PGC NEWSLETTER 4th March 2014


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PGC NEWSLETTER 4th March 2014

  1. 1. PGC NEWSLETTER 4TH MARCH, 2014 THOUGHT OF THE DAY “CREATE A LIFE THAT INSPIRES YOU” MARKET UPDATES ECONOMICS NEWS • • The Maharashtra government formally signed shareholder and state support agreements for the ambitious Delhi-Mumbai Industrial Corridor (DMIC) project, in Mumbai, on Monday. The project aims at generating industrial output of Rs 20 lakh crore by 2042. For February, the HSBC Purchasing Managers’ Index (PMI) for the manufacturing sector rose to a year’s high at 52.5 points, against 51.4 in January, showed data released on Monday. CORPORATE UPDATES • • Delhi High Court declined to issue a stay order on a CAG audit of the three power distribution companies in the city and asked the discoms to co-operate fully with the process, the Comptroller and Auditor General. Life Insurance Corporation of India (LIC) on Monday bought a 4.66% stake in Bharat Heavy Electricals Ltd (BHEL) from the government in a block deal totalling Rs 1,889 crore, BSE Ltd data shows. SENSEX 21,009.18 62.53 CNX NIFTY 6,235.20 13.75 DOLLAR/ RUPEE 62.1 0.05 MCX SILVER 47110.0 -0.16 MCX GOLD 30,566.00 -65.00 MCX CRUDE OIL 6523.0 0.22 RBI / TAX LAW UPDATES • RBI: The Reserve Bank of India extended the deadline of exchanging soiled currency printed before 2005 to January 1, 2015, from July this year. Dow Jones Industrial Average 16,168.03 -153.68 • IT: The Supreme Court asked income tax authorities and Nokia India to “find a way out” of the imbroglio in a case related to Microsoft buying stake in Nokia in a $7.5-billion global deal. Nasdaq Composite 4277.30 -30.82 1