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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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SBI inches up after boards nod for stake-sale in SBI Life
Jul 11,2017

The announcement was made after market hours yesterday, 10 July 2017.

Meanwhile, the S&P BSE Sensex was up 62.21 points or 0.2% at 31,777.85.

On the BSE, 1.06 lakh shares were traded on the counter so far as against the average daily volumes of 13.67 lakh shares in the past one quarter. The stock had hit a high of Rs 288.40 and a low of Rs 287.05 so far during the day. The stock had hit a 52-week high of Rs 315 on 19 May 2017 and a 52-week low of Rs 216.55 on 8 July 2016.

The stock had underperformed the market over the past one month till 10 July 2017, sliding 1.02% compared with the Sensexs 1.45% rise. The stock had also underperformed the market over the past one quarter, declining 1.19% as against the Sensexs 7.24% rise. The scrip had, however, outperformed the market over the past one year, advancing 30.75% as against the Sensexs 16.92% rise.

The large-cap state-run bank has equity capital of Rs 863.21 crore. Face value per share is Rs 1.

State Bank of Indias (SBI) executive committee of the central board has given the final approval for divestment of 8 crore shares in SBI Life through an initial public offering (IPO). The shares being offered for sale by SBI will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, SBI said.

SBIs net profit surged 122.7% to Rs 2814.82 crore on 7.8% growth in total income to Rs 57720.07 crore in Q4 March 2017 over Q4 March 2016.

Government of India held 57.07% stake in State Bank of India (as on 12 June 2017).

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IndusInd Bank in spotlight ahead of Q1 earnings
Jul 11,2017

IndusInd Bank is scheduled to announce Q1 June 2017 earnings today, 11 July 2017.

State Bank of Indias (SBI) executive committee of the central board has given the final approval for divestment of 8 crore shares in SBI Life through an initial public offering (IPO). The shares being offered for sale by SBI will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, SBI said. The announcement was made after market hours yesterday, 10 July 2017.

Bharti Airtel announced the launch of Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points. Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtels massive investments towards building a future ready network under Project Leap. The announcement was made at the fag end of market hours yesterday, 10 July 2017.

Gujarat State Fertilizers & Chemicals (GSFC) announced an emergency shutdown of ammonia-IV plant on 6 July 2017 due to detection of leakage of high pressure process gas from hot header of reformer box. Urea-II plant was also shutdown due to non-availability of CO2 gas which is by product of ammonia-IV plant. All other plants of GSFC are operational with supply of ammonia from ammonia storage tanks. Efforts are being put to rectify the problem and put back the plant on regular operation. The announcement was made after market hours yesterday, 10 July 2017.

Reliance Power said it has redeemed and paid interest in respect of its 2500 -10.20% unsecured redeemable non-convertible debentures series I (2016) of Rs 10 lakh each aggregating to Rs 250 crore on the due date 10 July 2017. The announcement was made after market hours yesterday, 10 July 2017.

Bajaj Electricals had advanced a sum of Rs 3.80 crore to Starlite Lighting (SLL) as a short term loan inter-alia on the collateral security by way of pledge by the promoters of SLL of 38 lakh equity shares, 28% equity, held in SLL, under an agreement of pledge of shares dated 23 February 2007, with a right to the company to purchase the same, at its sole discretion, at a pre-determined consideration of Rs 3.50 lakh.

The company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the company in SLL has increased from 19% to 47%. The above transaction falls within the purview of related party transactions. The announcement was made after market hours yesterday, 10 July 2017.

Cyient said it has subscribed to 49% of share capital of a newly incorporated company Cyient Solutions and Systems. The announcement was made after market hours yesterday, 10 July 2017.

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Axis Bank allots 8,250 equity shares
Jul 10,2017

Axis Bank has allotted 8,250 equity shares of Rs. 2/- each on 10 July 2017, pursuant to exercise of options under its ESOP Scheme.

The paid up share capital of the Bank will accordingly increase from Rs. 479,43,37,418 (239,71,68,709 equity shares of Rs. 2/- each) to Rs. 479,43,53,918 (239,71,76,959 equity shares of Rs. 2/- each).

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MphasiS allots 38,516 equity shares
Jul 10,2017

MphasiS has allotted 38,516 equity shares under ESOPs.

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PC Jeweller allots 17,92,12,800 equity shares
Jul 10,2017

PC Jeweller has allotted 17,92,12,800 equity shares under bonus issue on 10 July 2017. Consequently, the paid up equity share capital has increased to Rs 358.42 crore dividend into 35,84,25,600 equity shares of Rs 10 each.

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Board of Arcotech approved fund raising by way of preferential allotment of equity shares
Jul 10,2017

The Board of Directors of Arcotech in their Board Meeting held on 10 July 2017, discussed considered and approve inter-alia, the following matter:

Raising of funds by way of preferential allotment of Equity shares in accordance with the provisions of Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time and other applicable laws, up to an amount not exceeding Rs. 200 crore from persons/entities other than promoter group, subject to the approval of members of the company.

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OCL India shifts registered office
Jul 10,2017

OCL India announced the change in registered office with effect from 10 July 2017 to -

Dalmiapuram - 621651 District Tiruchirapalli Tamil Nadu.

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Syncom Healthcare announces resignation of CFO
Jul 10,2017

Syncom Healthcare announced that Venkateswarlu Mulagada, Chief Finance Officer has resigned from the Company with effect from 10 July 2017.

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Saurashtra Cement fixes record date for final dividend
Jul 10,2017

Saurashtra Cement has fixed 20 July 2017 as record date for payment of final dividend.

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Grasim Industries divests entire investment in Grasim Bhiwani Textiles
Jul 10,2017

Grasim Industries announced that as approved by the Committee of the Board of Directors of the Company at its meeting held on 10 July 2017, the Company has entered into a definitive agreement for divesting the Companys total investment in Grasim Bhiwani Textiles (GBTL) to Rajendra Synthetics, Mumbai (part of Donear Group).

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Patel Integrated Logistics provides update on its expansion plan for warehouse business
Jul 10,2017

Patel Integrated Logistics announced that as a part of expansion plan for warehouse business, the company on 10 July 2017 signed Letter of Intent with Sumar Logistics & Industrial Park to acquire warehouse of 35000 sq.ft. carpet area in Gujarat on 30 year lease basis. This Letter of Intent is subject to final lease agreement.

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Ramco Systems gets reaffirmation of ratings for bank facilities
Jul 10,2017

Ramco Systems announced that ICRA has reaffirmed the long term and short term ratings for the Bank facilities.

Long term fund based facilities - A-(Stable)
Short term fund based facilities - A2+
Short term non fund based facilities - A2+
Long term / short term unallocated facilities - A-(Stable)/ A2+

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ICICI Prudential Life Insurance Company allots 44,100 equity shares
Jul 10,2017

ICICI Prudential Life Insurance Company allots 44,100 equity shares of face value of Rs. 10 each on July 10, 2017 under its Employee Stock Option Scheme (ESOS).

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Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST
Jul 10,2017

It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business.

The question arises as to what constitutes a gift. Gift has not been defined in the GST law. In common parlance, gift is made without consideration, is voluntary in nature and is made occasionally. It cannot be demanded as a matter of right by the employee and the employee cannot move a court of law for obtaining a gift. Another issue is the taxation of perquisites. It is pertinent to point out here that the services by an employee to the employer in the course of or in relation to his employment is outside the scope of GST (neither supply of goods or supply of services). It follows therefrom that supply by the employer to the employee in terms of contractual agreement entered into between the employer and the employee, will not be subjected to GST. Further, the Input Tax Credit (ITC) Scheme under GST does not allow ITC of membership of a club, health and fitness centre [section 17 (5) (b) (ii)]. It follows, therefore, that if such services are provided free of charge to all the employees by the employer then the same will not be subjected to GST, provided appropriate GST was paid when procured by the employer. The same would hold true for free housing to the employees, when the same is provided in terms of the contract between the employer and employee and is part and parcel of the cost-to-company (C2C).

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Ministry of Health signs MoU with Government of West Bengal to set up Centre of Excellence in Transfusion Medicine
Jul 10,2017

Ministry of Health and Family Welfare signed a memorandum of understanding (MoU) with Government of West Bengal to formalize its support to set up a state-of-the-art Centre of Excellence in Transfusion Medicine at Kolkata, here today. Government of India has approved this important initiative with an outlay of approximately Rs.200 Crores towards equipment, manpower and running costs. The land for this initiative will be provided free of cost by the State government. The move intends to strengthen the blood transfusion services in the State and the surrounding region. Shri R K Vats, Additional Secretary (Health) and Shri Anil Verma, Principal Secretary Health, Government of West Bengal signed the MoU on behalf of their respective Ministries.

Metro Blood Bank Project is conceived to be a Central Sector Scheme of the Ministry of Health and Family Welfare to set up state-of-the-art Centres of Excellence in transfusion medicine in the four metro cities of Delhi, Mumbai, Chennai and Kolkata. These centres are high volume blood collection centres where there is state-of-the-art technology in transfusion medicine for component separation, processing of blood and quality systems. Facilities for screening of collected blood by NAT would be made available at these centres and also extended to the other blood banks of the State.

Approval of Union Minister of Health and Family Welfare has been accorded for the first phase, wherein these facilities are to come up in Chennai and Kolkata. National Blood Transfusion Council under National AIDS Control Organization will be the implementing division of the Ministry for this project. The MoU for setting up the Metro Blood Bank in Chennai has already been signed on 14th June 2016.

India collects near about 11 million blood units every year. Nearly 71% of these blood donations are collected through voluntary non-remunerated donors. A recently concluded assessment of licensed Blood Banks of India revealed that the average blood donation rate in India is 0.8, which is lower than many high income countries leading to a shortfall in quantum and access to safe blood in select hard-to-reach areas of the country. Rational use of blood also needs to be ensured to enhance utilization, as one unit of blood can benefit more than one beneficiary through separation into red cells, plasma, platelets.

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