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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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Rolta jumps after securing order
Jul 17,2017

The announcement was made during market hours today, 17 July 2017.

Meanwhile, the S&P BSE Sensex was up 68.38 points or 0.21% at 32,089.13. The S&P BSE Small-Cap index rose 9.11 points or 0.06% at 15,917.12.

On the BSE, 5.78 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 63.90 and a low of Rs 58.70 so far during the day. The stock had hit a 52-week high of Rs 74.30 on 13 December 2016 and a 52-week low of Rs 48.10 on 9 November 2016.

The stock had outperformed the market over the past one month till 14 July 2017, advancing 14.94% compared with the Sensexs 2.78% rise. The stock had, however, underperformed the market over the past one quarter, declining 0.76% as against the Sensexs 8.69% rise. The scrip had also underperformed the market over the past one year, sliding 11.97% as against the Sensexs 14.6% rise.

The small-cap company has equity capital of Rs 164.86 crore. Face value per share is Rs 10.

Rolta announced that it has been selected to provide a transformational Geospatial solution worth $10.8 million for one of the largest countries in the Middle East. This solution will be an integral element for supporting a prestigious national level Digital Transformation program to fulfill their ambitious vision spanning the next 15-years.

On consolidated basis, Rolta Indias net profit rose 41.68% to Rs 52.34 crore on 19.74% decline in net sales to Rs Q4 March 2017 over Q3 December 2016.

Rolta is a leading provider of innovative IP-led IT solutions for many vertical segments, including federal and state governments, utilities, oil & gas, petrochemicals, financial services, manufacturing, retail, and healthcare.

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M.D. Inducto Cast announces change in directorate
Jul 17,2017

M.D. Inducto Cast announced that the Board of Directors of the Company at its meeting held on 30 June 2017 has appointed Vinod Kumar Jangid as an Independent Director (Additional Director) and Ashokkumar Jagdishram Gupta as Chairman in place of Himanshu Desai.

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JMG Corporation appoints director
Jul 17,2017

JMG Corporation announced the appointment of Shabina Fatima as a Women Director (Non-executive & Independent) with effect from 14 July 2017.

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Shreyans Industries announces resignation of company secretary and compliance officer
Jul 17,2017

Shreyans Industries announced that Videshwar Sharma has resigned as Company Secretary and Compliance Officer with effect from 15 July 2017.

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Sharp India director resigns
Jul 17,2017

Sharp India announced that Kazunori Ajikawa has resigned as a Director of the Company with effect from 14 July 2017.

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Rolta India to provide Geospatial solution worth $10.8 million
Jul 17,2017

Rolta India announced that it has been selected to provide a transformational Geospatial solution worth $10.8 million for one of the largest countries in the Middle East. This solution will be an integral element for supporting a prestigious national level Digital Transformation program to fulfil their ambitious vision spanning the next 15 years.

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Lumax Industries to hold board meeting
Jul 17,2017

Lumax Industries will hold a meeting of the Board of Directors of the Company on 22 July 2017 to consider and approve the Unaudited Financial Results for the 1st Quarter ended 30th June, 2017.

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Vinayak Vanijya to hold board meeting
Jul 17,2017

Vinayak Vanijya will hold a meeting of the Board of Directors of the Company on 19 July 2017 AGM

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Shukra Bullions to hold board meeting
Jul 17,2017

Shukra Bullions will hold a meeting of the Board of Directors of the Company on 24 July 2017 s required under Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements)

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Bella Casa Fashion & Retail to hold AGM
Jul 17,2017

Bella Casa Fashion & Retail announced that the 21th Annual General Meeting(AGM) of the company on 12 August 2017.

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SE Investments to hold board meeting
Jul 17,2017

SE Investments will hold a meeting of the Board of Directors of the Company on 22 July 2017 to consider and approve the Un-audited Financial Results for the quarter ended 30th June, 2017.

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Bluechip Tex Industries to hold board meeting
Jul 17,2017

Bluechip Tex Industries will hold a meeting of the Board of Directors of the Company on 26 July 2017 Immediate relatives means a spouse of a person, and includes parent, sibling, and child of such person or of the spouse, any of whom is either dependent financially on such person or consults such person in taking decisions relating to trading in securities.

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Board of Vaswani Industries approves change in registered office
Jul 17,2017

The Board of Directors of Vaswani Industries at its meeting held on 15 July 2017 at the registered office of the company, have considered change in situation of registered office from MIG-4, Indrawati Colony, Raipur (C.G.) 492001 to Bahesar Road, Near Cycle Park, Vill - Sondra, Phase-II, Industrial Area, Siltara, Raipur (C.G.) 493221.

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Rs. 8 Lakh crore NPAs likely to undergo bankruptcy proceedings by March 2019: ASSOCHAM
Jul 17,2017

Emboldened by the Banking Regulation (Amendment) Ordinance, RBI is expected to put bad loans worth about Rs 8 lakh crore for resolution by March 2019, a move that could bring down the non-performing assets (NPAs) to acceptable level and significantly improve the financial health of banks as well, a study done by ASSOCHAM said.

n++So, it should be safe to assume that the NPAs mess would largely be resolved by the first quarter of financial year 2019-20. This would be helped by a combination of several factors - turnaround in the economic cycle and some resolute steps by the government and the Reserve Bank of India to fix the issue,n++ ASSOCHAM study titled NPAs Resolution: Light at the end of tunnel by March 2019.

Although entire NPAs could be put on the altar of IBC resolution mechanism, it has to be seen how much and how fast they actually goes out from the balance sheets of banks which at this point of time seem very stressed, it said.

It is no secret that NPAs are a big drain on the financial health of banks especially public sector banks (PSBs).

For example, 27 PSBs collectively made an operating profit of Rs 1.5 lakh crore in 2016-17, but after allowing for the provisioning for bad loans, among others, net operating profit slipped to a paltry Rs 574 crore.

If balance sheet numbers are anything to go by, it simply brings home the fact that banks have no capacity to do fresh corporate lending that is necessary for pushing subdued private sector investment, the study said.

Releasing the report ASSOCHAM Secretary General D S Rawat said it is to be noted that 16-month Asset Quality Review (AQR) exercise that ended in March 2017 pulled out NPAs from the closet and after this deep surgery strong medicine was required to quickly heal the system.

n++So, somewhat bitter medicine came in the form of the Ordinance promulgated by the President in May. The government gave wide- ranging legislative powers to the Reserve Bank of India (RBI) to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans that have reached unacceptably high levels,n++ he said.

The Ordinance authorised the RBI to issue directions to any bank or group of banks to initiate insolvency resolution process in respect of a default under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.

The law also empowered the RBI to set up sector related oversight panels that will shield bankers from later action by probe agencies looking into loan recasts.

Just in the recent past, the RBI has expanded the overseeing committee (OC) by appointing three more members to the high-level panel headed by former chief vigilance commissioner Pradeep Kumar. Now 5-member panel will work through multiple benches.

Banks have been reluctant to resolve NPAs through settlement schemes or sell bad loans with hair cut to asset reconstruction companies for fear of 3Cs -- CBI, CAG and CVC. With the institution of OC, the top bankers should get some cushion against the 3Cs, since the key decisions which involve taking losses by the banks, would be taken by an institutional mechanism and not one or few individuals.

Within hours of the notification of the ordinance amending the Banking Resolution Act 1949, the RBI, eased the decision making process in the Joint Lenders Forum (JLF) and Corrective Action Plan (CAP) under the Framework for Revitalising Distressed Assets in the Economy.

To begin with, RBI empowered by the ordinance initiated the process of resolution and identified 12 accounts each having more than Rs 5,000 crore of outstanding loans and which accounting for 25 per cent or nearly Rs 2 lakh crore of total NPAs of banks for immediate referral for reaching a conclusion under the Insolvency and Bankruptcy Code.

So, in about next two years, the entire NPAs worth Rs 8 lakh crore should either be settled through the IBC process or other NPA resolution mechanism like Strategic Debt Restructuring Scheme (SDR) and Sustainable Structuring of Stressed Assets (S4A) or - Corporate Debt Restructuring (CDR).

NPAs of entire PSBs rose by over Rs 1 lakh crore to Rs 6.06 lakh crore during April-December of 2016-17, the bulk of which came from power, steel, road infrastructure and textile sectors.

Large loans of Rs 10 crore and above make up for 79 per cent of total gross non-performing loans. It is to be noted that Iron & Steel, Infrastructure, Agriculture and Textiles contributed the most to stressed assets at 26.1 per cent, 11.8 per cent, 9.7 per cent and 6.6 per cent respectively.

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ICICI Bank gets stronger after subsidiary files DRHP for IPO
Jul 17,2017

The announcement was made after market hours on Friday, 14 July 2017.

Meanwhile, the S&P BSE Sensex was up 97.85 points, or 0.31%, to 32,118.60.

On the BSE, 1.85 lakh shares were traded in the counter so far, compared with average daily volume of 14.92 lakh shares in the past one quarter. The stock had hit a high of Rs 301.90 in intraday trade, which is also a 52-week high for the stock. The stock had hit a low of Rs 299 so far during the day. The stock had hit a 52-week low of Rs 215.41 on 4 August 2016.

The stock has gained 3.98% in four sessions to its ruling price from a close of Rs 289.75 on 11 July 2017.

The stock had underperformed the market over the past one month till 14 July 2017, rising 2.71% compared with 2.78% gains in the Sensex. The scrip, had, however, outperformed the market in past one quarter, gaining 16.3% as against Sensexs 8.69% gains. The scrip had also outperformed the market in past one year, gaining 22.2% as against Sensexs 14.6% rise.

The large-cap private sector bank has equity capital of Rs 1282.59 crore. Face value per share is Rs 2.

ICICI Bank said that its subsidiary company, ICICI Lombard General Insurance Company has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for a public offer of up to 8.62 crore shares of face value of Rs 10 each.

The offer represents approximately 19% of ICICI Lombard General Insurance Companys equity share capital, for cash through an offer for sale of up to 3.17 crore shares by ICICI Bank and up to 5.44 crore shares by FAL Corporation. The offer includes a proposed reservation of up to 43.12 lakh shares or 5% of the offer for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.

The board of directors of the bank on 5 June 2017 had approved the sale of a part of banks shareholding in ICICI Lombard General Insurance Company in an initial public offering, subject to requisite approvals and market conditions.

In pursuance of the proposed initial public offering, the bank had announced that the joint venture agreement dated 4 October 2000 (as amended/restated from time to time) entered among Fairfax Financial Holdings and ICICI Bank was terminated pursuant to a termination agreement executed on 3 July 2017.

The termination agreement has customary provisions for protection of parties in the event of non-completion of the proposed initial public offering on or before a mutually agreed date.

ICICI Lombard GIC is one of the leading private sector general insurance companies.

ICICI Banks net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016.

ICICI Bank is one of the leading private sector banks in India.

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