| Professional
News |
| INCOME
TAX |
| Notification on SIT for all black
money cases next week |
|
Delhi : The government is
expected to bring out a notification by next week for creation
of a special investigation team (SIT), which will have
“jurisdiction over all the cases” of unaccounted funds or
black money stashed by Indians abroad.The SIT will be headed
by former Supreme Court judge MB Shah with Justice Arijit
Pasayat (retd) being the vice-chairman. Heads or top officers
of ten investigative and enforcement agencies of the country
will be the members of the exclusive panel.
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| RBI |
| To mitigate fraud, ‘monitor customer
transactions’: RBI |
|
Andhra Pradesh : Banks need
to regularly monitor customer transactions to mitigate risk of
fraud, according to RBI Deputy Governor R Gandhi. Building
transaction-based customer profiles in line with existing KYC
norms would be significant, he said, adding that money
laundering and terrorism-financing through fraudulent
transactions have to be kept in check with proper KYC
procedures.Gandhi was delivering a lecture on “Know Your
Customer: A Balance Between Compliance and Convenience” at the
Federation of Andhra Pradesh Chambers of Commerce and Industry
(Fappci) here.
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| Finance & Money
Markets |
| FIIs queue up for top corporate bonds
on hopes of reforms and a strong
rupee |
|
Maharashtra : Foreign
investors are lapping up top-rated blue chip corporate bonds
in 1-3-year maturities, driven by a sense of economic
optimism, which is the result of a stable government, steady
rupee and a ban on Treasury bill investment. Companies such as
Housing Development Finance Corporation(HDFC), Rural
Electrification Corporation (REC),
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| Good days
ahead |
|
Delhi : W e upgrade Maruti
Suzuki to Buy (from Add) as we believe a strong government at
the Centre is likely to lead to a revival in economic growth,
which will have a positive impact on car demand, which has
been subdued over the past three years. Rise in income growth,
low cost of ownership (especially of petrol vehicles) and
pent-up demand will likely lead to double-digit growth in
passenger vehicle demand over FY16-18 while FY15 could see
high single-digit growth. We raise our target price to R2,500
(from R2,025) led by an increase in our volume and earning
estimates in FY2016 by 2%. Our target price is based on 16x
March 2016e EPS (versus 15x September 2015e EPS).
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| Equity MF investor base grows by 4
lakh in April |
|
Delhi : Equity mutual funds
registered a surge of nearly four lakh investors - measured in
terms of individual accounts or folios - in April mainly on
account of the sharp rise in stock market. This was the first
increase in equity MF investor base in more than four
years.According to the Securities and Exchange Board of India
(Sebi) data on total investor accounts with 44 fund houses,
the number of equity folios rose to 2,9,566,660 (over 29.56
million) at the end of April 2014, from 2,9,180,922 at the end
of last fiscal (March 31, 2014) — a gain of 3,85,738. The
additions came at a time when the market was scaling new
highs.
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| Commodities |
| Reducing inventories to boost
castorseed |
|
Delhi : The year 2014 has
not been a good one so far for castorseed. Castorseed futures
traded on the National Commodity and Derivatives Exchange have
tumbled some 23 per cent from their high of ?5,054 per quintal
in December last year. A drop in export demand and weak
domestic demand dragged the commodity’s price. In 2013, the
price had risen by 22 per cent, following lower production for
the second consecutive year.
|
| Companies Act,
2013 |
| FAQs on CSR likely by
August |
|
Delhi : To provide more
clarity on social welfare spending norms, the Corporate
Affairs Ministry is likely to come out with a detailed
‘Frequently Asked Questions’ (FAQs) on Corporate Social
Responsibility (CSR) activities by August. In a first of its
kind, certain class of profitable companies are required to
shell out at least two per cent of their three-year annual
average net profit towards CSR activities.The new rules, under
the companies law, has come into effect from April 1.The FAQs
would help the companies have more clarity on implementation
of CSR norms and it would put up on the Ministry website, an
official said. It would be prepared after compiling queries
from various quarters, including companies and industry
chambers.
|
| Testing times for
MCA |
|
Delhi : Teething troubles
pertaining to the implementation of Companies Act, 2013, will
keep whoever occupies the corner room in the Ministry of
Corporate Affairs busy from the very first day.Ever since the
outgoing government announced the rollout of the new law on
April 1 this year, ministry officials have been caught between
drafting rules for the Act and issuing clarifications on rules
relating to the Act's 98 sections notified so far.
|
| Banking |
| Banks get cracking on bad loans as
asset sales rise |
|
Delhi : Public sector banks
have been blamed for piling up a mountain of bad loans and not
doing anything about them. But the state-owned lenders seem to
be shedding their inertia, judging by their actions in recent
months.Asset Reconstruction Company of India (ARCIL), the
first entity set up to buy distressed assets from banks,
reports that of late many public sector banks have come forth
to sell assets of defaulters.
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| Tenders
& Assignment |
District Rural Development Agency - Kullu
Himachal Pradesh  |
Description :From the
Chartered Accountants of Himachal Pradesh who are empanelled
with C&AG / State AG to provide their services for
conducting audit of MGNREGA , other centrally / State
sponsored schemes for the year 2013-14 & 2014-15.
Last Date : 11/06/2014
Address :Kullu - Himachal Pradesh
Phone :01902-222296
E-Mail :drdakulluhp@gmail.com
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| Department Of Horticulture And Food Processing -
Dehradun Uttaranchal |
|
Description :Tender for The
Appointment of CA Firm for Audit of HMNEH, NMMI Schemes.
Last Date : 13/06/2014
Address :Dehradun - Uttaranchal
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| Jammu And Kashmir State Forest
Corporation |
|
Description :Appointment of
statutory auditors for conducting audit of accounts for the
period of 2012-13 and 2013-14.
Last Date
: 15/06/2014
Address :Jammu
And Kashmir State Forest Corporation,H/O Behind Silk Factory
Road,Rajbagh,Srinagar-190008
|
| Department Of Medical And Health Service -
Kavaratti Lakshadweep |
Description :Hiring Services
Of Chartered Accountant Firm For Statutory Audit Of State
Health Society. Under NHM. Last Date
: 20/06/2014 Address
:Department Of Medical And Health Service,Kavaratti -
Lakshadweep Phone :04896-263748
E-Mail :rchlakshadweep@gmail.com
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| |
| Reminders |
| Tenders |
| Housing And Urban Development Corporation Limited
- Dehradun 27/05/2014
|
| Hospital Services Consultancy Corporation [
India] Limited 28/05/2014
|
| Rajasthan Medical Services Corporation
Limited 28/05/2014
|
| Dena Bank 28/05/2014
|
| Rajasthan State Ganganagar Sugar Mills
Limited 28/05/2014
|
| Public Health Engineering
Department 28/05/2014
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| Cantonment Board - Solan Himachal
Pradesh 28/05/2014
|
| National Highway Authority Of
India 29/05/2014
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| Karnataka State Police Housing Corporation
Limited 30/05/2014
|
| Assam Administrative Staff
College 30/05/2014
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| 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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| |
|
 |
| Economy |
| India |
| Arvind Panagariya bats for higher deficit to
reboot economy |
| Creating digital infrastructure to aid the
development agenda |
| Modi effect: Forex reserves up $11 billion since
April |
| Finmin Keeps Reform Kettle on the Boil in
Anticipation |
| Removing inflation distortions will bring back
FDI, FII flows: Saurabh Mukherjea |
| On way out, P Chidambaram eases measures to rein
in current account deficit |
| With new government in place, Japan may expand
infrastructure tie-ups |
| Unified ministry can speed up integrated
transport system |
| |
| International |
| India, Pakistan may shake hands on electricity,
hydrocarbons |
| Cyprus bets on Modi govt, tourism to boost
bilateral ties |
| Narendra Modi's foreign policy to strengthen
SAARC ties |
| Emerging market currencies rally |
| |
| Markets
Today |
| NSE |
7,359.05
|
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| BSE |
24,716.88
|
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| NASDAQ |
4,185.81
|
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| |
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| USD |
58.78
|
|
| EURO |
79.90
|
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| JPY(100) |
57.72
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| GBP |
98.99
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| |
| Corporate
Watch |
| Vodafone may move Hague court over tax
mess |
|
Delhi : India's tax dispute with
Vodafone Plc regarding its purchase of Hutch Essar seven years
ago is likely to reach the International Court of Justice
(ICJ) in the Hague, Netherlands a few weeks from now, sources
privy to the matter said, adding this would be an
unprecedented development in the history of the country's tax
administration.The revenue department reckons Vodafone will
approach ICJ to put pressure on India to agree for arbitration
to settle the roughly Rs 20,000-crore tax dispute arising from
Vodafone’s purchase of Hutch Essar in 2007 for $11
billion.
|
| Flipkart firms up plan to deliver IPO with
Myntra buy |
|
Karnataka : Flipkart’s acquisition
of online fashion store Myntra is being seen as a shot in the
arm for its plans for an overseas listing, either in the US or
Singapore by the end of the year.Sources told FE that Flipkart
wanted to cement its position in the high-margin online
fashion space, where Myntra is a leader with around one-third
of the market share, to realise its full value in the public
offering.Flipkart co-founders Sachin and Binny Bansal, at the
announcement on the acquisition last Thursday, said IPO was
the way ahead but declined to reveal future plans.
|
| Philips to re-enter Indian mobile handset
market |
|
Delhi : Philips will launch a range
of smartphones and feature phones on Wednesday, as the Dutch
consumer electronics maker re-enters the extremely competitive
and crowded Indian smartphone market which is one of the
fastest growing in the world. A company spokesperson said that
Philips brand of feature phones and smartphones will be
launched on May 28 in New Delhi by Sang Fei Consumer
Communications Co.
|
| Obi Mobiles targets Rs 1,000-cr revenue, 4G
smartphones in FY15 |
|
Delhi : Former Apple CEO John
Sculley's Inflexionpoint is betting big on the surging
smartphone market in India, and expects to hit Rs1,000 crore
in revenue by the end of this fiscal year by selling 1.6
million to 1.7 million devices. Inflexionpoint-owned Obi
Mobiles brand, which recently launched its operations in
India, will start selling a slew of smartphones in June priced
in the Rs5,000-Rs8,000 range and is aiming for a 2% market
share by the year ending March 31, 2015, CEO Ajay Sharma told
ET.
|
| Tata Tele to use DoCoMo name for a year
after split |
|
Maharashtra : The Tatas have
reached an understanding with NTT DoCo-Mo to use the Tata
DoCoMo brand name for the GSM services offered by Tata
TeleservicesBSE -2.99 % for at least a year after the Japanese
company exits the telecom joint venture, people familiar with
the matter said.As a part of the understanding, Japanese
mobile operator NTT Do-CoMo has agreed to let Tata use the
brand name in lieu of what is called a 'marginal royalty',
which will push up what the Tatas may need to pay if they have
to buy back NTT DoCoMo's 26.5% stake in the joint venture, a
senior official in Tata Teleservices (TTSL) told ET
.
|
| Investment banks step up hiring on hopes
that the new govt will usher in
reforms |
|
Maharashtra : Investment banks have
begun hurriedly beefing up their teams by hiring middle- to
senior-level bankers amid expectations of a boom that will
reverse the slump of the past few years. They expect the new
government to usher in reforms that will help Indian companies
raise money at improved valuations and embark on mergers and
acquisitions (M&A) after a three-year lull.
|
| SBI sells non-performing assets worth Rs.
3,590 cr to ARCs |
|
West Bengal : State Bank of India
(SBI) sold non-performing assets (NPAs) worth Rs. 3,590 crore
during 2013-14 to asset reconstruction companies (ARCs).SBI
Deputy Managing Director Soundara Kumar told Business Line the
bank’s consideration for the sale was primarily in securities
and a small portion in cash. Of the total sale value, Rs. 241
crore was in cash and Rs. 1,698 crore in security receipts.
“The balance Rs. 1,892 was write-offs,” she added.
|
| Diageo stocks $2.3 bn ahead of open offer
for United Spirits |
|
Karnataka : Diageo, the
London-headquartered global spirits major, is stocking on
reserves by as much as $2.3 billion, ahead of the proposed
second open offer to acquire a 55 per cent majority stake in
India's largest spirits company, United Spirits (USL).Diageo
already has strategic management control of USL, with its
current stake of close to 29 per cent. It wishes to start its
second open offer during mid-June. If fully tendered, it will
cost Diageo as much as about Rs 11,500 crore for the
additional 26 per cent stake, which it is targeting.
|
| NBFC
CORNER |
| A single window for auditors of non-banking
finance companies |
| |
| Tenders
& Assignment |
| West Bengal State Marketing Board |
|
Description :Expression of
interest for Engagement as internal auditors of Board for its
head office.
Last Date : 06/06/2014
Address :Kamal Guha Krishi Bipanan
Bhavan
729,Anandapur
P.O.Anandapur,P.S.Tijala,Kolkata-700107
Phone
:033-24430025
|
| Public Health Engineering Department - Patna
Bihar |
Description :Expression of
Interest (EOI) for Selection of Chartered Accountant Firm for
the Statutory Audit of Bihar State Water and Sanitation
Mission. Last Date : 10/06/2014
Address :Bihar State Water and
Sanitation Mission(Public Health Engineering Department,
Government of Bihar)First Floor, PHED Building,
VishweshvariyaBhawan, Bailey Road, Patna Phone
:0612-22545705 E-Mail :edir_pmu@yahoo.co.in
|
| District Magistrate - Medinipur West
Bengal |
|
Description :Expression of
Interest for MGNREGS Fund Audit for 2013-14.
Last Date : 10/06/2014
Address :Government of West Bengal
Office of the District Magistrate Paschim Medinipur(MGNREGA
CELL)1st floor,Sahid Kshudiram Parikalpana Bhawan,Zilla
Parishad Com plex,Midnapore
|
| Department Of Education - Lucknow Uttar
Pradesh |
Description :Empanelment of
Chartered Accountant Firms for Audit of Accounts.
Last Date : 10/06/2014
Address :Lucknow - Uttar Pradesh
Phone :0522-2239115
E-Mail :rmsaup.spo@gmail.cim
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