| Professional
News |
| INCOME
TAX |
| I-t dept slaps two more notices on
Cairn Energy |
|
Delhi : Facing a potential
tax demand on alleged capital gains of R24,500 crore it made
seven years back, Cairn Energy has been slapped with two more
notices which the Scottish explorer plans to counter
vehemently. Cairn faces a potential tax demand on an alleged
R24,500 crore of capital gains it made when in 2006-07 it
transfered all its India assets to a new company, Cairn India.
|
| SEBI |
| Amfi approaches Sebi for relook at
net-worth norm |
|
Maharashtra : Mutual fund
industry body Amfi is understood to have informally met market
regulator Sebi to discuss the net worth requirement pertaining
to fund houses.“Amfi has tried to rationalise with Sebi and
asked it to have a relook at the net worth requirement,” said
a person familiar with the matter. “Amfi has stressed on the
point that the net worth requirement should not act as an
entry barrier for serious players.
|
| Sebi Reorganises Panel on
Disclosures, A/c Standards |
|
Maharashtra : Sebi has
revamped its committee on disclosures and accounting standards
that advices the market regulator on matters related to
disclosure requirements and accounting practices for various
market participants. The 17-member expert panel is chaired by
Tata Sons' Director-F inance Ishaat Hussain. The other members
include Wipro CFO and Executive Director Suresh Senapaty and
NSE Managing Director & CEO Chitra Ramkrishna, Comptroller
& Auditor General of India Director General AB K P
Sasidharan and ICAI's S Santhanakrishnan
|
| RBI |
| RBI ban on new NBFCs triggers licence
trading |
|
Maharashtra : The Reserve
Bank of India's (RBI) decision not to allow new non-banking
finance companies for one year has opened the door for trading
of NBFC licences. "People who were looking at applying for a
new licence will now look at buying an existing NBFC," said
Abizer Diwanji, partner and national leader for financial
services at Ernst & Young.In his monetary policy
announcement on April 1, Governor Raghuram Rajan had said the
issue of certificate of registration of NBFCs will be kept in
abeyance for one year
|
| FDI
Policy |
| BJP manifesto: No multibrand retail
FDI; focus on agri, manufacturing &
health |
|
Delhi : The BJP plans to
reverse the decision to allow majority foreign ownership in
the supermarkets sector if it comes to power, its manifesto
for the 2014 elections is expected to promise next week,
portending fresh trouble for the UPA government's showpiece
reform. The party plans to compensate the expected blow to
sentiment from its decision by promising to open all other
sectors to foreign direct investment (FDI) and a
business-friendly regime in general, a person familiar with
the contents of the document has told yet.
|
| Finance & Money
Markets |
| Healthy macroeconomic numbers ensure
robust FIIs flows into debt market |
|
Maharashtra : Foreign
institutional investors (FIIs) were record buyers of Indian
debt in the quarter ended March, reflecting increased
confidence in India's long-term economic prospects although
growth is yet to show any definitive signs of emerging from a
slump. More than $5.75 billion, or Rs 35,000 crore, surged
into the Indian debt market in the three month period, the
biggest such quarterly inflow ever, according to data from
Sebi.
|
| Licence setback hits finance co
stocks |
|
Maharashtra : companies that
failed to get RBI’s nod to set up banks saw their shares fall
between 1% and 9% on Thursday. L&T Finance Holdings
(-9.71%), IFCI (-8.51%), Srei Infrastructure Finance (-7.8%),
JM Financial (-7.68%), Magma Fincorp (-4.64%), Reliance
Capital (-4.51%), Shriram Transport Finance (-4.13%) and
Muthoot Finance (-2.56%) were the major losers on the BSE.
|
| Indian bond yield climbs to
four-month high before debt auction |
|
Maharashtra : India’s
10-year bonds fell, pushing the yield to the highest level in
more than four months, as demand for existing securities
slowed before a debt auction.India will sell Rs.16,000 crore
of notes due between 2022 and 2043 on Friday in the first sale
for the fiscal year that began 1 April. Relatively large
issuance in April and May will put an upward and steepening
pressure on the yield curve, according to Barclays Plc.
|
| Rupee falls from 8-month high on
technicals, intervention risk |
|
Maharashtra : India’s rupee
retreated from an eight-month high as a technical indicator
suggested its recent rally had been excessive and on
speculation the central bank will slow gains that may hurt
exports. The currency declined 0.5% to 60.1750 per dollar on
Thursday in Mumbai, according to data compiled by Bloomberg.
It touched 59.60 on Wednesday, the highest since 30 July. The
currency appreciated 3.2% this year through Wednesday, pushing
the dollar’s relative strength index below the 30 level that
indicates a probable rebound in the greenback.
|
| Commodities |
| Banks disburse Rs 1,200 crore of
interest-free loans to sugar mills |
|
Delhi : Banks have disbursed
interest-free loans of about R1,200 crore to cash-strapped
sugar mills as of end March, out of the R6,600 crore approved
by the government in December, official and industry sources
said on Thursday. As many as 300 mills have applied for
interest-free debt until March 31, of which loans to the tune
of R3,000 crore were sanctioned by the end of the last fiscal,
they added. Banks are required to complete the process of
sanctioning loans by June and disburse by September.
|
| Ukraine unrest may hit sunflower oil
exports to India |
|
Andhra Pradesh : Following
the prolonged political unrest in Ukraine, sunflower oil
exports to India are likely to be affected in the long run.
Prices may go up as 90% of the oil is imported by India,
according to Satendra Aggarwal, COO, Ruchi Soya Industries,
one of largest manufacturers and importers of edible oils in
India. "The sowing season has started in Russia and Ukraine.
|
| Gold, silver recover on global cues,
stockists buying |
|
Delhi : After witnessing
losses for four days, gold prices recovered by Rs. 100 to Rs.
29,350 per 10 grams in the national capital on Thursday on
buying by stockists at existing lower levels amid a firm
global trend.Silver also rebounded by Rs. 530 to Rs. 43,930
per kg on increased offtake by industrial units and coin
makers.
|
| MERGER &
ACQUISITION - NATIONAL |
| Tata Opportunities Fund acquires 15%
stake in Varroc Group |
|
Maharashtra : Tata Group's
private equity fund Tata Opportunities Fund has bought around
15% stake in Aurangabad-based auto component maker Varroc
group for $50 million (Rs 300 crore), the fund announced on
Thursday, making this its first investment outside the Tata
Group companies. Varroc, India's third largest auto components
maker, will use the funds to expand its capacity and partly
pay off its outstanding debt, Padmanabh Sinha, managing
partner of Tata Opportunities Fund, said in a telephonic
interview.
|
|
 |
| Economy |
| India |
| Food Corporation of India forced to borrow more
as subsidy arrears hit Rs 50,000 cr in FY14 |
| Services downturn worsens in March, but hiring
up |
| Realty investments in India dip 65% in
2013 |
| Investment in hotel sector more robust than
ever |
| |
| International |
| U.S. jobless claims rise more than
expected |
| ECB holds course in face of deflation
fears |
| China unveils mini stimulus |
| Greece plans April bond market comeback from
default-sources |
| |
| Markets
Today |
| NSE |
6,694.35
|
|
| BSE |
22,359.50
|
|
| NASDAQ |
4,237.74
|
|
|
|
|
| USD |
60.22
|
|
| EURO |
82.50
|
|
| JPY(100) |
57.97
|
|
| GBP |
99.90
|
|
|
| |
| Corporate
Watch |
| IndiGo, Air India and GoAir join fare
war |
|
Delhi : Two days after the aviation
regulator pulled up low-cost carrier SpiceJet for its R1
supersale offer, calling it “predatory pricing”, India's
largest airline by market share IndiGo, state-owned Air India
and GoAir have joined the fare war. With limited seats
available, IndiGo is offering one-way tickets starting at
R1,389 (taxes extra) till April 5, which are valid for travel
between July 1 and September 30 this year. Tickets, however,
have to be booked at least 90 days prior to travel.
|
| Unitech group firm in talks to sell stake
in 6 projects |
|
Delhi : Realty firm Unitech on
Thursday said its subsidiary, Unitech Corporate Parks (listed
in London), is in talks to sell its majority stake in six IT
SEZ/park projects in India, being developed jointly with the
parent firm. According to sources, the total value of the six
assets could be in the R8,000-10,000 crore range. UCP has 60%
stake in each of these projects while Unitech has the
remaining. Unitech holds 13.7% stake directly in UCP, which
had raised 360 million pounds in 2006 via IPO to invest in
Indian commercial real estate.
|
| Amazon builds India business
quietly |
|
Maharashtra : In just over 10
months of existence in India, Amazon, the biggest online
retailer in the world, has become the largest in the country,
too, in the number of products its e-commerce sites stock.At
15 million products, Amazon India has overtaken home-grown
e-commerce portals such as Flipkart and Snapdeal. While
Flipkart offers close to 10 million products, Snapdeal offers
four million-odd. US-based portal ebay offers over 1.5 million
products in India.
|
| Sony overtakes Apple to emerge second
largest smartphone brand in India |
|
Delhi : Sony has overtaken ace
rival Apple to emerge the second largest smartphone brand in
India in value sales, thanks largely to its strategy to focus
on the Rs 10,000-20,000 smartphone space, backed by Rs
300-crore marketing spend.According to latest data from market
tracker IDC, the Japanese electronics major garnered 9.1%
value share in the Indian smartphone market in the
October-December quarter of 2013 against Apple's 7% share.
Samsung dominated the market with 43% value share.
|
| |
| Tenders
& Assignment |
Headquarters Western Command  |
|
Description :Expression of
Interest for Internal Audit of Regimental Accounts for
Financial year 2014-15
Last Date :
15/04/2014
Address :Chandimandir -
Haryana
|
| Security Printing And Minting Corporation Of
India Limited Dewas |
Description :Engaging
Service of CA Firm For Accounting Work for a Period on Nine
Months at Bank Note Press Dewas Last Date
: 15/04/2014 Address :BNPD
(Bank Note Press,Dewas) Phone :
07272-255222 E-Mail :bnpdewas@spmcil.com
|
| Eastern Coalfields Limited - Burdwan West
Bengal |
|
Description :Conversion of
Annual Accounts, Profit And Loss Account And Balance Sheet
With Annexures Thereto, Into XBRL Mode And Verification And
And Filing Of Different Forms
Last Date
: 17/04/2014
Address
:Eastern Coalfields Limited P.O. Dishergarh, Dist.
Burdwan PIN-713333
|
| Uttaranchal Gramya Vikas Samiti |
|
Description :Request for
proposals from chartered accounts (CA) firms for Internal
audit for financial year 2013-14
Last Date
: 19/05/2014
Address :UGVS
Office (216,Pandit Wari-II,Dehradun-248007)
|
| |
| Reminders |
| Tenders |
| Housing And Urban Development Corporation
Limited 07/04/2014
|
| Jaipur Development
Authority 09/04/2014
|
| Haryana School Shiksha Pariyojana
Parisad 10/04/2014
|
| Rashtriya Madhyamika Shiksha
Abhiyana 11/04/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
24/2014 (Delhi) 01/04/2014
|
| In exercise of the powers conferred by section 295 of the
Income-tax Act, 1961 (43 of 1961) |
| Notification No. 19/2014
(Delhi) 26/03/2014
|
| In exercise of the powers conferred by item(h) of
sub-clause(iv) of section 10 of the Income tax Act,1961(43 of
1961) |
| Notification No. 20/2014
(Delhi) 26/03/2014
|
| Whereas,the central Government(Ministry of Commece and
Industry in exercise of the powers under the Industrial Park
Scheme,2002 |
| SEBI |
| CIR/IMD/DF/07/2014
(Delhi) 02/04/2014
|
| Disclosures pertaining to Assets Under Management |
| RBI |
| Notification No.
RBI/2013-14/552 (Delhi) 03/04/2014
|
| Know Your Customer (KYC) Norms /Anti-Money Laundering
(AML) Standards/ Combating of Financing of Terrorism (CFT)/
Obligation of banks under Prevention of Money Laundering Act
(PMLA), 2002 – Harmonization of KYC norms for Foreign
Portfolio Investors (FPIs) |
| Notification No.
RBI/2013-14/551 (Delhi) 02/04/2014
|
| Gold (Metal) Loans (GMLs) |
| |
|
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