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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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Magma Fincorp tumbles after subdued Q2 numbers
Nov 04,2016

The result was announced after market hours yesterday, 3 November 2016.

Meanwhile, the S&P BSE Sensex was down 58.10 points or 0.21% at 27,372.18.

On BSE, so far 2.49 lakh shares were traded in the counter as against average daily volume of 1.08 lakh shares in the past two weeks. The stock hit a high of Rs 114.90 and a low of Rs 95.65 so far during the day. The stock had hit a 52-week high of Rs 125.80 on 10 October 2016. The stock had hit a 52-week low of Rs 67 on 3 February 2016. The stock had outperformed the market over the past one month till 3 November 2016, advancing 8.47% compared with 2.88% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.14% as against Sensexs 0.96% fall.

The small-cap company has equity capital of Rs 47.39 crore. Face value per share is Rs 2.

The companys bottom line during Q2 September 2016 was boosted by surge in non-operational income. Other income jumped 60.42% to Rs 15.85 crore in Q2 September 2016 over Q2 September 2015.

Commenting on the companys performance, Sanjay Chamria, Vice Chairman and MD, Magma Fincorp said that the company has exhibited resilience in its performance despite the industry odds still not favourable. Magma expects better results with an improving rural economy going forward in the second half of the current financial year (FY 2017), added Chamria.

Magma Fincorp has announced a change in its top management team. Atul Bansal, chief financial officer (CFO) of the company has resigned to pursue other opportunities. The board has appointed Kailash Baheti, working with the company as chief strategy officer as the new CFO.

Magma provides a bouquet of financial products including commercial finance, agri finance, SME finance and mortgage finance and has a general insurance subsidiary.

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ASSOCHAM urges for setting up road transport regulatory authority
Nov 04,2016

Apex industry body ASSOCHAM has mooted a proposal to the Union Government to constitute an appropriate authority either at the Central or state level to fix the ceiling on road freight rates and breaking local monopolies.

n++Transporters charge exorbitant rates for movement of iron ore and other raw materials from mines and ports to steel plants, besides they also prevent free competition through their dominating presence in local areas,n++ said ASSOCHAM highlighting the double whammy being faced by the domestic steel sector.

ASSOCHAM also submitted various suggestions to the Union Steel Ministry to bring back Indias steel sector on growth trajectory.

n++There is an urgent need to withdraw import duty of five per cent imposed upon metallurgical coke and coking coal to restore competitiveness of the domestic steel industry,n++ ASSOCHAM highlighted in a paper submitted to the Union Steel Ministry highlighting various issues that are restricting growth of the sector.

It also urged the Steel Ministry to bring down rate of royalty on iron ore to reduce the cost of raw materials for steel plants.

n++About 15 per cent royalty rate on iron ore together with district mineral foundation (DMF) at 30 per cent translates into royalty burden on end user of 19.5 per cent of iron ore cost,n++ it noted.

The apex chamber requested to reduce the DMF rate for new mines from 10 per cent for captive consumption of iron ore.

Considering that higher transport costs result in higher costs of production of steel in India, there is an urgent need to bring down freight tariff rates by up to 25 per cent across all raw material and steel products to gain competitive edge.

It is also imperative to prevent import of cheap steel in India through a combination of minimum import price (MIP) and import duties/safeguard duties on a sustained basis.

ASSOCHAM has also suggested that inclusion of pig iron, sponge iron and billets in the list of products covered under MIP since protection for upstream primary reduction of iron is equally vital.

Further, banks should extend working capital loans to steel companies on a priority basis, especially those which have not defaulted on interest payment, while structural problems relating to high debts of various steel companies would take time to resolve.

There is also a need to create a special funding mechanism for providing capital for brown-field expansion of capacities at the existing steel mills, more so as commercial viability of brown field expansion of steel plants is significantly higher than greenfield plants.

Sharing certain budget proposals, ASSOCHAM has reiterated its demand to accord strategic industry status to steel sector. Besides it also suggested to bring import duty on coking coal and metallurgical coke down to zero.

A comprehensive package for steel sector should be unveiled encompassing special financing arm for providing capital for expansion of capacities, easy extension of working capital loans, long-term policy on freight tariffs and augmenting transportation infrastructure capacity to meet needs of steel production.

Besides it should also include total revamp of process for grant of statutory approvals for mines and steel plants, long-term policy to prevent cheap imports of steel products and security of raw materials.

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UltraTech Cement allots equity shares
Nov 04,2016

UltraTech Cement announced that the Nomination, Remuneration and Compensation Committee has on 03 November 2016 allotted 3,284 equity shares of Rs. 10/- of the Company to Option Grantees upon exercise of stock options under the Companys Employee Stock Option Scheme.

On allotment, the equity share capital of the Company stands increased to 27,44,53,439 equity shares of Rs. 10/- each aggregating to Rs. 2,74,45,34,390/-.

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Board of Balasore Alloys allots convertible warrants on preferential basis
Nov 04,2016

Balasore Alloys announced that the Board of Directors of the Company at its meeting held on 03 November 2016 has allotted 2.30 crore convertible warrants on preferential basis which shall entitle the warrant holder to equivalent number of equity shares of Rs 5 each of the Company at a price of Rs 21.50 per share.

Out of the said warrants, One crore warrants shall be converted into equity shares in FY 2016-17 and the remaining 1.30 crore warrants shall be converted into equity shares in FY 2017-18.

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Camson Seeds to hold board meeting
Nov 04,2016

Camson Seeds will hold a meeting of the Board of Directors of the Company on 10 November 2016, to approve the Un-audited Financial results of the Company for the 2nd quarter and half year ended 30 September 2016.

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Polymac Thermoformers to hold board meeting
Nov 04,2016

Polymac Thermoformers will hold a meeting of the Board of Directors of the Company on 9 November 2016, for the approval of Half Yearly Financial Result for the period April 2016, to September 2016.

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Aayush Food & Herbs to hold board meeting
Nov 04,2016

Aayush Food & Herbs will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, Unaudited Financial Results of the Company for the quarter ended 30 September 2016.

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Cura Technologies to hold board meeting
Nov 04,2016

Cura Technologies will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Un-Audited Financial Results for the Quarter & half year ended 30 September 2016.

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Anubhav Industrial Resources to hold board meeting
Nov 04,2016

Anubhav Industrial Resources will hold a meeting of the Board of Directors of the Company on 14 November 2016, to approve the Un-Audited Financial Results of the Company for quarter ended 30 September 2016.

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MBL Infrastructures to hold board meeting
Nov 04,2016

MBL Infrastructures will hold a meeting of the Board of Directors of the Company on 14 December 2016, to approve the Unaudited Financial Results of the Company for the Quarter and Half Year ended 30 September 2016.

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Board of Take Solutions recommends dividend
Nov 04,2016

Take Solutions announced that the Board of Directors of the Company at its meeting held on 3 November 2016, inter alia, have recommended the dividend of Rs 0.3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Pincon Spirit intimats of upward revision in MRP of its country liquor brands
Nov 04,2016

Pincon Spirit announced that Government of West Bengal vide its Notification No. 03-EXE dated 28 October 2016 has revised the rate of Excise Duty on Country Liquor w.e.f. 08 November 2016, along with instruction to all Country Liquor Manufacturers to apply immediately for label re-registration with new MRP.

The Company has made urgent initiation for upward revision in MRP of its Country Liquor Brands viz. Pincon Bangia No. 1, Bengal Tiger & Uddan.

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Malu Paper Mills to hold board meeting
Nov 04,2016

Malu Paper Mills will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, approve and take on record Unaudited Financial results of the company for the quarter ended on 30 September 2016.

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Jindal Poly Investment & Fin. Co. to hold board meeting
Nov 04,2016

Jindal Poly Investment & Fin. Co. will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider Un-Audited Financial results of the Company for the quarter and half year ended 30 September 2016.

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Gravita India to hold board meeting
Nov 04,2016

Gravita India will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and take on record Un-audited Financial results of the company for the quarter ended 30 September 2016.

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