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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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Road construction stocks gain
Feb 01,2017

IRB Infrastructure Developers (up 2.03%), MEP Infrastructure Developers (up 2.83%), PNC Infratech (up 0.13%), Ashoka Buildcon (up 4.59%), IL&FS Transportation Networks (up 1.32%) and L&T (up 0.62%) gained

Meanwhile, the S&P BSE Sensex was down 11.91 points or 0.04% at 27,644.05

In order to give a boost to the economy, finance minister Arun Jaitley announced an allocation of Rs 3,96,135 crore for the infrastructure sector while presenting Union Budget 2017-18 in the parliament today, 1 February 2017. In the governments constant attempts to improve the countrys infrastructure, it has allocated a total of Rs 91,000 crore for roads and highways sector for fiscal year 2017-18, Finance Minister Arun Jaitley said in his Union Budget speech.

Budget 2017-18 provides for an outlay of Rs 64,000 crore for roads and highways, which will be allotted to National Highways Authority of India (NHAI). Pace of construction of roads has increased to Rs 133 km per day in 2017 from 73 km per day earlier, said Jaitley.

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Cabinet approves Amendment in the Constitution (Scheduled Castes) Order, 1950 to modify the list of Scheduled Castes of the State of Odisha
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendments in (i) the Constitution (Scheduled Castes) Order, 1950 to modify the list of Scheduled Castes of the State of Odisha, and (ii) the Constitution (Pondicherry) Scheduled Castes Order, 1964 so as to change name of the Union Territory from Pondicherry to Puducherry in the Order. The Bill namely Constitution (Scheduled Castes) Orders (Amendment) Bill, 2017 incorporating the above changes will be introduced in the Parliament.

Proposal of Sualgiri, Swalgiri caste, as per approved Modalities, was found to be eligible for its inclusion as a synonym of Sabakhia caste at SI. No. 79 in the list of Scheduled Castes of Odisha. Further, the name of Union territory of Pondicherry has been changed to Puducherry vide the Pondicherry (Alteration of name) Act, 2006 w.e.f. 01.10.2006. Accordingly, an amendment is needed in the Constitution (Pondicherry) Scheduled Castes Order, 1964 to this effect.

The Government approved Modalities in June 1999, as amended in June 2002, for considering proposals in regard to modifications in the lists of Scheduled Castes and Scheduled Tribes. According to the approved Modalities, amending legislation to the concerned Constitution Order is proposed only in respect of such proposals of the concerned State Government/Union Territory Administration, which have been agreed to both by the Registrar General of India (RGI) as well as the National Commission for Scheduled Castes (NCSC).

The Constitution of India provides certain privileges / concessions to the members of Scheduled Castes which are notified under the provisions of Article 341 of the Constitution of India. First list of Scheduled Castes in relation to a State or Union Territory is to be issued by a notified Order of the President after having consultation with the State Government concerned. Any subsequent inclusion in or exclusion from the list of Scheduled Castes can be effected through an Act of Parliament as envisaged under clause (2) of Article 341.

Six Presidential Orders were issued between 1950 and 1978 for specifying Scheduled Castes in respect of various States/Union territories. These Orders have been amended from time to time by Acts of Parliament enacted as per Article 341(2) of the Constitution between 1956 and 2016.

After the Bill becomes an Act, members of the community included in the list of Scheduled Castes will be able to derive benefits meant for Scheduled Castes under the existing schemes. Some of the major schemes of this kind include Post Matric Scholarship, National Overseas Scholarship, Rajiv Gandhi National Fellowship, Top Class Education, Concessional Loans from National Scheduled Castes Finance and Development Corporation, Hostels for SC Boys and Girls etc. In addition to above, they are also entitled to the benefits of reservation in services and admission to educational institutions.

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Cabinet approves Amendments in (i) the Constitution (Scheduled Castes) Order, 1950 to modify the list of Scheduled Castes of the State of Odisha
Feb 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for amendments in (i) the Constitution (Scheduled Castes) Order, 1950 to modify the list of Scheduled Castes of the State of Odisha, and (ii) the Constitution (Pondicherry) Scheduled Castes Order, 1964 so as to change name of the Union Territory from Pondicherry to Puducherry in the Order. The Bill namely Constitution (Scheduled Castes) Orders (Amendment) Bill, 2017 incorporating the above changes will be introduced in the Parliament.

Proposal of Sualgiri, Swalgiri caste, as per approved Modalities, was found to be eligible for its inclusion as a synonym of Sabakhia caste at SI. No. 79 in the list of Scheduled Castes of Odisha. Further, the name of Union territory of Pondicherry has been changed to Puducherry vide the Pondicherry (Alteration of name) Act, 2006 w.e.f. 01.10.2006. Accordingly, an amendment is needed in the Constitution (Pondicherry) Scheduled Castes Order, 1964 to this effect.

The Government approved Modalities in June 1999, as amended in June 2002, for considering proposals in regard to modifications in the lists of Scheduled Castes and Scheduled Tribes. According to the approved Modalities, amending legislation to the concerned Constitution Order is proposed only in respect of such proposals of the concerned State Government/Union Territory Administration, which have been agreed to both by the Registrar General of India (RGI) as well as the National Commission for Scheduled Castes (NCSC).

The Constitution of India provides certain privileges / concessions to the members of Scheduled Castes which are notified under the provisions of Article 341 of the Constitution of India. First list of Scheduled Castes in relation to a State or Union Territory is to be issued by a notified Order of the President after having consultation with the State Government concerned. Any subsequent inclusion in or exclusion from the list of Scheduled Castes can be effected through an Act of Parliament as envisaged under clause (2) of Article 341.

Six Presidential Orders were issued between 1950 and 1978 for specifying Scheduled Castes in respect of various States/Union territories. These Orders have been amended from time to time by Acts of Parliament enacted as per Article 341(2) of the Constitution between 1956 and 2016.

After the Bill becomes an Act, members of the community included in the list of Scheduled Castes will be able to derive benefits meant for Scheduled Castes under the existing schemes. Some of the major schemes of this kind include Post Matric Scholarship, National Overseas Scholarship, Rajiv Gandhi National Fellowship, Top Class Education, Concessional Loans from National Scheduled Castes Finance and Development Corporation, Hostels for SC Boys and Girls etc. In addition to above, they are also entitled to the benefits of reservation in services and admission to educational institutions.

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Housing Finance Economics to Face Roadblocks Due to Falling Bank Interest Rates
Feb 01,2017

The large-ticket housing loan segment (primarily ticket size above INR5 million) is likely to face disruption, as housing finance companies (HFCs) would be forced to realign their strategies in view of a sharp reduction in lending rates by banks, says India Ratings and Research (Ind-Ra). This may affect business growth for HFCs, on account of increased competitiveness of banks. This could act as a double blow for HFCs already reeling from the slowdown in core housing loan portfolio growth. About 20% of the housing portfolio of large HFCs could be higher than INR5 million in ticket size.

The competition between HFCs would have implications for profitability, especially in view of limited manoeuvrability of such companies with regard to the expansion of leverage or high-yield non-core portfolio. Moreover, playing on the yield curve (short-term borrowing to save on tenor premium while lending largely remains long-term) would expose HFCs to liquidity and refining risks.

The fall in lending rates by banks is likely to incentivise borrowers to shift their portfolio from high-cost HFC loans to bank loans. Housing loans from banks do not involve prepayment charges, if borrowing is undertaken on a floating rate.

Ind-Ra believes that the impact of the fall in lending rates on small-ticket loan providers is unlikely to be significant, as borrowers are generally less price-sensitive. Furthermore, HFCs in this segment have a superior pricing power due to limited competition from banks.

Ind-Ra also believes that housing loan segment, albeit the best-performing asset class in the last 15 years, could come under some pressure, if underlying loan collaterals witness material price correction.Loans where underlying property is under construction would especially be vulnerable.

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PSU bank stocks gain after capital infusion announcement by FM
Feb 01,2017

State Bank of India (up 1.48%), Bank of Baroda (up 1.27%), Union Bank of India (up 1.08%), Punjab National Bank (up 1.07%), Bank of India (up 0.59%), Indian Bank (up 0.57%) and IDBI Bank (up 0.19%) edged higher. UCO Bank (down 1.16%) and Syndicate Bank (down 0.6%) edged lower.

Meanwhile, the S&P BSE Sensex was up 6.16 points or 0.02% at 27,662.12.

Jaitley in his Budget speech today, 1 February 2017, announced an allocation of Rs 10000 crore for recapitalisation of public sector banks (PSU banks) for FY 2018. Under the Indradhanush framework, to recapitalise the PSU banks, the government had proposed to allocate Rs 70000 crore to PSU banks from FY 2016 to FY 2019. It had allocated Rs 25000 crore in each of the FY 2016 and FY 2017.

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Pharma stocks drop on concerns of lower prices for generic products
Feb 01,2017

Aurobindo Pharma (down 2.9%), Dr Reddys Laboratories (down 2.44%), Lupin (down 2.2%), Wockhardt (down 1.75%), Sun Pharmaceutical Industries (down 1.36%), Divis Laboratories (down 1.16%), Strides Shasun (down 0.93%), Cipla (down 0.91%), Glenmark Pharmaceuticals (down 0.82%), Ipca Laboratories (down 0.58%), Alkem Laboratories (down 0.53%) and GlaxoSmithkline Pharmaceuticals (down 0.01%) edged lower.

Meanwhile, the S&P BSE Sensex was down 8.47 points or 0.03% at 27,647.49.

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Shriram Transport Finance Company to consider various options for fund raising
Feb 01,2017

Shriram Transport Finance Company announced that the Company is considering raising of funds through various options of borrowings including by way of issue of securities in onshore/offshore market on private placement basis. Based on the market conditions the meeting(s) of Banking and Finance Committee/Debt Issuance Committee will be held during the current month ending 28 February 2017 to consider and approve the terms and conditions of such borrowings.

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Board of Fruition Venture to consider December quarter results
Feb 01,2017

Fruition Venture announced that the Board meeting of the Company is scheduled to be held on 08 February 2017, inter alia, to for consider and approve the un-audited Financial Results for the quarter (Provisional) ended 31 December 2016.

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Dairy stocks gain as FM announces fund to be setup under NABARD
Feb 01,2017

Meanwhile, the S&P BSE Sensex was up 14.62 points or 0.05% at 27,670.58

Modern Dairies (up 5.46%), Umang Dairies (up 3%), Prabhat Dairy (up 2.33%), Heritage Foods (up 1.68%), Hatsun Agro Products (up 0.56%) and Kwality (up 0.22%) gained.

While presenting Union Budget 2017-18 in the parliament today, 1 February 2017, finance minister Arun Jaitley said that a dairy processing infrastructure fund will be set up under NABARD, with fund of Rs 8000 crore.

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Board of Sterling Biotech to consider December quarter results
Feb 01,2017

Sterling Biotech announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, to review and consider and adopt the Unaudited Financial Results for the period ended on 31 December 2016, along with the Limited Review Report of the Statutory Auditor thereon.

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Ensa Steel Industries to announce December quarter results
Feb 01,2017

Ensa Steel Industries announced that the meeting of the Board of Directors of the Company is scheduled to be held on 13 February 2017, to review and consider and adopt the Unaudited Financial Results for the period ended on 31 December 2016, along with the Limited Review Report of the Statutory Auditor thereon.

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Realty stocks nudge higher as FM says affordable housing to get infrastructure status
Feb 01,2017

Unitech (up 3.31%), Prestige Estates Projects (up 2.58%), Oberoi Realty (up 2.49%), Godrej Properties (up 1.9%), D B Realty (up 1.63%), DLF (up 1.48%), Indiabulls Real Estate (up 1.39%), Sobha (up 0.98%) and Housing Development and Infrastructure (up 1.04%) gained.

Meanwhile, the S&P BSE Sensex was up 19.64 points or 0.07% at 27,675.60.

Jaitley in his Budget speech today, 1 February 2017, said that affordable housing to be given infrastructure status. The National Housing Finance will insure houses, Jaitley said. The real estate sector was among the most hit sectors due to the recent governments demonetisation drive banning higher denomination bank notes.

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Board of Sterling International Enterprises to consider December quarter results
Feb 01,2017

Sterling International Enterprises announced that the meeting of the Board of Directors of the Company is scheduled to be held on 13 February 2017, to review and consider and adopt the Unaudited Financial Results for the period ended on 31 December 2016, along with the Limited Review Report of the Statutory Auditor thereon.

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Shyamal Holdings & Trading to consider December quarter results
Feb 01,2017

Shyamal Holdings & Trading announced that the meeting of the Board of Directors of the Company is scheduled to be held on 10 February 2017, to review and consider and adopt the Unaudited Financial Results for the period ended on 31 December 2016, along with the Limited Review Report of the Statutory Auditor thereon.

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IEC Education to consider December quarter results
Feb 01,2017

IEC Education announced that the meeting of the Board of Directors of the Company is scheduled to be held on 11 February 2017, to discuss and approve unaudited Quarterly Financial Results of the Company along with the Limited Review Report for the Quarter ended 31 December 2016.

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