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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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Inox Wind bags order for 50 MW wind power project
Dec 13,2016

Inox Wind has bagged an order for a 50 MW Wind Power Project to be deployed in the State of Gujarat from NTPC. The project is scheduled to be commissioned by Q1 FY 2017-18 and will be executed on a turnkey basis. As part of the order, the Company will supply and install 25 units of its advanced 2MW DFIG 100 rotor diameter Wind Turbine Generator.

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BLS International Services secures contract from Spain MAEC (Ministry of Foreign Affairs and Cooperation - Spain)
Dec 13,2016

BLS International Services announced that the Company has been awarded a Contract from Spain MAEC (Ministry of Foreign Affairs and Cooperation - Spain) with a Value of 175 Million EURO (equivalent to INR 1300 crore appx.) on 12 December 2016.

The Company shall open nearly 100 Spanish Visa Application Centers to support the Spanish Embassies & Consulates of the Spanish Ministry of Foreign Affairs and Cooperation (Spain MAEC) Globally.

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MEP Infra spurts after strong Q2 numbers
Dec 13,2016

Meanwhile, the BSE Sensex was up 35.33 points, or 0.13%, to 26,550.57.

On the BSE, so far 1.18 lakh shares were traded in the counter, compared with average daily volumes of 76,994 shares in the past one quarter. The stock had hit a high of Rs 41.95 and a low of Rs 37.50 so far during the day.

The stock hit a 52-week high of Rs 50 on 23 September 2016. The stock hit a 52-week low of Rs 34 on 10 November 2016. The stock had underperformed the market over the past 30 days till 12 December 2016, falling 6.61% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 15.87% as against Sensexs 6.48% decline.

The small-cap company has equity capital of Rs 162.57 crore. Face value per share is Rs 10.

MEP Infrastructure Developers total income from operations fell 0.06% to Rs 447.39 crore in Q2 September 2016 over Q2 September 2015.

MEP Infrastructure Developers is one of the leading infrastructure operator and toll management company.

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Axis Bank nudges higher after fund raising plans
Dec 13,2016

The announcement was made after market hours yesterday, 12 December 2016.

Meanwhile, the BSE Sensex was up 59.87 points, or 0.23%, to 26,575.11.

On the BSE, 96,339 shares were traded in the counter so far, compared with average daily volume of 7.1 lakh shares in the past one quarter. The stock had hit a high of Rs 448.25 and a low of Rs 442.25 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016.

The stock had underperformed the market over the past one month till 12 December 2016, falling 10.79% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 24.92% as against Sensexs 6.48% decline.

The large-cap private sector bank has equity capital of Rs 478.24 crore. Face value per share is Rs 2.

Axis Bank announced that the bank proposes to raise funds by issuing unsecured subordinated, perpetual, additional tier I, Basel III compliant non-convertible debentures of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore.

The board of directors of the bank will consider the proposal to issue and allot the securities through circular resolution. On receipt of the approval of the board of directors, the bank will intimate to the stock exchanges the date of passing of the circular resolution and other details of the issue.

Axis Banks net profit declined 83.3% to Rs 319.08 crore on 14.1% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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Board of Vedavaag Systems approves increase in authorised share capital
Dec 13,2016

Vedavaag Systems announced that the Board of Directors of the Company at its meeting held on 12 December 2016 has considered and approved the following -

The Board subject to the approval of the members have approved increase in authorised share capital of the company from Rs. 20,00,00,000 (Rupees twenty crores only divided into 1,90,00,000 equity Shares of Rs.10/- each and 10,00,000 8% Preference Shares of Rs 10/- each to 30,00,00,000 (Rupees thirty crores) divided into 2,90,00,000 equity Shares of Rs.10/- each and 10,00,000 8% Preference Shares of Rs 10/-each.

The Board subject to the approval of the members of the company has approved to amend the capital clause of memorandum of association of the company.

The Board subject to the approval of the members of the company has approved the amendment in clause 4 of the Articles of association of the company relating to capital clause.

The Board subject to the approval of the members of the company has approved the issue of equity shares and convertible warrants aggregating to 1,00,00,000 equity shares on preferential basis to promoters and other investors.

The Board has decided to seek the members approval for the above by conducting Extra Ordinary General Meeting. The EGM will be held on 04 January 2017.

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Glenmark Pharma gains after launching generic drug in US
Dec 13,2016

The announcement was made after market hours yesterday, 12 December 2016.

Meanwhile, the BSE Sensex was up 10.41 points, or 0.05%, to 26,528.63.

On BSE, 4,044 shares were traded in the counter so far, compared with average daily volume of 52,814 shares in the past one quarter. The stock had hit a high of Rs 935 and a low of Rs 916 so far during the day.

Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol.

The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark will share profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under the FD&C Act. Endo International plc is a global specialty pharmaceutical company.

Ezetimibe is indicated as adjunctive therapy to diet for the reduction of elevated total cholesterol (total-C), low-density lipoprotein cholesterol (LDL-C), and apolipoprotein B (Apo B) in patients with primary (heterozygous familial and non-familial) hyperlipidemia.

According to IMS Health data for the 12-month period ending October 2016, annual US sales of Zetia 10 mg were approximately $2.3 billion.

Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical company.

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Board of Mastek accords approval for acquition of Trans American Information Systems
Dec 13,2016

Mastek announced that the Board of Directors of the Company at its meeting held on 12 December 2016 has accorded its approval for acquisition of 100% of equity shares of Trans American Information Systems by the Company.

The board also accorded approval for giving a corporate guarantee and mortgage (to secure the proposed loan facility sanctioned by Axis Bank to Diligity Inc, US, a subsidiary of Mastek) to secure the said proposed term loan facility of USD 10 million to be availed by Digility Inc.

Diligity Inc. proposes to avail the aforesaid term loan facility of an aggregate principal amount of upto USD 10 million from Axis Bank UK to part finance the acquisition of two US based IT consulting and software services companies.

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WEP Solutions gets shortlisted as GST Suvidha Provider
Dec 13,2016

WEP Solutions announced that the Company has been shortlisted as a GST Suvidha Provider (GSP) by the Goods and Services Tax Network (GSTN), subject to further process of signing final agreement with GSTN.

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Outcome of board meeting of T.V. Today Network
Dec 13,2016

T.V. Today Network announced that the Board of Directors of the Company at its meeting held on 12 December 2016 has approved the acquisition of equity shares of Mail Today Newspapers from its other shareholders and reorganisation of radio business.

Living Media India holds 66.78% of the total equity shares of Mail Today through its wholly owned subsidiary, India Today Online (ITOPL) and for the purpose of the above acquisition, shall transfer all equity shares of ITOPL to the Company by way of a gift. AN (Mauritius), the other shareholder holding 25.21% of the equity shares of Mail Today, shall transfer all the equity shares held by it in Mail Today by way of gift, which shall result in Mail Today becoming a wholly owned subsidiary of the Company.

The Board also approved the acquisition of 100% of the issued and paid up capital of Vibgyor Broadcasting for the purpose of reorganising its radion business by transferring its radio business through slump sale into the aforesaid entity.

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Shares of Narendra Investments (Delhi) get listed
Dec 13,2016

The equity shares of Narendra Investments (Delhi) (Scrip Code: 540204) are listed effective 13 December 2016 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Board of Modi Naturals to consider fund raising options
Dec 13,2016

Modi Naturals announced that a meeting of the Board of Directors of the Company is scheduled to be held on 15 December 2016, inter-alia, to consider fund raising, including through preferential allotment of convertible securities to the non-promoter group.

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Axis Bank may gain on plans to raise funds
Dec 13,2016

Axis Bank announced that the bank proposes to raise funds by issuing unsecured subordinated, perpetual, additional Tier I, Basel III compliant non-convertible debentures (Series - 26) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above Securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.

Sun Pharmaceutical Industries and Israel-based Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.

MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to-moderate osteoarthritis pain. The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.

According to the agreement, Sun Pharma will fund further development of Moebius Medicals lead product, MM-II, and undertake its global commercialization. To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, demonstrating the products fast onset of action and its potentially better efficacy and comparable safety for alleviating osteoarthritis pain as compared to Hyaluronic Acid injection.

Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma. The announcement was made after market hours yesterday, 12 December 2016.

NIIT announced that the company has entered into a share purchase agreement dated 12 December 2016, with National Skill Development Corporation (NSDC), in terms of which company has agreed to acquire 23.13 lakh equity shares of NIIT Yuva Jyoti (NYJL) having face value of Rs 10 each constituting 10% of the aggregate issued and paid-up share capital of NYJL from NSDC for an aggregate cash consideration of Rs 2.85 crore. The announcement was made after market hours yesterday, 12 December 2016.

Aarey Drugs & Pharmaceuticals announced that the meeting of the board of directors of the company is to be held on 19 December 2016, to review current business and raising funds from the banks.The board will also consider the issue of equity shares and/or warrants on preferential basis to the promoters/ non-promoters of the company. The announcement was made after market hours yesterday, 12 December 2016.

Sunteck Realty reported consolidated net profit including other comprehensive income of Rs 96 crore in Q2 September 2016 compared with loss of Rs 8 crore in Q2 September 2015. Income from operations jumped 582% to Rs 206 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 12 December 2016.

Sunteck Realty announced that the board of directors of the company at a meeting held on 12 December 2016, approved the transfer of its step-down subsidiary - Denise Realties Private to Thaler Developers.

Glenmark Pharmaceuticals Inc., USA announced theavailability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol. The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark will share profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under section 505(j)(5)(B)(iv) of the FD&C Act.

Ezetimibe is indicated as adjunctive therapy to diet for the reduction of elevated total cholesterol (total-C), low-density lipoprotein cholesterol (LDL-C), and apolipoprotein B (Apo B) in patients with primary (heterozygous familial and non-familial) hyperlipidemia.According to IMS Health data for the 12-month period ending October 2016, annual US sales of Zetia 10 mg1 were approximately $2.3 billion. The announcement was made after market hours yesterday, 12 December 2016.

APL Apollo Tubes received patents for 4 hollow section designs. The announcement was made after market hours yesterday, 12 December 2016.

IRB Infrastructure Developers announced that Udaipur Tollway Private Limited -wholly-owned subsidiary of the company, has now executed concession agreement with NHAI for the project of six laning from Udaipur to Rajasthan/ Gujarat Border section of NH-8 in the states of Rajasthan & Gujarat on DBFOT (Toll) under NHDP Phase V (package-V).

The company added that CG Tollway Private, wholly-owned subsidiary of the company, has now executed concession agreement with NHAI for the project of six laning of Kishangarh Udaipur Ahmedabad section of NH - 79 in the state of Rajasthan Package 2 under NHDP Phase - V on BOT (Toll) mode. The announcement was made after market hours yesterday, 12 December 2016.

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US stocks register another record close
Dec 13,2016

U.S. stocks struggled for direction on Monday, 12 December 2016 with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.

The Dow Jones Industrial Average climbed 39.58 points, or 0.2%, to close at 19,796.43, after setting an intraday record of 19,824.59. The Nasdaq Composite Index fell 31.96 points, or 0.6%, to finish at 5,412.54. The S&P 500 dipped 2.57 points, or 0.1%, to finish at 2,256.96.

Gains in Dow were led by shares of Johnson & Johnson and Wal-Mart Stores. Monday marked the sixth consecutive record close for the average.

Big-name technology shares finished lower on the day, contributing to the Nasdaqs decline. Apple fell 0.6% while Facebook lost 1.6%. Amazon.com fell 1.1%.

The Federal Reserve is widely expected to raise rates on Wednesday. Higher rates typically cause the dollar to strengthen, which often weighs on commodities priced in dollars. Rate increases also can peel investors away from gold because it doesnt pay interest.

On Monday, the ICE U.S. Dollar Index was down nearly 0.7%, providing some support for dollar-denominated gold prices. But year to date, the index has climbed over 2%.

Todays economic data was limited to the Treasury Budget statement for November, which showed a deficit of $137 billion while the consensus expected a deficit of $135 billion.

Oil futures rallied to their highest close in nearly 17 months on Monday, 12 December 2016 after more oil-producing nations agreed to slash production, a move aimed at pushing the oversupplied oil market back into balance, or even a deficit, and prop up prices that have been stuck in a two-year slump.

On the New York Mercantile Exchange, January West Texas Intermediate crude climbed by $1.33, or 2.6%, to settle at $52.83 a barrel. February Brent crude, the global oil benchmark, added $1.36, or 2.5%, to $55.69 a barrel on Londons ICE Futures exchange. Both WTI and Brent crude logged their highest settlements since July 2015.

Over the weekend, a group of heavyweight producers outside of the Organization of the Petroleum Exporting Countries, including Russia, agreed to scale back their output by 558,000 barrels a day. The move would come on top of the cut of 1.2 million barrels a day agreed to by OPEC in late November. The total reduction represents almost 2% of the global supply.

Bullion prices ended higher at Comex on Monday, 12 December 2016 at Comex. Gold futures settled higher reversing course from earlier declines after finding support from a weaker dollar ahead of a U.S. interest-rate rise that is expected later this week.

Gold for February delivery edged up by $3.90, or 0.3%, to settle at $1,165.80 an ounce after tapping a low of $1,152.50. The metal has suffered five weekly losses in a row, settling Friday at its lowest level in 10 months. March silver tacked on 22 cents, or 1.3%, to $17.187 an ounce.

Bullion prices ended higher at Comex on Monday, 12 December 2016 at Comex. Gold futures settled higher reversing course from earlier declines after finding support from a weaker dollar ahead of a U.S. interest-rate rise that is expected later this week.

Gold for February delivery edged up by $3.90, or 0.3%, to settle at $1,165.80 an ounce after tapping a low of $1,152.50. The metal has suffered five weekly losses in a row, settling Friday at its lowest level in 10 months. March silver tacked on 22 cents, or 1.3%, to $17.187 an ounce.

Treasuries retreated overnight, but most of the losses were erased intraday, leaving the 10-yr yield higher by a basis point at 2.48%.

Investor participation was above average as nearly 1.2 billion shares changed hands at the NYSE floor.

Tomorrows economic data will be limited to the 8:30 ET release of November Import Prices ex-oil and Export Prices ex-agriculture.

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Precious metals shine
Dec 13,2016

Bullion prices ended higher at Comex on Monday, 12 December 2016 at Comex. Gold futures settled higher reversing course from earlier declines after finding support from a weaker dollar ahead of a U.S. interest-rate rise that is expected later this week.

Gold for February delivery edged up by $3.90, or 0.3%, to settle at $1,165.80 an ounce after tapping a low of $1,152.50. The metal has suffered five weekly losses in a row, settling Friday at its lowest level in 10 months.

March silver tacked on 22 cents, or 1.3%, to $17.187 an ounce.

The Federal Reserve is widely expected to raise rates on Wednesday. Higher rates typically cause the dollar to strengthen, which often weighs on commodities priced in dollars. Rate increases also can peel investors away from gold because it doesnt pay interest.

On Monday, the ICE U.S. Dollar Index was down nearly 0.7%, providing some support for dollar-denominated gold prices. But year to date, the index has climbed over 2%.

Todays economic data was limited to the Treasury Budget statement for November, which showed a deficit of $137 billion while the consensus expected a deficit of $135 billion.

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Glenmark Pharmaceuticals launhces first and only generic version of ZETIAn++
Dec 12,2016

Glenmark Pharmaceuticals announced the availability of ezetimibe, the first and only generic version of ZETIAn++ (Merck) in the United States forthe treatment of high cholesterol. The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark willshare profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under section 505(j)(5)(B)(iv) of the FD&C Act.

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