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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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Rajkumar Forge appoints director
May 15,2017

Rajkumar Forge announced that Sudha Santhanam has been appointed as an Additional Director with effect from 15 May 2017.

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Hypersoft Technologies announces change in website and email address
May 15,2017

Hypersoft Technologies announced change in website from www.hypersoftindia.net to www.hypersoftindia.com and email address from info@hypersoftindia.net to info@hypersoftindia.com with effect from 09 May 2017

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Ujaas Energy secures contract for 1768kwp Rooftop Solar PV Power plants
May 15,2017

Ujaas Energy has received letter of award of contract for 1768kwp from West Bengal Power Development Corporation (WBPDCL) for Design & Engineering, Manufacture/ Procurement, Testing, Supply, Installation & Commissioning of Grid Connected Rooftop Solar PV Power Plants at different buildings of Plants and Township of West Bengal Power Development Corporation (WBPDCL).

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Piramal Enterprises leads gainers in A group
May 15,2017

Piramal Enterprises jumped 9.9% to Rs 2,867.85 at 13:45 IST. The stock topped the gainers in the BSEs A group. On the BSE, 1.41 lakh shares were traded on the counter so far as against the average daily volumes of 55,000 shares in the past two weeks.

Network18 Media & Investments surged 7.39% at Rs 52.30. The stock was second biggest gainer in A group. On the BSE, 7.07 lakh shares were traded on the counter so far as against the average daily volumes of 4.22 lakh shares in the past two weeks.

Welspun Corp advanced 6.82% to Rs 90.05. The stock was third biggest gainer in A group. On the BSE, 2.81 lakh shares were traded on the counter so far as against the average daily volumes of 2.40 lakh shares in the past two weeks.

Adani Transmission gained 6.04% at Rs 94.75. The stock was fourth biggest gainer in A group. On the BSE, 7.42 lakh shares were traded on the counter so far as against the average daily volumes of 3.76 lakh shares in the past two weeks.

Cox & Kings rose 5.53% to Rs 237.40. The stock was fifth biggest gainer in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 18,000 shares in the past two weeks.

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Ind-Ra: PSBs Reliance on Inorganic Portfolio Acquisition from NBFCs Needs to Pass Profitability Filter
May 15,2017

Funding non-banking financial companies (NBFCs) on a non-recourse basis by acquiring retail portfolio through buy-outs is inferior than direct lending, as banks typically lend to NBFCs at 15-25bp over the one-year lending benchmark which does not adequately factoring in reasonable credit costs estimates says India Ratings and Research (Ind-Ra). Effectively, in a rising credit cost scenario, banks could be receiving much lower comparative returns for direct assignment (DA) transactions compared to other alternate investments/lending avenues such as non-convertible debentures (NCDs), loans and pass-through-certificates (PTCs). In FY16, of the total off-balance sheet funding availed by NBFCs of about INR700billion, almost INR450 billion (64%) was contributed by DAs. The share of public sector banks in the overall off-balance-sheet funding to NBFCs was about INR330 million.

Ind-Ras simulation exercise highlights that even assuming credit cost equivalent for banks self-originated retail asset lending book on the portfolio acquired from NBFCs, pre-tax return on asset on DA is at least 40% lower than banks self-originated retail asset book and 25% lower than the return on a PTC. In FY16, retail credit growth of PSU banks was 15.8% (net of repayments) accounting incremental retail credit of about INR1.4 trillion, of which at least one-fifth was accounted by DA pool buyouts from NBFCs. Ind-Ra believes public sector banks in a quest for growing their retail asset loan books may have taken their eyes off other critical factors such as risk adjusted return and optimal utilisation of capital while underwriting a DA transaction.

Ind-Ra believes when accounting for capital efficiency, a PTC compares superior to DA transactions for banks. Ind-Ras analysis reveals PTC transactions are at least 50% more efficient when considering capital consumption. This is because portfolio acquisition under the DA option attracts higher risk weights (ranging from 35-100% across different retail categories) and considered for risk weights as if originated by the buyer. This is in sharp contrast to the investment in other capital market instruments (NCDs and PTC) which attract much lower risk weights (20% on AAA rated instruments and 30% on AA rated instruments).

Ind-Ras analysis indicates that microfinance as an asset class, which is prone to various local socio-political factors and other idiosyncratic issues, exhibits very high volatility of defaults (4-5x higher) than other retail loans, thus making it a less suitable choice for DA buy-outs. Asset classes such as mortgages and commercial vehicle loans that have seen many business and credit cycles from established NBFCs/housing finance companies are more amenable to direct portfolio buy-outs, if at all, suitable through-the-cycle credit costs that are built into the initial pricing, resulting in a commensurate return for buying banks.

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Finolex Cables announces cessation of director
May 15,2017

Finolex Cables announced that Atul C Choksey ceases to be director of the Company.

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Fortune Financial Services (India) hikes stake in ITI Gilts
May 15,2017

Fortune Financial Services (India) announced that the Company has acquired 49,00,000 equity shares of Rs. 10 each fully paid of ITI Gilts (earlier known as Crest Debt Capital Markets) . The Company was already holding 51% of the paid up capital of ITI Gilts and now on acquisition of these 49,00,000 equity shares, ITI Giltshas become a wholly Owned Subsidiary of the Company.

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Tata Consultancy Services announces cessation of director
May 15,2017

Tata Consultancy Services announced that Dr. Vijay Kelkar has ceased to be a Director of the Company effective from 14 May 2017.

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Hindustan Motors dissolves its foreign subsidiary - Hindustan Motors, USA
May 15,2017

Hindustan Motors announced that Hindustan Motors, USA, the immaterial wholly owned foreign subsidiary of the Company has been dissolved with effect from 16 February, 2017 as per Certificate of Dissolution issued by the State of Delaware.

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Talbros Automotive Components receives order worth Rs 175 crore
May 15,2017

Talbros Automotive Components has received an order under the forgings division, for supply of parts to a large German Luxury Car manufacturer. The order spans over a period of 7 years and the expected total revenue from the same is about Rs 175 crore. The supplies are expected to begin from June-July 2017.

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Volumes jump at Welspun India counter
May 15,2017

Welspun India clocked volume of 46.85 lakh shares by 12:49 IST on BSE, a 33.46-times surge over two-week average daily volume of 1.40 lakh shares. The stock rose 2.12% to Rs 91.50.

Avanti Feeds notched up volume of 96,000 shares, a 22.38-fold surge over two-week average daily volume of 4,000 shares. The stock hit an upper circuit limit of 20% at Rs 1,077.95.

Shriram City Union Finance saw volume of 27,000 shares, a 14.17-fold surge over two-week average daily volume of 2,000 shares. The stock rose 1.78% to Rs 2,175.

Inox Wind clocked volume of 9.91 lakh shares, a 8.45-fold surge over two-week average daily volume of 1.17 lakh shares. The stock fell 17.26% to Rs 167.10.

HOV Services saw volume of 3.05 lakh shares, a 8.02-fold rise over two-week average daily volume of 38,000 shares. The stock hit an upper circuit limit of 20% to Rs 269.85.

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Phillips Carbon Black gets ratings assigned to LoC aggregating Rs 400 cr
May 15,2017

Phillips Carbon Black announced that ICRA has assigned a long term rating of [ICRA]A+ with a Stable outlook to Rs 400 crore Lines of Credit.

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Borosil Glass jumps after stellar Q4 numbers, stock split
May 15,2017

The result was announced on Saturday, 13 May 2017.

Meanwhile, the S&P BSE Sensex was up 124.56 points or 0.41% at 30,312.71. The BSE Small-Cap index was up 131.71 points or 0.85% at 15,660.54.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 3,943 shares in the past one quarter. The stock had hit a high of Rs 8,300 and a low of Rs 7,850 so far during the day.

The stock had hit a record high of Rs 8,702.60 on 25 October 2016 and a 52-week low of Rs 3,299 on 11 May 2016. It had outperformed the market over the past one month till 12 May 2017, advancing 11.85% compared with the Sensexs 1.84% rise. The scrip had also outperformed the market over the past one quarter, gaining 6.64% as against the Sensexs 6.54% rise.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

The companys net sales rose 17.6% to Rs 75.27 crore in Q4 March 2017 over Q4 March 2016.

Borosil Glass Works board recommended dividend of Rs 25 per share for FY 2017. The board also approved 10-for-1 stock split proposal.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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Tirupati Tyres announces resignation of director
May 15,2017

Tirupati Tyres announced that Parshottambhai Premjibhai Rupareliya, Director of the Company has tendered his resignation from the company due to pre-occupation in other activities.

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ASSOCHAM seeks exemption from blanket levy of charges on any transfer of captive mining lease obtained otherwise than through auction
May 15,2017

Apex industry body ASSOCHAM has reiterated its plea with Ministry of Mines seeking exemption from blanket levy of charges on any transfer of captive mining lease obtained otherwise than through auction, without any exemption on such levies on transfers within group companies, where the effective management control of mining lease does not change.

n++Our member companies are delaying intra-group restructuring, in absence of any clarity on transfer and imposition of transfer levy between group companies,n++ said Mr D.S. Rawat, secretary general, ASSOCHAM in a communication addressed to Mr Arun Kumar, secretary, Ministry of Mines.

Which, he said otherwise could have resulted amongst others in consolidation of business operations, synergies, unlocking shareholders value and above all better corporate governance structure.

ASSOCHAM is rest assured that government policies would not stand in the way of such benefits arising out of intra group restructuring and would implement changes clarifying the term, transfer of mining leases for mines alienated otherwise than through auction, exempting imposition of charges in transfers wherein effective control of mining lease does not change.

Previously in its request letter dated December 14, 2016, the chamber highlighted that the Mines and Minerals (Development and Regulation) Amendment Act, 2016 facilitated banks and financial institutions in liquidating stressed assets together with sale of units/assets by regulatory orders or otherwise.

However, a blanket levy of transfer charge on any transfer of captive mining lease obtained otherwise through auction, without any exemption ins a cause for concern for industries which hold and depend on captive mines for their continued operations.

As such lack of any specific exemptions in the scope of transfer as referred to in the current law prevents the stakeholders from undertaking transfers of mining leases even within their own group entities whether by way of restructuring or undertaking mergers and amalgamations or otherwise.

It noted that manufacturing units with captive mines operate such units through various subsidiary companies. n++Such companies falling within the same group structure often undertake corporate restructuring for the purposes like - consolidation of business and operations, achieving synergies in operations, simplification of group structures, unlocking shareholder value, achieving greater economies of scale, reduction of shareholder tiers and better corporate governance structure.n++

ASSOCHAM also highlighted certain positive outcomes of an exemption in levy of charges to transfers within group companies where effective management control of mining lease does not change.

Some of these positive externalities are - consolidation of companies and simplification of multi-layered structures relating to the same; promotion of goal of restricting extremely complicated corporate holding structures; assist in making effective owners also actual owners of operating company thereby increasing its accountability and oversight; reduction of ambiguity in regulatory framework; ease of doing business and better allocation of resources within the group companies.

ASSOCHAM had also highlighted that a blanket levy of transfer charges on any incident of transfer not only impacts the operation of captive mines, but also on cement, steel and other such industries that are reliant on captive mines for their own continued operation, development of critical infrastructure and growth of the economy.

As such with a view to facilitate ease of doing business and to ensure efficient allocation of resources, ASSOCHAM had urged the Centre to amend the Mineral Rules 2016 to provide that transfer of captive mining leases within the group companies where there is no change in the effective control and management should be freely permissible and not subject to a levy of transfer charge.

It also suggested that to obviate any ambiguity in this regard, the exemption may be based on a shareholding threshold.

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