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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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Kwality allots equity shares
Aug 16,2017

Kwality has allotted 69,400 Equity Shares of the face value of Re 1/- each under Kwality Employee Stock Option Plan 2014.

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Cochin Shipyard completes a landmark IPO; Raises funds for its expansion projects
Aug 16,2017

Cochin Shipyard under the Ministry of Shipping was listed in Bombay Stock Exchange and National Stock Exchange on 11 August 2017. The company has raised Rs 1442crores from the IPO which has been a combination of fresh issue and offer for sale in the ratio of 2:1. The IPO was oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1442crores.

The Issue also saw a strong interest from retail segment with over 20 lakh applications , the highest in the last decade. The QIB portion was over subscribed by over 63 times and the HNI portion was over subscribed by 287 times. After listing the shares in the exchange, they opened at 20% increase despits the markets being low. The company undertook very detailed roadshows in India, Far East, Europe and US. Overall there was very positive market sentiments, towards the IPO.

The proceeds of the fresh issue part of the IPO, totaling approximately Rs 961crores will be used by CSL for part funding two expansion projects costing Rs 2800 crores. The projects are - a dry dock at the Cochin Shipyard premises to accommodate bigger ships for building and repair and a ship repair facility in the adjacent Cochin Port Trust premises by setting up of a ship lift and transfer system.

Cochin Shipyard was incorporated in the year 1972 as the first green field shipyard of India. As on date Cochin Shipyard Limited is the largest public sector shipyard in India in terms of dock capacity. CSL caters to clients engaged in the Defence sector in India and clients engaged in the commercial sector worldwide for Shipbuilding and Ship Repair. In addition to shipbuilding and ship repair, CSL also offers marine engineering training.

The company has exported around 45 ships to overseas customers and has the pride of building the first Indigenous Aircraft Carrier for the Indian Navy. The companys diversified business profile and presence in multi maritime segments have resulted in strong financial fundamentals. The companys turnover for FY 2017 was Rs 2059 crores as against a turnover of Rs 1404 crores for the FY 2012.The Profit After Tax for the FY 2017 was Rs 322 crores as against a PAT of Rs 172 crores for FY 2012. The Networth of the company as on March 2017 was Rs 2031 crores as against Rs 1051 crores at end of FY 2012.

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Seasons Furnishings appoints CFO
Aug 16,2017

Seasons Furnishings has appointed Mr. Yogesh Kumar Sharma as Chief Financial Officer of the Company.

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Yes Bank revises Savings Account Interest Rate slabs
Aug 16,2017

Yes Bank with effect from 1st September 2017 has revised its Savings Account Interest Rate slabs for Resident & Non-Resident customers. The new slabs were: 5% p.a. for savings balances less than Rs. 1 Lakh, 6% (unchanged) for balances of 1 lakh to less than 1 crore and 6.25% p.a. for balances above 1 crore.

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Cabinet approves creation of a single non-lapsable corpus fund for Secondary
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has accorded its approval today for creation of a non-lapsable pool in the Public Account for secondary and higher, education known as Madhyamik and Uchchtar Shiksha Kosh (MUSK) into which all proceeds of Secondary and Higher Education Cess will be credited.

The funds arising from the MUSK would be utilized for schemes in the education sector which would be available for the benefit of students of secondary and higher education, all over the country.

In connection with the above fund, the Union Cabinet also accorded its approval to the following:

(i) Administration and maintenance of the above pool by Ministry of Human Resource Development.

(ii) Accruals from the Cess would be utilized in the ongoing schemes of Secondary and Higher Education. However, the Ministry of Human Resources Development can allocate funds for any future programme/scheme of secondary and higher education, based on the requirement, as per prescribed procedure,

(iii) In any financial year, the expenditure on ongoing schemes of the Department of School Education & Literacy and Department of Higher Education would be initially incurred from the gross budgetary support (GBS) and the expenditure would be financed from the MUSK only after the GBS is exhausted.

(iv) The MUSK would be maintained as a Reserve Fund in the non-interest bearing section of the Public Accounts of India.

The major benefit will be enhancing access to secondary and higher education through availability of adequate resources, while ensuring that the amount does not lapse at the end of financial year.

Features:

1. Accruals into the proposed non-lapsable fund will be made available for expansion of secondary education and higher education.

2. For Secondary Education: Presently, the Ministry of Human Resources Development envisages that the accruals from the Cess would be utilized in the secondary education for:

Ongoing Rashtriya Madhyamik Shlksha Abhiyan Scheme and other approved programmes including:

National Means-Cum-Merit Scholarship Scheme and

National Scheme for Incentives to Girls for Secondary Education.

3. For Higher Education: the accruals would be utilized for:

Ongoing Schemes of Interest Subsidy and contribution for guarantee funds, Scholarship for College & University Students;

Rashtriya Uchchtar Shiksha Abhiyaan;

Scholarship (from Block Grant to the institutions) and National Mission on Teachers and Training.

However, the Ministry of Human Resources Development can allocate funds for any programme/scheme of secondary and higher education, based on the requirement & prescribed procedure.

The purpose of levying cess for secondary and higher education is to provide adequate resources for secondary and higher education.

The fund would be operationalised as per the present arrangements under Prarambhik Shiksha Kosh (PSK) wherein the proceeds of cess are used for Sarv Shiksha Abhiyan (SSA) and Mid-Day Meal (MDM) Schemes of the Department of School Education & Literacy.

Background:

(i) During the 10th Plan, an education cess of 2% on all central taxes was imposed w.e.f. 1.4.2004 to make available additional resources for basic education/elementary education to augment the existing budgetary resources. A need was felt to give a similar fillip to the effort of the Central Government in universalizing access to secondary education and expanding the reach of the higher education sector. Therefore, the Finance Minister, in his budget speech of 2007 proposed an additional cess of 1% on central taxes for secondary and higher education.

(ii) A cess @ 1% on central taxes, called the Secondary and Higher Education Cess was levied through Finance Act, 2007 to fulfil the commitment of the Government to provide and finance secondary and higher education (Section 136 of the Act).

(iii) In July, 2010, a draft cabinet note was circulated by the HRD Ministry wherein it was proposed to create a non-lapsable fund in the Public Account called Madhyamik and Uchchatar Shiksha Kosh (MUSK) as a receptacle for the proceeds of the Secondary and Higher Education Cess. The views of concerned Ministries viz the then Planning Commission, Ministry of North Eastern Region, and Department of Economic Affairs, Ministry of Finance were sought in this regard. The Department of Economic Affairs did not agree to the proposal on the grounds that the Budget allocations for the schemes of Secondary Education and Higher Education have been far more than the amount of 1% cess collected. Therefore, the amount of the cess collected is deemed to have been fully allocated for the schemes of Secondary and Higher Education in the respective financial years. Hence, funds on account of 1% cess for the past period are not available now for allocation.

(iv) Subsequently, the HRD Ministry sought the approval of the Department of Economic Affairs for revisiting the issue of creation of Madhyamik and Uchchatar Shiksha Kosh (MUSK) on 11th February, 2016. Department of Economic Affairs on 20th June, 2016 approved that this Ministry may move a draft Cabinet Note to seek the approval of the Cabinet for creation of. MUSK.

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BPL to convene AGM
Aug 16,2017

BPL announced that the 53th Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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Board of Hinduja Global Solutions recommends dividend
Aug 16,2017

Hinduja Global Solutions announced that the Board of Directors of the Company at its meeting held on 11 August 2017, inter alia, have recommended the dividend of Rs 2.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Nexus Commodities & Technologies schedules board meeting
Aug 16,2017

Nexus Commodities & Technologies will hold a meeting of the Board of Directors of the Company on 21 August 2017.

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Ayoki Merchantile schedules AGM
Aug 16,2017

Ayoki Merchantile announced that the Annual General Meeting (AGM) of the company will be held on 14 September 2017.

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Rupee slips
Aug 16,2017

Thanks to increased dollar demand, the value of India Rupee lost shine on Wednesday (16 August 2017). Rupee closed lower at 64.2250/64.2325 per dollar, versus its previous close of 64.2225/2300 per dollar on Monday.

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Zee Learn appoints Company Secretary
Aug 16,2017

Zee Learn pursuant to the resignation of Ms. Hemangi Patil as Company Secretary & Compliance Officer has appointed Mr. Bhautesh Shah in the said position w.e.f. 16 August 2017.

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Veeram Ornaments CFO resigns
Aug 16,2017

Veeram Ornaments announced that Mr.Chirag Champaklal Valani, Chief Financial Officer of the Company has resigned from the position of Chief Financial Officer w.e.f 16th August 2017.

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Cabinet approves MoU between India and Sweden on IPRs
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today has given its approval to the Memorandum of Understanding (MoU) between India and Sweden on cooperation in the field of Intellectual Property (IPRs). The MoU establishes a wide ranging and flexible mechanism through which both countries can exchange best practices and work together on training programs and technical exchanges to raise awareness on IPRs and better protect intellectual property rights. Impact: The MoU will enable India to exchange experiences in the innovation and IP ecosystems that will substantially benefit entrepreneurs, investors and businesses on both sides. The exchange of best practices between the two countries will lead to improved protection and awareness about Indias range of Intellectual creations which are as diverse as its-people. It will be a landmark step forward in Indias journey towards becoming a major player in global Innovation and will further the objectives of National IPR Policy, 2016. Features: A Joint Coordination Committee (JCC) with members from both sides will be formed to decide cooperation activities to be taken under the MoU in following areas: a) Exchange of best practices, experiences and knowledge on IP awareness among the public, businesses and educational institutions of both countries;b) Collaboration in training programmes, exchange of experts, technical exchanges and outreach activities;c) Exchange and dissemination of best practices, experiences and knowledge on IP with the industry, universities, R & D organisations and Small and Medium Enterprises (SMEs) through participation in programs and events in the matter, organized singly or jointly by the Parties;

d) Exchange of information and best practices for disposal of applications for patents, trademarks, industrial designs, copyrights and Geographical Indications, as also the protection, enforcement and use of IP rights;

e) Cooperation in the development of automation and implementation of modernization projects, new documentation and information systems in IP and procedures for management of IP;

f) Cooperation to understand how Traditional Knowledge is protected; and the exchange of best practices, including traditional knowledge related databases and awareness raising of existing IP systems;

g) Exchange of information and best practices regarding Intellectual Property law infringements in the digital environment, especially regarding Copyright issues; and

h) Other cooperation activities as may he decided by the Parties with mutual understanding.

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Setco Automotive Company Secretary resigns
Aug 16,2017

Setco Automotive announced that Mr. Bhautesh Shah, Company Secretary and Compliance Officer of the company has resigned with effect from close of working hours on August 14, 2017.

Mr. Vinay Shahane, Chief Financial Officer of the Company shall also act as the Compliance Officer of the Company.

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7.4% growth in Foreign Tourist arrivals in July 2017 over July 2016
Aug 16,2017

The following are the important highlights regarding Foreign Tourist Arrivals (FTAs) & also FTAs on e-Tourist Visa from tourism during the month of July, 2017.

Foreign Tourist Arrivals (FTAs):

n++ The number of FTAs in July, 2017 were 7.88 lakh as compared to FTAs of 7.34 lakh in July, 2016 and 6.28 lakh in July, 2015.

n++ The growth rate in FTAs in July, 2017 over July, 2016 is 7.4% compared to 16.8% in July, 2016 over July, 2015.

n++ FTAs during the period January- July 2017 were 56.74 lakh with a growth of 15.7%, as compared to the FTAs of 49.03 lakh with a growth of 9.6% in January- July 2016 over January- July 2015.

n++ The percentage share of Foreign Tourist Arrivals (FTAs) in India during July 2017 among the top 15 source countries was highest from Bangladesh (20.12%) followed by USA (16.26%), UK (10.88%), France (3.01%), Malaysia (2.81%), Canada (2.66%), Sri Lanka (2.56%), China (2.32%), Oman (2.27%), Germany (2.21%), Australia (2.17%), Japan (2.10%), Nepal (1.84%), UAE (1.82%) and Singapore (1.69%).

n++ The percentage share of Foreign Tourist Arrivals (FTAs) in India during July 2017 among the top 15 ports was highest at Delhi Airport (25.95%) followed by Mumbai Airport (16.63%), Haridaspur Land Check Post (10.92%), Chennai Airport (9.09%), Bengaluru Airport (6.78%), Cochin Airport (5.39%), Hyderabad Airport (5.07%),Kolkata Airport (4.23%),Gede Rail Land Check Post (2.78%), Trivandrum Airport (1.81%), Ahmedabad Airport (1.72%), Ghojadanga Land Check Post (1.54%), Tiruchirapalli Airport (1.37%), Amritsar Airport (0.97%) and Calicut Airport (0.73%).

Foreign Tourist Arrivals on e-Tourist Visa:

n++ During the month of July, 2017 total of 1.19 lakh tourist arrived on e-Tourist Visa as compared to 0.68 lakh during the month of July 2016 registering a growth of 73.3%.

n++ During January-July 2017, a total of 8.36 lakh tourist arrived on e-Tourist Visa as compared to 5.40 lakh during January-July 2016, registering a growth of 54.7%.

n++ The percentage shares of top 15 source countries availing e- Tourist Visa facilities during July, 2017 were as follows:

UK (12.9%), USA (12.0%), UAE (7.2%), France (6.4%), Oman (6.1%), China (5.4%), Spain (4.3%), Korea (Rep.of) (3.9%), Germany (3.1%), Australia (3.1%), Canada (3.1%), Italy (2.4%), Singapore (2.3%), Netherlands (2.2%) and Thailand (1.8%).

n++ The percentage shares of top 15 ports in tourist arrivals on e-Tourist Visa during July, 2017 were as follows:

New Delhi Airport (41.0%), Mumbai Airport (20.6%), Chennai Airport (9.5%), Bengaluru Airport (7.8%), Kochi Airport (6.6%), Hyderabad Airport (5.1%), Kolkata Airport (2.2%), Ahmadabad Airport (1.4%), Trivandrum Airport (1.4%), Calicut Airport (1.2%), Amritsar Airport (1.1%), Tirchy Airport (0.8%), Dabolim (Goa) Airport (0.4%), Jaipur Airport (0.3%) and Pune Airport(0.3%).

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