Document 6564404

Economy & Business 7
THE ECHO OF INDIA SILIGURI
Thursday October 16, 2014
BSE, NSE closed for the day
MUMBAI, OCT 15 /—/ The
Bombay Stock Exchange
(BSE), the National Stock Ex-
change (NSE), Forex, Money,
MCX, NCDEX and all major
commodity markets will re-
main closed on Wednesday
on account of Assembly
polls in Maharashtra. (PTI)
Switzerland co-operating with
India on tax matter: Envoy
NEW DELHI, OCT 15 /—/ As India’s government and tax officials meet their counterparts in Switzerland, Swiss Ambassador
Linus von Castelmur on Wednesday said
his country is fully co-operating with the
authorities here on tax matters.
An Indian delegation, led by Revenue
Secretary Shaktikanta Das, is in Berne today to meet Swiss officials as both sides look
to resolve tax matters, including those related to alleged illicit wealth stashed by Indian citizens in banks in Switzerland. Emphasising that Switzerland is “fully co-operating with Indian authorities” on tax matters, Castelmur said the issues of the past
should be addressed in a pragmatic way
while respecting international obligations.
About the meeting of delegations from two
sides in Berne, Castelmur said it is about cooperation in the economic field between
the two nations.
“We are very happy that Das is in Berne
today and we wish him very good and for
dialogue between the two delegations. We
wish them well that issues will be solved...
I think problems in the future would be
solved very easily,” the Swiss Ambassador
to India said here. The visit comes amid
Swiss government refusing to share information on list of names obtained by Indian
authorities through other nations, namely
France and Germany, saying they figured in
lists stolen by certain ex-employees of the
banks concerned and that no details can be
shared on the basis of illegally-obtained information.
“We still have problems of the past and
cannot make undone 20, 30, 40 years of the
past. I think we have to work on that in a
pragmatic way in respecting our international obligations but also our eternal rule of
law,” Castelmur said. Noting that Swiss authorities are fully co-operating with India,
he said, however, there is a problem about
requests on stolen data.
“Switzerland is working on a case to
case basis with Indian authorities. When
there is a case when a request is placed, we
will cer tainly examine that matter,” he
noted. The Ambassador was speaking to reporters on the sidelines of a seminar organised by industry body Assocham. (PTI)
Mahindra launches Arjun Novo
EOI CORRESPONDENT
KOLKATA, OCT 15/--/
Mahindra & Mahindra today announced the launch
of the new Arjun Novo, the
technologically advanced
and stylishly designed tractor in West Bengal. The new
Arjun Novo is based on a
whole new platform developed at Mahindra &
Mahindra's state of the art R
& D facility, Mahindra Research Valley in Chennai.
The new Arjun Novo offers options of both open station as well as an air conditioned cabin, a unique offering in the sub 60HP tractor
segment in India. The tractor will be priced at Rs 7.80
lakhs including accessories
and Aux valve (ex-showroom Kolkata).
Speaking on the occasion Ravindra Shahane,
Vice President, Marketing,
Farm Equipment Sector
said "The new Arjun Novo is
designed & developed keeping in mind the needs of
high tech farming in all Indian states. It offers many
unique features that are the
farmers' dream. The new
Arjun Novo can effectively
do over 40 key farming ap-
Ravindra Shahane, Vice President, Marketing, Farm Equipment Sector, Mahindra &
Mahindra Ltd--EOI PIKS
plications. It has the precision hydraulics system for
potato farming, high lift capacity of 2200 Kg for using
heavy implements like 3
board MB plough & advanced synchromesh 15F +
3R transmission that gives
ideal speed for use of any
implement - an excellent
value proposition at a great
price. This launch will help
grow the higher Horse
Power category and be a
trend setter."
Manish Arora, Sr. Gen-
Irda to align corporate
MCCI organises interactive
governance, disclosure norms session on India-Slovenia ties
NEW DELHI, OCT 15 /—/
Insurance sector regulator
Irda will align its corporate
governance and disclosure
norms in accordance with
the new Companies Act,
2013. For this, the Insurance
Regulatory Authority of India (Irda) has set up a 12member committee under
its member R K Nair.
“In order to bring harmony between the corporate
governance and disclosure
requirements of the Authority and the Companies Act,
2013, the Authority has decided to constitute a working
group harmonising Irda Cor-
porate Governance Guidelines and Disclosures with
Companies Act, 2013,”Irda
said in a circular. The ter ms
of reference of the working
group include recommending any changes that need to
be made to insurance regulations specifically on corporate social responsibility, related party transactions or
financial statements.
It will also undertake a
comprehensive view of the
extant guidelines on corporate governance related with
composition of board and its
committees, provisions relating to independent direc-
tors, provisions related to remunerations of CEO, managing director or whole time directors.
The working group is expected to complete its task
within four months. The new
Companies Act, 2013 was
notified on August 30, 2013.
The new act has brought in
significant changes in several aspects of corporate organisation such as appointment of directors and key
management persons, appointment of auditors, corporate governance and financial reporting requirements. (PTI)
KOLKATA, OCT 15 /—/
MCC Chamber of Commerce
& Industry
o
n
Tuesday org a n ised an
interactive
session on ‘Exploring Opportunities : India-Slovenia
Bilateral ties focusing on
West Bengal’. While interacting, Darja Bavdaz Kuret, ambassador of the Republic of
Slovenia in India, emphasised on Slovenia’s ‘strategic
position - as the logistic gateway to Europe connecting
500 mn consumers’, ‘access
to the Adriatic Transport
Route’, ‘linkages with 5th
and 10th PAN-European Corridor’, ‘hinterland road connections’, ‘f avourable tax
structure such as corporate
income tax at 17percent, tax
relief up to 100 percent of
the amount invested in R&D,
capital gains tax at 0-20 percent, VAT at 22 percent –
standard rate and 9.5 percent – reduced rate’ which
are few of the facilities that
Slovenian markets offer to
its investors. As Slovenia is
ranked 19th in Bloomberg’s
Global Innovation Index,
2014 – standing 17th in R &
D intensity, 23rd in productivity and 19th in manufacturing capability - Kuret
opined that these would be
the key parameters in developing the future synergy between Indian and Slovenian
economy. “Slovenian technology and innovation can
be used by India in Indian
local as well as international
market’’ – she added. Her
Excellency invited India’s
cooperation in the field of
Energetics, Renewable resources, Energy renovation
of buildings, High-voltage
energy
connections,
Broadband networks etc.
Other than this, Transport &
Logistics, Green Energy &
Recycling, Automotive In-
dustry,
ICT
&
Nanotechnolog y, Pharmaceuticals & Chemicals Industry, Wood-processing industry etc a few of more economic sectors with comparative advantages which are
opened for Indian investments in Slovenia. With one
of
the
prestigious
techonology in ‘renewable
energy’ and ‘purification of
water and water management’, Slovenia can offer
mutual cooperation to India.
Bagaria, Honourary Consul of Slovenia in Kolkata
said that the location of
Slovenia itself offers a great
possibility to connect with
other European countries.
He invited Slovenian co-operation and collaboration in
Bengal’s SME sector, Tourism, IT, Petrochemicals,
Steel & Allied Industries,
Foundry, Engineering and
others. Sanjay Agarwal,
president, MCCI, in his welcome address expressing
concern over the declining
bilateral Indo-Slovenia
Fund raising via institutions SBI customer
climbs to Rs 20K-crin H1 FY15 to enjoy unlimited
Veteran actress Vyjayanthimala Bali (3rd from left) launching pure "Mysore Silk Saree'
carrying a price tag of Rs 1.5 lakh after inaugurating Karnataka Silk Industries Corporation's Exhibition Cum Sale, in Chennai on Wednesday.
Sebi approves upto Rs 1,600cr rights issue of Future Retail
NEW DELHI, OCT 15 /—/
Kishore Biyani-promoted
Future Retail has received market regulator
Sebi’s approval to raise up
to Rs 1,600 crore through
rights issue.
The company had
filed its application with
the Securities and Exchange Board of India
(Sebi) for the proposed
rights issue in July. Sebi
issued its final observations on the draft offer
documents on October
10, according to the latest update by the market
regulator.
The regulator had received the draft offer
documents on Jul y 22
through its lead manager
Axis Capital Limited. Issuance of ‘observations’
on offer documents by
Sebi is considered as a
clearance to the issuer to
go ahead with the share
issues through routes
like IPOs, FPOs and
rights issue.
Earlier in August, Sebi
had sought clarification
from
the
merchant
banker of Future Retail
regarding the company’s
Rs 1,600 crore rights issue. (PTI)
NEW DELHI, OCT 15 /—/
Fund raising via institutional investors seems to be
gaining traction among Indian firms, with the total
amount mopped-up through
this route crossing Rs 20,000
crore-mark in the first half
of the current fiscal.
According to a report by
Prime Database, companies
have raised a total of Rs
20,589 crore through Qualified Institutional Placements (QIPs) and Institutional Placement Programme (IPP) routes during
April-September period of
the current fiscal (2014-15),
higher than a meagre Rs
5,402 crore garnered in the
year-ago period. Of the total
fund raised, a massive Rs
20,171 crore were raked in
through QIPs and remaining
Rs 418 crore via IPPs. In the
first six months of 2014-15,
funds
were
garnered
through as many as 20 issuance (19 QIPs and 1 IPP) as
compared to 13 (3 QIPs and
10 IPPs) in the April-September period of the preceding fiscal. According to
industry estimates, the total
funds raised this year could
be more than Rs 30,000
crore. “It is interesting to
note that all QIP issuances in
the first half of 2014-15 took
place after the election verdict was announced on May
16, thus clearly showcasing
the revival of investor sentiment, backed by a strong secondary market.
“There was a pent up demand for capital, which is
now being released,” Prime
Database Managing Director
Pranav Haldea said. He further said, “The pipeline too
is extremely robust, comprising issuers from the private sector as also several
banks which have announced QIP plans to raise
additional capital, all of
which is likely to materialise in the near future.” The
largest QIP was from Reliance Communications of Rs
4,808 crore while the largest
and only IPP was of Muthoot
Finance for Rs 418 crore
made to comply with Sebi’s
guidelines on minimum
public shareholding. (PTI)
12 cos launch public offers in Sept, highest ever in a mth
MUMBAI, OCT 15 /—/ Tapping
strong investor sentiments, as
many as 12 small and medium
enterprises came out with
their IPOs in September — the
highest in a single month since
the launch of dedicated SME
platforms in March 2012.
The SMEs, most of them to
be listed on BSE SME platform,
had come out with their initial
public offering (IPO) to together raise at least Rs 81
crore. Top bourses — the BSE
and the NSE — had launched
dedicated platforms for SMEs
in March 2012 to enable the
listing of these firms and help
them raise equity capital for
growth and expansion in a
cost-effective manner. Among
the 12 firms that hit the capital
markets with their IPOs in
Se ptember, Momai Appar els
topped the chart with Rs 30
crore initial share sale. The
firm is the only one proposed to
be listed on NSE’s platform for
SMEs — NSE Emerge, among
the 12 companies.
The remaining 11 IPOs —
Naysaa Securities, Sirohia &
Sons, Encash Entertainment,
Ultracab (India), Aryaman
Capital Markets, Atishay
Infotech, Dhabriya Polywood,
Starlit Power Systems, Vibrant
Global Capital, Powerhouse
Fitness & Realty, and ADCC
Infocad — would trade on the
BSE SME segment.
According to market experts, current market conditions are favourable for companies looking to mop up funds
through the IPO route.
BSE Managing Director
and CEO Ashish Kumar
Chauhan had recently said that
as many 100 companies were
expected to be listed on the exchange’s SME platform by the
year-end. Currently, 70 companies are eligible for trading on
the BSE SME platform and have
an aggregate market capitalisation of a little over Rs 7,563
crore. On the other hand, five
firms are listed on the NSE.
According to the SME list-
ing norms, a company would be
eligible for listing if it has not
completed 10 years after incorporation, and its revenue has
not exceeded Rs 100 crore in
any of the financial years.
In addition, the company
should have got an investment
of at least Rs 50 lakh by an alternative investment fund, or a
venture capital fund, or by a
merchant banker, or an ang el
investor, or a specialised international multilateral a gency,
or a public financial institution,
among other such investor s.
The data for September has
been gathered through information available on the Sebi’s
website. (PTI)
ATM transactions
if A/C balance is
above Rs 25K
NEW DELHI, OCT 15 /—/
The nation’s largest lender
State Bank of India (SBI)
has good news for customers
who maintain over Rs
25,000 balance. SBI will offer unlimited ATM transactions on its home ATM for
customers who maintain
this balance in their account in a month on an average.
While for customers
having a balance less than
Rs 25,000 SBI will allow
only four-time usage on its
home ATM while for thirdpar ty ATM the usage has
been restricted to three, as
per a financial daily report.
The RBI in August had said
that the number of free
ATM transactions for savings bank account customers at other banks’ ATMs
would be reduced from the
present 5 to 3 transactions
per month (inclusive of
both financial and non-financial transactions) for
transactions done at the
ATMs located in 6 metro
centres. A customer will be
required to pay a fee of up to
Rs 20 for using Automated
Teller Machines (ATMs)
beyond the permitted numbers of transactions in
Delhi, Mumbai, Chennai,
Bangalore, Kolkata and
Hyderabad, it had said. The
RBI’s latest directive would
be applicable from November 1, 2014.
However, the RBI said
that banks are free to offer
more number of free transactions per month at other
bank ATMs as well as their
own ATMs in any g eographical location if they
desire so. (Agency)
eral Manager - Sales - Zone 2
said, "Arjun Novo has been
developed through extensive research and insight
conducted with over 100
farmers, across 10 states to
trade figure from US$ 391 mn
in 2012-13 to US$ 330 mn in
2013-14, stressed on the need
for urgent re-assessment of
the bilateral trade situation.
understand the mechanization needs of farmers across
India. It offers the highest
level of mechanization with
agriculture implements like
Cultivator, Tractor Mounted
Combined
Harvester
(TMCH), Gyrovator (Rotary
Tiller), Primary Tillage and
Haulage
applications.
Moreover, its advanced new
engine with effective cooling, 8 inch air cleaner and
IPTO with power of 50 HP
which makes it an ideal tractor for all applications in extreme weather conditions in
West Bengal."
The development of
Mahindra's new Arjun Novo
involved seeding phase, in
which a total of 73 tractors
were tested for their performance in 40 applications
across 8 states for a cumulative 70,000 hours. Addressing the critical aspects
innovatively, formed the
core of the development
ideology behind the new
Arjun Novo. The new tractor with its many features
will be useful for a wide
range of applications - harvesting, straw reaping,
puddling, haulage, loading,
amongst others.
Electrical Installation work of
newly constructed three storied
college building of Mejia Degree College at Mejia in the dist
of Bankura. Tender id2014_PWDE_25870_1
NIT no: WBPWDTE/ EE/BED/
NIT_22/2014-15. Estimated
Amount - 34,64,705/-.
Documents download/sale
start date (Online) : 15.10.2014
from 6 .30 pm. Documents
download/sale end date
(Online) 25.10.2014, 3.30 pm.
For more information visitetender.wb.nic.in
Executive Engineer
Bankura Electrical Division
P.W. Dte.
NOTICE INVITING e-TENDER
TENDER NO.WBPWD/EE/N24
PRG/ELEC/17/2014-20152nd Call
E -Tender (online) is invited by the
Executive Engineer, North 24
Parganas Electrical Division,
P.W. Dte. Govt. of West Bengal,
Kolkata-59 for the Works -Proposed Motel for Tourist Party at
Bongaon in the District of North 24
Parganas- E.I.Work. Bid Proposal
submission end date:-31.10.2014
up to 05 p.m. Detailsinformationwill
be available from this office and also
in website: htpp://etender.wb.nic.in.
N.I.T. Memo No. 850 Dt. 14.9.14
Sealed tender is invited by the
Assistant
Engineer,
Bidhannagar Electrical SubDivision-II, P.W.D, Purta
Bhawan, Salt Lake, from PWD
enlisted electrical contractors
(Class - I & II) having adequate
experience in successfully
executing similar nature &
volume of work in Govt.
Organization.
Name of W ork :- Repair,
renovation of SPNDBS and rewiring in hostel at Jadavpur
University, Salt Lake Campus
Phase-III.
Job No. 04/TR/ SD-II of 13-14.
Last date & time of Application
on : 21.10.14 upto 2 Pm. Tender
will be received in this office on
: 22.10.14 upto 1 Pm. and
Opened shortly thereafter. All
other information will be
available from this office.
Assistant Engineer, P.W.D.
Bidhannagar Electrical
Sub-Division-II.
NOTICE INVITING TENDER
WBPWD/ EE/ KCD/ NIT- 17E/
2014-2015
Sealed Tenders are invited by
the Executive Engineer,
P.W.D., Kolkata Central Division, P.W.D. 3, Commissariat
Road (1st Floor), for the following works :- (1) Construction of
Gangway from Chandramukhi,
Kadambini to Pritilata Bhavan
and Office Building of Bethune
College during the year 20142015 (R & B) Works. Estimated
Amount ( Rs.) :- 8, 35, 872/-. Earnest Money (Rs.) :- 16, 717/-.
Time Period of completion :- 45
(forty five days). Eligibility of
Bidders to submit tender :
Bonafide agencies having credentials showing satisfactory
completion of a single work of
similar nature of work commencing on or after 01.04.2009
of value not less than 40% of the
Estimated Cost of the work applied for. Technical & financial
bid proposal submision start
date (online) 14.10.2014 from
6.30 PM. Technical & financial
bid proposal Submision end
date (online) 22.10.2014 upto
1.30
PM.
Tender
Id
2014_PWD_25755_1 . Details
are available in this office Notice Board & Website : http://
etender.wb.nic.in. Further
Corrigendum and addendum if
issued will be published only
above website.