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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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Cabinet approves construction of doubling of line with electrification between Vanchi-Maniyachchi- Nagercoil via Tirunelveli
Aug 03,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of double line with electrification between Vanchi-Maniyachchi- Nagercoil via Tirunelveli in Tamil Nadu.

The total length of the line will be 102 km. The estimated cost of the Project will be Rs.1003.94 crore and completion cost of Rs.1114.62 crore with 5% escalation per annum.

The project is likely to be completed in four years by 2020-21. The project will generate direct employment during construction for 24.48 lakh mandays.

The project would not only speed up the operation of goods and coaching trains, but also provide additional capacity for meeting the increase in traffic in future.

Background:

Vanchi-Maniyachchi- Nagercoil via Tirunelveli is an important trunk route serving Southern end of Tamil Nadu and Kerala. The section is heavily passenger oriented which also serve the goods traffic from nearby ports. Present line capacity of the section has already gone beyond 90% which is causing detention to the moving trains. Line capacity of this route needs to be enhanced to meet the demands for additional trains and smooth movement of trains through the route. Hence, doubling of Vanchi-Maniyachchi- Nagercoil via Tirunelveli with electrification needs to be taken up.

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Kirloskar Ferrous Industries declines after weak Q1 earnings
Aug 03,2017

The result was announced during market hours today, 3 August 2017.

Meanwhile, the S&P BSE Sensex was down 144.38 points, or 0.44% at 32,332.36. The S&P BSE Small-Cap index was down 56.54 points, or 0.35% at 16,006.93.

On the BSE, 2.22 lakh shares were traded on the counter so far as against the average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 94.45 and a low of Rs 87.10 so far during the day. The stock had hit a record high of Rs 112 on 10 April 2017 and a 52-week low of Rs 64.70 on 21 November 2016.

The stock had underperformed the market over the past one month till 2 August 2017, declining 7.41% compared with the Sensexs 5.03% rise. The scrip had also underperformed the market over the past one quarter declining 8.44% as against the Sensexs 8.54% rise. The scrip had, however, outperformed the market over the past one year advancing 18.38% as against the Sensexs 16.06% rise.

The small-cap company has equity capital of Rs 68.65 crore. Face value per share is Rs 5.

Kirloskar Ferrous Industries principal activity is to manufacture and supply iron castings.

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Banks correct on profit booking
Aug 03,2017

Meanwhile, the S&P BSE Bankex was down 304.36 points or 1.07% to 28,051.95. It underperformed the S&P BSE Sensex, was down 154.24 points or 0.47% to 32,322.50.

The BSE Bankex had outperformed the market over the past one month till 2 August 2017, rising 7.92% compared with 4.06% rise in the Sensex. The index had also outperformed the market in past one quarter, rising 9.78% as against Sensexs 7.80% rise. The index had also outperformed the market in past one year, rising 33.47% as against Sensexs 17.26% rise.

Among public sector banks, Union Bank of India (down 3.2%), Punjab National Bank (down 3.08%), Bank of India (down 3.06%), Syndicate Bank (down 2.68%), Indian Bank (down 2.57%), Andhra Bank (down 2.4%), Dena Bank (down 2.34%), IDBI Bank (down 2.11%), Allahabad Bank (down 2.1%), Canara Bank (down 1.88%), Vijaya Bank (down 1.79%), UCO Bank (down 1.66%), State Bank of India (down 1.54%), Bank of Baroda (down 1.29%), United Bank of India (down 1.29%), Bank of Maharashtra (down 1.23%), Central Bank of India (down 1.18%), Corporation Bank (down 1%) and Punjab & Sind Bank (down 0.65%), edged lower.

Among private sector banks, Yes Bank (down 1.98%), Axis Bank (down 1.3%), Kotak Mahindra Bank (down 1.1%), ICICI Bank (down 0.76%), Federal Bank (down 0.56%), IndusInd Bank (down 0.48%), HDFC Bank (down 0.37%) and RBL Bank (down 0.24%), edged lower. City Union Bank was up 0.29%.

The announcement of central banks policy decision was made during market hours yesterday, 2 August 2017. The S&P BSE Bankex fell 46.76 points or 0.16% to 28,356.31 yesterday, 2 August 2017. The banking index has corrected 351.12 points or 1.24% in two sessions from its close of 28,403.07 on 1 August 2017.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting yesterday, 2 August 2017, the Monetary Policy Committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6% from 6.25% with immediate effect. Consequently, the reverse repo rate under the LAF stands adjusted to 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.25%.

The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, the RBI said.

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Service sector hit by introduction of goods and services tax: Nikkei India Services PMI
Aug 03,2017

Business conditions in Indias service economy deteriorated markedly in July following the implementation of the goods and services tax (GST). Output and new work declined for the first time since January, with rates of reduction the quickest since September 2013. This had an adverse effect on the labour market, with employment contracting over the month. That said, firms expressed a lack of knowledge regarding the GST and expect more clarity in the near-term to lead to activity growth. Confidence for the year ahead was, in fact, the strongest since August 2016. On the price front, input cost inflation eased from June, while charges were raised to the greatest extent since early-2013

The seasonally adjusted Nikkei India Services PMI Business Activity Index plunged from Junes eight-month high of 53.1 to 45.9 in July, its lowest level since September 2013. The headline figure signalled the first downturn in output since the start of the year, and one that was marked.

With manufacturing production also sliding markedly, private sector output dipped to the greatest extent since March 2009. The seasonally adjusted Nikkei India Composite PMI Output Index fell sharply from 52.7 in June to 46.0.

The launch of the GST was mentioned by services firms as having caused a contraction in new work, leading to lower activity. The drop in new business inflows echoed the trend for output, being the first since January and the most pronounced in nearly four years. Likewise, factory orders decreased in July and at the quickest pace since February 2009.

Faced with fewer workloads service providers and manufacturers lowered payroll numbers in July. Rates of job shedding were, however, slight in both cases.

At the same time, outstanding business in the service economy rose to the greatest extent in five months. Delayed payments from clients was cited as the main reason leading to higher backlogs. Similarly, unfinished work in the goods-producing industry increased, albeit marginally.

According to services companies, higher tax rates and salaries awarded to staff resulted in another monthly increase in input costs. Nonetheless, the rate of inflation softened since June and was well below its long-run average. Manufacturers purchase prices rose at a slightly quicker pace than in June, but one that was muted in the context of historical data.

Services charges rose at the sharpest rate in almost four-and-a-half years during July. Those companies that reported higher selling prices linked this to the implementation of the goods and services tax. On the other hand, manufacturers offered discounts amid efforts to stimulate demand. The drop in factory charges was the first in 17 months.

Indian service providers exhibited optimism towards the 12-month outlook for activity. More than one-quarter of panellists signalled positive sentiment in July, with hopes of a better understanding around the new tax regime boosting confidence. Indeed, the degree of optimism reached an 11-month high. Manufacturers were strongly upbeat regarding growth prospects, with sentiment also the highest since August 2016.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, Principal Economist at IHS Markit, and author of the report, said: PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pick-up in growth momentum during June. The downturn in services follows similar weakness in manufacturing, to make a double-whammy of disappointing news at the start of the second quarter of the 2017/2018 financial year. Private sector activity dipped for the first time since the demonetisation shock and to the greatest extent since early 2009, mirroring the sales trend.

Most of the contraction was attributed to the implementation of the goods & services tax and the confusion it caused. Whereas many will question how deep an impact the GST will have on the economy in the near- and long-term, firms seem convinced that prospects will brighten as the new tax regime becomes clearer. As such, confidence regarding the year-ahead outlook for business activity climbed to an 11-month high.

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Bannari Amman Spinning Mills to convene board meeting
Aug 03,2017

Bannari Amman Spinning Mills will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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eDynamics Solutions to discuss results
Aug 03,2017

eDynamics Solutions will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Haria Apparels schedules board meeting
Aug 03,2017

Haria Apparels will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Prime Focus to discuss results
Aug 03,2017

Prime Focus will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Raj Oil Mills schedules board meeting
Aug 03,2017

Raj Oil Mills will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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Empee Distilleries to convene board meeting
Aug 03,2017

Empee Distilleries will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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Shree Surgovind Tradelink to announce Quarterly Result
Aug 03,2017

Shree Surgovind Tradelink will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Oceanaa Biotek Industries to declare Quarterly Result
Aug 03,2017

Oceanaa Biotek Industries will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Simplex Projects to hold board meeting
Aug 03,2017

Simplex Projects will hold a meeting of the Board of Directors of the Company on 14 August 2017.

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MBL Infrastructures to hold board meeting
Aug 03,2017

MBL Infrastructures will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Sakuma Exports announces board meeting date
Aug 03,2017

Sakuma Exports will hold a meeting of the Board of Directors of the Company on 9 August 2017.

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