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Pgc newsletter 23rd may


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Pgc newsletter 23rd may

  1. 1. PGC NEWSLETTER 23rd May 2014 1 PGC NEWSLETTER 23rd May 2014 THOUGHT OF THE DAY “ENERGY AND PERSISTENCE CONQUER ALL THE THINGS”. ECONOMIC NEWS • Flipkart has bought fashion portal Myntra in a deal estimated to be worth $370 million as it squares off against Amazon for dominance of India's fast-growing online retail market. • Analysts said the merger would give value to the investors, as the combined business would grow to capture a large pie of India’s $3.1- billion e-commerce market (excluding travel). In fact, both Flipkart and Myntra have been raising funds aggressively, triggering talks of a mega acquisition. • The statutory auditor for Multi Commodity Exchange, Deloitte is likely to face heat for the audit conducted for the Exchange for past years as Forward Markets Commission has directed MCX to review the audit done by Deloitte. • Finance ministry is planning a joint forum of public sector banks to share such information so that bad loans don’t rise. The government is devising a multi- pronged strategy to tackle the problem of non-performing assets (NPAs) as it will be one of the key priorities of the new government. SEBI/COMPANIES UPDATES • To expand the reach of mutual funds in hinterland, market regulator Sebi today increased the cash transactions limit in such funds to Rs 50,000 from Rs 20,000. • Securities and Exchange Board of India (SEBI) and Non-Bank Financial Institutions Regulatory Authority (NBFIRA), Botswana have signed a bilateral Memorandum of Understanding (MoU). Apart from promoting mutual assistance and exchange of information between the two authorities, the MoU seeks to establish and implement technical assistance and training program. RBI / TAX LAW UPDATES • CBDT releases utility for Tax Audit Report filing for A.Y.2014-15- Income Tax Department has releases utility for A.Y. 2014-15 for Filing of Tax Audit Report, Transfer pricing Audit Report, MAT Audit, Trust Audit, Special Audit etc. MARKET UPDATES SENSEX 24,619.74 245.34 CNX NIFTY 7,340.96 64.55 DOLLAR/ RUPEE 58.48 -0.1 MCX SILVER 40950.00 -.07 MCX GOLD 27225.00 -.06 MCX CRUDE OIL 6094.00 -0.16 Dow Jones Industrial average 16,543 10 Nasdaq Composite 4,154 22