1. PGC NEWSLETTER 23rd May 2014 1
PGC
NEWSLETTER
23rd
May 2014
THOUGHT OF THE DAY
“ENERGY AND PERSISTENCE CONQUER ALL THE THINGS”.
ECONOMIC NEWS
• Flipkart has bought fashion portal Myntra in a deal estimated to be worth
$370 million as it squares off against Amazon for dominance of India's
fast-growing online retail market.
• Analysts said the merger would give value to the investors, as the
combined business would grow to capture a large pie of India’s $3.1-
billion e-commerce market (excluding travel). In fact, both Flipkart and
Myntra have been raising funds aggressively, triggering talks of a mega
acquisition.
• The statutory auditor for Multi Commodity Exchange, Deloitte is likely to
face heat for the audit conducted for the Exchange for past years as
Forward Markets Commission has directed MCX to review the audit done
by Deloitte.
• Finance ministry is planning a joint forum of public sector banks to share
such information so that bad loans don’t rise. The government is devising
a multi- pronged strategy to tackle the problem of non-performing assets
(NPAs) as it will be one of the key priorities of the new government.
SEBI/COMPANIES UPDATES
• To expand the reach of mutual funds in hinterland, market regulator Sebi
today increased the cash transactions limit in such funds to Rs 50,000
from Rs 20,000.
• Securities and Exchange Board of India (SEBI) and Non-Bank Financial
Institutions Regulatory Authority (NBFIRA), Botswana have signed a
bilateral Memorandum of Understanding (MoU). Apart from promoting
mutual assistance and exchange of information between the two
authorities, the MoU seeks to establish and implement technical
assistance and training program.
RBI / TAX LAW UPDATES
• CBDT releases utility for Tax Audit Report filing for A.Y.2014-15-
Income Tax Department has releases utility for A.Y. 2014-15 for Filing of
Tax Audit Report, Transfer pricing Audit Report, MAT Audit, Trust
Audit, Special Audit etc.
MARKET UPDATES
SENSEX
24,619.74 245.34
CNX NIFTY
7,340.96 64.55
DOLLAR/ RUPEE
58.48 -0.1
MCX SILVER
40950.00 -.07
MCX GOLD
27225.00 -.06
MCX CRUDE OIL
6094.00 -0.16
Dow Jones Industrial
average
16,543 10
Nasdaq Composite
4,154 22