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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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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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Sang Froid Labs (India) to hold board meeting
Jul 17,2017

Sang Froid Labs (India) will hold a meeting of the Board of Directors of the Company on 18 July 2017 To appoint Statutory Auditor of the Company to fill the casual vacancy caused by the resignation of existing Statutory Auditors of the Company.

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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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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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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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Three stocks drop ex-dividend
Jul 17,2017

Meanwhile, the S&P BSE Sensex was up 103.66 points or 0.32% at 32,124.41.

PVR fell 1.05% to Rs 1,391.80 as the stock turned ex-dividend today, 17 July 2017, for final dividend of Rs 2 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.14% based on the closing price of Rs 1,406.55 on BSE on Friday, 14 July 2017.

GE T&D India lost 0.71% to Rs 327.15 as the stock turned ex-dividend today, 17 July 2017, for dividend of Rs 1.80 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.55% based on the closing price of Rs 329.50 on BSE on Friday, 14 July 2017.

Dr Reddys Laboratories fell 0.13% to Rs 2,701.05 as the stock turned ex-dividend today, 17 July 2017, for dividend of Rs 20 per share for the year ended 31 March 2017. Before turning ex-dividend, the stock offered a dividend yield of 0.74% based on the closing price of Rs 2,704.50 on BSE on Friday, 14 July 2017.

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GVK Power rallies 10.8% post stake sale in BIAL
Jul 17,2017

Meanwhile, the S&P BSE Sensex was up 99.73 points or 0.31% at 32,120.48. The S&P BSE Small-Cap index rose 27.59 points or 0.17% at 15,935.60.

On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 15.70 lakh shares in the past one quarter. The stock had hit a high of Rs 8.15 and a low of Rs 7.59 so far during the day. The stock had hit a 52-week high of Rs 9.22 on 3 July 2017 and a 52-week low of Rs 5.05 on 25 May 2017.

The stock had outperformed the market over the past one month till 14 July 2017, advancing 26.21% compared with the Sensexs 2.78% rise. The stock had also outperformed the market over the past one quarter, gaining 26.63% as against the Sensexs 8.69% rise. The scrip had, however, underperformed the market over the past one year, advancing 6.18% as against the Sensexs 14.6% rise.

The small-cap company has equity capital of Rs 157.92 crore. Face value per share is Rs 1.

Shares of GVK Power & Infrastructure (GVK Power) have rallied 10.83% in two trading sessions to its ruling market price, from its close of Rs 7.29 on 13 July 2017, after the company said after market hours on 13 July 2017 that it has completed the sale of residual 10% stake in Bangalore International Airport (BIAL). The stock had risen 3.7% to settle at Rs 7.56 on Friday, 14 July 2017.

GVK Power announced the successful completion of the sale of its residual stake of 10% in Bangalore International Airport (BIAL), held through its subsidiary, Bangalore Airport Infrastructure Developers (BAIDPL) to Fairfax India Holdings Corporation (Fairfax India) for a consideration of Rs 1290 crore (approximately $200 million).

In March 2017, GVK closed an agreement which was signed during March 2016 with Fairfax India to sell a 33% stake in BIAL. It had retained a 10% stake and the management of BIAL. Subsequently, in June 2017, GVK announced its decision to conclude the sale of this 10% residual stake to Fairfax India, subject to necessary consents and approvals.

GVK Power and Infrastructure reported net loss of Rs 205.85 crore in Q4 March 2017, higher than net loss of Rs 105.59 crore in Q4 March 2016. Net sales rose 4.1% to Rs 7.10 crore in Q4 March 2017 over Q4 March 2016.

GVK is a leading conglomerate with presence across energy, airports, transportation, hospitality and life sciences.

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NDMC Smart City projects given timelines; Rs.1,240 cr worth works to begin in October
Jul 17,2017

New Delhi Municipal Council (NDMC) has been asked by the Ministry of Housing & Urban Affairs to ensure completion of smart city projects ahead of time so as to lead by example in smart city making across the country. Timelines for the same have been fixed at a two hour review of implementation of NDMCs Smart City Plan taken by Shri Durga Shanker Mishra, Secretary (Housing & Urban Affairs) last evening. Shri Naresh Kumar, Chairman, NDMC and senior officials of the ministry and the Council attended the review.

Of the Rs.1,800 cr Smart City Plan of NDMC, work on a range of major impactful projects will begin in phases by October this year, for which tendering is in progress. These include setting up of a Unified Command and Control Centre, Smart water and power grids, multi-level parking at Khan Market, sensor based smart parking, public bike sharing, converting an additional 333 classrooms into smart ones, Sewage Treatment Plants, smart public hygiene centres etc. Smart redesign of 13 roads totaling 31 kms including seven roads leading to Connaught Place will begin much earlier.

Implementation of projects worth another Rs.500 cr will begin by March next year. These include; India Investment Centre at Yashwant Place, Shivaji Terminal Transport Hub, World Class Skill Centre at Moti Bagh, Incubation Centre, Paryatan Bhawan etc.

Presenting the details of projects implemented so far, Shri Naresh Kumar, Chairman of NDMC asserted that n++NDMC has made a quiet smart beginning with smart solutions initiatives already yielding positive results. Student enrollment and OPD registration have shown good improvement further to converting 444 classrooms so far into smart ones and online registration in hospitals run by the Council. Mobile app Smart City 311 is finding wider traction with citizens availing various services onlinen++.

Shri Mishra asked NDMC to include more services on 311 app like bus schedules and frequencies at all bus stops, information related to parking lots and availability of slots therein etc. He also directed the Council to ensure all residents of NDMC are brought on this platform besides promoting use of this app among the large floating population.

Shri Naresh Kumar assured that with most of the projects getting into implementation mode by October this year and the remaining by March next year, all smart city projects will be completed before the scheduled timeline of 2020.

NDMC Chairman requested the Ministry of HUA to transfer Central Vista to the Council for smart redesign and management and was told that it would be considered.

Voicing concern over sub-optimal utilization of multi-level car parking at Sarojini Nagar, Shri Durga Shanker Mishra asked the Council to come out with an enforcement plan for its full utilization at the earliest. NDMC has also been asked to pursue pedestrianisation of Connaught Place and Khan Market with appropriate action plans.

Appreciating the Council for the smart city projects implemented so far, Shri Mishra asked the Council to mount a special communication outreach plan for wider dissemination of information about the benefits of these initiatives among the people. He further stressed that benefits of Unified Command and Control Centre, smart water and power grids etc., that result in effective resource management need to be informed to the public for informed participation.

Informing that NDMC has already commissioned 3.30 MW of solar power by installing solar panels on roof tops of buildings, Shri Naresh Kumar suggested to the Ministry to consider allowing NDMC to install solar panels on central government office buildings either free or on nominal charges.

Shri D.S.Mishra also asked the Council to convert major parks into smart ones since the same could be done with minimal investments for better feel and experience.

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