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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Gartner Says Public Cloud Services in India Forecast to Reach $1.3 Billion in 2016
Nov 22,2016

The public cloud services market in India is on pace to grow 35.9 percent in 2016 to total $1.3 billion, according to Gartner, Inc. The highest growth will come from cloud system infrastructure services (infrastructure as a service [IaaS]), which is projected to grow 45.5 percent in 2016, followed by platform as a service (PaaS) projected to grow 33.5 percent (see Table 1).

The overall global public cloud market will mature, and its growth rate will slightly slow down from 17.2 percent in 2016 to a 15.2 percent increase in 2020, said Sid Nag, research director at Gartner. While Brexit and other growth challenges exist, some segments such as financial SaaS applications and the PaaS user markets will still see strong growth through 2020.

Table 1. India Public Cloud Services Forecast (Millions of U.S. Dollars)

201520162017201820192020Cloud Business Process Services (BPaaS)7187112144186239Cloud Application Services (SaaS)2973955246718191,000Cloud Application Infrastructure Services (PaaS)80107140181229286Cloud System Infrastructure Services (IaaS)3334857211,0451,4642,016Cloud Management and Security Services80104134168206249Cloud Advertising96123158189223266Total9571,3011,7902,3983,1264,055

Source: Gartner (November 2016) 

As buyers intensify and increase IaaS activity, they will be getting more for their investment: ongoing enhancement of performance, more memory, more storage for the same money (which will drive increases in consumptions) and increased automation in traditional IT outsourcing (ITO) delivery, said Mr. Nag.

As PaaS offerings mature and the competitive landscapes consolidates, we predict that more organizations will consider expanding their PaaS adoption as an important component to their cloud strategy, and specifically to their SaaS deployments, added Mr. Nag.

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Vedanta to issue NCDs aggregating Rs 300 crore
Nov 22,2016

Vedanta announced that a the meeting of the Committee of Directors was held on 22 November 2016, approving offering for subscription, on private placement basis, up to 3000 Secured, Rated, Listed, Redeemable, Non-Convertible Debentures of face value of Rs 10 lakh each aggregating Rs 300 crore.

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OECD GDP growth accelerates to 0.6% in third quarter of 2016
Nov 22,2016

Real growth of gross domestic product (GDP) in the OECD area picked up markedly to 0.6% in the third quarter of 2016, compared with 0.3% in the previous quarter, according to provisional estimates.

Growth accelerated in most Major Seven economies in the third quarter of 2016, with the exception of the United Kingdom and Germany, where growth slowed to 0.5% and 0.2%, respectively, compared with 0.7% and 0.4% in the previous quarter.

In the United States, growth accelerated to 0.7% in the third quarter of 2016, following a rate of 0.4% in the previous quarter. Growth also picked up in Japan, to 0.5%, compared with 0.2% in the previous quarter, and in Italy and France (to 0.3% and 0.2%, respectively, compared with 0.0% and minus 0.1% in the previous quarter).

In the European Union and in the euro area, growth was stable at 0.4% and 0.3%, respectively.

Year-on-year GDP growth for the OECD area was 1.7% in the third quarter of 2016, marginally up from 1.6% in the previous quarter. Among Major Seven economies, the United Kingdom (2.3%) and Germany (1.7%) recorded the highest annual growth rates, while Japan registered the lowest (0.8%).

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Board of Jammu and Kashmir Bank appoints CFO
Nov 22,2016

Jammu and Kashmir Bank announced that the Board of Directors of the Bank in their meeting held on 12 November 2016 appointed S. K. Bhat, Senior President as Chief Financial Officer of the Bank in place of Vagish Chander, Executive President, with effect from 12 November 2016.

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Board of Glance Finance to appoints director
Nov 22,2016

Glance Finance announced that Meeting of the Board of Directors of the Company will be held on 28 November 2016, inter alia, to appoint Shripal Choudhari as an Independent Director of the Company.

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Board of Vedanta appoints director and Company Secretary
Nov 22,2016

The Board of Directors of Vedanta have approved the appointment of GR Arun Kumar, CFO of the Company as Whole Time Director (Additional Director) with effect from 22 November 2016 for a period of three years. The Board also appointed Bhumika Sood, Compliance Officer of the Company as Company Secretary and KMP of the Company with effect from 22 November 2016.

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RattanIndia Infra slips after Morgan Stanley pares stake
Nov 22,2016

Meanwhile, the BSE Sensex was up 34.86 points, or 0.14%, to 25,800.

On BSE, so far 85,000 shares were traded in the counter, compared with average daily volume of 4.49 lakh shares in the past one quarter. The stock hit a high of Rs 2.99 and a low of Rs 2.85 so far during the day. The stock hit a 52-week high of Rs 4.34 on 12 May 2016. The stock hit a 52-week low of Rs 2.85 on 22 November 2016. The stock had underperformed the market over the past 30 days till 21 November 2016, falling 8.84% compared with the 8.23% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 16.25% as against Sensexs 7.95% decline.

The small-cap company has equity capital of Rs 276.45 crore. Face value per share is Rs 2.

As on 30 September 2016, Morgan Stanley Asia (Singapore) held 2.24 crore shares, or 1.626% stake, of RattanIndia Infrastructure.

RattanIndia Infrastructure reported net loss of Rs 1.64 crore in Q1 June 2016 as against net loss of Rs 0.12 crore in Q1 June 2015. There were no sales reported in Q1 June 2016 and in Q1 June 2015.

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Nihar Info Global integrates 3500 Common Services Centers to sell products
Nov 22,2016

Nihar Info Global has successfully integrated 3500 Common Service Centers in Andhra Pradesh and Telangana to sell various products like electronics, mobile accessories, utility products, gold and silver coins and various other products. The Company is conducting workshops in various districts to train the VLEs for selling of various products.

The Company plans to integrate with more than 50000 Common Service Centers in various states within a period of 12 months.

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Manjeera Constructions announces resignation of CFO
Nov 22,2016

Manjeera Constructions announced the resignation of R Venkata Rao, CFO of the Company.

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Bliss GVS Pharma provides update on its Kenyan step down subsidairy
Nov 22,2016

Bliss GVS Healthcare, the Kenyan step down subsidiary of Bliss GVS Pharma has won a three year contract worth Rs 111.40 million from Aon Kenya Insurance Brokers for provision of Medical Healthcare Services in Kenya. This contract covers outpatient services for over 304,060 members.

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JMD Telefilms Industries appoints compliance officer
Nov 22,2016

JMD Telefilms Industries announced that Nitin Dabriwal, Company Secretary has been appointed as Compliance Officer of the Company w.e.f. 15 November 2016.

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Global Gyrations and Domestic Liquidity Glut to Keep Markets Volatile
Nov 22,2016

The improvement in domestic conditions owing to the de-notification of the currency and worsening of the global rate market conditions will keep the domestic markets on tenterhooks, says India Ratings and Research (Ind-Ra). The 10-year G-sec yield can trade between 6.28%-6.4% (6.43% at close on 18 November 2016). The rupee is likely to trade in the range of 67.85/USD-68.50/USD (68.14/USD at close on 18 November 2016).

Debt Markets at the Cusp of a New Horizon: The bond market is wedged between the improvement in domestic fundamentals and deterioration in the global environment. Ind-Ra believes that low inflation, marked improvement in the demand supply equation, expectations of further monetary easing will all keep the domestic bond market conditions constructive. Global developments, however, are likely to pose headwinds - resulting in an increase in the spread between the long end and the short end of the G-sec curve.

Liquidity Glut in the Market: The gush of bank deposits and restriction on withdrawal has led to a glut in the interbank liquidity market conditions. The situation is likely to continue for a while as the government endeavours to normalise conditions. Ind-Ra believes, volatility in the money market will continue in the near term, until normalcy is restore to banking operations. Ind-Ra also expects RBI to continue to sterilise the excessive liquidity through various modes, and explore other avenues apart from the reverse repos, if the easy liquidity conditions persist.

Headwinds to Rupee Continue: The increase in the probability of the Fed rate hike in the December 2016 policy - pushed up the dollar index to 101.2 from 97.5 through November 2016 and low of 92.6 in May 2016. The sharp strengthening of the dollar has been keeping emerging currencies under pressure. Ind-Ra believes this will keep the rupee trading with a weakening bias in the near term. Moreover, portfolio investment outflows from domestic bond markets and the weak equity market will deepen the pressure on the rupee.

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Board of Graphite India to consider September quarter & half year results
Nov 22,2016

Graphite India announced that a meeting of the Board of Directors of the Company will be held on 01 December 2016 to consider and approve unaudited financial results for the quarter / half year ended 30 September 2016.

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Kolte Patil Developers to announce September quarter & half year results
Nov 22,2016

Kolte Patil Developers announced that the Meeting of the Board of Directors of the Company will be held on 03 December 2016, inter alia, to consider and approve the unaudited Financial Results for the quarter and half year ended on 30 September 2016 and other business as per agenda.

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Drop in CV Loan Delinquencies, On-going Stress in Construction Equipment and Tractor Loans
Nov 22,2016

India Ratings and Researchs (Ind-Ras) analysis of structured finance pool data as of August 2016 shows that commercial vehicle (CV) delinquencies continued to fall while the stress in the construction equipment industry and tractor loans remained elevated. A continuous performance improvement was seen across all vintages of Ind-Ras rated commercial vehicle (CV) ABS portfolio. This is evident from the drop in the weighted average (WA) 90+ days past due (dpd) delinquency of 2014 and 2015 vintages. Also, Ind-Ras CV loans early delinquency index (tracks 30+dpd delinquencies) remained in the range of 5.2%-5.7% since the last report was published in June 2016, indicating an arrest of short-term delinquencies.

Stress in the construction equipment industry persists, with the six monthly average year-on-year changes in the mining index declining to 0.56% in August 2016 from 1.36% in August 2015. Also, WA 90+dpd delinquency for the 2014 vintage remained flat at 4% over the last six months, making it difficult to recover from deeper buckets. Also, the improvement observed in the core infrastructure index has not been consistent enough to support the recovery.

Tractor loans of 2014 and 2015 vintages are experiencing high delinquency levels. As of August 2016, WA 90+dpd delinquency stood at 6.45% for 2015 vintage loans, which is comparable to the loans of 2014 vintage at a similar level of seasoning. This however will have a limited impact on the transactions, because of high credit enhancement coverage on account of the significant amortisation of pass through certificates.

Ind-Ra observes a continual rise in portfolio at risk (PAR) for loans from microfinance institutions (MFI) since 1QFY17 for its rated MFI securitisations. The credit enhancement built up for Ind-Ras rated MFI securitisations has been strong, due to faster amortisation of around 50% within the first six months after issuance.

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