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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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Amsons Apparels announces change in directorate
Feb 21,2017

Amsons Apparels announced that Vishal Yadav has resigned from the Directorship of the Company with effect from 17 February 2017 due to pre occupation and Agusteen Kachhap, has been appointed as Non Executive Director with effect from 17 February 2017.

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Power Grid Corporation of India declared successful bidder under TBCB
Feb 21,2017

Power Grid Corporation of India announced that POWERGRID has been declared as the successful bidder under Tariff based competitive bidding to establish 765kV Strengthening in Eastern Region (ERSS-XVIII) on build, own operate and maintain (BOOM) basis. The Letter of Intent (Lol) has been received on 21 February 2017.

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Electrotherm (India) allots 12,66,440 equity shares
Feb 21,2017

Electrotherm (India) announced that as per the terms of issue of 2,85,90,000 Partially Convertible Partially Redeemable Preference Shares (PCPRPS) of Rs. 10/- each allotted to Edelweiss Asset Reconstruction Company (EARC) on 22 August 2015, being an Financial institution within the meaning of sub clauses (ia) and (ii) of clause (h) of section 2 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Securities Allotment Committee of the Company at its meeting held on 21 February 2017 allotted fully paid-up 12,66,440 Equity Shares of face value Rs. 10/- each to EARC at a conversion price of Rs. 225.75 representing 9.94% of the post allotment paid-up equity capital of the Company.

Further the balance / fraction amount, if any, remaining outstanding after the said conversion of PCPRPS will continue to be part of loan by EARC.

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Dr Reddys Laboratories intimates of conclusion of inspection of Miryalaguda plant
Feb 21,2017

Dr Reddys Laboratories announced that the audit of the Companys API manufacturing plant at Miryalaguda, by the US FDA, has been completed on 21 February 2017. The Company have been issued a Form 483 with three observations, which the Company is addressing.

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Piramal Phytocare director resigns
Feb 21,2017

Piramal Phytocare announced that Dr. Vandana Sonavaria, Non - Executive, Non Independent Director of the Company has resigned with effect from 21 February 2017.

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Mastek receives credit ratings
Feb 21,2017

Mastek announced that ICRA has assigned the following ratings -

Fund based limits - ICRA A+ (Stable)
Non fund based limits - ICRA A1+
Fund based / non fund based limits - ICRA A+(Stable)/ ICRA A1+

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Asia Pacific Market: Equities extend gains
Feb 21,2017

Asia Pacific share market mostly extended their rally on Tuesday, 21 February 2017, after a top Federal Reserve official said the bank could lift interest rates as soon as next month. Chinese indexes led regional gainers as expectations for big flows into stock markets from pension funds, meanwhile Japanese equities rallied as the yen pulled back against the U.S. dollar. MSCIs broadest index of Asia-Pacific shares outside Japan added 0.2% and held below a 19-month high touched last Thursday.

Expectations of a hike have increased since Donald Trump was elected president in November as dealers bet his big-spending, tax-cutting plans will fan inflation. And the latest reading on prices increases, as well as healthy jobs growth and factory activity, have reinforced that view.

With the US markets closed for the Presidents Holiday last Monday, Asian markets have had few global cues off which to trade. Europe provided a tepid lead with hopes of a bailout deal for Greece tempered by signs of growing anti-EU sentiment in France ahead of the presidential election in April and May.

Investors are keeping an eye on the release this week of Fed minutes from its most recent policy meeting hoping for fresh clues about its plans for rates, while preliminary factory figures are also due this week from the US and Europe.

The market also focused on the expected policy information of US tax cuts and spending plans to be revealed by President Donald Trump in the coming weeks. Investors intend to hold the US president a vow to update the markets on his economic plans in the next two or three weeks, which pressures the Trump administration to coax the Congress into starting a draft.

Among Asian bourses

Australia Market ends nudge lower

Australian equity market ended nudged lower today, as gains in basic material stocks were outweighed by losses in other sectors due to disappointing earnings. At the close, the benchmark S&P/ASX 200 index dropped 4.10 points, or 0.07%, of 5,791, while the broader All Ordinaries index declined 5.10 points, or 0.09%, to 5,835.40.

Materials stocks gained, driven higher by climbing copper and iron ore prices. Sentiment for the miners was boosted by copper prices which bounced back above US$6,000 a tonne on Monday as a dispute affecting production at the worlds second-biggest copper mine worsened. Rio Tinto rose 2% to A$68.99 while Fortescue Metals added 2.7% to A$7.17.

Diversified miners BHP Billiton jumped 1% to A$26.73. The worlds largest miner by market capital, BHP Billiton declared a bigger-than-expected dividend and reported a near eight-fold rise in underlying net profit in half-year results announced after Tuesdays market close.

Financial stocks closed mixed on profit taking after four straight days of gains. Commonwealth Bank of Australia edged up 0.03% to A$85.94, National Australia Bank was up 0.8% to A$31.96, and Westpac was tad 0.03% up at A$34.13, while Australia & New Zealand Banking shed 0.8% to A$30.62.

The energy sector was driven lower by slides in the share-prices for WorleyParsons, Oil Search and Duet Group. Oil Search was down 2.1% to A$6.92 after it reported a 70% drop in annual core profit, hit by weak oil and gas prices. WorleyParsons fell 7.8%, adding to losses on Monday after it reported a half-year statutory net loss of A$2.4 million. Duet Group shares dropped 1.8%.

Brambles extended its losses, slumping 3% to over a 2-year low after the pallets and container group issued a profit warning on Monday.

Nikkei settles up

The Japan share market settled higher today, on the back of yen depreciation against greenback, with automakers, banks, pulp and paper, mining and machinery-linked issues leading the way. The benchmark Nikkei 225 index gained 0.68%, or 130.36 points, to 19,381.44, while the Topix index of all first-section issues rose 0.56%, or 8.59 points, to 1,555.60.

Exporters saw fractional gains on the back of a relatively weaker yen. The yen traded at 113.46 to the dollar, weakening from levels near 113.06 earlier. A weaker yen is usually a positive for exporters as it increases their overseas earnings when converted back to local currency. Toyota shares rose 0.72%, Sony shares were up 0.37% and Honda rose 0.62%. Suzuki Motor advanced 2.5% and Mitsubishi Motors added 2.1%.

Toshiba shares fell 1.40%, following reports that the troubled conglomerate wants to raise at least 1 trillion yen ($8.83 billion) from the sale of a majority stake in its flash memory business. The company previously reported a $6.3 billion writedown of its U.S. nuclear unit.

Resona Holdings rose 1.5% to Y639.1 and Sumitomo Mitsui Financial Group added 0.4% to Y4,567 following media reports that the two banking groups are in talks to merge operations of three regional banks based in western Japans Kansai region.

China Stocks close near 3-month peak

Mainland China stock market settled near three-month high, as expectations for big flows into stock markets from pension funds continued to improve risk appetite. Sentiment was also lifted by news that many listed companies scrapped or revised their plans for the private placement of shares, after regulators introduced policies to check excessiven++ fundraising. Most sectors edged higher, with gains were led by real estate and material shares. At the close, the blue-chip CSI300 index rose 0.3% to 3,482.82 points, while the Shanghai Composite Index added 0.4% to 3,253.33 points, its highest close since December 1. The tech-heavy start-up index ChiNex climbed 1.4% to a 5-week high.

Shanghai Bailian Group rose by its 10% trade limit for the second session, while Yonghui Superstores also shot up 10% to a 16-month high, after Alibaba Group said it formed a strategic partnership with Bailian Group, boosting appetite for shares in listed retailers.

Hong Kong Stocks fall, HSBC tumbles after profit slump

The Hong Kong stock market staged an intra-day reversal and closed lower on Tuesday, 21 February 2017, as drop in heavily weighted HSBC after disappointing results offset a rally in Hong Kong property and mainland insurance sectors. Twenty-four stocks rose and 24 fell among the 50 blue chips, with two stocks remaining unchanged. The benchmark Hang Seng Index dropped 0.76% or 182.45 points to 23963.63. The Hang Seng China Enterprises Index, or the H-share index, was down 0.35% or 36.92 points to 10,408.56. Turnover increased to HK$87.7 billion from HK$78 billion on Monday.

The northbound quota balance of the Shanghai-HK Connect program was RMB12.388 billion, accounting for 95.3% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB9.467 billion, accounting for 90.2% of the daily allowed quota of RMB10.5 billion.

As for the Shenzhen-HK Connect, the northbound quota balance was RMB12.149 billion, accounting for 93.5% of the daily allowed quota of RMB13 billion. The southbound quota balance was RMB10.038 billion, accounting for 95.6% of the daily allowed quota of RMB10.5 billion.

HSBC Holdings PLC (00005) plunged 5% to HK$65.55, contributing a 129-point fall to the HSI. The global bank announced its pre-tax net declined 62.3% (compared to consensus of -30%) to US$7.11 billion. Its US$1 billion share purchase program also got investors down. Hang Seng Bank, majority owned by HSBC, inched up 0.1% to HK$163.3, after posting a 41% drop in its annual net income, also below market expectations.

Local property stocks rallied ahead of the first budget from Hong Kong Financial Secretary Paul Chan Mo-po, which is expected to include plans for land sales. Sun Hung Kai Properties surged 3% to HK$111.7 and Henderson Land Development edged up 1.4% to HK$44.6. Belle (01880) surged 8.6% to HK$5.54 becoming the top blue-chip gainer. Credit Suisse upgraded its rating and target price for the stock.

Shoe retailer Belle International surged 8.6% to HK$5.54 after Credit Suisse upgraded its rating for the stock and raised the target price by nearly 60%, projecting an improved earnings outlook in 2017.

Sensex gains for the fourth straight day

Indian benchmark indices continued to move up for the fourth straight day and closed with modest gains today, led by gains in Axis Bank, Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, rose 100.01 points or 0.35% to settle at 28,761.59. The Nifty 50 index gained 28.65 points or 0.32% to settle at 8,907.85. The Sensex hit five-month closing high and Nifty hit more than five-month closing high. Cement and bank stocks gained.

Index heavyweight Reliance Industries (RIL) rose 1.36% after the company said that Reliance Jio Infocomm (RJIL), subsidiary of the company, Jio has breached the 100 million customer mark in 170 days. The announcement was made during market hours today, 21 February 2017. Jio announced that in addition to its own market leading tariff plans, it will also offer its customers the option to choose the highest selling tariff plan of any of the other leading Indian telecom operators, but with 20% more data than what any other operator provides.

Shares of Bharti Airtel declined 3.38% after the announcement by RJIL. Shares of Bharti Infratel fell 4.26%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Ambuja Cements fell 0.29% to Rs 238.70 on profit booking after seeing pre-result upmove. The companys consolidated net profit rose 85.25% to Rs 205.70 crore on 102.41% rise in total income to Rs 4993.30 crore in Q4 December 2016 over Q4 December 2015. The result was announced during market hours yesterday, 20 February 2017. The companys consolidated net profit rose 38.77% to Rs 1121.13 crore on 112.12% growth in total income to Rs 20861.97 crore in the year ended December 2016 over the year ended December 2015. In its outlook, the company said that it expects good cement growth in 2017, supported by the governments continued focus on housing and infrastructure development and anticipate volume effects from demonetisation to be reduced by the end of Q1 March 2017. The announcement of interest subsidy schemes and an interest rate cut, the recent announcement in the Union Budget for infrastructure development, including the award of infrastructure status to affordable housing and the increased budget allocation for roads, railways and irrigation will be key drivers for cement demand, it added.

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Hong Kong: Stocks fall, HSBC tumbles after profit slump
Feb 21,2017

The Hong Kong stock market staged an intra-day reversal and closed lower on Tuesday, 21 February 2017, as drop in heavily weighted HSBC after disappointing results offset a rally in Hong Kong property and mainland insurance sectors. Twenty-four stocks rose and 24 fell among the 50 blue chips, with two stocks remaining unchanged. The benchmark Hang Seng Index dropped 0.76% or 182.45 points to 23963.63. The Hang Seng China Enterprises Index, or the H-share index, was down 0.35% or 36.92 points to 10,408.56. Turnover increased to HK$87.7 billion from HK$78 billion on Monday.

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Government Issued Dated Securities Worth Rs.161,000 Crore Taking the Gross Borrowings in April-December of FY17 to Rs. 5,02,000 Crore or 83.7 Per Cent
Feb 21,2017

During Q3 of FY17, the Government issued dated securities worth Rs.161,000 crore taking the Gross Borrowings in April-December of FY17 to Rs. 5,02,000 crore or 83.7 per cent of BE, vis-a-vis 85.6 per cent of BE in April-December of FY 16. Net market borrowings from April-December of FY17 were at Rs.362,012 crore, 85.1 per cent of BE. Auctions of both Government dated Securities and Treasury Bills, during Q3 of FY17 were held in accordance with the pre-announced issuance calendar. In the 11 tranches of G-securities auction, five new securities, namely 7.06% GS 2046, 6.51% FRB 2024, 6.62% GS 2051, 6.57%GS 2033 and 6.79% GS 2029 were issued during the Quarter on October 10, November 7, November 28, December 5 and December 26, 2016, respectively. The Weighted Average Maturity (WAM) and Weighted Average Yield (WAY) issued during Q3 FY17 was 15.59 years and 6.78 per cent. The liquidity condition in the economy continued to improve during the quarter. The cash position of the Government during Q3 of FY17 was comfortable and remained in surplus mode.

The Public Debt (excluding liabilities under the Public Account) of the Central Government provisionally increased by 2.4 per cent in Q3 of FY 17 on Q-o-Q basis. Internal debt constituted 92.6 per cent of Public Debt as at end-December 2016, while marketable securities accounted for 83.6 per cent of Public Debt. About 26.6 per cent of outstanding stock has a residual maturity of up to 5 years at end - December 2016, which implies that over the next five years, on an average, around 5.3 per cent of outstanding stock needs to be repaid every year. Thus, rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to further reduce roll over risk.

G-sec yields declined sharply across the curve during the quarter, post the Governments decision on November 8, 2016 to demonetize high denomination value notes which was viewed positively by market as deposits were expected to surge in banks and led to bullish market sentiment, particularly for short end bonds. The bullish market sentiment was however, restrained to a certain extent with rise in global crude prices on OPEC agreement with Russia in its meeting to cut oil output, hiking by US Fed of key policy rate by 25 bps and FOMC commentary suggesting further rate hikes at a faster pace. The trading volume of Government Securities on an outright basis during Q3 FY 17 decreased by 11.87 per cent over the previous quarter.

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Nikkei settles up
Feb 21,2017

The Japan share market settled higher on Tuesday, 21 February 2017, on the back of yen depreciation against greenback, with automakers, banks, pulp and paper, mining and machinery-linked issues leading the way. The benchmark Nikkei 225 index gained 0.68%, or 130.36 points, to 19,381.44, while the Topix index of all first-section issues rose 0.56%, or 8.59 points, to 1,555.60.

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Australia Market ends nudge lower
Feb 21,2017

Australian equity market ended nudge lower on Tuesday, 21 February 2017, as gains in basic material stocks were outweighed by losses in other sectors due to disappointing earnings. At the close, the benchmark S&P/ASX 200 index dropped 4.10 points, or 0.07%, of 5,791, while the broader All Ordinaries index declined 5.10 points, or 0.09%, to 5,835.40.

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Record 444 LMT of paddy procured during ongoing Kharif Marketing Season: Shri Ram Vilas Paswan
Feb 21,2017

The Union Minister of Consumer Affairs, Food and Public Distribution expressed satisfaction over the production figures as per the 2nd advance estimates released by the Agriculture Ministry. The expected record output proves that the farmers are responding positively towards the measures taken by the Central Government. Shri Paswan congratulated the Union Minister of Agriculture and Farmers Welfare, Shri Radha Mohan Singh on the record production of foodgrains which he shared with the media on 16th February, 2017. According to the 2nd advance production estimates, the production of major crops is expected to be 271.98 mMT.

Shri Paswan said that soon after the NDA Government took-over, the country faced drought like situation continuously for two years and this is for the first time that monsoon was good. Now farmers and consumers will reap the benefits of pro-farmer policies of the Union Government. The Minister said that sowing of wheat grew by 7%, while the increase in pulses was 11% and in oilseeds it was 6% as compared to last year. As a result, we are expecting 221.4 LMT record production in pulses. Similarly the wheat production is expected to be 965 LMT. Union Government has framed a policy to transfer the MSP directly to the accounts of farmers in a transparent manner. Government has increased the MSP of pulses and oilseeds considerably and there is steady increase in the MSP of paddy and wheat. Shri Paswan told that during the ongoing Kharif Marketing Season a record 444 LMT of paddy has been procured from the farmers. Shri Paswan said that farmers have produced record pulses, however, there were complaints that they were not getting even then MSP for Moong and Arhar. The Government immediately responded, first, by increasing the buffer stock of pulses from 1.5 MT to 20 LMT in order to protect farmers interests. Further the Government has engaged 3 central agencies viz. FCI, NAFED and SFAC to procure pulses directly from farmers which is still going on.

As per the data released by the Agriculture Ministry, wheat production will be around 965 LMT. Going by the sowing area and favourable weather conditions, the country will have good yield of wheat. The Food Department held a meeting with wheat producing States on 15th February, 2017 and has set the procurement target at 330 LMT for the ensuing Rabi Marketing Season 2017-18. Extensive preparations have been made for procurement operations and Government will make necessary arrangements for payment of MSP to farmers. Special attention has been given to the farmers of Eastern States. Government has recently removed import duty on wheat to increase its availability in domestic market. In a span of around 2 months, 40 LMT Wheat has been imported and this year more than 55 LMT wheat imports have happened in total. Fresh wheat crop is expected to come by mid-March. It has been experienced when there is price-rise the benefit is taken by the traders and consumers are exploited. However, when fresh crop hits the market prices fall and the farmers have to take the loss. Shri Paswan assured that the Government will take all necessary steps to ensure payment of MSP to farmers and may review the import duty on wheat if required.

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Baid Leasing & Finance Co gets ratings assigned for LT bank facilities
Feb 21,2017

Baid Leasing & Finance Co announced that CARE has assigned rating of CARE BBB-; Stable for long term bank facilities (Rs 45 crore).

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ITD Cementation India consolidated net profit declines 56.72% in the December 2016 quarter
Feb 21,2017

Net profit of ITD Cementation India declined 56.72% to Rs 13.01 crore in the quarter ended December 2016 as against Rs 30.06 crore during the previous quarter ended December 2015. Sales declined 31.33% to Rs 729.75 crore in the quarter ended December 2016 as against Rs 1062.68 crore during the previous quarter ended December 2015.

For the full year,net profit reported to Rs 48.11 crore in the year ended December 2016 as against net loss of Rs 59.31 crore during the previous year ended December 2015. Sales rose 0.65% to Rs 3088.56 crore in the year ended December 2016 as against Rs 3068.70 crore during the previous year ended December 2015.

ParticularsQuarter EndedYear Endedn++Dec. 2016Dec. 2015% Var.Dec. 2016Dec. 2015% Var. Sales729.751062.68 -31 3088.563068.70 1 OPM %7.616.18 -6.796.24 - PBDT37.5440.66 -8 118.5576.03 56 PBT25.6633.25 -23 73.6139.38 87 NP13.0130.06 -57 48.11-59.31 LP

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Ayoki Merchantile reports standalone net loss of Rs 0.01 crore in the December 2016 quarter
Feb 21,2017

Net loss of Ayoki Merchantile reported to Rs 0.01 crore in the quarter ended December 2016. There were no net profit/loss reported during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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