PGC NEWSLETTER 14TH AUG, 2014 1
THOUGHT OF THE DAY
"MAKE CONSCIOUS CHOICES ABOUT WHERE YOU'LL GIVE YOUR TIME AND
• Faced with a threat of lenders monitoring its operations, Bhushan Steel has decided to
raise equity up to $1 billion (around Rs 6,000 crore).
• Essar Global Fund, the Ruia Company that invested $1.3 billion in telecommunications,
towers and business process outsourcing over the years, made $6.5 billion, a five-fold
return, when it flipped these businesses, according to discussions the group has had with
• FMCG majors like GSK, Coca-Cola India and others join hands to push FSSAI on speedy
• The Insurance Regulatory and Development Authority of India (IRDA) said for three
years insurers can charge three times the annual third party premium for two-wheelers
as prescribed by them.
• HDFC Bank approaches FIPB with a new proposal on foreign investments.
• Bharti Airtel in talks with State Bank of India for mega alliance.
• Government has imposed certain restrictions on FDI in railways for projects in "sensitive
areas" by stipulating that proposals seeking overseas investments beyond 49 per cent
will be cleared by the Cabinet Committee on Security.
• Oil & Natural Gas Corporation (ONGC), the country’s state-owned petroleum explorer
and producer, reported a 19 per cent jump in net profit for the quarter ended June.
• Auditors have red flagged SAIL's accounting procedure relating to its Rourkela plant,
alleging that this has led to the state-run steel maker overstating profits by Rs 133.66
crore last fiscal, a charge strongly refuted by the firm.
RBI / TAX LAW UPDATES
• RBI board has approved the broad contours of the restructuring plan, including the
creation of a position of a COO .Reserve Bank of India (RBI), as the government feels no
interim arrangements should be made for such high-profile appointments.
Historical Events on 14th August
• 1984 - IBM releases PC DOS version 3.0.
• 1962 - NASA civilian test pilot Joseph A Walker takes X-15 to 60,000 m.
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