Daily Economic News - 28 April 2014

Nearly 1 lakh companies registered in FY14
Nearly one lakh new companies were registered in the country last fiscal, with a substantial chunk set up in the business services sector. Interestingly, just 216 foreign companies were set up during 2013-14 period. Latest data from the corporate affairs ministry show that 98,473 companies together having an authorized capital of nearly Rs 39,000 crore were registered in different parts of the country in the last financial year. Predominant share of companies were in business services (32,254) followed by manufacturing (14,996), real estate and renting (10,752), trading (10,646) and construction (10,335). The maximum number of new companies was established in Maharashtra, Delhi and West Bengal. The total number of registered companies stood at 13, 94,819 at the end of March this year. However, out of them, only 9, 52,433 were active, according to official records.

(Source: The Times of India)

US No. 1 FII source, beats Mauritius
Once known as the biggest gateway for flow of funds into India, Mauritius has slipped to the second place after the US in terms of quantum of money being brought in by overseas investors into Indian markets. US accounted for the largest chunk of 'assets under custody' of foreign institutional investors investing in the Indian equity and debt markets at the end of 2013 with over Rs 4.37 lakh crore worth of funds. Among the top 10 countries in terms of AUC of FIIs and their sub-accounts registered in India, the US and Mauritius are now followed by Singapore, Luxembourg, the UK, the UAE, Norway, Netherlands, Canada and Australia.

(Source: The Times of India)

Seventeen business groups, led by Tatas, join trillion-rupee stock wealth club
As the stock market benchmark Sensex races towards its 23,000-points milestone, at least 17 business houses have attained a market cap of Rs 1 trillion or more, led by Tatas with a massive group valuation of over Rs 7 lakh crore.
These 17 business houses together command a cumulative valuation of close to Rs 35 lakh crore -- almost half of overall investor wealth of nearly Rs 75 lakh crore in the Indian markets. Tata group commands a valuation that is greater than the combined market cap of its two nearest rivals -- HDFC group and Mukesh Ambani-led RIL group on the valuation charts. Tata group has more than 30 listed companies, while it’s most valued firm TCS also happens to be the country's most valued firm with a market value of over Rs 4.3 lakh crore.

(Source: The Financial Express)

Thaiindianet. Team

28 April 2014