| Professional
News |
| INCOME
TAX |
| Slowdown blues: Advance tax payout by
top firms dips 4% |
|
Maharashtra : Reflecting the
general economic slowdown, advance tax payments by the top 100
Delhi-based corporate houses dipped 4 per cent in the March
quarter to ?6,779 crore from 7,068 crore in the same period
last year.However, tax paid by these firms for the full year
(2013-14) rose 5 per cent to ?27,446 crore (?26,225 crore)
even as most PSUs trimmed payments, said Income Tax Department
sources.The lower tax payment reflects the weak earning
potential of these companies this fiscal.
|
| Withholding tax on installation
charges: Deloitte |
|
Delhi : Recently, the Pune
tribunal has held that installation/erection and related
service charges formed an integral part of the purchase price
of machinery and the situation would remain unaffected,
whether the charges were embedded in the cost of purchase
price or, were charged separately. Thus, there was no
obligation on the payer to withhold tax on entire payment.The
case was like this.
|
| SEBI |
| Legal tussle forces Sebi to re-think
decision on self-regulation |
|
Maharashtra : For Sebi chief
UK Sinha and his team, an unexpected legal tussle is lurking
around the corner. It pertains to self-regulation in India's
Rs9-lakh crore mutual fund (MF) industry. An entity led by
Justice BN Srikrishna, who headed the panel that recommended
sweeping changes in the financial sector laws, besides having
chaired several other committees, has taken the regulator to
court.
|
| RBI |
| Should RBI target
inflation? |
|
Maharashtra : Whether the
Reserve Bank of India (RBI) should target a particular level
of inflation in its monetary policy or not has many
disagreeing, including some prominent names. Doing so (i.e.
targeting inflation) was one of the key recommendations of the
Urjit Patel committee report. It also suggested adopting
Consumer Price Index-based inflation as the anchor measure,
with a monetary policy committee to be given a mandate to
maintain the level around a specific range. It was to be
accountable for achieving this.
|
| RBI gives banks leeway on
Basel-III |
|
Maharashtra : The Reserve
Bank of India (RBI) on Thursday extended the deadline for
banks to complete implementation of Basel-III capital norms by
a year to March 31, 2019.“Of late, industry-wide concerns have
been expressed about the potential stresses on the asset
quality and consequential impact on the
performance/profitability of the banks. This may necessitate
some lead time for banks to raise capital within the
internationally agreed timeline for full implementation of the
Basel-III capital regulations,” the RBI said in a notification
on its website.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Expand IP regime, research and
development fund to boost manufacturing, says
DIPP |
|
Delhi : The department of
industry policy and promotion (DIPP) has suggested a seven
pronged approach to expand India's intellectual property
regime and research and development framework, which would in
turn bolster manufacturing in the economy. In a discussion
paper put out on Thursday, DIPP has emphasised on the need to
promote transfer of knowledge and technology from universities
to industry.
|
| Finance & Money
Markets |
| Mid-cap stocks pick up pace, finally
match Sensex returns |
|
Maharashtra : The market
euphoria over a favourable election outcomes finally seems to
have spread to the mid-cap space. While the pack was lagging
the blue-chip Sensex since mid-February, hopes that the
BJP-led National Democratic Alliance is likely to steer the
poll tally have pushed the mid-cap index to match the Sensex
returns. During the last six weeks , the BSE mid-cap index has
rallied 9.6%, replicating a 10% increase recorded by the
Sensex. On a year-to-date basis, though, it is still lagging
the latter.
|
| BSE issues additional eligibility
criteria for SMEs |
|
Delhi : BSE today issued a
set of additional eligibility criteria for firms looking to
list on the stock exchange's platform for small and medium
enterprises (SME).As per the new norms, there should not be
any change in the promoters of the firm in preceding one year
from date of filing the application to BSE for listing under
its SME segment as well as institutional trading platform
(ITP).
|
| Rupee loses 15 paise against
dollar |
|
Maharashtra : Breaking four
straight sessions of gain, the rupee on Thursday dropped 15
paise to close at 60.32 against the dollar due to demand for
the US currency from banks and importers. The Reserve Bank of
India's suspected intervention in the forex market by way of
dollar purchasing also weakened the rupee. "Nationalised banks
were buying dollars today (Thursday), so it is suspected that
it was on RBI's behalf. The RBI has been buying dollars for
the past two-three days to shore up the forex reserves," said
Agam Gupta, managing director and head of fixed income
trading, Standard Chartered Bank.
|
| Retail cash turnover up as small
investors join Dalal Street party |
|
Maharashtra : The daily
average retail cash turnover in the first half of March has
risen to Rs 8,000 crore, up 40% plus month-on month, evidence
that small investors have become more active in the market.
While the Sensex is at an all-time high — rallying since
mid-February through March — it’s only now that participation
from retail investors is picking up.Experts say the recent
rally in mid-cap stocks suggests that small investors are
joining the party; in the last six weeks, the BSE mid-cap
index has rallied 9.6%, almost matching the 10% increase in
the Sensex.
|
| Commodities |
| FMC permits NSEL to repay e-series
investors |
|
Maharashtra : The Forward
Markets Commission (FMC), the commodities market regulator,
has permitted remat/closure of applications of e-series
investors on the scam-hit National Spot Exchange (NSEL).
Around 33,000 investors of NSEL will now be able to get the
commodity back in physical form, being able to sell and encash
the money with this permission. FMC has said the auditor
agency, Choksy and Choksy, had found no defaults, and stocks
of commodities matched those in demat form under the e-series
contracts.
|
| Goa mining: SC reserves order on cap
on iron ore extraction |
|
Delhi : The Supreme Court
today reserved its order on putting the annual cap on volume
of iron ore to be extracted in Goa which has been banned in
the state for neary one and half years. The apex court said it
will pass the order in a "few days" and the cap will be
subject to the final report of the expert panel.
|
| Gold hits six-month low on heavy
selling |
|
Maharashtra : Spot gold
plunged to a six-month low in Zaveri Bazaar here on Thursday,
following heavy selling by investors seeking refuge in other
asset classes, including equity. Investors’ risk appetite for
bullion has been low due to easing geopolitical tensions
between Russia and Ukraine and signs of an improvement in the
US economy. Standard gold fell 1.3 per cent to Rs 28,740/10g,
the lowest since August 10, 2013. The metal nosedived 4.45 per
cent through the week. In London, spot gold fell below
$1,300/oz, a level widely termed as average cost of
production, and was traded at $1293.09/oz on Thursday.
|
| INTERNATIONAL
BUSINESS |
| BofA to pay $9.5 bn to settle
mortgage securities suit |
|
Bank of America is paying $6.3 billion
to settle a lawsuit arising out of troubled mortgage-backed
securities it cobbled together and sold to Fannie Mae and
Freddie Mac in the run-up to the financial crisis.The bank
agreed on Wednesday to pay that sum to settle a lawsuit filed
on behalf of the two government-sponsored mortgage finance
firms by their regulator, the Federal Housing Finance Agency.
As part of the settlement, Bank of America will also
repurchase mortgage securities from Fannie and Freddie that
are valued at about $3.2 billion, taking the total settlement
value to $9.5 billion.
|
| MERGER &
ACQUISITION - NATIONAL |
| Angel investors warm up to
non-technology startups |
|
Karnataka : Angel investors
who have preferred to watch over technology startups in India
so far are now looking to include young companies from other
sectors under their wings. As a rising tide of
entrepreneurship spreads across the country, networks of
investors are backing companies that provide clean technology,
healthcare, food and education services.
|
| Calvin Klein deal to help Arvind rise
the market ladder |
|
Delhi : The acquisition of
49per cent stake in Calvin Klein will help denim wear maker
Arvind scale up its branding business, and it fits well in the
company's strategy to establish a strong presence in the
entire value chain of the textiles business. At Rs89 crore,
the acquisition, though expensive, will help it execute its
long-term strategy.
|
| Banking |
| Bank credit rises 14.7% in
Feb |
|
Delhi : In February, growth
in bank credit slowed to 14.7 per cent from 15.4 per cent a
year earlier, showed Reserve Bank of India data. Credit to
industry increased by 13.2 per cent in February as compared
with the increase of 17.4 per cent in February 2013.
Deceleration in credit growth was observed in mining and
quarrying, beverages and tobacco, textiles, wood and wood
products petroleum and coal products, chemical and chemical
products, cement and cement products, basic metals, vehicles,
gems and jewellery and infrastructure.
|
| PSBs could be at cusp of re-rating:
Goldman Sachs |
|
Maharashtra : Indian banks,
particularly the high-beta PSBs, could be at the cusp of
re-rating given improving macro conditions and likely
political clarity after the elections, foreign brokerage
Goldman Sachs said on Thursday. The brokerage’s positive
outlook comes in the wake of recent reports put out by peer
brokers Morgan Stanley and Nomura, which were also optimistic
on the sector, citing the receding bad loan cycle and change
in market expectations of the interest rate cycle.
|
| Top ten banking stocks which can give
returns up to 29% in 12 months |
|
Delhi : As history suggests,
the performance of real economy drives the fortune of the
banking system in general. Expectations of growth bottoming
out, the central bank taking a dovish stance and improvement
in credit quality are some factors which are likely to make
recovery in the banking space, especially the private banking
space.
|
|
 |
| Economy |
| India |
| Peak power deficit in February narrows to 3.3%
from 4% in Jan |
| Shopping mall retailers shifting to tier-II &
III cities: Retail |
| India's engineering exports fall 3% in
February |
| 11 Indo-Americans on Forbes list of venture
investors |
| Indian tech firms expect revenue boost as US
manufacturers shift focus from China |
| Mining upto 27.5 million tons sustainable in Goa:
Committee |
| |
| International |
| WTO rules in favors of US against China on rare
earths dispute |
| IMF throws Ukraine financial help, Russia economy
to slump |
| UK regulator issues warning notice to seventh
Libor trader |
| Fed's Bullard sees potential risk of bubble as
easy policy unwound |
| Sluggish economy prompts QE rethink at
Bundesbank |
| |
| Markets
Today |
| NSE |
6,695.90
|
|
| BSE |
22,339.97
|
|
| NASDAQ |
4,151.23
|
|
| |
|
|
| USD |
60.10
|
|
| EURO |
82.64
|
|
| JPY(100) |
58.58
|
|
| GBP |
99.27
|
|
|
| |
| Corporate
Watch |
| Ambit puts Infy in the dock over
governance |
|
Karnataka : A new report has raised
serious questions on the corporate governance standards at
Infosys, saying board independence at India's second-largest
information technology (IT) services firm might be the weakest
among Tier-I entities. The report, published by brokerage firm
Ambit Capital Research, also says the promoters hold
disproportionately high board representation with respect to
their total shareholding in the Bangalore-based
company.
|
| Toyota could adopt Maruti template on good
conduct bonds to resolve standoff |
|
Delhi : The labour problems faced
by Toyota Kirloskar Motors (TKM) at its twin plants near
Bangalore are similar to what market leader Maruti Suzuki saw
over a decade ago. As the stalemate between TKM and the
workers' union continues, lessons drawn from a previous
episode within the same industry may thus come in handy for an
early resolution of the dispute, analysts say. Unionised
workers, under the TKMEU (TKM Employees' Union) banner, at the
Indian unit of the world's largest carmaker have refused to
sign good conduct bonds individually. TKM has, however,
insisted it is a pre-requisite for any worker re-joining work
after it lifted the lockout at its facilities on March
24.
|
| Indian Hotels to raise Rs 1,000 crore via
rights issue |
|
Maharashtra : Indian Hotels, a
company promoted by the Tata Group, is planning to raise up to
Rs1,000 crore from existing shareholders through a rights
issue. Indian Hotels told the BSE said that the company's
board had approved a scheme to raise up to Rs1,000 crore by
issuing compulsory convertible debentures. Other details
including the rights entitlement ratio (the number of shares
each shareholder will get), the price, and the timing of the
issue will be decided later by a duly constituted committee of
the board, said a press release.
|
| Relief for Bayer as Natco barred from
exporting anti-cancer drug |
|
Maharashtra : In a major relief for
German drug major Bayer Corporation, the Delhi High Court on
Wednesday barred Hyderabad-based Natco Pharma from exporting
anti-cancer drug Sorefenat. It is the generic alternative to
Bayer's Nexavar, and is used to treat a type of kidney cancer
called advanced renal cell carcinoma as well as liver cancer.
However, the HC has granted liberty to Natco to seek
permission for exporting the drug in case it receives the nod
from Drug Controlling Authority
|
| ICICI Bank plans to raise AUD 100 m via
Bahrain |
|
Maharashtra : India’s largest
private sector bank, ICICI Bank, plans to raise 100 million
Australian dollars from its Bahrain branch under its
$5-billion medium-term note programme, Bloomberg and two
ratings agencies reported. Standard and Poor’s on Thursday
assigned BBB- and Baa2, respectively, to the Australian
dollar-denominated issue.The bonds will have a maturity of
five years and will be listed on the Singapore Stock
Exchange.
|
| US Food and Drug Administration okays
safety of Indian medicines |
|
Delhi : The US drug regulator says
it has detected no impurity in the Indian version of
cholesterol-lowering generic drug Atorvastatin in recent
tests. The development, which comes after a section of
American experts raised doubts over the quality of
India-sourced medicines, is a confidence booster for domestic
drug firms.
|
| |
| Tenders
& Assignment |
Rajcomp Info Services Limited (RISL)
 |
|
Description :Request for
Quotation (RFQ) for Hiring services of a registered Chartered
Accountancy firm for accounts & reconciliation under
eMitra (RajOnline) project
Last Date
: 02/04/2014
Address :First
Floor,Yojana Bhawan,C-Block,Tilak Marg,C-Scheme,Jaipur
(Rajasthan)
|
| Uttarakhand Compensatory Afforestation Fund
Management And Planning Authority |
|
Description :Request for
Proposals form Chartered Accountants (CA) Firms.
Last Date : 15/04/2014
Address :Uttrakhand Compensatory
Afforestation Fund Management and Planning Authority
(Uttrakhand Campa)5,Mandir Marg, Vasant Vihar Enclave,
Dehradun, 248006
Phone :0135-2761077
|
| |
| Reminders |
| Tenders |
| National Health Mission, Uttar
Pradesh 29/03/2014
|
| Food Corporation Of India - Zonal Office, (EAST),
Kolkata 31/03/2014
|
| Air Force Station - Jodhpur
Rajasthan 31/03/2014
|
| Central Mine Planning And Design Institute
Limited 01/04/2014
|
| Food Corporation Of India - Punjab
Region 02/04/2014
|
| Bharat Bhari Udyog Nigam
Limited 03/04/2014
|
| Food Corporation Of India - Zonal Office,
(South), Chennai 04/04/2014
|
| |
| Notifications
& Circulars |
| INCOME
TAX |
| Notification No.
18/2014 (Delhi) 21/03/2014
|
| In exercise of the powers conferred by section 295 read
with section 35CCC of the Income-tax Act,1961(43of 1961) |
| Notification No.
15/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by item(h) of
sub-clause(iv) of clause (15) of Section 10 of the Income tax
Act,1961(43 of 1961) |
| Notification No.
16/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by section 295 read
with section 35CCD of the Income Tax Act,1961(43of 1961) |
| Notification No.
17/2014 (Delhi) 20/03/2014
|
| In Exercise of the powers conferred by clause(46) of
section 10 of the Income-tax Act,1961(43of 1961) |
| Notification
NO.11/2014 (Delhi) 13/02/2014
|
| In Exercise of the powers conferred by item(h) of
sub-clause(iv) of clause (15) of Section 10 of the Income tax
Act,1961(43 of 1961) |
| EXCISE |
| Notification No. 13/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Rescinds Notification No 6/2012-C.E.(N.T.) dt
13.03.2012 |
| Notification No. 14/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Central Excise (Second Amendment) Rules, 2014 |
| Notification No. 15/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| CENVAT Credit (Fifth Amendment) Rules, 2014 |
| Notification No. 16/2014 - Central
Excise (N.T.) (Delhi) 21/03/2014
|
| Supersedes Notification No 5/2012-C.E.(N.T.) dt
12.03.2012;Chief Commissioner of Central Excise to order
withdrawal of facilities or impose the restrictions as
specified |
| RBI |
| Notification No.
RBI/2013-14/538 (Delhi) 27/03/2014
|
| Implementation of Basel III Capital Regulations in India –
Capital Planning |
| Notification No.
RBI/2013-14/539 (Delhi) 27/03/2014
|
| Scheme for Collection of Dues of (i) Central Board of
Direct Taxes (ii) Central Board of Excise and Customs (iii)
Departmentalised Ministries Account - Reporting and Accounting
of March Transactions - Special Arrangements - Financial Year
2013-14 |
| Notification No.
RBI/2013-14/540 (Delhi) 27/03/2014
|
| Risk Management and Inter Bank Dealings |
| Notification No.
RBI/2013-14/541 (Delhi) 27/03/2014
|
| Exposure norms for standalone PDs |
| Notification No.
RBI/2013-14/542 (Delhi) 27/03/2014
|
| Capital requirements for standalone Primary Dealers’
exposure to interest rate derivative contracts, repo/reverse
repo transactions and central counterparties |
| Notification No.
RBI/2013-14/534 (Delhi) 26/03/2014
|
| Inflation Indexed National Savings Securities-
[IINSS-C] |
| Notification No.
RBI/2013-14/535 (Delhi) 26/03/2014
|
| Annual Closing of Government Accounts – Transactions of
Central / State Governments – Special Measures for the Current
Financial Year (2013-14) |
| Notification No.
RBI/2013-14/536 (Delhi) 26/03/2014
|
| Clearing operations on March 29, 30 and 31, 2014 |
| Notification No.
RBI/2013-14/537 (Delhi) 26/03/2014
|
| External Commercial Borrowings (ECB) for Civil Aviation
Sector |
| |
|
No comments