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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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Rupee closes up
Dec 16,2016

Rupee closed higher at 67.7577/7730 per dollar on Friday (16 December 2016), versus its previous close of 67.8799/8970 per dollar.

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Asia Pacific Market: Stocks tepid on capital outflow woes
Dec 16,2016

Asia Pacific share market mostly higher on Friday, 16 December 2016, following rally on Wall Street and European market overnight, but gains were limited as a surging US dollar and elevated US bond yields raised likelihood of fund outflows from emerging markets. MSCIs broadest index of Asia-Pacific shares outside Japan crawled up 0.1% after falling 1.8% on Thursday.

Emerging market countries worried over capital leaving in search of higher yields and return along with the growing cost of paying back dollar denominated debt.

The dollar stood near a 14-year peak, bond yields were highly elevated and Asian stocks struggled for traction on Friday as global markets continued adjusting to the idea of higher US interest rates. In a move that reverberated across the financial markets, the Fed on Wednesday raised rates for the first time in a year and projected three more increases in 2017, up from the two projected in September.

The dollar index, which measures the greenback against a basket of six major rivals, keeps chugging higher, hitting roughly 14-year high of 103.320, in anticipation of a more hawkish Federal Reserve and a boost in US economic growth under President-elect Donald Trump.

US stocks rebounded overnight, led by gains in bank shares, a day after the Federal Reserve raised interest rates for the second time in nearly a decade. Investors initially hit sell in response to a more hawkish Fed, which now sees three rate hikes next year instead of the two foreseen in September. But a day after the decision the market shifted tack, focusing more on the strengthening economy. Growth is likely to benefit as a result of the fiscal stimulus expected to hit under President-elect Donald Trump. Trumps spending plans could trigger inflation and bring about higher interest rates, making banks a likely winning sector in the new administration.

Among Asian bourses

Australia Stocks end lower

Australian share market finished session slight below neutral line, weighed down by weakness in commodity-related stocks, however, strength in consumer goods, industrial and realty counters helped to limit losses. At the closing bell, the benchmark S&P/ASX 200 index declined 5.70 points, or 0.1%, to 5532.90, while the broader All Ordinaries index dropped 5.30 points, or 0.09%, to close at 5589.70.

Shares of energy and materials companies extended losses, pressured by soft commodity prices. Woodside Petroleum declined 0.2% to A$30.93 and Origin Energy shed 0.5% to A$6.47 as a stronger greenback pressured demand for dollar-denominated crude. Among blue-chip miners, Rio Tinto lost 1.3% to A$59.29 and BHP Billiton, which also has significant oil interests, fell 1.3% to A$25 as Chinese iron ore futures dropped for a second session on Thursday. Gold miner Newcrest dropped 4.7% to A$16.75 s the precious metals price dropped to a 10-month low. Fortescue Metals, however, was up 0.2% to A$6.30, as it reassured investors with a further $1 billion repayment of a 2019 senior secured credit facility.

The banks were a mixed bag, with the Commonwealth Bank of Australia up 0.5% to A$81.06 and National Australia Bank up 0.2% to A$29.97 while ANZ and Westpac finished down 0.6% to A$29.81 and 0.2% to A$32.19, respectively.

Nikkei hits fresh one-year high

The Japan share market closed at fresh one-year high, as the yen depreciation to upper 118 level against greenback boosted exporters, meanwhile Japan financials were benefited from rising yields for global government bonds. The benchmark Nikkei 225 index added 0.66%, or 127.36 points, marking its highest closing level since December 2015. The broader Topix index of all first-section shares was up 0.52%, or 7.95 points, to finish at 1,550.67

Shares of export related companies advanced. The Japanese goods and services appeared cheaper on an exchange rate basis as the US dollar surged to fresh 10-month highs against the yen. Canon Inc rose 0.5% while camera maker Olympus rose 0.9%. Mitsubishi Motors closed up 2%, Mazda Motor was up 1.9% and Nissan Motor added 1%.

Banks were also up, benefiting from rising yields for global government bonds, in which they invest heavily. The yield on 10-year Japanese government bonds rose to 0.100% on Friday for the first time since Jan. 29, the day the Bank of Japan announced its negative-interest-rate policy. Mitsubishi UFJ Financial Group climbed 1.7% while Mizuho Financial Group Inc soared 2.2%.

China Stocks edge up

Mainland China stock market managed to eke out gains after early losses, on easing concerns over liquidity crunch in the banking system after reports Chinas central bank has pumped 600 billion yuan into the financial system over the past two days to stabilize the bond and stock markets. Sectors were mixed, with infrastructure and healthcare recovered some losses early this week, while banks and materials continued to lag on the dollars strength. The Shanghai Composite Index added 0.17% to 3,122.98, while the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.95% to 1,991.64. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, jumped 1.13% to close at 1,998.11 points. For the week, the Shanghai Composite Index was down 3.4%, its worst retreat in nearly eight months.

Stocks treaded carefully after regulators were reported to take more measures against insurers. Chinas insurance regulator has issued warnings to 10 companies after they failed to properly carry out self-inspections on their risk levels, the Securities Daily newspaper reported on Friday. The insurance regulator was also contemplating a cut in the single shareholders maximum stake in an insurance company to less than one third from 51%. The insurance regulator was also contemplating a cut in the single shareholders maximum stake in an insurance company to less than one third from 51%. Investors found some solace from the bond market. Chinas 10-year treasury futures rebounded 1.33% on Friday.

Hong Kong Stocks extend losses

The Hong Kong stock market finished at 4-1/2-month low, as caution over interest rate increases and the soaring US dollar dented confidence. A Fed rate hike affects borrowing costs in Hong Kong as the citys monetary policy is linked to that of the United States. The Hang Seng Index ended down 0.18%, or 38.65 points, to 22,020.75, while the Hang Seng China Enterprises index dropped 0.09%, or 8.83 points, to 9,470.33. Turnover decreased to HK$71.7 billion from HK$80.8 billion on Thursday.

Morgan Stanley raised Macau GGR growth in 2017 to 10% from 2%, or US$39 billion. But it also noted rich valuation in the industry. Galaxy Entertainment (00027) and Sands China (01928) rose 1.2% to HK$0.8% to HK$33.9 and HK$33. AIA (01299) bucked the downtrend, rising 1.5% to HK$44.4. It was the top blue-chip gainer today.

CKI Holdings (01038) slipped 2% to HK$62.3 after Citi Research lowered its target price and rated it sell. The stock registered HK$106 million worth of block deal.

Gold prices slipped 1% to 10-and-a-half month low. Zhaojin Mining (01818) plunged 6% to HK$6.29. China Gold (02099) dived 8% to HK$12.84. Zijing Mining (02899) declined 4% to HK$2.4.

India Benchmark indices settle with small losses

Key benchmark indices registered small losses tracking lacklustre trading on the European and Asian bourses. The market opened amid initial volatility and later for the entire trading session hovered a tad above and below the neutral line mirroring subdued market sentiments elsewhere in global markets today, 16 December 2016. The barometer index, the S&P BSE Sensex, lost 29.51 points or 0.11% to settle at 26,489.56. The Nifty declined 14.15 points or 0.17% to settle at 8,139.45.

Yes Bank was off 0.43%. The bank announced that it has necessary approvals from the board of directors and shareholders to borrow/ raise funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, MTN (Medium Term Notes), bonds upto Rs 10000 crore by the bank, in one or more tranches on private placement basis from time to time. The announcement was made after market hours yesterday, 15 December 2016.

Sun Pharmaceutical Industries (Sun Pharma) was down 0.38%. The company said that all the necessary formalities for closure of acquisition of 100% equity stake of Ocular Technologies, Sarl have been concluded and it has successfully completed the acquisition of Ocular Technologies, Sarl. The announcement was made after market hours yesterday, 15 December 2016.

Bharat Heavy Electricals (Bhel) was down 2.07%. The company announced during market hours today, 16 December 2016 that it has bagged a major order for supply of 118 sets of IGBT-based traction converters for 3 phase 6,000 HP electric locomotives. Valued at Rs 200 crore, the order has been placed on Bhel by Chittaranjan Locomotive Works (CLW).

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Virat Leasing to decide on dilution of stake in subsidiary - Fastflow Commodeal
Dec 16,2016

Virat Leasing announced that the meeting of the Board of Directors of the Company will be held on 21 December 2016, inter alia, to consider the following business as under:

- The Company may propose to disinvest or dilute its stake in the subsidiary Company Fastflow Commodeal.

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Aban Offshore decides to invest in 49% equity of Aban Drilling Services
Dec 16,2016

Aban Offshore announced that at the meeting of Committee of Directors held on 16 December 2016, it was decided to invest 49% in the equity shares of Aban Drilling Services.

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Wipro positioned as a Leader in Gartners Magic Quadrant for 3rd consecutive year
Dec 16,2016

Wipro announced that it has been positioned as a Leader in Gartners Magic Quadrant for Application Testing Services, Worldwide 2016 for the third consecutive year.

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Board of Poona Dal and Oil Industries approves change in CFO
Dec 16,2016

The Board of Directors of Poona Dal and Oil Industries at its meeting held on 16 December 2016 has accepted the resignation of Abhijit A Rathod as CFO with effect from 16 December 2016 and appointed Sunil Murlidhar Sharma as CFO with immediate effect.

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Hong Kong Stocks extend losses
Dec 16,2016

The Hong Kong stock market finished at 4-1/2-month low on Friday, 16 December 2016, as caution over interest rate increases and the soaring US dollar dented confidence. A Fed rate hike affects borrowing costs in Hong Kong as the citys monetary policy is linked to that of the United States. The Hang Seng Index ended down 0.18%, or 38.65 points, to 22,020.75, while the Hang Seng China Enterprises index dropped 0.09%, or 8.83 points, to 9,470.33. Turnover decreased to HK$71.7 billion from HK$80.8 billion on Thursday.

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Board of Castrol India appoints company secretary
Dec 16,2016

Castrol India announced that the Board of Directors at their Meeting held on 16 December 2016 have approved the appointment of Chandana Dhar as the Company Secretary and Compliance Officer of the Company with effect from 12 January 2017, upon the recommendation of the Nomination and Remuneration Committee.

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India Tourism Development Corporation announces cessation of director
Dec 16,2016

India Tourism Development Corporation announced that the term of office of Dr Usha Kiran Rai, the Independent Director of the Company has expired.

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CG-Vak Software & Exports announces appointment of company secretary
Dec 16,2016

CG-Vak Software & Exports announced Harcharan. J, Member of the Institute of Company Secretaries of India, has been appointed as the Company Secretary and Compliance Officer of the Company w.e.f 15 December 2016

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Outcom of board meeting of Surat Textile Mills
Dec 16,2016

The Board of Directors of Surat Textile Mills at its meeting held on 16 December 2016 has decided to defer the proposal for subscription of convertible warrants aggregating Rs 30 crore proposed to be issued by Garden Silk in favour of the Company on preferential basis.

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D S Kulkarni Developers announces resignation of Executive Director
Dec 16,2016

D S Kulkarni Developers announced that Shirish Deepak Kulkarni, Executive Director of the Company has resigned from his duties w.e.f. 16 December 2016.

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Outcome of board meeting of Anubhav Infrastructure
Dec 16,2016

Anubhav Infrastructure announced that the Board of Directors of the Company at its meeting held on 16 December 2016 approved the migration of the Company from BSE SME segment to Main Board of BSE.

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Shares of TCI Express get listed on NSE and BSE
Dec 16,2016

The equity shared of TCI Express are now listed on NSE and BSE with effect from 15 December 2016. The stock listed at an opening value of Rs 369.25 on NSE and Rs 367.95 on BSE. The closing price was Rs 351.95 per share on NSE and Rs 350.55 per share on BSE.

Earlier this year, the Company demerged from its parent company, TCI, to form a separate business entity focusing on express delivery services.

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Cyient allots equity shares
Dec 16,2016

Cyient announced that 21,613 equity shares have been allotted to the associates of the Company, upon exercise of the stock options under the Associate Stock Option Plan.

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