1. PGC NEWSLETTER19th March 2014 1
PGC
NEWSLETTER
19th March 2014
THOUGHT OF THE DAY
“If you want to achieve greatness stop
asking for permission”
ECONOMICS NEWS
• Business sentiment among Asia's top companies edged up in
the first quarter, as solid improvement in the Philippines and
South Korea outweighed weakness in China, India and
Australia amid persistent concerns over the global economy.
• With the government focusing on improving infrastructure
and allied services, the urban sector is likely to contribute
nearly 70-75 per cent of the GDP by 2020, according to a
Barclays report.
CORPORATE LAW UPDATES
• The Securities Appellate Tribunal ( SAT) has asked the capital
markets regulator SEBI to file the impact of the recent rule
change in consent mechanism on an insider- trading case
involving petrochemical company Reliance Industries
Limited ( RIL).
• SEBI will soon decide whether public financial institutions
such as banks and insurance companies which are also
trading members on stock exchanges can continue to be
classified as ‘ public’ shareholders in bourses.
RBI / TAX LAW UPDATE
• RBI: Industrial houses aspiring to set up banks could be in for
some disappointment, as the Reserve Bank of India ( RBI) is
in no mood to oblige any of them.
• IT:Where assessee, engaged in manufacture and sale of
pharmaceutical products, provided loans to AEs, interest on
said loans had to be charged on basis of LIBOR plus specific
percentage points, as approved by RBI.
MARKET UPDATES
SENSEX
21,821.33 -11.28
CNX NIFTY
6,519.60 2.95
DOLLAR/ RUPEE
61.15 -0.05
MCX SILVER
45869.0 0.06
MCX GOLD
30,188.0 -17.0
MCX CRUDE OIL
6079.0 0.03
Dow Jones Industrial
Average
16,336.19 88.97
Nasdaq Composite
4333.31 53.36