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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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With inflation at 5 year low, RBI Monetary Policy Committee must cut interest rates: ASSOCHAM to Governor Patel
Jul 31,2017

Citing inflation at a five year low and deceleration in the factory output, the ASSOCHAM has written to the RBI Governor Dr Urjit Patel, making out a strong case for at least 25 basis point cut in the policy interest rate when the RBI Monetary Policy Committee meets on August 2.

n++After a long duration of consistency in the Repo rates, ASSOCHAM believes that the RBI could reduce the policy rate by 25 basis points,n++ the chambers Secretary General Mr D S Rawat said in his letter to the RBI Governor, ahead of the impending credit policy review by the Monetary Policy Committee.

It said a strong case was made out for a reduction in the interest rates, keeping in mind new lows in both CPI and WPI inflation. n++The consumer price index (CPI) in June reached an almost-5 year low at 1.54%, from 2.18% in the previous quarter. The wholesale price index (WPI) also eased to 0.9% from 2.17%n++.

The case for rate-cut is additionally strengthened by easing of food inflation to (minus)-2.12% from 0.31%. Good monsoon forecasts for the current financial year have additionally created a stance for further reduction in the food inflation. The Current Account Deficit also continues to remain stable on account of stability in the crude-oil prices, since last one year.

n++The deceleration in factory output growth could further bolster the case for a rate cut next month to boost Asias third-largest economy, which grew 6.1 per cent in the January-March quarter - its weakest pace in more than two yearsn++, the chamber said .

Hoping for a due consideration of its demand for a rate cut by the Monetary Policy Committee, the ASSOCHAM said, the RBI also needs to come out with a special dispensation for loan recovery from the Small and Medium Enterprises as also the mid-sized corporates. n++We also expect in the policy some directional guidance and softer measures on recovery from SMEs and Mid-corporate.

Making a plea to the MPC, through Dr Patel, Mr Rawat said given the high leverage causing a big drain on the balance sheets of a large number of companies, a cut in the lending rates would be a big relief to different sectors of the economy.

n++We hope that our concerns and suggestions shall be given their due considerationn++.

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Board of Oriental Carbon & Chemicals decide to delist shares from Calcutta Stock Exchange
Jul 31,2017

Oriental Carbon & Chemicals announced that the Board of Directors of the Company at its meeting held on 28 July 2017 have approved the delisting of equity shares of the Company from the Calcutta Stock Exchange. The shares of the Company would remain listed on NSE and BSE.

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Volumes jump at TAAL Enterprises counter
Jul 31,2017

TAAL Enterprises clocked volume of 5.96 lakh shares by 12:10 IST on BSE, a 176.88-times surge over two-week average daily volume of 3,000 shares. The stock was locked at 5% upper circuit at Rs 171.15.

EIH notched up volume of 8.09 lakh shares, a 36.5-fold surge over two-week average daily volume of 22,000 shares. The stock advanced 1.14% at Rs 138.05.

8K Miles Software Services saw volume of 3.14 lakh shares, a 27.28-fold surge over two-week average daily volume of 12,000 shares. The stock was up 2.16% at Rs 551.10.

Religare Enterprises clocked volume of 18.2 lakh shares, a 19.06-fold surge over two-week average daily volume of 95,000 shares. The stock declined 1.77% at Rs 99.70.

Sinclair Hotels saw volume of 1.88 lakh shares, a 18.51-fold rise over two-week average daily volume of 10,000 shares. The stock lost 1.02% at Rs 315.

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Indian Hume Pipe gains after order win
Jul 31,2017

The announcement was made after market hours on Friday, 28 July 2017.

Meanwhile, the S&P BSE Sensex was up 129.18 points, or 0.40% to 32,439.06.

On the BSE, 3,082 shares were traded in the counter so far, compared with average daily volumes of 13,393 shares in the past one quarter. The stock had hit a high of Rs 570 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 556 so far during the day. The stock hit a 52-week low of Rs 253.18 on 2 August 2016.

The stock had outperformed the market over the past one month till 28 July 2017, rising 10.23% compared with 4.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 37.42% as against Sensexs 7.99% rise. The scrip had also outperformed the market in past one year, rising 102.96% as against Sensexs 15.18% rise.

The small-cap company has equity capital of Rs 9.69 crore. Face value per share is Rs 2.

Indian Hume Pipe Company secured an order worth Rs 163.50 crore from Raipur Municipal Corporation in Chhattisgarh for augmentation of water supply scheme of Raipur under Amrut Mission on turnkey basis, including operation & maintenance for 5 years. The work is to be completed within 30 months.

Net profit of Indian Hume Pipe Company rose 252.49% to Rs 33.24 crore on 64% rise in net sales to Rs 488.01 crore in Q4 March 2017 over Q4 March 2016.

Indian Hume Pipe Company is engaged in the business of providing integrated water supply schemes including manufacturing, laying and jointing of pipelines of various pipe materials which provide infrastructure facility for development of water supply and irrigation projects.

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Rise in tomato prices lead to high demand for puree/ketch up: ASSOCHAM
Jul 31,2017

Rise in tomato prices to as much as Rs 100 per kg. due to crop damage following rains in the growing areas, has created an additional demand for alternatives like tomato puree/ketchup to the extent of 40-45 per cent in the recent few weeks, as the home makers are resorting to balance budgets in the face of no immediate relief in sight for the key ingredient for the Indian cuisine, an ASSOCHAM Paper has said.

An interaction with the Mandi traders in different major cities like Delhi-NCR, Mumbai, Lucknow, Kolkata, Chennai, Ahmedabad, Hyderabad indicate that the tomato prices may not immediately ease as flooding in some of the growing states has led to damage to the crop. Unlike onion and potato, the shelf life for tomato is very short and it needs cold chains and modern warehouses for storage and transportation.

On the back of rising demand, the grocers have increased stock of tomato puree/ketchup, as the home makers are quite sensitive to any price rise. Most of the Indian curries, both for vegetarians and non-vegetarians need large quantity of tomatoes; besides, the raw material cost of dishes in hotels and restaurants has also gone up, the paper.

Frequent volatility in prices of fruits and vegetables underscores need for creation of a well-equipped supply chain in this segment. Both the states and the Centre should extend liberal sops for investment in cold chains and referigerated infrastructure, said ASSOCHAM Secretary General Mr D S Rawat.

Majority of respondents said that they have curtailed the use of tomatoes and prefer dishes which do not require much use of tomatoes, like lady finger or pumpkin and some are substituting it with raw mango to get that sour taste, adds the paper.

As per reports, lack of rains in the tomato-growing areas of Maharashtra and other states have a big impact on arrivals of tomatoes in the mandis, adds the paper. The maximum impact was felt in Delhi-NCR followed by Mumbai.

The prices of tomatoes are likely to increase further during coming months, if adequate safeguards are not taken while tomato prices are already touching Rs 100 per kg.

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Kitex Garments tumbles after weak Q1 results
Jul 31,2017

The result was announced on Saturday, 29 July 2017.

Meanwhile, the S&P BSE Sensex was up 102.96 points, or 0.32% to 32,412.84.

On the BSE, 1.01 lakh shares were traded in the counter so far, compared with average daily volumes of 13,063 shares in the past one quarter. The stock had hit a high of Rs 273.90 and a low of Rs 246.70 so far during the day. The stock hit a 52-week high of Rs 384.13 on 25 April 2017. The stock hit a 52-week low of Rs 246.70 on 31 July 2017.

The stock had underperformed the market over the past one month till 28 July 2017, rising 1.79% compared with 4.71% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.27% as against Sensexs 7.99% rise. The scrip had also underperformed the market in past one year, falling 20.12% as against Sensexs 15.18% rise.

The mid-cap company has equity capital of Rs 6.65 crore. Face value per share is Re 1.

Kitex Garments is currently the second largest producer of childrens apparel in the world. It caters to conglomerates in USA and Europe.

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Stressed Assets with Banks represent unique opportunity for Asset Reconstruction Companies and Private Equity Firms: Finance Minister
Jul 31,2017

The Union Finance Minister, Sh. Arun Jaitley stated that the opportunities presented by the Insolvency and Bankruptcy Code (IBC) framework and Governments emphasis on resolution represent a unique opportunity for Asset Reconstruction Companies (ARCs) and Private Equity firms (PE). At a meeting with leading ARCs and PE firms focussed on stressed assets, he said that accounts classified as impaired/stressed still had inherent value. These were essentially productive assets which if turned around would not only create additional jobs but also contribute to national output. For this to happen, timely interventions, transparent price discovery and right management were required.

Sh. Jaitley highlighted the legislative and regulatory changes made over the last 18 months which had created an enabling and supportive operational environment for ARCs and for takeover of stressed assets by PE firms/special situation funds. These, inter alia, include 100% ownership by sponsors, higher ceiling of 100% for FDI in ARCs, pass through status to ARC trusts for income tax, exemption from stamp duty, enabling trading of security receipts etc. He noted that a number of new ARCs have sought and obtained registration during recent months. The increasing number of players in the market was indicative of an increasing interest in the sector but also presented an opportunity for banks to offload stressed assets before fully provisioning for them. The ratio of cost of acquisition to book value of assets acquired by ARCs has been rising. Within this overall context, the ARCs and PE funds were well placed to step up their activity levels as all the building blocks were there.

During discussions, ARCs and PE firms were appreciative of the steps taken so far by the Government and RBI. The need for evolution of targeted case specific solution by ARCs/PE funds was brought out, as these entities have higher operational flexibility. Prospects for capital raising and deployment were highlighted. It was suggested that sale of project loan by a consortium instead of individual banks selling their loan account could be a much more effective way of ensuring debt aggregation in a timely manner. Suggestions were also made regarding increase in activity levels of ARCs and PE funds.

Taking note of the feedback, Shri Jaitley observed that Govt. and RBI had greatly facilitated the role of ARCs and Special Situation funds in effective resolution. Resultant collaboration between banks, ARCs, PE, Asset Management Companies and resolution professionals could pave the way to a virtuous cycle of fresh investments, new jobs and additional demand.

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Seshasayee Paper declines after weak Q1 numbers
Jul 31,2017

The result was announced on Saturday, 29 July 2017.

Meanwhile, the S&P BSE Sensex was up 97.47 points, or 0.3% at 32,407.35. The S&P BSE Small-Cap index was up 21.88 points, or 0.14% at 16,094.21.

On the BSE, 3,241 shares were traded on the counter so far as against the average daily volumes of 1,416 shares in the past one quarter. The stock had hit a high of Rs 749 and a low of Rs 721 so far during the day. The stock had hit a record high of Rs 880 on 6 February 2017 and a 52-week low of Rs 381.50 on 16 August 2016.

The stock had underperformed the market over the past one month till 28 July 2017, advancing 2.82% compared with the Sensexs 4.79% rise. The scrip had also underperformed the market over the past one quarter advancing 6.46% as against the Sensexs 7.99% rise. The scrip had, however, outperformed the market over the past one year advancing 84.35% as against the Sensexs 14.54% rise.

The small-cap company has equity capital of Rs 12.61 crore. Face value per share is Rs 10.

Seshasayee Paper and Boards is engaged in the manufacture of printing and writing papers.

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Websol Energy System allots 783,778 equity shares
Jul 31,2017

Websol Energy System has allotted 783,778 equity shares of Rs. 10/- each to Foreign Currency Convertible Bond (FCCB) holders.

With the said allotment of 783,778 Equity shares of Rs. 10/- each of the Company as aforesaid, the paid up Equity Share Capital of the Company as on 31 July 2017 stands increased from Rs. 24,32,43,990/- to Rs. 25,10,81,770/- divided into 25,10,8177 Equity shares of Rs. 10/- each.

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Central Bank of India drops after poor Q1 results
Jul 31,2017

The result was announced on Saturday, 29 July 2017.

Meanwhile, the S&P BSE Sensex was up 103.42 points or 0.32% at 32,413.30.

On the BSE, 74,000 shares were traded on the counter so far as against the average daily volumes of 9.68 lakh shares in the past one quarter. The stock had hit a high of Rs 88.70 and a low of Rs 86.50 so far during the day. The stock had hit a 52-week high of Rs 125 on 22 May 2017 and a 52-week low of Rs 76.35 on 28 November 2016.

The stock had underperformed the market over the past one month till 28 July 2017, advancing 4.31% compared with the Sensexs 4.79% rise. The stock had also underperformed the market over the past one quarter, sliding 14.06% as against the Sensexs 7.99% rise. The scrip had also underperformed the market over the past one year, declining 7.35% as against the Sensexs 14.54% rise.

The large-cap state-run bank has equity capital of Rs 1902.17 crore. Face value per share is Rs 10.

Central Bank of Indias total income rose 3.1% to Rs 6870.78 crore in Q1 June 2017 over Q1 June 2016.

The banks gross non-performing assets (NPAs) stood at Rs 31398.47 crore as on 30 June 2017 as against Rs 27251.33 crore as on 31 March 2017 and Rs 25107.47 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 18.23% as on 30 June 2017 as against 17.81% as on 31 March 2017 and 13.52% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 11.04% as on 30 June 2017 as against 10.2% as on 31 March 2017 and 8.17% as on 30 June 2016.

The banks provisions and contingencies declined 17.8% to Rs 1269.02 crore in Q1 June 2017 over Q1 June 2016.

The Government of India held 81.28% stake in Central Bank of India as per the shareholding pattern as on 30 June 2017.

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Positive market breadth
Jul 31,2017

Key benchmark indices were trading with small gains in morning trade after opening higher. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 86.15 points or 0.27% at 32,396.03. The Nifty 50 index was up 13.25 points or 0.13% at 10,027.75. Sentiment was positive on market buzz that the Reserve Bank of India could cut rates after its meet later this week on 2 August 2017.

The S&P BSE Mid-Cap index fell 0.03%. The S&P BSE Small-Cap index gained 0.15%. Both these indices underperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,161 shares rose and 867 shares fell. A total of 95 shares were unchanged.

Most telecom stocks extended losses for the fourth straight day. Bharti Airtel (down 0.54%), Reliance Communications (down 0.57%) and Idea Cellular (down 0.89%) declined. Tata Teleservices (Maharashtra) (up 1.17%) and MTNL (up 0.48%) gained.

Shares of Bharti Infratel fell 0.9%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Most cement stocks gained. ACC (up 1.19%), Ambuja Cements (up 0.38%), and UltraTech Cement (up 0.08%), gained.

Grasim Industries advanced 0.58%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.

Shree Cement shed 0.19% ahead of its Q1 results today, 31 July 2017.

Elgi Equipments lost 4.04% after consolidated net profit fell 39.6% to Rs 13.60 crore on 4.5% increase in net sales to Rs 354.83 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 28 July 2017.

Overseas, Asian stocks were mixed. Meanwhile, there was another missile launch from North Korea late Friday, 28 July 2017, and experts said it put the continental US in range of Pyongyangs arsenal.

On the data front, growth in Chinas manufacturing sector slowed marginally in July. The official Purchasing Managers Index (PMI) stood at 51.4 in July, down from the previous months 51.7 but still well above the 50-point mark that separates growth from contraction on a monthly basis.

Japanese industrial production rose 1.6% on month in June, the Ministry of Economy, Trade and Industry said. The increase came after a 3.6% drop in May. Industrial output rose 1.9% in the April-June period from the previous quarter.

In US, the S&P 500 index and Nasdaq Composite index both finished slightly lower on Friday, 28 July 2017 for weekly losses as Amazon.com shares slumped on disappointing earnings, while the Dow Jones Industrials Average finished at a record for a weekly gain.

On the data front, a second-quarter reading on gross domestic product rose 2.6%, below the expectations. First-quarter GDP growth was revised to 1.2% from 1.4%. The final reading of the University of Michigans consumer-sentiment survey for July was lifted to 93.4 from a preliminary 93.1. Thats a decline, however, from Junes level of 95.1.

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IL&FS Transportation jumps after winning contract
Jul 31,2017

The announcement was made after market hours on Friday, 28 July 2017.

Meanwhile, the S&P BSE Sensex was up 83.52 points, or 0.26% to 32,393.40.

On the BSE, 89,000 shares were traded in the counter so far, compared with average daily volumes of 94,886 shares in the past one quarter. The stock had hit a high of Rs 97.30 and a low of Rs 93.65 so far during the day. The stock hit a 52-week high of Rs 124.80 on 12 January 2017. The stock hit a 52-week low of Rs 65.85 on 19 August 2016.

The stock had underperformed the market over the past one month till 28 July 2017, falling 6.72% compared with 4.71% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 21.90% as against Sensexs 7.99% rise. The scrip had outperformed the market in past one year, rising 20.95% as against Sensexs 15.18% rise.

The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.

IL&FS Transportation Networks said it had submitted the bid to the National Highways & Infrastructure Development Corporation for construction, operation and maintenance of 2-lane bi-directional Zojila tunnel with parallel escape tunnel on Srinagar-Leh section in Jammu & Kashmir on engineering, procurement and construction (EPC) mode.

IL&FS Transportation Networks said it emerged as the lowest bidder for the aforesaid project. The company quoted an amount of Rs 4899.42 crore to be constructed in a period of 7 years.

IL&FS Transportation Networks reported net profit of Rs 105.80 crore in Q4 March 2017 as against net loss of Rs 165.02 crore in Q4 March 2016. Net sales declined 29.68% to Rs 996.91 crore in Q4 March 2017 over Q4 March 2016.

IL&FS Transportation Networks is a BOT (build, operate and transfer) road assets owner in India.

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Alembic Pharmaceuticals gets ANDA approval for Doxycycline Capsules
Jul 31,2017

Alembic Pharmaceuticals has received approval from USFDA for its Abbreviated New Drug Application for Doxycycline Capsules USP, 75 mg and 100 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Monodox Capsules, 75 mg and 100 mg of Aqua Pharmaceuticals. Doxycycline Capsules are indicated for the treatment and prevention of infections that a proven or strongly suspected to be caused by bacteria.

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VSF Projects to announce Quarterly Result
Jul 31,2017

VSF Projects will hold a meeting of the Board of Directors of the Company on 11 August 2017, to Consider and approve the Un-audited Financial results of the Company for the quarter ended June 30, 2017

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Intellivate Capital Ventures announces board meeting date
Jul 31,2017

Intellivate Capital Ventures will hold a meeting of the Board of Directors of the Company on 11 August 2017, to consider and approve the Un-audited Financial Results of the Company for the Quarter ended 30th June 2017

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