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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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Tiger Logistics (India) forays into Nepal market
Aug 19,2017

Tiger Logistics (India) has started catering to Nepal market as part of service expansion program. This would include their comprehensive range of services of International Freight Forwarding, Custom Brokerage, Transportation and Logistical advisory to other businesses in Nepal.

Currently, the shipments for Nepal trade goes through Kolkata, Visakhapatnam & Haldia ports. For Indian exports, Birgunj, Biratnagar, Bhairahawa, Kakarbhitta & Sunauli land borders are used.

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Thyrocare Technologies announces change in directorate
Aug 19,2017

Thyrocare Technologies has appointed Dr. Indumati Gopinathan (DIN: 06779331) as a Non-Executive Non-Independent Director in the place of Sohil Chand, (DIN: 02170052), the retiring director, who had expressed his intention not to seek reappointment.

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HDFC Life files DRHP with SEBI for proposed IPO
Aug 19,2017

Housing Development Finance Corporation announced that HDFC Standard Life Insurance Company (HDFC Life), subsidairy of the Corportion has on 18 August 2017, filed a draft red herring prospectus with the SEBI for a public offer of upto 29,98,27,818 equity shares of Rs 10 each of HDFC Life representing 14.97% of the issued and paid up equity share capital, for cash, through an offer of sale of 19,12,46,050 equity shares by the Corporation and 10,85,81,768 equity shares by Standard Life (Mauritius Holdings) 2006, representing 9.55% and 5.42% respectively.

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Laurus Labs completes USFDA inspection of its API facilities in Visakhapatnam
Aug 19,2017

Laurus Labs has completed USFDA inspection of its API facilities in Units 1 & 3 at Parawada, Visakhapatnam, Andhra Pradesh, with two obeservations which are only procedural in nature on 18 August 2017.

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Board of Infosys approves buyback of shares for an aggregate Rs 13000 cr
Aug 19,2017

The Board of Infosys at its meeting held on 19 August 2017 has approved buyback of its fully paid equity shares of Rs 5 each for an amount not exceeding Rs 13000 crore. The Buyback offer size is 20.51% of the total paid up equity capital and free reserves of the Company.

The buyback offer will comprise a purchase of upto 113,043,478 equity shares aggregating up to 4.92% of the paid up capital of the Company at a price of Rs 1150 per equity share.

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Indian Overseas Bank intimates of All India strike
Aug 19,2017

Indian Overseas Bank announced that the members of the United Forum of Bank Unions proposes to go on strike on 22 August 2017. The operations of the Banks branches and offices will be affected partially or fully, in case the strike materialises.

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Max Financial Services to allot 4,07,768 shares
Aug 19,2017

Max Financial Services announced that the Nomination and Remuneration Committee of the Company, on 18 August 2017, approved allotment of 4,07,768 equity shares of Rs.2/- each of the Company for cash, to certain stock option-holders arising from the exercise of Stock Options granted by the Company earlier.

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Web Based System for Online Processing of Application for ICD/CFS/AFS
Aug 19,2017

The Government has simplified the process for companies to set up an Inland Container Depot (ICD)/ Container Freight Station (CFS)/Air Freight Station (AFS). The improved procedure is aimed at ensuring a speedier and more transparent approval process. Towards this objective, companies can now make their application online and view its progress/update on-line, without a visit to any government office. Also this is a pioneer attempt as a major Inter-Ministerial IT application rather than a mere Intra-Ministerial IT initiative.

The approval process for setting up an ICD/CFS/AFS involves many departments. This is facilitated through an Inter-Ministerial Committee (IMC) which consists of officials from Ministries of Commerce, Finance (Dept. of Revenue), Railways and Shipping. If required, the view of the respective State Government is also sought. This IMC is housed in the Department of Commerce which is mandated to act as a single window for the approval process.

CURRENT PROCESS

In the current process the applicant submits as many as ten physical copies of the application form with the requisite documents to the Infrastructure Division at Department of Commerce (DoC), New Delhi, besides one copy with the Jurisdictional Commissioner of Customs.

The current process of examination of the application is very cumbersome and the application form is very bulky with the ancillary material running into almost 500-1000 pages. This is initially scrutinized by the Department of Commerce for adherence to the land acquisition guidelines. Copies of the application are then sent to Ministry of Railways, Shipping, Civil Aviation and Department of Revenue (CBEC) for scrutiny and comments. Department of Revenue (CBEC) then sends the copies of this application to the Jurisdictional Commissioners in the field and thereafter on receiving a report from them sends their clearances to Department of Commerce. Upon receiving the comments from the Ministry of Railways, Shipping, Civil Aviation and Department of Revenue (CBEC), Department of Commerce convenes the meeting of Inter-Ministerial Committee where the application is reviewed on the basis of the comments received, and a decision taken on issue of the Letter of Intent (LoI) to the applicant.

Upon receiving the approval, the applicant is required to set up the infrastructure within one year from the date of approval. The IMC may grant an extension of six months after reviewing the justification for delays given by the party.

After the applicant has put up the required infrastructure, conformed with the security standards of the Jurisdictional Commissioner of Customs and provided a bond backed by bank guarantee to the Customs, a final clearance and Customs notification is issued by the Customs department which then declares the facility operational.

IMPROVED PROCESS

There have been frequent complaints from the Stakeholders (applicants) that the manual process is very cumbersome and not only does it result in loss of documents in the transit but also there is lack of transparency regarding the status of various clearances by the various agencies/departments. There have been persistent demands from the various stakeholders to streamline the processes and therefore, Department of Commerce embarked upon a project to have the complete process made online for the convenience of the applicants.

Now with the culmination of the project, the backend process will also be online and the applicant can see the various stages of processing of his application in the various Ministries/Departments as it is visible online.

Apart from saving reams of paper, the process also brings about greater transparency by disclosing the status of the application. This includes sending out SMS and Email alerts to keep all the stakeholders abreast with the progress.

This approach was conceived under the broader umbrella motto of the government - n++Minimum Government, Maximum Governancen++ espoused by honourable Prime Minister Shri Narendra Modi

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Kharif Crop Sowing Crosses 976 Lakh Hectare Area
Aug 18,2017

The total sown area as on 18th August 2017, as per reports received from States, stands at 976.34 lakh hectare as compared to 984.57 lakh hectare at this time last year.

 It is reported that rice has been sown/transplanted in 341.58 lakh ha, pulses in 130.68 lakh ha, coarse cereals in 171.75 lakh ha, sugarcane in 49.78 lakh hectare and cotton in 118.14 lakh ha.

 The details of the area covered so far and that covered during this time last year are given below:

                                                                                                                                Lakh hectare 

CropArea sown in 2017-18Area sown in 2016-17Rice341.58340.14Pulses130.68135.42Coarse Cereals171.75179.17Oilseeds157.36175.10Sugarcane49.7845.64Jute & Mesta7.057.56Cotton118.14101.54Total976.34984.57

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Integrated Hitech reports standalone net profit of Rs 0.02 crore in the June 2017 quarter
Aug 18,2017

Net profit of Integrated Hitech remain constant at Rs 0.02 crore in the quarter ended June 2017 and also during the previous quarter ended June 2016. Sales rose 14.29% to Rs 0.08 crore in the quarter ended June 2017 as against Rs 0.07 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales0.080.07 14 OPM %25.0028.57 - PBDT0.020.02 0 PBT0.020.02 0 NP0.020.02 0

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Urbaknitt Fabs reports standalone net loss of Rs 0.34 crore in the June 2017 quarter
Aug 18,2017

Net loss of Urbaknitt Fabs reported to Rs 0.34 crore in the quarter ended June 2017 as against net profit of Rs 1.24 crore during the previous quarter ended June 2016. Sales declined 84.47% to Rs 0.25 crore in the quarter ended June 2017 as against Rs 1.61 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales0.251.61 -84 OPM %-112.008.70 - PBDT-0.291.52 PL PBT-0.321.49 PL NP-0.341.24 PL

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Polymechplast Machines standalone net profit rises 81.82% in the June 2017 quarter
Aug 18,2017

Net profit of Polymechplast Machines rose 81.82% to Rs 0.40 crore in the quarter ended June 2017 as against Rs 0.22 crore during the previous quarter ended June 2016. Sales rose 25.66% to Rs 9.50 crore in the quarter ended June 2017 as against Rs 7.56 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales9.507.56 26 OPM %6.004.76 - PBDT0.480.29 66 PBT0.400.22 82 NP0.400.22 82

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Shree Precoated Steels reports standalone net loss of Rs 0.23 crore in the June 2017 quarter
Aug 18,2017

Net Loss of Shree Precoated Steels reported to Rs 0.23 crore in the quarter ended June 2017 as against net loss of Rs 0.33 crore during the previous quarter ended June 2016. There were no Sales reported in the quarter ended June 2017 and during the previous quarter ended June 2016.

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Advance Multitech standalone net profit rises 416.67% in the June 2017 quarter
Aug 18,2017

Net profit of Advance Multitech rose 416.67% to Rs 0.62 crore in the quarter ended June 2017 as against Rs 0.12 crore during the previous quarter ended June 2016. Sales declined 11.93% to Rs 3.10 crore in the quarter ended June 2017 as against Rs 3.52 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales3.103.52 -12 OPM %32.5811.08 - PBDT0.860.34 153 PBT0.670.15 347 NP0.620.12 417

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Mercury Laboratories reports standalone net loss of Rs 1.37 crore in the June 2017 quarter
Aug 18,2017

Net loss of Mercury Laboratories reported to Rs 1.37 crore in the quarter ended June 2017 as against net profit of Rs 0.94 crore during the previous quarter ended June 2016. Sales declined 17.44% to Rs 10.65 crore in the quarter ended June 2017 as against Rs 12.90 crore during the previous quarter ended June 2016.

ParticularsQuarter Endedn++Jun. 2017Jun. 2016% Var. Sales10.6512.90 -17 OPM %-9.0114.88 - PBDT-1.101.75 PL PBT-1.361.49 PL NP-1.370.94 PL

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