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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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Reliance Communications gets revision in family rating and senior secured Notes rating
Dec 01,2016

Reliance Communications announced that Moodys Investors Service, Inc. (Moody), International rating agency, has revised Companys corporate family rating and senior secured Notes rating from Ba3 to B1.

Moody stated that while the expected reduction in debt achieved from proposed two deleveraging transactions will be credit positive, it will take 6-9 months for both transactions to close. Moreover, this is a material shift with respect to business focus, scale and growth strategy - key factors that affect the credit profile of the company and credit risk for bondholders.

Post restructuring, the Company will transform from Indias 4th largest wireless telecommunications operator into a company focused on the B2B segment and providing retail and wholesale data connectivity, as well as internet networks and services. The Company will also lease its submarine cable infrastructure - owned and operated by its 100% owned subsidiary, GCX and metropolitan city networks.

At the same time, the Company will retain a 50% interest in the wireless MergerCo. The Company will also benefit from a 49% economic upside interest in the TowerCo subject to certain performance conditions.

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Wipro inches up after announcing divestment of EcoEnergy division
Dec 01,2016

The announcement was made after market hours yesterday, 30 November 2016.

Meanwhile, the S&P BSE Sensex was up 58.01 points or 0.22% at 26,710.82.

On the BSE, 4,489 shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past one quarter. The stock had hit a high of Rs 469.10 and a low of Rs 466 so far during the day. The stock had hit a 52-week high of Rs 606.75 on 20 April 2016. The stock had hit a 52-week low of Rs 410 on 9 November 2016. The stock had outperformed the market over the past one month till 30 November 2016, advancing 0.02% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, sliding 4.91% as against the Sensexs 5.96% fall.

The large-cap IT company has equity capital of Rs 486.17 crore. Face value per share is Rs 2.

The buyer is Chubb Alba Control Systems (Chubb Alba), an indirect subsidiary of United Technologies Corporation (UTC). The sale is expected to be closed in early 2017, subject to requisite approvals. Wipro EcoEnergy contributed Rs 67.64 crore (0.1%) to Wipros revenue in FY 2016.

Wipro has been sharpening focus on its core IT business. Since business carried out by the EcoEnergy division is not core and strategic to overall IT business of the company, it has been decided to divest the business.

Wipros consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Cabinet approves closure of Kota Unit of Instrumentation and Transfer of its Palakkad Unit to Government of Kerala
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved closure of Kota Unit of Instrumentation and transfer of Palakkad Unit of Instrumentation to Government of Kerala.

In this connection, the Cabinet has approved attractive VRS/VSS package at 2007 notional pay scales to employees of Kota Unit of Instrumentation Ltd. including the payment of pending salary, statutory dues etc., which amounts to approximately Rs.438 crore.

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State Bank of Travancore revises MCLR rates
Dec 01,2016

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 -

Overnight - 8.85%
1 month - 9.05%
3 months - 9.15%
6 months - 9.30%
1 year - 9.45%
2 years - 9.50%
3 years - 9.60%

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State Bank of Travancore revises MCLR rates
Dec 01,2016

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 -

Overnight - 8.85%
1 month - 9.05%
3 months - 9.15%
6 months - 9.30%
1 year - 9.45%
2 years - 9.50%
3 years - 9.60%

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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Board of Balkrishna Industries declares 2nd interim dividend
Dec 01,2016

Balkrishna Industries announced that in the meeting of the Board of Directors held on 30 November 2016, inter alia, has declared 2nd interim dividend of Rs. 2.00 per Equity Share (100%) on the Equity Shares of Rs. 2/- each (face value) for the financial year 2016-2017.

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Board of Balkrishna Industries declares 2nd interim dividend
Dec 01,2016

Balkrishna Industries announced that in the meeting of the Board of Directors held on 30 November 2016, inter alia, has declared 2nd interim dividend of Rs. 2.00 per Equity Share (100%) on the Equity Shares of Rs. 2/- each (face value) for the financial year 2016-2017.

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Sidh Automobiles announces incorporation of 4 subsidiaries
Dec 01,2016

Sidh Automobiles has incorporated 4 subsidiaries under the name and style of -

Urban Organic Products
Wholly Cow Dairy
Sunrise Bliss Organics
Wholly Joy Products
Wholly Organic

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Sidh Automobiles announces incorporation of 4 subsidiaries
Dec 01,2016

Sidh Automobiles has incorporated 4 subsidiaries under the name and style of -

Urban Organic Products
Wholly Cow Dairy
Sunrise Bliss Organics
Wholly Joy Products
Wholly Organic

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Board of Integrated Capital Services approves draft scheme of merger
Dec 01,2016

Integrated Capital Services announced that the Board of Directors of the Company at its meeting held on 30 November 2016 transacted the following -

Approval of the Draft Scheme of Merger for the proposed merger of Deora Associates, Holding Company holding 69.27% of the fully paid equity shares of the Company, with the Company. The appointed date of the Draft Scheme is 01 October 2016.

Taken on record appointment of Sanjay Agarwal as CFO of the Company.

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Board of Integrated Capital Services approves draft scheme of merger
Dec 01,2016

Integrated Capital Services announced that the Board of Directors of the Company at its meeting held on 30 November 2016 transacted the following -

Approval of the Draft Scheme of Merger for the proposed merger of Deora Associates, Holding Company holding 69.27% of the fully paid equity shares of the Company, with the Company. The appointed date of the Draft Scheme is 01 October 2016.

Taken on record appointment of Sanjay Agarwal as CFO of the Company.

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Cabinet approves Mumbai Urban Transport Project (MUTP)- Phase III
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Mumbai Urban Transport Project Phase-III.

The estimated cost of project is Rs.8,679 crore with completion cost of Rs.10,947 crore. The project is expected to be completed in the next 5 years during 13th Plan period.

Western Railway is running suburban services on the existing busy double line between Virar-Dahanu Road which is a part of main line Mumbai -Ahmedabad / Delhi route. Main line is already over saturated and there is no scope for supplementing suburban services on this line. Construction of additional double line between Virar-Dahanu Road will address the demand of commuters in this region. This will provide extension of suburban services from Churchgate to Dahanu Road. Panvel-Karjat double line suburban corridor will cater to the significant urbanization and population growth in recent years in this area. This will also provide alternate route from Karjat to CSTM via Panvel which will be shorter by 23 Km than the existing route via Kalyan and will reduce travel time between CSTM to Karjat by 35 to 40 minutes by slow trains.

Presently, passengers commuting from Kalyan to Vashi/ Panvel or in reverse direction, have to get down at Thane and take Trans Harbour link. This results in congestion at Thane which is already a busy station on Central Railway. Airoli-Kalwa corridor will reduce congestion at Thane station and will also save time as these passengers can travel bypassing Thane. Procurement of new coaches will enhance the quality of service and reduce congestion. The works proposed under trespass control at 22 locations shall significantly reduce trespass and will provide safer environment for the public.

The areas covered by this project are Thane, Palghar, Raigad and Mumbai districts of Maharashtra.

Background:

The Mumbai suburban railway network on Central and Western Railways has 376 route Kms. There are five corridors, two on Western Railway, two on Central Railway and one on Harbour Line of Central Railway. Everyday approximately 8 million people travel in suburban section in more than 2900 train services. There is severe overcrowding in the suburban trains specially during peak hours. Due to geographical constraints, spread of the population and location of business areas, the rail network will continue to be the principal mode of mass transport in Mumbai. To meet the demands of the ever growing commuter traffic, new suburban corridor between Panvel-Karjat (28 Route km), new elevated corridor between Airoli-Kalwa( 3 Route km ), quadrupling of Virar-Dahanu Road (63 Route km), procurement of 565 new coaches and trespass control measures in mid sections have been included in Mumbai Urban Transport Project (MUTP)- Phase III.

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Corporation Bank fixes MCLR
Dec 01,2016

Corporation Bank announced the Marginal Cost of Funds based Lending Rated effective from 01 December 2016 -

Overnight - 9.00%
1 month - 9.15%
3 months - 9.20%
6 months - 9.35%
1 year - 9.45%.

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