PGC NEWSLETTER 18th March 2014

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PGC NEWSLETTER 18th March 2014

  1. 1. PGC NEWSLETTER18th March 2014 1 PGC NEWSLETTER 18th March 2014 THOUGHT OF THE DAY “We become what we think about” ECONOMICS NEWS • The upstream regulator, Directorate General of Hydrocarbon (DGH) has backed Oil and Natural Gas Corp (ONGC)’s demand for appointment of an international expert to assess if Reliance Industries Ltd (RIL) was drawing out any of its gas in the KG basin. • India and China held their third round of the Strategic Economic Dialogue here today focusing on collaboration in a number of areas, including railways and Information Technology. CORPORATE LAW UPDATES • Capital market regulator Sebi has identified investor empowerment, capacity building and further strengthening of enforcement and supervision actions as its core areas for focus in 2014-15. • Toyota Kirloskar Motor Private Limited (TKM) declared a lockout at its plants on Sunday morning after talks over wage negotiation between the management and workers' union failed. RBI / TAX LAW UPDATE • RBI: The central bank's foreign exchange reserves in gold fell 15% in value between March and September last year, and the yield on reserves fell 2 basis points amid low interest rates across the developed world. • IT : Where company had not incurred even a single penny to achieve its objectives, i.e., charitable purpose, it was not eligible to grant of registration under section 12A. MARKET UPDATES SENSEX 21,965.84 156.04 CNX NIFTY 6,553.00 48.80 DOLLAR/ RUPEE 60.94 -0.26 MCX SILVER 46280.00 -1.00 MCX GOLD 30,194.00 -181.00 MCX CRUDE OIL 5971.00 -0.12 Dow Jones Industrial Average 16,247.22 181.55 Nasdaq Composite 4279.95 34.55

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