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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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Nikki Global Finance to hold EGM
Dec 24,2016

Nikki Global Finance announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 20 January 2017.

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Board of Sat Industries decides to invest Rs 7.50 crore in subsidiaries
Dec 24,2016

Sat Industries announced that the Board of Directors of the Company at its meeting held on 24 December 2016, inter alia, has considered and decided:

1. To incorporate wholly owned subsidiary Company in UAE to carry on business of Global Trading and also to consolidate / re-structure the existing business into this new Company. Further Company has decided to invest up to Rs 50 lakh in this Company.

2. To make further investment up to Rs 7 crore in Italica Ventures, a wholly owned subsidiary.

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Camlin Fine Sciences to acquire 51% stake in a Chineses entity
Dec 24,2016

Camlin Fine Sciences announced that the Company has entered into a Share Purchase Agreement to acquire (either through itself or its subsidiaries/group companies) 51 % stake in an entity in China, which shall be subject to certain conditions being fulfilled prior to the said acquisition and regulatory approvals. The said acquisition can also be through the Companys subsidiaries and/or group companies.

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Board of Syncom Healthcare to consider appointment of director
Dec 24,2016

Syncom Healthcare announced that Board of Directors of the meeting will be held on 31 December 2016 to consider the appointment of Ajay Shankarlal Bankda as an Additional Director of the Company and designate him as Managing Director of the Company.

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Bombay Dyeing & Manufacturing Company sells machinery of Ranjangaon unit
Dec 24,2016

Bombay Dyeing & Manufacturing Company announced that, pursuant to the approval of the Board, the Company has sold some of the machineries of Ranjangaon unit situated at District - Pune, Maharashtra on 23 December 2016 at an aggregate value of Rs. 36.25 crore.

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Board of Sai Capital approves dematerialisation of shares
Dec 24,2016

Sai Capital announced that the Board of Directors of the Company at its meeting held on 24 December 2016, has approved to Dematerialize the Shares of the Company and the draft agreement has been approved by the Board which shall be executed in due course and the same shall be intimated accordingly.

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Board of Tamilnadu Jai Bharath Mills approves change in directorate
Dec 24,2016

Tamilnadu Jai Bharath Mills announced that the Board of Directors at its meeting held on 24 December 2016 has accepted the resignation of Shri.D.Senthilkumar as a Whole-Time Director and to continue as a Director of the Company with effect from 24 December 2016.

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INR382 Billion Potential Treasury Gains Could be Unlocked by Banks
Dec 24,2016

The softening of yields due to surplus liquidity could help Indian banks in registering INR 382 billion of potential treasury gains for FY17, says India Ratings and Research (Ind-Ra). The INR 382 billion worth of potential treasury gains are significantly large, considering the banking sector reported an INR 236 billion profit for FY16 (public sector banks (PSBs) reported INR 177 billion in loss). The development comes at a time when the banking sector is facing challenging conditions. The profitability levels of Indian banks remain weak owing to continued pressure on asset quality and weak loan expansion. It would be imperative for banks starved for capital to strengthen their capital adequacy ratios.

Meanwhile, even better placed banks can use this likely opportunity to improve their provision coverage ratios, which recently witnessed a downtrend. However, large profit booking, followed by a spike in yields, could have a double whammy effect on the profitability levels of banks in subsequent years.

Treasury Gains to Partially Ease Capital Requirement for PSBs: Treasury gains in FY17 would enable PSBs to contribute towards reducing their capital requirements, in accordance with the Basel III requirement. Domestic additional Tier 1 (AT1) issuances worth INR154 billion have been made so far in FY17, with increased participation from mutual funds. Ind-Ra believes the softening of yields could prove to be an additional impetus in the development of AT1 markets.

Demonetisation to Drive Yields Lower: A surge in deposits, due to demonetisation, will increase demand for government and high-rated corporate bonds, and is likely to put downward pressure on yields under the current tepid credit demand scenario. Banks are poised to benefit from the softening of yields, considering they are the largest holders of government bonds (about INR29 trillion as on 11 November 2016).

UDAY Bonds to Add to Treasury Gains: In addition to statutory liquidity requirement (SLR) bonds, banks hold bonds issued by states under Ujwal Discom Assurance Yojana (UDAY). UDAY bonds have been converted to bonds from standard restructured loans given to state distribution companies (discoms). In FY16, the value of loans converted to state government bonds under UDAY was about INR0.75 trillion. Ind-Ra estimates the value of loans converted to state government bonds at end-September 2016 at about INR1 trillion, a significant proportion of which continues to be a part of banks investment portfolio. Under UDAY, discom bonds with different maturity periods, ranging from 4-15 years, were issued. The yields at the time of the issuance were in the range of 8.10%-8.75%. At present, UDAY bonds are trading at close to 7.25%. This could result in a potential gain of 100bp-150bp.

Mid-Sized PSBs Likely to Register Larger Treasury Gains: Some mid-sized PSBs would continue to report stressed profitability figures for FY17 on account of rising credit costs due to the ageing impact of a large proportion of assets classified non-performing in FY16. Treasury gains would provide some relief to the overall profitability levels of PSBs. Some mid-sized PSBs witnessed an increase in their investment portfolios in recent quarters on account of challenges with regard to the deployment of incremental deposits. The compression of yields has proved to be a boon for them. A weak profitability forecast, along with challenging capital conditions, would result in mid-sized PSBs registering high treasury gains to protect themselves from potential capital erosion.

Daily Average LCR Reporting to Increase SLR Holdings of Banks: Ind-Ra expects an increase in the structural volatility in the liquidity coverage ratios (LCRs) of banks, given the proposed switch from monthly to daily average LCR calculations by January 2018.

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Board of Jay Energy & S Energies to appoints directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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Board of Jay Energy & S Energies to appoint directors
Dec 24,2016

Jay Energy & S Energies announced that a meeting of the Board of Directors of the Company will be held on 02 January 2017, inter alia, to transact the following business;

1. To appoint Jitendrasingh H. Rathod as an additional Director of the Company.

2. To appoint Silaben Lalluram Sharma as an additional Director of the Company.

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Board of Parle Software reviews performance and financial operations
Dec 24,2016

The Board of Directors of Parle Software at its meeting held on 23 December 2016 discussed financial operations and reviewed company performance.

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Outcome of board meeting of Jindal Stainless
Dec 24,2016

Jindal Stainless announced that the Board of Directors of the company at its meeting held on 23 December 2016 approved the following -

Issuance of equity shares to the Lenders of the Company for an aggregate amount of Rs 250 crore on preferential basis on conversion of funded interest term loan.

Issuance of preference shares to the Lenders of the Company for an aggregate amount fo Rs 650 crore (approx.) on preferential basis on conversion of funded interest term loan I & II.

Issuance of compulsorily convertible debentures to promoter group of the Companies on preferential basis -

- Jindal Stainless (Hisar) for an amount of up to Rs 250 crore
- Jindal United Steel for an amount of up to Rs 120 crore and
- Jindal Coke for an amount of up to Rs 60 crore.

- Issuance of compulsorily convertible warrants to promoter group of companies on preferential basis for an aggregate amount of Rs 75 crore.

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Defence procurement related exercise to yield results in 2017: Manohar Parrikar
Dec 24,2016

The exercise undertaken by the government in terms of defence procurement will start yielding results from next year onwards, Union Defence Minister, Mr Manohar Parrikar said at an ASSOCHAM event.

n++In defence procurement we have planted some grafts, which I expect to produce result, but even there you have to wait for 2-3 years, now two years are over, probably next year 2017 is a year where whatever exercise has been carried out will start yielding results,n++ said Mr Parrikar.

He said that most of the issues pertaining to defence procurement procedure are being gradually sorted out.

n++I am still clearing the mess of the earlier government, I do not intend to point finger, this is not for blame game, but till now there were so many errors, mistakes, casualness, things have gone in cycles and cycles,n++ said Mr Parrikar.

n++Slowly but surely these issues are getting sorted out and I am very sure that we will make it as the road ahead is very clear,n++ he added.

Highlighting that government has initiated various policy initiatives, the Union Defence Minister said, n++If we properly assess the requirement of defence forces, we can make many of the changes happen.n++

He also said that industry should come out with clear recommendations. n++We expect that while we will also change DPMs (Defence Procurement Manuals) and OFB (Ordinance Factory Board) very soon into IDDM (Indigenously Designed Developed and Manufactured) concept, slightly differently put up, but at the same time we will expect that the biggies in the private sector also spread requirement to the small and medium.n++

n++There is a definite improvement, the percentage of small and medium, legally required is 20, it was around between 9 per cent in OFBs and to about 14-15 in PSUs, today it has crossed 20 and is at an average of about 29 per cent in MSME (micro, small and medium enterprises) sector,n++ he added.

Talking about the need for Indias defence public sector undertakings (DPSUs) to remain competitive, he said that if good material can be got at a cheaper price why should advance be paid, except where development and small scale industry is involved.

n++Why should he restrict himself, he should ask for best quality at cheapest rates. I am not going to give advance if I can get good material at credit why should I pay advance to another company,n++ said Mr Parrikar.

He said that in case of high-technology item, the policy has to be different.

n++If it is developed, manufactured and supplied by small industry, the policy has to be different, we are working on it, that is why some time is being taken, but when it comes out it will be much better manuals,n++ said the Union Defence Minister.

n++Both these manuals are being worked because now lot of things have been eliminated, they are gone, so now there are very few things, but critical issues are remaining,n++ he said.

He said that there are more issues in offset like skill development, if it should be outsourced to a competent agency, and if it can be used for venture capital. n++These are questions we are answering and will be replying to them very soon but I think all these aspects are now limited to 4-5 pointed issues, give us those.n++

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Sudarshan Chemical Industries gets upgradation in Company rating
Dec 24,2016

Sudarshan Chemical Industries announced that India Ratings & Research have upgraded the Company rating to IND A+; Outlook Stable w.e.f. 23 December 2016.

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Ruchi Soya Industries gets revision in ratings for bank facilities
Dec 24,2016

Ruchi Soya Industries announced that Credit Analysis and Research has revised the rating of the company as under -

Long term bank facilities - CARE D (Revised from CARE B)
Long term/ short term bank facilities - CARE D/ CARE D (Revised from CARE B/ CARE A4)

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