| Professional
News |
| COMPANY
LAW |
| DRR clause in Cos Act to deter NBFCs
from floating bonds |
|
Maharashtra : A clause in
the new Companies Act stipulating that every company should
create a debenture redemption reserve (DRR) will dent the
profits of non-banking financial companies (NBFCs) and deter
them from floating bonds. According to the new Companies Act,
which came into force from April 1, a debenture redemption
reserve should be created out of the profits of the company
available for payment of dividend and the reserve should be
equivalent to at least 50% of the amount raised through the
debenture issue before redemption commences.
|
| Finance & Money
Markets |
| RBI push for Interest Rate Futures to
boost trading |
|
Maharashtra : The Reserve
Bank of India (RBI)’s likelihood of launching more tenures in
Interest Rate Futures (IRF) is set to drive trading volumes
further. A senior official from RBI said last week this was
being considered.In December, the regulator made a third
attempt to launch IRFs. The previous two attempts had
witnessed a lukewarm response. RBI's definition of IRF is, "a
standardised interest rate derivative contract, traded on a
recognised stock exchange to buy or sell a notional security
or any other interest-bearing instrument or an index of such
instruments or interest rates at a specified future date, at a
price determined at the time of the contract”.
|
| Gujarat index gains 34% since
September as rising Modi tide lifts all
boats |
|
Karnataka : RIDING the
Narendra Modi wave, Gujarat-based companies listed on Indian
stock exchanges feature among top performers in the last seven
months. Investors are hoping a government led by the Bharatiya
Janata Party (BJP) and its prime ministerial candidate Modi
will boost economic recovery.An index created by FE of
Gujarat-based companies includes 46 companies registered in
the north-western state of India. The gauge has given positive
returns of nearly 35% since September 13, 2013 — when BJP
announced its PM candidate, data compiled by Capitaline and
Bloomberg showed.
|
| Bond yields to remain elevated as
inflation worries resurface |
|
Maharashtra : The government
bond yield curve has flattened out with short-term yields
rising and could continue to remain so in coming months now
that inflation pressures have resurfaced. The spread between
different tenures at the shorter end has narrowed sharply over
the last few months. The spread between the five-year bond and
the benchmark 10-year 8.83%, 2023 bond to a mere 4 basis
points from 20 bps in January.
|
| Commodities |
| Vegetable oil import down 6% in
Nov-Mar |
|
Maharashtra : Vegetable oil
imports between November 2013 and March 2014, the first five
months of the oil year, saw a drop of six per cent to 4.3
million tonnes (mt)compared to 4.6 mt in the same period last
year, according to data issued by the Solvent Extractors’
Association.The imports saw a sharp increase in November and
December but these got arrested after that. Now, the reports
indicate a possible fall. March vegetable oil imports also saw
a drop of six per cent, compared to the same period last year,
to 835,424 tonnes.
|
| Basmati lends fragrance to rice
exports |
|
Delhi : Basmati rice exports
have doubled in volume and tripled in value in the last four
years on strong demand from traditional markets in Iran and
West Asia.For the fiscal ended March 2014, shipments of
basmati scaled a new high, touching 4.02 million tonnes and
exceeded $4.5 billion in terms of value compared with the
previous fiscal.Apart from increased demand, higher prices
aided by a decline in rupee boosted basmati shipments to Rs.
28,189 crore, a 48 per cent growth over last year. Though
exports of non-basmati rice grew 4 per cent in value to Rs.
14,479 crore in 2013-14, in volume they were down some 4 per
cent.
|
| Gold Bears Bet Wrong Again as Rally
Continues |
|
Delhi : Bearish speculators
misjudged gold bets again as the release of Federal Reserve
minutes extended this month’s rally in bullion. Money managers
cut their net-long position to the lowest since February in
the week ended April 8. The minutes of the Fed’s March meeting
the next day played down forecasts for higher rates, and gold
had its biggest weekly gain in a month.Speculators misjudged
prices in three of the past four weeks. First, investors
anticipated accelerating inflation only to see the Fed signal
higher borrowing costs in 2015. Then, bets that the gold rally
would fizzle were undermined by weak economic reports. Bullion
rose 70 percent from December 2008 to June 2011 as the central
bank pumped more than $2 trillion into the financial system
and cut interest rates to a record low.
|
| INTERNATIONAL
BUSINESS |
| Google acquires drone maker Titan
Aerospace |
|
Google Inc is adding drones to its
fleets of robots and driverless cars.The Internet-search
company said on Monday that it acquired Titan Aerospace, a
maker of high-altitude, solar-powered satellites that provides
access to data services around the world. Terms of the deal
weren't disclosed.Google is looking for new ways to offer
online services to users through Project Loon, which it
unveiled last year to help connect people in rural or remote
areas to the Web using balloons and other machinery. The
drones also provide high-resolution images of the earth,
navigation and mapping services, and atmospheric monitoring
systems.
|
| Banking |
| PSU banks up the ante in retail
lending, challenge private sector banks'
forte |
|
Delhi : When State Bank of
India chairman Om Prakash Bhatt launched the teaser home loans
in 2010, not many realised what it meant for competition in a
segment which the private sector lenders dominated. Now, State
Bank is the biggest mortgage lender and almost every state-run
lender is pushing aggressively in to the retail market and
that could cause headache to private rivals as the future
growth pie lies in the semi urban areas and
villages.
|
| Reminders |
| Tenders |
| Eastern Coalfields Limited - Burdwan West
Bengal 17/04/2014
|
| Sarva Shiksha
Abhiyan 21/04/2014
|
| |
| Notifications
& Circulars |
| SEBI |
| CIR/MRD/DP/ 13
/2014 (Delhi) 15/04/2014
|
| Establishment of Connectivity with both depositories NSDL
and CDSL – Companies eligible for shifting from Trade for
Trade Settlement (TFTS) to Normal Rolling Settlement |
| RBI |
| Notification No.
RBI/2013-14/564 (Delhi) 15/04/2014
|
| Differential Rate of Interest for Micro and Small
Enterprises (MSEs) |
| |
|
 |
| Economy |
| India |
| Policies, not party will impact India’s sovereign
rating: S&P |
| Debt will be harder to repay in coming years:
Moody’s |
| Monsoon to be below normal, says private
forecaster Skymet |
| Bernanke's message to new govt: Ensure RBI's
autonomy |
| Costlier food items push inflation up in
March |
| India's exports likely to grow at least 10% in
2014: FIEO |
| |
| International |
| China goes for gold: Demand to hit 1,350 tonne by
2017, says WGC |
| EU lawmakers close in on financial system
overhaul |
| China must build security to focus on
development: Xi |
| Bitcoin in China - A Dream
Dispelled |
| With ECB coming, banks brace with new
provisions |
| |
| Markets
Today |
| NSE |
6,675.30
|
|
| BSE |
22,277.23
|
|
| NASDAQ |
4,034.16
|
|
| |
|
|
| USD |
60.35
|
|
| EURO |
83.49
|
|
| JPY(100) |
58.98
|
|
| GBP |
101.33
|
|
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| |
| Corporate
Watch |
| Top brass is cautious but Infosys Ltd
outlook cheers Street |
|
Karnataka : Infosys’ dollar revenue
guidance of 7-9% for FY15 surprised the Street on Tuesday,
given how just a month back the IT major had indicated some
loss of momentum in near-term revenues. In mid-March, Infosys
had said profits in Q4FY14 might come in lower than
anticipated since certain verticals weren’t yielding enough
sales. However, while the outlook for the top line enthused
investors, they remained cautious on margins.
|
| Lodha Group buys 88 acre in Thane for Rs
1,154 crore |
|
Maharashtra : Mumbai-based real
estate developer Lodha Group has acquired an 88-acre land
parcel in Thane for R1,154 crore from Clariant India, the
company said in a statement on Tuesday. The group plans to
develop residential projects on the parcel and expects all
permissions in 12 to 18 months.Abhinandan Lodha, deputy
managing director, Lodha Group, said: “Thane is a rapidly
developing part of the Mumbai Metropolitan Region and we see a
strong and sustained demand for quality homes in the
region.
|
| Aurobindo Pharma dragged to US court by The
Medicine Co |
|
Maharashtra : Aurobindo Pharma has
been sued by The Medicines Co in the United States district
court of New Jersey for alleged infringement of patents of its
heart drug, Angiomax, according to court documents on April
11. The drug had registered a sale of $608.6 million in 2013
and accounted for approximately 88% of the company’s net
revenue.Aurobindo had filed for the approval of 250 mg vial of
generic Angiomax, chemically known as bivalirudin, with the US
Food and Drug Administration.
|
| Nokia India rolls out VRS, staffers
panic |
|
Maharashtra : Nokia India on
Tuesday rolled out a month-long voluntary retirement scheme
(VRS) at its manufacturing plant in Chennai. It is believed
some trainee workers, on fear of possible retrenchment, have
inquired on the nature of the scheme and consulted the
management. A few trainee employees have also opted for the
scheme, sources told FE.Nokia India spokesperson confirmed the
rolling out of scheme: “There were some inquiries from trainee
workers.
|
| USL soars on Diageo open
offer |
|
Maharashtra : The United Spirits
(USL) scrip climbed more than 10% on the BSE on Tuesday,
hitting an all-time high, after Diageo announced an open offer
to acquire an additional 26% in the firm. The company
announced an open offer for acquisition of up to 3.7 crore
equity shares of USL at R3,030 a share, amounting to R11,448
crore. The price is 18.5% premium to Friday’s closing price of
R2,557 a share and is more than double the R1,440 a share
price Diageo had offered in the first open offer in November
2012.
|
| |
| 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
|
| 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
|
| Urban Administration And Development
|
Description :Audit work by chartered
accountant firms.
Last Date :
05/05/2014
Address :Madhya Pradesh
|
| National Institute Of Fashion
Technology |
|
Description :Appointment of
Internal Auditors.
Last Date :
06/05/2014
Address :National
Institute Of Fashion Technology,NIFT Campus,Hauz Khas,New
Delhi 110016
|
| State Bank Of Mysore |
Description :Empanelment of
Stock Auditors with State Bank Of Mysore. Last
Date : 10/05/2014 Address
:State Bank of Mysore Head office-5th Floor
kempegowda Road,-Bangalore-560254. Phone
:2235 6314, E-Mail :agmcppd@sbm.co.in
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