| Professional
News |
| INCOME
TAX |
| Cairn India contests retro tax in HC
after I-T dept attaches assets |
|
Delhi : Oil major Cairn
India and its former British parent Cairn Energy Plc have
moved the Delhi High Court challenging the validity of New
Delhi’s controversial 2012 retrospective amendment to law that
imposed tax liabilities on several high-profile offshore
transactions of Indian assets including Cairn’s. The court
will take up the writ petition for hearing on July 27. Cairn’s
legal challenge of the amendment follows the income tax (I-T)
department last week attaching Cairn Energy Plc’s 10.3% stake
in Cairn India — the Scottish oil giant’s only remaining asset
in India after selling its Indian business to UK’s Vedanta
Resources.
|
| India, others need to wait till 2017
for automatic tax info |
|
Delhi : As they continue
their efforts to clamp down on the menace of black money,
India and other countries will have to wait at least till 2017
before the new global standard for automatic exchange of tax
information comes into effect. India, Switzerland and 45 other
nations had agreed upon automatic exchange of tax information,
which is seen as a major step forward in global efforts
against banking secrecy practices.
|
| SEBI |
| Delisting: SEBI may allow share
tender through bourses |
|
Delhi : In what could be a
major policy shift, SEBI plans to allow investors to tender
their shares through a stock exchange platform in a delisting
offer.These views were spelt out in a discussion paper on
‘Review of Delisting Regulations’ put out for public comments
by the capital market regulator on Friday.Any such move
(allowing tender of shares through bourses) may increase
investor participation in Reverse Book Building (RBB) and
level the playing field between RBB and sale of shares in a
stock exchange, say capital market experts.
|
| Jet, Etihad diluted pact to pass Sebi
test |
|
Maharashtra : To ensure
their deal passes muster with the Securities and Exchange
Board of India (Sebi), Etihad Airways and Jet Airways have
agreed to give up some of the initial arrangements. Among
other things, they have dropped the requirement that Jet make
Abu Dhabi in the United Arab Emirates (UAE) the exclusive hub
for its flights to the Americas and Africa, to convince the
market regulator the two airlines were not acting in concert
and Etihad would not have joint control over the
airline.
|
| COMPANY
LAW |
| Incorrect Information in Company
Filings to Attract Strict Action: Ministry of Corporate
Affairs |
|
Delhi : To curb instances of
companies submitting misleading information in their filings,
the government has said that strict action will be initiated
against professionals who certify such submission.Registered
chartered accountants, cost accountants and company
secretaries have been allowed by the Ministry of Corporate
Affairs (MCA) to authenticate the documents filed with it in
the electronic mode.The new Companies Act, wherein most of the
provisions have come into effect from April 1, has stringent
clauses to ensure that correct information is provided by
corporates while submitting the required documents to
MCA.
|
| FDI
Policy |
| FDI from Mauritius to India Dips 50%
in April-February Period |
|
Delhi : Foreign Direct
Investment inflows from Mauritius have almost halved during
April-February period of last fiscal to $4.48 billion,
according to the data of the Department of Industrial Policy
and Promotion (DIPP). India had received $8.97 billion during
April-February 2012-13.According to an expert, investors are
apprehensive that they may lose the tax benefit after
introduction of GAAR (General Anti Avoidance Rules)
provision.
|
| Finance & Money
Markets |
| Market cap of top seven Sensex cos
advance by Rs 84,494 cr |
|
Delhi : The market valuation
of top seven Sensex firms advanced by Rs 84,494.52 crore last
week, in line with an overall strong stock market with RIL and
ONGC emerging as the biggest gainers.The list of gainers
include ITC CIL, HDFC Bank, SBI and ICICI Bank, while those
who suffered losses in their market capitalisation (m-cap)
were TCS, Infosys and HDFC.The m-cap of RIL surged Rs
22,319.67 crore to Rs 3,22,369.67 crore, becoming the top
gainer among the country's 10 most valued firms.
|
| Realty rally has little to sustain
it, investors should be cautious |
|
Delhi : Investors need to be
a little cautious of the recent rally in real estate stocks,
led largely by the anticipation that a business-friendly
government will assume power.Real estate companies such as
HDIL, Unitech, DB Realty and Indiabulls Real Estate have
surged 25-80% in the past three months, fueling expectations
of more to come.But going by the BJP manifesto, urban realty
players may not have much to look forward to.
|
| MERGER &
ACQUISITION - NATIONAL |
| FrieslandCampina in talks to buy
60-75% stake in Parag Milk |
|
Maharashtra : Dutch dairy
cooperative Friesland-Campina is in talks with promoters and
investors of Parag Milk Foods to pick up 60-75% stake in the
Pune-based company, three people with direct knowledge of the
development said.The deal following the ongoing preliminary
talks may see a complete sale by the shareholders, the people
said, adding that the existing private equity investors
Motilal Oswal PE and IDFC Alternatives could cash out with
huge gains.
|
| Banking |
| FinMin for tightening banks' exposure
limits |
|
Delhi : The Union finance
ministry has proposed tightening banks' exposure limits. The
argument is that high lending to one company or group could
put small state-run banks at risk, especially in the wake of
the rising levels of stressed assets.The limit might also be
tightened for certain stressed sectors where the risk is
higher. According to the Reserve Bank of India (RBI)'s current
prudential credit norms, a bank can't give loans in excess of
15 per cent of capital funds to a single borrower. The cap is
40 per cent for the borrower group.
|
| Dena bank seeks Rs 1,200 cr in
capital from govt in FY15 |
|
Maharashtra : State-run
lender Dena Bank has sought Rs 1,200 crore in capital from
Government in FY15 on the basis of its targeted business
growth. "We are looking at a business growth of 18-20 per
cent. We have written to the Government seeking Rs 1,200 crore
on the core capital front during the fiscal," chairman and
managing director Ashwani Kumar said. He added that the
Government holds 58 per cent stake in the bank which limits
the bank's options for raising
capital.
|
|
 |
| Economy |
| India |
| PE investments in realty highest since
2009 |
| 7-7.5% growth ‘must’ at our investment rate:
Montek |
| Cost hikes overrun energy sector |
| Regulators take stock of risks posed by
subsidiaries of HDFC Group, ICICI Group and Kotak
Group |
| |
| International |
| Asian stocks fall as China adapts ‘new normal’
for growth pace |
| US economic strength may not be clear for months:
Fed |
| Exclusion from economic integration unaffordable:
Taiwan official |
| Frigid Winter Gives Way to a Warming
Economy |
| |
| Markets
Today |
| NSE |
7,014.25
|
|
| BSE |
23,551.00
|
|
| NASDAQ |
4,071.87
|
|
| |
|
|
| USD |
59.69
|
|
| EURO |
82.25
|
|
| JPY(100) |
58.73
|
|
| GBP |
100.95
|
|
|
| |
| Corporate
Watch |
| Pace of corporate earnings growth
strengthens, supports bullish market
sentiment |
|
Delhi : As the corporate results
season progresses, the pace of earnings growth appears to be
strengthening, supporting the bullish market sentiment. A
review of corporate results so far shows year-on-year profit
growth at 16.5% is faster than what it was last week. This is
based on results of 367 companies, excluding those engaged in
petroleum and banking and finance.
|
| Fiat Chrysler plans dozen launches to
expand in India; also plans to double workforce to
5,000 |
|
Maharashtra : Fiat is taking
another run at getting things right in India as part of the
wider strategy that the company, now Fiat Chrysler, has for
the Asia-Pacific region in its 2018 plan.The first foreign
carmaker to enter India, the company languishes at the bottom
of the table in a highly competitive Indian passenger vehicle
market that's struggling to cope with a slowdown.
|
| Indian IT companies like Infosys, TCS and
HCL Tech see new opportunity as Europe
rebounds |
|
Karnataka : With European
corporations emulating their American counterparts to make
outsourcing mainstream, Indian software companies are tapping
into a rich new vein of opportunity and are hiring and looking
for acquisitions to grow in the continent.As Europe rebounds
from the lows of the economic crisis, firms on the continent
are beginning to raise their IT spending as they look to cut
costs and focus on a digital future.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Orissa Tribal Empowerment And Livelihoods
Programme |
Description :Competent firm
of chartered accountants for conducting a special audit in 10
numbers of villages development committee and 25 numbers of
village level subcommittee since FY 2009-10 to 2013-14.
Last Date : 20/05/2014
Address :Integrated Tribal
Development Agency,Gunupur ST & SC Development
Department,Govt.of Odisha Phone
:06857-250934 E-Mail :itda.gunupur@otelp.org
|
| Housing And Urban Development Corporation
Limited |
|
Description :Appointment of
Chartered accountants
Last Date :
21/05/2014
Address :The Regional
Chief HUDCO,Unit No.703 & 704 North Block Manipal Centre
No.47,Dickenson Road Bangalore-560042
|
| Gujarat Livelihood Promotion Company
Limited |
|
Description :Expression of
Interest for internal audit of the National Rural Livelihoods
Mission for FY 2014-15.
Last Date :
21/05/2014
Address :The Managing
Director Gujarat Livelihood Promotion Company 3rd Floor, Block
No. 18, Udyog Bhavan, Gandhinagar, Gujarat - 382011.
Phone :+91 79 2324 8512 - 13 - 14,
|
| Aids Control Society - New Delhi |
|
Description :Engaging of
Chartered Accountancy Firms for Internal Audit of Regional Hub
(2) consisting 6 States/Uts Arunachal Pradesh, Assam, Mizoram,
Nagaland, Manipur & Meghalaya AND Regional Hub (7)
consisting 4 States/Uts, Tamilnadu, Puducherry & Andaman
& Nicobar.
Last Date : 06/06/2014
Address :Department of AIDS Control
Ministry of Health & Family Welfare 6th & 9th Floor,
Chanderlok Building, 36, Janpath, New Delhi -110001
Phone :011-43509953
|
| |
| Reminders |
| Tenders |
| Rajasthan Housing
Board 15/05/2014
|
| District Co.operative Bank Limited - Pilibhit
Uttar Pradesh 15/05/2014
|
| Central Institute Of
Technology 15/05/2014
|
| Kerala State Civil Supplies Corporation
Limited 15/05/2014
|
| Department Of Medical Health And Family Welfare -
Dehradun Uttaranchal 16/05/2014
|
| Cantonment Board 17/05/2014
|
| Indian Institute Of
Management 17/05/2014
|
| Haryana Forest Development Corporation
Limited 19/05/2014
|
| Department Of Health And Family Welfare -
Chandigarh Punjab 19/05/2014
|
| Uttaranchal Gramya Vikas
Samiti 19/05/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/584 (Delhi) 09/05/2014
|
| External Commercial Borrowings (ECB) Policy:
Re-schedulement of ECB - Simplification of procedure |
| Notification No.
RBI/2013-14/585 (Delhi) 09/05/2014
|
| External Commercial Borrowings (ECB) Policy - Refinance /
Repayment of Rupee loans raised from domestic banking
system |
| |
|
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