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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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Indian Bank announces change in directorate
Apr 03,2017

Indian Bank announced that Mahesh Kumar Jain has demitted his office as MD & CEO of Indian Bank on 04 April 2017 to take charge as MD & CEO of IDBI Bank Limited.

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Balaji Telefilms provides update on ALTBalaji
Apr 03,2017

ALTBalaji, a digital platform of Balaji Telefilms has announced a partnership for carrier billing with a mobile payments company Fortumo. ALTBalaji users, from India and other parts of the world, will now be able to subscribe to the streaming service by conveniently deducting the charge from their prepaid SIM Card or charging it to their monthly phone bill.

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Minda Corporation climbs up after inaugurating new plant
Apr 03,2017

The announcement was made during market hours today, 3 April 2017.

Meanwhile, the BSE Sensex was up 206.89 points, or 0.68%, to 29,822.78. The S&P BSE Small-Cap index was up 178.33 points or 1.24% to 14,612.19.

On the BSE, 33,940 shares were traded in the counter so far as against average daily volume of 58,283 shares over the past one quarter. The stock had hit a high of Rs 96.75 and low of Rs 94.15 so far during the day. The stock had hit a record high of Rs 143.60 on 12 July 2016. The stock had hit a 52-week low of Rs 85.50 on 22 November 2016.

The stock had underperformed the market over the past one month till 31 March 2017, falling 2.03% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 6.45% as against Sensexs 11.24% gains.

The small-cap company has equity capital of Rs 41.86 crore. Face value per share is Rs 2.

Minda Corporation announced that the new facility Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. is a part of Minda KTSN Plastic Solutions, Germany (Minda KTSN) which was established in 2007 to oversee the European operations. The company has made an Investment of approximately $10 million for the plant in the first phase

The green-field plant at Mexico specializes in manufacturing of Interior automotive components such as glove box, I panel parts etc for its esteemed customer Volkswagen Group.

The new facility at Queretaro which is Minda KTSNs 5th unit has a total area of 8,500 square meters with manpower strength of around 130 employees. The plant has an additional 5000 square meters space in the similar premises for further growth and is targeting annual sales of 450 million Pesos (US$24 million) from 2017-18 onwards.

Minda KTSN Plastic Solutions, Germany is a wholly owned subsidiary of Minda Corporation, a flagship company of Spark Minda, Ashok Minda Group, India. Minda KTSN in Europe has state of the art of Injection moulding, automated assemblies, and internal tool manufacturing facilities.

On a consolidated basis, Minda Corporations net profit fell 36.3% to Rs 20.10 crore on 9.7% rise in net sales to Rs 712.93 crore in Q3 December 2016 over Q3 December 2015.

Minda Corporation is a diversified company with a product portfolio encompassing from mechanical and electronic security system, electronic controllers for electric vehicles and for auto original equipment manufacturers (OEMs) across the globe. It also manufactures die casting parts for auto and consumer durable industry.

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Adani Transmission to hold board meeting
Apr 03,2017

Adani Transmission will hold a meeting of the Board of Directors of the Company on 4 April 2017 to consider and approve the appointment of Mr. Laxmi Narayana Mishra as a Whole-time Director of the Company.

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Wockhardt provides update on its super drug antibiotic WCK 5222
Apr 03,2017

Wockhardt announced that in a recent meeting between Wockhardt Research team and USFDA New Drug Antibiotic Regulatory team, USFDA agreed to abridge clinical trial for Phase III for Wockhardts super drug antibiotic WCK 5222. This was based on the clinical evalutation by USFDA of its preclinical and clinical data of Phase I establishing safety and clinical scope of efficacy for the drug. WCK 5222 contains Zidebactam coming out of Wockhardts Drug Discovery team of 140 strong scientists working for antibiotics research since last 20 years.

WCK 522 is a combination of Zidebactam and Cefepime. This superdrug introduces an entire new class of antibiotic treatment. It is expected to be a life-saving destination therapy for serious hospital acquired infections such as pneumonia, ventilator associated pneumonia, blood stream infections.

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Godrej Consumer Products fixes record date for 4th interim dividend
Apr 03,2017

Godrej Consumer Products has fixed 17 May 2017 as the Record Date for the purpose of Payment of Fourth Interim Dividend.

The said interim dividend, if declared, will be paid on 31 May 2017.

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Minda Corporation inaugurates new manufacturing plant
Apr 03,2017

Minda Corporation has inaugurated its new manufacturing plant located at Queretaro Industrial Park, Mexico. The new facility Minda KTSN Plastic Solution Mexico, S. de RL de C.V. is a part of the Minda KTSN Plastic Solution Germany which was established in 2007 to oversee the European Operations.

The greenfield plant at Mexico specializes in manufacturing of interior automotive components such as Glove Box, I panel parts for its customer Volkswagen Group.

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M&M forges ahead after strong tractor sales in March
Apr 03,2017

The announcement was made on Sunday, 2 April 2017.

Meanwhile, the S&P BSE Sensex was up 145.88 points or 0.49% at 29,766.38.

On the BSE, 17,480 shares were traded on the counter so far as against the average daily volumes of 1 lakh shares in the past one quarter. The stock had hit a high of Rs 1,303.90 and a low of Rs 1,287 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.

The stock had underperformed the market over the past one month till 31 March 2017, falling 1.7% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 8.46% as against Sensexs 11.24% gains.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

Mahindra & Mahindra (M&M)s domestic tractor sales rose 29% to 17,973 units in March 2017 over March 2016. Exports jumped 82% to 1,364 units in March 2017 over March 2016.

Meanwhile, M&Ms auto sales in the domestic market rose 9% to 53,322 units in March 2017 over March 2016. Exports fell 28% to 2,709 units in March 2017 over March 2016.

Meanwhile, public sector oil marketing companies (PSU OMCs) on Friday, 31 March 2017, announced reduction in selling price of petrol and diesel with effect from midnight of 31 March 2017. Petrol price was decreased by Rs 3.77 per litre and diesel price was reduced by Rs 2.91 a litre at Delhi (excluding state levies). The demand for vehicles rises if fuel prices are reduced.

M&Ms net profit rose 33.3% to Rs 1112.27 crore on 0.3% decline in net sales to Rs 10860.05 crore in Q3 December 2016 over Q3 December 2015.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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Union Textiles Minister launches PowerTex India
Apr 03,2017

The Government has launched PowerTex India, a comprehensive scheme for powerloom sector development, simultaneously at over 45 locations in the country. Launching the scheme in Bhiwandi, Thane district, Maharashtra, the Union Textiles Minister, Smt. Smriti Zubin Irani said that Bhiwandi will be known for resurgence in Powerloom sector. Recalling that the powerloom sector alone employs over 44 lakh people, the Minister said that the scheme will especially benefit small powerloom weavers.

The comprehensive scheme has the following components:

n++In-situ Upgradation of Plain Powerlooms

n++Group Workshed Scheme (GWS)

n++Yarn Bank Scheme

n++Common Facility Centre (CFC)

n++Pradhan Mantri Credit Scheme for Powerloom Weavers

n++Solar Energy Scheme for Powerlooms

n++Facilitation, IT, Awareness, Market Development and Publicity for Powerloom Schemes

n++Tex Venture Capital Fund

n++Grant-in-Aid and Modernisation & Upgradation of Powerloom Service Centres (PSCs)

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Bajaj Auto slips as March sales decline
Apr 03,2017

The announcement was made during market hours today, 3 April 2017.

Meanwhile, the S&P BSE Sensex was up 148.84 points or 0.5% at 29,769.34

On the BSE, 13,000 shares were traded on the counter so far as against the average daily volumes of 20,275 shares in the past one quarter. The stock had hit a high of Rs 2,832.05 and a low of Rs 2,780 so far during the day.

The stock had hit a record high of Rs 3,122 on 9 September 2016 and a 52-week low of Rs 2,350.15 on 8 April 2016. The stock had underperformed the market over the past 30 days till 31 March 2017, falling 0.86% compared with the Sensexs 2.71% rise. The scrip had also underperformed the market over the past one quarter, rising 6.59% as against the Sensexs 11.24% rise.

The large-cap company has equity capital of Rs 289.37 crore. Face value per share is Rs 10.

Bajaj Autos domestic sales fell 17% to 1.69 lakh units in March 2017 over March 2016. Exports rose 1% to 1.02 lakh units in March 2017 over March 2016.

On a consolidated basis, Bajaj Autos net profit fell 5.3% to Rs 976.82 crore on 8.6% decline in net sales to Rs 4975.56 crore in Q3 December 2016 over Q3 December 2015.

Bajaj Auto is one of the leading two-and three-wheeler manufacturers in India.

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Tata Motors gains momentum after good March sales
Apr 03,2017

The announcement was made on Saturday, 1 April 2017.

Meanwhile, the BSE Sensex was up 140.18 points, or 0.47%, to 29,760.68.

On the BSE, 1.52 lakh shares were traded in the counter so far, compared with average daily volumes of 5.52 lakh shares in the past one quarter. The stock had hit a high of Rs 472.25 and a low of Rs 468.35 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 368.40 on 5 April 2016.

The stock had underperformed the market over the past one month till 31 March 2017, gaining 2.15% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.15% as against Sensexs 11.24% gains.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

Tata Motors said its domestic sales of Tata commercial and passenger vehicles rose 10% at 51,309 units in March 2017 over March 2016. Tata Motors passenger vehicles sales jumped 84% at 15,433 units in the domestic market in March 2017 over March 2016, due to continued strong demand for the Tata Tiago. The company has also received an encouraging response for its recently launched lifestyle utility vehicle, Tata Hexa and its latest styleback, the Tata Tigor.

The overall commercial vehicles sales in the domestic market fell 6% at 35,876 units in March 2017 over March 2016. The wholesale figures of Tata Motors commercial vehicles were affected by the Supreme Court judgement announced on 29 March 2017, leading to confusion and the consequent focus at the dealer level to increase retail and to reduce the levels of unsold stock.

The Supreme Court observed on 29 March 2017 and ordered a freeze on the registration and sale of BS-III fuel compliant vehicles by n++any manufacturer or dealern++ on and from 1 April ,2017, when the next level and environmentally friendly BS-IV fuel emission standards are scheduled to kick in.

Overall sales of Tata Motors medium and heavy commercial vehicles (M&HCV) fell 5% at 17,648 units in March 2017 over March 2016. Tata Motors bus sales continued to grow by 26% in March 2017, driven primarily by State Transport Undertaking (STU) orders. Sales of Tata Motors small & light commercial vehicles shed 8% at 18,228 units in March 2017 over March 2016.

The companys sales from exports fell 8% at 5,836 units in March 2017 over March 2016.

Meanwhile, public sector oil marketing companies (PSU OMCs) on Friday, 31 March 2017, announced reduction in selling price of petrol and diesel with effect from midnight of 31 March 2017. Petrol price was decreased by Rs 3.77 per litre and diesel price was reduced by Rs 2.91 a litre at Delhi (excluding state levies). The demand for vehicles rises if fuel prices are reduced.

Tata Motors consolidated net profit fell 96.2% to Rs 111.57 crore on 2.2% decline in net sales to Rs 66855.18 crore in Q3 December 2016 over Q3 December 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Nikkei India Manufacturing PMI rises to 5-month high in March 2017
Apr 03,2017

The health of Indias manufacturing sector improved for the third straight month in March, and to the greatest extent since October 2016. Incoming new orders expanded at a stronger pace, thereby leading to quicker increases in production and input purchasing. Moreover, firms hired additional employees to cope with greater workloads. Although both input costs and output charges rose further, inflation rates softened from those seen in February.

Rising to a five-month high of 52.5 in March, from 50.7 in February, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) - a composite indicator designed to provide a single-figure snapshot of the performance of the manufacturing economy - indicated that operating conditions in the sector improved to a greater extent. As for the January-to-March quarter, the PMI average (51.2) was the lowest seen since Q1 FY 2016/17 (51.0).

Amid evidence of strengthening demand conditions, the level of new orders received by manufacturers rose solidly in March and at the quickest pace in five months. Likewise, production expanded at the strongest rate since last October as firms sought to fulfil new and existing projects. The increase in total new work was supported by higher new export orders, which grew at a solid and accelerated pace. New work and output increased across the three monitored sub-sectors, with the upturn led by intermediate goods producers in both cases.

Indian manufacturers purchased greater quantities of inputs for use in the production process during March, with the latest upturn in buying levels the strongest in the current three-month sequence of expansion.

This resulted in an overall increase in stocks of purchases. Having fallen in each of the previous three months, pre-production inventories rose modestly in March. Conversely, holdings of finished items dipped sharply due to production volumes failing to match requirements for existing projects.

Business confidence among manufacturers improved in March, with almost one-fifth of panellists expecting output levels at their units to be higher in 12 months time. Forecasts of a pick-up in demand and the launch of new product lines were the main factors underpinning optimism.

Reversing the decline noted in February, manufacturing jobs rose in March as some firms took on extra staff in line with efforts to expand capacity. Despite accelerating to the fastest in almost four years, the rate of job creation was only slight. Concurrently, outstanding business increased to the weakest extent in 2017 so far.

Largely reflecting higher commodity prices, average input costs increased again. That said, the rate of inflation slowed to the weakest in four months and was below the long-run survey average. Similarly, the rate of charge inflation moderated during March as 96% of manufacturers reportedly kept selling prices unchanged in tandem with attempts to stimulate demand.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said PMI data for March reveal positive developments in the Indian manufacturing sector. Rates of expansion in factory orders and production accelerated again, encouraging some companies to scale up their input buying and take on additional workers. The favourable demand environment was supported by relatively muted inflationary pressures. Given that input costs rose at a softer pace, a whopping 96% of goods producers kept their selling prices unchanged over the month. Looking ahead, production volumes are likely to rise further as businesses will seek to replenish their stocks. Indeed, we saw a marked drop in inventories of finished items, alongside a stronger degree of confidence towards the year-ahead outlook for output. Out of the three broad areas of manufacturing, intermediate goods was Marchs shining star, as growth of new work, production and input buying in this category surpassed those seen at consumer and capital goods firms.

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Release of the Central Governments assistance of Rs.1,712.10 crore from National Disaster Response Fund (NDRF) to Tamil Nadu and Karnataka
Apr 03,2017

The Central Government is concerned at prevailing drought situation in the States of Tamil Nadu and Karnataka. After the receipt of detailed memoranda from these States, Inter-Ministerial Central Teams (IMCT) were deputed to visit the drought affected areas for the spot assessment of the calamity. The High Level Committee (HLC) had recommended the quantum of assistance to the States based on the extant norms of assistance and the report of the IMCT.Based on the approval of the High Level Committee (HLC), the Central Government has sanctioned Rs.1793.63 crore to State of Tamil Nadu and Rs.1,782.44 crore to State of Karnataka for drought relief from NDRF. Based on the above sanctions, a sum of Rs.1447.99 crore has been released to the State of Tamil Nadu by the Central Government from NDRF after adjusting Rs.345.64 crore available with the State as balance in the State Disaster Response Fund (SDRF).For State of Karnataka, after adjusting Rs.96.92 crore available with the State as balance in the SDRF and earlier release of Rs.450 crore by the Central Government, sum of Rs.1,235.52 crore has been released from NDRF.The HLC has also advised the State Governments to take utmost care and ensure that all the individual beneficiary-oriented assistance are mandatorily disbursed through the bank account of the beneficiaries. Further, the Central Government has released Rs.264.11 crore from NDRF for providing the Central assistance to the State of Tamil Nadu for the cyclonic storm Vardha during December, 2016. This amount has been approved by the HLC on the basis of the report of the Inter-Ministerial Central Team sent by the Central Government to assess the damage.These releases are over and above the releases made to States as devolution of 42% of Central Taxes as per the recommendation of the 14th Finance Commission. For the year 2016-17, a sum of Rs.6.08 lakh crore has been released to all States as devolution of Central Taxes. Tamil Nadu has received Rs.24,538 crore and Karnataka has received Rs.28,750 crore under devolution formula during 2016-17.During 2016-17, the Central Government has also provided Rs.48,869 crore to all the States as grant for Rural and Urban Local Bodies to primarily meet the requirement of basic necessities for people living in these areas.For the benefit of farmers, Rs.13,240 crore has been provided under Pradhan Mantri Fasal Beema Yojana (PMFBY) in 2016-17.Also, Rs.2,45,435 crore has been provided under the Centrally Sponsored Schemes (CSS) for transfer to the States from the Central Government during 2016-17. This includes Rs.47,499 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) which is used for employment generation and water conservation works.

In view of onset of the summer season, the Prime Minister Shri Narendra Modi has instructed that in the next three months, all the States should focus on water conservation related works by utilizing the funds available under various Schemes such as Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and MGNREGS etc.

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Mahindra CIE Automotive to hold AGM
Apr 03,2017

Mahindra CIE Automotive announced that the th Annual General Meeting(AGM) of the company on 27 April 2017.

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Sumeet Industries to hold EGM
Apr 03,2017

Sumeet Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 April 2017 .

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