| Professional
News |
| RBI |
| RBI eases investment rules for
currency derivatives |
|
Maharashtra : The Reserve
Bank of India's decision to permit foreign investors to
participate in the exchange-traded derivatives segment is
deemed as a key positive measure, which could enhance the
liquidity of this platform. In its latest credit policy, RBI
announced that global investors are allowed to participate in
India’s exchange-traded currency derivatives market to the
extent of their underlying exposures plus an additional limit
of $10 million.
|
| RBI reduces limit for export credit
re-finance |
|
Delhi : The exporter
community is sceptical about the Reserve Bank of India’s
decision to reduce availability of funds under the export
credit refinance (ECR) window to 32 per cent from 50 per cent
of export credit outstanding. This move could affect credit
flow to exporters. However, the RBI, in its second bi-monthly
monetary policy, proposes to “fully compensate’’ for the
reduction in liquidity under the scheme through a special term
repo (borrowing) facility of 0.25 per cent of net demand and
time liabilities.
|
| RBI seeks better transmission of
policy rates |
|
Delhi : The RBI kept
financial markets happy by keeping key policy rates unchanged
in its monetary policy on Tuesday. Deposit and lending rates,
hence, will not see any significant change for now. But that’s
not to say that the RBI did nothing at all.By reducing the
statutory liquidity requirement and funds provided under the
export credit refinance (ECR) facility, the RBI has gone a
step further to align interest rates across different segments
to market-determined rates.
|
| FDI
Policy |
| Investment of up to 49% may be
allowed without tech transfer |
|
Delhi : The government might
allow foreign direct investment (FDI) of up to 49 per cent in
the defence sector without any mandatory transfer of
technology. Also, the Department of Industrial Policy &
Promotion (DIPP) is believed to have suggested doing away with
certain stringent conditions to give a boost to the sector
which has seen weak foreign fund inflows.FDI in the defence
sector during 2000-2014 has been a meagre $4.94 billion,
despite the total FDI flow into the country across sectors
standing at $321.81 billion.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Garment exporters seek zero duty,
early FTA with EU |
|
Tamil Nadu : Tirupur
Exporters' Association (TEA), which represents the
R17,000-crore knitwear/ readymade garment capital of India,
has raised a number of issues with the new Union ministers of
commerce and textiles, including zero excise duty on man-made
fibre, zero customs duty on machinery, early implementation of
GST and early FTA with the EU.In a meeting with commerce
minister Nirmala Sitharaman, A Sakthivel, president of TEA,
|
| Finance & Money
Markets |
| Investors don't raise a toast as
Sensex achieves new high, ends at
24,858 |
|
Maharashtra : Stocks hit
record levels yet again on Tuesday but the celebrations were
muted as investors are watching the government to see what it
does, having driven up the market since September in
expectation of a Narendra Modi-led victory, since fulfilled
handsomely. Reviving economic growth is one of the main tasks
of the government and the market is looking to the budget,
which Finance Minister Arun Jaitley is likely to present in
July, for policy measures that will lift growth out of the
doldrums.
|
| Rupee falls on RBI intervention,
dollar demand |
|
Maharashtra : The rupee is
trading at 59.2650/2700 compared with its previous close of
59.1525/1625 after likely intervention from the RBI and on
dollar demand from importers.Traders expect the pair to be
rangebound, while closely watching foreign fund inflows into
local shares.Earlier, the pair had briefly trimmed gains after
the RBI kept interest rates on hold, but the RBI was spotted
buying dollars through state-owned banks starting around 59.16
rupee levels.
|
| Commodities |
| Falling gold turns a good investment
grab; prices may dip further to 25,000
levels |
|
Maharashtra : Gold regained
a shade of glitter for retail buyers after local prices
tumbled 10% in as many days as India unwound restrictions on
the metal and international rates fell for the fifth
consecutive day to a four-month low as investors found
equities and the dollar more attractive.Jewellers are
welcoming back customers who had stayed away when gold
rocketed to more than Rs 33,000 per 10 grams last
August.
|
| NCDEX raises transaction charges for
agri commodities |
|
Delhi : National Commodity
& Derivatives Exchange (NCDEX) has increased transactions
charges for agricultural commodities, effective this month.In
February, the charges were reduced significantly. For
agricultural commodities, charges stood at Rs 1.95/Rs 1 lakh
for the first Rs 200-crore volumes, and Rs 1.3/Rs 1 lakh for
incremental average daily volumes above Rs 200 crore. Now, the
charges have been raised to Rs 3/Rs 1 lakh for volumes of up
to Rs 100 crore; for additional volumes, the charge is Rs 2/Rs
1 lakh.
|
| FMC set to withdraw one-day forward
facility |
|
Maharashtra : The facility,
extended in 2007 to promote spot exchanges, was widely used
only by NSEL. NCDEX never used it and the third spot exchange,
NMCE, never started operations The ministry of finance and the
Forward Markets Commission have initiated the process to
withdraw the one-day carry-forward facility given to spot
exchanges. On spot exchanges, sale orders have to result in
delivery and buy orders have to be settled by making
payment.
|
| MERGER &
ACQUISITION - NATIONAL |
| Cross-border M&As to get a Modi
boost |
|
Maharashtra : Big-ticket
cross-border mergers and acquisitions (M&As), which took a
beating in a slowing economy and uncertain regulatory
environment, are set to get a boost with the new government at
the Centre under Narendra Modi promising reforms.“The mandate
that has been given to the new government and its message that
it plans to focus on development are hugely positive for
anyone looking to invest in India,” said Raj Balakrishnan,
head of investment banking at the Indian arm of Bank of
America Merrill Lynch.
|
| Banking |
| Govt mulls stake cut in public sector
banks to 51-58% |
|
Delhi : The government is
considering cutting its stake in all public sector banks
(PSBs) to between 51% and 58%, the proceeds from which will be
used to recapitalise them, financial services secretary GS
Sandhu said on Tuesday, after meeting heads of major
state-owned banks. “We had asked banks to suggest ways for
recapitalisation. Several ways are being suggested, including
offloading government equity to between 51% and 58%, bond
issues, etc,
|
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/625 (Delhi) 04/06/2014
|
| Know Your Customer (KYC) Norms /Anti-Money Laundering
(AML) Standards/ Combating of Financing of Terrorism
(CFT)/Obligation of PSOs under Prevention of Money Laundering
Act (PMLA), 2002 – Amendment to Section 13(2) |
| Notification No.
RBI/2013-14/620 (Delhi) 03/06/2014
|
| Capital and Provisioning Requirements for Exposures to
entities with Unhedged Foreign Currency
Exposure-Clarifications |
| Notification No.
RBI/2013-14/621 (Delhi) 03/06/2014
|
| Export Credit Refinance Facilities |
| Notification No.
RBI/2013-14/622 (Delhi) 03/06/2014
|
| Section 24 of the Banking Regulation Act, 1949 -
Maintenance of Statutory Liquidity Ratio (SLR) |
| Notification No.
RBI/2013-14/623 (Delhi) 03/06/2014
|
| Exim Bank's Line of Credit of USD 46 million to the
Government of the Republic of Mauritius |
| Notification No.
RBI/2013-14/624 (Delhi) 03/06/2014
|
| Liberalised Remittance Scheme (LRS) for resident
individuals-Increase in the limit from USD 75,000 to USD
125,000 |
| |
|
 |
| Economy |
| India |
| Finance Ministry looks at new ARC to tranfer all
public sector banks toxic assets |
| Slow-moving road projects to get push with
Highways Ministry planning |
| India slips to 7th spot on FDI confidence
index |
| Mid-term appraisal of 12th Five-year Plan likely
to delay |
| With a stable government, India Inc looks at life
after debt |
| Rail minister asks finance ministry for
R10,000-cr hike in budgetary support |
| ILO calls for more govt investment in welfare
schemes |
| |
| International |
| Slowing Euro Inflation Puts Pressure on Central
Bank |
| China official services PMI hits 6-month high as
orders rebound |
| China HSBC manufacturing index rises to
four-month high |
| |
| Markets
Today |
| NSE |
7,402.25
|
|
| BSE |
24,805.83
|
|
| NASDAQ |
4,234.08
|
|
| |
|
|
| USD |
59.31
|
|
| EURO |
80.74
|
|
| JPY(100) |
57.81
|
|
| GBP |
99.26
|
|
|
| |
| Corporate
Watch |
| Pernod Ricard plans to raise Rs 900 crore
as it gears to take on Diageo |
|
Maharashtra : French distilled
beverages firm Pernod Ricard plans to borrow Rs 900 crore as
it aims to intensify its competition with the world's largest
liquor company Diageo, which controls over a third of the
Indian spirits market since its acquisition of United Spirits.
The firm, which manufactures Absolut Vodka and Chivas Regal
Scotch, said in a filing with the Registrar of Companies last
week that the credit facility of Rs 900 crore would be divided
equally between three banks — Hongkong and Shanghai Banking
Corporation, Citibank and Royal Bank of Scotland.
|
| Flipkart gears up to recruit management and
technology talent from Harvard, Wharton and
Stanford |
|
Maharashtra : Flipkart, a prominent
recruiter at IITs and IIMs, is preparing to hire from Harvard,
Wharton and Stanford's management batch of 2015. This is part
of its plan to acquire management and technology talent from
global campuses. The Bangalore-based e-commerce company's top
brass, who are alumni of global business schools, have started
talks with their alma mater on hiring interns and
graduates.
|
| Idea to raise Rs 3,000-3,750 crore through
QIP issue |
|
Delhi : Idea Cellular is set to
raise Rs 3,750 crore by selling its shares to institutions for
Rs 135 to Rs 140 apiece on Thursday as India's No. 3 mobile
phone operator seeks to beef up finances ahead of what could
be another bruising round of spectrum auctions later this
year. 'A lot of Idea's spectrum is coming up for renewal. So
the company needs funds,' a person familiar with the matter
told ET. He didn't elaborate on who the buyers would be but as
per earlier media reports, top private equity firms Kohlberg
Kravis Roberts and Blackstone had evinced interest in Idea's
shares.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Uttar Pradesh Administration And Management
Academy |
|
Description :Selection of a
Chartered Accountants Firm for Statutory Audit & Internal
Audit for the three financial year 2014-15, 2015-2016 &
2016-2017.
Last Date : 23/06/2014
Address :Uttar Pradesh Administration
And Management Academy,Sector 'D'Aliganj,Lucknow
Phone :0522-2335159
|
| National Thermal Power Corporation |
Description :Notice Inviting
Expression of Interest for Empanelment of Partnership/ Limited
Liability Partnership Firms of Chartered / Cost Accountants
for Conducting Internal Audit in NTPC Limited and its
Subsidiaries for the Financial Years 2014-15, 2015-16 &
2016-17 Last Date : 23/06/2014
Address :Chief of Internal Audit NTPC
Limited, Core -7, Scope Complex, 7,Institutional Area, Lodhi
Road, New Delhi-110003 E-Mail :pramrakhiani@ntpc.co.in
|
| Centre For Good Governance |
|
Description :Selection of a
Chartered Accountants Firm for Statutory Audit & Internal
Audit for the three financial year 2014-15, 2015-2016 &
2016-2017.
Last Date : 23/06/2014
Address :Centre For Good
Governance,Sector "D",Aliganj,Lucknow
Phone
:0522-2335159
|
| Bihar Education Project Council |
|
Description :Appointment of
Concurrent Auditors for Financial year 2014-15.
Last Date : 26/06/2014
Address :Bihar Education Project
Council,Shiksha Bhawan, Campus of Rastrabhasha
Parishad,Saidpur, Rajendra Nagar, Patna-800004
Phone :0612 2667152
|
| |
| Reminders |
| Tenders |
| Department Of Agriculture - Panchkula
Haryana 05/06/2014
|
| Assam Gramin Vikash
Bank 05/06/2014
|
| Assam State Rural Livelihood Mission
Society 05/06/2014
|
| Aids Control Society - New
Delhi 06/06/2014
|
| Maharashtra Prathamik Shikshan
Parishad 06/06/2014
|
| Urban Development Agency - Patna
Bihar 06/06/2014
|
| West Bengal State Marketing
Board 06/06/2014
|
| Government Of Bihar 06/06/2014
|
| Housing And Urban Development Corporation Limited
- Jammu 09/06/2014
|
| Municipal Corporation Of
Kota 09/06/2014
|
| Department Of Education - Lucknow Uttar
Pradesh 10/06/2014
|
| Public Health Engineering Department - Patna
Bihar 10/06/2014
|
| Delhi Transport Infrastructure Development
Corporation Limited 10/06/2014
|
| Assam State Rural Livelihood Mission Society -
Guwahati - Assam 10/06/2014
|
| Himachal Pradesh Power Corporation
Limited 10/06/2014
|
| District Magistrate - Medinipur West
Bengal 10/06/2014
|
| Mahatma Gandhi State Rural Development Institute
- Jabalpur Madhya Pradesh 11/06/2014
|
| District Rural Development Agency - Kullu
Himachal Pradesh 11/06/2014
|
| |
|
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