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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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Sikkim becomes 22nd State to join UDAY
Feb 23,2017

The Government of India and the State of Sikkim signed a Memorandum of Understanding (MOU) under the Scheme Ujwal DISCOM Assurance Yojana (UDAY), for operational improvement of the States Power Distribution Department. With the signing of MoU, the total number of States covered under UDAY has reached twenty-two. Sikkim would derive an Overall Net Benefit of approximately Rs. 481 crores through UDAY by way of cheaper funds, reduction in AT&C and transmission losses, interventions in energy efficiency, etc. during the period of turnaround.

The MoU paves way for improving operational efficiency of the Power Distribution department of the State. AT&C losses and transmission losses would be brought down through compulsory distribution transformer metering, consumer indexing & GIS mapping of losses, upgrade/change transformers, meters etc., smart metering of high-end consumers, feeder audit etc., besides eliminating the gap between cost of supply of power and realisation. The reduction in AT&C losses and transmission losses to 15% and 3.50% respectively is likely to bring additional revenue of around Rs.453 crores.

Demand Side interventions in UDAY such as usage of energy-efficient LED bulbs, agricultural pumps, fans & air-conditioners and efficient industrial equipment through PAT (Perform, Achieve, Trade) would help in reducing peak load, flatten load curve and thus help in reducing energy consumption in the State of Sikkim. The gain is expected to be around Rs.25 crores.

While efforts will be made by the Power Distribution Department of the State to improve their operational efficiency, and thereby reduce the cost of supply of power, the Central government would also provide incentives to the State Government for improving Power infrastructure in the State and for further lowering the cost of power. The Central schemes such as DDUGJY, IPDS, Power Sector Development Fund (PSDF) or such other schemes of Ministry of Power and Ministry of New & Renewable Energy are already providing funds for improving Power Infrastructure in the State and additional/priority funding would be considered under these schemes, if the State/DISCOMs meet the operational milestones outlined in the scheme. Further, with improved efficiency, the State Power department would be in a better position to borrow funds at cheaper rates for Power infrastructure development/improvement in the State.

The ultimate benefit of signing the MOU would go to the people of Sikkim. Reduced levels of transmission and AT&C losses would mean lesser cost per unit of electricity to consumers. Further, financially and operationally healthy State Power Distribution department would be in a position to supply more power. Higher demand for power would mean higher PLF of generating units and therefore, lesser cost per unit of electricity which would again mean lesser cost per unit of electricity to the consumers. The scheme would also allow speedy availability of cheaper power to households in the State that are still without electricity. Availability of 24*7 power to hitherto unconnected villages/households etc. would boost the economy, provide more employment opportunities for the people of the State and thereby, improve the standard of living of the people of the State.

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International Pumps & Projects to hold board meeting
Feb 23,2017

International Pumps & Projects will hold a meeting of the Board of Directors of the Company on 28 February 2017, to take into Consideration the Resignation Letter dated February 20, 2017 received from Mrs. Prerna Bajaj, Company secretary and compliance officer of the Company.

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Tulip Star Hotels to hold board meeting
Feb 23,2017

Tulip Star Hotels will hold a meeting of the Board of Directors of the Company on 3 March 2017, to discuss avenues of raising long term funds for the operations of the Company.

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Hindustan Fluorocarbons appoints director
Feb 23,2017

Hindustan Fluorocarbons announced that Vide GOI order Dated 13 February 2017, in pursuance of guidelines issued by the Department of Public Enterprises from time to time, the president is pleased to appoint Rajkishore Das as part time Non-official Director on the Board of the Company for a period of three years w.e.f. 13 February 2017 or until further orders, whichever is earlier.

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Hindustan Fluorocarbons appoints director
Feb 23,2017

Hindustan Fluorocarbons announced that Vide GOI order Dated 13 February 2017, in pursuance of guidelines issued by the Department of Public Enterprises from time to time, the president is pleased to appoint Rajkishore Das as part time Non-official Director on the Board of the Company for a period of three years w.e.f. 13 February 2017 or until further orders, whichever is earlier.

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Zydus receives approval to initiate Phase II clinical studies of Saroglitazar Magnesium in patients of PBC
Feb 23,2017

Zydus Cadila announced that the USFDA has approved the groups plans to initiate a Phase 2 clinical trial of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis of the liver. This randomized, double-blind phase 2 trial will evaluate Saroglitazar Magnesium 2 mg and 4 mg vs. Placebo.

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Zydus receives approval to initiate Phase II clinical studies of Saroglitazar Magnesium in patients of PBC
Feb 23,2017

Zydus Cadila announced that the USFDA has approved the groups plans to initiate a Phase 2 clinical trial of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis of the liver. This randomized, double-blind phase 2 trial will evaluate Saroglitazar Magnesium 2 mg and 4 mg vs. Placebo.

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Vidhi Dyestuffs Manufacturing renamed as Vidhi Specialty Food Ingredients
Feb 23,2017

Vidhi Dyestuffs Manufacturing announced that the Company has received final approval from National Stock Exchange of India (NSE) for change of name and symbol of the Company in the records of the Exchange. Consequently, the name of the company shall be changed from Vidhi Dyestuffs Manufacturing to Vidhi Specialty Food Ingredients and the symbol from VIDHIDYE to VIDHIING w.e.f. 01 March 2017.

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Indian Hotels Co appoints Chairman
Feb 23,2017

Indian Hotels Co announced that N. Chandrasekaran has been elected as the Chairman of the Board of Directors of the Company with effect from 22 February 2017 vide a written resolution of the Board. N. Chandrasekaran was initially appointed as a Member of the Board on 27 January 2017.

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Board of Empee Distilleries allots share warrants
Feb 23,2017

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 23 February 2017 approved and allotted -

9,39,727 share warrants to be convertible into 9,39,727 equity shares of Rs 10 each at premium of Rs 54.64 per share (total Rs 64.64 per share) to EW India Special Assets Fund;

and 2,27,133 share warrants to be convertible into 2,27,133 equity shares of Rs 10 each at premium of Rs 54.64 per share (total Rs 64.64 per share) to Edelcap Services up on receipt of 25% of the total share warrants subscription money from above investors.

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Idea Cellular leads gainers on BSEs A group
Feb 23,2017

Idea Cellular rose 8.27% at Rs 121.75. The stock topped the gainers in A group. On the BSE, 53.86 lakh shares were traded on the counter so far as against the average daily volumes of 17.27 lakh shares in the past two weeks.

Amtek Auto rose 6.10% at Rs 38.25. The stock was the second biggest gainer in A group. On the BSE, 14.05 lakh shares were traded on the counter so far as against the average daily volumes of 3.87 lakh shares in the past two weeks.

Reliance Communications rose 4.90% at Rs 37.50. The stock was the third biggest gainer in A group. On the BSE, 50.91 lakh shares were traded on the counter so far as against the average daily volumes of 30.19 lakh shares in the past two weeks.

Bharti Airtel rose 4.07% at Rs 375.85. The stock was the fourth biggest gainer in A group. On the BSE, 14.69 lakh shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past two weeks.

Jammu & Kashmir Bank rose 3.82% at Rs 77.55. The stock was the fifth biggest gainer in A group. On the BSE, 4.06 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

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Ruchira Papers gains as board plans to consider fund raising
Feb 23,2017

The announcement was made during market hours today, 23 February 2017.

Meanwhile, the S&P BSE Sensex was up 83.93 points, or 0.28%, to 28,945.64.

On the BSE, 5,537 shares were traded on the counter so far as against the average daily volumes of 32,857 shares in the past one quarter. The stock had hit a high of Rs 131 and a low of Rs 128.05 so far during the day.

The stock had hit a record high of Rs 143.40 on 27 January 2017 and a 52-week low of Rs 51.40 on 29 February 2016. The stock had outperformed the market over the past one month till 22 February 2017, advancing 7.04% compared with the Sensexs 6.77% rise. The scrip had also outperformed the market over the past one quarter advancing 27.11% as against the Sensexs 11.19% rise.

The small-cap company has equity capital of Rs 22.42 crore. Face value per share is Rs 10.

Ruchira Papers announced that a meeting of the board of directors of the company will be held on 3 March 2017, to consider and approve preferential issue of convertible securities (warrants) subject to the members approval and other necessary permissions.

Ruchira Papers net profit rose 48.3% to Rs 8.05 crore on 13.9% increase in net sales to Rs 102.59 crore in Q3 December 2016 over Q3 December 2015.

Ruchira Papers is a paper manufacturing company. It is engaged in the process of manufacturing writing and printing paper, and kraft paper.

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Moodys: Asian high-yield bonds unaffected by dispute on make-whole premiums in North America
Feb 23,2017

Moodys Investors Service says that the dispute between investors and bond issuers in North America regarding payment of the make-whole premium upon a default by the issuer has not reached Asia and is unlikely to ever do so.

Unlike some recent high-yield bonds for North American companies, Asian high-yield bonds covered in Moodys Covenant Quality Assessments (CQAs) do not include the no premium on default language in their indentures, says Jake Avayou, a Moodys Vice President and Senior Covenant Officer.

This language prevents bondholders from seeking certain premiums if a company breaches its covenants and defaults, and first appeared in late October 2016 in an investment grade bond issued by NIKE, Inc. (A1 stable) and a high-yield bond issued by Rackspace Hosting, Inc. (B1 stable), a portfolio company of Apollo Global Management, adds Avayou.

The languages appearance followed a decision by a US district court that favored bondholders over Cash America International Inc. The court essentially ruled that, in the case of a bond issuers voluntary breach, acceleration of the debt is not the bondholders only remedy; bondholders are also allowed to seek payment of a make-whole premium. But the court also noted that indentures could include provisions that specify n++and thereby limit n++ the remedies available to the bondholders.

That prompted issuers, private-equity firms and their counsel to use their negotiating leverage to change the language in their indentures to favor them, rather than their bondholders. The no premium on default language was included by a handful of US companies in their high-yield bond indentures in late 2016.

In early January, potential investors in four high-yield bonds in North America successfully pushed back on including the no premium on default language in their bond indentures. Their success raised awareness of the risks of including the clause in high-yield bonds and spurred more investors in North America to resist its inclusion. But this awareness and pushback occurred before the clause made its way into any Asian deals, making it less likely -- as indicated -- that issuers in Asia will be able to negotiate for its inclusion going forward.

Another reason no Asian bond has included the no premium on default clause is that Asian investors have been less willing than their North American counterparts to sacrifice structural protections in their hunt for yield.

And Asian bond issuers typically chip away at existing covenants -- for example by upsizing permitted investment and debt carve-outs and lowering fixed-charge coverage ratio thresholds in their debt incurrence covenants -- rather than introduce new provisions that weaken investor protections.

Additionally, the majority of US high-yield bonds into which the clause was introduced are led by private-equity sponsors, but there are very few such deals in Asia.

Moodys further notes that the inclusion of a equivalent premium by corporate issuers in North America, instead of the no premium on default clause, is also unlikely to reach Asia.

The equivalent premium clause provides that in the event of a default due to a willful action by the company to avoid paying the redemption premium, the company must pay an equivalent premium upon acceleration of the notes.

Moodys says that while this clause is investor-friendly, it also creates uncertainty by leaving crucial terms such as willful action and intention of avoiding payment undefined, leaving investors vulnerable to unfavorable judicial interpretations.

However, no Asian high-yield bond has included an equivalent premium clause to date, and Moodys does not expect that this provision will be introduced into the Asian market.

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PC Jeweller gets credit ratings for Commercial Paper programme
Feb 23,2017

PC Jeweller announced that India Ratings and Research has assigned IND A1+ rating to the Companys additional Rs 300 crore Commercial Paper Programme. Simultaneously, Ind-Ra has affirmed IND A1+ ratings to the Companys existing Rs 200 crore Commercial Paper Programme.

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Prakash Industries allots 10,59,957 equity shares
Feb 23,2017

Prakash Industries has received notice(s) from FCCB holder(s) for conversion of 20 Nos. FCCB (US$ 50,000 each) in to 10,59,957 Nos. equity shares of Rs.10/- each of the Company in accordance with restructuring terms accepted by FCCB holder(s). Accordingly, the FCCB Conversion Committee of the Company in its meeting held on 23 February 2017 has allotted 10,59,957 equity shares to the said FCCB holder(s). Consequent upon the aforesaid conversion, the paid up share capital of the Company has increased from Rs. 1,36,76,74,230/- to Rs.1,37,82,73,800/-.

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