| Professional
News |
| CUSTOMS |
| Japan to push for anti-dumping duty
to protect its $500-m stake |
|
Delhi : Japan wants New
Delhi to protect the interests of one its largest foreign
direct investments in India of over $500 million (around
R3,400 crore) by the local affiliate of Mitsubishi Chemical
Corporation (MCC) for its purified terephthalic acid (PTA)
plant in Haldia, West Bengal.Tokyo wants India to impose an
additional tariff in the form of anti-dumping duty to prevent
“artificially cheap/unfairly low-priced” imports of PTA and
its variants from China, South Korea, Thailand and the
European Union. PTA is a crucial raw material used in
manufacturing synthetic fibre.
|
| SEBI |
| Sebi plans to shorten delisting
process to 2 months |
|
Delhi : With a view to make
it easier for promoters to delist their companies from stock
exchanges, market regulator Sebi is mulling to shorten the
delisting process to two months. Public comments sought (till
May 30) by Sebi on the delisting process are currently being
analysed and final rules will be announced very soon,
according to official sources. The new norms will help
companies save cost and time with a faster process and also
check any manipulation in share price associated with a longer
time-frame.
|
| Sebi bans Cayman Islands-based hedge
fund in insider-trading case |
|
Maharashtra : Unearthing a
major case of insider trading in the shares of L&T Finance
Holdings (LTFH), the Securities & Exchange Board of India
(Sebi) on Thursday barred Factorial Master Fund, a Cayman
Islands-based hedge fund, from the Indian securities markets.
The role of other entities, including some employees of
investment banking major Credit Suisse, is also under the
regulator's scanner.Sebi said in an order that Factorial,
which is said to be a hedge fund set up by a former investment
banker with an Indian origin,
|
| RBI |
| RBI to take another shot at IIBs in
FY15, with tweaks |
|
Delhi : Learning from the
poor investor response to last fiscal’s inflation-indexed bond
issues, the government and the Reserve bank of India are set
to give the instrument another shot for FY15, albeit with a
few changes, finance ministry sources told FE.For the current
fiscal, the RBI will offer two variants from the very
beginning: inflation-indexed bonds and inflation-indexed
savings certificates. The former will be primarily for
institutional investors through the auction process, with a
20% limit for retail investors.
|
| RBI raises CRR for non-scheduled
urban co-operative banks |
|
Maharashtra : The Reserve
Bank of India on Thursday increased the cash reserve ratio
(CRR) for non-scheduled urban co-operative banks (UCBs) by 100
basis points to 4%. One basis point is equal to onehundredth
of a percentage. This increase will come into effect from July
12. The move will bring nonscheduled urban co-operative banks
on par with scheduled primary urban co-operative banks. There
are some 1,500 unscheduled urban cooperative banks in
India.
|
| RBI Notifies Govt's FDI Policy on
Insurance |
|
Maharashtra : The Reserve
Bank of India has notified the government's foreign direct
investment policy in insurance, formalising the decision to
consider investment from portfolio investors such as foreign
institutions and non-resident Indians also under the rule
capping FDI in the sector at 26%. In February, the Department
of Industrial Policy and Promotion had announced the
government policy, which also said that the 26% limit on
foreign investments in insurance would apply to intermediaries
such as brokers, third-party administrators and surveyors.
|
| FDI
Policy |
| Govt to set health rider for 49% FDI
in insurance |
|
Delhi : The Bharatiya Janata
Party-led government is set to raise the foreign direct
investment (FDI) threshold in insurance to 49 per cent with
two riders. All companies will have to provide health
insurance, and voting rights of foreigners will be limited to
26 per cent, the current investment cap.The government is
working on a three-pronged strategy to make health care
affordable. First, ensuring availability of products by making
it mandatory for all companies to provide standalone health
insurance. Second, it will encourage people to go for health
insurance by offering tax sops in the Budget.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| SME funding to get Rs 5,000-cr
boost |
|
Maharashtra : The
government, with the help of the capital market regulator, is
planning to set up a first of its kind co-investment fund to
fund small and medium enterprises (SMEs), considered the
backbone of the Indian economy.According to sources, the fund
will have an initial corpus of Rs 5,000 crore and anchored by
two state-owned financial institutions — insurance behemoth
Life Insurance Corporation (LIC) and Small Industries
Development Bank of India (Sidbi), an institution set up to
provide funding for SMEs.
|
| New foreign trade policy to give more
thrust to services exports |
|
Delhi : The new five-year
foreign trade policy will offer greater incentives for
services exports while refocusing schemes for merchandise
exports to make them more effective, according to top commerce
department officials.The commerce ministry is expected to
announce the foreign trade policy 2014-19 after the budget,
which is likely in July. Officials said the department of
commerce is expected to expand the scope of the 'Serve for
India Scheme' (SFIS) in the new policy by making duty credit
scrips tradable.
|
| Finance & Money
Markets |
| Sensex conquers Mt 25k,
finally |
|
Maharashtra : After two
failed attempts on earlier occasions, the BSE benchmark Sensex
on Thursday closed above the 25,000 mark, for the first time
ever, on continued optimism about a turnaround in the domestic
economy with a stable government at the centre.The market got
a boost from metal and mining stocks, which surged for a third
straight session after positive manufacturing data from China
earlier this week aided sentiment.
|
| Commodities |
| Govt considers hike in sugar import
duty from 15% to 40% |
|
Delhi : As cane arrears hit
R11,000 crore, the government is weighing proposals, including
raising import duty on sugar to 40% and offering subsidised
loans to mills against the excise duties paid by them over the
last five years, to enable mills to clear the dues at the
earliest.Pointing out suggestions by stakeholders after a
meeting of various ministers, including agriculture minister
Radha Mohan Singh, transport minister Nitin Gadkari and
petroleum minister Dharmendra Pradhan, food minister Ram Vilas
Paswan said on Thursday the Centre will try its best to
balance the interest of mills with farmers so that companies
are not forced to shut business and farmers are not forced
into distress.
|
| Gold gains 1% on ECB
boost |
|
Delhi : After hovering
around a four-month low, gold gained 1% in intraday trade on
Thursday after the European Central Bank reduced interest
rates to record lows and also unveiled new stimulus
measures.Spot gold hit $1,256.50 an ounce before easing a bit
to $1,252.15 an ounce at 1308 GMT, still up 0.8%. Earlier in
the session, the metal dropped to as low as $1,240.90 an
ounce, close to the four-month low of $1,240.61. In Delhi,
however, gold prices dropped by R60 to R27,180 per 10
gm.
|
| Mining experts urge Odisha to renew
remaining leases |
|
Orissa : The Society of
Geo-scientists & Allied Technologists (SGAT), an apex body
of mining experts, has urged the Odisha government to pass
“express orders” granting renewal for the remaining 18 mines
that have been closed following the Supreme Court's
directives. The state government recently allowed 8 of the 26
mines to become operational issuing "express orders" granting
renewal in terms of section 8(3) of the MMDR Act 1957. "It is
urgently necessary that the state government grant renewal in
respect of the remaining 18 leases forthwith as all such
leases have necessary statutory clearances,” said SGAT
president SK Sarangi.
|
|
 |
| Economy |
| India |
| Economy to grow by 6.2% in 2014-15:
E&Y |
| Milk production in 2013-14 rises by 6 per cent to
140 million tonnes |
| Concerns of agriculture sector high priority for
government: Arun Jaitley |
| Decision on revising gas prices to be taken
before July 1 |
| Renewable Energy Ministry aims at four solar
power plants of 1,000 Mw each |
| Agri-commodities prices drop, food inflation may
cool off too |
| Maharashtra govt presents a revenue-deficit
Budget |
| |
| International |
| How to invest after the ECB cut rates below
0% |
| IMF cuts China growth forecast to 7%, but urges
focus on reforms |
| U.S. Jobless Claims Up, but Still Near 7-Year
Low |
| UK house prices show biggest monthly jump in 11
years |
| ECB hurls cash at sluggish Euro zone
economy |
| |
| Markets
Today |
| NSE |
7,583.40
|
|
| BSE |
25,396.46
|
|
| NASDAQ |
4,296.23
|
|
| |
|
|
| USD |
59.16
|
|
| EURO |
80.64
|
|
| JPY(100) |
57.79
|
|
| GBP |
99.46
|
|
|
| |
| Corporate
Watch |
| Gap may partner Arvind for India entry next
year |
|
Delhi : American garment retailer
Gap is set to open its stores in India early next year. The
company is close to signing a franchisee deal with
Ahmedabad-based textile conglomerate Arvind that is expected
to be announced in the coming weeks, people familiar with the
development told ET. Gap has almost sealed the deal with
Arvind to open its branded stores in India, a person privy to
the talks between the two companies said.
|
| Everstone Capital in talks to buy up to 30%
stake in Fun Republic |
|
Maharashtra : Private equity firm
Everstone Capital is in talks to buy a significant minority
stake in the Subhash Chandra Goel-controlled lifestyle mall
operator Fun Republic as a stable and pro-growth government at
the Centre rekindles hopes of greater spending on
entertainment. Everstone Capital, promoted by Atul Kapoor and
Sameer Sain, could buy up to 30% stake in the Essel Group
company, according to three people with direct knowledge of
the development.
|
| Idea Cellular opens Rs 3,000 crore QIP
issue |
|
Delhi : Idea Cellular, India's
third largest wireless services operator, today said it has
opened a QIP issue through which it will offer equity shares
worth Rs 3,000 crore.'...the securities allotment committee of
the board of directors of the company, at its meeting held on
June 5, 2014, has decided to open a QIP issue by way of issue
of equity shares aggregating upto Rs 3,000 crore,' Idea
CellularBSE 2.75 % said in a filing to the BSE.
|
| Piramal buys 10% stake in Shriram
City |
|
Delhi : Cash-rich Piramal
Enterprises has acquired a 9.99 per cent stake in Shriram City
Union Finance, the retail focused non-banking financial
company of the Shriram Group, for Rs. 790 crore.In a statement
to stock exchanges, Mumbai-based Piramal said it bought
65,79,840 shares of Shriram City through a preferential
allotment at a price of Rs. 1,200 apiece.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Cantonment Board - Meerut Uttar
Pradesh |
|
Description :Expression of
Interest from experienced & reputed firms of Chartered
Accountant for Implementation of Accrual Based Accounting
System in Cantonment Board.
Last Date
: 16/06/2014
Address :Meerut
- Uttar Pradesh
|
| Paschimanchal Vidyut Vitran Nigam
Limited |
Description :Providing of Chartered
Accountant Services.
Last Date :
19/06/2014
Address :Paschimanchal
Vidyut Vitran Nigam Limited Noida Uttar Pradesh
|
| 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
|
| 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
|
| Ministry Of Forest And Environment |
|
Description :Expression
interest for internal Audit of National Mission for Clean
Ganga for FY 2014-15
Last Date :
30/06/2014
Address :Ministry Of
Forest And Environment,3rd Floor,Rear Wing,MDSS Building 9 CGO
Complex,Lodhi Road New Delhi-110003
|
| Employees Provident Fund Organisation
|
Description :Expression of
Interest (EOI) for empanelment of Chartered Accountant firms
for regional office. Last Date :
20/07/2014 Address :Employees
Provident Fund Organisation,Shri.N.B.Adurkar Regional
provident Fund Commissioner-II Bhavishya Nidhi
Bhavan,341,Bandra(East). Phone
:022-26470000-5 E-Mail :rpfcromh@gmail.com
|
| |
| Reminders |
| Tenders |
| Municipal Corporation Of
Kota 09/06/2014
|
| Housing And Urban Development Corporation Limited
- Jammu 09/06/2014
|
| District Magistrate - Medinipur West
Bengal 10/06/2014
|
| Assam State Rural Livelihood Mission Society -
Guwahati - Assam 10/06/2014
|
| Himachal Pradesh Power Corporation
Limited 10/06/2014
|
| 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
|
| Mahatma Gandhi State Rural Development Institute
- Jabalpur Madhya Pradesh 11/06/2014
|
| District Magistrate - Bankura West
Bengal 11/06/2014
|
| District Rural Development Agency - Kullu
Himachal Pradesh 11/06/2014
|
| Panchayat And Rural Development Department -
Raipur Chhattisgarh 12/06/2014
|
| Maharashtra State Electricity Transmission
Company Limited 12/06/2014
|
| Department Of Horticulture And Food Processing -
Dehradun Uttaranchal 13/06/2014
|
| |
|
No comments