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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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Stylam Industries to hold EGM
Apr 07,2017

Stylam Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 3 May 2017 .

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Gammon Infrastructure jumps after acquiring 24% stake in ICTPL
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 86.95 points or 0.29% at 29,840.39. The S&P BSE Small-Cap index was up 33.40 points or 0.2% at 14,784.37.

On the BSE, 3.35 lakh shares were traded in the counter so far as against average daily volume of 4.99 lakh shares in the past one quarter. The stock had hit a high of Rs 4.70 and a low of Rs 4.35 so far during the day. The stock had hit a 52-week high of Rs 6.39 on 7 July 2015. The stock had hit a record low of Rs 3.41 on 1 February 2017.

The stock had outperformed the market over the past one month till 6 April 2017, gaining 5.39% compared with Sensexs 3.03% gains. The scrip had also outperformed the market in past one quarter, advancing 15.28% as against Sensexs 11.84% rise.

The small-cap company has equity capital of Rs 188.37 crore. Face value per share is Rs 2.

Gammon Infrastructure Projects said that the company through amendment agreement, acquired from Noatum Ports, S. L., Spain, 24.37 lakh equity shares of Rs 10 each of Indira Container Terminal (ICTPL), being 24% of total paid up capital of ICTPL for an aggregate consideration of Rs 15 crore.

Upon acquisition, ICTPL has become subsidiary of the company with increased shareholding from 50% to 74% in the paid up equity share capital of ICTPL. Turnover of ICTPL was Rs 18.37 crore for the financial year ended 31 March 2017.

ICTPL was incorporated on 13 September 2007 for the construction of offshore berths and development of offshore container terminal (OCT) on build, operate & transfer basis in Mumbai Harbour and the operation of Ballard Pier Station Container Terminal.

Gammon Infrastructure Projects net profit fell 86.6% to Rs 1.74 crore on 66% decline in net sales to Rs 37.56 crore in Q3 December 2016 over Q3 December 2015.

Gammon Infrastructure Projects undertakes development of infrastructure projects on public private partnership (PPP) basis.

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Reliance Jio Infocomm to withdraw Jio Summer Surprise
Apr 07,2017

Reliance Jio Infocomm, subsidiary of Reliance Industries announced that the Telecom Regulatory Authority of India on 06 April 2017 had advised Jio to withdraw the 3 months complimentary benefits of Jio Summer Surprise.

Jio accepts this decision. Jio is in process of fully complying with the regulators advice, and will be withdrawing the 3 months complimentary benefits of Jio Summer Surprise as soon as operationally feasible, over the next few days.

However, all customers who have subscribed to Jio Summer Surprise offer prior to its discontinuation will remain eligible for the offer.

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RBL Bank scales record high
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 82.79 points or 0.28% at 29,844.55

On BSE, so far 1.38 lakh shares were traded in the counter as against average daily volume of 3.13 lakh shares in the past one quarter. The stock hit a high of Rs 556.50 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 541.10 so far during the day. The stock had hit a record low of Rs 273.70 on 31 August 2016.

The large-cap bank has equity capital of Rs 375.20 crore. Face value per share is Rs 10.

RBL Bank yesterday, 6 April 2017 announced the opening of its IFSC Banking Unit (IBU) at the Gujarat International Finance Tec-City (GIFT City). With this, RBL Bank has commenced offshore banking operations from India. GIFT City is Indias first global financial hub.

RBL Bank received an in-principle approval from RBI for setting up IBU on 30 November 2016. The IBU will give RBL Bank access to international financial markets and the bank will offer a range of products and services to its clients. RBL Bank will raise foreign currency funds to meet its requirements in IBU and fund offshore subsidiaries of Indian companies, other foreign firms, and eligible Indian companies (via ECBs, Bonds etc.).

RBI has permitted Indian public and private sector banks to open an IBU at GIFT City to undertake foreign exchange transactions with resident and non-resident entities other than individuals. Nonresident firms can raise resources as well as deploy funds in IBU. All IBU transactions are in major global currencies other than Indian rupee.

RBL Banks MD & CEO, Vishwavir Ahuja said that the setting up of IFSC Banking Unit (IBU) at GIFT City will give the bank strategic access to offer a range of financial services including foreign currency funding to resident and overseas entities. It will also help the banks clients to tap into potential growth opportunities globally, Vishwavir Ahuja said.

RBL Banks net profit rose 58.78% to Rs 128.69 crore on 38.98% growth in net total income to Rs 1143.48 crore in Q3 December 2016 over Q3 December 2015.

RBL Bank is a private sector bank. It currently services over two million customers through a network of 215 branches and 374 ATMs spread across 16 Indian states and Union Territories. The bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.

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Expanding Economies in Asia Deliver 60% of Global Growth n++ ADB
Apr 07,2017

Growth is picking up in two-thirds of economies in developing Asia, supported by higher external demand, rebounding global commodity prices, and domestic reforms, making the region the largest single contributor to global growth at 60%, says a new Asian Development Bank (ADB) report.

In its new Asian Development Outlook (ADO) 2017, ADB forecasts gross domestic product (GDP) growth in Asia and the Pacific to reach 5.7% in 2017 and 2018, a slight deceleration from the 5.8% registered in 2016. ADO is ADBs flagship annual economic publication.

n++Developing Asia continues to drive the global economy even as the region adjusts to a more consumption-driven economy in the Peoples Republic of China (PRC) and looming global risks,n++ said Yasuyuki Sawada, ADBs Chief Economist. n++While uncertain policy changes in advanced economies do pose a risk to the outlook, we feel that most economies are well positioned to weather potential short-term shocks.n++

Industrial economies are gathering growth momentum, with the US, euro area, and Japan expected to collectively grow by 1.9% in 2017 and 2018. Rising consumer and business confidence and a declining unemployment rate have fueled US growth, but uncertainty over future economic policies may test confidence. The euro area continues to strengthen, but its outlook is somewhat clouded by uncertainties such as Brexit. Meanwhile, Japan remains dependent on its ability to maintain export growth to continue its expansion.

The PRCs growth continues to moderate as the government implements measures to transition the economy to a more consumption-driven model. Overall output is expected to slow to 6.5% in 2017 and 6.2% in 2018, down from 2016s 6.7%. Efforts to maintain financial and fiscal stability will continue to be a modest drag on growth going forward, but continued structural reform will help to maintain growth in the governments target range.

South Asia remains the fastest growing of all subregions, with growth reaching 7% in 2017 and 7.2% in 2018. In India, the subregions largest economy, growth is expected to pick up to 7.4% in fiscal year (FY) 2017 and 7.6% in FY2018, following the 7.1% registered last FY. The impact of the demonetization of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country.

Overall growth in Southeast Asia is forecast to accelerate further with nearly all economies in the region showing an upward trend. The region will grow 4.8% in 2017 and 5% in 2018, from the 4.7% recorded last year. Commodity producers such as Malaysia, Viet Nam, and Indonesia will be boosted by the recovery of global food and fuel prices.

Growth in Central Asia is expected to reach 3.1% in 2017 and 3.5% in 2018, on the back of rising commodity prices and increased exports, albeit with large heterogeneity among countries in the region. Meanwhile, countries in the Pacific will reach 2.9% and 3.3% growth over the next 2 years as the regions largest economy, Papua New Guinea, stabilizes following a fiscal crunch and Fiji and Vanuatu recover from natural disasters.

Regional consumer price inflation is projected to accelerate to 3% in 2017 and 3.2% in 2018 from the 2.5% registered in 2016 on the back of stronger consumer demand and increasingly rising global commodity prices. Inflation projections for the next 2 years, however, are well below the 10-year regional average of 3.9%.

Risks to the outlook include higher US interest rates, which will accelerate capital outflows, although this risk is mitigated to some degree by abundant liquidity throughout the region. The effects of US monetary policy tightening are likely to materialize only gradually, giving governments in Asia and the Pacific time to prepare adequately. Economies with flexible exchange rates may experience deeper currency depreciation and subsequent higher inflation, while managed currencies will tend to forfeit export price competitiveness.

On the domestic front, rising household debt in some Asian economies is a rising risk. Authorities can counter this risk through prudent macro-prudential policies, such as requiring tighter debt-to-income ratios for loans. Authorities may also have to intervene more decisively in housing markets to cool speculative demand and head off asset bubbles.

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Dynamatic Technologies signs cooperation agreement with Israeli company Magal-S3
Apr 07,2017

Dynamatic Technologies announced that the company has signed a cooperation agreement with Mangal Security Systems (Magal-S3), an Israeli company on 06 April 2017. With this arrangement, Magal-S3 will cooperate with Dynamatic Technologies to pursue integrated security projects in India.

This new cooperation aims to answer the Indian increasing market demand for high end security products and solutions for critical infrastructure, among other, to provide combined integrated border management solutions (CIBMS ) aimed to address the challenges in securing our borders.

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Indiabulls Housing Finance allots NCDs aggregating Rs 1000 cr
Apr 07,2017

Indiabulls Housing Finance allotted its 15th tranche of secured, redeemable, non-convertible debentures of face value of Rs 10 each aggregating Rs 1000 crore on private placement basis on 06 April 2017.

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Dynamatic Technologies spurts after signing agreement
Apr 07,2017

The announcement was made after market hours yesterday, 6 April 2017.

Meanwhile, the S&P BSE Sensex was down 112.71 points or 0.38% at 29,814.63. Meanwhile, the S&P BSE Mid-Cap index was down 8.52 points or 0.06% at 14,268.02.

On BSE, so far 67 shares were traded in the counter as against average daily volume of 301 shares in the past one quarter. The stock hit a high of Rs 2,988.80 and a low of Rs 2,950 so far during the day. The stock had hit a 52-week high of Rs 3,650 on 24 October 2016. The stock had hit a 52-week low of Rs 1,696 on 6 April 2016.

The small-cap company has equity capital of Rs 6.34 crore. Face value per share is Rs 10.

Dynamatic Technologies said that the company had yesterday, 6 April 2017, signed a cooperation agreement with Magal Security Systems (Magal-S3), an Israeli company. This new cooperation aims to answer the Indian increasing market demand for high-end security products and solutions for critical infrastructure, among other, to provide combined integrated border management solutions (CIBMS) aimed to address the challenges in securing our borders.

Magal S3 has unique experience in perimeter security technologies and complex technological security projects, among other, defending Israels borders, whilst Dynamatic Technologies has been a partner of Indian Defence and Security establishment for over 3 decades.

On consolidated basis, Dynamatic Technologies net profit fell 52.03% to Rs 1.18 crore on 3.59% decline in net sales to Rs 346.87 crore in Q3 December 2016 over Q3 December 2015.

Dynamatic Technologies designs and builds high precision systems and sub-systems for Aerospace, Automotive, Hydraulics, and Homeland Security & Defense.

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Max Ventures and Industries provides update on material subsidiary - Max Speciality Films
Apr 07,2017

Max Ventures and Industries announced that the Board of Directors of its material subsidiary Max Speciality Films has inducted Toppan Printing Co., Japan as the joint venture partner in Max Speciality Films in terms of the definitive agreement dated 10 February 2017. Max Ventures and Industries now holds 51% equity stake in Max Speciality Films and the balance 49% is held by Toppan through purchase of equity shares from Max Ventures and Industries and primary issuance by Max Speciality Films to Toppan.

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RIL in focus as Reliance Jio to withdraw Summer Surprise offer
Apr 07,2017

Reliance Industries (RIL) will be watched. The company said that the Telecom Regulatory Authority of India (TRAI) has advised Reliance Jio Infocomm (Jio) to withdraw the 3 months complementary benefits of Jio Summer Surprise. Jio accepted this decision. It is in the process of fully complying with the regulators advice, and will be withdrawing the 3 months complimentary benefits of Jio Summer Surprise as soon as operationally feasible, over the next few days.

However, all customers who have subscribed to Jio Summer Surprise offer prior to its discontinuation will remain eligible for the offer, RIL said. The announcement was made after market hours yesterday, 6 April 2017.

GE Power India said it was awarded a contract worth approximately Rs 237.60 crore (approximately $35.40 million) by GE Power AG to supply 1x150 megawatts (MW) CFB Boiler and Electrostatic Precipitator Components. The companys scope of work consists of majorly supply of CFB boiler components including steel structure, pressure parts, all auxiliaries, duct work, refractory, electrical & instrumentation etc. and electrostatic precipitator components including steel structure, ducting etc. The announcement was made after market hours yesterday, 6 April 2017.

Karur Vyasya Bank announced lending rates based on marginal cost of funds to be effective from 7 April 2017. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.10%, for one month will be 9.10% and for three months will be 9.10%. The MCLR on 6-month loans will be 9.30% and for one-year loans the rate would be 9.50%, the bank said. The announcement was made after market hours yesterday, 6 April 2017.

Gammon Infrastructure Projects, through amendment agreement, 2.43 crore equity shares, or 24% stake, in ICTPL from Noatum Ports, S. L., Spain for an aggregate consideration of Rs 15 crore. Upon acquisition, ICTPL has become subsidiary of Gammon Infrastructure Projects with increased shareholding from 50% to 74% in the paid up equity share capital of ICTPL. The announcement was made after market hours yesterday, 6 April 2017.

Dynamatic Technologies said that on 6 April 2017 a cooperation agreement was signed between Magal Security Systems (Magal-S3), an Israeli company and Dynamatic Technologies (DTL). With this arrangement Magal-S3 will cooperate with DTL to pursue integrated security projects in India. The announcement was made after market hours yesterday, 6 April 2017.

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Steady Reform Progress Fueling Indias Growth Pick Up n++ ADB
Apr 07,2017

Indias fast growth will resume with gross domestic product (GDP) expanding by 7.4% in fiscal year (FY) 2017 and 7.6% in FY2018 supported by reform measures, says a new Asian Development Bank (ADB) report.

In its new Asia Development Outlook (ADO) 2017 report, ADB notes that the deceleration to 7.1% registered last year was due in part to slower investment growth. Also contributing to the moderation was the impact of the governments demonetization of high-value currency notes, though this effect is seen as largely temporary. ADO is ADBs flagship annual economic publication.

n++An array of important reforms has propelled Indias economic success in recent years,n++ said Yasuyuki Sawada, ADBs Chief Economist. n++A continued commitment to reform n++ especially in the banking sector n++ will help India maintain its status as the worlds fastest growing major economy.n++

Indias growth in FY2016 was fueled by agriculture and government services. Industrial growth, however, slowed to 5.8% over the last 12 months from 8.2% in FY2015. Growth in services moderated to 7.9% due to slowdowns in finance and real estate. Net foreign direct investment (FDI) in the country remained strong at $36.7 billion in FY2016 following the governments efforts to simplify guidelines and allow FDI in key economic sectors.

Moving forward, the ADO expects growth to accelerate through increased consumption, as more new bank notes are put in circulation, and as planned salary and pension hike for state employees are implemented. The public sector will remain the main driver of investment as banks continue to wind down balance sheets constrained by high levels of stressed assets. Exports are forecast to grow by 6% in the coming year.

Inflation, meanwhile, is expected to accelerate to 5.2% in FY2017 and 5.4% in FY2018 as the global economy recovers and commodity prices rebound.

The assessment notes risks from higher oil prices as India imports nearly 80% of its fossil fuel needs. A rapid increase in the price of oil could undermine the countrys fiscal position, stoke inflation, and swell the current account deficit. The report estimates that a $1 increase in oil prices raises the import bill by nearly $2 billion. In FY2016, rising oil prices resulted in a 37.6% increase in Indias import bill. To mitigate Indias vulnerability to oil price swings, the government has proposed reducing dependence on imported oil by 10% over the next 5 years through more efficient domestic production and increased private investment into the sector.

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KDDL provides update on subsidiary - Ethos
Apr 06,2017

KDDL announced that its subsidiary, Ethos has entered into a strategic partnership with Namos Glashutte SA for exclusively retailing Namos Glashutte watches in India. In addition to this, Ethos has also entered into a strategic partnership with Oris SA for exclusively retailing Oris watches in India.

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Shreyas Intermediates appoints director
Apr 06,2017

Shreyas Intermediates has appointed Neelam Yashpal Arora as the Additional Director of the Company to hold the office of Non-Executive Independent Director w.e.f 6 April 2017 for a period of five years.

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Galaxy Entertainment Corporation undertakes new initiative in bakery business
Apr 06,2017

Galaxy Entertainment Corporation has entered into strategic arrangement to undertake the business of commissary operations and for supply of bakery food products at the retail outlets and Corporate Accounts of Birdys. The Company shall extend its operations to supply the bakery food items to Big Bazaar outlets in Mumbai. The new initiative is expected to generate revenue to the tune of Rs. 25 crore per annum.

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GE Power India wins contract worth Rs 237.6 crore
Apr 06,2017

GE Power India has been awarded a contract worth approximately Rs 237.6 crore (i.e. approximately US $ 35.4 million) by GE Power AG to supply 1 x 150 MW CFB Boiler and Electrostatic Precipitator Components.

The Companys scope of work consists of majorly supply of CFB Boiler Components including Steel Structure, Pressure Parts, all Auxiliaries, duct work, refractory, electrical & instrumentation etc. and Electrostatic Precipitator Components including steel structure, ducting etc.

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