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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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ICICI Bank drops after poor Q1 result
Jul 28,2017

The result was announced after market hours yesterday, 27 July 2017.

Meanwhile, the S&P BSE Sensex was down 154.69 points, or 0.48%, to 32,228.61.

On the BSE, 4.86 lakh shares were traded in the counter so far, compared with average daily volume of 16.01 lakh shares in the past one quarter. The stock had hit a high of Rs 304 and a low of Rs 298.05 so far during the day. The stock had hit a 52-week low of Rs 215.41 on 4 August 2016. The stock had hit a 52-week high of Rs 314.50 on 27 August 2017.

The stock had outperformed the market over the past one month till 27 July 2017, gaining 5.43% compared with 4.6% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.28% as against Sensexs 7.84% rise. The scrip had also outperformed the market in past one year, advancing 24.13% as against Sensexs 15.55% rise.

The large-cap private sector bank has equity capital of Rs 1282.63 crore. Face value per share is Rs 2.

ICICI Banks gross non-performing assets (NPAs) stood at Rs 43147.64 crore as on 30 June 2017 as against Rs 42551.54 crore as on 31 March 2017 and Rs 27562.93 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 7.99% as on 30 June 2017 as against 7.89% as on 31 March 2017 and 5.28% as on 30 June 2016. The ratio of net NPAs to net advances stood at 4.86% as on 30 June 2017 as against 4.89% as on 31 March 2017 and 3.01% as on 30 June 2016.

The banks Net Interest Income (NII) grew by 8% to Rs 5590 crore in Q1 June 2017 over Q1 June 2016.

ICICI Bank is one of the leading private sector banks in India. The bank had a network of 4,852 branches and 13,780 ATMs at 30 June 2017.

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Dr Reddys extends slide after announcing weak Q1 results
Jul 28,2017

Meanwhile, the S&P BSE Sensex was down 160.21 points or 0.49% at 32,220.87.

Higher than usual volumes were witnessed on the counter. On the BSE, 87,960 shares were traded on the counter so far as against the average daily volumes of 33,530 shares in the past one quarter. The stock had hit a high of Rs 2,530 and a low of Rs 2,465 so far during the day. The stock had hit a 52-week high of Rs 3,394.95 on 28 October 2016 and a 52-week low of Rs 2,382.05 on 29 May 2017.

The stock had underperformed the market over the past one month till 27 July 2017, sliding 1.24% compared with 4.6% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.09% as against Sensexs 7.84% rise. The scrip had also underperformed the market in past one year, falling 12.28% as against Sensexs 15.55% rise.

The large-cap company has equity capital of Rs 82.91 crore. Face value per share is Rs 5.

Dr Reddys Laboratories consolidated net profit declined 56.61% to Rs 66.60 crore on 2.5% rise in net sales to Rs 3315.90 crore in Q1 June 2017 over Q1 June 2016. The result was announced during market hours yesterday, 27 July 2017. The stock had dropped 3.29% to Rs 2,621.45 yesterday, 27 July 2017 post announcement of results.

Dr Reddys Laboratories consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) declined 15.56% to Rs 336 crore in Q1 June 2017 over Q1 June 2016. EBITDA margin contracted to 10.1% in Q1 June 2017, from 12.3% in Q1 June 2016.

Meanwhile, Dr Reddys Laboratories and CHD Bioscience Inc., a privately-held biopharmaceutical company, announced a global licensing agreement for the clinical development and commercialization of Dr Reddys phase III clinical trial candidate, DFA-02. The announcement was made after market hours yesterday, 27 July 2017.

It is intended to be used for the prevention of surgical site infections, following non-emergency, elective colorectal surgery. Phase II studies for DFA-02 have been successfully completed, and the product will be transitioning to pivotal Phase III registration studies.

Under the terms of the agreement, Dr Reddys would receive equity in CHD valued at $30 million upon an initial public offer (IPO) of CHD or a minimum of $30 million in cash within 18 months of execution of the agreement. Dr Reddys will also receive additional milestone payments of $40 million upon US drug regulators approval. In addition, CHD will pay Dr Reddys double-digit royalties on sales and commercial milestones.

Dr Reddys Laboratories is an integrated global pharmaceutical company.

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Fitch: New Bond Rules Reduce Indian Corporates Funding Options
Jul 28,2017

New, tighter regulations on foreign holdings of Indian rupee-denominated corporate bonds and offshore issuance will reduce options for companies to diversify their funding sources, at least temporarily, Fitch Ratings says. The rules will also prevent the use of certain complex transaction structures, which have recently gained popularity among corporate issuers.

The Securities and Exchange Board of India (SEBI) announced last week that foreign purchases of rupee-denominated corporate notes would only be permitted through auction once foreign holdings reached 95% of the cap. At present, foreign portfolio investors can invest up to INR2,443 billion (USD51 billion) in corporate bonds issued by Indian companies. Foreign ownership is already above 95% of the cap, which means these restrictions have come into effect. Issuance of offshore masala bonds will also cease entirely until foreign ownership falls to 92% of the cap. A separate ruling earlier in the month by the Reserve Bank of India (RBI) had already tightened the rules on masala bond issuance, banning their sale to related entities, lowering the cap on spreads over government bonds, and extending the minimum maturity.

Borrowers can still tap rupee debt via the Track III External Commercial Borrowing (ECB) route. However, this option subjects borrowers to a higher withholding tax on interest (of 15% as against ongoing 5% for corporate notes), a minimum maturity period of five years for amounts raised in excess of USD50 million, and greater administrative requirements - and thus procedural delays. Moreover, if the investor in debt securities is a corporate entity (i.e. not a bank, financial institution or investment fund for example), such investors will need to have a minimum ownership interest in the onshore borrower or a common overseas parent; this requirement will prevent many companies from using this route as most Indian onshore issuers do not have off-shore incorporated holding companies. Even for those that can use this option, we do not think the ECB Track III route will be the first port of call; however, given the limitations introduced on other options, issuers looking to raise large amounts of funds may use a combination of the options, including ECB Track III, to meet their needs.

The hiatus on masala bond issuance triggered by SEBIs regulations has put the plans of some large corporates on hold. The decision could dent confidence in the instrument and hold back the markets medium-term development. The first masala bonds were only issued in mid-2016, and the market still lacks the depth that would make them more attractive to foreign investors. Better-quality issuers, such as NTPC Limited (BBB-/Stable; an active masala bond issuer) should be able to reconsider masala bonds, if and when the cap on foreign ownership of rupee bonds is eventually raised or foreign ownership falls sufficiently.

The RBIs regulations were more targeted, and aimed at ensuring that only relatively strong corporates tap the offshore market. Restrictions on maturity and cost will prevent issuance by lower-rated companies, while the ban on sales to related entities will tackle the issue of circuitous structures. Some companies have sold masala bonds to linked special-purpose vehicles, which in turn have raised funds for the purchase by issuing dollar-denominated debt. This structure allows issuers to take advantage of cheaper offshore borrowing costs, but effectively results in them assuming currency risk, which negates masala bonds intended function. Again, it is lower-rated entities that have tended to use this structure.

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Reliance Infrastructure gets revision in credit ratings
Jul 28,2017

Reliance Infrastructure announced that CRISIL has withdrawn rating on the Companys Rs 274.30 crore non-convertible debentures as the said NCDs have been fully paid and Rs 1000 crore bank loans as such loan rating has not been utilised, and has revised the rating to CRISIL BBB+ on Rs 850.70 crore NCD.

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Indiabulls Real Estate intimates of sale of its treasury shares
Jul 28,2017

Indiabulls Real Estate announced that IBREL IBL Scheme Trust, of which Indiabulls Real Estate (the Company) is the sole beneficiary, has sold its holding of 95,00,000 shares of the Company, on 27 July 2017 at the stock exchanges, and has realized approx. Rs 220.4 crores at an average price of about Rs 232 per share.

This sale is made by the Company of its treasury shares and no share sale is done by the Founder of the Company.

The sale proceeds of Rs 220.4 crore will come in the Company and would be used for meeting Companys funding requirements for its ongoing businesses and general corporate purposes or any other purposes as may be approved by its Board.

With this sale, the treasury holding of Indiabulls Real Estate shares by IBREL IBL Scheme Trust is zero.

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Dredging Corporation of India bags Rs 102 cr contract from Mongla Port Authority, Bangladesh
Jul 28,2017

Dredging Corporation of India signed an agreement with Mongla Port Authority, Bangladesh for dredging in Pussur Channel, Bangladesh. The project involves dredging of around 3.88 million cum to be completed within 15 months at a cost of Rs 102 crore. DCI plans to commence the work by September 2017.

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Idea Cellular skids after reverse turnaround in Q1
Jul 28,2017

The result was announced after market hours yesterday, 27 July 2017.

Meanwhile, the S&P Sensex was down 155.54 points or 0.48% at 32,227.76.

On the BSE, 10.11 lakh shares were traded on the counter so far as against the average daily volumes of 16.76 lakh shares in the past one quarter. The stock had hit a high of Rs 92.45 and a low of Rs 87.30 so far during the day.

The stock had hit a 52-week high of Rs 123.75 on 20 March 2017 and a 52-week low of Rs 66 on 9 November 2016.

The stock has dropped 6.08% in three sessions to its current price from a close of Rs 97.80 on 25 July 2017.

The stock had outperformed the market over the past one month till 27 July 2017, gaining 14.17% compared with 4.6% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.55% as against Sensexs 7.84% rise. The scrip had, however, underperformed the market in past one year, falling 12.88% as against Sensexs 15.55% rise.

The large-cap company has equity capital of Rs 3606.41 crore. Face value per share is Rs 10.

Idea Cellulars total income fell 14.34% to Rs 8181.70 crore in Q1 June 2017 over Q1 June 2016. EBITDA (earnings before interest, taxes, depreciation and amortization) margin fell to 25.6% in Q1 June 2017 from 29.1% in Q1 June 2016.

The financial stress in the mobile sector remains at its peak, post the introduction of aggressive unlimited bundled plans by new entrant forcing other operators to follow. Resultantly, all Telecom Service Providers are reporting steep decline in revenues, profitability and cash flows and all but one Indian wireless operator quarterly results are likely to show significant financial losses, company added.

Idea Cellular is one of the leading telecom operators in India.

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Panacea Biotec enters in joint collaboration with Bionpharma Inc.
Jul 28,2017

Panacea Biotec has entered into joint collaboration for development, license, manufacturing, supply and sales of 7 complex generic pharmaceutical products with Bionpharma Inc., a generic pharmaceutical company based in the United States.

Under the collaboration, Panacea Biotec will be responsible for the development, filing, registration, manufacturing and supply of these ANDAs.

Bionpharma Inc. will be responsible for importation, warehousing, sales and distribution of these ANDAs in the United States and its territories

Both companies intend to expand the scope of their alliance by adding new products to the collaboration from time to time.

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JK Agri Genetics (New) to announce Quarterly Result
Jul 28,2017

JK Agri Genetics (New) will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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Arco Leasing to announce Quarterly Result
Jul 28,2017

Arco Leasing will hold a meeting of the Board of Directors of the Company on 27 July 2017.

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Godrej Consumer Products drops on profit booking
Jul 28,2017

Meanwhile, the S&P BSE Sensex was down 129.37 points, or 0.4% at 32,253.93. The S&P BSE Mid-Cap index was up 59.23 points, or 0.39% at 15,314.89.

On the BSE, 7,127 shares were traded on the counter so far as against the average daily volumes of 68,820 shares in the past one quarter. The stock had hit a high of Rs 1,074 and a low of Rs 1,048 so far during the day. The stock had hit a record high of Rs 1,083.65 on 27 July 2017 and a 52-week low of Rs 642.78 on 15 November 2016.

The stock had outperformed the market over the past one month till 27 July 2017, advancing 11.33% compared with the Sensexs 4.6% rise. The scrip had also outperformed the market over the past one quarter advancing 23.3% as against the Sensexs 7.84% rise. The scrip had also outperformed the market over the past one year advancing 33.18% as against the Sensexs 15.55% rise.

The mid-cap company has equity capital of Rs 68.12 crore. Face value per share is Rs 1.

Shares of Godrej Consumer Products had rallied 12.37% in the preceding five trading sessions to settle at Rs 1,074.60 yesterday, 27 July 2017, from a close of Rs 956.30 on 20 July 2017.

Godrej Consumer Products consolidated net profit spurted 212.3% to Rs 389.91 crore on 11.8% increase in net sales to Rs 2380.49 crore in Q4 March 2017 over Q4 March 2016.

Godrej Consumer Products is engaged in the manufacture of personal and household care products.

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ISA to bring out a global tender for 5 lakh solar pumps before December: Upendra Tripathy, Director General, ISA
Jul 28,2017

International Solar Alliance (ISA) plans to come out with a global tender for price discovery of 5 Lakhs solar pumps beore December and presumed prices will come down of the solar pumps, said Mr Upendra Tripathy, Director General, International Solar Alliance at an ASSOCHAM event.

The current price of solar pumps is about 10,000 US dollar globally average. On the bio mass segment in the country, Mr. Tripathy said, all the benefits giving it to solar, must be given it to the bio mass in country like tax exemption, tax concession credit etc., said Mr. Tripathy, Director General, International Solar Alliance.

n++International Solar Alliance (ISA) to bring out a tender for 5 lakh solar pumps for farmers across the world. He said that ISA proposing to set up a $300 biliion fund for initiatives in solar energy sectorn++.

Mr. Tripathy also said, n++By 2030 ISA aim to bring $1,000 billion investment into solar energy sectorn++. ISA is set to give a big push to solar water pumps and India is expected to play a leadership role.

n++ISA is also trying to persuade all multilateral banks to ensure 15% of this credit portfolio goes to the installation of solar energyn++.

Mr S.C. Tripathi, Former Secretary, Ministry of Petroleum & Natural Gas and Chief Petron, IASRD, India needs to develop competitive PV module manufacturing capabilities.

We need several small 50 MW solar plants rather than a large 500 MW plants, Mr Deepak Gupta, Former Secretary, MNRE. By 2035 solar energy will be cheaper than any other form of energy.

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FCS Software Solutions to declare Quarterly Result
Jul 28,2017

FCS Software Solutions will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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Summit Securities (New) to announce Quarterly Result
Jul 28,2017

Summit Securities (New) will hold a meeting of the Board of Directors of the Company on 7 August 2017.

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Edelweiss Financial Services to table results
Jul 28,2017

Edelweiss Financial Services will hold a meeting of the Board of Directors of the Company on 2 August 2017.

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