| Professional
News |
| INCOME
TAX |
| New government to ammend
retrospective Income-tax Act to boost investment
sentiment |
|
Delhi : The government is
likely to modify the controversial retrospective amendments to
the Income-tax Act and make them prospective, justifying the
move as a necessary measure to improve investment sentiment.
The 2012-13 budget amendment that overturned a Supreme Court
judgment in the Vodafone tax case has been singled out for
undermining investor sentiment and was often cited as an
example of India's aggressive tax regime.
|
| SEBI |
| Sebi set to release regulation for
insider trading, ESOPs & REITs |
|
Maharashtra : The Securities
and Exchange Board of India (Sebi) is in favour of extending
the 25% minimum public shareholding norm to state-owned firms
as well. The market regulator is also set to issue a series of
new guidelines on prevention of insider trading, employee
stock option plans (ESOPs), delisting of companies and real
estate investment trusts (REITs). Besides, it is working on
correcting the anomaly in the issue size of initial public
offerings (IPOs).
|
| RBI |
| RBI to conduct 28-day special term
repo auction for Rs 20,000 cr on
Friday |
|
Maharashtra : In a bid to
provide more liquidity to banks, the RBI said that it will
conduct a special 28-day term repo variable rate auction for
Rs 20,000 crore on Friday.The central bank had on June 3
introduced special term repo auction of 28-day tenor for a
notified amount (Rs 20,000 crore) up to 0.25 per cent of net
demand and time liabilities (NDTL) of the banking system,
according to the monetary policy statement.The 28-day special
term repo auction will usually be conducted on non-reporting
Fridays.
|
| Finance & Money
Markets |
| Midcaps become the new FII cynosure
as high-value stocks turn expensive |
|
Maharashtra : Foreign
institutional investors (FIIs), scouring the market for
potential multi-baggers, are increasingly buying mid- and
small-cap shares as these companies are reckoned to be better
placed to post accelerated growth than their bluechip peers if
the economy revives in dramatic fashion under the new
government. Many companies that are part of Nifty and Sensex
indices are also richly valued after the recent rally,
resulting in investors turning their attention to battered
shares of smaller firms in quest for potential gold
dust.
|
| Inflation reaps good harvest for
several FMCG companies like paints, tyres, ceramics,
others |
|
Delhi : High inflation may
have proved a dampener for most Indian companies but several
consumer goods manufacturers have managed to take advantage of
the rapid price rise by passing on their increased costs to
customers to bolster their margins. Most companies in sectors
such as fast-moving consumer goods (FMCG), paints, tyres,
ceramics and leather goods reported growth in profits in
2013-14, largely because they increased product prices during
the fiscal or in the previous year.
|
| Commodities |
| Commex regulator steps in to scotch
rumours on agricultural futures |
|
Maharashtra : Stock market
isn't the only place where punters have made a killing. In the
past few weeks, a club of crafty operators have had a good
time in the commodity market, albeit for a different reason.
For both groups, the common link, however, is Mr Modi. While
stock traders rode the Modi wave, buoyed by hopes of smart
governance and quick decisions, the more shadowy players in
commodities made money on a rumour that thrived for
sometime.
|
| Coffee exports may decline 10% in
FY15 |
|
Karnataka : Coffee exports
are set to fall about 10 per cent this year, as international
prices have seen a decline in the past few days and the rupee
has appreciated against the dollar.In April and May, coffee
prices remained volatile. In April, at 170.58 cents/pound, the
International Coffee Organization’s composite indicator
recorded its highest monthly average in about two years. It
however, declined 3.9 per cent in May to settle at 163.94
cents/pound.
|
| Asset-backed trading becoming the
norm in commodity market |
|
Delhi : From the middle of
the last decade, large banks world-wide got involved in
business far removed from their traditional lending activity –
trading in physical commodities.Currently, these banks are
retreating from this activity. The shift is empowering
commodity trading houses to consolidate their control over
supply chains for food, oil and metals. Commodity traders are
rapidly expanding from the traditional intermediary business
model of buying and selling, where margins are very thin, to
“asset-backed trading models”, where they are investing in
production, processing, and logistics.
|
| INTERNATIONAL
BUSINESS |
| Dai-ichi to buy Protective Life for
$5.7 billion |
|
Dai-ichi Life Insurance, one of Japan's
biggest life insurers, agreed on Tuesday to buy the Protective
Life Corporation for about $5.7 billion, as Japanese companies
continue to seek growth outside their home country.Under the
terms of the deal, the Japanese insurer will pay $70 a share
in cash, nearly 34 per cent above where Protective's shares
were trading on Friday, before speculation about a deal began
to emerge.
|
| MERGER &
ACQUISITION - NATIONAL |
| US telecom carrier AT&T may get
government's nod to raise stake to 98.67% in Indian
arm |
|
West Bengal : The government
is likely to allow US telecom carrier AT&T Inc to raise
stake in its Indian unit to 98.67% and not 100% owing to gaps
in its recent application to fully own its local arm. The US
carrier, which runs international and national long distance
telecom operations and internet services in India, has
recently sought government approval to raise stake in its
local subsidiary, AT&T Global Networks Services India Pvt
Ltd, to 100%.
|
| Banking |
| Bank mergers: Finance Ministry
examining various possible options to create robust financial
institutions |
|
Delhi : The finance ministry
is examining various suggestions made by investment bankers to
merge the country's biggest state-run banks to create much
stronger financial institutions. One proposal suggests Punjab
National Bank Indian Bank and Dena Bank be merged to create a
bank with an asset base of more than Rs 9 lakh crore. Another
possible combination is Bank of India, Allahabad Bank
Corporation Bank Bank of Maharashtra and Punjab & Sind
Bank.
|
| 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 |
| Narendra Modi government's 5-year plan: 2 years
to repair, 3 for growth |
| Boosted by surge in new businesses, services
activity picks up pace in May |
| Govt may not implement gas price hike
retrospectively |
| PM meets secretaries to outline policy
priorities |
| Complete diesel price decontrol
unlikely |
| FM may eye non-tax revenue in Budget to fund
capital expenditure |
| Maharashtra growth measures higher in
FY14 |
| |
| International |
| Drag in euro zone recovery in Q1 supports call
for strong ECB action |
| US trade deficit at two-year high in
April |
| Private hiring slows, trade deficit
widens |
| |
| Markets
Today |
| NSE |
7,474.10
|
|
| BSE |
25,019.51
|
|
| NASDAQ |
4,251.64
|
|
| |
|
|
| USD |
59.30
|
|
| EURO |
80.70
|
|
| JPY(100) |
57.86
|
|
| GBP |
99.42
|
|
|
| |
| Corporate
Watch |
| Tesco-Trent joint venture finally a
reality |
|
Delhi : Tesco became the first
foreign supermarket chain to invest in India as the British
retailer announced that its joint venture with Tata Group's
Trent was fully in place. 'Following the pre vious
announcement and receipt of requi site approvals, Tesco has
completed the es tablishment of a 50:50 joint venture (JV)
with Trent, part of the Tata Group. The joint venture compa
ny, Trent Hypermar ket (THL), operates the Star Bazaar retail
India,' Tesco said in a business in India,' Tesco said in a
filing late Tuesday.
|
| Consumer goods makers in rush to go
public |
|
Maharashtra : Billionaire bottler
Ravi Jaipuria is contemplating listing two companies held by
RJ Corp in the next one year. These include Varun Beverages,
which houses his bottling interests, and Devyani
International, which manages his fast-food and beverage
operations.Jaipuria has not specified the amount he is looking
to raise, but says this is the right time to tap the capital
markets.
|
| Companies queue up for dollar
loans |
|
Maharashtra : India's top companies
led by Indian Oil, Vedanta, Tata Power and Power Finance
Corporation are raising loans abroad this month to take
advantage of renewed investors' interest in the country.While
public sector Indian Oil is raising $650 million,
Anil-Agarwal's Vedanta is marketing a $500 million loan among
investors in the Gulf countries. Tata Power is also in the
market to raise $200 million and has sought responses by July
11 from investors. Power Finance Corporation has hired bankers
to raise $250 million in overseas loans in June.
|
| 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 |
| 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
|
| District Rural Development Agency - Kullu
Himachal Pradesh 11/06/2014
|
| Mahatma Gandhi State Rural Development Institute
- Jabalpur Madhya Pradesh 11/06/2014
|
| Maharashtra State Electricity Transmission
Company Limited 12/06/2014
|
| Panchayat And Rural Development Department -
Raipur Chhattisgarh 12/06/2014
|
| |
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