infra arm files for Rs 1,450-cr
IPO |
|
Delhi : GMR Energy, the power
business arm of GMR Infrastructure, on Monday filed its draft
red-herring prospectus (DRHP) with the Securities and Exchange
Board of India (Sebi) to raise nearly R1,450 crore by tapping
primary markets.GMR Infrastructure, the flagship company of
GMR group, has interests in airports, power, roads and EPC
businesses.Madhu Terdal, group CFO of GMR Infra, told a
private news channel that the timing of the IPO would depend
on market mood. He said the company has filed the prospectus
as a preparatory step and that the Sebi approvals would take
2-3 months.
|
| Pawan Goenka and Rajesh Jejurikar's team at
M&M to rev up two-wheeler
business |
|
Maharashtra : From Tuesday,
Mahindra & Mahindra (M&M) will take fresh guard under
Pawan Goenka and Rajesh Jejurikar to kickstart its fledgling
twowheeler business.M&M's two-wheeler business is still a
fringe player in a market dominated by HeroMotoCorp, Honda and
Bajaj.In an interview to ET, Goenka, executive director,
M&M, said that his immediate endeavour is to see M&M
hitting a million vehicles per annum milestone.
|
| Temasek Holdings backs Star Agriwarehousing
with Rs 240 crore investment |
|
Maharashtra : Singapore state-owned
investment company Temasek Holdings is investing Rs 240 crore
for a significant minority stake in Star Agriwarehousing and
Collateral Management Limited, one of the country's fastest
growing agri-solutions companies. Started by four former
franchisees of rural lending products from Rajasthan in 2006
with deep family roots in commodity trading, StarAgri has
emerged as one of the country's largest post harvest
agri-solutions provider offering modern and mechanised rural
supply-chain infrastructure like farm procurement, logistics
services, warehouses, labs and collateral finance.
|
| New Silk Route looks to exit Rolex
Rings |
|
Maharashtra : Global private equity
fund New Silk Route is looking to exit its seven-year-old
investment in Rolex Rings, a bearings races maker. The fund is
looking to sell its 26% stake in the loss-making company and
is expected to write down some part of its investments in the
company, two people with knowledge of the development said.
New Silk Route, promoted by Rajat Gupta and Parag Saxena,
bought around 26% stake in the Rajkot, Gujarat-based Rolex
Rings for $40 million in 2007.
|
| M&M completes merger of trucks &
bus division with itself |
|
Delhi : Mahindra & Mahindra
(M&M) has completed the merger of the trucks and buses
vertical of its wholly-owned subsidiary Mahindra Trucks and
Buses Ltd. (MTBL) with itself to derive greater synergies.In
August 2013, the trucks and buses vertical was first demerged
from MTBL and then merged with M&M. A statement from
M&M said the scheme of arrangement has become effective
from March 30, 2014.The Bombay High Court had approved the
scheme of arrangement between M&M and MTBL on March 7,
2014.As per the approved scheme, all assets and liabilities of
MTBL have been transferred to M&M.On the Bombay Stock
Exchange, M&M shares rose by Rs.13.4 (1.39 per cent) to
close trading at Rs.980.65 on Monday.
|
| Adhunik group to divest up to 26% in Orissa
Manganese and Minerals |
|
West Bengal : The Rs 5,000-crore
Adhunik group, with interests in mining, special automotive
steels and power, has decided to divest up to 26% stake in
group company Orissa Manganese and Minerals (OMML) to a
strategic partner to pare its debt burden by bringing in fresh
equity. The group is in talks with a clutch of Japanese and
Chinese OEMs (original equipment manufacturers) in the
automotive sector for a strategic tie up.
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| |
| Tenders
& Assignment |
Rashtriya Madhyamika Shiksha Abhiyana
 |
|
Description :Expression of
Interest from reputed CA Firms empanelled with C&AG, GOI
for Empanelment as Statutory Auditor.
Last
Date : 11/04/2014
Address
:Mission Director Rashtriya Madhyamik Siksha Abhijan,
SEIMAT Building (SSA Campus) Kahilipara, Guwahati-19 Assam
|
| Sarva Shiksha Abhiyan |
|
Description :Engagement of
Statutory Audit of the accounts of Sarva Shiksha Abhiyan
Programme being implemented in the State of Punjab, for the
Financial Year 2013-14. SSA will engage zone-wise ie different
firms for Audit of Districts & Head Office &
compilation of Audit reports into final Audit report.
Last Date : 21/04/2014
Address :SSA Punjab,Education Board
Bhavan,Block E,Vth Floor,SAS Nagar,Mohali
|
| |
| Reminders |
| Tenders |
| Food Corporation Of India - Punjab
Region 02/04/2014
|
| Rajcomp Info Services Limited
(RISL) 02/04/2014
|
| Bharat Bhari Udyog Nigam
Limited 03/04/2014
|
| Food Corporation Of India - Zonal Office,
(South), Chennai 04/04/2014
|
| Uttaranchal Gramya Vikas
Samiti 05/04/2014
|
| Housing And Urban Development Corporation
Limited 07/04/2014
|
| |
| Notifications
& Circulars |
| SEBI |
| CIR/IMD/FIIC/6/2014 (M
aharashtra) 28/03/2014
|
| Commencement of Foreign Portfolio Investor ("FPI") regime.
|
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