| Professional
News |
| Misc. - Direct
Tax |
| DIPP meets today to plan curbs on
rising royalty outflows at MNC arms |
|
Delhi : Ahead of the new NDA
government taking charge, officials in the department of
industrial policy and promotion (DIPP) will meet on Tuesday to
firm up a proposal for “reasonable curbs” on royalty outflows
from MNC arms in India, which have seen a surge in recent
years. Royalty has become one of the means of profit
distribution by a subsidiary to a foreign parent company,
although technically it is the fee that the Indian arm pays
its foreign parent for technology transfer or use of
trademarks and brand name.
|
| RBI |
| RBI panel report credit-positive for
state-run banks: Moody’s |
|
Maharashtra : The
recommendations by a Reserve Bank committee to improve
corporate governance structures at public sector banks are
credit-positive for them, Moody’s has said. Last week, an RBI
panel headed by former Axis Bank chairman PJ Nayak had
suggested that the government cut its holding in public sector
banks to under 50%.It said state-owned banks suffer due to
‘externally imposed constraints’, such as dual regulation by
the RBI and the finance ministry, and external vigilance by
agencies, such as the CVC and CAG, among others.
|
| RBI allows LLPs to carry out
financial commitment abroad |
|
Maharashtra : The RBI has
allowed Limited Liability Partnership (LLP) firms to carry out
financial commitment to/on behalf of joint ventures or
wholly-owned subsidiaries of the Indian companies abroad.‘‘On
a review, it has been decided to notify a Limited Liability
Partnership as an ‘Indian Party’. Accordingly, an LLP, may
henceforth undertake financial commitment to/on behalf of a
JV/WOS abroad,’’ the reserve Bank said in a notification on
Monday.
|
| Finance & Money
Markets |
| Rupee likely to appreciate to 57
against the $ soon |
|
Maharashtra : With the
euphoria over the National Democratic Alliance’s victory in
the stock market continuing, the rupee is likely to touch 57
to the dollar soon. Foreign institutional investors (FIIs) are
net buyers in the equity as well as debt, due to which the
rupee has been gaining. Besides, exporters have been selling
dollars. On Monday, the rupee ended at an 11-month high of
58.6, compared with the previous close of 58.78 to the dollar
due to dollar flows in equities. However, the Reserve Bank of
India (RBI) intervened through state-run banks due to which
the appreciation was limited.
|
| Mid, small caps biggest winners as
stock markets skyrocket; Jaiprakash Power up 30%, KSK Energy
20% |
|
Maharashtra : The bulls
continued their march for the third consecutive session on
Monday with the benchmark indices advancing 1% to new highs
and foreign institutional investors (FIIs) being net buyers
for the 20th consecutive session. Overseas funds purchased
shares worth $230.6 million in the cash market on Monday,
showed provisional data from stock exchanges. The Sensex
settled at a new record of 24,363.
|
| Brokerages revoke restrictions on
trading margin, exposure limits |
|
Delhi : With the stock
markets having passed through the extreme volatility risks
posed by election results, brokerages have revoked the
restrictions imposed on trading with regard to margins and
exposure limits availed of by investors. Ahead of the election
results on May 16, brokers had lowered the permitted trading
margin and exposure limits for their clients to minimise risks
from extreme volatility and any possible systemic
risks.
|
| Rupee hits 11-month high, but RBI
intervention caps gains |
|
Maharashtra : The rupee
strengthened to an 11-month high on Monday, gaining for a
fourth consecutive session as strong foreign inflows led
domestic equities to record closing highs after the election
of a new government.However, continued central bank
dollar-buying capped broader gains, with traders expecting the
Reserve Bank of India to continue stepping in as it looks to
build up its foreign exchange reserves. Data on Friday showed
India's dollar reserves surged to a more than two-year high of
$313.83 billion for the week to May 9, the highest since
November 11, 2011.
|
| Commodities |
| Copper hits 11-week high in global
market |
|
Delhi : Copper scaled an
11-week peak in intraday trade on Monday and cash copper
premium hit a three-month high in London on declining stocks
across exchange warehouses globally, although lingering
concerns over Chinese demand capped the gains.Three-month
copper on the London Metal Exchange gained 1.08% at $6,934 a
tonne at 0934 GMT. Earlier in the session, the metal had
jumped to $6,954 per tonne, its highest since March 7, and
registered an almost 10% gain from around three-year lows hit
in mid-March.
|
| Natural rubber imports shoot up 84%
in April |
|
Delhi : Imports of natural
rubber rose 84% to 26,445 tonne in April on account of lower
prices in international markets and drop in domestic
production.According to the Rubber Board data, India's natural
rubber imports stood at 14,396 tonne in the same month last
year. Natural rubber imports in FY 2013-14 increased by 49% to
3.24 lakh tonne from 2.17 lakh tonne in 2012-13.
|
| Gold & silver recover on global
cues |
|
Maharashtra : Gold prices
recovered by R40 to R29,580 per 10 gm in the Capital on Monday
on global cues. Silver followed suit and ended higher by R150
to R41,550 per kg on increased offtake by industrial units.
Traders said the rise in prices of the metals was in tandem
with a firming trend overseas and fresh demand from jewellers,
driven by the ongoing wedding season. However, the
appreciating rupee which makes imports cheaper, restricted the
rise, they said. Gold in London, which normally sets the price
trend on the domestic front, rose 0.5% to $1,300.40 an ounce.
In Delhi, gold of 99.9% and 99.5% purity recovered by R40
each.
|
| Edible Oil prices to come
down |
|
West Bengal : Narendra Modi
will not have to worry much about cooking oil prices that are
crucial in determining the food inflation numbers. From
January to May, prices of crude sunflower and soybean oils
have tumbled by almost 10%. And now with rupee strengthening,
edible oil prices are expected to come down further from July.
But a possible El Nino effect may impact pulses production in
the country and it may lead to higher imports of the
commodity. Angshu Mallik, chief operating officer at Adani
Wilmar, said: "Prices of edible oil have been witnessing a
downward trend since January.
|
| FinMin panel for banks in commodity
futures |
|
Maharashtra : High
transaction costs in the futures market were an impediment to
arbitrage and these could be reduced by allowing banks and
financial institutions, including foreign institutional
investors (FIIs), to participate in commodity futures trading,
a five-member committee headed by D S Kolamkar, senior
economic advisor in the finance ministry, told the
government.The panel had given a report on ‘steps to fulfil
the objectives of price discovery and risk management of the
commodity derivatives market’ on April 28; this was released
by the Forward Markets Commission (FMC) on Monday.
|
| INTERNATIONAL
BUSINESS |
| AstraZeneca rejects 'final' $119-bn
offer by Pfizer |
|
Pfizer's pursuit of AstraZeneca may be
drawing to a close.On Monday, AstraZeneca rejected Pfizer's
latest - and what it described as its "final" - takeover
bid.In recent weeks Pfizer has made repeated approaches to
AstraZeneca, both privately and publicly, and the
Anglo-Swedish drug maker has rebuffed them all as too low.The
latest offer, made Sunday evening, was worth about $119
billion. On Monday, AstraZeneca said the increased bid
"undervalues the company and its attractive
prospects".
|
| Deutsche Bank to raise $11 bn with
help from Qatar royals |
|
Deutsche Bank said a decision to seek 8
billion euros ($11 billion) in new equity capital was driven
by uncertainty about the cost of new regulations and the need
for funds to expand its investment banking business. Germany’s
largest bank unveiled the capital raising late on Sunday,
bringing in Qatar’s royal family as a major new investor. It
plans to sell the new shares combined with at least 1.5
billion euros in hybrid debt by June 4.
|
| MERGER &
ACQUISITION - NATIONAL |
| MasterCard to acquire e-payment
software firm ECS |
|
Maharashtra : MasterCard on
Monday said it will acquire Pune-based electronic payment
software firm ElectraCard Services (ECS), which had its
systems attacked in a $45-million global ATM heist, for an
undisclosed amount. The transaction is anticipated to close in
the second quarter of 2014. MasterCard previously had a
minority investment in ECS. MasterCard, a global payment
processing company, has entered into an agreement with Opus
Software Solutions to acquire its subsidiary, ElectraCard
Services. ECS offers software as a service and payments
processing solutions while Opus is the product
developer.
|
| Vodacom to acquire Neotel for Rs
3,957 cr |
|
Maharashtra : Vodacom, a
subsidiary of Vodafone, has finally clinched the deal to fully
acquire Neotel, South Africa’s second largest fixed-line
telecom operator which is controlled by Tata Communications,
at an enterprise value of around R3,957 crore, to be paid in
cash. Tata Communications holds a 67.32% stake in the
company."The shareholders of Neotel and Vodacom have announced
that they have favourably concluded an agreement on the
commercial structure and terms to proceed for Vodacom to
acquire 100% of the shares of Neotel valued at an enterprise
value of ZAR (South African Rand) 7.0 billion," Tata
Communications said on Monday.
|
| Tata Global Beverages acquires
Australian firm |
|
Maharashtra : Tata Global
Beverages (TGBL), the maker of Tata Tea, on Monday announced
the acquisition of Australia’s Bronski Eleven Pty Ltd for an
undisclosed sum.Bronski Eleven is engaged in the coffee
business under the MAP brand through its overseas subsidiary.
In Australia, MAP has significant presence in the R&G
(Roast & Ground) coffee and in Pods (single service
portions) category.
|
| Banking |
| ICICI Bank cuts home loan rates by 10
bps |
|
Maharashtra : ICICI Bank,
the country’s largest private sector lender, has reduced home
loan rates by up to 10 basis points (bps) for loans up to Rs
75 lakh. Under the new scheme, which will be offered till June
30 for new customers, interest on home loans up to Rs 75 lakh
will be charged at 10.15 per cent or 15 bps over the base
rate.For loans above Rs 75 lakh, the bank will continue to
charge between 10. 5 per cent and 11.25 per cent.
|
| Notifications
& Circulars |
| RBI |
| Notification No.
RBI/2013-14/593 (Delhi) 16/05/2014
|
|
Undertaking of activity by the Urban
Cooperative Banks (UCBs) as PAN Service Agent (PSA) for
providing PAN issuance services to its customers by entering
into tie-up with authorized Agencies
|
| Notification No.
RBI/2013-14/594 (Delhi) 16/05/2014
|
|
External Commercial Borrowings (ECB) from
Foreign Equity Holder - Simplification of Procedure
|
| |
|
 |
| Economy |
| India |
| Divestment target may be hit if Narendra Modi
revives public sector undertakings |
| Street re-rates India, sure Narendra Modi can
kickstart growth |
| Scrapping diesel subsidy: Finance Ministry
readies proposal for Narendra Modi govt |
| GDP to accelerate to 6.8% over next 2 years:
Morgan Stanley |
| India needs to invest $834 bn to lower emissions
by 2030 |
| |
| International |
| Regional Fed presidents see economy returning to
normal |
| Temporary jobs on rise in today's shifting
economy |
| House Prices Biggest Risk To
Economy |
| |
| Markets
Today |
| NSE |
7,275.50
|
|
| BSE |
24,376.88
|
|
| NASDAQ |
4,125.82
|
|
| |
|
|
| USD |
58.76
|
|
| EURO |
80.48
|
|
| JPY(100) |
57.99
|
|
| GBP |
98.87
|
|
|
| |
| Corporate
Watch |
| Infosys to get list of CEO probables by
June 1st week |
|
Karnataka : Infosys will receive a
list of probable names for its first non-founder CEO as early
as next month from the executive search firm that is helping
it zero in on the candidate. The company's nominations
committee is expected to share with other board members,
including those at independent board level, the names of
external candidates sometime towards the middle of June, said
a person familiar with the development.
|
| Reliance Power’s Q4 net profit flat at Rs
269 crore |
|
Maharashtra : Reliance Power’s
quarterly profit beat Street estimates with a narrow margin,
with sales missing analyst expectations as operational costs
along with fuel and power costs jumped year-on-year.The Anil
Dhirubhai Ambani group company reported fourth quarter profit
of R268.9 crore and net sales of R1,296.1 crore. Analysts
polled by Bloomberg expected a profit of R1,339.89 crore on
sales of R248.6 crore.
|
| Jaiprakash Power Ventures plans to raise Rs
3,000 crore |
|
Maharashtra : Jaiprakash Power
Ventures, a part of Jaypee Group, in its board meeting on
Monday decided to raise up to R3,000 crore to fund ongoing
projects and reduce its debt.The board of directors of
Jaiprakash Power Ventures (JPL) that met on May 17 approved
increasing the fund raising limit to R3,000 crore from R2,500
crore that it had earlier planned in July 2013.The company in
a filing to the BSE said it will seek shareholders’
|
| DLF told to pay Rs 630-cr
fine |
|
Delhi : The Competition Appellate
Tribunal (Compat) has directed real estate major DLF to pay a
penalty of Rs 630 crore — seven per cent of its annual
turnover — for abusing its dominant position in the market.
Dismissing its plea against the fine imposed by the
Competition Commission of India (CCI), the tribunal has given
the realty developer 60 days to pay up or approach the Supreme
Court.
|
| NBFC
CORNER |
A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| Mission For Elimination Of Poverty In Municipal
Areas |
|
Description :Registered
Chartered Accountant Firms for Taking up Audit on the Accounts
of the Mission both at the state level (head office) &
District level Units for a period of one year.
Last Date : 26/05/2014
Address :The Mission Director MEPMA
III Floor,ENC(PH) Building Opp: PTI Buildings, 640, A.C.Guards
Hyderabad – 4
Phone :9701385106
|
| Housing And Urban Development Corporation Limited
- Dehradun |
|
Description :Notice inviting
tender for Appointment of Chartered Accountant for
certification of Accounts for the Financial Year 2014-2015
Last Date : 27/05/2014
Address :Housing & Urban
Development Corporation Limited, (HUDCO), II-Floor, 74/1, GMVN
Building, Rajpur Road,
Dehradun-248001
Phone
:0135-2748405 / 2740353
|
| Rajasthan State Ganganagar Sugar Mills
Limited |
|
Description :Chartered
accountant service.
Last Date :
28/05/2014
Address :Rajasthan State
Ganganagar Sugar Mills Limited Sriganganagar Rajasthan
|
| Public Health Engineering Department
|
|
Description :Hiring services
of Chartered accountant firm for statutory audit of NRDWP at
PHE division level.
Last Date :
28/05/2014
Address :Nalbari - Assam
|
| Rajasthan Medical Services Corporation
Limited |
Description :Invites offers
from chartered accountant firms for internal auditor services
(head office & division as a functional unit).
Last Date : 28/05/2014
Address :Rajasthan Medical Services
Corporation,Swasthaya Bhawan,C-Scheme,Jaipur
Phone :0141-2228061
E-Mail :edf-rmsc-rj@nic.in
|
| Sarva Shiksha Abhiyan - Srinagar - Jammu kashmir
|
|
Description :Expression of
interest from the CAG empanelled chartered accountants firms
(partnership / sole proprietorship firms with one full time
chartered accountant (FCA) in the prescribed format for short
listing of panel for statutory audit of the accounts of sarva
shikshna abhiyan for the year 2013-14.
Last
Date : 30/05/2014
Address
:Madina Housing Colony,Bemina Srinagar/105 karan
Nagar Jammu
Phone :0191-2563496
|
| Vijaya Bank |
|
Description :Invited from
Chartered Accountant firms for selection of Concurrent
Auditors of the branches/offices for the period 01.07.2014 to
30.06.2015
Last Date : 04/06/2014
Address :The Deputy General Manager,
Central Inspection Department, Vijaya Bank, Head Office,
No.41/2, M. G. Road, Trinity Circle
Bangalore-560001
|
| Public Works Department |
|
Description :Expression of
interest for reputed chartered accountant for work of external
audit (statutory Audit) of Program Implementing units &
Gram Sadak Development Agency.
Last Date
: 04/06/2014
Address
:Himachal Pradesh Gram Sadak Development
Agency,Nirman Bhawan,Nigam Vihar,Shimla-171002
Phone :0177-2621402
|
| Department Of Agriculture - Panchkula
Haryana |
|
Description :Engagement of
Chartered accountants.
Last Date :
05/06/2014
Address :Department Of
Agriculture,Krishi Bhawan,Sector-21,panchkula
|
| Maharashtra State Electricity Transmission
Company Limited |
Description :Application for
Empanelment of Firms of Chartered accountant for allotment of
internal audit for the financial year 2014-15 & 2015-16.
Last Date : 12/06/2014
Address :Prakashganga,6th Floor,Plot
No.C-19,"E-Block",BKC,Bandra
(East),Mumbai-400051 Phone
:022-26595000 E-Mail :cgmfi@mahatransco.in
|
| Delhi Pollution Control Committee |
|
Description :Requisition of
Chartered Accountant for Internal Audit For the Period 2009-10
to 2012-13.
Last Date : 20/06/2014
Address :Delhi Pollution Control
Committee,4th Floor.ISBT Building,Kashmere Gate,Delhi-06
|
| |
| Reminders |
| Tenders |
| 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
|
| Watershed Development
Department 24/05/2014
|
| United Bank Of India - Kolkata West
Bengal 24/05/2014
|
| Punjab & Sind
Bank 26/05/2014
|
| National Rural Health Mission
Maharashtra 26/05/2014
|
| Ministry Of Urban Development - New Delhi
Delhi 26/05/2014
|
| North Eastern Development Finance Corporation
Limited 26/05/2014
|
| State Health Society
Jaipur 26/05/2014
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh 26/05/2014
|
| Watershed Development
Department 26/05/2014
|
| Forward Markets Commission - Government of India
26/05/2014
|
| |
|
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