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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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Pharmaids Pharmaceuticals to hold board meeting
May 25,2017

Pharmaids Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Sunraj Diamond Exports to hold board meeting
May 25,2017

Sunraj Diamond Exports will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Sahara Housing Fina Corporation to hold board meeting
May 25,2017

Sahara Housing Fina Corporation will hold a meeting of the Board of Directors of the Company on 29 May 2017.

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Balurghat Technologies to hold board meeting
May 25,2017

Balurghat Technologies will hold a meeting of the Board of Directors of the Company on 30 May 2017.

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Blue Coast Hotels to hold board meeting
May 25,2017

Blue Coast Hotels will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Cabinet approves phasing out Foreign Investment Promotion Board
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI requiring government approval.

Henceforth, the work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA, shall now be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce, which will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy.

In addition, Foreign Investors will find India more attractive destination and this will result in more inflow of FDI. The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government.

Background

The proposal for abolition of FIPB was approved by the Cabinet in its meeting on 24-05-2017. Presently, applications are considered by FIPB in Department of Economic Affairs (DEA), Ministry of Finance comprising of various Secretaries of Government of India for making recommendation on FDI applications. After the Cabinet decision, it would be handled independently by Administrative Ministries as per Sector.

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Outcome of board meeting of Karma Energy
May 25,2017

The Board of Directors of Karma Energy at its meeting held on 24 May 2017 has approved the election of Balady Shekar Shetty as Independent Additional Director on Board of the Company with effect from 24 May 2017.

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Gujarat Gas retreats on weak Q4 results
May 25,2017

The result was announced after market hours yesterday, 24 May 2017.

The stock has dropped 6.81% in six sessions to its ruling price of Rs 733.80 from a close of Rs 787.45 on 17 May 2017.

Meanwhile, the S&P BSE Sensex was up 103.33 points or 0.34% at 30,404.97.

On the BSE, 155 shares were traded on the counter so far as against the average daily volumes of 23,096 shares in the past one quarter. The stock had hit a high of Rs 739 and a low of Rs 721.60 so far during the day.

The large-cap company has equity capital of Rs 137.68 crore. Face value per share is Rs 10.

Gujarat Gas said that board of directors of the company recommended dividend of Rs 3 per share for the financial year ended 31 March 2017 (FY 2017).

Gujarat Gas is a city gas distribution company.

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Board of Cambridge Technology Enterprises approves raising of funds up to USD 50 million
May 25,2017

Cambridge Technology Enterprises announced that the Board of Directors of the Company at its meeting held on 24 May 2017 has approved to raise funds by the Company for an aggregate amount up to USD 50 million or equivalent thereof in one or more foreign currency and/or Indian rupees, through public or private placement by way of QIP / FCCBs / ADRs/ GDRs or any other mode subject to approval of shareholders and regulatory/ statutory approvals.

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Board of ADCC Infocad accepts resignation of director
May 25,2017

The Board of Directors of ADCC Infocad at its meeting held on 24 May 2017 has accepted the resignation of Sameer Meghe with effect from 31 May 2017.

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Bombay Rayon Fashions allots equity shares and convertible debentures
May 25,2017

Bombay Rayon Fashions announced that the share issue committee of Board of Directors at its meeting held on 24 May 2017 has approved -

Allotment of 107,345,243 equity shares of Rs 10 each at an issue price of Rs 146.03 per share and 3,995,092 optionally convertible debentures of Rs 1000 each at par to lenders in accordance with scheme for sustainable structuring of stressed assets.

Allotment of 3,346,997 equity shares of Rs 10 each at a price of Rs 165.88 per share on conversion of funded interest term loan and working capital term loan in accordance with SEBI guidelines for preferential issue.

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Cabinet approves Raising of Bonds of Rs. 2360 crores for Renewable Energy
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to Raising of Bonds of Rs. 2360 crores for Renewable Energy.

The Bonds will be raised by the Ministry of New & Renewable Energy (MNRE) through the Indian Renewable Energy Development Agency (IREDA) during the 2017-18. These funds will be used by MNRE in the approved programmes/schemes for solar park, green energy corridor, generation-based incentives for wind projects, CPSU and defence solar projects, viability gap funding for solar projects, roof-top solar, off-grid/grid-distributed and decentralized renewable power, investment in corporations and autonomous bodies etc. Such timely investment would boost infrastructure in renewable sector and facilitate achievement of ambitious targets for the renewable energy sector. The resources raised would be used for developing additional capacity in renewable energy sector which would result in generation of additional employment.

Background

The Government had declared additional finance mobilization of Rs. 31,300 crore bonds through NHAI, PFC, REC, IREDA and IWAI in the budget for FYT 2016-17. As a part of this, the Government had allocated Rs. 4000 crores to IREDA to raise n++GOI fully serviced taxable Bondsn++ on behalf of the MNRE during the FY 2016-17. Out of this allocation, IREDA had raised Rs. 1640 crores as per the requirement of MNRE. The MNRE subsequently approached the Cabinet, to approve raising of the balance Rs. 2360 crores in the year 2016-17.

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Cabinet apprised of MoU between India and Bangladesh on cooperation in the peaceful uses of outer space
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) between India and Bangladesh on cooperation in the peaceful uses of outer space. The MoU was signed at New Delhi in April, 2017.

This MoU shall enable the areas of cooperation such as, space science, technology and applications including remote sensing of the earth; satellite communication and satellite based navigation; Space science and planetary exploration; use of spacecraft and space systems and ground system; and application of space technology.

The MoU would lead to set up a Joint Working Group, drawing members from Department of Space/ Indian Space Research Organisation (DOS/ISRO), and the Bangladesh Telecom Regulatory Commission (BTRC), which will further work out the plan of action including the time-frame and the means of implementing this MoU.

It will provide impetus to explore newer research activities and application possibilities in the field of remote sensing of the earth; satellite communication; satellite navigation; space science and exploration of outer space.

Financing of works carried out under this MoU shall be provided by the respective executive organisation with due consideration of national norms and rules concerning budgetary regulations in force in their respective States and within the limits of available resources. Joint projects and works carried out under this MoU depending on the type and field of activity shall be on non-commercial or commercial basis and shall be executed either without mutual payments or on the basis of compensatory arrangements or contracts.

The MoU would lead to develop a joint activity in the field of application of space technologies for the benefit of humanity. Thus all sections and regions of the country will get benefited.

Background:

India and Bangladesh have expressed interest to cooperate with each other in the area of space. Accordingly, a template of framework MoU for space cooperation was provided to Indian High Commission to Bangladesh & MEA in August 2016 for further processing at Government level, for which Bangladesh side has given its concurrence in December 2016. Accordingly, an MoU between India and Bangladesh on cooperation in the peaceful uses of outer space, signed at New Delhi on April 08, 2017.

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Cabinet approves policy for providing preference to Make in India in Government procurements
May 25,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a policy for providing preference to Make in India in government procurements. The new policy will give a substantial boost to domestic manufacturing and service provision, thereby creating employment. It will also stimulate the flow of capital and technology into domestic manufacturing and services. It will also provide a further thrust towards manufacture of parts, components, sub-components etc. of these items, in line with the vision of Make in India.

The new policy is the reflection of the Government of India to encourage Make in India and promote manufacturing and production of goods and services in India with a view to enhancing income and employment. Procurement by the Government is substantial in amount and can contribute towards this policy objective. Local content can be increased through partnerships, cooperation with local companies, establishing production units in India or Joint Ventures (JV) with Indian suppliers, increasing the participation of local employees in services and by training them.

Details:

The policy will be implemented through an Order pursuant to Rule 153(iii) of the General Financial Rules, 2017 to provide purchase preference (linked with local content) in Government procurements. Under the policy, preference in Government procurement will be given to local suppliers. Local suppliers are those whose goods or services meet prescribed minimum thresholds (ordinarily 50%) for local content. Local content is essentially domestic value addition.

In procurement of goods for Rs. 50 lakhs and less, and where the Nodal Ministry determines that there is sufficient local capacity and local competition, only local suppliers will be eligible.

For procurements valued at more than Rs. 50 lakhs (or where there is insufficient local capacity/ competition) if the lowest bid is not from a non-local supplier, the lowest-cost local supplier who is within a margin of 20% of the lowest bid, will be given the opportunity to match the lowest bid. If the procurement is of a type that the order can be divided and given to more than one supplier, the non-local supplier who is the lowest bidder will get half of the order and the local supplier will get the other half if it agrees to match the price of the lowest bid. If the procurement cannot be divided, then the lowest cost local supplier will be given the order if it agrees to match the lowest bid.

Small purchases of less than Rs.5 lakhs are exempted. The order also covers autonomous bodies, government companies/ entities under the governments control.

The policy also requires that specifications in tenders must not be restrictive e.g. should not require proof of supply in other countries or proof of exports in respect of previous experience. They must not result in unreasonable exclusion of local suppliers who would otherwise be eligible, beyond what is essential for ensuring quality or creditworthiness of the supplier.

The policy lays down a procedure for verification of local content relying primarily on self-certification. There will be penal consequences for false declarations. In some cases, verification by statutory / cost auditors etc. will be required.

A Standing Committee in Department of Industrial Policy and Promotion will oversee the implementation of this order and issues arising therefrom, and make recommendations to Nodal Ministries and procuring entities.

The policy has been developed keeping in view the core principles of procurement including competitiveness and adhering to sound procurement practices and execution of orders. The policy would continue to maintain the balance between promoting Make in India and ensuring timely, value-for-money products for the procuring entities.

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NHPC may gain on fund raising plans
May 25,2017

NHPC said that the companys board of directors in its meeting scheduled to be held on 30 May 2017 will consider the proposal for raising of Rs 1756 crore through issuance of W series corporate bonds on private placement basis. The proposed issue is out of Rs 4500 crore already approved by the shareholders in 40th Annual General Meeting held on 22 September 2016. The announcement was made after market hours yesterday, 24 May 2017.

Bosch, Cipla and Indian Oil Corporation will announce Q4 results today, 25 May 2017.

Shares of Bharti Airtel will be in focus. With respect to media reports titled Moodys revises Airtel rating outlook to negative from stable, Bharti Airtel clarified that Moodys Investors Service has affirmed its Baa3 issuer rating and senior unsecured debt ratings. Moodys has also affirmed the Baa3 ratings on the senior unsecured notes issued by Bharti Airtel International (Netherlands) B.V., which are irrevocably and unconditionally guaranteed by Bharti Airtel. At the same time, Moodys has changed the outlook on the ratings to negative from stable, Bharti Airtel said. The clarification was made after market hours yesterday, 24 May 2017.

Praj Industries consolidated net profit declined 40.75% to Rs 22.78 crore on 10.38% decrease in total income to Rs 315.72 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 May 2017.

Jain Irrigation Systems consolidated net profit rose 23.96% to Rs 77.6 crore on 9.58% rise in revenue from operations to Rs 2286.5 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 24 May 2017.

Kalpataru Power Transmission said that the executive committee of board of directors of the company approved issuance of listed rated unsecured redeemable taxable non-convertible debentures of Rs 100 crore on private placement basis. The announcement was made after market hours yesterday, 24 May 2017.

Gujarat Gas net profit fell 53.77% to Rs 33.14 crore on 1.75% rise in total income to Rs 1444.82 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 24 May 2017.

Indian Overseas Bank said that a meeting of committee of directors of the bank will be held on 29 May 2017 to consider and approve the raising of equity capital by way of preferential issue to the Government of India. The announcement was made after market hours yesterday, 24 May 2017.

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