Pgc newsletter 14 th may 2014

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Pgc newsletter 14 th may 2014

  1. 1. PGC NEWSLETTER 14th May 2014 1 PGC NEWSLETTER 14th May 2014 THOUGHT OF THE DAY “Never look down on anybody unless you’re helping him up.” ECONOMIC NEWS • Putting an end to a contentious issue between various ministries, the Union Cabinet cleared the $400-million foreign investment proposal by a global buyout fund, KKR, at its final meet on Tuesday. • The battle to acquire controlling stake in Mangalore Chemicals & Fertilisers (MCF) intensified on Tuesday with Saroj Poddar-controlled Adventz Group joining hands with Vijay Mallya-owned UB group to make a counter offer at a higher price than that offered by Deepak Fertilisers. • Fair trade regulator CCI rejected allegations that German major Adidas AG and Reebok India abused their dominant position with respect to sale of premium sports goods. -filed by Om Datt Sharma, the Managing Partner of Kalpataru Enterprises. SEBI/COMPANIES UPDATES • Securities and Exchange Board of India has given the notice to the Santosh Kumar garg living in west Delhi for the over share purchase worth more than 2000 crore on Friday, when the market scaled new heights. • The Directorate General of Central Excise Intelligence has issued a show cause cum demand notice of Rs. 4.6 Crore to the nation’s largest oil firm Indian Oil Corporation for not paying service tax under the ‘goods transport agency’ head. TAX LAW UPDATES • RBI/2013-14/590, Issuance and Operation of Pre-paid Payment Instruments in India, Consolidated Revised Policy Guidelines. • (RBI) panel report has recommended that the government should divest its stake in state-owned banks to less than 50%, allow private equity houses to own 40% in distressed banks, and strip managers of private sector banks of their bonuses and Esops if they are caught ever-greening sticky loans. MARKET UPDATES SENSEX 23,876.59 5.36 CNX NIFTY 7,118.85 10.10 DOLLAR/ RUPEE 59.66 -0.41 MCX SILVER 41,945.0 -0.34 MCX GOLD 28,521.0 -107.0 MCX CRUDE OIL 6014.0 0.35 Dow Jones Industrial average 16,715 20.00 Nasdaq Composite 4,130 -14

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