| Professional
News |
| INCOME
TAX |
| Stay by tribunal, not beyond 365
days |
|
Delhi : If one of the most
brilliant scientific minds of the 20th century found income
tax complex, the average Indian taxpayer ought to be forgiven
for having difficulties in coming to terms with the Indian
Income-tax Act, 1961, which is perceived to be more complex
than the tax laws of many other countries. For instance, if
the Act provides for a mechanism to stay the recovery of tax
up to 365 days pending disposal of taxpayer’s appeal by
Income-tax Appellate Tribunal,
|
| CBDT Chairman hopeful of achieving
revised tax target |
|
Delhi : With less than a
week to go before this fiscal comes to an end, the Income-Tax
Department still has 54,000 crore more to collect to meet the
revised estimate target set in February. But the top brass of
the Central Board of Direct Taxes (CBDT) is hopeful of meeting
this shortfall and also achieving the revised estimate.“We are
hopeful. Our officers are working hard 24x7 this week.“Even
last year, we collected about ?45,000 crore in the last seven
days,” CBDT Chairman RK Tewari told reporters here on
Monday.
|
| SEBI |
| Disclose voting rights rationale,
SEBI tells mutual funds |
|
Tamil Nadu : Market
regulator Securities and Exchange Board of India on Monday
directed mutual fund houses to record and disclose the
rationale behind exercising their voting rights in
companies.To enhance transparency and increase the quality of
disclosures for investors, “AMCs shall additionally be
required to publish summary of the votes cast across all its
investee companies and its break-up in terms of total number
of votes cast in favour, against or abstained from,” SEBI said
in a circular on Monday.Besides,
|
| COMPANY
LAW |
| Troubles for listed MNCs to increase
in India |
|
Maharashtra : The recent
fracas between Maruti Suzuki and its minority shareholders has
blown the lid off the tension that has been steadily building
between minority shareholders and listed multinational
corporations in India. This is despite the fact that many of
the listed multinationals have delivered better financial
performance as well as stock returns to shareholders.
|
| Audit & Acc -
Misc. |
| ICAI bats for Indian Accounting
Standards from April 2016 |
|
Delhi : In order to help
India become an International Financial Reporting Standards
(IFRS)-converged country, as part of its G-20 commitments,
Institute of Chartered Accountants of India (ICAI) has
finalised the road map for the implementation of Indian
Accounting Standards (Ind AS) starting April 1, 2016. A
proposal to this effect has been sent to the ministry of
corporate affairs for its consideration, ICAI officials said.
|
| Finance & Money
Markets |
| Markets scale new heights on hope of
stable govt |
|
Maharashtra : Indian
equities rallied to new highs on Monday as foreign
institutional investors (FIIs) continued to bet on a stable
coalition at the Centre that will drive reform and kickstart
growth. The Sensex gained for the third consecutive session,
rising 1.38% or 300 points to end at a new peak of 22,055.45,
as political parties ready their manifestos.
|
| Rupee rises to near eight-month high
on strong foreign inflows |
|
Maharashtra : The rupee
advanced to the strongest level in almost eight months on a
closing basis and government bonds advanced on optimism easing
inflation and the prospect of a growth-galvanizing new
government will attract inflows. Global funds pumped $2.9
billion into Indian stocks and bonds this month, helping push
the S&P BSE Sensex to a record high on Monday before a
central bank interest-rate review on April 1 and elections set
to start April 7.
|
| NBFCs feel pinch of tougher bad loan
norms |
|
Maharashtra : Recent
guidelines issued by the Reserve Bank of India (RBI) on bad
loan management for non-banking finance companies (NBFCs) have
raised concerns among market players. NBFCs suggest that with
the strain in the economy and tough market conditions,
stringent norms would be detrimental for borrowers and lenders
alike. “When things are already going bad, tougher regulation
would mean that there will be pandemonium,” said Hemant
Kanoria, chairman & managing director, Srei
Infrastructure.
|
| Seed capital requirement may give
further boost to closed-ended equity
funds |
|
Maharashtra : The Securities
and Exchange Board of India’s (Sebi) diktat requiring fund
houses to put in a seed capital of up to R50 lakh in
open-ended schemes may indirectly give a fillip to
closed-ended equity schemes, which have gained traction
recently.According to Jimmy Patel, CEO at Quantum MF,
closed-ended schemes may see an uptick if the seed capital
norms become a reality.
|
| RBI's liquidity steps help short-term
rates to fall |
|
Maharashtra : Despite
year-end pressure of banks to meet business targets,
short-term corporate bulk deposit rates have softened
significantly after the Reserve Bank of India (RBI) opened
several channels to infuse liquidity in the banking system.The
one-year bulk deposit rates, more than 10 per cent in
end-February, have softened by 80-90 basis points, dealers
said. “Rates for one-year deposits are quoting in the range of
9.17-9.20 per cent now,” said the head of treasury of a public
sector bank (PSB).
|
| Commodities |
| Subsidised Chinese exports upsetting
normal steel trade |
|
Delhi : Steel Authority of
India Ltd (SAIL) Chairman Chandra Shekhar Verma had said as
the Chinese production juggernaut rolled on, it would, from
time to time, upset normal global steel trade. A few recent
developments have proved him right.Chinese producers are under
pressure to export surplus steel, as domestic demand growth is
falling compared to the rise in output. Subsidised steel
exports are the reason why China is having repeated brushes
with the US and European countries.
|
| Sugar export subsidies ‘will not
cross $ 80 million’ |
|
Delhi : India’s export
subsidies on sugar announced last month will not exceed $80
million and is essentially designed to encourage
diversification away from white sugar to raw sugar, the
country has clarified to the World Trade Organisation.This
would translate into roughly 1.4 million tonne of subsidised
sugar exports going by the current exchange rate and the
subsidy amount of Rs.
|
| Rising risk of El Nino weakens
optimism around GDP growth |
|
Maharashtra : Just when
things seemed to be falling into place, with retail food
inflation on a downward trend and the economy poised for a
rebound next fiscal, the increasing likelihood of an ‘El Nino’
phenomenon in 2014 may play spoilsport. The ‘El Nino’ — which
plays a crucial and unpredictable role in altering the pattern
of monsoon around the Indian sub-continent — is making
economists factor in the risk to growth and inflation.Rohini
Malkani, economist at Citigroup India, on Monday joined other
economists in highlighting the risk.
|
| Gold plunges on stockists selling,
weak global cues |
|
Maharashtra : Gold plunged
by Rs. 150 to Rs. 30,200 per ten grams in the national capital
on Monday on selling by stockists against fall in demand amid
a weak global trend.Silver continued to slide for the sixth
straight day by losing Rs. 400 to Rs. 44,550 per kg on poor
offtake by industrial units and coin makers. The metal had
lost Rs. 2,250 in last five sessions.
|
| Farmers may be allowed to sell
directly to consumers |
|
Delhi : The finance ministry
is drawing up a plan to facilitate direct selling platforms
for fruit and vegetable farmers, a move aimed at cutting out
middlemen and containing food inflation, which faces the risk
of a re-emergence if monsoon falters. The ministry is working
out changes in the Agricultural Produce Marketing Committee
(APMC) Act, which governs marketing of agriculture produce, to
allow farmers to sell directly to consumers that will save
high intermediation costs.
|
| INTERNATIONAL
BUSINESS |
| Nokia sees closure of Microsoft deal
delayed until April |
|
Nokia said it expected the
5.4-billion-euro ($7.5 billion) sale of most of its phone
business to Microsoft will close in April.Nokia had previously
said it expected the deal to close in the first quarter.
Microsoft has also said it expected the deal to close in
April.Nokia has received approvals from the European
Commission and the US Department of Justice, but some
antitrust authorities in Asia are still conducting their
reviews, it said in a statement.
|
| Facebook eating into Google's mobile
ad market share: Report |
|
Social networking company Facebook's
global mobile ad market share, a little over $3 billion in
2013, is seeing continuous growth and is expected to eat into
search company Google's share, research firm eMarketer said in
a report. Facebook and Google together accounted for 66 per
cent of the global mobile ad spending in 2013, that rose
twofold to $18 billion compared to 2012.
|
| Pension/Provident
Fund |
| EPFO to provide permanent account
number from October this year |
|
Delhi : Retirement fund body
EPFO will start providing permanent account numbers on the
pattern of core banking services to its over five crore
subscribers from October this year. Permanent or universal
account number (UAN) will facilitate subscribers to avoid
filing PF account transfer claims on changing jobs.After
getting UAN, a subscriber would not be issued new PF account
number on joining new employer.
|
| Banking |
| Banks cautiously optimistic on
lending to small units |
|
Andhra Pradesh : An analysis
of data shows that the stress on loans extended to MSMEs
(micro, small and medium enterprises) is on the rise. On an
average, the increase in non-performing assets (NPAs) from
this segment for most banks is about two percentage points.
Compared to 2-2.5 per cent of total MSME loans, the bad loans
have gone up to 3.5-4.5 per cent over the last three to four
quarters. The reasons for this are varied.
|
|
 |
| Economy |
| India |
| Inspire confidence, revamp social sector schemes,
rein in bank NPAs’ |
| Economy stable, growth will improve:
Mayaram |
| Manufacturers step in between discount fight of
e-tailers & retailers |
| Mumbai property sale registrations up just 0.06%
in Feb |
| How Indians are spending |
| More comprehensive services export data
soon |
| Policy shift can help reduce subsidies to
renewable projects by 78%, says study |
| |
| International |
| New worries on China growth as flash PMI shows
contraction |
| Euro zone business recovery stays strong as cos
cut prices |
| Yuan depreciation may augur bad news for Indian
exports |
| Preferred shares may further muddy China's
market |
| Deepening Thai crisis will worsen economy's
dive |
| |
| Markets
Today |
| NSE |
6,589.75
|
|
| BSE |
22,055.21
|
|
| NASDAQ |
4,226.39
|
|
| |
|
|
| USD |
60.49
|
|
| EURO |
83.69
|
|
| JPY(100) |
59.22
|
|
| GBP |
99.79
|
|
|
| |
| Corporate
Watch |
| Toyota staffers stay away, refuse to sign
undertaking |
|
Karnataka : Toyota Kirloskar Motor
(TKM) on Monday lifted the week-long lockout at its two
factories near Bangalore but the Japanese carmaker's labour
woes are far from over.The 4,200-strong employees' union did
not join work, alleging that its members were not allowed to
enter the factories as they refused to sign an individual
undertaking.The union members told reporters at a press
conference that the factories were operated using contract
workers and apprentices.“We will keep our shifts running and
the plants will be open for team members to join duty on the
condition that they
|
| Arvind Brands buys 49% stake in Calvin
Klein India |
|
Karnataka : Apparel firm Arvind
Brands and Retail on Monday said the company has bought 49%
stake in Calvin Klein India for around Rs 90 crore.According
to the agreement with PVH Corp, the owner of the Calvin Klein
trademarks worldwide, Arvind will distribute Calvin Klein
jeans apparel and innerwear products in India. The company is
targeting R500 crore turnover in three years from the brand as
against the current R125 crore.The Rs 1,800 crore Arvind
Brands already has a partnership with PVH that licences PVH’s
Tommy Hilfiger, Arrow and Izod brands in India.
|
| RIL readying new people practices; moves to
5-day work week from April |
|
Maharashtra : Reliance Industries
will move to a five-day work week from the current six-day
work week, according to a communication from the $48 bn dollar
group’s chairman Mukesh Ambani on Friday.“While we want to
relentlessly raise our bar on performance, productivity and
excellence, we are also equally committed to providing our
people with enhanced flexibility at the work place to enable
them to effectively balance their professional and family
commitments. Two years ago, we implemented flexible work
timings and I am now delighted to announce that effective
April 1, 2014, we will adopt the concept of a 5-day work
week,” said Ambani in an email communication to his employees
on Friday.
|
| JAL to sell Bokaro cement unit stake to
Dalmia for Rs 690 crore |
|
Maharashtra : Jaiprakash
Associates, the indebted group with consolidated debt of over
R60,000 crore, on Monday announced the sale of its 74% holding
in 2.1 mtpa Bokaro cement JV plant with SAIL to Dalmia
Bharat.The total equity consideration for JP Associates from
this deal works out to around R690 crore.“The board of
directors of Jaiprakash Associates Limited (JAL) on March 24,
2014, has approved signing of Share Purchase Agreement with
Dalmia Cement (Bharat) Limited for sale of 74% stake
(9,89,01,000 equity shares owned by it) in the paid-up equity
share capital of Bokaro Jaypee Cement Limited. The
consideration for the transaction works out to approximately
R69.74 per share,” said the company in a statement filed to
the BSE.
|
| Cisco to offer cloud computing service with
Wipro |
|
Delhi : Cisco Systems plans to
offer cloud computing services, pledging to spend $1 billion
over the next two years to enter a market currently led by the
world's biggest online retailer Amazon.com Inc.Cisco said it
will spend the amount to build data centers to help run the
new service called Cisco Cloud Services. Cisco, which mainly
deals in networking hardware, wants to take advantage of
companies' desire to rent computing services rather than
buying and maintaining their own machines.
|
| 77 BSE 500 cos ought to pay more dividend,
says study |
|
Maharashtra : A study of S&P
BSE 500 companies by proxy advisory firm IiAS has shown that
at least 77 companies can pay more dividend to its
shareholders.The incremental dividend from these companies
could aggregate to about R36,000 crore after taxes — almost
twice the amount these companies actually paid out in FY13.The
advisory firm identified individual firms that could pay
higher dividend. For instance, MRF, Oracle Financial Services
Software and Shree Cements can pay over R100 to shareholders,
while the likes of Bosch, Eicher Motors and Maruti Suzuki
could pay between R50.1 and R100.
|
| Mahindra Logistics sells 20 pc to Kedaara
Capital for Rs 200 cr |
|
Karnataka : Mahindra Group's
logistics arm Mahindra Logistics has sold roughly 20 per cent
stake to local private equity fund Kedaara Capital for Rs200
crore, valuing the company at around Rs1,000 crore, three
people with knowledge of the development said. 'This stake
sale to Kedaara is ahead of a planned initial public offer of
the company,' one banker with knowledge of the deal said. The
company plans to raise money from the public markets before
end of financial year 2014.
|
| Volvo's tie-up plans with Bangalore-based
SM Kannappa Automobiles shifts focus on the Rs 200-cr Prakash
Roadlines group |
|
Karnataka : Swedish auto maker
Volvo's decision to team-up with a Bangalorebased company to
launch new range of buses last week put the spotlight on a Rs
200 crore group that claims to be a leading player in the
country's bus-making industry.SM Kannappa Automobiles, a
subsidiary of Prakash Roadlines, the bus body makers, holds
85% equity in a joint venture with Volvo, under which the two
companies would set up a plant near Kolar,
|
| Walden’s semiconductor fund plan hits the
wall |
|
Delhi : A proposal by global
venture capital firm Walden International to set up a fund to
start semiconductor fabrication units in India has hit a
roadblock, with the Planning Commission yet to approve the
project.The US-based firm had sent a proposal a year ago
seeking participation from the Government. A government source
told Business Line that the Planning Commission is not in
favour of the proposal. “A final view may be taken after the
General Elections are over,” the source said.
|
| |
| Tenders
& Assignment |
State Health Society - Lucknow Uttar
Pradesh  |
Description :Selection of
State Concurrent Auditor – Request for Proposal for Hiring
Services of Chartered Accountant Firm for Concurrent Audit of
State Health Society for the financial year 2014-15.
Last Date : 28/03/2014
Address :Vishal Complex,19-A,Vidhan
Sabha Marg,Lucknow Phone
:0522-2237595 E-Mail :acs.nrhm@gmail.com
|
| Air Force Station - Jodhpur Rajasthan
|
|
Description :Appointment of
Chartered accountant firms for auditing of non public funds at
air force station for the period of three
years.
Last Date : 31/03/2014
Address :Air Officer Commanding Air
Force Station Ratanada,Jodhpur-342011
Phone
:0291-2511516
|
| |
| Reminders |
| Tenders |
| Sant Longowal Institute Of Engineering And
Technology 26/03/2014
|
| Heavy Engineering Corporation
Limited 27/03/2014
|
| Income Tax Department - Lucknow Uttar
Pradesh 28/03/2014
|
| National Health Mission, Uttar
Pradesh 29/03/2014
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata 31/03/2014
|
| Central Mine Planning And Design Institute
Limited 01/04/2014
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| Notification No. 24/2014-Customs
(N.T.) (Delhi) 24/03/2014
|
|
Rate of exchange of conversion of each of the
foreign currency with effect from 21st March, 2014
|
| SEBI |
| CIR/IMD/DF/05/2014
(Maharashtra) 24/03/2014
|
|
Enhancing disclosures, investor education
& awareness campaign, developing alternative distribution
channels for Mutual Fund products, etc.
|
| |
|
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