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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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Vedanta announces demise of director
Jul 10,2017

Vedanta announced the sad demise of Naresh Chandra, Non-Executive Independent Director of the Company on 09 July 2017.

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Subex intimates of redemption of FCCBs
Jul 10,2017

Subex announced that outstanding USD 3,600,000 out of the USD 127,721,000 5.70% secured convertible Bonds due 07 July 2017 FCCB III listed on Singapore Exchange Securities Trading have been redeemed.

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Hinduja Global Solutions appoints CEO for its European operations
Jul 10,2017

Hinduja Global Solutions has appointed Adam Foster as Chief Executive Officer for its European operations. To be based out of London in the UK, Foster will work on enhancing the HGS brand and driving growthin the region. He will also be a key member of HGS Global Advisory Board and participate in corporate strategy.

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ICICI Bank allots 82,216 equity shares
Jul 10,2017

ICICI Bank has allotted 82,216 equity shares unders ESOP on 06 July 2017.

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Rupee gains
Jul 10,2017

Rupee closed higher at 64.6750/6800 per dollar on Monday (10 July 2017), versus its previous close of 64.75/7525 per dollar last Friday.

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Jaypee Infratech announces resignation of director
Jul 10,2017

Jaypee Infratech announced the resignation of Arun Balakrishnan, Independent Director with effect from 09 July 2017.

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FPIs turn net sellers
Jul 10,2017

Foreign portfolio investors (FPIs) sold stocks worth a net Rs 420.16 crore into the secondary equity markets on 7 July 2017, compared with net inflow of Rs 163.83 crore on 6 July 2017. On that day, the Sensex fell 8.71 points or 0.03% to settle at 31,360.63, its lowest closing level since 5 July 2017.

The net outflow of Rs 420.16 crore on 7 July 2017 was a result of gross purchases of Rs 3716.82 crore and gross sales of Rs 4136.98 crore.

There was a net inflow of Rs 0.30 crore into the category primary market & others on 7 July 2017, which was a result of gross purchases of Rs 0.30 crore and nil gross sales.

FPIs had sold stocks worth a net Rs 1365.66 crore into the secondary equity markets in July 2017 so far (till 7 July 2017). FPIs had purchased stocks worth a net Rs 906.13 crore from the secondary equity markets in June 2017.

FPIs have purchased shares worth a net Rs 37189.86 crore from the secondary equity markets in calendar year 2017 so far (till 7 July 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

FPIs have bought stocks worth a net Rs 1076.92 crore from the category primary market & others in July 2017 so far (till 7 July 2017). FPIs had bought stocks worth a net Rs 2710.69 crore from the category primary market & others in June 2017.

FPIs have purchased shares worth a net Rs 15875.70 crore from the category primary markets & others in calendar year 2017 so far (till 7 July 2017). The net inflow from FPIs into the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Digital Payments increase by a whopping 55 per cent in 2016-17
Jul 10,2017

The RBI data shows that the volume of digital payments has recorded a CAGR of 28 per cent during the five year period ending 2015-16. In contrast, the increase has been a whopping 55 per cent in 2016-17, according to an analysis and evaluation of the current digital payments landscape in the country as captured by NITI Aayog. Further, the value of overall payments was around 13 to 14 times of GDP during the five-year period. In contrast, the outstanding stock of currency in circulation, which hovered around 12% of GDP during 2011-12 to 2015-16, declined to 8.8% during 2016-17, reflecting the impact of demonetisation partially offset by the ongoing re-monetisation process. This trend was shared by Mr. Ratan P Watal, Principal Advisor, NITI Aayog and Former Finance Secretary.

Mr. Watal said that the retail payments segment accounted for as much as 98 to 99% of total volumes. Of this, the share of paper clearing which formed over half the total volume in 2011-12, steadily dropped to 16% in 2015 -16 and further to 11% in 2016-17 with a corresponding increase in the combined share of electronic clearing and cards.

He said that these figures are truly reflective of the fact that India today stands at the cusp of a digital payments revolution through rapid penetration of digital payments infrastructure across the length and breadth of the country. Due to innovations in digital payment technologies and increasing consumer satisfaction, the growth trends in digital payments are positive and will continue to dominate the payments landscape in India. This dispels the doubts raised by some commentators regarding the growth of Digital Payments, subsequent to demonetization.

Mr. Watal said that for instance, in an article published in the Indian Express it was claimed that the surge in digital payments, post demonetization was temporary as cash was not readily available. Once cash was available, the surge in Digital Payments tapered off. RBI data was used to substantiate this hypothesis.

He said that it is to be noted that that this data was based on RBI figures capturing just a few select payment system indicators only and includes Card transactions of only 4 major banks and PPI transaction of only 8 major non-bank entities for goods and services only. The data therefore referred to a subset of the entire spectrum of Digital Payments. Hence the conclusion that was drawn may not have given the true picture.

Mr. Watal said that NITI Aayogs analysis based on a more comprehensive analysis of digital payments growth drivers, the growth in Digital payments in 2016-17 was 55% in volume terms and 24.2% in value terms. In April 2017, there has been again a significant growth in digital payments as compared to April 2016. These findings run counter to what was projected in the article that I referred to. The content of the handbook is about this viewpoint.

He said that NITI Aayogs analysis dispels all doubts in the mind of keen observers of Digital Payments that the growth trajectory of Digital payments in the country continues unabated. Demonetization helped to push the graph of Digital mode of transactions upwards. The substance of this initiative of the Government is that technology will ultimately drive consumer behavior in switching from n++cash to card.n++ And now the new GST code will add to this momentum too.

The handbook recommends that the digital payments data should be disseminated at a disaggregated level. Currently data on digital payments is available only at an aggregate level, thus making it difficult to analyze the growth and effectiveness of individual digital payment technologies. We have proposed a classification for disaggregation - according to service provider, payment instruments, payment destination, user, value, area, etc. The NITI Aayog is working with the RBI towards data dissemination is such a metric format. Going forward, this is indeed a challenge but this will be extremely useful in policy making and analysis, Mr. Watal added.

Speaking about the governments plan to reach 25 billion digital transactions by March 2018, Mr. A.P. Hota, Managing Director & CEO, National Payments Corporation of India, said that it was necessary that banks issue debit cards to their un-carded customers; enhancement of acceptance infrastructure i.e. deployment of POS, mPOS, Aadhaar Pay, QR code, Micro ATM; all customers to be enabled for internet banking; all customers to be enabled for mobile banking; Aadhaar seeding should be mandatory; dis-incentivize cash base transactions and incentivize electronic transactions and creating awareness about digital payments.

Mr. Virat Bhatia, Chairman, FICCI Committee on ICT & Digital Economy and President-IEA, South Asia, AT&T Communication Services India Pvt Ltd., said that Indias digital payment system has been evolving robustly, spurred by developments in information and communication technology. There are three trends that are shaping the future of the digital payment space in India. First, is the rapid growth of the more nimble Fintech players that are working to deliver services in a manner never seen before. Second, the experience of customers in other industries be it e-commerce, healthcare, education or transportation is improving at such a fast pace that they are now expecting similar delivery and interface even in the payment industry. Third, is the push government is giving to digital economy in the country and which itself is inducing a change in consumer behaviour and making customers ask for more convenience for their payments.

Mr. Sudhakar Ramasubramanian, Co-Chairman, FICCI Committee on Fintech & MD and CEO, Aditya Birla Idea Payments Bank Ltd., said that though people had bank accounts, they still engaged in cash transactions but demonetization accelerated the pace of digital payments. The government, industry and stakeholders for the first time had come together for the same cause. With some standardization in the systems, he added that technology and available solutions could help in creating the last mile connectivity and bringing customers on board digital payments.

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Decillion Finance to hold board meeting
Jul 10,2017

Decillion Finance will hold a meeting of the Board of Directors of the Company on 17 July 2017, to approve the appointment of Miss. Archana Mishra as Company Secretary subject to recommendation from Nomination and Remuneration Committee.

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JM Financial to hold board meeting
Jul 10,2017

JM Financial will hold a meeting of the Board of Directors of the Company on 24 July 2017, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the first quarter ended 30 June 2017.

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Sirhind Steel to hold AGM
Jul 10,2017

Sirhind Steel announced that the 40th Annual General Meeting (AGM) of the company will be held on 11 August 2017.

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Bansal Roofing Products to hold AGM
Jul 10,2017

Bansal Roofing Products announced that the 9th Annual General Meeting (AGM) of the company will be held on 18 August 2017.

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Indraprastha Medical Corporation to hold board meeting
Jul 10,2017

Indraprastha Medical Corporation will hold a meeting of the Board of Directors of the Company on 28 July 2017, to consider and approve the Unaudited Financial Results for the quarter ended 30th June 2017.

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Bharat Immunological & Biolog.Corp. to hold board meeting
Jul 10,2017

Bharat Immunological & Biolog.Corp. will hold a meeting of the Board of Directors of the Company on 25 July 2017, to approve and take on record the Un-audited Quarterly Financial Results of the Company for the quarter ended 30th June 2017.

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Pioneer Embroideries to hold AGM
Jul 10,2017

Pioneer Embroideries announced that the 25th Annual General Meeting (AGM) of the company will be held on 29 August 2017.

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