Pgc newsletter 19 th august, 2014

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Pgc newsletter 19 th august, 2014

  1. 1. PGC NEWSLETTER 19TH AUG, 2014 1 PGC NEWSLETTER 19th Aug 2014 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. SEBI/COMPANIES UPDATES • 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 Diwali. • 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. MARKET UPDATES SENSEX 26,460.44 73.48 CNX NIFTY 7,898.60 24.35 DOLLAR/ RUPEE 61.72 - 0.05 MCX SILVER 42,745.0 0.18 MCX GOLD 28,325.0 30.0 MCX CRUDE OIL 5,875.0 0.51 Dow Jones Industrial Average 16,839.0 176.0 Nasdaq Composite 4,508.0 43.0 WWW.PROGLOBALCORP.COM

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