| Professional
News |
| Misc. - Direct
Tax |
| Tax sops in store for telecom sector
as Modi govt looks to change investment
sentiment |
|
Delhi : The new government
is likely to take a relook at all "regressive" and
"anti-business" policies that have created a negative
sentiment among foreign investors, especially towards the
telecom sector with tax claims against UK's Vodafone Group and
Nokia being prime examples, people aware of BJP's thinking
said. Issues around taxation and litigation that have cast
India in a negative light will be taken up by the incoming BJP
led government and resolved on "priority", these people
said.
|
| CUSTOMS |
| Commerce Ministry proposes dumping
duties on solar cells |
|
Delhi : In what could come
as relief to domestic solar cell manufacturers such as Tata
Power, Moser Baer and Indosolar, the Commerce Ministry has
recommended anti-dumping duties on cells imported from the US,
China, Malaysia and Chinese Taipei.The penal duties proposed
by the Directorate General of Anti-dumping Duty are in the
range of $0.11 per watt of power produced to $0.81 per watt.
The levy will be applicable on solar cells, including the ones
that are assembled into solar panels, modules or on
glass.
|
| Misc. - Indirect
Tax |
| Delhi Govt Gets Rs 1,400 cr in
Taxes |
|
Delhi : Delhi government has
collected over Rs. 1,400 crore in taxes in the month of April
which is 4.4% of the total revenue target of Rs. 31,571 crore
for the current fiscal. The collection under VAT was Rs. 940
crore followed by Rs. 228 crore under stamps.
|
| SEBI |
| Sebi writes to fund houses on breach
in 25% investor cap |
|
Maharashtra : Several large
fund houses have drawn flak from the Securities and Exchange
Board of India (Sebi) for breaching the 25 per cent
single-investor ceiling in debt schemes. Sources said Sebi had
written to about 30 mutual fund (MF) houses, saying the
investment limit was sacrosanct and should always be
maintained. A special analysis conducted by the capital market
regulator’s investment management department revealed huge
fluctuations in debt scheme assets, with some periodically
crossing the 25 per cent single-investor ceiling.
|
| FDI
Policy |
| Ministry to retain stance on defence
production FDI |
|
Delhi : The defence ministry
will maintain its stance that foreign direct investment (FDI)
in defence production should be retained at 26% with the
Cabinet-given leeway to raise the cap only on discretionary,
case-to-case basis. This is despite the Department of
Industrial Policy and Promotion (DIPP) pushing for 100% FDI in
the sector with an emphasis on reducing imports while
simultaneously encouraging indigenisation.The BJP, in its
manifesto, has stated that with the exception of the
multi-brand sector, FDI will be permitted in sectors with a
focus on jobs and asset creation.
|
| Misc. Corporate Laws
& Other Commercial Policies |
| FIPB to decide on raising foreign
investment in HDFC Bank |
|
Delhi : The Foreign
Investment Promotion Board (FIPB) will take a call on
increasing foreign investment in HDFC Bank.The proposal to
increase foreign investment in the bank was opposed by the
Department of Industrial Policy and Promotion (DIPP) and the
Reserve Bank of India (RBI) under the current foreign direct
investment (FDI) policy."It (ambiguities in HDFC Bank's
proposal) will be cleared in the FIPB," Finance Secretary
Arvind Mayaram said.
|
| New govt may scrap equity
scheme |
|
Delhi : The Rajiv Gandhi
Equity Savings Scheme (RGESS) might be one of the first to
face the axe of the incoming government, which takes charge
next week. The finance ministry is planning to propose
scrapping the UPA’s much-touted taxsaver scheme, as it has
failed to lure equity investors.Other major programmes such as
the Mahatma Gandhi National Rural Employment Guarantee Scheme
(MGNREGS),
|
| Finance & Money
Markets |
| Govt bonds record biggest weekly gain
since Nov |
|
Maharashtra : Government
bonds completed their biggest weekly advance since November,
on reports that the new government would strive to bring down
the fiscal deficit. The yield on the 10-year benchmark bond
ended at 8.64 per cent — its lowest since January 22 —
compared with the previous close of 8.71 per cent. The yield
had ended at 8.83 per cent last Friday.During the week, the
yield fell nearly 20 basis points.
|
| Bonds rise to highest level in four
months |
|
Maharashtra : The benchmark
10-year bond rose to its highest level in four months on
Friday as good demand at a debt sale and expectations that the
new government would work towards reining in the fiscal
deficit boosted sentiment. Yield on the benchmark 10-year fell
19 basis points on the week, its biggest weekly fall since the
week to December 13 when it had dropped 25 bps. Sentiment has
improved after two senior finance ministry officials said on
Thursday that the government could bring down the fiscal
deficit to around 3.8-3.9% of the GDP,
|
| Rupee hits 11-month high before RBI
intervenes |
|
Maharashtra : The rupee
retreated from an 11-month high to fall on Friday as the
central bank stepped in to temper gains being sparked by
continued expectations of robust foreign inflows and a rally
in domestic shares.The currency still rose 0.4% for the week,
posting its fourth straight weekly gain and its longest
winning streak in 16 months on hopes the BJP’s landslide win
last week would bring a new government willing to undertake
substantial economic reforms.
|
| Top 500 companies raise Rs
20,000-crore debt for dividend payouts in
FY14 |
|
Maharashtra : Aggressive
dividend payouts by top 500 companies has seen 419 of them
together borrowing around R20,000 crore, while paying around
R1.2 lakh crore in FY14, according to India Ratings.“Several
BSE 500 corporates, excluding banks and financial services
companies, adopted an aggressive dividend payment strategy in
FY'14, despite a reduction in their net profit. We expect 419
of these corporates to have paid an aggregate dividend of
R1-1.2 lakh crore in the fiscal and availed aggregate debt of
R18,000-20,000 crore for the same,” said the rating
agency.
|
| State Bank Q4 net falls but asset
quality rises |
|
Maharashtra : State Bank of
India (SBI) on Friday reported a net profit of R3,041 crore
for the quarter ended March, down 7.8% from a year earlier on
the back of strong top line growth, flat expenses and
improving asset quality.The results cheered the Street and
sent the stock surging to a three-year high of R2,755.25 on
the BSE, up 9.6% from its previous close. So far in 2014, the
SBI counter has gained more than 56%.
|
| Commodities |
| Gold nosedives to 10-month low as
premiums fall further |
|
Delhi : Gold prices lost
R300 in the national capital on Friday to hit a ten-month low
of R28,250 per 10 gram as consumers deferred purchases
anticipating further fall, driving down premiums further.Gold
of 99.9% and 99.5% purity lost R300 per 10 gram each to
R28,250 and R28,050, respectively. Gold has crashed by R1,030
in the last three sessions.The fall in prices was caused by
the RBI’s decision earlier this week to allow banks to provide
gold loans to jewellers and permit more entities to import
gold. The measures brightened the prospects of gold supplies,
dragging down premiums charged by importing agencies over the
London price drastically.
|
| Sugar output likely to drop 3.7% this
year |
|
Delhi : Sugar output in
India is expected to drop 3.7% this marketing year through
September, although production would still be marginally
higher than consumption, according to the Indian Sugar Mills
Association (ISMA). Output will likely hit 24.2 million tonnes
in 2013-14 compared with 25.14 milllion tonnes a year before,
ISMA said. Consumption is expected to go up by 5.3% to 24
million tonnes, it added.
|
| Reminders |
| Tenders |
| Ministry Of Urban Development - New Delhi
Delhi 26/05/2014
|
| North Eastern Development Finance Corporation
Limited 26/05/2014
|
| Punjab & Sind
Bank 26/05/2014
|
| State Health Society
Jaipur 26/05/2014
|
| Forward Markets Commission - Government of India
26/05/2014
|
| Mission For Elimination Of Poverty In Municipal
Areas 26/05/2014
|
| National Rural Health Mission
Maharashtra 26/05/2014
|
| Watershed Development
Department 26/05/2014
|
| State Project Facilitation Unit - Bhopal Madhya
Pradesh 26/05/2014
|
| Housing And Urban Development Corporation Limited
- Dehradun 27/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| National Highway Authority Of
India 29/05/2014
|
| Karnataka State Police Housing Corporation
Limited 30/05/2014
|
| Assam Administrative Staff
College 30/05/2014
|
| Punjab Municipal Infrastructure Development
Company 30/05/2014
|
| Sarva Shiksha Abhiyan - Srinagar - Jammu kashmir
30/05/2014
|
| General Administration Department - Patna
Bihar 30/05/2014
|
| Mahila Arthik Vikas Mahamandal Limited - Mumbai
Maharashtra 30/05/2014
|
| District Panchayat - Korea
Chhattisgarh 30/05/2014
|
| Bharat Wagon And Engineering Company
Limited 31/05/2014
|
| District Rural Development Authority - Mungeli
Chhattisgarh 31/05/2014
|
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