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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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Lupin in focus after getting EIR for Aurangabad facility
Aug 22,2017

Lupin announced that it has received notification that the inspection carried out by the USFDA in April 2017 at its Aurangabad facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding USFDA inspections at Lupins Aurangabad facility. The announcement was made after market hours yesterday, 21 August 2017.

ONGC said that the companys board of directors considered the proposal for acquisition of 51.11% of share of HPCL from the Government of India and given the in principle approval for the same. Further, the board has constituted a Committee of Directors to examine various aspects of the proposal and to provide its recommendations to the board of directors. The announcement was made after market hours yesterday, 21 August 2017.

Biocon announced the transfer of the Biosimilars business of the company by way of a slump sale as going concern to Biocon Biologics, a step down subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.

GTPL said that a special committee of the board of directors approved the acquisition of remaining 49% stake in GTPL Deesha Cable Net, making it a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 21 August 2017.

Aarti Drugs said that goods and services tax (GST) transition affected the domestic sales heavily in June quarter leading to decline in local sales to the extent of approximately 18%. However, there was good demand growth in export markets recording the volume growth of around 20.5% and the value growth of around 5.5% due to lower foreign exchange rate.

Consolidated profit after tax for the quarter ended June 2017 is Rs 11.38 crore and consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended June 2017 is Rs 35.46 crore. Despite of the lower profit due to GST transition impact, debt/equity ratio was maintained at 1.13 as of June 2017. Lower domestic sales affected the absolute gross contribution due to which operating margins were affected temporarily in this quarter.

The company is confident to face US Food and Drug Administration (USFDA) audit in recent future. Approvals for three of its products for European markets and marketing authorization of Zolpidem and Celecoxib tablets in UK and Ireland will positively impact the exports in future. The company has just commissioned centralized multiple effect evaporator systems to reduce the effluent streams, thus positively contributing towards the cleaner environment. The announcement was made after market hours yesterday, 21 August 2017.

Reliance Capital will be watched. Reliance Home Finance is proposed to be independently listed on stock exchange, subject to regulatory approvals. Nearly 1 million shareholders of Reliance Capital will be allotted one free share of Reliance Home Finance for every one share held in Reliance Capital. The announcement was made after market hours yesterday, 21 August 2017.

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Asia Pacific Market: Stocks down on weak global lead
Aug 21,2017

Asia Pacific share market mostly ended lower on first trading session of the week, Monday, 21 August 2017, as uncertainty over Trumps policy management and wariness over Korean Peninsula geopolitical risks kept investors in a wait-and-see mode. The MSCI Asia Pacific Index lost 0.1% to 159.04.

Asian market tracked negative lead from the US counterparts, after all three main New York indexes ending in the red as Mr Trumps struggles continue. Investors were fretting over the outlook for Trumps plans on tax reform and other pro-business measures, as his support from corporate America has evaporated following his heavily criticised response to a white supremacist rally in Virginia on August 12.

There are fears Mr Trumps promises of tax reform and other pro-business measures will not see the light of day, with his support from corporate America damaged by his much-criticised response to a white supremacist rally in Virginia last weekend. The White House turmoil continued Friday after his top adviser Steve Bannon was dismissed - marking the fifth high-profile casualty in Trumps inner circle in just six months. There has also been talk that his economic adviser Gary Cohn would step down, further dragging confidence.

Also, investor sentiment dampened due to geopolitical concerns as US-South Korea military drills begin. As per reports, joint US-South Korea military exercises take place from 21 August to 31 August 2017. This exercise comes on the back of a ramp up in geopolitical tensions earlier this month after a heated exchange of rhetoric between President Donald Trump and Pyongyang.

Central bank heads from around the world will descend on Jackson Hole, Wyoming this week for an annual conference, which will be tracked for clues about future policy, with the eurozones top banker Mario Draghi of interest as the blocs economy picks up the pace.

Among Asian bourses

Australia Stocks end in the red

Australian equity market tumbled on first trading session of the week, as risk sentiments weakened on tracking drop on Wall Street last Friday amid increasing doubts about the Trump administrations ability to deliver its economic agenda. At the close, the S&P/ASX 200 lost 0.55%. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 686 to 483 and 376 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.34% to 14.932.

Financial stocks were the biggest drag on mirroring a reflection of the sell-off we saw in the United States, with the Big Four banks - Westpac, Commonwealth Bank of Australia, National Australia Bank and Australia and New Zealand Banking Group down between 0.6% and 1.3%.

The healthcare sector was dragged down by a 1.4% and 1.9% fall in shares of CSL and Sonic Healthcare respectively.

The metals and mining index clocked minor gains, supported by firm commodity prices. Chinas iron ore futures climbed nearly 7% on Friday and oil prices continued to extend gains from last week. Major miners BHP Billiton and Rio Tinto gained as much as 1% and 1.6%, respectively. Fortescue Metals Group gained as much as 6.7% after the company reported a 113% rise in full-year net profit.

BlueScope Steel tumbled 22.6% after downgrading its earnings forecast and revealing that it was the subject of an ACCC investigation. BlueScope expected net profit for first half of FY2018 to be lower than second half of FY2017.

Nikkei drops on weak global cues

The Japan share market finished down for fourth session in row, following some sizable declines worldwide at the end of last week, with financial and export-dependent stocks being notable losers. The 225-issue Nikkei Stock Average dropped 77.28 points, or 0.4%, to 19,393.13, marking its lowest close since early May. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, closed 2.17 points, or 0.14%, lower at 1,595.19. Rising issues outpaced falling ones by 1,038 to 852 on the First Section. On the main section on Monday, 1,406.90 million shares changed hands, dropping from Fridays volume of 1,671.73 million shares. The turnover on the first trading day of the week came to 1,753.4 billion yen.

The stronger yen battered export-dependent stocks. Game giant Nintendo was down 0.8% at 35,810 yen, while Sony dipped 1.3% to 4,170 yen.

Financial stocks such as banks, securities and insurers were lower, with Mitsubishi UFJ Financial Group dropping 1.3%, Nomura Holdings sliding 1.9% and Dai-ichi Life Holdings falling 1.6%.

Bucking the weaker broader trend, mining shares rose, with Inpex Corp advancing 1.5% and Japan Petroleum Exploration Co adding 0.6% after oil prices held on to Fridays big gains.

Japans major maritime shipper Nippon Yusen KK soared 1.9% after reports that the company is preparing to resume dividend payments for the current fiscal year, after no payouts were offered last year. The company secured cash by transferring funds from capital surplus to retained earnings in June, the reports said.

China Market gains; Unicom, Chalco leads

The Mainland China equity market ended higher, with investor optimism over strong corporate earnings and gains in telecoms group China Unicom after the countrys securities regulator granted special dispensation to its $11.7 billion ownership reform plan. The Shanghai Composite Index rose 0.6% to 3,286.9 at the close, extending a 1.9% gain last week. The CSI 300 Index advanced 0.4% to 3,741.

China Unicom Network Communications surged by the daily limit of 10%. Its shares had been suspended since April 5. The China Securities Regulatory Commission (CSRC) said late on Sunday that it would treat as an exceptional case a plan by China Unicom Network Communications to tap more than a dozen major investors, including Alibaba Group, Tencent Holdings and Baidu, for funding.

China United, the nations second largest mobile-phone operator that owns Hong Kong-listed China Unicom, is the latest state owned enterprise (SOE) to undergo a revamp after the merger of the countrys two biggest makers of high-speed trains three years ago. Creating bigger state players and introducing outside strategic investors serve President Xi Jinpings goal of bolstering profitability and efficiency of Chinas bloated SOEs. China United jumped 10% to 8.2 yuan, as the stock resumed trading after being suspended since April. The company said in a statement that strategic investors including Tencent Holdings and Baidu will buy up to 9 billion shares in the company for 61.7 billion yuan (US$9.3 billion)

Aluminum Corp of China (Chalco) was up 7.7% after its president said it had raised output to take advantage of capacity cuts at private rivals. Chalcos announced last week that first-half net profit rose more than tenfold year-on-year, driven by high aluminium prices.

Joyoung, the nations biggest maker of soybean-milk machines, soared 10% to 20.13 yuan and Yantai Zhenghai Magnetic Material jumped 10% to 11.83 yuan. The two companies interim results showed Chinas pension fund has emerged as their major shareholders in the second quarter. It was the first time that the nations pension fund showed up as listed companies substantial shareholders after it was allowed to invest in mainland-listed shares, with the initial investment estimated at 15 billion yuan.

Hong Kong Stocks end higher

The Hong Kong stock market finished up, registering first gains in the last three sessions, with expectations for ownership reform at Chinese state-owned companies helping lift mainland companies in the city. The Hang Seng Index advancing 0.4%, or 107.1 points, to 27,154.7, while Hang Seng China Enterprises Index also gaining 0.5% to 10,751.5. Turnover decreased slightly to HK$81.88 billion from HK$84.5 billion on Friday.

AAC Technologies Holdings advanced ended up 4.7% to HK$117.5, registering the gauges biggest%age gainer of the day on expectations over its first-half earnings. Credit Suisse Group raised the rating of a supplier of Apple to outperform from neutra, citing valuation laggards in the sector and potential new designs.

Oil producer company Cnooc ended up 3.9% to HK$9, the biggest contributor to the indexs point gains, after a jump in crude oil prices Friday.

China Unicom (00762) surged 3.5% to HK$12.36 after the China Securities Regulatory Commission approved the companys proposed mixed ownership reform.

Sunace China Holding, the property developer owned by Sun Hongbin, ended up 6.7% to HK$19.1 after saying first-half profit may have jumped more than 15 times from a year earlier on project acquisitions and an increase in profit margin.

Ping An (02318) edged up 0.7% to HK$69.65. The insurer reported its interim earnings on Thursday. Both Macquarie Research and BOCI raised their respective target prices for the insurer.

Macau gaming counters were generally softer. Galaxy Entertainment (00027) edged down 0.8% to HK$47.3. SJM Holdings (00880) dipped 2.2% to HK$6.79.

Sensex slides on weak global cues

Indian stock market registered losses, extending previous trading sessions slide. The barometer index, the S&P BSE Sensex, fell 265.83 points or 0.84% to settle at 31,258.85. The Nifty 50 index fell 83.05 points or 0.84% to settle at 9,754.35. Weakness in global stocks weighed on sentiment on the domestic bourses. Sharp fall in software pivotal Infosys also weighed on key indices. Pharma stocks declined.

The Reserve Bank of India (RBI) Governor Urjit Patel on Saturday, 19 August 2017 reportedly called for recapitalisation of state-run banks to help them resolve the non-performing assets (NPAs) issue in a time-bond manner. The government and the RBI are working together to comprehensively address the issue of NPAs through a multi-pronged approach, Urjit Patel reportedly said.

ICICI Bank fell 0.02% at Rs 293 after the bank announced revision in interest rates on savings bank accounts with effect from 19 August 2017. Interest rate on deposits below Rs 50 lakh revised to 3.5%. Interest rate on deposits of Rs 50 lakh and above remains unchanged at 4%. The announcement was made after market hours on Friday, 18 August 2017.

Pharma stocks declined. Piramal Enterprises (down 3.22%), Glenmark Pharmaceuticals (down 2.83%), Dr Reddys Laboratories (down 2.51%), Wockhardt (down 2.43%), Sun Pharmaceutical Industries (down 2.01%), Lupin (down 1.91%), Divis Laboratories (down 1.84%), Cipla (down 0.88%), Strides Shasun (down 0.71%), IPCA Laboratories (down 0.67%), GlaxoSmithKline Pharmaceuticals (down 0.25%), Cadila Healthcare (down 0.1%) and Alkem Laboratories (down 0.02%), edged lower.

Aurobindo Pharma lost 1.28% to Rs 695.50. The company said it has received tentative approval from the US Food & Drug Administration (USFDA) under the US Presidents Emergency Plan for AIDS Relief (PEPFAR) for its New Drug Application for Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (TLD) tablets, 50mg/300mg/300mg.

IT major Infosys slumped 5.37% at Rs 873.50 on media reports that four US law firms said they would be investigating claims on behalf of Infosys investors whether some of the officers and directors of the company engaged in securities fraud. This development follows the sudden resignation of CEO Vishal Sikka and the steep drop in share prices on Friday, 18 August 2017.

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Rupee sustains momentum
Aug 21,2017

Rupee closed higher at 64.19/1950 per dollar on Monday (21 August 2017), versus its previous close of 64.2050/2100 per dollar.

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Nikkei drops on weak global cues
Aug 21,2017

The Japan share market finished down for fourth session in row on Monday, 21 August 2017, following some sizable declines worldwide at the end of last week, with financial and export-dependent stocks being notable losers. The 225-issue Nikkei Stock Average dropped 77.28 points, or 0.4%, to 19,393.13, marking its lowest close since early May. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, closed 2.17 points, or 0.14%, lower at 1,595.19. Rising issues outpaced falling ones by 1,038 to 852 on the First Section. On the main section on Monday, 1,406.90 million shares changed hands, dropping from Fridays volume of 1,671.73 million shares. The turnover on the first trading day of the week came to 1,753.4 billion yen.

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Australia Stocks end in the red
Aug 21,2017

Australian equity market tumbled on first trading session of the week, Monday, 21 August 2017, as risk sentiments weakened on tracking drop on Wall Street last Friday amid increasing doubts about the Trump administrations ability to deliver its economic agenda. At the close, the S&P/ASX 200 lost 0.55%. Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 686 to 483 and 376 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.34% to 14.932.

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Hong Kong Stocks end higher
Aug 21,2017

The Hong Kong stock market finished up on Monday, 21 August 2017, registering first gains in the last three sessions, with expectations for ownership reform at Chinese state-owned companies helping lift mainland companies in the city. The Hang Seng Index advancing 0.4%, or 107.1 points, to 27,154.7, while Hang Seng China Enterprises Index also gaining 0.5% to 10,751.5. Turnover decreased slightly to HK$81.88 billion from HK$84.5 billion on Friday.

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China Market gains; Unicom, Chalco leads
Aug 21,2017

The Mainland China equity market ended higher on Monday, 21 August 2017, with investor optimism over strong corporate earnings and gains in telecoms group China Unicom after the countrys securities regulator granted special dispensation to its $11.7 billion ownership reform plan. The Shanghai Composite Index rose 0.6% to 3,286.9 at the close, extending a 1.9% gain last week. The CSI 300 Index advanced 0.4% to 3,741.

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Foreign Exchange Earnings (FEEs) in rupee terms increased 4.9% in July 2017 over July 2016
Aug 21,2017

Foreign Exchange Earnings (FEEs) through tourism (in Rs. terms)

n++ FEEs during the month of July 2017 were Rs. 14,986 crore as compared to Rs.14,285 crore in June 2016 and Rs. 11,982 crore in July 2015.

n++ The growth rate in FEEs in rupee terms in July 2017 over July 2016 was 4.9% compared to growth of 19.2% in July 2016 over July 2015.

n++ FEEs during the period January- July 2017 were Rs.1,02,082 crore registering a growth of 17.3% over same period of previous year. The FEEs during January-July 2016 were Rs. 87,034 and registered a growth of 14.5% over January- July, 2015.

Foreign Exchange Earnings (FEEs) through tourism (in US $ terms)

n++ FEEs in US$ terms during the month of July 2017 were US$ 2.325 billion as compared to FEEs of US$ 2.125 billion during the month of July 2016 and US$ 1.884 billion in July 2015.

n++ The growth rate in FEEs in US$ terms in July 2017 over July 2016 was 9.4% compared to a positive growth of 12.8% in July 2016 over July 2015.

n++ FEEs during the period January-July 2017 were US$ 15.555 billion registering a growth of 20.2% over same period of previous year. The FEEs during January-July 2016 were US$ 12.943 billion and registered a growth of 7.1% over January- July 2015.

Note: Estimates of FEEs are based on following factors:-

(i) Per capita FEEs during July-September 2016= RBIs credit figure for travel (July-Sep 16)/FTAs (July-Sep 16)

(ii) FTAs for July 2017.

(iii) Inflation factor based on CPI (U) for July 2017.

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FPIs in selling mode
Aug 21,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 1895.29 crore into the secondary equity markets on 18 August 2017. They had offloaded stocks worth a net Rs 1916.55 crore in two trading sessions on 16 August and 17 August 2017. On 18 August 2017, the Sensex fell 270.78 points or 0.85% to settle at 31,524.68, its lowest closing level since 14 August 2017.

The net outflow of Rs 1895.29 crore on 18 August 2017 was a result of gross purchases of Rs 4988.02 crore and gross sales of Rs 6883.31 crore.

There was a net inflow of Rs 45.88 crore into the category primary market & others on 18 August 2017, which was a result of gross purchases of Rs 47.15 crore and gross sales of Rs 1.27 crore.

FPIs have sold stocks worth a net Rs 11539.53 crore into the secondary equity markets in August 2017 so far (till 18 August 2017). They had bought stocks worth a net Rs 4199.62 crore from the secondary equity markets in July 2017.

FPIs have purchased shares worth a net Rs 31204.08 crore from the secondary equity markets in calendar year 2017 so far (till 18 August 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 821.94 crore from the category primary market & others in August 2017 so far (till 18 August 2017). They had bought stocks worth a net Rs 972.54 crore from the category primary market & others in July 2017.

FPIs have purchased shares worth a net Rs 16593.34 crore from the category primary markets & others in calendar year 2017 so far (till 18 August 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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The index of mineral production of mining and quarrying sector rises 0.4% in June 2017 over June 2016
Aug 21,2017

Mineral Production during June 2017 (Provisional) The index of mineral production of mining and quarrying sector for the month of June (new Series 2011-12=100) 2017 at 98.8, was 0.4% higher as compared to the level in the month of June 2016.

The total value of mineral production (excluding atomic & minor minerals) in the country during June 2017 was Rs. 19363 crore. The contribution of Coal was the highest at Rs. 6743 crore (35%). Next in the order of importance were: Petroleum (crude) Rs. 5424 crore, Iron ore Rs. 2526 crore, Natural gas (utilized) Rs. 2220 crore, Lignite Rs. 733 crore and Limestone Rs. 612 crore. These six minerals together contributed about 94% of the total value of mineral production in June 2017.

Production level of important minerals in June 2017 were: Coal 487 lakh tonnes, Lignite 41 lakh tonnes, Natural gas (utilized) 2684 million cu. m., Petroleum (crude) 30 lakh tonnes, Bauxite 1691 thousand tonnes, Chromite 174 thousand tonnes, Copper conc. 12 thousand tonnes, Gold 127 kg., Iron ore 163 lakh tonnes, Lead conc. 22 thousand tonnes, Manganese ore 211 thousand tonnes, Zinc conc. 129 thousand tonnes, Apatite & Phosphorite 165 thousand tonnes, Limestone 276 lakh tonnes, Magnesite 16 thousand tonnes and Diamond 5087 carat.

The production of important minerals showing positive growth during June 2017 over June 2016 include: Zinc conc. (77.2%), Diamond (73.5%), Apatite & Phosphorite (49.6%), Lead conc. (29.6%), Manganese ore (19.3%), Copper conc. (18.2%), Lignite (11.8%), Iron ore (7.9%), Natural gas (utilized) (6.9%), Gold (6.7%) and Petroleum (crude) (0.6%). The production of other important minerals showing negative growth are: Magnesite [(-) 45.4%], Chromite [(-) 41.2%], Bauxite [(-) 22.9%], Coal [(-) 6.7%] and Limestone [(-) 0.8%].

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Manappuram Finance surges after large bulk deal
Aug 21,2017

Meanwhile, the S&P BSE Sensex was down 271.69 points, or 0.86% to 31,252.99. The S&P BSE Mid-Cap index was down 221.03 points, or 1.45% to 14,987.43

Bulk deal boosted volume on the scrip. On the BSE, 2.02 crore shares were traded in the counter so far, compared with average daily volumes of 5.98 lakh shares in the past one quarter. The stock had hit a high of Rs 96.75 and a low of Rs 83.70 so far during the day. The stock hit a record high of Rs 110.40 on 25 July 2017. The stock hit a 52-week low of Rs 57.80 on 26 December 2016.

The stock had underperformed the market over the past one month till 18 August 2017, sliding 16.64% compared with the Sensexs 0.59% fall. The scrip also underperformed the market over the past one quarter, declining 5.4% as against the Sensexs 3.58% rise. The scrip had also underperformed the market over the past one year, falling 2.86% as against the Sensexs 12.09% rise.

The mid-cap company has equity capital of Rs 168.39 crore. Face value per share is Rs 2.

On a consolidated basis, Manappuram Finances net profit fell 3.22% to Rs 155.17 crore on 11.35% increase in net sales to Rs 830.82 crore in Q1 June 2017 over Q1 June 2016.

Manappuram Finance is one of Indias leading gold loan non-banking financial companies (NBFCs).

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Confidence Finance & Trading AGM scheduled
Aug 21,2017

Confidence Finance & Trading announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2017.

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Purohit Construction AGM scheduled
Aug 21,2017

Purohit Construction announced that the Annual General Meeting (AGM) of the company will be held on 13 September 2017.

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Board of South India Projects recommends dividend
Aug 21,2017

South India Projects announced that the Board of Directors of the Company at its meeting held on 16 August 2017, inter alia, have recommended the dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Beekay Niryat to conduct AGM
Aug 21,2017

Beekay Niryat announced that the Annual General Meeting (AGM) of the company will be held on 23 September 2017.

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