| Professional
News |
| INCOME
TAX |
| Nokia threatens to go for
international arbitration over tax
disputes |
|
Delhi : Nokia has alleged
that India's tax claims on the firm don't comply with its
bilateral agreement with Finland and threatened to file an
international arbitration if the issue is not resolved
amicably. India's decision to change tax laws with
retrospective effect and substantial tax claims against Nokia
subsidiaries don't comply with its obligations under the
India-Finland Bilateral Investment Treaty (BIT) and hurt the
Helsinki-based firm's investments in India,
|
| SEBI |
| Sebi seeks tax sops to attract
household savings in capital markets |
|
Delhi : Market regulator
Sebi will pitch for rationalisation of tax structure of
financial products to make them more attractive and draw
retail investors to the capital markets, according to a plan
of action that it has sent to the finance ministry to be
presented to the new government."There is a need to
rationalise the tax structure to channelise household savings
into financial products," a senior Sebi official told
ET.
|
| Unusual trades in December series
Nifty options under Sebi lens |
|
Maharashtra : Securities and
Exchange Board of India is looking into certain unusual trades
in Nifty options contracts executed last week. The
transactions have come under the capital market regulator's
lens as they happened at option strikes that were way above
the Nifty levels then. Sebi is checking if these were
pre-negotiated deals and has asked for the identity of the
buyer and sellers of the contracts.
|
| FDI
Policy |
| FinMin wants review of FDI policy for
LLPs, DIPP disagrees |
|
Delhi : The finance ministry
has asked the Department of Industrial Policy & Promotion
(DIPP) to review the foreign direct investment (FDI) policy
for limited liability partnerships (LLPs). As foreign
investment in all LLPs needs approval of the Foreign
Investment Promotion Board (FIPB), the government is flooded
with applications from investors proposing to invest barely a
few thousand rupees in LLPs.
|
| Scrapping foreign direct investment
in multi-brand retail won't harm us, say mall
operators |
|
Delhi : Prominent mall
operators say they are not worried about the possibility of a
new government disallowing foreign super markets in the
country, saying malls are more dependent on single brand
retailing where India allows 100% foreign investment.Almost
all exit polls conducted in the country have predicted that
the BJP-led National Democratic Alliance will emerge winners
when the Lok Sabha elections results are announced on Friday,
and BJP in its manifesto has said that it will oppose FDI in
multi-brand retail.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| Government may consider e-platform to
enable small-scale manufacturers to find overseas
buyers |
|
Delhi : In order to boost
exports, government could consider an e-commerce platform to
enable small-scale manufacturers to find overseas buyers. The
five-year foreign trade policy (FTP) 2014-19,which will be
announced after the new government takes over, could also look
at ways to give a thrust to services exports, and go big on
'Made in India' branding initiatives. "We are exploring to
push exports through an e-commerce platform. It has its
complexities, but we will try to work that out.
|
| ED for more checks on real estate
players |
|
Delhi : The real estate
sector in India has the maximum scope for money laundering
activities and there should be some sort of regulatory
mechanism to keep a check on such activities, special director
of the Enforcement Directorate Balesh Kumar said on
Wednesday."...real estate dealers and brokers should have some
sort of regulatory mechanism. Our estimate is that the maximum
scope for money laundering in India is through the real estate
sector. We do feel that this sector needs some kind of in-
house regulation," Kumar said during a workshop on money
laundering hosted by BRICS Chamber of Commerce &
Industry.
|
| Finance & Money
Markets |
| With rise in profits, BoB & IOB
buck PSB trend |
|
Maharashtra : Several public
sector banks saw a decline in net profit in the March 2014
quarter due to higher loan provisioning. However, Bank of
Baroda (BoB) and Indian Overseas Bank (IOB), which recovered
strongly, saw growth in net profit. BoB reported a net profit
of R1,153.7 crore, up 12.5% year-on-year (y-o-y). Punjab
National Bank, the country's second-largest public sector
lender, however, saw its net profit decline 29% to R806 crore
y-o-y while Canara Bank's profit after tax dropped 16% y-o-y
to R611 crore.
|
| Record-breaking run
halts |
|
Maharashtra : Snapping a
record-setting spree, the benchmark Sensex on Wednesday closed
56 points lower and the Nifty ended flat as investors turned
cautious after the indices notched up hefty gains over the
previous four days on hopes of the BJP-led NDA forming the
next government at the Centre.Key index heavyweights like
Reliance Industries, HDFC, HDFC Bank and Mahindra &
Mahindra saw modest profit-booking. The Sensex had touched an
all-time intra-day high of 24,068.94 on Tuesday, enthused by
exit poll predictions.
|
| India-focused hedge fund backed by
Goldman exec hits $500 million in
assets |
|
Delhi : Steadview, an
India-focused hedge fund seeded by Goldman Sachs (Asia)
chairman Mark Schwartz, has made 12 times the returns of peers
with bets on consumer and tech stocks, helping the fund grow
its assets to $500 million in nearly five years.Founded and
managed by Hong Kong-based Ravi Mehta, a former Morgan Stanley
(MS.N) banker, Steadview's success stands out among Indian
hedge funds who have seen their collective assets plunge by
more than 50 percent to $2.4 billion since the 2008 financial
crisis, according to data from Eurekahedge.
|
| P-Notes investment drops to $31 bn in
April |
|
Delhi : Investments into
Indian shares through participatory notes (P-Notes), a
preferred route for HNIs and hedge funds from abroad, slipped
to Rs 1.87 lakh crore (over $31 billion) in April. According
to the latest data released by market regulator Sebi, the
total value of P-Notes investment in Indian markets (equity,
debt and derivatives) declined to Rs 1,87,486 crore at the end
of April after hitting nearly three-year high of Rs 2,07,639
crore in the preceding month.
|
| Dollars to rain, but rupee level may
not rise above 57 post elections |
|
Maharashtra : Brushing aside
the popular perception that the rupee would dramatically surge
with a stable government, senior traders and treasury
economists participating in an ET snap poll said RBI is
unlikely to let the local currency appreciate beyond 57 by
March 2015.The rupee had closed at a 10-month high of 59.67
per cent against the dollar on Tuesday.
|
| Commodities |
| Crude scales two-week high as Ukraine
crisis mounts |
|
Delhi : Brent crude oil
scaled a two-week peak in intraday trade on Wednesday over the
Ukraine crisis and the forecast of a decline in US oil
inventories.Brent crude futures for June delivery advanced 39
cents at $109.63 a barrel. US crude also rose 37 cents at
$102.07 a barrel, having gained $1.11 in the previous session
at its highest settlement since April 24. The benchmark
varieties gained after seven Ukraine soldiers were killed in
fighting with Pro-Russian separatists on Tuesday.
|
| Pension/Provident
Fund |
| Foreign employees under EPFO scanner
for flouting claim norms |
|
Delhi : Foreign workers in
India have come under the EPFO scanner as some of them have
flouted rules by withdrawing their provident fund before
attaining 58 years of age.The present rule does not allow
early withdrawal of PF by foreign workers coming from
countries with whom India does not have any social security
agreement (SSA). The PF amount is payable on retirement from
service after attaining the age of 58 or retirement due to
permanent “incapacity” for work duly certified by a medical
officer.
|
|
 |
| Economy |
| India |
| Ministries’ panel formed to consider applications
for coal block auction |
| Nations plan to cut dependence on rating
agencies |
| FM to meet financial advisors
today |
| |
| International |
| Rate cuts, targeted SME measures on ECB
agenda |
| Bank of England treads fine line on growth,
rates |
| Euro zone industry output falls in March on
energy output slump |
| |
| Markets
Today |
| NSE |
7,123.15
|
|
| BSE |
23,905.60
|
|
| NASDAQ |
4,100.63
|
|
| |
|
|
| USD |
59.37
|
|
| EURO |
81.16
|
|
| JPY(100) |
58.27
|
|
| GBP |
99.47
|
|
|
| |
| Corporate
Watch |
| Tata Steel posts Rs 1,036-cr
profit |
|
Maharashtra : On the back of higher
volumes of steel sold domestically and in Europe, where the
economy is witnessing a gradual turnaround, Tata Steel posted
a consolidated net profit of R1,036 crore in the three months
ended March, against a loss of R6,529 crore in the same period
a year earlier, and double of what it was in the third quarter
of fiscal 2014.In the April-March quarter of fiscal 2013, Tata
Steel had posted a huge loss due to substantial provisioning
on account of impairment of certain assets in its global steel
business in Europe and Thailand.
|
| Tech Mahindra Q4 net dips 3.6% to Rs 614
crore |
|
Karnataka : Tech Mahindra, India’s
fifth-largest IT services exporter, has reported a drop in net
profit both on a sequential basis as well as year-on-year
(y-o-y) for the fourth quarter of FY14 impacted by exceptional
items. At the end of the fourth quarter of FY14, the net
profit of the company was R614 crore compared with R637 crore
in the same period of the last fiscal showing a drop of 3.6%.
On a sequential basis, it dropped by 39%.
|
| Domestic airlines like SpiceJet and others
try to lock in flyers as AirAsia readies to take
off |
|
Maharashtra : Indian carriers have
in the past few months brought changes to their pricing
strategy, giving customers more advance purchase opportunities
and at the same time spiking prices on close in or spot
tickets, setting the ground to give a tough fight to AirAsia
which claims to be bringing the lowest fares into the
market.Low-fare carrier SpiceJetBSE 1.00 % has led the
change.
|
| Groupe SEB buys all of Maharaja
Whiteline |
|
Delhi : After three years of fierce
battle with its Indian partner, France-based Groupe SEB, the
world’s largest home appliances company, has decided to buy
the remaining 45 per cent stake in Maharaja Whiteline, to take
full control. The Rs 35,000-crore company had entered the
Indian market in December 2011 by taking a 55 per cent stake
from Harish Kumar, founder of Maharaja Whiteline. However,
with its premium imported products, the French company failed
to crack the Indian market, dominated by value-for-money
products by local manufacturers.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Employees Provident Fund Organisation
|
Description :Expression of
Interest For Empanelment of Chartered Accountant Firms For
Regional Office. Last Date :
20/05/2014 Address :Regional office,
Thane,Vardan Commercial Complex,6th Floor,Wagle industrial
Estate,Thane West 400604 Phone
:25838444 E-Mail :ro.thane@epfindia.gov.in
|
| Punjab & Sind Bank |
Description :Application For
Assignment Of Concurrent Audit For Chartered Accountant Firm
In Punjab & Sind Bank. Last Date
: 26/05/2014 Address :DGM
(I) Punjab & Sind Bank H.O. Inspection Department,
06,Scindia House, Connaught Place,New Delhi-110001
Phone :011- 23716646
E-Mail :ho.insp@psb.org.in
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh |
|
Description :Hiring Services
of Chartered Accountant Firm For Statutory Audit of Project
institutions & State Facilitation Unit.madhya
pradesh(SPFU,MP)For the Finacial year
2013-14.
Last Date : 26/05/2014
Address :State Project Facilitation
Unit ,Madhya Pradesh Tagore Hostel No.-2 Shyamla
Hills,Bhopal-462002
|
| North Eastern Development Finance Corporation
Limited |
|
Description :Expression of
Interest for empanelment of Internal Auditor.
Last Date : 26/05/2014
Address :North Eastern Development
Finance Corporation Limited,NEDFI
House,G.S.Road.Guwahati-781006
Phone
:0361-2222200
|
| Dena Bank |
Description :Selection of Concurrent
auditors in dena bank for 2014-15.
Last Date
: 28/05/2014
Address :Multi
Location - Multi State
|
| Punjab Municipal Infrastructure Development
Company |
|
Description :Expression of
interest from chartered accountant firm & company
secretary firm on retainership basis.
Last
Date : 30/05/2014
Address
:Punjab Municipal Infrastructure Development
Company,SCO 89-90, 1st Floor, Sector 34-A,Chandigarh – 160034
Phone :0172-4020101-108,
|
| |
| Reminders |
| Tenders |
| Bihar Foundation 16/05/2014
|
| 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
|
| Uttaranchal Gramya Vikas
Samiti 19/05/2014
|
| Department Of Health And Family Welfare -
Chandigarh Punjab 19/05/2014
|
| Brahmaputra Valley Fertilizer Corporation
Limited 19/05/2014
|
| Jharkhand State Rural Road Development
Authority 20/05/2014
|
| Orissa Tribal Empowerment And Livelihoods
Programme 20/05/2014
|
| Gujarat Livelihood Promotion Company
Limited 21/05/2014
|
| Housing And Urban Development Corporation
Limited 21/05/2014
|
| |
|
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