Author: wealth18.com

13-Feb-2014 Market regulator SEBI has now raised the minimum net worth requirement of Asset management companies (known as Mutual funds companies) from Rs 10 crore to Rs 50 crore. This will also ensure that only serious players are active and the mutual funds are of reasonable size & help in financial inclusion across the country.  This will effectively reduce the entry of new players & thereby de-clutter multiple similar schemes. A mutual fund investor will have to look at lesser number of mutual funds before short-listing where to invest. To encourage merger and consolidation of equity mutual funds schemes, the SEBI said that “similar to merger/consolidation of companies, the merger/consolidation of equity mutual funds schemes also may not be treated as transfer, and, therefore...

Feb 4 2014 Finance minister P Chidambaram has asked financial sector regulators to prioritise moving to a single DEMAT account for all financial investments. Chidambaram was chairing a meeting of the Financial Stability Development Council and asked regulators to priortise common demat account for financial assets, which will add considerable benefits to consumers. 6-Feb-2014 Few days later, Market regulator SEBI said investors will soon be able to have a single dematerialized account for all classes of their financial investments. SEBI, Joint Director, Prabhakar R Patil at an annual national conference at Guru Jambheshwar University of Science and Technology (GJUST) said -  "All financial instruments can be operated through single dematerialized account and this facility will be op...

23-Feb-2014 Because of stability in foreign exchange and interest rates,  FII inflows into debt are returning. They have invested almost Rs 11000 crore in debt market in Feb 2014. In 2013, FIIs were net seller in Bonds.  In 2013, they withdrew Rs 50,847 crore (USD 8 billion) from the bond market and infused Rs 1.13 lakh crore (USD 20.1 billion) in equities. Till February 21 2014,   FIIs were gross buyers of debt securities worth Rs 21,210 crore and sellers of bonds to the tune of Rs 10,219 crore till February 21, resulting in a net inflow of Rs 10,991 crore (USD 1.77 billion)

Feb 21 2014 US based credit rating agency Moody’s Investors Service has proposed to increase its stake in its Indian arm ICRA by purchasing an additional stake of at least 21.5% in the company through a share buyback, taking its holding to 55%. Currently, Moody’s is the single largest shareholder in ICRA with a 28.51% stake it holds through its subsidiary Moody’s Investment Co. India Pvt Ltd.  Under the offer, Moody’s Singapore Pte Ltd will pay Rs.2,000 for every ICRA share, which is a 25% premium to the India company’s closing price on Friday. At present, around 54 per cent of ICRA’s equity are held by institutions, while the rest are spread among individuals, corporate bodies and NRIs. For the quarter ended December 31, 2013, ICRA reported an 11 %  rise in operating income at Rs 42.53 ...

The Income Tax Department has now performed the 2nd round of data matching and identified additional 21.75 lakh potential non-filers     The department had initiated a business intelligence project in February 2013 to identify PAN holders who have not filed I-T Return and about whom specific information is available in Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns.  The department has already sent letters to the 50,000 potential non-filers in the first batch..  The results of this initiative are very encouraging and 5,36,220 returns have been received from the target segment. Self assessment tax of Rs 1,017.87 crore, and advance tax of Rs 898.22 crore has also been paid by the target segment IT dept has urged all tax payers to d...

Feb 18 2014 Kotak Mahindra (International) Limited bought 1.02 million shares Citigroup Global Markets Mauritius Private Limited bought 0.72 million shares The deal represents approx 10% stake in the company and on an average price of Rs 300. The company's trailing 12-month (TTM) EPS was at Rs 14.04 per share. (Dec, 2013). The stock's price-to-earnings (P/E) ratio was 19.94. The latest book value of the company is Rs 82.22 per share. 52 week high price - Rs 300 52 weak low price - Rs 104 Market Cap - RS 485 crores  FIIs are showing interest in this stock as during April 2013 - Dec 2013 , they have acquired almost 15% stake.  FII Holding in Mar 2013 was 0.18%  ,  which is increased to  15.13 % in Dec 2013. 

12-Feb-2014 RBI has allowed FII to buy shares in Future Retail as the FFI holding has gone below the prescribed threshold limit under FDI policy. In Jan 2014, RBI RBI had placed restriction on FIIs to purchase shares in Future Retail as the foreign shareholding had crossed the overall permissible limit of 24 per cent of paid-up capital.   JPMSL A/c Copthall Mauritius Investment purchased 14.65 lakh equity shares of the company at Rs 91.88 apiece on the National Stock Exchange.    (0.6% stake for Rs 13.5 crore).  As on December 31, 2013, Copthall Mauritius Investment holds 1.64 percent stake in company. Future Retail reported net profit of Rs 22 crore for the quarter ended December 2013 as against loss of Rs 20.4 crore in same quarter last year. The bottomline was supported by exceptiona...