PGC NEWSLETTER 19TH AUG, 2014 1
THOUGHT OF THE DAY
REMEMBER THAT THE GREATEST REWARD YOU GET FOR YOUR EFFORTS IS
NOT WHAT YOU GET FOR THEM, BUT WHAT YOU BECOME BY THEM.
• The board of Multi-Commodity Exchange of India has decided to ask market regulator
SEBI to relax the 2 per cent lock-in cap on its promoter FTIL to enable the latter to sell
entire 5 per cent MCX stake via a block deal and comply with various regulatory orders.
• Mukesh Ambani-led Reliance Industries (RIL) and the Ruias' Essar Oil are all set to
restart their petro-retail operations as diesel prices are likely to be de-regulated by
• FMCG major Godrej Consumer Products Ltd (GCPL) may consider setting up a new
plant in Seemandhra, while continuing the expansion of the existing capacity of plants in
North East and Jammu to meet growing demand for its products.
• Bajaj Group has exited Force Motors through a series of share sales, cashing in on an 83
per cent appreciation in the stock in three months. The group once controlled the
Navalmal Kundanmal Firodia-founded Force.
• The audit committee meeting of a company for consideration of consolidated financial
statement cannot be conducted through video conferencing or other audio visual means.
• The Indian automobile sector, which faced major slowdown in demand in the last two
years, witnessed about 85 per cent decline in foreign direct investment.
• Tata Motors is looking to launch 20-25 new platforms in the coming years including BS4
variants, CNG variants there will be 100 plus products.
• The Centre is moving swiftly to clean up the appointments to state-run bank boards and
unveil fresh guidelines to revamp the system of senior-level appointments.
RBI / TAX LAW UPDATES
• The finance ministry will firm up its view on Reserve Bank of India governor Raghuram
Rajan's move to appoint a chief operating officer (COO) only after the latter initiates a
formal proposal seeking an amendment to the RBI Act toward this end.
• India's indirect taxes body, the Central Board of Excise and Customs (CBEC) could start
monitoring power consumption and payments towards value added tax in states as it
proposes to use information from third-party sources to nab tax evaders.
61.72 - 0.05
MCX CRUDE OIL
Dow Jones Industrial