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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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Shares of Pure Giftcarat get listed
May 08,2017

The equity shares of Pure Giftcarat (Scrip Code: 540492) are listed effective 08 May 2017 and admitted to dealings on the Exchange in the list of M Group Securities.

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Board of LG Balakrishnan & Bros drops proposal for stock split
May 08,2017

The Board of Directors of LG Balakrishnan & Bros at its meeting held on 06 May 2017 has considered and dropped the proposal of Sub-division of equity shares of the Company from face value of Rs.10/- to Re. 1/-.

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Pincon Spirits Chairman and MD wins The Asia Pacific Entrepreneurship Award 2017
May 08,2017

Pincon Spirit announced that Monoranjan Roy, Chairman and Managing Director of the company has been awarded with prestigious The Asia Pacific Entrepreneurship Award 2017 under the Consumed Goods Industry category for the second consecutive time.

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P&G Hygiene and Health Care hits record high after good Q3 results
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 90.80 points, or 0.30% to 29,949.60.

On the BSE, 402 shares were traded in the counter so far, compared with average daily volumes of 2,849 shares in the past one quarter. The stock had hit a high of Rs 7,780 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 7,449 so far during the day. The stock hit a 52-week low of Rs 6,025 on 29 June 2016.

The stock had outperformed the market over the past one month till 5 May 2017, rising 0.09% compared with 0.23% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 5.33% as against Sensexs 5.73% rise.

The large-cap company has equity capital of Rs 32.46 crore. Face value per share is Rs 10.

The board of Procter & Gamble Hygiene and Health Care declared a special interim dividend of Rs 362 per equity share.

Procter & Gamble Hygiene and Health Care is an FMCG company.

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Rs 2.44 lakh crore NPAs sold to asset reconstruction firms: study
May 08,2017

As a crucial part of the resolution of the non-performing asset (NPAs), the Asset Reconstruction Companies (ARCs) have been sold Rs 2.44 lakh crore worth of gross NPAs even as the current stock of stress in the Indian banking system is estimated at Rs. 11.80 lakh crore, according to an ASSOCHAM-SIPI-Edelweiss study.

Seeking a level playing field with the banks in terms of conversion of loans into equity, the paper said that though a huge level of stressed assets, as much as 15 per cent of advances (9.84 per cent NPAs and 4.2 per cent restructured assets), is a matter of concern for the economy, it offers a huge opportunity for the ARCs, adds the joint study.

As many as seven ARCs have largely been promoted by banks even as foreign direct investment has also been permitted into the asset reconstruction, which the paper said should be treated as a resolution and not a recovery business.

The paper said there must be a level playing field along with more teeth to ARCs for dealing with the promoters of companies owing a high level of bank debt which has decayed into NPAs. At least 51 per cent conversion should be allowed to ARCs while reconstructing an asset.

The ARCs are not on par with banking system when it comes to equity conversion. While RBI has given sweeping powers to bank in form of Strategic Debt Restructuring (SDR) and even in case of normal debt conversion, ARCs are restricted to maximum 26 percent of equity share in a particular company.

The paper stressed that incentive structure has to be introduced for banks where 100 per cent debt is sold to ARCs. The banks are not following a consortium approach which is a major issue that leads to delay of 12-18 months for debt aggregation. ARCs have to resort to a time- consuming process of dealing with each bank separately, often at different commercial terms.

The companies under reconstruction require working capital and often the non-fund based requirements are high. The banks selling NPAs to ARCs, cannot lend, while non-bank entities, such as private equity /NBFC, demand very high interest along with priority in repayment over existing debt.

Further the banking system is completely against any new exposure including non-fund based to these companies, even if they have come out of their structural issues. n++This leaves the responsibility of providing working capital finance on the ARCs and even non-fund based limits have to be raised against 100 per cent cash margins thus putting more pressure on the resources of stressed asset and impacting the viability,n++ the ASSOCHAM- SIPI-Edelweiss said.

Besides, while there have been changes in the SARFAESI Act exempting applicability of stamp duty, states have yet to pass necessary legislations to give effect to the same. Further, the registration fee for such transaction documents is very high in many states, increasing the cost for the ARCs and finally the borrower.

The growth of ARCs in India has been primarily in four phases, the current one being the 4th phase and amongst the most exciting in terms of possibilities it presents to the industry. ARCs have been doing a lot of work to ensure that the banking system is relived from the structural NPA problem which they are currently facing.

Decline in NPA sales is on account of two main reasons; first because of price mismatch between the expectations of ARC and the banks two, due to resource constraints.

However, post March 2016, amendments and relaxation of shareholding limits in ARCs as well as increase in permitted FDI investment limit in ARCs has provided a fillip to sourcing capital. The number of ARCs having been granted certificate by RBI stands at 23 in March 2017.

Significant capital has been raised and is ready for deployment by existing players while several new high profile players are expected to commerce business in FY 2018.

n++While ARCs are an important means to help banks manage NPAs, at its heart, ARC business is a resolution business and not a recovery business. ARCs do not have any magic spell for revving a non performing asset. Process of resolving a stressed asset requires aggregation of debt outstanding to various banks, arrangement of capital, right sizing the business and bringing in a strategic partner. This requires a period of 3-5 yearsn++, said ASSOCHAM Secretary General Mr D S Rawat

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Monsanto sprouts after good Q4 outcome
May 08,2017

The result was announced after market hours on Friday, 5 May 2017.

Meanwhile, the S&P BSE Sensex was up 30.90 points, or 0.1%, to 29,889.70. The S&P BSE Mid-Cap index was up 59.09 points, or 0.4%, to 14,777.57.

On BSE, so far 1,383 shares were traded in the counter, compared with an average daily volume of 2,976 shares in the past one quarter. The stock hit a high of Rs 2,640 and a low of Rs 2,602.05 so far during the day. The stock had hit 52-week high of Rs 2,744.85 on 15 June 2016. The stock hit 52-week low of Rs 1,731 on 4 May 2016.

The mid-cap company has equity capital of Rs 17.26 crore. Face value per share is Rs 10.

Monsanto India, a subsidiary of the Monsanto Company, USA is a seed company focusing on maize and agricultural productivity. Monsanto Company, USA, currently holds 72.14% stake in Monsanto India (as per the shareholding pattern as on 31 March 2017).

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Board of Navketan Merchants accepts resignation of director
May 08,2017

Navketan Merchants announced that the Board of Directors of the company at their meeting held on 06 May 2017, interalia, has approved the following:

Resignation of Raj Kumar Agarwal, Director

Raj Kumar Agarwal, Director of the Company has given notice of his resignation as Director due to personal reasons with immediate effect. The Board accepted the same.

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Bosch to resume normal operation at Adugodi, Bengaluru facilities
May 08,2017

Bosch announced that normal operations will be resumed at its Adugodi, Bengaluru facilities effective 08 May 2017.

The Company decided to halt the operations at the said facilities effective 06 May 2017 in compliance with a public notification dated 05 May 2017 issued by Karnataka State Pollution Control Board directing forthwith closure of all industrial units within the catchment area of Bellandur Lake, Bengaluru.

Subsequently, the Company made presentation to the pollution control board authorities who have clarified that the provision of the above referred public notification are not applicable to the companys facility in the area.

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Board of Kandagiri Spinning Mills appoints directors
May 08,2017

The Board of Directors of Kandagiri Spinning Mills at its meeting held on 06 May 2017 has appointed Dr R Ramarathnam and D Balasundaram as Additional Director as Additional Directors of the Company with effect from 06 May 2017.

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IL&FS Transportation Networks provides financial update on subsidiary
May 08,2017

IL&FS Transportation Networks announced that its subsidiary, Jharkhand Road Projects Implementation Company has re-financed its Debt of Rs. 1,730 crore availed for development 5 Road stretches in the State of Jharkhand by issue of Non-Convertible Debentures at a weighted average coupon of 9.45% p.a. resulting in reduction of interest cost by approx. 205 basis points.

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Nirmala Sitharaman has said that mid-term review of Foreign Trade Policy would be completed early to synchronise its roll out with GST
May 08,2017

Commerce and Industry Minister Smt. Nirmala Sitharaman has said that the revised Foreign Trade Policy (FTP) would be released early to synchronise the same with roll out of GST. The core focus of the revised FTP would be promoting exports from the SMEs and high employment potential sectors. Smt. Nirmala Sitharaman was chairing a meeting on the Mid-Term review of the Foreign Trade Policy 2015-20 organised jointly by Department of Commerce and Research and Information System for the Developing Countries (RIS) .

Major suggestions discussed during the deliberations related to promoting Rupee Trade, facilitating not only exports but also imports and reducing cost of credit. Participant recommended harnessing the high foreign exchange earnings and large employment generation potential of services related to the Tourism, Education and Health sector. Such services fall under the WTO category of the Mode 2 Services, also called the Consumption Abroad category. It was emphasised that promotion of mode2 in services sector shall contribute in domestic economic development and job creation.

Concerns were also raised on issues relating to GST and its impact on export. Minister said that Department of Commerce has already taken up these issues with Department of Revenue, and assured that it will again take up theses issues With DoR for placing it before GST council to find a solution.

Critical role of Logistics sector for export competitiveness was also discussed;, reducing the cost of credit in promoting exports, export basket diversification, strategy for promoting value added exports, agriculture exports and services exports were also deliberated.

It may be noted that while announcing the five year FTP, 2015-2020 on 01.04.2015, Honble Commerce & Industry Minister had announced that the policy would be reviewed on mid-term basis. The exercise has been initiated by Department of commerce in January 2017. DGFT has held consultation with a cross section of stakeholders.- Exporters, Traders, Export promotion Councils, Commodity Boards, Various Ministries of the Central Govt., State Governments, foreign missions of India and Industry Bodies- in this regard.

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Arun Jaitley asks the ADB to set up a regional hub in New Delhi for the South Asia region to meet growing aspirations of the people
May 08,2017

The Union Finance Minister Shri Arun Jaitley asked the Asian Development Bank (ADB) to set up a regional hub in New Delhi for the South Asia region in order to keep pace with the growing aspirations of the people and to expedite the process of project preparation and delivery for India and other countries in the region. He also urged the Bank to adopt country system for procurement, social and environmental safeguards expeditiously.

The Union Finance Minister Shri Arun Jaitley congratulated the Asian Development Bank (ADB) on completing its 50 years and serving the people of Asia-Pacific region. While lauding the efforts of the Bank in eliminating poverty in the region through development of physical and social infrastructure, Shri Jaitley called for a greater focus on renewable energy keeping in view our commitment to tackle climate change.

In urban development, especially in the sectors of drinking water and sanitation, Shri Jaitley underlined the major challenges faced by many developing countries in making the system work without having to depend much on the budgetary support from the national governments. He urged the Bank to promote sustainable models that will address these challenges. He called upon ADB to focus on climate resilient agriculture, better farm production technologies, improved value chain management and creation of better marketing infrastructure for farm produce.

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ACC, Ambuja Cements in focus after merger plan
May 08,2017

Shares of cement majors ACC and Ambuja Cements will be watched. ACC and Ambuja Cements announced that their respective boards have agreed to start the evaluation of a potential merger between the two companies with a view to combine the strengths of both businesses. A special committee of directors, comprising largely of independent directors, has been constituted to commence the evaluation, ACC and Ambuja Cements said in separate statements after market hours on Friday, 5 May 2017.

No decision to merge has been taken and the board will decide on a merger upon receiving a recommendation from the special committee and the audit committee, the ACC statement said. ACC and Ambuja are both a part of conglomerate LafargeHolcim Group.

TCS announced that it has opened its first Drones Research Lab in the US at its Seven Hills Park Innovation centre located in Cincinnati, Ohio to address the rapidly expanding demand for unmanned aerial vehicles and business solutions across industries. The announcement was made after market hours on Friday, 5 May 2017. Drones Research Lab is an extension of the global TCS Research and Innovation ecosystem bringing the combined expertise of its labs, start ups, academia, and technology partners closer to customers.

Iron ore mining major NMDC produced 2.98 million tonnes and sold 3.56 million tonnes of iron ore during April 2017. The announcement was made on Saturday, 6 May 2017.

Container Corporation of India (Concor) announced signing four memorandum of understanding (MoUs) during the India Integrated Transport & Logistics (IITL) Summit 2017 on 5 May 2017 at Vigyan Bhawan, New Delhi. Concor signed two tripartite MoUs with the state government and the National Highways Authority of India (NHAI) for development of Multimodal Logistics Parks (MMLPs) at Hyderabad and Surat. Further, the company signed one MoU with Paradip Port for development of a MMLP; and one MoU with Chennai Port for the development of an extended gate facility at CONCORs facility at Tondiarpet to ease the congestion at Chennai Port. The announcement was made after market hours on Friday, 5 May 2017.

Parag Milk Foods announced that it has entered into the beverage market with pure Alphonso drink enhanced with dash of milk. The company diversified into fruit juice drink segment by launching Slurp with an aim to expand its footprint in the beverage category. For starters, Slurp will be available across markets of Mumbai, Delhi, Kanpur and Chennai in 200 ml tetra pack at Rs 20. The announcement was made after market hours on Friday, 5 May 2017.

On a consolidated basis, net profit of BSE rose 258.99% to Rs 72.66 crore on 22.73% rise in net sales to Rs 220.73 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 5 May 2017.

On a consolidated basis, net profit of Eicher Motors rose 33.91% to Rs 459.44 crore on 22.91% rise in net sales to Rs 1876.54 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 5 May 2017.

Net profit of Procter & Gamble Hygiene and Health Care rose 2.65% to Rs 99.63 crore on 5.53% rise in net sales to Rs 573.87 crore in Q3 March 2017 over Q3 March 2016. The board of Procter & Gamble Hygiene and Health Care declared a special interim dividend of Rs 362 per equity share. The result was announced after market hours on Friday, 5 May 2017.

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Advanced Enzyme Technologies fixes record date for stock split
May 06,2017

Advanced Enzyme Technologies has fixed 26 May 2017 as record date for sub-division of equity shares of the company.

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Network fixes record date for reduction of share capital
May 06,2017

Network announced that the Company has fixed Thursday, 18 May 2017 as the Record Date for the purpose of reduction of the share capital of the Company as per the order of the Honble National Company Law Tribunal, New Delhi.

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