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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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Daily Consumer goods being used by the common man among others to become cheaper after GST
Jun 09,2017

Implementation of Goods and Services Tax (GST) on the following items will have zero rate after the GST Law comes into force on 1st July, 2017.

As a result of which these items will be available at cheaper rates to the common man at large:

1) Foodgrains and flours

a. Cereals

b. Pulses

c. Atta

d. Maida

e. Besan

Except branded ones with registered trade mark in whose case GST will be charged at the rate of 5 %.

2) Fresh milk

3) Fresh vegetables and fresh fruits

4) Puffed rice (muri)

5) Common salt

6) Animal feed

7) Organic manure

8) Fire wood

9) Raw silk/raw wool/jute

10) Hand operated agriculture equipments.

Due to no GST on these items, most of them are expected to become cheaper in the range of approximately 4-5% as compared to their existing prices.

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Shares of Spring Fields Infraventure get listed
Jun 09,2017

The equity shares of Spring Fields Infraventure (Scrip Code: 540570) are listed effective 09 June 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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TCS in spotlight on launching launching app development kit for banks
Jun 09,2017

TCS announced the launch of BaNCS App Development Kit (ADK) that enables banks to design and build their own apps faster and seamlessly deploy across devices and desktops. The announcement was made after market hours yesterday, 8 June 2017.

Pidilite Industries announced that Pidilite USA Inc (PUSA), a wholly owned subsidiary of the company has entered into an agreement with Niteo Products LLC, USA for sale of business of the Cyclo Division of PUSA. Cyclo Division has been engaged in the business of automobile grooming, performance and maintenance products and other such products.

Some of the trademarks used by the Cyclo Divisions were owned by Pidilite International pte Ltd, Singapore, a wholly owned subsidiary of the company and the same will also stand assigned to Niteo Products LLC, USA, Pidilite said. The announcement was made after market hours yesterday, 8 June 2017.

IndusInd Bank said it raised a $225 million loan from the Overseas Private Investment Corporation (OPIC) for supporting the expansion of the banks micro, small and medium enterprise (MSME) lending programs across India. At least 25% of the proposed facility will support women entrepreneurs and reach previously unbanked populations. This eight-year loan is part of the agencys commitment to supporting $1 billion in loans to underserved Small and Medium Enterprises in India. The announcement was made after market hours yesterday, 8 June 2017.

Next Mediaworks said that the board of directors of Next Radio (NRL), the companys subsidiary, at its board meeting held on 8 June 2017, approved transfer of its FM radio broadcasting business at Ahmedabad (the undertaking ) to its wholly owned subsidiary viz. Syngience Broadcast Ahmedabad.

The board of directors of NRL has also, at the aforementioned meeting, approved the scheme of arrangement, with appointed date as 1 April 2017. The said transfer of the undertaking is subject to the approval of the National Company Law Tribunal and the Ministry of Information & Broadcasting. The announcement was made after market hours yesterday, 8 June 2017.

Zee Media Corporation announced that Mumbai Bench of National Company Law Tribunal (NCLT) at hearing held yesterday, 8 June 2017, approved the scheme of arrangement and amalgamation between Zee Media Corporation; and Diligent Media Corporation; and Mediavest India; and Pri-Media Services and Maurya TV and their respective shareholders and creditors. The announcement was made after market hours yesterday, 8 June 2017.

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Aarvee Denims & Exports closes unit in Narol, Ahmedabad
Jun 08,2017

Aarvee Denims & Exports announced that the Companys one of manufacturing unit situated at 188/2, Ranipur Village, Opp. CNI Church, Narol, Ahmedabad has been closed w.e.f. 6 June, 2017 due to closer notice issued by Gujarat Pollution Control Board (GPCB) for safety & health issues.

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Dilip Buildcon receives revision in credit ratings
Jun 08,2017

Dilip Buildcon has received revision in credit ratings from CARE for bank facilities as under -

Long term bank facilities (Rs 1998.09 crore) - CARE A+; Stable (Revised from CARE A-)

Long term / short term bank facilities (Rs 4500 crore) - CARE A+; Stable/ CARE A1 (Revised from CARE A-/ CARE A2+)

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Zee Media Corporation gets approval for scheme of arrangement and amalgamation
Jun 08,2017

Zee Media Corporation announced that Mumbai Bench of Honble National Company Law Tribunal (NCLT) at hearing held on 08 June 2017, has approved the Scheme of Arrangement and Amalgamation between Zee Media Corporation; and Diligent Media Corporation; and Mediavest India; and Pri-Media Services and Maurya TV and their respective Shareholders and Creditors.

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Blue Star allots 5000 equity shares
Jun 08,2017

Blue Star has allotted 5000 equity shares of Rs. 2 each under Employees Stock Option Scheme, 2013.

With this allotment, the paid up share capital of the Company has increased to 9,56,47,488 equity shares of Rs 2 each.

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Board of SKF India appoints director
Jun 08,2017

The Board of Directors of SKF India have appointed Bernd Stephan as the Additional Director of the Company with effect from 8 June 2017.

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Rashtriya Chemicals & Fertilizers issue Commercial Paper worth Rs 180 crore
Jun 08,2017

Rashtriya Chemicals & Fertilizers has issued Commercial Paper for Rs.180 crore on 8 June, 2017, in favour of State Bank of India, having maturity date as 6 September, 2017

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Prabhat Telecoms (India) gets revision in credit ratings
Jun 08,2017

Prabhat Telecoms (India) has received revision in ratings from Brickwork Ratings India as under -

Long term fund based facility (Rs 70 crore) - BWR BB+/Stable (Revised from BWR BBB-/ Stable)

Short term non-fund based facility (Rs 15 crore) - BWR A4 (Revised from BWR A3)

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Central Board of Direct Taxes (CBDT) notifies new Safe Harbour Regime
Jun 08,2017

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of the Committee set up in this regard.

The salient features of the new Safe Harbour Regime are:

n++ It has come into effect from 1st of April, 2017, i.e. A.Y. 2017-18 and shall continue to remain in force for two immediately succeeding years thereafter, i.e. up to A.Y. 2019-2020.

n++ Assessees eligible under the present safe harbour regime up to AY 2017-18 shall also have the right to choose the safe harbour option most beneficial to them.

n++ A new category of transactions being n++Receipt of Low Value-Adding Intra-Group Servicesn++ has been introduced.

n++ The new safe harbour regime is available for transactions limited to Rs. 200 crore in provision of software development services, provision of information technology-enabled services, provision of knowledge process outsourcing services, provision of contract research and development services wholly or partly relating to software development and provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs.

n++ In respect of transactions involving provision of software development services and provision of information technology-enabled services, safe harbour margins have been reduced to peak rate of 18% from 22% in the previous regime.

n++ In respect of transactions involving provision of knowledge process outsourcing services, a graded structure of 3 different rates of 24%, 21% and 18% has been provided, based on employee cost to operating cost ratio, replacing the single rate of 25% in the previous regime.

n++ In respect of transactions involving provision of contract research and development services wholly or partly relating to software development and provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs, safe harbour margins have been reduced to 24% from 30% and 29% respectively in the previous regime.

n++ Risk spreads on intra-group loans denominated in foreign currency will be benchmarked to the 6-month London Inter-Bank Offer Rate (LIBOR) as on 30th September of the relevant year and on loans denominated in Indian Rupees to the 1-year SBI MCLR as on 1st April of the relevant year.

n++ The safe harbour regime is optional to taxpayers.

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Outcome of board meeting of Zee Entertainment
Jun 08,2017

Zee Entertainment announced that in line with the strategy to consolidate digital business, the board of Directors of the Company at its meeting held on 08 June 2017 has approved the following -

Acquisition of balance 49% equity stake in India Webportal, a 51% subsidiary of the Company, from its existing shareholder for INR equivalent of USD 30.7 million;

Acquisition of 12.5% equity stake (on fully diluted basis) in Tagos Design Innovations, Bangalore for INR equivalent of USD 2.5 million.

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Enterprise international announces change in directorate
Jun 08,2017

Enterprise international announced that Brijlata Sarda has resigned as Whole-time Director of the Company w.e.f 29 May 2017. However she is continuing as a Director of the Company.

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3i Infotech allots 40021201 equity shares
Jun 08,2017

3i Infotech announced that the Company has allotted 4,00,21,201 (Four Crore Twenty One Thousand Two Hundred One) equity shares to its bondholder, Energy Management, which had been issued on 12 December 2016, but were being held in abeyance as per the request of the bondholder.

The equity shares so allotted shall rank pari-passu in all respects with the existing equity shares of the Company.

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Bombay Burmah Trading Corporation redeems CP aggregating Rs 50 crore
Jun 08,2017

Bombay Burmah Trading Corporation redeems Commercial Paper issued by the Corporation on 10 March, 2017 for Rs. 50 crore on 08 June 2017.

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