Sources – Yahoo Finance, Reuters, SEBI,RBI

Automotive

Bajaj Auto unveils new Pulsar 200NS

TVS Motor misses forecast as costs weigh

Tata Motors inks non-binding MOU with Ballard Power Systems

India’s Bhushan Steel gets board’s nod to raise up to Rs 7 bln

IndiaFirst partners with Varun Motors to offer affordable life

Will diesel cars attract higher excise?

Airline

Jet fuel price cut by Rs.1,974 a kilolitre

Airport Authority says Air India owes 12 bln rupees

West Bengal takes steps to revive MAMC

Taj plans Vivanta hotels in Africa, China, Dubai

Information Technology

IBM Board Approves Regular Quarterly Cash Dividend

Apple hires away Dixons chief to expand retail

Tata Consultancy Services opens customer service facility

Bill Gates, Robert McDonald and Other Top Influencers to Address

iStore Helps Petroleum Industry Optimize Oil & Gas Productio

Banking and Finance

IFC to lend $5 mln to Mahindra Solar to build solar power unit

Reserve Bank of India may further cut cash reserve ratio to ease

IDBI Bank’s Oct-Dec net profit falls 9.75% on-year to Rs 4.09

All private sector banks eligible to handle govt business

United Bank of India’s Q3 net up by 38.5 percent

ICICI Q3 net up 20 pct, beats f’cast

SBI, rivals seek funds from strapped government

ICICI Bank Oct-Dec net profit rises 20.25% on-year to Rs 17.28

Punjab National Bank Oct-Dec net profit up 5.53%

Central Bank of India Oct-Dec net profit dives 71.93%

SEBI BOARD Meeting

Minimum Limit changed – Portfolio Managers: In case you are a SEBI Registered Portfolio Manager and looking for a client then, I guess you will have to give more efforts as our watchdog SEBI has concluded to enhance the minimum investment amount per client from Rs. 5 Lakh to Rs. 25 Lakh.  However, it is applicable to new clients and for fresh investment by existing clients.

Debt and money market securities valuation modification – Mutual Funds : There is a small amendment in valuation norms for the Mutual funds (MF). It goes like,In case debt and money market securities are not traded on a particular valuation day then valuation through amortization basis shall be restricted to securities having residual maturity of upto 60 days (currently 91 days), provided such valuation shall be reflective of the realizable value/ fair value of the securities.”

In other words it means, any debt or money market security which is not traded on a particular day is valued through straight line amortization method. Currently it was applicable to only those securities which had residual maturity upto 91 days. However, in the board meeting, SEBI has decided to restrict the use of this valuation method to those debt and money market securities having the residual maturity upto 60 days

For more details on amortization. Click here

FOREX

From FEBRUARY 1ST, 2012 following will be the rate of exchange for each unit of foreign currency: –

SCHEDULE-I

S.No. Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees

(1)

(2)

(3)

   

               (a)

                (b)

 

 

(For Imported Goods)

  (For Export Goods)

1.

Australian Dollar

53.45

52.20

2.

Canadian Dollar

50.30

49.00

3.

Danish Kroner

8.90

8.65

4.

EURO

66.00

64.40

5.

Hong Kong Dollar

6.45

6.35

6.

Norwegian Kroner

8.65

8.60

7.

Pound Sterling

78.90

77.15

8.

Swedish Kroner

7.45

7.25

9.

Swiss Franc

54.70

53.35

10.

Singapore Dollar

40.05

39.10

11.

US Dollar

50.20

49.40

         

SCHEDULE-II

S.No. Foreign Currency Rate of exchange of 100 units of foreign currency equivalent to Indian rupees

(1)

(2)

(3)

   

(a)

(b)

 

 

(For Imported Goods)

  (For Export Goods)

1.

Japanese Yen

65.40

       63.65
         

This news is has been notifed by RBI yesterday vide no. 9/2012- Customs (N.T.) issued under the hand of Mr. Abhinav Gupta, Secretary to the Government of India.

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