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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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City Union Bank opens 4 new branches
Mar 23,2017

City Union Bank has opened four new branches on 23 March 2017 at Alanganallur, Koodalnagar, Uthiramerur and North Poiganallur. This takes the total branches tally to 547.

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Lupin gets final approval for Tobramycin Inhalation Solution
Mar 23,2017

Lupin announced that it has received final approval for its Tobramycin Inhalation Solution USP, 300 mg/5 ml from USFDA to market a generic version of Novartis Pharmaceuticals TOBI 300 mg/5 ml.

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Asia Pacific Market: Stocks recovers on bargain buying
Mar 23,2017

Asia Pacific share market ended mostly higher on Thursday, 23 March 2017, as investors rushed for bottom fishing after the previous days hefty losses. Market upside was, however, limited amid caution ahead of a vote in the U.S. Congress on a health care bill put forward by Republican leaders and backed by U.S. President Donald Trump. The MSCI Asia Pacific Index was up a fraction at 147.43 at 4:47 p.m. in Hong Kong after earlier losing 0.3%.

The trading lacked vigor, as a wait-and-see mood grew ahead of a vote in the U.S. House of Representatives about a replacement plan for Obamacare, the health care act ushered in under previous administration of President Barack Obama. Investors were worried about a possible delay in the U.S. administrations implementation of fiscal and economic stimulus measures pledged by Trump n++if the vote is put off or the plan is rejected

Market participants wait-and-see mood was intensifying as they are also awaiting U.S. Federal Reserve chief Janet Yellens speech later in the day for hints about how many more times the central bank will raise interest rates within the year.

Among Asian bourses

Australia Shares up on materials

Australian equity market finished session higher today, snapping three straight days of losses, buoyed by the materials sector and gains from miner BHP Billiton. The market also found support from new bilateral agreements on beef exports, energy and security, which were expected to be signed between Australia and China during a four-day visit by Chinese Premier Li Keqiang. At the close, the benchmark S&P/ASX 200 index closed up 0.4%, or 23.49 points, at 5,708. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 561 to 460 and 343 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.04% to 12.257.

BHP Billiton ended more than 1% higher, driven by gains in oil and copper prices. Oil prices recovered from losses chalked up the session before, though the market remained under pressure as bloated US crude inventories dampen OPEC-led efforts to curb global production. Copper also recorded some gains, holding above two-week lows hit the previous session, due to a revival of investor sentiment.

The banks were mostly above water with the Commonwealth up 0.2% to $82.95 and Westpac down 0.15% to $33.44.

Brickworks posted a half year after tax profit of $104.1 million, up 35.4%. Its shares were steady at $13.77, just 0.07% higher.

Medical cannabis company Zelda Therapeutics shares added 3.6% to $0.084 after announcing two new clinical trials in Chile. Sigma Pharmaceuticals was up 2.5% to $1.23 after posting a 5% rise in full year profit to $53.2 million.

Nikkei recovers 0.23%

The Japan share market closed higher, helped by bottom fishing in domestic-demand stocks, a day after the benchmark index posted its biggest drop in four months. Market upside was, however, limited due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama. The 225-issue Nikkei average gained 43.93 points, or 0.23%, to close at 19,085.31. On Wednesday, the Nikkei average gave up 414.50 points, suffering the biggest closing loss since Donald Trumps victory in the U.S. presidential election in November last year. The Topix index of all first-section issues ended up 0.21, or 0.01%, at 1,530.41.

Domestic-demand stocks, such as those in the food and utility sectors, supported the market. Beverage maker Asahi Group Holdings Ltd. rose 2.6% to Y4,288 and Kansai Electric Power Co. gained 1.3% to Y1,254.0.

Industrial robot manufacturer Fanuc and clothing store chain operator Fast Retailing, both heavily weighted components of the Nikkei average, attracted buying. Automakers Fuji Heavy, Honda and Mazda wiped out earlier losses to end higher thanks to a pause in the yens appreciation. Also on the plus side were insurer Dai-ichi Life, retail giant Seven & I Holdings, and oil companies JX Holdings and Inpex.

By contrast, game maker Nintendo met with profit-taking after a rally. Mega-bank groups Mitsubishi UFJ and Sumitomo Mitsui, mobile phone carriers SoftBank and KDDI, and railway operator JR East were also downbeat.

Several electronics and auto stocks fell. Sharp Corp. fell 1.4% to 411 yen. Mitsubishi Motors Corp. lost 1.2% to Y677.

China Stocks inch up

The Mainland China equity market ended slight higher, helped by bargain hunting after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index. But, market upside capped due to slump in Shanghai B shares amid worries over tight liquidity and stepped-up regulation. Sector performance was mixed, with energy shares lagged, while banking and property stocks firmed. The benchmark Shanghai Composite Index climbed 0.10%, or 3.33 points, to 3,248.55 and the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was marginally higher, adding 0.71 point to 2,038.60.

Investors found some solace after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index.

However, market upside capped due to investors concerns over tight liquidity in the countrys interbank market and stepped-up regulation on domestic financial institutions. Cash conditions tightened on worries the central banks quarterly risk assessment at the end of this month would restrict lending in the interbank market. In addition, the assessment will include off-balance sheet wealth management products (WMPs) for the first time.

Insurance firms advanced on news that the premium income received by insurers jumped more than 30% in the first two months, compared with a year earlier. China Life Insurance Co and Ping An Insurance Group Co of China gained 1.4% and 1.9%, respectively.

But liquor makers turned bearish, bucking a broad trend, as an index tracking the sector retreated after it climbed to an all-time high in the previous session.

Hong Kong Stocks close virtually flat

The Hong Kong stock market closed session edge higher, as strength in Chinese real estate developers was offset by weakness in some blue chips as their earnings reports disappointed investors. The benchmark Hang Seng index ended roughly flat at 24,327.70 points, while the Hong Kong China Enterprises Index gained 0.3% to 10,487.45. Turnover decreased to HK$91.8 billion from HK$103.5 billion on Wednesday.

Industry bellwether Tencent Holdings fell 1% to HK$223 after the tech giant reported quarterly profits of 10.53 billion yuan ($1.53 billion) on Wednesday.

Heavyweight China Mobile slid 3% to HK$87.25, as hopes of higher dividend vanished after the largest telecommunications network operator in China reported a mere 0.2% rise in profit to RMB108.74 billion for last year.

Shares of AAC Technologies Holding Inc jumped 10% to HK$95.25 on news that the miniature technology components maker posted a 30% increase in net profit for 2016, compared with the previous year, and triggered upgrades from research houses.

CKH Holdings (00001) gained 1% to HK$97.8 after the conglomerate reported 2016 earnings growth of 6% to HK$33 billion, which came in better than expectations.

WH Group soared 10% to HK$6.66 after it reported 2016 earnings growth of 32%. The company said China and Hong Kong banned imports of frozen and chilled meat and poultry meat from Brazil will bring about new opportunities for the company.

Indian Market settles with modest gains

Key benchmark indices logged modest gains in a steady session of trade as it tracked a recovery in global markets. Energy shares led the gains while financials and auto shares also staged a smart comeback. The barometer index, the S&P BSE Sensex, rose 164.48 points or 0.56% to settle at 29,332.16. The Nifty 50 index rose 55.85 points or 0.62% to settle at 9,086.30.

On the sectoral front, the BSE Oil & Gas index gained the most at 1.21%, followed by Power (up 1.20%), Metals (up 1.08%), Capital Goods (up 1.04%) and Auto (up 0.84%) indices. BSE FMCG index (down 0.10%) was the only sectoral loser on Thursday.

Tata Motors was the biggest gainer among Sensex scrips, rising by 2.59%. GAIL, NTPC and Wipro too rose up to 2.39%. Reliance Industries and Infosys also advanced over 1% to help the index close with strong gains.

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CMI provides update on scheme of amalgamation
Mar 23,2017

CMI announced the amalgamation of CMI Energy India into CMI.

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Aditya Birla Nuvo transfers its entire 51% stake in Birla Sun Life Insurance Company
Mar 23,2017

Aditya Birla Nuvo announced that the Company has transferred its entire stake of 51% held in Birla Sun Life Insurance Company, a subsidiary of Aditya Birla Nuvo, to Aditya Birla Financial Services, a wholly owned subsidiary of Aditya Birla Nuvo.

Consequently, Birla Sun Life Insurance Company has become a subsidiary of Aditya Birla Financial Services and a step down subsidiary of Aditya Birla Nuvo.

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Third Protocol Amending India-Singapore DTAA notified today; Comes into force with effect from 27th February 2017
Mar 23,2017

The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30th December, 2016, has come into force on 27th February 2017. The same has been notified in the Official Gazette today.

The India-Singapore DTAA at present provides for residence based taxation of Capital Gains of shares in a company. The Third Protocol amends the DTAA with effect from 01st April, 2017 to provide for source based taxation of capital gains arising on sale of shares in a company. This will curb revenue loss, prevent double non-taxation and streamline the flow of investments. In order to provide certainty to investors, investments in shares made before 01st April, 2017 have been grandfathered subject to fulfillment of conditions in Limitation of Benefits clause as per 2005 Protocol. Further, a two-year transition period from 1st April, 2017 to 31st March, 2019 has been provided during which capital gains on shares will be taxed in source country at half of normal tax rate, subject to fulfillment of conditions in Limitation of Benefits clause.

The Third Protocol also inserts Article 9(2) in the DTAA which would facilitate relieving of economic double taxation in transfer pricing cases. This is a taxpayer friendly measure and is in line with Indias commitments under Base Erosion and Profit Shifting (BEPS) Action Plan to meet the minimum standard of providing Mutual Agreement Procedure (MAP) access in transfer pricing cases. The Third Protocol also enables application of domestic law and measures concerning prevention of tax avoidance or tax evasion.

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Hindalco Industries allots 34082 equity shares
Mar 23,2017

Hindalco Industries has allotted 34082 equity shares of face value of Re.1 /- each to the optionees, pursuant to the exrecise of the options granted to the employee under the Companys Employee Stock Option Scheme.

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Hong Kong Stocks close virtually flat
Mar 23,2017

The Hong Kong stock market closed session edge higher on Thursday, 23 March 2017, as strength in Chinese real estate developers was offset by weakness in some blue chips as their earnings reports disappointed investors. The benchmark Hang Seng index ended roughly flat at 24,327.70 points, while the Hong Kong China Enterprises Index gained 0.3 percent to 10,487.45. Turnover decreased to HK$91.8 billion from HK$103.5 billion on Wednesday.

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China Stocks inch up
Mar 23,2017

The Mainland China equity market ended slight higher on Thursday, 23 March 2017, helped by bargain hunting after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index. But, market upside capped due to slump in Shanghai B shares amid worries over tight liquidity and stepped-up regulation. Sector performance was mixed, with energy shares lagged, while banking and property stocks firmed. The benchmark Shanghai Composite Index climbed 0.10%, or 3.33 points, to 3,248.55 and the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was marginally higher, adding 0.71 point to 2,038.60.

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Nikkei recovers 0.23%
Mar 23,2017

The Japan share market closed higher on Thursday, 23 March 2017, helped by bottom fishing in domestic-demand stocks, a day after the benchmark index posted its biggest drop in four months. Market upside was, however, limited due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama. The 225-issue Nikkei average gained 43.93 points, or 0.23%, to close at 19,085.31. On Wednesday, the Nikkei average gave up 414.50 points, suffering the biggest closing loss since Donald Trumps victory in the U.S. presidential election in November last year. The Topix index of all first-section issues ended up 0.21, or 0.01%, at 1,530.41.

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Indias current account deficit spikes to 1.4% of GDP in Q3 of FY2017
Mar 23,2017

Indias current account deficit (CAD) at US$ 7.9 billion (1.4% of GDP) in Q3 of 2016-17 was higher than US$ 7.1 billion (1.4% of GDP) in Q3 of 2015-16 and US$ 3.4 billion (0.6% of GDP) in the preceding quarter.

Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisibles receipts. Net services receipts moderated on a y-o-y basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.2 billion, having declined by 3.8% from their level a year ago.

In the financial account, net foreign direct investment at US$ 9.8 billion in Q3 of 2016-17 was marginally lower than its level a year ago.

There has been net outflow of portfolio investment to the tune of US$ 11.3 billion as against net inflow of US$ 0.6 billion in Q3 of last year; portfolio outflows occurred in both equity and debt segments.

Reflecting the redemption of FCNR (B) deposits, non-resident Indian (NRI) deposits declined by US$ 18.5 billion in Q3 of 2016-17 as against an inflow of US$ 1.6 billion a year ago.

In Q3 of 2016-17, foreign exchange reserves (on BoP basis) declined by US$ 1.2 billion as against an increase of US$ 4.1 billion in Q3 of last year.

BoP during April-December 2016

On a cumulative basis, the CAD narrowed to 0.7% of GDP in April-December 2016 from 1.4% in the corresponding period of 2015-16 on the back of the contraction in the trade deficit.

Indias trade deficit narrowed to US$ 82.8 billion in April-December 2016 from US$ 105.3 billion in April-December 2015.

Net invisible receipts were lower, mainly due to moderation in software exports and net private transfers and higher outgo on account of primary income (profit, interest and dividends).

Net FDI inflows during April-December 2016 (US$ 30.6 billion) rose by 12.3% over the level during the corresponding period of 2015-16.

Portfolio investment recorded a net outflow of US$ 3.2 billion during April-December 2016 as compared with US$ 3.0 billion a year ago.

In April-December 2016, there was an accretion of US$ 14.2 billion to the foreign exchange reserves.

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Zuari Agro Chemicals acquires 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals
Mar 23,2017

Zuari Agro Chemicals has acquired 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals from Zuari Global for Rs 16.10 per share aggregating Rs 51.95 crore.

The proposed acquisition of shares was approved by the Board of Directors of the Company at its meeting held on 30 July 2014.

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Australia Shares up on materials
Mar 23,2017

Australian equity market finished session higher on Thursday, 23 March 2017, snapping three straight days of losses, buoyed by the materials sector and gains from miner BHP Billiton. The market also found support from new bilateral agreements on beef exports, energy and security, which were expected to be signed between Australia and China during a four-day visit by Chinese Premier Li Keqiang. At the close, the benchmark S&P/ASX 200 index closed up 0.4%, or 23.49 points, at 5,708. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 561 to 460 and 343 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.04% to 12.257.

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Siemens wins an order worth Rs 187.4 crore
Mar 23,2017

Siemens announced that it has won an order worth approximately Rs. 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet.

BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREBs efforts to upgrade the countrys rural electricity distribution system and will contribute to accomplishingthe Government of Bangladeshs Vision of n++Electricity for All by 2021n++.

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Coal India announces change in directorate
Mar 23,2017

Coal India announced the appointment of Vinod Jain, Independent Director, Coal India on the Board of South Eastern Coalfields (SECL) Material Subsidiary Company as Independent Director.

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