| Professional
News |
| Misc. - Indirect
Tax |
| HC reserves order on Nokia’s plea
against TN tax claim |
Tamil Nadu : The Madras High
Court on Monday reserved its order for April 29 on Nokia
India's petition contesting the R2,400-crore tax claim slapped
by the Tamil Nadu government's commercial tax
department.Speaking to FE, the advocate general of Tamil Nadu
government, AL Somayaji, said final arguments are over.During
the hearing that spanned two weeks, Nokia told the court that
they were not in a position to pay up as they have already
paid R780 crore to the income tax department, in a tax evasion
case fought in Delhi HC.
|
| SEBI |
| SEBI regulations soon to give teeth
to corporate governance norms |
Delhi : If you thought the
Securities Exchange Board of India (SEBI) had given up on its
plans to frame a separate regulation for the various corporate
governance requirements specified in the listing agreement,
then think again.A regulation on the various requirements,
currently specified under the listing agreement, is expected
to have a better force of law than a mere agreement itself.The
capital market regulator may, by early May,
|
| COMPANY
LAW |
| Corporate top brass scrambles for
cover |
Delhi : Directors and top
managers are running for cover, literally. Ever since the new
Companies Act kicked in, on April 1, corporate top brass has
been in a hurry to insure itself against lawsuits in case it
gets embroiled in allegations of fraud or
mismanagement.Directors and Officers (D&O) Liability
policies, which offer cover against personal liabilities
arising from the insured’s corporate role, are seeing brisk
business.
|
| RBI |
| High interest rates unavoidable to
keep inflation under check, RBI to tell next
government |
Maharashtra : The Reserve
Bank of India (RBI) will explain to the new government the
need to keep inflation under control and why keeping interest
rates relatively high may be unavoidable to achieve that,
government officials familiar with RBI's thinking said.
Further, RBI, which is in the process of formulating new
guidelines for bank licences, was unlikely to allow corporate
houses to set up new banks in the near future, the officials
said.
|
| IRDA |
| Delays in settling crop insurance
claims hurting farmers: IRDA |
Andhra Pradesh : Farmers
have for long been ruing the delays in settling crop insurance
claims. Now, they find a supporter in the form of Insurance
Regulatory and Development Authority (IRDA), which has asked
governments and other agencies to speed up the process of
settling the claims.
|
| FDI
Policy |
| No non-compete clause in pharma
FDI |
Maharashtra : The Reserve
Bank of India on Mondaysaid the non-compete clause will not be
applicable in acquisition of existing pharma companies by
foreign entities or investors except in certain special
cases.India allows 100% FDI in pharma sector. While FDI is
permitted through automatic route in case of greenfield
investment or new venture, government approval is required in
case of brownfield or existing companies.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| India not to dilute IPR law; dialogue
with pharma cos to continue |
Delhi : India will not
dilute its intellectual property laws under pressure from
pharmaceutical multinationals but will seek to continue
dialogue with these companies to address their concerns, top
officials said after a meeting with Cabinet secretary Ajit
Seth. Seth had called secretaries of five departments to
discuss ways to deal with the intellectual property rights
(IPR) issues being raised by some US companies, particularly
those in the pharma sector.
|
| Finance & Money
Markets |
| Banks, capital goods, metal companies
take Sensex & Nifty to new peak |
Maharashtra : Just as it
looked like the Indian markets were losing steam after the
recent surge, a select group of stocks put on speed, pulling
indices to record highs in the last hour of trading on Monday.
Leading banks, capital goods and metal companies led the late
rally although gains in the indices were limited as investors
sold consumer goods, information technology and pharmaceutical
stocks.
|
| Investors may again favour FMCG, tech
and pharma sectors; likely to be choosy about
stocks |
Maharashtra : Consumer
goods, technology, and pharmaceutical shares, which have been
out of favour since mid-February, may be back in the reckoning
soon. But, even within these so called defensive sectors,
investors are likely to be choosy about the stocks they pick
as valuations of many of them are steep in comparison with
their earnings prospects.
|
| ECGC to review Ukraine's rating for
export credit insurance |
Andhra Pradesh : State-owned
Export Credit Guarantee Corporation of India (ECGC) may review
its rating to Ukraine following the crisis in that country, a
top official said. "We will have to review the rating for
Ukraine. We will be reviewing it now. It will be done
shortly," ECGC CMD N Shankar told reporters on the sidelines
of a programme here.
|
| Rupee sees biggest one-day fall in
over a month |
Maharashtra : The rupee hit
a one-month low on Monday and posted its worst single-day fall
since March 20, weighed down by good dollar demand from oil
and gas importers and as tension in Ukraine kept global
markets on the edge.Still, broader falls in the rupee were
capped as domestic shares hit record highs, surpassing
previous all-time highs hit on April 10, as banks rallied
ahead of their financial results starting this week.
|
| Commodities |
| Hindustan Zinc's prospects brighten
on high prices |
Delhi : The impact of lower
mined metal output and soft-base metal prices was visible on
Hindustan Zinc’s March quarter performance. While net sales
(Rs 3,589 crore) and net profit (Rs 1,881 crore) marked a 6.8
per cent and 13.1 per cent decline year-on-year, respectively,
these had been factored in by the market looking at the
production numbers declared earlier.
|
| MERGER &
ACQUISITION - NATIONAL |
| Tech Mahindra acquires big data
start-up FixStream Networks |
Karnataka : India's
fifth-largest IT services company Tech Mahindra has acquired
US-based big data analytics startup FixStream Networks for
around Rs 60 crore. Tech Mahindra has informed the Bombay
Stock Exchange, that it will acquire 75 per cent stake in the
one year old company which counts large technology companies
Cisco Systems, CenturyLink, and DirecTV among its early stage
customers.
|
| Banking |
| Bank licence: Long wait for
corporates likely |
Delhi : The wait might get
longer for corporate groups, keen on acquiring a bank licence.
This follows the latest view that until the ongoing process of
revamping the existing banking supervisory system is
completed, it might not be wise to allow business groups to
acquire bank licences. Besides, a new set of guidelines are
likely to be framed for the next round of evaluation of
applications for bank licences and these might reflect two
primary concerns
|
|
 |
| Economy |
| India |
| Veerappa Moily puts off hike in gas price till
June-end |
| Supreme Court allows iron ore mining in Goa with
upper limit of 20MT |
| Planning Commission to discuss new policy for
green-field airports built via PPPs |
| India wants Kazakhstan to relax rules in banking
sector |
| Crisil sees GDP growth at 6.5% over next five
years |
| Govt sets Rs. 50,000-cr cap for market
stabilisation scheme |
|
| International |
| Japan logs record $134 billion trade deficit in
fiscal 2013 on surging costs for imported fue |
| Crisil sees economy growing at 6.5% in next 5
years |
| Thawing out: Warmer temperatures lift US
economy |
| China shares drop over 1 percent, economy worries
weigh |
|
| Markets
Today |
| NSE |
6,815.35
|
|
| BSE |
22,758.37
|
|
| NASDAQ |
4,121.55
|
|
|
|
|
| USD |
60.77
|
|
| EURO |
83.89
|
|
| JPY(100) |
59.29
|
|
| GBP |
102.16
|
|
|
|
| Corporate
Watch |
| Kishore Biyani to pull out of general
insurance merger talks with L&T for Future
Generali |
Maharashtra : Over a year after
agreeing for a three-way merger of their general insurance
businesses, talks between Larsen and Toubro and Kishore
Biyani's Future Group are on the verge of falling apart.A
turnaround of the insurance business along with a reversal of
fortunes in the core retail operations following a series of
restructuring and asset sales is believed to responsible for
Biyani seeking to renegotiate the exit contract with L&T,
said multiple sources involved in the negotiations.
|
| Employees at Jet Airways fear layoffs as
airline embarks on cost-cutting spree |
Maharashtra : Employees of India's
second largest carrier Jet Airways are fearing layoffs as the
airline goes on an across-the-board cost-cutting spree to
shore up its weak finances.India's second largest carrier by
marketshare may terminate the services of about 50-60
employees from Kolkata where it recently cut down on a score
of flights, said an airline employee and a second person in
the know.
|
| El Nino effect: FMCG companies like GSK,
Dabur look to step up launches of low-priced
packs |
Maharashtra : Leading consumer
goods makers are girding themselves up for the possibility of
a below-normal monsoon after reports of a brewing El Nino and
an early private forecast suggested this year's June-September
rains could be deficient. The companies have been banking on a
government with a strong mandate after the election to spur a
return to double-digit growth in the third and fourth quarter
of FY15.
|
|
| Tenders
& Assignment |
Andhra Pradesh Medical Services And
Infrastructure Development Corporation  |
Description :Chartered
Accountants to undertake Compilation of Accounts of APMSIDC
for the Financial year 2013-14.
Last Date
: 26/04/2014
Address :3rd
& 4th Floors,DM& HS Campus,Sultan Bazar
Koti,Hyderabad-95
Phone :24738971
E-Mail :fomedincorp@rediffmail.com
|
| Hindustan Copper Limited |
Description :Appointment of Internal
Auditors for F.Y.2014-15 for Hindustan Copper Limited
Last Date : 30/04/2014
Address :Tamra Bhavan, 1,Ashutosh
Chowdhury Avenue, Kolkata - 700 019
Phone
:+91 33 2283 2226
|
| Panchayat And Rural Development Department -
Kolkata West Bengal |
Description :Hiring of
services for Process Review of Internal Audit of Gram
Panchayats.
Last Date : 05/05/2014
Address :Project ManagerISGP Project,
Panchayats & Rural Development Department,Millennium City
IT Park, Tower - II, 3rd Floor (Unit D), DN - 62, Sector – V,
Salt Lake,Kolkata-700 091
Phone :+91
33 2367-1461
E-Mail :isgp.wbsrda@gmail.com
|
|
| Reminders |
| Tenders |
| Vallabhbhai Patel Chest
Institute 28/04/2014
|
| North Eastern Regional Agricultural Marketing
Corporation Ltd 28/04/2014
|
| Department Of Information
Technology 29/04/2014
|
|
| Notifications
& Circulars |
| CUSTOMS |
| Notification No.32/2014-Customs
(N.T.) (Delhi) 17/04/2014
|
| Rate of exchange of conversion of each of the foreign
currency with effect from 17th April, 2014 |
| Notification No. 31/2014 – Customs (N.
T.) (Delhi) 15/04/2014
|
| Amends Notification No. 36/2001-Customs (N.T.), dated the
3rd August, 2001 |
| Notification No. 15/2014-Customs
(ADD) (Delhi) 11/04/2014
|
| Seeks to levy provisional anti-dumping duty on imports of
cast aluminium alloy wheels or alloy road wheels used in motor
vehicles when imported into India from People’s Republic of
China, Korea RP and Thailand for a period of 6 months |
| ORDER (Delhi) 07/04/2014
|
| Appointment of Common Adjudicating Authority |
| SEBI |
| CIR/CFD/POLICY
CELL/2/2014 (Maharashtra) 17/04/2014
|
| Corporate Governance in listed entities - Amendments to
Clauses 35B and 49 of the Equity Listing Agreement |
| RBI |
| Notification No.
RBI/2013-14/567 (Delhi) 21/04/2014
|
| Foreign Direct Investment in Pharmaceuticals sector –
clarification |
|
|
No comments