| Professional
News |
| INCOME
TAX |
| I-T Dept can now raise objections to
merger schemes |
|
Delhi : The Income-Tax
Department will now get an opportunity to protect the
interests of the Revenue in reconstruction or amalgamation
schemes filed for approval before various High Courts.The
Central Board of Direct Taxes (CBDT) has directed the Chief
Commissioners of Income-Tax (CCITs) to ensure that the
comments/objections of the I-T Department on such schemes are
sent to the regional director (Ministry of Corporate Affairs)
for incorporating them in the response to the Court.
|
| SEBI |
| Round-tripping: SEBI issues notices
to five major corporate houses |
|
Delhi : Market regulator
Securities and Exchange Board of India has issued notices to
at least five major Indian corporate houses including United
Spirits, Unitech, Essar, GMR, and Sterlite on suspicions of
stock price manipulation and possible insider trading through
funds parked abroad.The notice, dated mid-March, has given a
month’s time to the companies to respond. The notice is based
on the report sent by erstwhile market regulator of the United
Kingdom, Financial Services Authority (FSA) in 2010.
|
| Issuers still prefer graded
IPOs |
|
Maharashtra : Companies
tapping equity capital markets continue to get their issues
graded by rating agencies, despite the Securities and Exchange
Board of India (Sebi)’s relaxation in this regard. To ease
regulatory prerequisites and help revive the moribund primary
market, Sebi had made grading of initial public offerings
(IPOs) voluntary earlier this year. However, investment
bankers and rating agencies have indicated companies will
continue to insist on grading to ensure positive investor
sentiment.
|
| RBI |
| Shifting stance on valuation
norms Article |
|
Delhi : The monetary policy
announced on April 1, 2014, by the Reserve Bank of India (RBI)
contains a fundamental policy shift on valuation norms
governing acquisition and sale of shares under the foreign
direct investment (FDI) route. The policy specifies that as
regards FDI, it has been decided to withdraw all the existing
guidelines relating to valuation. Such transactions will
henceforth be based on acceptable market practices and
operating guidelines will be notified separately.
|
| FDI
Policy |
| India-Asean services FTA in limbo
over retail FDI |
|
Delhi : India's free trade
agreement (FTA) on services with the 10-member Association of
Southeast Asian Nations (Asean) is still in limbo, as three
members - Thailand, Indonesia and the Philippines - are yet to
ratify the deal. While Thailand and Indonesia are demanding
unconditional access to India's multi-brand retail trading
segment, the Philippines appears to be scared of India's
information technology (IT) sector.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Competition law versus IP
rights Article |
|
Delhi : India was one of the
last major economies to introduce a competition law. Its
enforcement was further delayed by legal challenges,
legislative processes and, if one might venture to say, the
lack of ‘competitive appetite’ in the government. The
Competition Act came into force in January 2003, the
Competition Commission was established in October that year,
but the enforcement could commence only in May 2009! After a
hesitant start, the Commission has recently been enforcing the
law vigorously, though pragmatically.
|
| Finance & Money
Markets |
| Trading volumes surge in government
bonds |
|
Maharashtra : Trading
volumes in the government securities market has jumped by 200
per cent since the start (from April 1) of the new financial
year. Investors see value in the paper, helping the yields to
soften from a high of 9.1 per cent. Earlier this month, the
yield on the 10-year benchmark government bond breached nine
per cent, which attracted buyers.
|
| Short week coupled with probability
of higher inflation may lead to high bond
yields |
|
Maharashtra : A short week
coupled with the probability of higher inflation that is
likely to diminish prospects of any RBI rate cut soon may lead
to the benchmark government bond yield scale to a new peak,
after it hit four-and-half month high of 9.12% last week. "Any
bad inflation number may lead to bond yields shooting up to
9.25% in a shortened week," said S Ramasamy, chief investment
officer (Debt), LIC Nomura Mutual Fund.
|
| Commodities |
| Against the grain: Major rice
producers least market-friendly |
|
Delhi : The states that
contribute a major chunk of rice to the government’s
procurement drive have the least market-friendly policies when
it comes to grain trade, as per a Commission for Agricultural
Costs and Prices (CACP) report. Recommending improvement in
the functioning of the market, the commission has suggested
that instead of a price-centric minimum support price (MSP)
policy, the focus should be on “getting the market right and
establish a single barrier free market with minimum
controls”.
|
| Sugar export sops will continue,
India tells WTO |
|
Delhi : India will continue
its export subsidies for sugar announced earlier this year,
despite calls of a roll-back from countries such as Australia
at the World Trade Organisation.India has said that there was
no evidence to suggest that the country’s sugar subsidies
drive down prices even as countries opposing the decision have
claimed that such subsidies distort the global market.“We have
decided not to go back on the Government’s decision to
subsidise small quantities of sugar exports over the next two
years.
|
| Wheat procurement set to pick up in
Punjab, Haryana |
|
Delhi : Procurement of wheat
for the central pool stocks will gain pace this week on
expected increase in market arrivals in Punjab and Haryana.The
harvest of wheat has been delayed by prolonged winter and
unseasonal rains this year resulting in arrivals being limited
so far in these States.According to Food Corporation of India
(FCI) officials, stocks so far in the Central pool stocks have
been estimated at 14.7 lakh tonnes, mainly from Madhya
Pradesh.
|
| INTERNATIONAL
BUSINESS |
| Facebook plans to provide mobile
payment services |
|
Facebook Inc is preparing to join the
mobile-payments race with remittances and electronic-money
services on the social network, the Financial Times reported
on Sunday, citing several people involved in the process. The
company is close to obtaining approval from the Central Bank
of Ireland to start a service that would allow users to store
money on Facebook and use it to pay and exchange with others,
the people told the FT.
|
| MERGER &
ACQUISITION - NATIONAL |
| Finance Ministry likely to allow
private equity, venture capital with 25% shareholding to list
abroad |
|
Maharashtra : The finance
ministry is likely to free private equity investors and
venture capital funds invested in companies seeking to list
abroad from the 25% minimum shareholding rule, effectively
allowing them to sell their entire stake through a public
issue. The lock-in rule had forced several companies with
large PE and VC investments to hold back their overseas
listing plans, as the Securities and Exchange Board of India
identified these investors as promoters.
|
| Banking |
| Raghuram Rajan says, bank licences
'on tap'; may not flow freely |
|
Maharashtra : Some of the 23
entities that lost out in the race for a bank licence are
nurturing hopes of getting one in the next few quarters
because Reserve Bank of India Governor Raghuram Rajan has said
he would give bank licences 'on tap'. But what is unsaid is
that the filtering system will remain as rigorous. The 'on
tap' policy is probably to make the system more flexible than
lenient. The yardstick for choosing the winners in future will
more or less be the same as it has been in the past.
|
| Public sector bank management should
be held accountable for bad loans:
Jalan |
|
West Bengal : Former RBI
governor Bimal Jalan on Monday said the managements of public
sector banks, and not the finance ministry, should be held
accountable for the wrong assessment of credit worthiness to
check the rising number of bad loans.“If you put public sector
banks in one bracket and other banks in another bracket, you
will find that NPAs in the first sector are higher.
|
|
 |
| Economy |
| India |
| Fertiliser subsidy arrears at Rs 30,000
cr |
| Markets expect muted FY15 revenue guidance from
Infy |
| Finance Ministry preparing next phase of economic
reforms; to focus on manufacturing, infrastructure
development |
| |
| International |
| Global trade to grow at 4.7% in 2014, says
WTO |
| G20 growth plan not enough to bridge job deficit
of 45 m: ILO |
| Euro zone’s Feb factory output on expected
lines |
| Beijing breaks into top ten in talent
rankings |
| |
| Markets
Today |
| NSE |
6,733.10
|
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| BSE |
22,484.93
|
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| NASDAQ |
4,022.69
|
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| |
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| USD |
60.31
|
|
| EURO |
83.16
|
|
| JPY(100) |
59.24
|
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| GBP |
100.79
|
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| |
| Corporate
Watch |
| Honda Cars overtakes Tata Motors as diesel
drive lifts it to No. 3 position |
|
Maharashtra : STRONG demand for
diesel sedans City and Amaze catapulted Honda to the position
of the third-largest passenger car maker in the country last
fiscal, 19 years after it entered the Indian market.Honda
overtook both Tata Motors and Ford India and is now behind
only Maruti Suzuki and Hyundai India; Honda, which sold 1.33
lakh passenger cars in FY14, had been the fifth-largest player
a year before in FY13 with car sales of 73,182
units.
|
| ONGC may save $800 m using RIL’s set-up:
Report |
|
Andhra Pradesh : State-owned ONGC
could save up to $800 million in capital costs if it decides
to use Reliance Industries’ infrastructure facilities in the
KG-Basin for processing gas, according to a draft report
submitted by Aker Solutions. Norway-based Aker Solutions,
appointed by ONGC to explore the possibility of sharing RIL's
infrastructural facilities on the east coast, is expected to
submit its final report next month, sources close to the
development said.
|
| Micromax eyes stake in S Korean phone
maker |
|
Delhi : India’s number two
smartphone marker, Micromax Informatics, has expressed
interest in buying a stake in South Korean peer Pantech Co as
part of its drive to expand overseas and go upmarket, two
sources said on Monday. Pantech, South Korea's number 3
smartphone maker, has been under a debt-restructuring
programme after suffering six consecutive quarters of losses
due to fierce competition. 'Micromax told Pantech that it was
interested in a stake in the company,' one of the sources
said, declining to elaborate on the size of a potential deal
and other details.
|
| M&M arm, Belgium co ink JV for fruit
supply chain |
|
Maharashtra : Mahindra ShubhLabh
Services, a Mahindra & Mahindra subsidiary, on Monday
signed a joint venture agreement with Belgium-based Univeg to
develop a fresh fruit supply chain for domestic and
international markets. The 60:40 partnership, where Mahindra
will have the major stake, will focus on grapes and other key
fruit to start off. The financial details of the partnership
were not given by the company.“This JV will enable both
companies to leverage each other’s strengths, providing a
win-win situation for farmers and end-consumers
alike.
|
| Wherever Vodafone investors go, hefty
returns follow |
|
Delhi : Putting money in Vodafone
India has proved a bonanza for many Indian business tycoons,
as well as some lucky telecom executives. Ajay Piramal, who
last week sold his 11 per cent stake in the company, is not
the only Vodafone investor to have made a killing. Others
include some of India Inc's who's who - Max India Chairman
Analjit Singh, who has had a long association with the
company; Kotak Mahindra Group, one of the first to invest in
the country's telecom sector; the Hindujas, who sold their
telecom venture to Vodafone; BPL Mobile founder Rajeev
Chandrasekhar; Rajan Nanda's Escorts group; and Vodafone
India's top executive Asim Ghosh, who steered the company and
helped make it a force to reckon with.
|
| Chetan Dube’s IPsoft set to launch a
humanoid program Amelia, may affect India’s outsourcing
Inc |
|
Karnataka : IPsoft, the New
York-based company which relies on artificial intelligence to
manage computer networks, will commercially launch its
proprietary humanoid program Amelia in June, a move analysts
believe could significantly impact the people-intensive
outsourcing industry.The company will have a soft commercial
launch in two months from now, with some of IPsoft clients in
the financial services industry,
|
| P&G to invest Rs. 244 crore in Indian
arm |
|
Maharashtra : World’s largest
consumer goods manufacturer Procter and Gamble (P&G) plans
to invest about Rs. 244 crore in its unlisted Indian arm
P&G Home Products this year.This investment is a part of
its overall commitment to take on competitor and the country’s
largest fast-moving consumer goods firm Hindustan Unilever Ltd
(HUL) in terms of product portfolio and reach.While, P&G
India’s overall sales are estimated at Rs. 6,000 crore, HUL is
almost four times bigger at Rs. 26,000 crore.But they both
compete in several key segments such as detergents, hair and
skin care where HUL by far is the market leader.
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| |
| Tenders
& Assignment |
North Eastern Regional Agricultural Marketing
Corporation Ltd  |
Description :Engagement of
internal Auditors in NERAMAC LTD. Last Date
: 28/04/2014 Address :The
Company Secretary North Eastern Regional Agricultural
Marketing Corporation Limited, 9 Rajbari Path, Ganeshguri,
G.S. Road, Guwahati. 781005, Assam. Phone
:0361-2341227 E-Mail :secretary.neramac@gmail.com
|
| Department Of Information Technology
|
Description :Hiring the
services of an Agency to provide Two Chartered Accountants(one
with three years of work experience and another with one year
of work experience) for Setu Maharashtra, Directorate of
Information Technology, Govt. of Maharashtra
Last Date : 29/04/2014
Address :Mumbai - Maharashtra
Phone :022-22024177
E-Mail :sonia.singh@semt.maharashtra.g
ov.in
|
| Housing And Urban Development Corporation
Limited |
|
Description :Appointment Of
Statutory Auditors For Audit Of Accounts Of Hudco Employees
Cpf Trust For The Financial Year 2013-14.
Last
Date : 01/05/2014
Address :
HUDCO Bhawan (Ist Floor), IHC, Lodhi Road, New
Delhi-
110003
|
| |
| Reminders |
| Tenders |
| Eastern Coalfields Limited - Burdwan West
Bengal 17/04/2014
|
| Sarva Shiksha
Abhiyan 21/04/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/564 (Delhi) 15/04/2014
|
| Differential Rate of Interest for Micro and Small
Enterprises (MSEs) |
| |
|
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