Pgc newsletter 30 th july, 2014


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Pgc newsletter 30 th july, 2014

  1. 1. PGC NEWSLETTER 30th July 2014 PGC NEWSLETTER 30th July 2014 THOUGHT OF THE DAY “Choices, not Chances, are responsible for the quality of our Life. Spend time to Think, Reflect, Introspect and then choose." SEBI/COMPANIES UPDATES · Torrent Power Limited reported a net profit of Rs 86.24 crore in the first quarter of 2014-15 as against net loss of Rs 7.39 crores reported during the first quarter of 2013-14, the company said in a statement. · DCB Bank aims to double its balance sheet size in next three to three-and-a-half years. This is despite the private sector lender avoiding large-ticket advances and being cautious in offering loans to sectors like infrastructure to preserve the quality of its assets. · ICICI Bank is likely to do a private placement of an infrastructure bond issue solely with Life Insurance Corporation (LIC) of India. According to sources, the amount is about Rs 3,000 crore. · Infrastructure Development & Finance Company (IDFC) has reported a 14 per cent drop in net profit to Rs 482 crore in the financial year’s first quarter. RBI/TAX LAW UPDATES · The CBDT has notified Income-tax (7th amendment) Rules, 2014, which substitutes the existing Form No. 3CD with a new form. The new Form 3CD prescribes certain new reporting clauses and substitutes some existing clauses with new ones. The new form requires tax auditor to furnish more and detailed information in the new form for tax audit report. The existing Form No. 3CA, Form No. 3CB and Form No. 3CD have been substituted vide notification no. 33/2014 dated 25.07.2014 with immediate effect. · The Finance Ministry has said that income of Alternative Investment Funds (AIF) will be taxed at the rate of 30 per cent. Such funds basically pool in money from domestic and overseas investors and invest on the basis of a pre-determined policy. · Tightening the regulatory noose around willful defaulters of bank loans, RBI has suggested watch dogging Sebi that such entities should be prevented from raising funds through capital markets. · The Income Tax Appellate Tribunal has held that State Bank of India was not required to deduct any tax at source (TDS) on over Rs. 11,000 crore in the Site Restoration Fund (SRF) account maintained by Oil and Natural Gas Corporation (ONGC) from 2002. MARKET UPDATES SENSEX 25,965.40 - 25.83 CNX NIFTY 7,743.90 - 4.80 DOLLAR/ RUPEE 60.17 - 0.02 MCX SILVER 44,337.0 - 0.15 MCX GOLD 27,834.0 - 32.0 MCX CRUDE OIL 6,101.0 0.28 Dow Jones Industrial Average 16,912.0 -71 Nasdaq Composite 4,443.0 - 2 WWW.PROGLOBALCORP.COM