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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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Global Infratech & Finance to hold board meeting
Jul 05,2017

Global Infratech & Finance will hold a meeting of the Board of Directors of the Company on 12 July 2017.

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Hybrid Financial Services to hold board meeting
Jul 05,2017

Hybrid Financial Services will hold a meeting of the Board of Directors of the Company on 21 July 2017.

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Bajaj Corp to hold board meeting
Jul 05,2017

Bajaj Corp will hold a meeting of the Board of Directors of the Company on 12 July 2017.

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IDFC to hold board meeting
Jul 05,2017

IDFC will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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All cities of MP, Maharashtra, Chattisgarh, Jharkhand, Kerala, Telangana to become ODF by October
Jul 05,2017

All the 1,137 statutory cities and towns in six States of Madhya Pradesh, Maharashtra, Chattisgarh, Jharkhand, Kerala and Telangana are set to be declared Open Defecation Free (ODF) by October 2 this year marking the completion of three years of Swachh Bharat Mission (Urban). This is based on the regular reports being received from States/UTs.

With Andhra Pradesh, Gujarat and Chandigarh having already declared all the 281 cities and towns under their jurisdiction ODF, a total of 1,418 cities and towns would become ODF by this October, two years ahead of the mission deadline of October 2, 2019. These nine States account for 39% of the total 4,041 mission cities.

This was revealed during the review of progress of Swachh Bharat Mission (Urban) by Shri D.S.Mishra, Secretary(Urban Development).

The number of mission cities in Maharashtra are 384, followed by Madhya Pradesh -378, Chattisgarh-168, Kerala-93, Telangana -73 and Jharkhand-41.

Gujarat had already declared all 170 cities and towns ODF while Andhra Pradesh had done so in respect of 110. Chandigarh is the only UT to have become ODF.

The six states set to become in urban areas have a total target of construction of 22,44,003 Individual Household Targets while Gujarat, Andhra Pradesh and Chandigarh have constructed 9,51,177 such toilets. These nine States/UT account for a total of 31,95,180 toilets which comes to 49% of the total mission target of construction of 65,82,451 toilets.

In Madhya Pradesh, Jharkhand and Sikkim, the toilets constructed so far and under construction comes to 100% of mission target, followed by Uttarakhand-92%, Maharashtra-91%, Puducherry, Chattisgarh-89%, Tamil Nadu-85%, Telangana-81%, Kerala-77%, Karnataka-74%, Punjab-68%, Andaman & Nicobar Islands-67%, Bihar-63%, Rajasthan-61%, Uttar Pradesh-49% and Haryana-46%.

Shri Mishra asked the concerned officials to pursue with the States/UTs lagging behind which include Goa, West Bengal, Himachal Pradesh, Odisha, Jammu & Kashmir and North-Eastern States and UTs for speeding up construction of toilets which are necessary for becoming ODF. He also stressed on the need to focus attention on Solid Waste Management projects to ensure total processing of municipal solid waste by October, 2019.

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GST to bring cheer for domestic electronic components manufacturers: Study
Jul 05,2017

Implementation of goods and services tax (GST) will bring innumerable benefits for domestic manufacturers of electronic components as cost of manufacturing will be significantly brought down, noted a recent ASSOCHAM-NEC joint study.

n++The local manufacturers will be able to pass on the tax benefit to consumers in the form of price reduction,n++ said the report titled, Electricals & Electronics Manufacturing in India, jointly conducted by ASSOCHAM and NEC Technologies.

The study also observed that with the implementation of GST, multiple taxes and cascading effects of taxes will be eliminated.

Along with these benefits, firms will also be saving expenses incurred in warehousing and logistics which stood at approximately 5-8 per cent.

n++The lower taxes, simplified tax structure and technology empowered tax compliance system will provide an ideal ecosystem to improve the current situation of electronics manufacturing in India,n++ said the study.

It also added that, GST will give a major boost to the Indian electronics industry thereby, leading to subsequent increase in demand of locally manufactured electronics.

n++With the implementation of GST, the electronics manufacturers will reap in significant cost savings in warehousing and logistics,n++ said the ASSOCHAM-NEC study.

Further, the report noted that even the demonetisation move of the government gave a boost to electronic payment devices with value of transactions getting almost doubled.

Besides, it is also certain to bring about innovations in electronic payment industry thereby leading to increase in number of point of sale (PoS) and mPoS (mobile point of sale) devices.

n++Post demonetization, government has been promoting digital payments by introducing e-payments platforms such as BHIM, Bharat QR. All of these platforms will generate more demand for mobile phone,n++ the report said.

The ASSOCHAM-NEC study recommended that for India to become a robust manufacturing hub, it should focus on building capabilities across the value chain by reducing component imports and increasing local value addition.

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ICICI Prudential Life Insurance Company considers take over of Sahara Lifes insurance business
Jul 05,2017

ICICI Prudential Life Insurance Company announced that it has expressed interest to evaluate taking over policyholders liabilities and assets of Sahara Life. The last reported policyholders liabilities of Sahara Life is about Rs 900 crore, which is less than 1% of the Companys Balance Sheet size.

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Confidence Petroleum spurts after winning orders
Jul 05,2017

The announcement was made during trading hours today, 5 July 2017.

Meanwhile, the S&P BSE Sensex was up 3.21 points, or 0.01% to 31,213.

On the BSE, 20.60 lakh shares were traded in the counter so far, compared with average daily volumes of 5.85 lakh shares in the past one quarter. The stock was frozen at Rs 17.27 currently, which is also a 52-week high for the counter. The stock had hit a low of Rs 16.60 so far during the day. The stock hit a 52-week low of Rs 4.87 on 7 July 2016.

The stock had outperformed the market over the past one month till 4 July 2017, rising 39.41% compared with 0.32% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 109.55% as against Sensexs 4.12% rise. The scrip had also outperformed the market in past one year, rising 232.32% as against Sensexs 14.88% rise.

The small-cap company has equity capital of Rs 25.88 crore. Face value per share is Re 1.

The orders have been awarded by the BPCL, HPCL and Indian Oil Corporation, with an option of order for equivalent quantity next year, the company said in a statement.

On a consolidated basis, Confidence Petroleum India reported net loss of Rs 0.10 crore in Q4 March 2017 as against net profit of Rs 0.01 crore in Q4 March 2016. Net sales rose 69.74% to Rs 157.55 crore in Q4 March 2017 over Q4 March 2016.

Confidence Petroleum India is manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use.

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SSK Lifestyles intimates of acquisition of Genesis Biosciences IBKC
Jul 05,2017

SSK Lifestyles announced that Genesis I.B.R.C. Private Limited the wholly owned subsidiary of the Company has acquired Genesis Biosciences IBKC a partnership firm engaged in manufacturing and marketing of pro-biotic products for aquaculture and fisheries.

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Mahindra & Mahindra revises prices of its vehicles
Jul 05,2017

Mahindra & Mahindra announced revised prices of its vehicles pursuant to the implementation of GST, with immediate effect.

The prices of vehicles for end-customers on large UVs and SUVs have been reduced by an average of 6.9%, while those that come under small car segment have been reduced by an average of 1.4%. Similarly, end-customer prices have been reduced by an average of 1.1% for small commercial vehicles and 0.5% for LCVs and HCVs.

Since the GST rates on hybrid vehicles are significantly higher than that in the pre-GST regime, the prices for the end-customers of hybrid vehicles have been increased marginally.

These price changes to end-customers will vary across states or even cities within a state, due to the differing levels of pre-GST local taxes.

The effect of the imposition of GST for tractors, which were not levied an excise duty, should be neutral given the input tax credits that would be available to OEMs. Hence there will be no change for end-customer prices for tractors.

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Confidence Petroleum India and its subsidiaries receive orders worth Rs 361.96 crore
Jul 05,2017

Confidence Petroleum India announced that orders worth Rs 361.96 crore for supply of 30 lakh and odd LPG cylinders have been awarded by the Navratna Public Sector Oil Companies including Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation on the Company and its subsidiaries with the option of order for equivalent quantity next year.

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Board of Timken India approves scheme of amalgamation
Jul 05,2017

The Board of Directors of Timken India at its meeting held on 04 July 2017 has considered and approved the following proposal amongst the Company, ABC Bearings (Transferor Company) and their respective shareholders and creditors:

The amalgamation (Amalgamation) of the Transferor Company with the Company, in accordance with Sections 230 to 232 of the Companies Act, 2013.

The terms of the Amalgamation are recorded in the draft Scheme of Amalgamation and Arrangement tabled before the Board of the Company under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 (Scheme).

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Board of ABC Bearings approves scheme of amalgamation
Jul 05,2017

ABC Bearings announced that the Board of Directors of the Company at its meeting held on 4 July 2017 has approved, pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013, the merger of ABC Bearing into Timken India through a Scheme of Amalgamation and Arrangement amongst ABC Bearing, Timken India and their respective shareholders and creditors.

The Scheme is subject to the approval of the shareholders and creditors of ABC Bearings, approval of the regulatory authorities and the sanction of the National Company Law Tribunal.

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Wipro and Ramot at Tel Aviv University form partnership
Jul 05,2017

Wipro and Ramot, the Business Engagement Center at Tel Aviv University announced a partnership for joint research in emerging technologies. The partnership envisages the creation of joint research capability at TAU, supported by Wipro to pursue core as well as applied research in fast-developing technologies in the Artificial Intelligence space.

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M&M in spotlight after vehicle price revision
Jul 05,2017

Mahindra & Mahindra (M&M) announced revised prices of its vehicles pursuant to the implementation of GST, with immediate effect. The announcement was made after market hours yesterday, 4 July 2017. The prices of vehicles for end-customers on large utility vehicles (UVs) and sports utility vehicles (SUVs) have been reduced by an average of 6.9%, while those that come under small car segment have been reduced by an average of 1.4%. Similarly, end-customer prices have been reduced by an average of 1.1% for small commercial vehicles and 0.5% for LCVs and HCVs.

Since the GST rates on hybrid vehicles are significantly higher than that in the pre-GST regime, the prices for the end-customers of hybrid vehicles have been increased marginally. These price changes to end-customers will vary across states or even cities within a state, due to the differing levels of pre-GST local taxes.

The effect of the imposition of GST for tractors, which were not levied an excise duty, should be neutral given the input tax credits that would be available to original equipment manufacturers. Hence there will be no change for end-customer prices for tractors, the company said.

Shares of Timken India and ABC Bearings will be watched. The board of Timken India on 4 July 2017, approved the amalgamation of ABC Bearings with the company. As per the proposed scheme, Timken India will issue 5 equity shares for every 8 equity shares held in ABC Bearings. The transaction is expected to close in the quarter ended 31 March 2018, subject to the receipt of all approvals. The announcement was made after market hours yesterday, 4 July 2017.

ICICI Prudential Life Insurance Company, Indias only listed life insurance company, has confirmed its interest in buying the beleaguered Sahara Lifes insurance business. The company confirmed that it has expressed its interest to evaluate taking over policyholders liabilities and assets of Sahara Life. The last reported policyholders liabilities of Sahara Life is about Rs 900 crore, which is less than 1% of the companys balance sheet size. The announcement was made after market hours yesterday, 4 July 2017.

Mcnally Bharat Engineering Company said it received an order for construction of entry/exit structure of Elamkulam Station and balance works in the main station building at Elamkulam from Delhi Metro Rail Corporation for Rs 43.49 crore (approximately). The announcement was made after market hours yesterday, 4 July 2017.

Reliance Communications (RCom) will not pay outstanding interest until December 2017, on its bonds held by LIC of India, the countrys largest insurer, as the telco seeks to shed Rs 25000 crore of debt as part of a financial restructuring. The announcement was made after market hours yesterday, 4 July 2017.

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