1. PGC NEWSLETTER 6th May 2014 1
PGC
NEWSLETTER
6th
May 2014
THOUGHT OF THE DAY
“LIFE IS A PURE FLAME, AND WE LIVE BY AN INVISIBLE
SUN WITHIN US”.
ECONOMIC NEWS
• The Reserve Bank, SEBI and the Finance Ministry have drawn up a
contingency plan to deal with any excessive market volatility when
results of the general elections are declared today.
• Two marquee private equity firms Apollo Global Management and
home grown ICICI Venture, has managed to convince large
international investors, including 5 sovereign and an equal number of
pedigreed US pension funds, to take one of their biggest contrarian
bets on India.
SEBI/COMPANIES UPDATES
• CIR/MRD/DP/15/2014Risk management framework for Foreign
Portfolio Investors (FPI) under the SEBI (Foreign Portfolio Investors)
Regulations, 2014
• The department of industrial policy and promotion (DIPP) will push
for foreign direct investment (FDI) in e-commerce with the new
government as part of its strategy to give an impetus to manufacturing.
• ONGC has alleged that Reliance Industries may have drawn natural
gas worth thousands of crores of rupees from a common reservoir in
the KG-D6 block, and taken the matter to the Delhi High Court,
accusing the oil ministry and its technical arm of turning a blind eye to
the issue
• Novartis won a seven-month reprieve from generic competition to its
blockbuster leukemia drug Gleevec after reaching a settlement on
Thursday with Sun Pharmaceutical Industries Ltd.
RBI / TAX LAW UPDATES
• RBI/2013-14/591 issues notification regarding Treatment of RIDF and
certain other funds under priority sector.
• RBI/2013-14/592 issues notification regarding Levy of Penal Charges
on Non-Maintenance of Minimum Balances in Inoperative Accounts.
MARKET UPDATES
SENSEX
24,840.75 935.15
CNX NIFTY
7,392.90 269.75
DOLLAR/ RUPEE
58.68 -0.61
MCX SILVER
41264.00 -1.11
MCX GOLD
28093.00 -1.12
MCX CRUDE OIL
5986.00 -0.84
Dow Jones Industrial
average
16,447 -167
Nasdaq Composite
4,069 -32