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Pgc newsletter 24 th july 2014(u)


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Pgc newsletter 24 th july 2014(u)

  1. 1. PGC NEWSLETTER 24th July 2014 PGC NEWSLETTER 24TH July 2014 THOUGHT OF THE DAY “You can't win if nobody catches the ball in the outfield. You are only as good as the team you have behind you." SEBI/COMPANIES UPDATES · SEBI (Securities and Exchange Board of India) CIRCULAR/IMD/FIIC/17/2014-July 23, 2014 to enhance the investment limit in government securities available to all FPIs by USD 5 billion by correspondingly reducing the amount available to long term FPIs from USD 10 billion to USD 5 billion within the overall limit of USD 30 billion. · The Union environment ministry has decided to consider group clearances for adjacent mines of Coal India Limited (CIL), the near-monopolist in the sector, rather than considering individual project proposals. · L&T Finance Holdings (LTFH)'s June quarter results were in line with Street expectations. The company posted consolidated net profit (excluding exceptional gains) of Rs 167 crore, up 15.2 per cent over a year. Consensus Bloomberg estimates had pegged it at Rs 163 crore. · At least a fifth of debt fund managers in the mutual fund (MF) sector might lose their job with the change in taxation for their segment in Union Budget 2014-15; The Budget has proposed to increase the rate of tax on debt funds to a flat 20 per cent. Further, the tenure for claiming long-term capital gains has been increased to 36 months from the existing 12 months. RBI/TAX LAW UPDATES · RBI/2014-15/145 A. P. (DIR Series) Circular No. 13, Foreign investment in India by SEBI registered Long term investors in Government dated Securities. · RBI/2014-15/144 A. P. (DIR Series) Circular No. 12, Exim Bank's Line of Credit of USD 41.96 million to the Government of the Republic of Senegal. · The TDS wing of Mumbai Income Tax Department has decided to submit a detailed report to Central Board of Direct Taxes (CBDT) with its recommendations on various issues dealt with taxpayers. MARKET UPDATES SENSEX 26,093.66 -53.67 CNX NIFTY 7,779.25 -16.50 DOLLAR/ RUPEE 60.06 -0.04 MCX SILVER 44,665.00 -0.59 MCX GOLD 27,760.00 -122.0 MCX CRUDE OIL 6,208.00 0.13 Dow Jones Industrial Average 17,087.00 -27 Nasdaq Composite 4,474.00 18 WWW.PROGLOBALCORP.COM