| Professional
News |
| SEBI |
| Sebi probes firms, global banks for
round tripping |
|
Delhi : Capital market
watchdog Sebi is probing at least three large global banks and
many Indian companies for alleged round tripping of funds by
way of multi-layered transactions. Sebi, which has been
looking into the matter since late 2013, has issued show-cause
notices to companies, sources said.Swiss banking majors UBS
and Credit Suisse as well as British financial services giant
HSBC are also believed to have come under Sebi's scanner, they
added.
|
| RBI |
| RBI implements Bhaskar panel
recommendations |
|
Maharashtra : The Reserve
Bank of India (RBI) has asked the Fixed Income Money Market
and Derivatives Association of India (FIMMDA) and the Foreign
Exchange Dealers’ Association of India (FEDAI) to act as
administrators of the Indian rupee interest rate and foreign
exchange benchmarks.“To overcome the possible conflicts of
interest in the benchmark setting process arising out of the
current governance structure of the FIMMDA and FEDAI, an
independent body, either separately or jointly, may be formed
by FIMMDA and FEDAI for administration of the benchmarks,”
said RBI.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Stamp Act revamp to benefit
treasury |
|
Delhi : The proposed Bill to
amend the Indian Stamp Act of 1899 has sought to increase the
maximum penalty to Rs 1 lakh for various offences, compared
with a few hundred rupees at present.According to the draft,
circulated by the Union finance ministry for comment, if a
share warrant is issued without being duly stamped, the
penalty on those executing or signing it will increase from Rs
500 at present to Rs 1 lakh. In the case of any other
instrument chargeable with duty, such as debentures or
preferential shares, the fine will be Rs 10,000.
|
| Move to change gadget import norms
irks US; likely to impact products like Apple's iPads,
iPhones |
|
Delhi : Another irritant
threatens India-US business ties that have been on edge of
late. India's proposed new standards for imported electronic
gadgets such as tablets and mobiles have irked the US, which
has termed them non-tariff barriers in a communication to the
department of commerce, two government officials familiar with
the matter told ET. The standards could impact products such
as Apple's iPads and iPhones.
|
| Commerce secretary, Rajeev Kher urges
industry to adopt global standards fast to counter TPP, TTIP
impacts |
|
Delhi : Commerce secretary
Rajeev Kher on Wednesday called upon the Indian industry to
upgrade its quality standards to successfully counter the
adverse effects of two of the world's biggest free-trade
treaties being negotiated by the US. The proposed mega
deals—Trans-Pacific Partnership (TPP) and Transatlantic Trade
and Investment Partnership (TTIP)—are being seen as attempts
to divert trade and investment away from emerging economies
like India.
|
| Finance & Money
Markets |
| Inflows via P-notes shoot
up |
|
Maharashtra : The exposure
taken by foreign investors through the participatory notes
(P-notes) route is again on the rise. In February, investments
through P-notes was at a three-month high and the number is
set to grow further in March. Those tracking foreign inflows
say the bulk of such investments in March might have come this
way.
|
| Sensex to rise 75% on technical
basis: CLSA |
|
Maharashtra : Foreign
brokerage CLSA has said the Sensex is poised to gain 75 per
cent through 12-24 months, on a technical basis. A 75 per cent
jump in the benchmark index could take it to 40,000-levels.On
Wednesday, the 30-share index closed at 22,277."A technical
view of the recent breakout of Indian markets to new highs is
that of a signal that the long-term uptrend off the 2003 low
is resuming. This implies an upside target for the BSE Sensex
of 39,707 (+75 per cent) through the next 12 to 24
months,
|
| Non-food credit growth continues to
lag deposits |
|
Maharashtra : Non-food
credit stood at R59,97,266 crore as on April 4, up 14.2% from
a year ago, according to fortnightly data released by the
Reserve Bank of India (RBI) on Wednesday. This is the first
fortnightly data released by the central bank for FY15.Bankers
say credit growth is usually slow at the beginning of the year
as credit demand is low. In addition, credit demand over most
of FY14 was low too. Indian Overseas Bank’s credit growth for
FY14 remained between 11% and 12%, reflecting a slowing
economy and tough business environment.
|
| Commodities |
| W. Asia, China demand will drive farm
exports |
|
Tamil Nadu : Agricultural
exports, particularly spices, fruits and marine products, are
likely to increase along with foodgrains as demand from West
Asia and China continues to increase, according to S
Sivakumar, GroupHead – Agri and IT Businesses, ITC Ltd.But in
the long term, India could turn a net importer as domestic
consumption is increasing.“Indian exports will continue to
grow as China has turned a large importer. In the long run,
however, we could turn a net importer since consumption here
is rising,” he said during an interaction with Business Line
and The Hindu.
|
| Official gold supply dries up
further |
|
Delhi : The premium for
getting spot delivery for gold in the Indian market jumped to
$70 an ounce from $35 a couple of days earlier, with a sudden
scarcity.While the trade is facing a scarcity of gold in
official channels due to lower imports by private banks, the
increase in demand in the unofficial market resulted in the
hawala market premium crossing four per cent from 2.75-3 per
cent a few days earlier and 2-2.25 per cent a month before,
said a source in the Kolkata market, where smuggled gold
inflow is said to be higher.
|
| INTERNATIONAL
BUSINESS |
| Yahoo's shareholders more excited
about ownership of Alibaba |
|
Investors were already salivating over
the initial stock offering of Alibaba Group, the giant Chinese
e-commerce company. On Tuesday, they got a glimpse of
Alibaba's tremendous growth that is sure to whet their
appetite even more. Alibaba made $1.4 billion in profit for
its fourth quarter, more than double the amount it made during
the same period a year earlier. Revenue jumped 66%, to nearly
$3.1 billion.
|
| IBM sued for $2.5
billion |
|
Mexican mobile phone operator Iusacell
SA de CV sued IBM Corp on Wednesday, accusing the US
technology giant of making fraudulent representations that
caused it to lose $2.5 billion in profits.The lawsuit, filed
in New York, was heavily redacted, leaving many of the claims
unclear. But the complaint centered on a contract that
Iusacell said IBM induced it to enter into Mexico.
|
| Japanese internet firms offer
something new: high returns |
|
Some Japanese internet companies are
getting a boost from foreign investors as Prime Minister
Shinzo Abe pushes for an elusive strength his country's firms
are not known for — high returns.Overseas long-term investors
were already hunting for stocks with growth potential, good
governance and higher returns on equity (ROE) before Abe took
office in December 2012.But it's been a hard slog for many as
the world's third-biggest economy stumbled through 15 years of
deflation and sporadic growth.
|
| Mercedes to revive luxe Maybach
brand |
|
Daimler is set to revive Maybach, a
brand once coveted by oligarchs, rap stars and royals, to woo
a growing class of ultra-wealthy clients in Asia and the US, a
person familiar with the company's plans said.The brand will
be used to adorn an exclusive version of its S-Class limousine
fitted with soft-touch leather and bespoke materials to help
lure clients from other high-end brands like Rolls Royce and
Bentley.
|
| What Nestle Says About Emerging
Market |
|
Nestle, the world's biggest food
company, published first-quarter sales today, and the figures
offer some lessons about the global economy. First, reports of
the death of emerging markets are greatly exaggerated. Second,
the risk of foreign-exchange wars is escalating as the major
economies all eye weaker currencies as a way to goose exports
and growth.Globally, Nestle's sales increased by 4.2 percent
in the first three months of the year,
|
| MERGER &
ACQUISITION - NATIONAL |
| Large PEs try their luck with
'professional' start-ups |
|
Maharashtra : Start-ups
usually don't reflect on large private equity funds' radar. In
fact, investments in start-ups add up to just about
one-hundredth of large funds' ticket size. However, of late,
investments worth hundreds of crores of rupees have been
flowing into a particular kind of start-ups - ventures owned
by industry veterans with decades of experience. In February
this year, an investment worth Rs 315 crore was made in a
start-up launched by Arumugham Mahendran, former managing
director of Godrej Consumer Products.
|
| Banking |
| Increase usage of Sarfaesi law to
recover bad loans, finmin tells PSB
chiefs |
|
Delhi : The finance ministry
has asked public sector banks (PSB) to increase the usage of
Sarfaesi Act provisions to quickly recover bad loans. It also
wants PSBs to adopt the latest sophisticated risk management
tools (RMT) to effectively measure risks in lending and price
loans accordingly so that there is an improvement in the asset
quality. These were measures suggested by the new financial
services secretary GS Sandhu to the PSB chiefs in a recent
letter, banking industry sources told FE.
|
| Tenders
& Assignment |
Urban Administration And Development - Indore -
Madhya Pradesh  |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 2
Last Date : 05/05/2014
Address :Chief Executive
Officer,State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Bhopal -
Madhya Pradesh |
|
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 1.
Last Date : 05/05/2014
Address :Hall No-105, Directorate,
Urban Administration and Development,6No Bus Stop, Shivaji
Nagar, Bhopal. Madhya Pradesh
|
| 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
|
| |
| Reminders |
| Tenders |
| 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/2013-14/565 (Delhi) 16/04/2014
|
| Financial Benchmarks- Governance Framework for Benchmark
Submitters |
| |
|
 |
| Economy |
| India |
| Retail versus e-tail |
| Loss on diesel sales falls to Rs
5.49/l |
| Exports to cross $325 b this fiscal: Commerce
Secretary |
| Japan keen on supporting infrastructure growth in
India |
| Slump in automobile market claims 2 lakh jobs:
SIAM |
| Green norms for projects spread over 5 acres may
hit companies |
| NHAI plans to award 5,000-km highways contracts
in 2014-15 |
| |
| International |
| Japan's Reform Drive Goes Into
Reverse |
| Economic growth in China dips to 18-month low in
Q1 |
| BoJ’s Kuroda maintains positive view on
economy |
| Euro zone inflation remains stuck in ‘danger
zone’, keeps pressure on ECB |
| US factory output extended solid gains in March
|
| China pledges to push forward with currency
reform after U.S. criticism |
| |
| Markets
Today |
| NSE |
6,779.40
|
|
| BSE |
22,628.84
|
|
| NASDAQ |
4,086.23
|
|
| |
|
|
| USD |
60.39
|
|
| EURO |
83.67
|
|
| JPY(100) |
59.14
|
|
| GBP |
101.34
|
|
|
| |
| Corporate
Watch |
| Tata Consultancy Services sees bright FY15
on strong momentum in discretionary
pending |
|
Maharashtra : Tata Consultancy
Services on Wednesday reported a relatively soft set of
numbers for the three months to March 2014 but was confident
FY15 would be a better year. Net profit for Q4FY14 came in at
R5,297 crore, up 2.3% sequentially on the back of a rise in
revenues to R21,551 crore, an increase of 1.2%
quarter-on-quarter.The numbers were supported by a 2.6%
increase in volumes, stable pricing and a pick- up in business
across a host of geographies led by Europe and Asia Pacific.
However, Ebit (earnings before interest and tax) margins
slipped 60 basis points sequentially to 29.1%.
|
| Tata Motors reworks production math as
volumes stall |
|
Delhi : TATA Motors is
restructuring production across its six factories to improve
margins and plant viability, given that volumes have been
falling for more than two years. As part of the move, India’s
largest automaker by turnover will shift production between
plants, shut down assembly lines and add products at factories
previously dedicated to other models.Tata Motors’ passenger
vehicle (PV) sales fell 15% to 3.14 lakh units in FY13 and 37%
to 1.98 lakh units in FY14, while commercial vehicle (CV)
volumes were down 6% to 4.44 lakh units in FY13 and further
down 28% to 3.17 lakh units in FY14.
|
| SC willing to defreeze Sahara’s accounts to
help Roy repay Rs 10,000 cr |
|
Delhi : In a minor relief to the
Sahara Group, the Supreme Court on Wednesday said it was
willing to relax its Rs 10,000-crore payment condition to let
chief Subrata Roy out of jail even as the group alleged that
Roy's detention order was “arbitrary” and “pre-written”. A
bench comprising justices KS Radhakrishnan and JS Khehar
sought details of Sahara's bank accounts so that it can
defreeze them in order to pave way for the company to refund
Rs 10,000 crore to its investors and release its detained
chief.
|
| New models to roll out of M&M’s Rs
4,000-cr Chennai unit by ’15-16 |
|
Delhi : Mahindra & Mahindra
(M&M) has zeroed in on Tamil Nadu for its new R4,000-crore
car plant. The company’s seventh automotive plant, it will
start operations by 2015-16 with a completely new model range.
An announcement to this effect is expected in June, once the
general elections are over.Pawan Goenka, M&M’s ED &
president (automotive, farm equipment & two-wheeler), told
FE that the company has kept the announcement on hold till
after the polls as the state cannot make an investment
announcement because of the election commission's model code
of conduct.
|
| Mindtree crosses $500 m in revenue, net up
19.3% |
|
Karnataka : Mindtree, the
Bangalore-headquartered mid-tier IT services company, has
crossed the $500-million mark in revenues in FY14. It expects
to beat the industry’s growth rate of 13-15% projected by
Nasscom for FY15.The 15-year-old company reported revenues of
$501.5 million for FY14 with growth of 15.1% and net profit of
$74.6 million, which rose 19.3%. Mindtree also recommended an
issue of bonus shares in the ratio of 1:1, subject to
shareholder approval. Commenting on the results, Mindtree CEO
Krishnakumar Natarajan said, “There is a strong momentum and
it will be a good start to FY15.”
|
| IndusInd Bank Q4 net rises
29% |
|
Maharashtra : IndusInd Bank on
Wednesday reported a net profit of R396.05 crore for the three
months to March 2014, an increase of 29% from R307.40 crore in
the same quarter of the previous year. The bank's profit was
driven by a 18% y-o-y rise in net interest income to R781.21
crore. Net interest margin (NIM) for the January-March quarter
rose 10 bps over the previous quarter to 3.75%.The bank
declared a dividend of 35% for 2013-2014, or R3.5 a share
compared with the 30% it paid in the previous fiscal. On
Wednesday, the bank scrip was up 0.63% at R487.20 on the
BSE.
|
| NBFCs’ asset quality a concern, says
Crisil |
|
Maharashtra : Non-banking finance
companies (NBFCs) are expected to report a growth rate of
16-18% in their loan books over FY13-15, but the asset quality
of some players may remain under stress, Crisil Research said
in a report on Wednesday. By the end of FY15, NBFCs’ loan
portfolio is likely to be near R14 lakh crore. Though healthy,
the growth in NBFCs will be slower than the historical average
due to tough macroeconomic conditions and a strict regulatory
approach, the report stated.
|
| Lee’s court appearance: Samsung seeks
Government’s help |
|
Delhi : South Korean electronics
major Samsung has sought the Government’s help to exempt
Chairman Lee Kun-Hee from making an appearance at a Ghaziabad
trial court in a case related to pending payments to an Indian
vendor.The Department of Industrial Policy and Promotion
(DIPP) is examining how to proceed with the request and if it
could approach the Supreme Court on the matter.
|
| Piramal to buy 20% in Shriram Capital for
Rs 2,000 crore |
|
Maharashtra : Ajay Piramal, who
last week became richer by Rs 8,900 crore by selling his stake
in Vodafone India, is back to deal-making. He is picking up a
20 per cent stake in Chennai-based finance group Shriram
Capital, spending a little more than Rs 2,000 crore.Unlisted
Shriram Capital is the holding company for as many as five
businesses, including Shriram Transport Finance Company, where
Piramal Enterprises already owns a 10 per cent stake. Piramal
had bought the stake from private equity company TPG in May
last year.
|
| Snapdeal.com acquires online product
discovery platform Doozton.com; third acquisition in three
years |
Delhi : Jasper Infotech, which owns
and operates online marketplace Snapdeal.com, has acquired
online product discovery platform Doozton.com, for an
undisclosed sum, its first acquisition since raising a
substantial amount from investors earlier this
year.Doozton.com is an online product discovery technology
website focused on the fashion and lifestyle categories that
help consumers discover trending products and designs from
online stores across India.
|
| Mauritius court orders freeze on Shiv-Vani
Oil's onshore assets as it failed to redeem bonds worth $84
millon |
|
Maharashtra : Mauritius' top court
has ordered a freeze on all onshore assets of Delhi-based
Shiv-Vani Oil & Gas Exploration Services for failure to
redeem $84 million (Rs 600 crore) worth of bonds. Onshore
drilling rig operator Shiv-Vani's foreign currency convertible
bonds (FCCBs) were due in mid-2013. Its offshore lenders had
approached the Supreme Court of Mauritius after the company
defaulted on payment.
|
| |
| 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 - Sagar -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 7.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan,Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Gwalior -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 6.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan, Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Rewa -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 5.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan, Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Ujjain -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster 4.
Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan, Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| Urban Administration And Development - Jabalpur -
Madhya Pradesh |
Description :Audit of DUDA
Offices for Financial Year 2004-05 To 2013-14 Cluster
3. Last Date : 05/05/2014
Address :Chief Executive Officer
State Urban Development Authority Directorate of Urban
Administration Palika Bhavan, Shivaji Nagar, Bhopal 462016
Phone :91 755 2552016
E-Mail :infomsu@mpurban.gov.in
|
| |
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