TAXES AND FINANCE UPDATE NOVEMBER 16, 2015

INDIRECT TAXES

 EXCISE

www.carajput.com; Indirect Tax

www.carajput.com; Indirect Tax

CBEC revises arrest, prosecution norms

Nov 02, 2015

The Central Board of Excise and Customs (CBEC) has revised the monetary limits for arrest and its guidelines for prosecution in matters relating to offences punishable under Customs, Central Excise and Service Tax laws. Its circulars (dated October 23) prescribe threshold limits, due sanction from senior officers, procedures to be followed, monitoring disciplines and procedure for withdrawal of complaints.In Customs matters, the CBEC says arrest in respect of an offence should be effected only in exceptional situations.

FINANCIAL MANAGEMENT http://pdicai.org/images/arrow3.gif COMMODITIES

 

Big correction in coriander

Nov 02, 2015

Coriander prices have tanked over 20 per cent in the last two weeks on the National Commodity and Derivatives Exchange (NCDEX). They are currently trading at Rs. 9,391 per quintal. This sharp and sudden fall took the markets by surprise. The trigger for the huge fall came after unconfirmed reports stating that the Securities and Exchange Board of India (SEBI) has asked the NCDEX to provide historical price data of the commodity. This made the market nervous and the contract witnessed panic selling thereafter.The ripple effect had the contract hitting the lower circuit for three consecutive days. Following this, the NCDEX has increased the margin for the coriander futures contract with effect from Thursday last week.

FINANCIAL MANAGEMENT http://pdicai.org/images/arrow3.gif CORPORATE WATCH

 

Granules India net zooms 40% in Q2

Nov 02, 2015

Granules India has posted a net profit of Rs. 31 crore for the second quarter ended September 30, 2015, a 40 per cent rise over the Rs. 22 crore it posted in the corresponding quarter last year.The company’s revenue rose 19 per cent to Rs. 366 crore.Operating margin improved by 204 basis point to 19.2 per cent from 17.2 per cent.Giving a business break up for the second quarter on a consolidated basis, the company stated that Active Pharmaceutical Ingredients (APIs) contributed 44 per cent, Pharmaceutical Formulation Intermediaries (PFIs) 27 per cent and Finished Dosages 29 per cent. Geography-wise, the regulated markets contributed 55 per cent and the rest of the world 45 per cent.
 

MERGER & ACQUISITION – NATIONAL

 

Reliance Communications, Sistema to merge in all-stock deal

Nov 02, 2015

Anil Ambani-owned Reliance Communications is merging the telecom business of Sistema Shyam Teleservices (SSTL) with itself in a cashless deal worth around Rs 4,500-5,000 that will lead to the first major consolidation in the intensely competitive sector since 2009.”SSTL will get around 10% stake in the combined entity, but no board seat and no veto powers,” a person directly involved in the deal said. ET had first reported on May 20 that Reliance Communications (RCom) is holding talks on a possible takeover of SSTL in an all-stock deal that could give the latter’s shareholders a stake of around 10% in the merged entity.

 

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com  or call at 011-233 433 33

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

FINANCE & MONEY MARKETS UPDATE NOVEMBER 16, 2015

FINANCIAL MANAGEMENT   FINANCE & MONEY MARKETS

Untitled7AHighest premium paid by FPIs to get G-Sec limits falls to 62 bps from 82 bps last month
Nov 03, 2015
Foreign investors’ appetite to acquire limits for Indian government securities seems to have gone down somewhat with the highest bid on Monday’s auction coming in at 62 bps against the 82 bps seen on October 12.Against an available limit of Rs 852 crore that was put up for auction on Monday, FPIs put in bids worth Rs 1,678 crore — almost twice the notified amount. On October 12, however, foreign investors had put in bids worth Rs 17,266 crore to acquire limits on a notified amount of Rs 5,600 crore — three times the notified amount.

CORPORATE & OTHER LAWS  SEBI

SEBI to keep a close tab on price cartels in commexes

Nov 03, 2015
Price cartels, which enjoyed a more or less free run in the commodity futures market till recently, will soon be on watch. The Securities and Exchange Board of India (SEBI), which only a month ago undertook regulation of the decade-old commodity futures market, will modify its state-of-the-art integrated market surveillance system (IMSS) used in the equity market, to track unusual price spikes and trading patterns in farm futures on bourses like NCDEX and MCX.

FINANCIAL MANAGEMENT  COMMODITIES

Coal India production rises 10% in October

Nov 03, 2015
The state-run coal miner Coal India (CIL) reported a production growth of over 10% to 44.37 million tonne (mt) for October, which helped the company post an production increase of 9.2% for April-October period of the current fiscal to 273.91 mt, compared to the corresponding period of the last fiscal. The company also improved evacuation of coal to consumers by 9.9%. For the first seven month of this fiscal, CIL managed to raise its off-take by 9.2% to 295.80 mt.

MISC.  BANKING

Indian Bank net profit up 18%

Nov 03, 2015
Indian Bank has posted an 18 per cent growth in net profit at Rs 369 crore during the September 2015 quarter, compared to Rs 314 crore in the year-ago period. The bank’s total income increased to Rs 4,579 crore during the quarter under review from Rs 4,340 crore a year ago.“The operational profit has increased sequentially. Depreciation retrieval is around Rs 100 crore. The provision on slippages came down even though the provision coverage ratio was increased as part of prudent banking activities,” said Mahesh Kumar Jain, managing director and CEO (additional charge), Indian Bank.

 FINANCIAL MANAGEMENT  CORPORATE WATCH

Bharti Airtel will have revenue growth of 8-10%: Moody’s

Nov 03, 2015
Country’s largest telecom operator Bharti Airtel will have a revenue growth of 8-10 per cent over the next 12-18 months on strong demand for data services and affordable smart phones, Moody’s Investors Service said on Monday. The aggregate average revenue of telecom operators in Asia Pacific will increase 3-4 per cent over the next 12-18 months, similar to 2014 growth rate of 3.8 per cent and trending in line with forecast average GDP growth for the region and its outlook for the industry is stable, it said.

The content of this article is intended to provide a general guide to the subject matter.Specialist advice should be sought about your specific circumstances;Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com  or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)