| Professional
News |
| Misc. - Direct
Tax |
| Refunds, slowdown drag April direct
tax mop-up |
|
Delhi : Thanks to a slowing
economy and huge income-tax refunds, net direct tax
collections in April stood at Rs 9,590 crore, 21.48 per cent
lower than Rs 12,214 crore in the same month last year.
Indirect tax collections saw only a meagre 3.5 per cent
growth, as mop-up from Customs fell sharply on account of a
drop in imports.At Rs 24,110 crore, income-tax refunds given
in April this year were 38.43 per cent higher than the Rs
17,416 crore refunded in the same month of 2013-14.
|
| SEBI |
| Sebi comes out with risk management
norms for FPIs |
|
Maharashtra : Market
regulator Sebi came out with a risk management framework for
Foreign Portfolio Investors (FPIs) pertaining to various
aspects, including margin requirements, on Thursday. The FPI
regime which will kick in from next month, brings together all
foreign investor classes such as Foreign Institutional
Investors (FIIs), their sub-accounts and qualified foreign
investors (QFIs).
|
| Sebi moves to simplify fund-raising
for corporates through primary
markets |
|
Maharashtra : India's
capital market regulator Sebi is planning a raft of measures
to simplify fund-raising for corporates through primary
markets. The regulator is planning to allow electronic-initial
public offers, raise the quota for anchor investors and
tax-benefits for retail investors investing in IPOs and
optionally fully convertible instruments, among other things,
its chief, UK Sinha, said at an Assocham conference.
|
| RBI |
| RBI to Launch Plastic Notes Next
Year: Raghuram Rajan |
|
Himachal Pradesh : Plastic
currency notes would be launched in India in 2015 after field
trials, Reserve Bank Governor Raghuram Rajan said on Thursday.
"Plastic notes are coming. Tender bids have come for one
billion notes. In five cities, pilot testing would be done,
including Shimla. In 2015, it would be launched based on the
results of pilot testing," he told reporters.He was talking to
reporters after a board meeting of the Reserve Bank of India
(RBI) in Shimla.
|
| There’s sufficient liquidity to curb
any market volatility on Election 2014 results day:
RBI |
|
Maharashtra : The Reserve
Bank of India has said it is geared to curb any market
volatility due to election results on Friday as it has ensured
enough liquidity in the system. The central bank said it will
infuse Rs 61,000 crore by way of 14-day term repo auction — a
mechanism for banks to borrow money from the RBI for 14 days —
on Friday. "Sufficient liquidity is being made available in
the system," said Ashutosh Khajuria, head - treasury, Federal
Bank "Election results are an event risk for the markets. A
lot of money has flown into India expecting a particular
mandate. If that does not happen, there would reversal of
flows.
|
| Interest rate RBI’s best tool to
control inflation: Rajan |
|
Himachal Pradesh : A
fortnight ahead of the next monetary policy review, RBI
governor Raghuram Rajan said on Thursday the “best tool”
available with the central bank to control price rise is
interest rate.“Our best tool to control inflation is interest
rate,” he said, adding the government too has tools like
increasing agricultural production and improving supply.“Both
need to work together and will work together. We were
expecting some increase in the CPI number because of the
seasonal effects from vegetable prices, but it came more than
anticipated by the consensus forecast.
|
| FDI
Policy |
| DIPP to push for FDI in
e-commerce |
|
Delhi : The department of
industrial policy and promotion (DIPP) will push for foreign
direct investment (FDI) in e-commerce with the new government
as part of its strategy to give an impetus to manufacturing.
DIPP held a stakeholders meeting on Thursday, a day before the
election results, to firm up its views on the issue. The
current FDI policy does not allow foreign direct investment in
business-to-consumer e-commerce. As such, 100% FDI is allowed
in business-to-business e-commerce.
|
| Finance & Money
Markets |
| FIIs aggressively hedge portfolios
ahead of Lok Sabha election results on May
16 |
|
Maharashtra : Foreign
institutional investors who have opened their purse liberally
in Indian markets in recent months have been aggressively
hedging, or fencing, their equity portfolio in derivatives
markets ahead of the Lok Sabha election results on Friday.FIIs
have sold futures and options (F&O) worth nearly Rs 10,250
crore so far in May, while buying equities worth Rs 8,255
crore in the cash market during the same period, just in case
the poll results do not play out according to the expected
script.
|
| MF schemes with exposure to gold may
be a good bet |
|
Delhi : Most financial
experts don't recommend investing in gold these days. However,
some of them are suggesting mutual fund schemes that invest in
gold, along with other asset classes like equity and debt, to
their clients. It is strange that despite its modest
performance last year, nobody is bullish on the yellow
metal.
|
| MERGER &
ACQUISITION - NATIONAL |
| Apollo-ICICI Venture JV Aion raises
$825 mn as PEs make a new contra pitch for
India |
|
Maharashtra : Battling
perceptions of geographical risks and bucking the usual
strategy of providing growth capital to Indian businesses, two
marquee private equity firms Apollo Global Management and home
grown ICICI Venture, has managed to convince large
international investors, including 5 sovereign and an equal
number of pedigreed US pension funds, to take one of their
biggest contrarian bets on India.
|
| Kohlberg Kravis Roberts ready to
invest in Chennai-based Archean
Chemicals |
|
Maharashtra : Kohlberg
Kravis Roberts (KKR) is close to concluding a deal to invest
Rs 500-600 crore in privately held Chennai-based industrial
salt producer Archean Chemicals as the US private equity
firmperseveres with its strategy to pick up stakes in Indian
companies, betting on the country's long-termpotential. The
structured credit transaction, which will be completed in two
tranches, will help the company to part-fund its expansion
plans, according to people familiar with the terms.
|
| Reminders |
| Tenders |
| Cantonment Board 17/05/2014
|
| Indian Institute Of
Management 17/05/2014
|
| Uttaranchal Gramya Vikas
Samiti 19/05/2014
|
| Department Of Health And Family Welfare -
Chandigarh Punjab 19/05/2014
|
| Haryana Forest Development Corporation
Limited 19/05/2014
|
| Brahmaputra Valley Fertilizer Corporation
Limited 19/05/2014
|
| Joint Electricity Regulatory
Commission 19/05/2014
|
| Jharkhand State Rural Road Development
Authority 20/05/2014
|
| Employees Provident Fund
Organisation 20/05/2014
|
| Orissa Tribal Empowerment And Livelihoods
Programme 20/05/2014
|
| Cantonment Board - Ranikhet
Uttarakhand 20/05/2014
|
| Housing And Urban Development Corporation
Limited 21/05/2014
|
| Gujarat Livelihood Promotion Company
Limited 21/05/2014
|
| Gujarat State Road Development Corporation
Limited 23/05/2014
|
| Maharashtra State Rural Livelihoods
Mission 23/05/2014
|
| |
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/591 (Delhi) 15/05/2014
|
| Treatment of RIDF and certain other funds under priority
sector |
| Notification No.
RBI/2013-14/592 (Delhi) 15/05/2014
|
| Levy of Penal Charges on Non-Maintenance of Minimum
Balances in Inoperative Accounts |
| Notification No.
RBI/2013-14/590 (Delhi) 13/05/2014
|
| Issuance and Operation of Pre-paid Payment Instruments in
India – Consolidated Revised Policy Guidelines |
| |
|
 |
| Economy |
| India |
| FY14 fiscal deficit likely to be
4.5% |
| WPI cools to 5.2% in April on cheaper food and
fuel, but rate cut unlikely in June review |
| Odisha sets up cell for faster project
clearances |
| Non-food credit rises 14.35%, continues to lag
deposit growth |
| Exporters seek Rupee
intervention |
| |
| International |
| Japan Q1 growth hits 5.9%, a two-year
high |
| European Stocks Waver After GDP Misses
Forecast |
| US jobless claims fall to 7-year
low |
| |
| Markets
Today |
| NSE |
7,203.00
|
|
| BSE |
24,121.74
|
|
| NASDAQ |
4,069.29
|
|
| |
|
|
| USD |
59.02
|
|
| EURO |
80.97
|
|
| JPY(100) |
58.09
|
|
| GBP |
99.20
|
|
|
| |
| Corporate
Watch |
| ZTE Corp fears its chances of payback from
Loop Mobile are low |
|
Delhi : ZTE Corp fears the
subscriber-linked formula that Bharti Airtel will use to pay
Loop Mobile would significantly reduce the final sale amount,
thus not leaving enough in the hands of the Khaitan-owned
telco to be able to pay what it owes to the Chinese equipment
vendor. The fear of outstanding dues worth over $33 million,
and the anger that it wasn't informed by Loop, Mumbai's oldest
mobile operator, while signing the deal with India's No.1
telco Bharti Airtel, drove ZTE to court, said multiple sources
aware of the issue.
|
| Reliance Jio Infocomm signs deal with Tower
Vision |
|
Delhi : Reliance Jio Infocomm has
signed a tower sharing deal with Tower Vision, which will help
the telecom unit of Reliance Industries roll out its
much-awaited high speed data and voice services faster and at
a lower cost across India. The deal is for sharing 8,400
towers of Tower Vision, the two companies said in a joint
statement. This is Mukesh Ambani-owned Jio's fifth tower
sharing agreement after having tied up with Bharti Airtel
Reliance Communications, Viom Towers and ATC India for using
their respective tower infrastructures.
|
| Sun settles US suit with
Novartis |
|
Maharashtra : Sun Pharmaceutical
Industries has finalised a settlement with Novartis
Pharmaceuticals Corporation, stipulating a dismissal of the
latter’s lawsuits in America against Sun’s US subsidiary.This
will enable Sun Pharma’s subsidiary to launch its generic
version of Gleevec in the US from February 2016. Gleevec is
estimated to have annual sales of about $2 billion in the
US.
|
| Bajaj Auto Q4 profit stalls on slowing
domestic sales |
|
Maharashtra : MISSING Street
estimates, Bajaj Auto's net profit for the quarter ended March
31, 2014, fell 0.41% to R764 crore, compared with the same
period last year as volumes fell.Analysts had estimated the
company to post around R810 crore profit in the quarter,
expecting export earnings to offset the company's slowing
domestic volumes.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| United Bank Of India - Kolkata West
Bengal |
|
Description :Practicing
chartered accountant firms for Conducting concurrent
audit/revenue audit, information system audit of banks
branches.
Last Date : 24/05/2014
Address :United Bank of India, Head
Office, United Tower, 11, Hemanta Basu Sarani,
Kolkata-700001
|
| Forward Markets Commission - Government of India
|
|
Description :Empanelment of
Auditors for conducting Audit /Inspection of books of accounts
of Commodity Exchanges and its members
Last
Date : 26/05/2014
Address
:Forward Markets Commission,
Government of India
,“Everest” 3rd floor, 100 Marine Drive, Mumbai – 400002.
Phone :022-22795300
|
| 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
|
| Hospital Services Consultancy Corporation [
India] Limited |
|
Description :PSU Wished to
Engage Firm of Chartered Accountants as Internal cum
Concurrent Auditor for three Financial years 2014-15 to
2016-17.
Last Date : 28/05/2014
Address
:E-6(A),Sector-1,Noida(U.P)-201301
|
| 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,
|
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