| Professional
News |
| INCOME
TAX |
| I-T dials Nokia again, orders special
audit |
|
Delhi : Nokia’s tax troubles
in Indian only seem to worsen. While the transfer of Nokia
India’s Chennai factory to Microsoft with which it announced a
$7.2-billion deal in September 2013 has been virtually
thwarted by court-imposed stringent conditions, the income tax
(I-T) department has now ordered a special audit of the
accounts of the Finnish handset manufacturer’s local
subsidiary for assessment year 2010-11.The special audit
against Nokia India would be a comprehensive one, as the
department suspects “considerable suppression” of income by
the firm, sources said.
|
| DTC |
| Finance Ministry not in favour of tax
sops for CSR in backward region |
|
Delhi : The Finance Ministry
is not in favour of giving tax benefits to businesses for
their social welfare spendings in backward regions contrary to
the recommendation made by a parliamentary panel. In the new
revised draft Direct Taxes Code (DTC) bill, the Finance
Ministry has observed that allowing deduction for CSR
expenditure would imply the government would be contributing
one third of this expenditure as revenue foregone.
|
| CUSTOMS |
| User industries oppose RIL plea for
PTA dumping duty |
|
Delhi : A plea by Reliance
Industries (RIL) and Mitsubishi’s MCC PTA India Corp (MCPL) to
impose an anti-dumping duty on imports of a key raw material
for producing man-made fibre from select countries has come
under fire from more than a dozen user companies. In a meeting
with commerce and industry minister Anand Sharma last week,
these companies said imports of the purified terephtalic acid
(PTA) — used in making polyster staple fibre (PSF), filament
yarn (PFY) and film — were already taxed at 5% despite a
domestic shortage.
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| SERVICE
TAX |
| About Rs.8,000 crore service tax
evasion detected in 2013-14 |
|
Delhi : With increased focus
on revenue generation from service tax, officials have
detected several cases of tax evasion amounting to about
`8,000 crore during 2013-14 fiscal which ended last
month.Finance ministry officials said service tax was being
evaded by a number of small and big service providers across
the country through non-filing of mandatory returns, wrongful
declaration of amounts collected by them and other means. The
Directorate General of Central Excise Intelligence (DGCEI) had
registered 1,144 cases of service tax evasion during 2013-14.
|
| SEBI |
| Sebi gets new software tools for
fraud detection |
|
Maharashtra : With an aim to
beef up its capabilities to detect frauds and bring scamsters
to book, Sebi is putting in place new software tools to help
in its investigations and surveillance activities. The new
tools would help the capital markets watchdog in keeping a
close watch on possible manipulative activities in the stock
markets by monitoring suspicious trades as also by analyzing
the information available in the public domain such as on
social media and other Internet platforms.
|
| RBI |
| Reserve Bank of India firm on
scrapping pre-payment penalty |
|
Maharashtra : The Reserve
Bank is likely to order banks to scrap penalty on pre-payment
of all retail and small corporate loans and do away with fines
for failure to maintain minimum balance if the recent 'nudge'
does not work, said a person familiar with the plan. RBI
officials believe there is no justification for banks to
charge pre-payment penalty on any loan since the entire system
has moved to floating rates —be it deposits or loans — where
rates are charged based on the prevailing markets, though with
a lag of a few days or weeks.
|
| FDI
Policy |
| FDI in services sector drops 61 per
cent during April-January |
|
Delhi : Foreign direct
investment (FDI) in the services sector declined by about 61
per cent year-on-year to $1.8 billion during April-January.
The services sector, which includes banking, insurance,
outsourcing, R&D, courier and technology testing, had
received FDI worth $4.66 billion during April-January 2013,
according to data from the Department of Industrial Policy and
Promotion.
|
| Finance & Money
Markets |
| Surge in foreign exchange reserves
suggests rupee may not come under
pressure |
|
Maharashtra : India's
foreign exchange reserves have swelled over the past few
months, contributing to a 40 per cent growth in import cover,
and raising hopes that the rupee will not come under pressure
even if there is a reversal of flows. Reserves are now
sufficient for almost nine months of imports, up from about
six months in May last year. This has resulted from both an
increase in reserves and contraction in imports, data
show.
|
| Commodities |
| Coffee exports from India dipping as
rains shrink harvest |
|
Delhi : Coffee shipments
from India, Asia's third-largest grower, are poised to fall
this year as a rally in global prices deters buyers from Italy
to Russia and after unseasonal rains cut output for the first
time in six years. Exports may decline as much as 10 per cent
from 312,756 tonne in 2013, said Ramesh Rajah, president of
the Coffee Exporters Association of India.
|
| INTERNATIONAL
BUSINESS |
| Vivendi to sell SFR to Altice for up
to $19.5B |
|
Vivendi said Saturday it will sell SFR,
the No. 2 mobile phone operator in France, to media company
Altice in a deal that could be worth up to $19.5
billion.Vivendi said it accepted a bid worth 13.5 billion
euros ($18.5 billion) in a pact that also includes additional
payments of up to 750 million euros ($1.03 billion). Vivendi
will keep a 20 percent stake in SFR but said it may sell those
holdings at a later date.Altice owns the French cable operator
Numericable. Vivendi wants to focus on its other businesses,
Universal Music Group and Canal+ pay television.
|
| Weibo IPO could value company at
about $3.9 bn |
|
China's Weibo said it expected its
initial public offering of 20 million American depository
shares to be priced at $17-19 each, valuing the Twitter-like
messaging service at about $3.9 billion.The IPO is expected to
raise about $380 million at the top end of the expected price
range.Weibo, owned by Sina Corp, is the latest Chinese
internet giant to tap US markets, following on the heels of
search service Baidu and its own corporate parent.
|
|
 |
| Economy |
| India |
| Textile industry stretched as raw material costs
soar |
| Ban on FIIs in defence may be partially lifted;
announcement likely in annual review meeting on
FDI |
| Growth in credit demand from India Inc slows to
12 per cent |
| |
| International |
| US investors look for quick rebound from winter
blues |
| U.S. economy has regained jobs lost in Great
Recession |
| Agriculture economy remains strong due to
exports |
| |
| Markets
Today |
| NSE |
6,695.05
|
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| BSE |
22,343.45
|
|
| NASDAQ |
4,127.73
|
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| |
|
|
| USD |
60.08
|
|
| EURO |
82.40
|
|
| JPY(100) |
58.18
|
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| GBP |
99.54
|
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| |
| Corporate
Watch |
| Stronger rupee a risk to future corporate
earnings |
|
Maharashtra : Corporate India's
earnings in the past two quarters were largely driven by the
rupee's sharp fall versus the dollar in the second quarter of
this financial year. But the recent surge in the Indian
currency's value, according to experts, might stall the uptick
in corporate earnings in the near to medium term.The rupee
declined 12.5 per cent to 62.07 a dollar in the second
quarter, giving a boost to earnings on higher translation
gains.
|
| Tatas get cracking on their global branding
exercise |
|
Maharashtra : In what could offer
advertising agencies a coveted business, Tata group, the
$100.09-billion Indian conglomerate that derives 58 per cent
of its revenue from international markets, has initiated a
massive branding exercise to position itself as a global
giant. As part of this, the group's top brass has started
meeting advertising agencies.Among several ad agency networks
making presentations to the Tata management are WPP and
IPG.
|
| Twice shy Tata ticks all SIA
boxes |
|
Delhi : Tata Sons and Singapore
Airlines (SIA), which recently received a no-objection
certificate from the ministry of civil aviation to start a
full-service airline (Tata-SIA Airlines), are in the process
of securing an import licence for 20 Airbus A320 aircraft.The
airline is also talking with the ministry of home affairs
(MHA) for security clearances for foreigners to be appointed
in the core project team, after which it would apply to the
Directorate General of Civil Aviation (DGCA) for a scheduled
air operator’s permit.
|
| Fourth quarter results likely to
sparkle |
|
Maharashtra : Corporate earnings in
the fourth quarter are expected to live up to the expectations
built by the current rally on Dalal Street, despite lower
contribution from information technology and pharmaceutical
majors on account of the rupee’s appreciation. India’s top
companies are expected to report high double-digit growth in
net profits for a consecutive quarter, despite a moderation in
revenue growth.According to earnings estimates by the leading
seven brokerages, the combined net profit of Nifty (the
National Stock Exchange’s benchmark index) companies is
expected to grow by 12.2 per cent in the March quarter over
the same period last year.
|
| OVL plans to raise $500-700 m to fund
Mozambique purchase |
|
Delhi : ONGC Videsh plans to raise
a $500-700-million loan by pledging future oil production from
its overseas assets to fund the acquisition of a Mozambique
gas field.OVL teamed up with Oil India to buy Videocon's 10%
stake in Mozambique's Rovuma Area 1 for $2.475
billion.Subsequently, OVL on its own bought another 10% in the
same field from Anadarko Petroleum Corp of the US for $2.64
billion. The 10% stake of Videocon is currently split in 60:40
ratio and total payout for OVL for the back-to-back
acquisitions is $4.125 billion.
|
| Walmart bets Rs 1,328 crore on India after
recent break-up with Bharti |
|
Maharashtra : The world's largest
retailer Walmart Stores has invested Rs 1,328 crore in its
India unit, signaling bullishness on the country despite
breaking with its joint venture partner last year, internal
inquiries into wrongdoing that may have been committed locally
and a foreign investment policy that doesn't have too many
takers.Walmart India, a new company it registered in January,
issued and allotted more than 81 crore equity shares at Rs
16.35 each to its Bentonville-based parent as share
application money worth Rs 1,328 crore, according to a board
resolution it passed last week.
|
| Escorts plans to restructure its auto
component business |
|
Delhi : Escorts, a Delhi-based
industrial conglomerate, is planning to restructure its auto
component business and is looking out for a strategic partner
to expand operations. The Rs 4,000-crore Escorts Group, widely
known as a tractor maker, is expecting the move to result in a
strategic foray to high value-added products in the auto
space.The auto component business is currently the least
contributor adding justRs 130 crore to the company's top
line.
|
| |
| Tenders
& Assignment |
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 |
| Jaipur Development
Authority 09/04/2014
|
| Haryana School Shiksha Pariyojana
Parisad 10/04/2014
|
| Rashtriya Madhyamika Shiksha
Abhiyana 11/04/2014
|
| |
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