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26-April-2017
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 Indian Economy
 
Modi govt plans to monetise 105 highway projects for about Rs 145,000 cr
India will monetise 105 highway projects for about INR 145,000 crore in the coming years as part of new innovative models of financing, Union Minister Nitin Gadkari said here on Tuesday."The traffic density in India is very high and the internal return on rates is very good," the Minister of road tr...

Manufacturing contracts in April; Q4 earnings to improve: SBI
Corporates are likely to log in healthier set of numbers in the March quarter clocking up to 12 per cent growth on the back of an improvement in manufacturing, says a report. “We expect corporates to report a topline growth ranging from 10 to 12 per cent in the March quarter, while the bottomline ma...

Fossil fuel investment may fall $3.7 trillion in 15 years
The transition to low-carbon energy systems across the world will have to be faster than seen in 20 years, says a report released globally on Tuesday.Energy productivity has to increase three per cent each year and the share of energy from zero-carbon sources has to rise at least one percentage poin...

FY17 spot electricity market sees rise in volume, fall in rates
Electricity traded in the day-ahead market of the India Energy Exchange increased by 16% in FY17 to 39,785 million units (MU) on the back of an average daily volume of 109 MU. At Rs 2.41 per unit, the average market clearing price in FY17 fell 12% from the previous fiscal. Clearing price for electri...

 
 Global Economy
 
Government deficit at lowest since financial crisis, says ONS
Government borrowing fell by £20bn to £52bn in the year to the end of March, according to official data.That was the lowest level since the financial crisis of 2008, the Office for National Statistics (ONS) said.In Chancellor Philip Hammond's Budget last month, the Office for Budget Responsibility h...

China factory sector expansion seen slowing in April
The pace of expansion in China's manufacturing sector likely slowed in April, a Reuters poll showed, as factory-gate price lost steam and authorities moved to tackle risks in the property market and credit growth.The official manufacturing Purchasing Managers' Index (PMI) is expected to come in at 5...

EU Hardens Brexit Position on Financial Services, Citizens
European Union governments further toughened their position on Brexit, as they added limits on financial services and explicit demands on citizens’ residency rights to their negotiating plan with the U.K.At a meeting on Monday in Brussels that kicked off a week of talks among the EU’s 27 other state...

Trump Is Moving on a Plan to Cut the Corporate Tax Rate to 15%
President Donald Trump's zeal to unveil a tax plan before his 100th day in office is raising questions about just how thorough his "tax reform" plans will be, amid signals that his focus for now is on slashing tax rates.Trump has directed aides to move quickly on a plan to cut the corporate income t...

 
 Market & Finance
 
Nifty scales lifetime high, sensex nears 30,000-mark
Benchmark Nifty closed above the 9,300-mark for the first time in its history on Tuesday, while the sensex soared 287 points to a three-week high on widespread buying, spurred by strong results and upbeat global cues.The 50-share Nifty rallied 88.65 points, or 0.96 per cent, to reach its new lifetim...

MFs' exposure to bank stocks at record Rs 1.26 lakh cr
Mutual fund managers continued to be bullish on bank shares, with their allocation to the sector reaching an all time-high of over Rs 1.26 lakh crore at the end of March, mainly due to cheaper valuations.In comparison, fund managers' investments in bank shares stood at Rs 80,468 crore at the end of ...

 
 Commercial Laws
 
Government makes geo-location of tangible assets mandatory for firms
Corporate India will have to furnish the geo-location data of tangible assets appearing on the balance-sheets, with the government seeking to establish stringent norms for verifying the details of properties recorded with the registrar as 'charges' for a company. Simply put, a charge is the interes...

 
 
 Indirect Tax
 
Taxpayers 'virtually' have to file only one return under GST: Revenue Secy
The fear that three returns in a month and one annual return under the proposed Goods and Services Tax (GST) would make the whole process very cumbersome and compliance-heavy is unfounded and exaggerated, said Revenue Secretary Hasmukh Adhia in an interaction with media here today.Explaining how fil...

They are big financiers of the India story, but GST is making them nervous.
Indian venture capitalists and private equity firms that pumped $15 billion into companies in 2016 are wary that come July, when the goods and services tax (GST) rolls out, their representatives/directors could be vulnerable to tax dues of investee companies even retrospectively. The new law gives t...

GST will not push up prices, says Adhia
Revenue Secretary Hasmukh Adhia on Tuesday held out the assurance that prices of goods and services will not see an increase under the Goods and Services Tax (GST) regime.For instance, goods that currently have a tax incidence of 32 per cent will be taxed at about 28 per cent under GST, he told repo...

 
 RBI
 
Upside risks to inflation exist, may deter RBI from rate cut: D&B
Upside risks to inflation persist despite prediction of a good monsoon and might deter the Reserve Bank from going in for a rate cut in the near future, says a Dun and Bradstreet report. According to the report, rise in global commodity prices, possibility of El Nino, increase in house rent allowanc...

 
 
 
 
 
 
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 Notifications
 
RBI
Notification No.RBI/2016-17/291
(Delhi) 26-04-2017
Auction of Government of India Dated Securities...
INCOME TAX
Notification No. 32/2017
(Delhi) 26-04-2017
Notification No. 32/2017 (F.No. 370142/21/2016-TPL)/GSR 399(E)...
EXCISE
Notification No.11 /2017-Central Excise (N.T.)
(Delhi) 26-04-2017
Notification under Section 11C of the Central Excise Act on Heena Powder and Paste falling under Chapter 33...
CUSTOMS
Notification No. 15/2017-Customs
(Delhi) 24-04-2017
Seeks to amend 8/2011 dated 14.2.2011 so as to extend the exemption of additional duty of Customs to specified jute products imported from Nepal...
Notification No. 16/2017-Customs
(Delhi) 24-04-2017
Seeks to exempt goods falling under chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance Programme run by specified pharmaceutical companies...
Notification No. 17/2017-Customs
(Delhi) 24-04-2017
Seeks to exempt goods, falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India by or along with a unit of the Army, the Navy, the Air Force or the Central Paramilitary Forces on the occasion of its return to India after a tour of service abroad, from basic customs ...
Notification No.40/2017 Customs (N.T.)
(Delhi) 24-04-2017
Rate of exchange of conversion of the foreign currency with effect from 21st April, 2017...
RBI
Notification No.RBI/2016-17/284
(Delhi) 24-04-2017
Compliance with Ghosh Committee Recommendations...
Notification No.RBI/2016-17/285
(Delhi) 24-04-2017
Alteration in the name of "Abu Dhabi Commercial Bank Limited" to "Abu Dhabi Commercial Bank PJSC" in the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/286
(Delhi) 24-04-2017
Cessation of KBC Bank N.V. as a banking company within the meaning of sub-section (2) of Section 36(A) of the Banking Regulation Act, 1949...
Notification No.RBI/2016-17/287
(Delhi) 24-04-2017
Alteration in the name of "Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A." to "Coöperatieve Rabobank U.A." in the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/288
(Delhi) 24-04-2017
Exclusion of KBC Bank N.V. – from the Second Schedule to the Reserve Bank of India Act, 1934...
Notification No.RBI/2016-17/289
(Delhi) 24-04-2017
Sovereign Gold Bonds 2017-18 – Series I...
Notification No.RBI/2016-17/290
(Delhi) 24-04-2017
Sovereign Gold Bonds, 2017-18 – Series I - Operational Guidelines...
 
 
 Indian Corporate
 
Welspun India posts 11% decline in Q4 standalone profit to Rs157.14 crore
Cotton textiles firm Welspun India Ltd reported a standalone net profit of Rs306.54 crore in FY16-17, 53% lower than previous fiscal year’s Rs648.33 crore, as it still battles the aftermath of losing its biggest client, US retailer Target Corporation, after Welspun was found selling cheaper sheets a...

RJio writes down Rs12,000 crore of intangible assets for FY16
Reliance Jio has written down ?12,000 crore of intangible assets for FY16. The company also disclosed to analysts that its capital expense was partly met with suppliers credit of RS.41,000 crore.Reliance Jio;s subscriber base hit 108.9 million subscribers as of March 31, 2017. The operator has over ...

Coke's sale down by low single digit in Jan-March
Beverages major Coca-Cola’s sales dipped by a “low single digit” during January-March 2017 in the India and South-West Asia region. While the firm posted an 11 per cent growth rate in India during the same period last year, the last quarter’s performance in the region impacted its sales in the Asia-...

Boutique bank Moelis eyes expansion in India amid M&A boom
Boutique investment bank Moelis & Co plans to expand in India where it believes economic growth and corporate restructuring will prolong a boom in dealmaking, the head of its local business said on Monday.Manisha Girotra, who previously headed the Indian unit of Swiss bank UBS and is well known in t...

Indian Bank’s Q4 net grows three-fold as NII improves
Chennai-based public sector lender Indian Bank on Tuesday reported its fourth quarter results with its net profit growing three times to Rs 319.70 crore as against Rs 93.62 crore in the corresponding period last fiscal, riding on a 22% increase in net interest income. The bank has also announced a f...

Chinese electronic co iVOOMi enters India
Chinese electronic major iVOOMi on Tuesday marked its entry in India with launch of two affordable smartphones Me 1 priced at Rs 3,999 onwards. The handset will be available in two versions—Me 1 and Me 1+ (Rs 4,999). The devices will be available online on ShopClues from April 25 midnight.Ashwin Bha...

IT major Wipro Q4FY17 consolidated net profit rises 7.2% qoq: Beats Estimates
Wipro's reported consolidated results for the quarter registered a beat on our estimates. Revenue for the quarter came in 4.2 % higher than the estimated figure of Rs. 13881 crores. Also, net profit for the quarter came in 4 % higher than the estimated figure of Rs. 2176 crores.Wipro consolidated re...

 
 Global Corporate
 
LVMH's Arnault swoops to take full control of Christian Dior
French billionaire Bernard Arnault will combine the Christian Dior fashion brand with his LVMH luxury goods empire as part of a 12 billion euro ($13 billion) move to simplify his business interests - a restructuring long demanded by other investors.Under a series of complex transactions, LVMH (LVMH....

 

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