Corporate Snippets on Jan 16
Ø Wipro Q3 results: Profit drops 3% to Rs 2,463 crore
Ø No interim relief to broadcasters in tariff order case
Ø SAT upholds SEBI's Rs 2,423 cr fine on PACL directors
Ø SBI cuts long-term FD interest rates by 15 bps
Ø US removes currency manipulator label on China
Ø BSE to offer incentives to boost crude oil trading
Ø Tatas arranging Rs 14,000 crore to clear telecom arm's outstanding AGR dues
Ø India's annual electricity demand grows at slowest pace in 6 years
Ø RBI ranked sixth among central banks in buying gold abroad
Ø Real estate sector sentiments revive to optimistic zone in Q3: Report
Ø Bandhan Bank's net profit more than doubles to Rs 731 crore in Q3
Ø FMCG stocks lose sheen, valuation premium declines to 11-year low
Ø Over-regulation is killing the auto sector: Rajiv Bajaj
Ø BSNL looking to launch 4G services by March 1
Ø IndusInd Bank Q3 profit rises 32% to ₹1,300 crore
Ø India-China trade dips by nearly $3 billion in 2019
Ø Fitch gives ‘BB’ rating to Glenmark’s proposed US dollar-denominated unsecured notes
Ø Jio declared highest bidder for Reliance Infratel, and UVARC for RCom, RTL
Ø Yes Bank to seek shareholders’ nod to raise ₹10,000 crore
Ø Canara Bank calls off divestment process of entire stake in Can Fin Homes
Ø Rupee falls against US dollar on losses in Asian currencies
Ø Yes Bank acquires 30% stake in Reliance Power arm
Ø E-commerce giant Amazon pumps in over Rs 1,700 cr into India units
Ø Govt. needs to infuse Rs 1.5 – Rs 2 lakh crore to pump economy, arrest slowdown, says FICCI
Ø California wants partnership with India to create inclusive economic growth: US official
Ø Indian Oil Corp seeks six LNG cargoes for April-Dec delivery: sources
Ø Govt. appoints Michael Patra as RBI Deputy Governor
Ø Bajaj Auto launches Chetak electric scooter; bookings start from Jan 15
Ø WPI inflation surges to 2.59 per cent in December
Ø Trade deficit narrows to $11.25 billion in December
Ø Synergy, Delhi-based firm show interest in Jet Airways
Ø Budget Session of Parliament to commence on Jan 31
Ø Airtel, Jio, Voda Idea submit applications for 5G trials
Ø Government saves Rs 350 crore fake IGST refund
Ø Jio and 6 other firms to list CPs worth Rs 8,812 cr
Ø Government plans new law to safeguard foreign investment, says report
Ø Axis Bank moves SAT seeking status quo against SEBI order on Karvy
Ø India's exports dip for fifth straight month in Dec, trade deficit narrows
Ø Bank employee unions to go on nationwide strike on Jan 31, Feb 1
Ø Birla group firms tapping international market to raise $3.1 billion
Ø Future Retail raises $500 million from international bond market
Ø L&T Construction bags orders for various segments
Ø McDonald’s India signs partnership with Zomato for food delivery in North and East region
Ø Alembic gets USFDA nod for capsules used to treat spasticity
Ø Mindtree Q3 net profit up 3 per cent to Rs 197 crore
Ø OPEC expects lower demand for its oil as US hits new milestone
Ø Oxford University to raise $1 billion, selling bonds maturing in 100-year from now
Ø IMD to announce new dates for normal onset, withdrawal of monsoon this April
Ø Newly appointed deputy governor to look after RBI's monetary policy division
Ø No action against top bankers for alleged frauds before CVC panel's nod
Ø China’s trade with BRI countries surges to $1.34 trillion in 2019
Ø Centre begins commercial coal auction process
Ø PMC Bank scam: Bombay HC sets up panel for sale of HDIL assets
Ø Government will put restrictions on imports of products under ‘others’ category: Piyush Goyal
Ø Airtel special committee clears issue price of USD 3 billion fund raising
Ø Amazon chief says to invest USD 1 bn in digitizing small businesses in India
Ø Wipro reports 2.2 pc dip in Q3 net income at Rs 2,460 crore
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Kerala high court has tried to clear the air over the contentious issue of composite supplies under the Goods and Services Tax (GST) which experts say may become guiding principles to decide cases in litigation. If more than one good or service are supplied by a company, these could be considered composite or mixed under the GST system.
Ministry of Corporate Affairs is set to notify new rules for the treatment of third party assets of a stressed financial company under the Insolvency and Bankruptcy Code.
Government appointed Michael Debaprata Patra as the deputy governor of the Reserve Bank of India (RBI). The appointment of Patra, who is currently an executive director at the central bank, comes nearly six months after former deputy governor Viral Acharya’s pre-mature resignation.
Securities Appellate Tribunal (SAT) on January 14 upheld the fine of over Rs 2,423 crore levied by markets regulator SEBI on four directors of PACL Ltd for illegal fund mobilisation through various schemes from public.
Bombay High Court has appointed a committee for speedy disposal of assets of Housing Development and Infrastructure Ltd.—a borrower to crisis-hit Punjab and Maharashtra Cooperative Bank. The three-member committee will determine how proceeds from the sale of the properties will be used.
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👉Register for Exclusive Sixth Weekend Batch of Spanish Language (60 hours) for ICAI Members and Students at New Delhi – 1st February, 2020. https://www.icai.org/new_post.html?post_id=16233&c_id=240
👉Budget 2020 should cut income tax slabs, offer tax breaks to boost investment: EY
Read more at:
https://economictimes.indiatimes.com/wealth/tax/budget-2020-should-cut-personal-tax-slabs-offer-tax-breaks-to-boost-investment-ey/articleshow/73289652.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
👉India is planning a new law to safeguard foreign investment by speeding up dispute resolution, aiming to attract more capital from overseas to boost stuttering domestic growth, two officials with direct knowledge of the matter told Reuters.
In a 40-page initial draft, India's finance ministry has proposed appointing a mediator and setting up fast-track courts to settle disputes between investors and the government, one of the sources said.
👉 Reliance Communications (RCom) assets have received bids of around Rs 25,000 crore with Reliance Jio and UV Asset Reconstruction Company (UVARC) emerging as the top bidders in their respective segments, according to banking sources.
"Jio and UVARC have emerged as the highest bidders at Rs 25,000 crore for RCom assets at committee of creditors (COC) meeting held on January 13, 2020," a source closely involved in the development told PTI.
👉Some bond investors at Reliance Home Finance are considering multiple options, including a complaint to the regulator of audit firms, to ensure recovery of their outstanding investments after the stressed home financier was taken to the National Company Law Tribunal (NCLT) last week.
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👉🏻RBI issues new debit and credit card rules to improve convenience and security
(RBI issued new rules for credit and debit cards to improve user convenience and increase the security of card transactions)
👇🏻 👇🏻 👇🏻
http://bit.ly/3604EEa
👉🏻Govt saves Rs 350 Cr fake IGST refund due to untraceable of over 1200 exporters
(Revenue Dept using its data analytics has discovered a fraud in GST refunds with as many as 1,200 exporters, who have have claimed Rs 350 crore refunds, are now untraceable)
👇🏻 👇🏻 👇🏻
http://bit.ly/2tnkUBN
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⭐SC: Determines Accident claim of Rs.42,29,534/- with interest at 9% p.a. granted.👍
Motor Vehicles Act (1988), S.166 - Enhancement of compensation - Claim for - Deceased was self-employed and 49 years of age at time of accident - Annual income was assessed at Rs.3,16,118/--After making addition of 25% towards future prospects and deduction of 1/5th towards personal expenses amount come to Rs.3,16,118/-. Multiplier of 13 applied - Loss of dependency came to Rs.41,09,534/- - Rs. 15,000/- each awarded towards funeral and loss of estate and Rs.40,000/- towards loss of consortium - Claimants also expenses entitled to Rs.50,000/- towards loss of love and affection - Claimants held entitled to total compensation of Rs.42,29,534/- with interest at 9% p.a._
Case
Malarvizhi Vs. United India Insurance Company Ltd.
Citation
2020 ALL SCR 208
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📌India’s second largest micro finance company, Satin Creditcare Network, raised $15 million from the Development Bank of Australia to fund its expansion plans. Its future looks bright. Accumulate in small quantities.
📌State Bank of India plans to sell 50 lakh NSE shares, which may fetch over Rs.900 crore. A positive for the company. Accumulate.
📌Cyient, a global engineering technology solutions company, has set up a state-of-the-art 60,000 sq.ft. Development Center in Warangal. Buy for the long term.
📌DHFL resumed its lending operations after its restructuring plans were approved by its lenders. The stock is set to take a big leap. Accumulate.
📌Navin Fluorine International has announced a Rs.450 crore investment in a new project at Dahej in Gujarat. Its future looks bright. Accumulate.
📌HDFC Bank reported 20% loan growth in Q3. This stock deserves a place in every portfolio.
📌The government is likely to divest its stake in Bharat Heavy Electricals. The stock is poised for an up-move. A good time to accumulate.
📌Aurobindo Pharma, which is available at about 45% discount to its 52-week high, is a good contrarian buy considering its strong US generics presence. Its risk:reward ratio is also favourable.
📌Piramal Group’s Peninsula Land plans to repay Rs.1600 crore debt in the next 30 months. The funds are likely to come from the completion of its Mumbai, Pune and Bengaluru projects. At Rs.5.5, it is a steal.
📌JSW Steel’s plan to sell 39% stake in its arm for ~$23 million will improve its liquidity. A positive for the company. Accumulate.
📌Eicher Motors fell sharply on poor sales in December. It would be prudent to buy this share at such low rates.
📌True North acquired 3% stake in Biocon Biologics for ~$3.5 billion. This should unlock value for Biocon shareholders. Buy for the long term.
📌Reliance Home Finance may soon land at NCLT after defaulting on Bond payments. There may be a change in management. The stock is available at a throwaway price. Investors with an appetite for risk may enter.
📌IG Petrochemicals, which was recommended in Money Times earlier around Rs.135 levels, zoomed to Rs.184 last week. It has the potential to rise further. Accumulate.
📌Metal stocks are shining. A good time to accumulate National Aluminium Co (NALCO).
📌Sunteck Realty has tied up with State Bank of India for financing its projects and a guarantee scheme, whereby buyers are assured timely possession. This should help the company fetch better business and profitability. Accumulate.
📌Alembic Pharma’s JV firm cleared USFDA inspection without any observations. A positive for the company. Accumulate.
📌Analysts find Mahindra & Mahindra to be one of the best bets in the auto industry, which is recovering slowly. Accumulate on dips.
📌Volumes at the Sequent Scientific counter are rising. The promoters wish to exit this lucrative business at much higher prices. A good time to buy.
📌Future Consumer, which owns FMCG brands like Tasty Treat, Golden Harvest, Karmiq, is likely to be taken over by Amazon at a hefty premium to its CMP. Buy for a target of Rs.50 in the short-to-medium term.
📌RAIN Industries has come out of the consolidation zone after years of lull. Accumulate on dips.
📌Force Motors and Eicher Motors are the dark horses of the auto sector. Buy at every decline.
📌New India Assurance Company is reportedly doing well and it has seen good accumulation in the last few months. Accumulate for about 50% returns.
📌Globus Spirits is likely to notch an EPS of Rs.20+ for FY20. The stock may cross Rs.180. Accumulate.
📌Going by its H1FY20 results, Kovai Medical Center & Hospital is expected to notch an EPS of Rs.68 for FY20. Buy for about 30% returns in the medium term.
📌GNA Axle is set to post an EPS of Rs.40 for FY20. This share has not participated in the auto components rally yet. A good time to accumulate.
📌Maan Aluminium is expected to notch an EPS of Rs.18 for FY20. The stock is headed towards the three-digit mark.
📌Going by its H1FY20 results, West Coast Paper Mills is likely to post an EPS of Rs.50 for FY20. A reasonable P/E of 6x will take its share price to Rs.300+. Accumulate.
📌Cigniti Technologies is set to notch an EPS of Rs.48 for FY20. A reasonable P/E of 7x will take its share price to Rs.336+ in the medium term.
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ICSI issues Guidance Note on Prevention of Insider Trading.
GST: Banks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invoices under goods and services tax.
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👉🏻HC clears confusion over contentious issue of composite supply under GST
(The Kerala high court has tried to clear the air over the contentious issue of composite supplies under the GST which experts say may become guiding principles to decide cases in litigation.
👇🏻 👇🏻 👇🏻
http://bit.ly/2TkyZL4
👉🏻Budget may make faking input tax non-bailable crime for buyers too
(Govt is likely to make fraudulent claims for input tax credit a non-bailable offence in the hands of recipients of goods and services in the February 1 budget by tightening the GST law)
👇🏻 👇🏻 👇🏻
http://bit.ly/35ZEa5X
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The CBIC vide Notification No. 05/2020 – Central Tax dated January 13, 2020, has authorized certain officers as a Revisional Authority under Section 108 of the Central Goods and Services Tax Act, 2017 (CGST Act).
Revenue department has unearthed 931 fraudulent GST refund cases through data analytics, which has forced it to scrutinise all the past refund claims for inverted duty structure that are already settled, along with the pending ones. In the current year refunds of over Rs 28,000 crore have been filed by over 27,000 taxpayers on account of an inverted duty structure.
SEBI extended the deadline by two years for the implementation of its directive to split the post of chairman and managing director (MD) or CEO for the top 500 listed entities by market capitalization. Firms now have time till April 2022 to comply with the directive.
Supreme Court issued a notice on petitions which challenge the constitutional validity of the conditions introduced by Insolvency and Bankruptcy Code (Amendment) Ordinance 2019 on the homebuyer's right to file insolvency petition against the defaulting builders.
National Company Law Appellate Tribunal (NCLAT) will function from the MTNL building in CGO Complex from January 16, 2020.An Office Order informing about the new location of the Appellate Tribunal was issued by its Registry.
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👉E-Form - I (Online Form for Filing Complaint to ICAI Disciplinary Directorate).
https://www.icai.org/disciplinarydirectorate/
👉Beneficial Schemes for the Members of ICAI - Committee for Capacity Building of Members in Practice, ICAI.
https://www.icai.org/post.html?post_id=8848
👉Standard on Internal Audit (SIA) 530, Third Party Service Provider
drafts are available here on link: https://www.icai.org/post.html?post_id=4620
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👉 Jaiprakash Power Ventures’ lenders, led by ICICI Bank, have restructured its debt by converting much of it into equity or convertible instruments, and approached the National Company Law Tribunal (NCLT) to withdraw their application for starting of bankruptcy proceedings.
👉 Shares of Tata Global Beverages (TGBL) hit all-time high on Monday after the National Company Law Tribunal (NCLT) approved the demerger of consumer products business of Tata Chemicals, vesting it with the company.
👉The National Company Law Tribunal’s order asking two directors of Nicco Parks & Resorts to vacate their positions may revive investor interest in the sale of Nicco Corp’s 25% stake in it, said Vinod Kothari, the liquidator appointed for the bankrupt Nicco Corp. The liquidation process, which started in October 2017, could not be completed due to poor interest from investors.
