| Professional
News |
| INCOME
TAX |
| Fear of more scrutiny, litigation
keeps businesses away from LTUs |
|
Delhi : Fear of excessive
scrutiny of transactions has kept corporate India away from
signing up for the single-window payment facility for all
central taxes, called large taxpayer units (LTUs), despite
benefits such as quicker tax refunds.With less than 200
businesses registered under LTUs in the four metros, the first
of which came up in Bangalore eight years ago, the scheme
announced by finance minister P Chidambaram in 2005 has
virtually become a non-starter.
|
| Switzerland, Singapore join clampdown
on bank secrecy |
|
Delhi : Switzerland and
Singapore joined on Tuesday the growing ranks of countries
agreeing to share tax information in a major breakthrough
against bank secrecy, the OECD said.Under the pledge signed by
a total 47 countries, all financial information will be shared
between governments, including taxpayers' bank balance,
dividends, interest income and sales proceeds used to
calculate capital gains tax.
|
| DTC |
| The DTC
dilemma |
|
Delhi : The third version of
the Direct Taxes Code (DTC) to replace the five-decade-old
Income-tax (I-T) Act, 1961, was placed for public debate
recently as part of the government’s tax reform for revision,
consolidation and simplification of the direct tax structure
into a single legislation. The initial euphoria surrounding
the introduction of the DTC appears to have dwindled
considering the lack of political willingness to endorse it
and the fact that the Lok Sabha has already been adjourned.
|
| SEBI |
| Sweeping powers to bourses: Experts
for gradual approach by SEBI |
|
Delhi : The Securities and
Exchange Board of India is looking to expand the stock
exchanges’ armoury in dealing with companies that are
non-compliant with listing conditions. But the market
regulator needs to take a balanced approach and not go
overboard in introducing harsh measures, such as freezing
promoters’ shareholding, say capital market experts. Bourses —
as a first-level regulator — may soon be empowered to freeze
promoters’ shareholding if a company violates listing
conditions, according to the proposed ‘listing regulation’,
the draft of which was put up for public comments by SEBI on
Monday.
|
| Finance & Money
Markets |
| MFs lose 4% retail folios in
H2FY14 |
|
Maharashtra : Mutual funds
lost 4% or 16 lakh retail folios in the second half of FY14,
marking the sixth consecutive half-yearly fall, according to
the data released by industry body Amfi. Overall, at the end
of H2FY14, the industry had 3.95 crore folios (including
institutional and high net worth individual folios) compared
with 4.13 crore folios at end of H1FY14.“The equity category
saw the biggest fall in the number of retail folios as
investors chose to book profit after the recent surge in the
segment and expectations of volatility ahead,” said a Crisil
research report.
|
| After 4 months of buying, FIIs turn
net sellers in Indian debt market |
|
Maharashtra : Foreign
institutional investors turned net sellers in the Indian debt
market in April, snapping four months of buying spree as they
hold back to reinvest funds once the new government assumes
power. FIIs sold debt instruments worth Rs 9,184 crore in
April.In its first bi-monthly policy on April 1, the Reserve
Bank of India had barred FIIs from buying in Treasury
bills,
|
| Cash market turnover jumps 50% since
Feb |
|
Maharashtra : The cash
turnover in the equities segment has seen a substantial
increase in recent months, suggesting the current market rally
has attracted investors. The average daily turnover in the
cash segment rose to Rs 17,738 crore in April, 50 per cent
more than the Rs 11,726 crore in February.During this period,
the benchmark indices—-the BSE Sensex and NSE Nifty—-have
gained 11 per cent each. Terming it a “pre-election rally”,
market participants say the rise in share prices has been
fuelled by expectations a stable government will come to the
Centre after the election results are announced on May
16.
|
| Commodities |
| Private investors barred from buying
big stakes in commexes |
|
Maharashtra : The doors have
been shut for many private investors to hold a meaningful
stake in any national commodity exchange, with the government
having revised the shareholding norms for the bourses. The
norms released on Tuesday by commodity market regulator
Forward Markets Commission (FMC) also effectively ends the
fiasco surrounding the exit of Financial Technologies (India)
(FTIL) from MCX as the regulator has declared the bourse's
promoter not 'fit and proper'.
|
| Sugar output dipped 3.45% to 23.75 mt
in Oct-April: ISMA |
|
Delhi : The country's sugar
production fell 3.45% to 23.75 million tonne (mt) in the first
seven months of the 2013-14 season as output declined in key
states, industry body ISMA said on Tuesday.The Indian Sugar
Mills Association (ISMA) also said cane arrears are set to
pile up to over R12,000 crore this season due to falling
prices and the government's delay in fixing the subsidy for
export of raw sugar.
|
| Steel consumption rises 3.4% to 5.8
mt in April |
|
Delhi : India's steel
consumption grew by 3.4% to 5.8 million tonne (mt) in April
2014, over the same month a year ago.It, however, witnessed a
sharp 12.9% decline over the preceding month."India's
consumption of total finished steel saw a growth of 3.4% in
April 2014 over April 2013 and decline by 12.9% over March
2014," joint plant committee (JPC), a unit of the steel
ministry, said on Tuesday.Production of crude steel grew by
2.7% to 6.8 mt during the month. India is the world's fourth
largest steel producer.
|
| INTERNATIONAL
BUSINESS |
| Bayer to Buy Merck Consumer-Health
Unit for $14.2 Billion |
|
Bayer AG (BAYN) agreed to buy Merck
& Co.’s consumer unit for $14.2 billion, solidifying its
position near the top of the market for over-the-counter
health products.Merck and Bayer also will collaborate to
develop and market a class of drugs that includes Bayer’s
Adempas, which is approved to treat a deadly lung disease,
they said in a statement today. Merck will pay Bayer $1
billion for the collaboration, with additional payments
possible if sales goals are met.
|
| HTC targets US market share riding on
high sales of new flagship smartphone |
|
Taiwan's HTC said it is selling new
flagship smartphone One M8 quicker than its predecessor, and
that the strong showing will help it claw back market share in
developed markets such as the US.HTC's market share has
steadily declined since the company briefly topped the
smartphone market in 2011, exacerbated by sales of previous
flagship One M7 failing to match the phone's critical
acclaim.
|
| Hedge fund moguls' pay has the 1%
looking up |
|
Hedge fund managers heavily populate
the so-called one per cent in the United States. And they are
getting richer.The 25 highest-earning hedge fund managers in
the United States took home a total of $21.15 billion in
compensation in 2013, according to an annual ranking published
on Tuesday by Institutional Investor's Alpha
magazine.
|
| Buffett's Heinz sequel may be his
biggest deal |
|
The busiest period for mega-deals in
seven years may be an appetiser to Warren Buffett's biggest
takeover yet.The 83-year-old chairman of Berkshire Hathaway
Inc told shareholders May 3 that he'd welcome another large
deal with 3G Capital after teaming up with the buyout firm
last year to acquire ketchup maker HJ Heinz Co. Food companies
Kellogg Co, Kraft Foods Group Inc and General Mills Inc - each
valued at more than $20 billion before debt and a takeover
premium - may fit the bill for Berkshire and 3G, according to
data compiled by Bloomberg based on criteria Buffett has said
he looks for when evaluating targets.
|
| Credit Suisse creates 'bad bank' unit
for US clients: media |
|
Swiss banking giant Credit Suisse,
which could be facing looming criminal charges for helping
Americans dodge taxes, has created a "bad bank" unit for US
clients, Swiss media reported on Tuesday. According to Swiss
daily Tages Anzeiger, the bank aims to drop all funds
belonging to US citizens not residing in Switzerland, into a
newly created bank called CS International Advisors AG,
headquartered in Zurich and with its own separate banking
licence.
|
| MERGER &
ACQUISITION - NATIONAL |
| John Distilleries in talks for
M&A deals |
|
Karnataka : John
Distilleries, maker of leading whisky brand Original Choice,
is in discussions with multinationals to explore merger and
acquisition deals.“I am open to discuss anything that makes
economic sense,” Chairman Paul P John told Business Line
.Several key foreign liquor companies are keen to consolidate
their businesses in India’s liquor industry, which has just a
handful of national players, but a multitude of regional
players, he said.
|
| Problems & prospects of Gujarat
Gas-GSPC merger |
|
West Bengal : Gujarat Gas Co
Ltd will be merged with the city gas distribution business of
the State-owned GSPC Group to create Asia’s largest listed gas
distributor — GSPC Distribution Networks Ltd (GDNL) — this
fiscal.There are concerns about the profitability of the new
venture, given the high debt and other operational woes of
GSPC Gas, the distribution arm of the GSPC Group. At the same
time, there are chances of GDNL emerging stronger in the
medium to long term.
|
| Attitudinal change on M&As need
of the hour for RBI |
|
Delhi : When Reserve Bank of
India Deputy Governor KC Chakrabarty said the central bank
should end 'regulation by discretion', the plain-speaking
banker was not letting out a state secret. He was stating what
was common knowledge, but something that is hardly discussed.
The Reserve Bank of India, though, remains probably the only
vital institution in the country without taint, and the need
for attitudinal change to regulation — especially to takeovers
and amalgamations of companies in the financial services
industry — is pressing given the needs of the
economy.
|
| Global PE funds more than doubled
investments in Indian realty: C&W |
|
Karnataka : Global private
equity funds more than doubled their investment in India's
real estate sector in the quarter to March as they foresee an
improvement in economy leading to stable long-term yields,
according to a report by brokerage Cushman & Wakefield.PE
funds invested Rs 2,800 crore in the country's commercial and
residential real estate during the period, a 145% jump over
the year-ago quarter, the report said.
|
| Pension/Provident
Fund |
| EPFO acts tough on PFs flouting
rules, goes for retrospective fines |
|
Delhi : Tightening the rules
for exempted provident funds, the EPFO on Tuesday amended the
norms to impose a retrospective fine or surcharge on those
flouting investment rules. EPFO has also mandated stern action
against those violating the rules, including cancellation of a
private PF's exemption. "If the trust invests in a
security/scrip in which investment is not at all permitted, it
cannot be said to be a deviation but violation, which may
attract cancellation or withdrawal of exemption," the EPFO
said in an internal circular.
|
| Banking |
| No fine if minimum balance not kept
in dormant account |
|
Maharashtra : In line with
Reserve Bank of India governor Raghuram Rajan’s suggestion in
the monetary policy last month, RBI on Tuesday said banks can
no longer levy penal charges for non-maintenance of the
minimum balance in an inoperative account.“It is advised that
henceforth banks are not permitted to levy penal charges for
non-maintenance of minimum balances in any inoperative
account,” RBI said in a notification.
|
| Asset quality of private banks
improves on higher recovery |
|
Maharashtra : Asset quality
concerns appear to be easing for private sector banks, with
most of them reporting a reduction in gross non-performing
assets (NPAs) in the fourth quarter, on the back of increased
recovery.The top three private banks in the country reported a
reduction in gross NPA ratios sequentially as well as on a
year-on-year basis in Q4.ICICI Bank, the country’s largest
private sector lender, reported a marginal improvement in
gross NPA ratio of 2 bps from Q3, and 19 bps from the year-ago
period, at 3.03%. The bank made recoveries worth R400 crore
during the quarter.
|
| 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 |
| Maharashtra best for industrial, labour nods,
Gujarat scores on land deals, says DIPP study |
| Services downturn eases in April, all eyes on
poll results |
| Growth will pick up soon, says
Rajan |
| Property prices crash 30% as buyers hold on cash
till election verdict |
| FinMin seeks special banking facility to pay
subsidy dues to fertiliser firms |
| |
| International |
| China buys friends and influences
nations |
| Trade Gap Shrinks as U.S. Exports Show Global
Pickup |
| Euro zone businesses off to bumper start in
Q2 |
| UK service sector growth hits 2014 high as firms
hire aggressively |
| More Chinese cities ease grip on housing as
economy stutters |
| |
| Markets
Today |
| NSE |
6,652.55
|
|
| BSE |
22,323.90
|
|
| NASDAQ |
4,080.76
|
|
| |
|
|
| USD |
60.05
|
|
| EURO |
83.58
|
|
| JPY(100) |
59.19
|
|
| GBP |
101.87
|
|
|
| |
| Corporate
Watch |
| Suzlon plans to list German arm
Senvion |
|
Maharashtra : Suzlon Energy plans
to list its German subsidiary Senvion SE, according to the
company’s group head, finance, Kirti Vagadia. Speaking to FE,
Vagadia said that the unit is the wind turbine maker’s
strongest asset and has maintained profitability despite
strong headwinds in the sector.“Senvion is our strongest asset
and it has been profit-making and growing in revenue terms.
This is specially notable in the last three years which were
bad for the wind energy sector with every company bleeding
during the period,” he said, adding that the time was ripe for
such a step as the valuation in the sector has improved
significantly.
|
| AI plans to raise Rs 10,000 cr by issuing
tax-free bonds in FY15 |
|
Maharashtra : Debt-laden Air India
is looking at the option of raising around R10,000 crore
through tax-free bonds in the current fiscal to retire its
high-cost loan for meeting working capital requirements.
According to an airline official, the proposal would require
the approval of the finance ministry, to be taken up once the
new government assumes office post the general election. This
is significant since a similar proposal was earlier rejected
by the ministry on the grounds that only infrastructure firms
are allowed to come out with tax-free bonds.
|
| Maruti Suzuki to launch completely new Alto
K10 compact hatchback |
|
Delhi : As entry-level car buyers
seek more in terms of features and power, and Maruti Suzuki’s
Alto 800 witnessing a lacklustre demand even after a complete
re-design in 2012, the car maker is now gearing up to launch a
completely new Alto K10 compact hatchback this fiscal to boost
volumes.With a new design language similar to the Celerio and
featuring the automated manual transmission (AMT) technology
that has seen success with consumers seeking driving comfort
in traffic-heavy urban markets, the new Alto K10 will look to
meet the new challengers — the Datsun Go and Hyundai Eon 1.0 —
head on.
|
| Genpact posts profit jump of 8.3% to $50.6
m in Q1 |
|
Delhi : BPO major Genpact on
Tuesday posted a 8.3% jump in net profit to $50.6 million for
the first quarter ended March 31, 2014.The company’s net
profit had stood at $46.7 million in the January-March quarter
of 2013, Genpact said.Revenues during the reported quarter
stood at $528.2 million, up 4.8% from $503.8 million in Q1 of
2013, it added.The company follows a January-December
fiscal.
|
| GE brings advanced 3-D printing tech to
India, sets up plant in Pune |
|
Maharashtra : In a first for
manufacturing in India, engine, turbines and jets fitted with
3-D printed parts will come out of the new advanced
manufacturing plant of GE India at Chakan, Pune. GE is
globally investing resources and people in 3-D printing and
this is expected to play a big role in manufacturing at GE in
future. 3-D printing is used in creating parts, components,
models and prototypes. The company has installed the first 3-D
printing machine at the Chakan plant, Thomas Mitchell, GM,
supply chain, distributed power, GE Power & Water, said.
|
| HDFC standalone net rises 11% on retail
loan growth |
|
Maharashtra : Mortgage major HDFC
on Tuesday reported a standalone net profit of R1,723 crore,
up 11% y-o-y, for the quarter ended March 31. The NBFC’s net
profit beat a consensus estimate of R1,683 crore and was
largely backed by a 26% growth in the retail loan book.HDFC
also reported a net interest income of R2,353 crore against
R2,120 crore last year, a growth of 11%. As a consequence, net
interest margin (NIM) for the year was 4.1% against 4.2% last
year, and the spread on loans was 2.29% against 2.35% at the
end of the December quarter. Total income showed a growth of
16% y-o-y to R6,620.33 crore.
|
| Unilever to include human rights &
livelihood issues in growth blueprint |
|
Maharashtra : Unilever, the
49.8-billion-euro fast moving consumer goods (FMCG)
corporation, is finally attempting to fill up an unseemly gap
in its sustainability stratagem. The Unilever Sustainable
Living Plan (USLP), its blueprint for growth, launched in
2010, has so far focused on environmental impact, health,
hygiene and ethical sourcing. Now, the company, which employs
1,74,000 people globally, is expanding the scope and depth of
this 10-year plan by embracing complex issues on human
rights,and providing a greater thrust on livelihoods.
|
| Lost decade for Tata
Motors |
|
Delhi : It has been a lost decade
for Tata Motors. The 138,455 cars the company sold in India in
2013-14 are close to the number it clocked in 2003-04, even as
the car market almost tripled during the period, from 902,096
to 2.5 million units.While car industry sales have grown,
although slowly of late, Tata Motors’ market share has fallen
from a peak of 16.9 per cent in 2004-05 to 5.5 per cent in the
past financial year.Tata Motors sold fewer cars in 2013-14
than what the country’s largest automobile maker, Maruti
Suzuki, sells in two months, and slightly more than what
Hyundai does in four.
|
| No takers for Brand Kingfisher
Airlines |
|
Maharashtra : Public sector
lenders’ attempts to recover their Rs 6,000-plus crore from
grounded Kingfisher Airlines have again hit a block, with no
serious bids for the carrier’s trademarks, which they’ve tried
to auction.Last month, SBICAP Trustee Company Ltd had invited
individuals and companies, in an Expression of Interest (EOI),
to bid for nine trademarks registered with Kingfisher. The
last date was
|
| Bajaj Auto to report ‘best ever’ profit for
FY14 |
|
Maharashtra : His company may have
lost market share in its India motorcycle business last
fiscal, but Rajiv Bajaj is unfazed. “While it’s true that we
have lost four percentage points in the domestic bike market,
fiscal 2013-14 has been the best ever in terms of profit in
the history of Bajaj Auto,” its Managing Director told
Business Line . The company is scheduled to declare its
results on May 15.Foreign markets“It’s perhaps important to
bear in mind that we are a company which goes beyond just
domestic market numbers.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| District Co.operative Bank Limited - Pilibhit
Uttar Pradesh |
|
Description :Providing of
Chartered Accountant Service for Concurrent Audit & Banks
Computer System Audit.
Last Date :
15/05/2014
Address :District
Co.operative Bank Limited
Pilibhit Uttar Pradesh
|
| 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
|
| Department Of Medical Health And Family Welfare -
Dehradun Uttaranchal |
Description :Selection of
Auditors – Request for Proposal for Hiring Services of
Chartered Accountant Firm for Statutory Audit of State Health
Society (SHS) & District Health Society (DHS) for the
financial year 2013-14 under National Rural Health Mission
(NRHM). Last Date : 16/05/2014
Address :Department Of Medical Health
And Family Welfare,Danda Lakhond,Sahastradhara Road,Near Rajiv
Gandhi Kridha Sthal,Dehradun - Uttaranchal
Phone :0135-6510412
E-Mail :nrhmfinance@rediffmail.com
|
| Maharashtra State Rural Livelihoods
Mission |
Description :Expression of
interest for Internal Audit. Last Date
: 23/05/2014 Address
:Maharashtra State Rural Livelihoods Mission
(MSRLM)Office No. 101 & 102, Monarch Plaza, Plot No.
56,Sector 11, Belapur, Navi Mumbai, Maharashtra, India. Pin
Code : 400614 Phone :(+91)
022-27562554/52 E-Mail :procurement.msrlm@gmail.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
|
| Ministry Of Urban Development - New Delhi
Delhi |
Description :Expression of
interest for appointment of internal auditors.
Last Date : 26/05/2014
Address :Ministry Of Urban
Development,Room No.407,C,Nirman Bhawan,Maulana Azad Road,New
Delhi-110011 Phone :91--11-2306 2264
E-Mail :pankaj.kumar75@nic.in
|
| 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
|
| |
| 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
|
| |
|
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