| Professional
News |
| SEBI |
| Sebi proposes new listing &
disclosure requirement norms |
|
Maharashtra : To enhance
enforceability of regulatory provisions by listed firms, Sebi
on Monday proposed a new set of rules that would require
greater disclosures by companies and give more power to stock
exchanges to check non-compliance.The proposed norms, to be
called Sebi (Listing Obligations and Disclosure Requirements)
Regulations, 2014, would need to be followed by all listed
companies, as also for listing of debentures, bonds and mutual
funds on stock exchanges.
|
| COMPANY
LAW |
| Minority shareholders may lose voice
at AGMs |
|
Delhi : Annual general
meetings of listed companies may turn out to be dull affairs
from now on, without the drama, glamour, emotion and sentiment
that come with minority shareholder participation.Thanks to
SEBI’s new requirement on e-voting, minority shareholders in
such companies may henceforth not have a voice, literally, in
the resolutions moved at annual general meetings. Such
shareholders may unwittingly face the brunt of SEBI’s
enthusiasm to mandate e-voting so as to widen shareholder
participation.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| NHAI eyes trimming bidders’ list, to
limit unduly aggressive bids |
|
Delhi : With a large number
of developers abandoning flagship projects — the GMR Group
walked out of the Kishangarh-Ahmedabad project in FY13 — the
National Highways Authority of India (NHAI) is looking at ways
to ensure against unduly aggressive bids.While the GMR Group
had bid a first-year premium of R636 crore for this project,
the lowest bidder — L&T — had bid less than half that at
Rs 303 crore.
|
| Telecom Secretary seeks speedy
clearance of sops for tower companies |
|
West Bengal : Telecom
secretary MF Farooqui has urged the Department of Economic
Affairs (DEA) to speedily clear a compost of incentives to
give telecom tower companies like Bharti Infratel, Viom
Networks, Indus Towers, GTL and Reliance Infratel a
shot-in-the-arm. In the run-up to the next Union budget that
will be placed by the new government post-conclusion of the
current Lok Sabha elections,
|
| Finance & Money
Markets |
| FIIs' stake in BSE-500 firms at new
high |
|
Maharashtra : Foreign
institutional investors’ average holding in BSE-500 companies
hit a new high at the end of the March quarter.According to
the shareholding pattern filed by 489 companies from the
BSE-500 index, their average stake in these companies rose to
19.9 per cent from 19.6 per cent at end-December 2013, itself
up from 19 per cent at the end of the September 2013 quarter
(and 18.59 per cent at end-March 2013).
|
| United Bank scripts turnaround, net
up 15-fold on NPA recovery |
|
West Bengal : After posting
losses in previous two quarters, crisis-hit United Bank of
India on Monday reported a 15-fold jump in net profit at Rs
469.37 crore for the quarter ended March 31, 2014, on the back
of a strong bad loan recovery, coupled with a decent growth in
net interest income.The Kolkata-headquartered bank made a
reduction in its gross non-performing assets (NPAs) of R1,427
crore during the fourth quarter last fiscal. The bank’s gross
NPAs to gross advances during the third quarter of FY14 had
jumped to 10.82% to R8,545.50 crore.
|
| Bond yield hits seven-week
low |
|
Maharashtra : The benchmark
10-year bond yield dipped to a seven-week low on Monday,
tracking a fall in US treasury yields, with sentiment also
boosted by hopes for a stable government at the Centre.The
positive mood — with Monday marking a fourth consecutive
session of bond gains — also reflects eased concerns about
liquidity after the Reserve Bank of India (RBI) successfully
completed all of its debt auctions in April.
|
| Commodities |
| Slowdown in gold demand in India may
have bottomed out |
|
Delhi : The slowdown in gold
demand growth in India, stoked by an official crackdown on
supplies, may have bottomed out and a recovery is expected
once the new government eases some of the restrictions on
imports, World Gold Council (WGC) managing director (India)
Somasundaram PR said.Importantly, any failure of the monsoon
this year could also spur investment in gold due to fears of
elevated inflation and increased government intervention to
boost demand, even though rural disposable income may get
hurt, Somasundaram told FE.
|
| Gold industry shifts east as Dubai
plans huge refinery and spot contract |
|
Delhi : In the desert on the
outskirts of Dubai, one of the world's biggest gold refineries
is under construction. When completed next year, it will help
to alter the balance of power in the global gold
industry.Growth in demand for the precious metal is shifting
east, to Asia's fast-growing economies. But key industry
activities such as refining and clearing — matching investors'
buy and sell orders —remain dominated by Europe and the
US.
|
| INTERNATIONAL
BUSINESS |
| Pfizer’s quarterly profit beats
predictions |
|
Pfizer, the drug maker trying to buy
AstraZeneca, reported profit yesterday that beat analyst
estimates as it cut costs to offset falling sales.Sales were
$11.4 billion (R119bn), below the $12.1bn average expected.
But Pfizer reported first-quarter earnings, excluding one-time
items, of 57c a share, 2c above analyst estimates.Pfizer is in
the middle of the drug industry’s most dramatic transition. It
has split internally into three separate businesses, one of
older products and two brand name units, while also pursuing
the acquisition of London-based AstraZeneca.
|
| Etihad launches super-luxury
classes |
|
Etihad Airways has unveiled
super-luxury classes called Residence and Apartment. Etihad
described Residence as a three-room suite. These will be
introduced in the new wide-bodied aircraft — the Airbus 380.
In contrast to many European airlines, Etihad sees an average
load factor of 50 per cent for its first-class seats, which
increases to 100 per cent during peak periods, Etihad’s
President and CEO James Hogan said. He said that a Residence
ticket from London to Abu Dhabi would cost around $20,000.
|
| Banking |
| NPAs render govt banks unfit for pvt
PF deposits |
|
Maharashtra : Rising
non-performing assets (NPAs) are taking a toll on public
sector banks such as State of India (SBI), Punjab National
Bank (PNB) and Canara Bank in more ways than one — these banks
are unable to take deposits from non-government provident
funds.Norms governing investments by provident funds bar these
from depositing funds in a commercial bank in case the NPAs of
that bank exceed two per cent of net advances.
|
| Pvt banks see healthy low-cost
deposit growth |
|
Maharashtra : At a time when
many public sector banks are struggling to attract low-cost
deposits — despite having large branch presence — their
private sector counterparts saw a healthy growth, on the back
of branch expansion and product innovation. Private-sector
lenders attributed customer satisfaction as one of the reasons
for the growth in current account and savings account deposits
(Casa), known as low-cost deposits.
|
| Reminders |
| Tenders |
| Haryana State Horticulture Development
Agency 09/05/2014
|
| Uttar Pradesh Co-operative Bank
Limited 09/05/2014
|
| India Trade Promotion
Organisation 09/05/2014
|
| State Bank Of
Mysore 10/05/2014
|
| Nizams Institute Of Medical
Science 12/05/2014
|
| Govt Of India Ministry Of Corporate Affairs
Office Of The Official Liquidator High Court Of
Delhi 12/05/2014
|
| |
| Notifications
& Circulars |
| CUSTOMS |
| ORDER (Delhi) 02/05/2014
|
| Appointment of Common Adjudicating Authority |
| ORDER (Delhi) 02/05/2014
|
| Appointment of Common Adjudicating Authority |
| Notification No.38/ 2014-Customs
(N.T.) (Delhi) 01/05/2014
|
| Rate of exchange of conversion of each of the foreign
currency with effect from the 2nd May, 2014 |
| Notification No.36/ 2014-Customs
(N.T.) (Delhi) 30/04/2014
|
| Amends Notification No. 36/2001-Customs (N.T.), dated the
3rd August, 2001 |
| Notification No. 33/ 2014-Customs
(N.T.) (Delhi) 25/04/2014
|
| Appointment of Common Adjudicating Authority |
| Notification No. 34/ 2014-Customs
(N.T.) (Delhi) 25/04/2014
|
| Appointment of Common Adjudicating Authority |
| Notification No.35/ 2014-Customs
(N.T.) (Delhi) 25/04/2014
|
| Appointment of Common Adjudicating Authority |
| RBI |
| Notification No.
RBI/2013-14/578 (Delhi) 05/05/2014
|
| Auction of Government of India Dated Securities |
| |
|
 |
| Economy |
| India |
| FIPB’s FDI approvals jump in last two
years |
| Transmission worry slows down power trading,
April sees 8% decline at IEX |
| India to tap into UN & World Bank network to
recover black money |
| Where will the rupee go? |
| Making India a manufacturing hub |
| Challenge for new govt: Effect 6% growth with
focus on manufacturing |
| CAD likely to stay around 2% of GDP:
Rangarajan |
| Gloomy outlook clouds hospitality
sector |
| Realty sector unlikely to revive soon after
polls' |
| |
| International |
| Ex-Fed VC sees ‘market-rattling’ infighting at US
central bank |
| US services sector growth accelerates in
April |
| China's economic report card: Slow, safe &
steady |
| |
| Markets
Today |
| NSE |
6,715.30
|
|
| BSE |
22,508.42
|
|
| NASDAQ |
4,138.06
|
|
| |
|
|
| USD |
60.15
|
|
| EURO |
83.70
|
|
| JPY(100) |
58.98
|
|
| GBP |
101.82
|
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| |
| Corporate
Watch |
| OVL maps exit strategy as several assets
turn barren |
|
Delhi : ONGC Videsh (OVL), which
has been in an aggressive mode to acquire hydrocarbon assets
overseas, has turned introspective. The overseas subsidiary of
state-run ONGC is putting in place an exit strategy with an
aim to keep only those assets that give returns compatible
with its mandate to boost the country’s energy security.So
far, the government-owned explorer’s exit plans have been
rather nebulous, and it has relinquished only those blocks in
which it did not find any hydrocarbon that could be
commercially mined. The exits, however, would only enhance its
capacity for acquiring new attractive assets.
|
| R Com to raise capex outlay in FY15 to Rs
2,000 cr; will fucus on CDMA biz |
|
Maharashtra : Reliance
Communications (R Com), the mobile telephony arm of the Anil
Ambani-led Reliance Group, is once again turning the focus on
its code division multiple access (CDMA) telephony business by
committing a greater capital expenditure for it in FY15, in
hope of a new growth in the business.At a post-earnings
analyst call on Monday, R Com's chief executive Vinod Sawhny
said the company will raise its capital expenditure outlay in
FY15 by a third to R2,000 crore. A significant portion of this
capex will be dedicated towards bolstering R Com's CDMA
network, which the telco hopes will be a significant growth
driver for the company in the future.
|
| German retailer Metro to step up expansion
in India |
|
Delhi : German retailer Metro wants
to step up expansion in India and is planning to have 50
wholesale stores by 2020, up from 16 now, as part of a broader
strategy for growth in emerging markets.Europe's
fourth-biggest retailer said in a statement on Monday that it
wanted India to become one of its 'focus expansion countries',
alongside Russia, China and Turkey.'We have seen continuous
like-for-like growth recently in India. Now we decide to
inject extra momentum into our expansion course there,' Metro
chief executive Olaf Koch said.
|
| Qatar Airways says it’s keen on buying a
stake in IndiGo |
|
Delhi : Qatar Airways CEO Akbar Al
Baker made a pitch for a stake in IndiGo, India's largest
passenger carrier by market share, marking a reversal of his
earlier stand and suggesting that he would be keen on
following the strategy of Abu Dhabi's Etihad, which acquired
24% of Jet Airways last year.IndiGo, which flew nearly
one-third of India's domestic air passengers in the year ended
March and is the country's best-performing carrier, declined
to comment on the matter.
|
| Tata Group lines up funds to buy DoCoMo
stake in JV |
|
Maharashtra : The Tata Group has
set aside the funds required to buy back NTT DoCoMo's 26.5%
share in their telecom joint venture as they are unlikely to
find a third investor for the Tata Teleservices stake before
the end of June at the price they are looking for, two people
familiar with the matter said.DoCoMo's move last month to exit
the loss-making Tata Tele means the Indian conglomerate has to
either buy the stake or find a buyer for it under their 2009
joint venture agreement.
|
| Suzlon bags Rs 720-crore PowerWorks order
for wind turbine generators |
|
Maharashtra : Suzlon Group has
secured a Rs 720-crore wind-turbine supply order from US-based
PowerWorks, reviving its order book after scripting the
country's biggest convertible bond default in 2012. People
with knowledge of the matter said Suzlon's US-based
subsidiary, Suzlon Wind Energy Corp (SWECO), has forged an
agreement with PowerWorks to supply up to 98.7 Mw of wind
turbines.
|
| Solar gear importers likely to face steep
dumping duty |
|
Delhi : India is likely to impose a
steep duty on importers of solar cells following vociferous
complaints from domestic manufacturers, threatening the
viability of about 4,000 Mw of recently tendered solar power
projects across the country. Although the ministry of new and
renewable energy (MNRE) did not disclose the numbers, the
officials said on the condition of anonymity that the duty is
likely to be high given that the initial investigation has
found the dumping rate to be about 80%.
|
| K M Birla to raise stake in Century
Textiles |
|
Maharashtra : The chairman of the
$40-billion Aditya Birla Group, Kumar Mangalam Birla, is
expected to buy a sizeable stake in Century Textiles and
Industries, owned by his grandfather, B K Birla, by
subscribing to a preferential allotment of shares worth about
Rs 700 crore, cleared by the company's board on Monday.This
will help the Birla scion to consolidate his grip over Century
Textiles. With the preferential offer, Birla will own an
additional six-seven per cent of the Rs 6,600-crore company.
At present, the promoters own close to 40 per cent of the
cement-to-real estate company and want to increase their stake
to over 51 per cent, insiders say.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Kerala State Civil Supplies Corporation
Limited |
Description :Empanelment of
Chartered Accountants Firms At Each District For Conducting
Internal Audit / Inspection Of Its Depots Sub Depots And
Physical Verification Of Stock At Depots/ Outlets.
Last Date : 15/05/2014
Address :Kerala
E-Mail :manageriaw@supplycomail.com
|
| Gujarat State Road Development Corporation
Limited |
|
Description :Express of
Interest for Appointment of statutory auditor for ongoing bot
projects.
Last Date : 23/05/2014
Address :Gujarat State Road
Development Corporation Ground Floor, Nirman Bhavan, Sector
10A,Gandhinagar –382010, Gujarat, India.
Phone
:91-79-23252912
|
| National Rural Health Mission
Maharashtra |
|
Description :Hiring service
of Chartered accountants firm for Concurrent audit of State
health society & District health societies for Audit of
All programmes under NHM including NDCPS for the FY 2014-15
Last Date : 26/05/2014
Address :National Rural Health
Mission, Mumbai
Maharashtra
|
| Assam Administrative Staff College |
Description :Expression of
Interest (Eoi) from firms which are registered under Institute
of Chartered Accountants of India (ICAI) and also which are
Comptroller & Auditor General approved.
Last Date : 30/05/2014
Address :Assam Administrative Staff
College Society,Khanapara, Guwahati-781022
Phone :0361- 2363325
E-Mail :director@aasc.gov.in
|
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