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JSW Steel to hold AGM

JSW Steel to hold AGM

Jun 28,2016

JSW Steel announced that the 22th Annual General Meeting(AGM) of the company on 26 July 2016.

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NTPC Faces Regulatory Hurdles on Fuel Cost
Sep 30,2016

The Central Electricity Regulatory Commission (CERCs) tariff orders for a few of NTPC Limiteds (IND AAA/Stable) plants for the control period FY15-FY19, could lead to significant under-recoveries on fuel cost on account of a lower energy charge rate (ECR, INR/kWh), says India Ratings and Research (Ind-Ra). The ECR approved by CERC is lower in the range of 20%-31% than was sought by NTPC. The difference in the ECR is due to the change in the basis for measurement of the gross calorific value (GCV) of coal to as-receivedn++ as against n++as firedn++.

CERC is likely to follow the same principle for the rest of NTPCs plants leading to large differences in the fuel cost recovery. However, Ind-Ra expects NTPC to contest the same through regulatory process and initiate steps to install the infrastructure for measurement of coal GCV on n++as receivedn++ basis. There is also a possibility of a dialogue between NTPC and Coal India (CIL) to resolve differences over coal grade slippages.

As per CERCs tariff regulations 2014-2019, coal GCV has to be measured at the point of unloading of the coal at the power station gate, referred to n++as-receivedn++ basis compared to the earlier regulations, which allowed measurement of coal GCV at the point before coal is fired, referred to n++as-firedn++ basis. In its petition to CERC, NTPC had been highlighting the lack of infrastructure at its plants as the reason for its inability to measure coal GCV on n++as-receivedn++ basis. Therefore, CERC, in the absence of data on n++as-receivedn++ basis, has now considered the GCV on n++as-billedn++ basis while arriving at the ECR leading to the consideration of a higher GCV rate.

CERC had decided to shift to the n++as-receivedn++ basis of GCV measurement so that: a) the generating company bears the inefficiencies if any, post unloading of the coal and b) the generating company takes up the coal grade slippage with the coal supplier company and resolve it. On the other hand, NTPC had been highlighting problems with respect to the measurement of GCV on n++as-receivedn++ basis and was seeking n++as-firedn++ basis on four grounds. Firstly coal samples taken after the crushing of coal for firing are of small and homogenous size compared to samples taken from wagons which are big and heterogeneous. Secondly, sample collection time from wagons is longer leading to demurrage charges. Thirdly, safety for personnel collecting is better when samples are taken after crushing. Lastly samples taken from the wagons may not be accurately representative, since often good quality coal could be loaded at the top and superficial layers become dry during the transportation, while the moisture percolates inside the wagons to the lower layers.

The difference between the GCV on n++as-receivedn++ and n++as-firedn++ basis is governed by the ambient temperature, type of coal and duration for which coal is stored. As per the Central Electricity Authority of India, the heat loss during such time should not be more than 0.1% in GCV value, which is in line with international studies. However, in this case the difference between the GCV of the coal works out to 20%-31%.

Ind-Ra notes, that NTPC has been contesting the GCV calculation and had been highlighting the grade slippages in the quality of coal. The grade slippage discussion between CIL and NTPC has become more visible post the January 2012 change in coal grading methodology to GCV based grading from the earlier used heat value based system of grading.

Ind-Ra notes, NTPC over the last two years has seen tightening of operational norms- namely the station heat rate, specific consumption and auxiliary consumption, change in basis for providing the capacity charge incentives to plant load factor instead of plant availability factor and lower tax arbitrage. All these have had a negative impact on NTPCs profitability.

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Volumes jump at CRISIL counter
Sep 30,2016

CRISIL clocked volume of 30,000 shares by 13:47 IST on BSE, a 32.11-times surge over two-week average daily volume of 1,000 shares. The stock shed 0.09% to Rs 2,173.45.

Tata Chemicals notched up volume of 12.16 lakh shares, a 19.38-fold surge over two-week average daily volume of 63,000 shares. The stock rose 2.64% to Rs 522.8

Havells India saw volume of 9.02 lakh shares, a 11.63-fold surge over two-week average daily volume of 78,000 shares. The stock rose 2.3% to Rs 418.

Grasim Industries clocked volume of 63,000 shares, a 8.52-fold surge over two-week average daily volume of 7,000 shares. The stock rose 2.44% to Rs 4,810.50

Berger Paints India saw volume of 2.61 lakh shares, a 7.41-fold rise over two-week average daily volume of 35,000 shares. The stock rose 1.54% to Rs 260.95.

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Cipla slips after USFDA issues observations to Goa units
Sep 30,2016

The announcement was made during trading hours today, 30 September 2016.

Meanwhile, the BSE Sensex was down 24.41 points, or 0.09%, to 27,803.12.

The counter witnessed high volumes. On BSE, so far 7.67 lakh shares were traded in the counter, compared with average daily volume of 1.88 lakh shares in the past one quarter. The stock hit a high of Rs 605 and a low of Rs 562.05 so far during the day. The stock hit a 52-week high of Rs 704.75 on 29 October 2015. The stock hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had outperformed the market over the past 30 days till 29 September 2016, rising 4.94% compared with 2.20% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 18.31% as against Sensexs 2.51% rise.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

Cipla said that United States Food and Drug Administration (USFDA) recently concluded audit of the companys three manufacturing facilities at Goa and issued 4 observations across these three facilities. These observations were primarily procedural in nature and the company has already responded to these observations. Cipla said it continues to operate its facilities with a high level of compliance and control.

On a consolidated basis, Cipla reported 43.74% fall in net profit to Rs 365.24 crore on 6.94% fall in net sales to Rs 3499.81 crore in Q1 June 2016 over Q1 June 2015.

Cipla is a global pharmaceutical company.

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One lakh villages will become ODF on 2nd October, 2016-Tomar
Sep 30,2016

The Union Minister for Rural Development, Drinking Water & Sanitation and Panchayati Raj Shri Narendra Singh Tomar said that by 2nd October, this year, one lakh villages will become Open Defecation Free, ODF and 40 Districts will achieve the status of ODF Districts in this financial Year. He said, to accelerate the efforts to achieve universal sanitation coverage and to put focus on sanitation, the Prime Minister had launched the Swachh Bharat Mission on 2nd October, 2014, after his historic address from the ramparts of the Red Fort on 15th August, 2014.

Shri Tomar said that the Central Government, State Governments, Municipal bodies, Panchayati Raj Institutions, NGOs, Spiritual and Religious leaders, Public Representatives, Educational Institutions and famous personalities from all walks of life have joined hands together to make India, a Clean India by 2nd October, 2019, the 50th Birth Anniversary of Mahatma Gandhi, as announced by the Prime Minister. Shri Tomar stressed that Swachh Bharat Mission is not a government programme, but its a peoples movement and there is need for behavioural change among the people as merely toilet construction will not be sufficient to achieve the ODF status.

Shri Tomar informed that the Ministry of Drinking Water and Sanitation is compiling the best practices from villages across the country and will bring it to the notice of the common man to emulate the same. The Minister expressed confidence that after Prime Ministers address at the INDOSAN, the Swachh Mission will gain new momentum.

At present 87, 666 villages are ODF, apart from 1,544 villages in Namami Gange areas. This needs to be underlined that the sanitation coverage was 42.12 percent on 2nd October, 2014, when the programme was launched, which has now increased to 55.31 percent, while 24 Districts have been declared as ODF ones. Sikkim is the only State which has achieved the ODF status, and Kerala, Haryana, Gujrat and Maharashtra will soon achieve the ODF status.

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Pincon Spirit signs MoU for taking over Bacchus Enterprises
Sep 30,2016

Pincon Spirit has signed a Memorandum of Understanding for taking over Bacchus Enterprises based in Ludhiana engaged in the business of Indian Made Indian Liquor (IMIL) (County Spirit) and Indian Made Foreign Liquor (IMFL).

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Firstsource Solutions gains after subsidiary repays debt
Sep 30,2016

The announcement was made during trading hours today, 30 September 2016.

Meanwhile, the BSE Sensex was down 80.64 points, or 0.29%, to 27,746.89.

On BSE, so far 2.35 lakh shares were traded in the counter, compared with average daily volume of 6.70 lakh shares in the past one quarter. The stock hit a high of Rs 41 and a low of Rs 39 so far during the day. The stock hit a 52-week high of Rs 53.65 on 26 July 2016. The stock hit a 52-week low of Rs 26.30 on 1 October 2015. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 10.84% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.29% as against Sensexs 2.51% rise.

The small-cap company has equity capital of Rs 675.65 crore. Face value per share is Rs 10.

Firstsource Solutions said that Firstsource Group USA, Inc, a wholly-owned subsidiary of the company, has successfully made its sixth quarterly repayment of $11.25 million on its outstanding debt on 30 September 2016.

With this, the companys subsidiary repaid $67.50 million of debt so far since 30 June 2015.

On 27 May 2015, the company announced that it was successful in refinancing the long term and short term loans of its subsidiaries on better commercial terms maintaining the same repayment schedule for the balance principal outstanding on the long term loans.

On a consolidated basis, Firstsource Solutions net profit fell 3.73% to Rs 73.36 crore on 2.67% increase in net sales to Rs 875.25 crore in Q1 June 2016 over Q4 March 2016.

Firstsource Solutions is a global provider of customised BPM (Business Process Management). It operates in India, the Philippines, Sri Lanka, the UK and the US.

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Surgical Strikes havent affected gold prices in India: Dr M. Veerappa Moily
Sep 30,2016

Chairman, Parliamentary Standing Committee on Finance, Dr M. Veerappa Moily said today India Surgical Strikes on Pakistan have not affected gold prices in India at an ASSOCHAM event held in New Delhi today.

n++Need policies for promoting gold as investment of the country; shall suggest appropriate policies to standing committee. The domestic saving coming down drastically and the gold can play an important role in the economy of the country,n++ said Dr Moily while inaugurating an ASSOCHAM 9th International Gold Summit & Excellence Awards.

Due to its high liquidity, financing against gold has caught on very well with banks. With huge base of stable and growing depositors coupled with larger number of loan seekers, banks have become a vibrant hub for gold activities-both for purchase as well as lending. The importance of Banks in this activity cannot be undermined and as the demand for gold grows, it will increase the importance and effectiveness of banking sector -largely for its trust as well as affordable lending rates.

He said that gold has been considered as a safe haven asset throughout history as it has been viewed as a store of value and a means of exchange for millennia. It is essentially a currency that cannot be manipulated by the interest rate policies of the government and has traditionally been used as a hedge against inflation or a falling dollar.

The sentiment towards the yellow metal remains very high irrespective of the rise/fall in prices and this love for the commodity has made the nation heavily reliant on imports of commodities. Petroleum crude accounts for about 34 percent of the total inward shipments, followed by gold and silver (12 percent of the total imports), machinery (10 percent), electronic goods (7 percent) and pearls, precious and semi-precious stones (5 percent), added Dr. Moily.

The Indian gems and jewellery sector is among the most competitive in the world, contributing to 65% by value, 85% by carat and 92% by number of pieces globally, and accounting for more than USD 36 billion of total Indian exports as in 2014-15.In recognition of the business excellence demonstrated by entrepreneurs who make up this industry.

India is one of the largest importers of gold in the world. India accounts for nearly one-third of the total world demand for Gold. At more than 20,000 tonnes, Indian households hold the largest stock of gold in the world, noted Dr. Moily.

He also said that as per estimates, India is the worlds largest buyer of Gold followed by China and both countries account for over half of the global demand. India has an estimated private gold stock of 20,000 tonnes worth $1 trillion, while it mines only around 1.5 tonnes. About 35% of the Gold demand in India is for investment purpose and is held in the form of bars and coins.

Dr. Moily said, n++40% of the world gold stock is lying in India in the form of jewellery and some in temples. The World Gold Council estimates the annual consumer demand for gold will be excess of 1,200 tonnes, at a value of Rs 2.5 trillion, by 2020n++.

The gold policy until economic reforms in the early 1990s centred around the major objectives of discouraging people from purchasing gold, reducing domestic demand, regulating supply of gold, curbing smuggling and black income and conserving foreign exchange.

n++After the severe Balance of payment crisis during early nineties, there has been a shift in the approach of the gold policy. It was realized that the role of a liberalized and developed gold market was in the interest of consumers and efforts were made to integrate the gold market with financial markets,n++ said Dr. Moily.

He also said that to restrict the rising trend in gold imports, which is adversely affecting Indias balance of payments, measures were and are being taken by the government. In order to keep a check on the current account deficit, the UPA government had imposed import restrictions on gold, oil and other commodities. Now the government has come up with two schemes, Gold Monetization Scheme (GMS) and Sovereign Gold Bond Scheme (SGBS).

Over the past decade, the Indian gold industry has significantly matured. The market currently has several participants from Bullion Banks, Government Agencies, Premier Trading Houses, Precious Metal Exchanges, Institutions offering Gold Loans and Gold ETFs. However, the market needs policy action from the regulators for further growth of gold industry in India.

Asia has emerged as an extremely important market for the global gold trade. Five countries- China, India, UAE, Singapore and Thailand together last year imported 2,581 tonnes. In other words nearly 60% of the total global supplies flowed into these countries.

The annual consumption of gold which was estimated at 65 tonnes in 1982, has increased to about 1000 tonnes presently. About 80% is for jewellery fabrication for domestic demand, 15% for investor demand and barely 5% for industrial use.

Despite the fact that India is the worlds largest consumer of gold, there is no reference point for gold prices in the country. Though it is the leading player in import and trade in bullion and export of jewellery, it does not exert any significant impact in discovery of gold prices in the international market. The reason is that countrys bullion trade is fragmented and unorganized.

In order to make India, the global gold trading hub, it is necessary to identify the inefficiencies involved in Indian bullion market and to create a momentum to remove such inefficiencies in a gradual but steady manner. Finally, the institutional and policy-level issues associated with the various sections of the gold market have to be addressed by the government in coordination with the different regulatory bodies.

The Govt. of India has implemented hallmarking scheme to protect the consumer in purchasing gold jewellery of requisite purity, develop export competitiveness and make India a leading market for gold jewellery in the world. Hallmarking is the accurate determination and official recording of the proportionate content of precious metal in precious metal articles. Hallmarks are thus official marks used in many countries as a guarantee of purity or fineness of precious metal articles. The principle objectives of the Hallmarking Scheme are to protect the public against adulteration and to obligate manufacturers to maintain legal standards of fineness.

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Firstsource Solutions provides update on subsidiary
Sep 30,2016

Firstsource Solutions announced that Firstsource Group USA, Inc, a wholly owned subsidiary of the Company has successfully made its Sixth quarterly repayment of USD 11.25 million on its outstanding debt on 30 September 2016.

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Outcome of board meeting of Indian Oil Corporation
Sep 30,2016

Indian Oil Corporation announced that the Board of Directors of the Company at its meeting held on 29 September 2016 has accorded the approval for the following projects -

In-principle approval for expansion of Barauni Refinery from 6 MMTPA capacity to 9 MMTPA capacity along with down stream Polypropylene Unit at an estimated cost of Rs 8287 crore.

In-principle approval for implementation of Olefin Recovery Project along with expansion of exsiting Naptha Cracker Unit, MEG revam and Benzene Expansion unit modification at Panipat at an estimated cost of Rs 1527 crore.

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Orient Bell announces cessation of director
Sep 30,2016

Orient Bell announced that the directorship of Narasinganatha Rajagopala Srinivasan in the Company has ended on 29 September 2016 due to completion of his complete tenure as per his terms of appointment and therefore he is ceased to be the director of the company w.e.f. 30 September 2016.

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Dhanlaxmi Bank announces change in directorate
Sep 30,2016

Dhanlaxmi Bank announced that Aran Rao M.G and P.S Sreekumar, who were Additional Directors of the Bank upto the date of this Annual General Meeting, have been appointed as Independent Directors at the Annual General Meeting of the Bank held on 29 September 2016 for a tenure of one year w.e.f. 29 September 2016.

Further, E. Madhavan, who held office as Additional Director upto the date of this Annual General Meeting, has ceased to be Director on the Board of the Bank w.e.f. 29 September 2016.

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Board of Viaan Industries approves allotment of bonus shares
Sep 30,2016

Viaan Industries announced that the Committee of Board of Director of the Company in its meeting held on 30 September 2016, inter alia, has approved the Allotment of Bonus Shares in the ratio of 2:1 (i.e. in the proportion of 2 (two) new equity shares of Rs. 10/- each for every 1(one) existing fully paid up equity share of Rs. 10/- each) to the existing shareholders, whose name appears in the Register of Members of the Company as on the Book-Closure date i.e. 29 September 2016.

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V I P Industries gets upgradation in credit ratings
Sep 30,2016

V I P Industries announced that CRISIL has upgraded the long term and short term rating of the Company -

Long term rating - AA-/ Stable (Revised from A+/ Positive)
Short term rating - A1+ (Revised from A1)

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MoU with World Bank for investing Rs 2,200 crore to set up training centres for MSMEs across India: Haribhai Parthibhai Chaudhury
Sep 30,2016

The union Ministry for Micro, Small and Medium Enterprises (MSMEs) has signed a Memorandum of Understanding (MoU) with the World Bank for investing Rs 2,200 crore to set up training centres for MSME sector across India by 2017, Minister of State for MSME, Mr Haribhai Parthibhai Chaudhury said at an ASSOCHAM event.

n++We will also monitor if the money disbursed by the Ministry has reached the target person,n++ said Mr Chaudhury while inaugurating an ASSOCHAM conference on Startup Integration in MSME sector.

n++Saudi Arabia is likely to invest up to Rs two lakh crore in India, it is a confidential matter, but since we have opened our defence and aviation sectors for foreign direct investment (FDI) we hope to get significant advantage of the same in MSME sector,n++ said the Minister.

Highlighting that the government will soon bring a project for promoting honeybee keeping, he said that Ministry had taken various steps like - making databank, introducing credit guarantee scheme, barcode, enabling online complaint and other such initiatives during the course of past two years.

Earlier in his address, a top MSME Ministry official informed that the government was working towards making the sector ready for GSTN (goods and services tax network) and make the sector tax compliant.

n++We are working to make MSMEs GSTN-ready and we need the support of various associations to see how the sector can take advantage of the new tax reform which is going to be historic, start up or no start up you have to be tax compliant,n++ said Mr S.N. Tripathi, additional secretary and development commissioner, MSME Ministry.

He said that the MSME Ministry had notified a framework to enable an entrepreneur to demand restructuring of his loan due to various changes.

n++A framework has been notified by the Ministry of MSME for quick restructuring of loans if the banks are convinced, RBI has also conquered it and in fact all banks have been mandated to create a committee at the branch level with representatives from state government and other institutions,n++ said Mr Tripathi.

He said that MSME Ministry was working towards nurturing academia and entrepreneurs budding ideas. n++Our ministry is working with about 202 engineering colleges and every year we get 100-150 ideas from each college and out of these till date we have nurtured about 600 ideas of which almost 25 per cent have been commercialised.n++

n++We want to commercialise such ideas, we are in talks with some investors - venture capitalists and angel investors and we have succeeded in this behalf as about 100 of the 750 ideas have been commercialised and some of these have clocked transaction and turnover of Rs 10-12 crore so we support good ideas in terms of what we call is incubation,n++ said Mr Tripathi.

He said that the Ministry was working in the domain of start up, scale up and even set up categories.

The top official also said that the MSME Ministry was working on framework to revive the industries that have been rendered inoperational or have been shut down, to unlock their potential.

n++We want to create framework to revive industries that have been shut, the banks are working in this behalf as per governments direction as they have made a committee for corrective action plan whereby an entrepreneur can approach banks for restructuring of loan due to change in technology, management or any other foreseen or unforeseen change on his own and not as per the banks terms,n++ said Mr Tripathi.

He said that considering cash flow based lending is a problem for MSMEs, so banks are working in this direction as per governments direction.

He also emphasised upon the need to bring about more awareness regarding intellectual property right (IPR) in MSME sector.

n++We are promoting awareness about IPR and how to file patents through about 32 institutions which includes chambers, industry bodies, colleges and others,n++ said Mr Tripathi.

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Corporation Bank gains after announcing lending rates based on marginal cost of funds
Sep 30,2016

The announcement was made after market hours yesterday, 29 September 2016.

Meanwhile, the S&P BSE Sensex was down 8.01 points or 0.03% at 27,819.52

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 78,680 shares in the past one quarter. The stock hit a high of Rs 42.55 and a low of Rs 40.35 so far during the day. The stock had hit a 52-week low of Rs 30.75 on 25 February 2016. The stock had hit a 52-week high of Rs 47.80 on 9 September 2016. The stock had underperformed the market over the past 30 days till 29 September 2016, falling 2.92% compared with 2.20% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.85% as against Sensexs 2.51% rise.

The mid-cap state-run bank has equity capital of Rs 204.50 crore. Face value per share is Rs 2.

Corporation Banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.05%, for one month will be 9.15% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.40% and for one-year loans the rate would be 9.50%, the bank said.

Corporation Banks net profit dropped 82.41% to Rs 35.92 crore on 1.75% fall in total income to Rs 5241.12 crore in Q1 June 2016 over Q1 June 2015.

The Government of India held 67.2% stake in Corporation Bank as per the shareholding pattern as on 30 June 2016.

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