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Pgc newsletter 11 th august, 2014


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Pgc newsletter 11 th august, 2014

  1. 1. PGC NEWSLETTER 11TH AUG, 2014 1 PGC NEWSLETTER 11TH Aug 2014 THOUGHT OF THE DAY “The most difficult thing is the decision to Act, the rest is merely tenacity.” SEBI/COMPANIES UPDATES • Mukesh Ambani made his big entry into the media, entertainment and internet world through his acquisition of Network18 Media Investments Ltd a few months earlier. Anil Ambani has decided to go the other way. • A company run by the billionaire Jindal family is close to finalising a deal to buy insolvent Italian steelmaker Lucchini, Italy's Prime Minister Matteo Renzi said on Sunday. • In a first such tender for promoting the construction in this country of ships to carry liquefied natural gas (LNG), GAIL India has called for bids. It wants applications from companies holding a minimum 25 per cent equity for seven years in three such operational vessels. • Sun Pharmaceutical Industries, which is in the process of acquiring control of Ranbaxy Laboratories from Daiichi Sankyo, will soon put its purchase to work through the exclusive marketing opportunity offered by two drugs in the US. • Days before the three founders of the Indiabulls group agreed on a split that was said to be amicable, a shareholder-proposed resolutions aimed at removing promoters Rajiv Rattan and Saurabh Mittal, along with three independent directors, from the board of Indiabulls Housing Finance. • The Central Bureau of Investigation (CBI) on Saturday began probing loans by IDBI Bank to liquor baron Vijay Mallya’s Kingfisher Airlines. • Larsen & Toubro (L&T) will strengthen its project management team and go in for subcontracting instead of hiring local staff in the Persian Gulf, following a Rs 942-crore pre-interest and tax loss in the hydrocarbon segment in the last quarter. RBI / TAX LAW UPDATES • The Reserve Bank of India (RBI) may issue a new set of liquidity-easing measures to curb volatility in the overnight rates after seeking suggestions from market participants. Historical Events on 11th August • 1999 - Total solar eclipse in India-North -France (2m23s). MARKET UPDATES SENSEX 25,502.59 173.45 CNX NIFTY 7,614.05 45.50 DOLLAR/ RUPEE 61.1 - 0.06 MCX SILVER 43,425.0 - 0.36 MCX GOLD 28,537.0 - 64.0 MCX CRUDE OIL 5,999.0 0.25 Dow Jones Industrial Average 16,554.0 186.0 Nasdaq Composite 4,371.0 36.0 WWW.PROGLOBALCORP.COM