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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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Board of Gujarat NRE Coke to consider September quarter results
Dec 01,2016

Gujarat NRE Coke announced that a meeting of the Board of Directors of the Company has been convened to be held on 10 December 2016, inter alia, to consider, approve and take on record the Unaudited Financial Results of the Company for the quarter and half year ended 30 September 2016.

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Government clarifies apprehension under the proposed Taxation Laws (Second Amendment) Bill, 2016
Dec 01,2016

In the wake of Taxation Laws (Second Amendment) Bill, 2016 which has been passed by the Lok Sabha and is under consideration with Rajya Sabha, some rumours have been making rounds that all gold jewellery including ancestral jewellery shall be taxed @75% plus cess with a further penalty liability of 10% of tax payable.

It is hereby clarified that the above Bill has not introduced any new provision regarding chargeability of tax on jewellery. The Bill only seeks to enhance the applicable tax rate under section 115BBE of the Income-tax Act, 1961 (the Act) from existing 30% to 60% plus surcharge of 25% and cess thereon. This section only provides rate of tax to be charged in case of unexplained investment in assets. The chargeability of these assets as income is governed by the provisions of section 69, 69A & 69B which are part of the Act since 1960s. The Bill does not seek to amend the provisions of these sections. Tax rate under section 115BBE is proposed to be increased only for unexplained income as there were reports that the tax evaders are trying to include their undisclosed income in the return of income as business income or income from other sources. The provisions of section 115BBE apply mainly in those cases where assets or cash etc. are sought to be declared as unexplained cash or asset or where it is hidden as unsubstantiated business income, and the Assessing Officer detects it as such.

It is clarified that the jewellery/gold purchased out of disclosed income or out of exempted income like agricultural income or out of reasonable household savings or legally inherited which has been acquired out of explained sources is neither chargeable to tax under the existing provisions nor under the proposed amended provisions. In this connection, a reference to instruction No.1916 is also invited which provides that during the search operations, no seizure of gold jewellery and ornaments to the extent of 500 grams per married lady, 250 grams per unmarried lady and 100 grams per male member of the family shall be made. Further, legitimate holding of jewellery upto any extent is fully protected.

In view of the above, the apprehension sought to be created that the jewellery with the household which is acquired out of disclosed sources or exempted income shall become taxable under the proposed amendment is totally unfounded and baseless.

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Ruchi Soya Industries to announce September quarter and half year results
Dec 01,2016

Ruchi Soya Industries announced that a meeting of the Board of Directors of the Company will be held on 14 December 2016, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2016.

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Outcome of board meeting of AAR Commercial Company
Dec 01,2016

AAR Commercial Company announced that the Board of Directors of the Company at its meeting held on 01 December 2016 transacted the following -

Appointment of Arvind Kumar Modi as Company Secretary and Compliance Officer of the Company with effect from 01 December 2016.

Approved shifting of registered office to 1, British India Street (Old Complex), Mezzanine Floor, Room No. 20, Kolkata - 700 069 with effect from 01 December 2016.

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Outcome of board meeting of Sayaji Hotels
Dec 01,2016

Sayaji Hotels announced that a meeting of the Board of directors of the Company was held on 01 December 2016 wherein, inter-alia, the following decisions were considered & approved:

Approval of the Sanction letter of Axis Bank for conversion of credit facility into foreign currency loan and availment of credit facility of Rs 4.28 crore.

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Board of Everest Industries approves change in CFO
Dec 01,2016

Everest Industries announced that the Board of Directors of the Company at their meeting held on 01 December 2016 have appointed Nikhil Dujari as Chief Financial Officer (CFO) of the Company w.e.f. 02 December 2016 in place of Rakesh Kumar Gupta who has ceased to be CFO of the Company with effect from the aforesaid date.

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Board of NTPC accords investment approval for Rojmal Wind Energy Project
Dec 01,2016

NTPC announced that the Board of Directors of the Company in its meeting held on 30 November 2016, has accorded investment approval for Rojmal Wind Energy Project (50 MW) in the state of Gujarat at an appraised estimated cost of Rs. 323.35 crore subject to signing of Power Project Agreement. This will be the first wind energy project of NTPC.

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Board of Jindal Steel & Power to consider Q2 results
Dec 01,2016

Jindal Steel & Power announced that the meeting of the Board of Directors of the Company is scheduled to be held on 09 December 2016, inter alia, to consider and approve, the unaudited Financial Results of the Company for the 2nd quarter and half year ended 30 September 2016, both on Standalone and Consolidated basis (Q2).

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Board of Gillette India approves appointment of director
Dec 01,2016

Gillette India announced that the Board of Directors of the Company, at their meeting held on 01 December 2016 has approved proposal for appointment of Karthik Natarajan as Director and Whole-time Director of the Company by way of Shareholders resolution to be passed by postal ballot effective from date of passing of the Shareholders resolution.

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Board of Shilpa Medicare approves raising of funds up to Rs 175 crore
Dec 01,2016

Shilpa Medicare announced that the Board of Directors of the Company at its meeting held on 01 December 2016 approved the raising of funds up to Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius at a price of Rs 570 per share of Re 1 each. The Board also proposed to increase the shareholding limit for FIIs/ FPI and Registered Foreign Investors with SEBI, to 40% from the existing limit of 30%.

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Board of Bombay Rayon Fashions to consider September quarter results
Dec 01,2016

Bombay Rayon Fashions announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 13 December 2016, inter alia, to consider, approve and take on record, among other items of the agenda, the Un-audited Financial Results for the quarter/half year ended 30 September 2016.

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Gartner Says Worldwide Server Revenue Declined 5.8 Percent in the Third Quarter of 2016; Shipments Were Down 2.6 Percent
Dec 01,2016

In the third quarter of 2016, worldwide server revenue declined 5.8 percent year over year, and shipments declined 2.6 percent from the third quarter of 2015, according to Gartner, Inc. Among the top five vendors, only Cisco increased revenue in the third quarter, while Huawei and Inspur Electronics saw growth in shipments. HPE, Dell and Lenovo all experienced declines in both server revenue and shipments.

The server market was impacted during the third quarter of 2016 by generally conservative spending plans globally. This was compounded by the ability of end users to leverage additional virtual machines on existing x86 servers (without new hardware) to meet their server application needs, said Jeffrey Hewitt, research vice president at Gartner. Server providers will need to reinvigorate and improve their value propositions to help end users justify server hardware replacements and growth, if they hope to drive the market back into a positive state.

All regions showed a decline in shipments except Eastern Europe, which posted growth of 0.9 percent. In terms of revenue, all regions except for Japan experienced a decline. Japan grew by 1.3 percent.

x86 servers declined 2.3 percent in shipments and 1.6 percent in revenue in the third quarter of 2016. All vendors in the top five except for Cisco experienced a decline in revenue. In x86 server shipments, only Huawei and Inspur Electronics experienced growth.

Despite a decline of 11.8 percent, HPE continued to lead in the worldwide server market, based on revenue, with 25.5 percent market share. Dell declined 7.9 percent, but maintained the second spot in the market with 17.5 percent market share. Lenovo secured the third spot with 7.8 percent of the market. IBM dropped to the fifth position and experienced the largest decline among the top five vendors.

Table 1
Worldwide: Server Vendor Revenue Estimates, 3Q16 (U.S. Dollars)

Company3Q16 Revenue3Q16 Market Share (%)3Q15 Revenue3Q15 Market Share (%)3Q15-3Q16 Growth (%)HPE3,247,087,04525.53,682,417,47727.3-11.8Dell2,227,185,68517.52,419,231,40317.9-7.9Lenovo994,447,2617.81,065,664,1197.9-6.7Cisco929,440,0007.3885,600,0006.65.0IBM889,723,5957.01,327,761,1979.8-33.0Others4,426,866,90934.84,120,053,34830.57.4Total12,714,750,495100.013,500,727,543100.0-5.8

Note: Beginning in the second quarter of 2016, HPEs server sales in China are reflected in H3C.

Source: Gartner (November 2016)

HPE secured the No 1 position in server shipments in the third quarter of 2016, with 18.3 percent of the market. Despite a decline of 9.8 percent, Dell secured the second spot with 16.8 percent market share.Huawei and Inspur were the only vendors in the top five to increase server shipments in the third quarter of 2016.

Table 2
Worldwide: Server Vendor Shipment Estimates, 3Q16 (Units)

Company3Q16 Shipments3Q16 Market Share (%)3Q15 Shipments3Q15 Market Share (%)3Q15-3Q16 Growth (%)HPE493,26818.3613,10122.2-19.5Dell452,38316.8501,26218.1-9.8Lenovo228,0978.5242,0058.8-5.7Huawei163,3556.1134,1634.921.8Inspur Electronics119,9434.599,4173.620.6Others1,234,56745.91,172,72542.45.3Total2,691,613100.02,762,672100.0-2.6

Note: Beginning in the second quarter of 2016, HPEs server sales in China are reflected in H3C.

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Atul Auto announces sales figures
Dec 01,2016

Atul Auto reported total sales of 3450 units in November 2016 compared to 4005 units in November 2015, registering a decline of 13.86%. For the period April to November 2016, total sales stood at 27854 units compared to 29367 units in the corresponding period of previous year, registering a decline of 5.15%.

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Cox & Kings gets reaffirmation in credit ratings for bank facilities
Dec 01,2016

Cox & Kings announced that Credit Analysis & Research (CARE), the Rating Agency, has reaffirmed and enhanced the Commercial Paper issue carved out of sanctioned working capital limit of the Company from the existing Rs. 1040 crore to Rs. 1082 crore. The Rating has been reaffirmed as CARE A1+ (A One Plus). Instruments with this rating indicate very strong capacity for timely payment of financial obligations and carry lowest credit risk.

CARE has also reaffirmed and enhanced the long term bank facilities of the Company from existing Rs. 1164 crore to Rs. 1206 crore. The Rating has been reaffirmed as CARE AA (Double A). Instruments with this rating indicate high safety for timely servicing of debt obligations and carry very low credit risk.

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Viksit Engineering announces change in company secretary and compliance officer
Dec 01,2016

Viksit Engineering announced that Anuj Nema has resigned from the position of Company Secretary and Compliance Officer of the Company w.e.f. closing working hours of 30 November 2016.

Further, Sumit Shivhare, a qualified Company Secretary, has joined the Company as Company Secretary and Compliance Officer w.e.f. 01 December 2016.

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