Pgc newsletter 31 st july, 2014

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Pgc newsletter 31 st july, 2014

  1. 1. PGC NEWSLETTER 31th July 2014 PGC NEWSLETTER 31st July 2014 THOUGHT OF THE DAY "It costs nothing to dream but are you willing to pay the price to make it reality?" SEBI/COMPANIES UPDATES · The Supreme Court on Wednesday directed real estate company Supertech to either refund the money it collected from the buyers of its twin towers Apex and Ceyane or give alternative flats to them. The Allahabad High Court had earlier ordered demolition of the two towers, which are part of the Emerald Court project in Noida. · Indigo’s holding company, InterGlobe Aviation, has applied to the Foreign Investment Promotion Board (FIPB) seeking reclassification of the equity stake held by promoter Rakesh Gangwal through Caelum Investments so that the company can have access to fresh foreign direct investment. · A clutch of blue-chip private equity (PE) funds are understood to be in the race to pick up stake worth Rs 200 crore in Eye-Q Vision Pvt Ltd. · Infrastructure Development & Finance Company (IDFC) has sought the Reserve Bank of India (RBI)'s clarifications on the new infrastructure lending norms. · 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. · IT major HCL Technologies today reported Q4 net profit of Rs 1,834 crore, up 13% sequentially. On a year-on-year basis, net profit jumped 53.7%. The company had posted a net profit of Rs 1,193 crore in the year-ago period. RBI/TAX LAW UPDATES · RBI/2014-15/154 A. P. (DIR Series) Circular No. 18, Constitution of Special Investigating Team – sharing of information. · The Reserve Bank of India (RBI) is likely to issue a policy framework in next few weeks that will offer more clarity on the age restriction for private sector bank chiefs. · The Income Tax department has allowed profit-linked tax deductions to new special economic zone (SEZ) units upon transfer of technical manpower up to 20 per cent from an existing unit. MARKET UPDATES SENSEX 26,082.83 - 4.59 CNX NIFTY 7,783.30 - 8.10 DOLLAR/ RUPEE 60.25 - 0.18 MCX SILVER 44,380.0 - 0.24 MCX GOLD 27,810.0 -124.0 MCX CRUDE OIL 6,021.0 - 0.87 Dow Jones Industrial Average 16,880.0 - 32 Nasdaq Composite 4,463.0 20 WWW.PROGLOBALCORP.COM

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