Pgc newsletter 14 th aug, 2014

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Pgc newsletter 14 th aug, 2014

  1. 1. PGC NEWSLETTER 14TH AUG, 2014 1 PGC NEWSLETTER 14TH Aug 2014 THOUGHT OF THE DAY "MAKE CONSCIOUS CHOICES ABOUT WHERE YOU'LL GIVE YOUR TIME AND ATTENTION." SEBI/COMPANIES UPDATES • 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 merchant bankers. • FMCG majors like GSK, Coca-Cola India and others join hands to push FSSAI on speedy approvals. • 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. MARKET UPDATES SENSEX 26,027.90 108.95 CNX NIFTY 7,767.30 27.75 DOLLAR/ RUPEE 61.02 - 0.21 MCX SILVER 43,433.0 0.25 MCX GOLD 28,680.0 - 10.0 MCX CRUDE OIL 5,950.0 - 0.02 Dow Jones Industrial Average 16,652.0 91.0 Nasdaq Composite 4,434.0 45.0 WWW.PROGLOBALCORP.COM

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