18 September 2014 - Wealth18.com

Sep182014 by wealth18.comNo Comments

EPFO makes it mandatory to provide employee’s bank account numbers

News

EPFO has now made it mandatory for firms to provide their employees' bank account numbers with IFSC code of bank branch to facilitate allotment of universal PF account number and payment to its subscribers. The Employees' Provident Fund Organisation headquarters has asked its over 120 field offices to seek the core banking account numbers with IFSC code of bank branch for seeding the same with the portable Universal PF Account Number (UAN). "...government issued direction ..to issue order making submission of Bank Accounts by the members mandatory in order to facilitate the allotment of UAN, proper implementation of the EPF Scheme, 1952 and removal of the difficulties in the matter of payment of accumulations in the Fund to members after they cease to be such members," an office order sai...

Top 8 picks by Goldman Sachs

Stocks

Goldman Sachs has eight stocks in its conviction list which includes names like DLF, Grasim Industries, L&T, IndusInd Bank, ITC, Petronet LNG, Voltas and Tech Mahindra. The target prices mentioned are for a period of 12 months (see chart). The global investment bank has the most aggressive target of Rs 292 on DLF, which translates into an upside of 74.5 per cent from current levels Target CMP Potential upside DLF 292 167 75% Grasim 4950 3592 38% L&T 1976 1589 24% IndusInd 740 610 21% ITC 416 351 19% Petronet LNG 226 195 16% Voltas 277 248 12% Tech Mahindra 2500 2465 1% price as on 4th Sep

Mutual Funds buys stake in 8KMiles Software

Stocks

8K Miles Software is the country's only listed pure-play cloud computing firm. The company is founded by serial entrepreneur Suresh Venkatachari. It has clients like Amazon, IBM, CA Technologies, Visa, AirAsia, among others. In August 2014, DSP Black Rock Mutual Fund had picked 4 % in 8KMiles for about Rs 6 crore from the secondary market at a price of Rs 175 apiece. According to BSE data, DSP Black Rock MF had picked up close to 3 lakh shares of 8KMiles Software, Now, In Sep 2014, Sundaram BNP Paribas MF bought about 2 % at double the price that the DSP had paid. The deal was carried out through secondary market operations through the BSE @ Rs 331.95 per share ( 175000 shares) 8KMiles has been one of be biggest gainers in the recent market rally gaining over six-fold in the past ...