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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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Shree Renuka Sugars allots 1,64,35,338 equity shares
Mar 09,2017

Shree Renuka Sugars announced that the Allotment Committee of the Board of Directors has, by way of circular resolution dated 8 March 2017, approved the allotment of 1,64,35,338 Equity Shares of face value of Re. 1/- each, at a price of Rs. 16.56 per Equity Share aggregating to Rs. 27,21,69,197.28 to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the Co. from SCB.

Consequent to the above allotment, the paid-up share capital of the Company stands increased from Rs.92,88,11,242 divided into 92,88,11,242 equity shares having face value Re.1/- each to Rs.94,52,46,580 divided into 94,52,46,580 equity shares having face value of Re.1/- each.

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Fitch: Indian Banks Risk Skipping Coupons, Despite Forbearance
Mar 09,2017

Some Indian banks remain at risk of skipping coupon payments on capital instruments over the next couple of years; despite measures by the Reserve Bank of India (RBI) to ease pressures, and injections of government capital into state banks, says Fitch Ratings. Mid-sized state banks are the most at risk of breaching capital triggers.

Distributable reserves at small- to mid-sized state banks were down by one third in 9M17 compared with financial year 2015 (FY15, to March 2015), reflecting persistent losses and weak internal capital generation. Five state-owned banks suffered losses that were equivalent to more than 30% of distributable reserves in 9M17 alone. The RBIs recent decision to allow banks to make additional Tier 1 (AT1) coupon payments from statutory reserves may have helped mitigate short-term coupon-deferral risks, but state banks reserves are likely to continue falling.

The RBI has made several regulatory adjustments in the last few years to avoid potential damage to sentiment in the domestic market for capital instruments. These changes have been applied to the sector as a whole and are not unique to India, but their timing suggests the RBI has felt pressure to provide headroom to state banks.

Some banks are also at risk of missing coupon payments on capital instruments as a result of breaching minimum capital requirements. Fitchs analysis indicates that the total capital adequacy ratio (CAR) of 12 banks was at or below the 11.5% minimum that will be a prerequisite for payment of coupons on both legacy and Basel III AT1 capital instruments by FYE19. There were also 11 banks with CET1 ratios at or below the 8% minimum that will be required to make coupon payments on AT1 instruments by FYE19.

We estimate that banks require around USD90bn in new capital by FYE19 to meet Basel III standards - state banks account for around 80% of that. State banks are constrained in raising new equity due to heavy discounts on valuations while limited market depth remains a hurdle to issuing capital instruments domestically. Banks which are capable of tapping overseas markets have been reluctant to do so due to pricing concerns. This leaves state banks largely reliant on the government for recapitalisation. The USD10.4bn that the government has earmarked for capital injections into state banks is unlikely to be enough to support balance-sheet growth.

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AksharChem (India) director resigns
Mar 09,2017

The Board of Directors of AksharChem (India) has accepted the resignation of Jayprakash M. Patel as Independent Director of the Company with effect from 07 March 2017 by passing a resolution by circulation.

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Indiabulls Housing Finance allots NCDs aggregating Rs 495 crore
Mar 09,2017

Indiabulls Housing Finance has allotted its second tranche of 495 Secured, Redeemable, Non-Convertible Debentures of face value Rs. 10 lakh each (NCDs) aggregating Rs.495 crores on private placement basis on 08 March 2017.

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Dilip Buildcon provides update on SPV - DBL Hata Dargawon Tollways
Mar 09,2017

Dilip Buildcon announced that DBL Hata Dargawon Tollways (a SPV of the Company) has received the provisional Completion certificate as declaration of Commercial Operation Date (COD) for the Project of Hatta -Fathepura - Rajpura - Silapuri - Banjna - Darguwa ( Km 0+000 to Km 64+230) at State Highway No. 48 on BOT (Toll + Annuity) basis and the project cost 74.25 crore.

Further as per the said certificate, the said project is completed 400 days prior to the schedule Completion date and in lieu of the earlier completion of the Project, Company is entitled to received maximum Bonus amount Rs. 15,38,63,013/- from the Madhya Pradesh Road Development Corporation and provisionally declared fit for entry into Commercial operation dated 06 March 2017.

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IL&FS Transportation Networks gets provisional completion certificate for tunnel project on NH-1A in Jammu & Kashmir
Mar 09,2017

IL&FS Transportation Networks announced that the construction of the longest tunnel in the South East Asian region comprising of construction of four laning of Chenani to Nashri sections of NH-1A including 9 km long tunnel with parallel escape tunnel in the state of Jammu & Kashmir (project) awarded on 03 May 2010 by the National Highways Authority of India has been completed. The provisional completion certificate has been issued effective 08 March 2017.

The project is on annuity basis with concession period of 20 years including construction period of 1825 days. The company will be receiving Annuity of Rs 635 crore annually for a period of 15 years which will shall be paid in semi-annual instalment of Rs 317.52 crore.

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Kotak Mahindra Bank in focus as Uday Kotak pares stake
Mar 09,2017

Shares of Kotak Mahindra Bank will be in focus after Canadian pensions funds Canada Pension Plan Investment Board (CPPIB) and Caisse De Depot ET Placement DU Quebec (CDPQ) have bought 1.5% stake in the bank from Uday Kotak, its executive vice-chairman and managing director. CPPIB bought 92 lakh shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. CDPQ bought 1.84 crore shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. Uday Suresh Kotak sold 2.76 crore shares at Rs 817 per share in a bulk deal on BSE yesterday, 8 March 2017. Uday Kotak held 33.3% stake in Kotak Mahindra Bank (as per the shareholding pattern as on 31 December 2016).

Wipro announced after market hours yesterday, 8 March 2017, that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (loT) alliances with over 400 members. This membership will help Wipro accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports, and logistics.

Shares of Welspun Enterprises will be in focus after the company said that Welspun Energy has completed sale of entire investment of the company i.e. 6.04 crore equity shares representing 15.49% in the paid up equity share capital of Welspun Energy at a consideration of Rs 285.80 crore. Further consideration is contingent upon occurrence of certain future events. The announcement was made after market hours yesterday, 8 March 2017.

Shares of Shree Renuka Sugars will be in focus after the company said that as per the rectification package approved by the Joint Lenders Forum (JLF) under the Corrective Action Plan, the allotment committee of the board of directors of the company has approved the allotment of 1.64 crore equity shares at Rs 16.56 per share to Standard Chartered Bank (SCB), one of the JLF Lenders in lieu of and against the conversion of a part of the loans availed by the company from SCB. The announcement was made after market hours yesterday, 8 March 2017.

Tamil Nadu Newsprint & Papers said that due to water shortage, the company has stopped production in Paper Machine II (PM II), in Unit I (Karur) from 7 March 2017 afternoon. The other two paper machines are in operation. The production in PM II will be resumed on availability of water. The announcement was made after market hours yesterday, 8 March 2017.

Bharat Financial Inclusion will be watched. With reference to news item captioned, n++Bharat Fin Close to merger deal with IndusInd Bank and merger ratio decided to be 10:7, Bharat Financial Inclusion clarified after market hours yesterday, 8 March 2017, that the news item is merely market speculation. As informed earlier, the company has been exploring various options from time to time and will make an announcement in accordance with the relevant regulations as and when a transaction, if any, is approved by the board.

Bombay Burmah Trading Corporation announced after market hours yesterday, 8 March 2017, that a meeting of the finance committee of the board of directors of the corporation will be held on 14 March 2017, to consider the proposal for issue of secured, listed, redeemable, non-convertible debentures (NCDs) upto Rs 150 crore for cash, at par, to be issued on private placement basis and to be listed on the wholesale debt market segment of the BSE.

MTNL will be watched. With reference to news item captioned, BSNL, MTNL merger plan back on discussion table, clarified after market hours yesterday, 8 March 2017, that the company was not aware of any such news. As and when any such direction/proposal comes from the Department of Telecommunications (DoT), the company will inform the stock exchanges accordingly.

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Gujarat Petrosynthese provides update on subsidiary - GPL Finance and Investment
Mar 08,2017

Gujarat Petrosynthese announced that its subsidiary - GPL Finance and Investments has sold off its entire holding of its investment in the equity shares expect for its promoter holding in Southern Magnesium and Chemicals in the open market as on 06 March 2017.

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Asia Pacific Market: Stocks rebound on upbeat China trade data
Mar 08,2017

Asia Pacific share market closed mixed on Wednesday, 08 March 2017, as strong China trade data bolstered bets of a recovering global economy, though gains were capped by caution ahead of the U.S. Federal Reserves meeting next week where it is widely expected to raise interest rates.

Chinese imports in U.S. dollar terms surged but exports fell slightly in February compared with the same month a year ago, resulting in an unexpected trade deficit, according to data released Wednesday by the General Administration of Customs. However, trade data is usually volatile at the start of the year due to the fall of the Chinese New Year. Chinas exports fell 1.3% year-on-year in February in USD terms, compared with a 7.9% gain in January, while imports surged 38.1%, compared with a 16.7% gain the month before. The resulting $9.15 billion trade deficit for the month was the first monthly deficit since February 2014. This compares with a trade surplus of $51.32 billion in January.

Import growth on a yearly basis last month was mainly due to further rising commodities prices and the distortion of the Chinese New Year holiday which came at end January. Factories started to purchase more raw materials after the CNY holiday to resume production. Imports from the European Union surged 33.8% to $16.44 billion last month, compared with a 7.9% rise in January. A low base also helped with the import surge.

Regarding exports, the pre-holiday rush to meet export orders disappeared after the CNY, which helped reversed the gain in the export growth in January. Exports to key trade partners showed year-on-year falls, according to Customs data. Exports to the U.S. fell 4.2% y/y to $21.72 billion last month, compared with a gain of 6.2% in January. Exports to the European Union declined 5.8% y/y to $21.02 billion, compared with a gain of 2.9% in January. Exports to Japan fell 7.8% y/y to $7.9 billion, compared with a gain of 9.2% in January.

Investors are awaiting cues on the U.S. economy along with the governments payrolls report for February, which is due on Friday, to determine whether a rate hike at the upcoming meeting is a done deal. The Federal Reserve has a policy meeting on March 14-15 and markets have quickly ratcheted up bets of a rate increase at the meeting after recent hawkish comments by US policy makers.

Among Asian bourses

Australia Stocks down, weigh by miners

Australian equity market finished marginally down in choppy trade, as losses by mining stocks and weakness in utilities offset modest gains in the energy sector and most big banks. At the close, the benchmark S&P/ASX 200 index fell 1.70 points, or 0.03%, of 5,759.70, while the broader All Ordinaries index shed 2.40 points, or 0.04%, to 5,799.50.

The materials sector was the biggest single drag on the index, as copper prices retreated overnight after a sudden jump of supply into the London Metal Exchanges warehouses. with major miners like Rio Tinto and BHP down 0.4 and 1.1%, respectively. Iron-ore producer Fortescue Metals Group shed 0.6%. Copper miner Oz Minerals shed 1.8%, after the copper price slid 1.5% overnight.

The gold miners fell after bullion price fell to a one-month low amid prospect of an increase in short-term U.S. interest rates, although prices edged higher Asian trade. Evolution Mining fell 2% and Northern Star Resources lost 2.3%.

The financials sector was well-supported, with the big four banks up between 0.7 and 0.9%, with the exception of the Commonwealth Bank, which closed 0.4% lower.

Brambles, Healthscope and iSentia traded lower after moving ex-dividend, down 1.4, 3.1 and 2.4%, respectively.

Dominos Pizza Enterprises shares closed up 0.4% after the company announced it would audit all of its 740 franchised stories by the end of June to ensure compliance with labour regulations.

Bellamys Australia was down 3.9% after the baby-food maker said a second class action has been filed against it that includes allegations of misleading or deceptive conduct and breaches of its continuous disclosure obligations.

Nikkei falls for fourth day

The Japan share market ended down for fourth straight session, due to growing wait-and-see mood ahead of closely watched events, in particular the U.S. employment data later this week, the final hurdle before the U.S. Federal Reserve monetary policy meeting next week. A fall in the U.S. equities on Tuesday and a halt to the yens weakening against the dollar also weighed on the Tokyo market. But the markets downside was supported by buying on dips and hopes for exchange-traded fund buying by the Bank of Japan. The 225-issue Nikkei average lost 90.12 points, or 0.47%, to end at 19,254.03. The Topix index of all first-section issues closed down 4.79 points, or 0.31%, at 1,550.25.

Drugmakers Astellas, Takeda, Dai-ichi Sankyo, Shionogi and Chugai Pharmaceutical were downbeat, after their U.S. peers met with selling in New York trading on Tuesday following U.S. President Donald Trumps renewed vow to bring down drug prices. Mega-bank groups Mitsubishi UFJ and Mizuho as well as brokerage firm Nomura also finished on the minus side. Other major losers included department store operator Isetan Mitsukoshi, automaker Isuzu and tire maker Sumitomo Rubber.

By contrast, Nintendo attracted purchases, with investors taking heart from brisk sales of its new game console Nintendo Switch, released on Friday. Also on the plus side were home builder Sekisui House as well as insurers Dai-ichi Life and Tokio Marine.

On economic news front- Data from the Cabinet Office showed that Japans gross domestic product expanded 0.3% on quarter in the fourth quarter of 2016. That missed forecasts for an increase of 0.4%, but was up from last months preliminary reading of 0.2%. GDP gained 0.3% in the third quarter. On a yearly basis, GDP was revised up to 1.2% from 1.0%, although that also missed forecasts for 1.5%.

The Ministry of Finance said that Japan had a current account surplus of 65.5 billion yen in January, down 88.9% on year. The headline figure was shy of forecasts for a surplus of 270.0 billion yen and down from 1,112.2 billion yen in December. The trade balance showed a deficit of 853.4 billion yen, missing expectations for a shortfall of 800.2 billion yen following the 806.8 billion yen surplus in the previous month.

China Stocks down on profit booking

Mainland China stock market ended lower, due to profit-taking after a two-day winning streak and lingering concerns over tighter liquidity. The Shanghai Composite Index closed the day down 0.05% at 3,240.66, while the CSI 300 - which tracks the large caps listed in Shanghai and Shenzhen - was down 0.15% at 3,448.73. The Shenzhen Composite Index dropped 0.36% to 2,024.28. The tech-heavy ChiNext declined 0.67% to 1,964.63.

The Peoples Bank of China injected CNY10 billion in seven-day reverse repos, CNY10 billion in 14-day reverse repos and CNY10 billion in 28-day reverse repos via open-market operations on Wednesday. This resulted in a net drain of CNY20 billion for the day, the tenth consecutive trading day that the PBOC has drained liquidity from the market via its OMOs. The PBOC has drained a net CNY60 billion so far this week. A total of CNY50 billion in outstanding reverse repos will mature for the remaining two trading days this week.

Jiangsu Hengrui Medicine, Chinas largest drugmaker by market value, rose 0.4% in Shanghai. The company expects revenues to surge in the second half of this year and plans to expand overseas presence with deals of up to $2 billion, Bloomberg reported, citing Chairman Sun Piaoyang.

The Chinese currency renminbi, or yuan, firmed up against the U.S. dollar despite the Peoples Bank of China set the midpoint rate weaker than the psychologically important 6.9 level for the first time since Jan. 12. The gain was supported by corporate dollar sales as the market locked in profits after the Chinese currency breached the key 6.9-per-dollar level. The Peoples Bank of China set the midpoint rate at 6.9032 per dollar, weaker than the previous fix of 6.8957.

In the spot market, the yuan opened at 6.8995 per dollar and was changing hands at 6.8996 at midday after hitting a low of 6.9045, 47 pips firmer than the previous late session close but 0.05% weaker than the midpoint.

Hong Kong Stocks close higher

The Hong Kong stock market closed up for third straight session, helped by Chinese trade data which fuelled optimism about robust consumption demand. The gain was led by mainland property developers, as well as a jump in ZTE Corp after the Chinese telecom equipment maker agreed to plead guilty in a U.S. sanctions case. The benchmark Hang Seng index added 0.4%, to 23,782.27, while the Hong Kong China Enterprises Index gained 0.5%, to 10,280.31.

An index tracking Chinese property shares surged 3.4%, after the previous days 2.8% gain. Strong sales for February and belied speculation that a property tax was in the offing boosted Chinese real estate stocks, with China Overseas Land & Investment rising 2.7% and China Resources Land advancing 1.7%. Also leading advances in the property sector, Shimao Property jumped 10.6% following a 150% surge in last months sales. China Vanke and China Evergrande Group added at least 3%, extending their climb in the wake of upbeat February sales. China Merchants Land jumped 4.1% after reporting a more than three-fold increase in 2016 net profit. Shimao Property surged 10.6% after UBS Research raised its target price.

ZTE shares jumped around 6%, after it agreed to pay nearly $900 million and plead guilty to criminal charges for violating U.S. laws that restrict the sale of American-made technology to Iran and North Korea.

Heavyweight China Unicom Hong Kong added about 2.2% on news that the telecom operations restructuring reform proposals might soon be approved.

Resource stocks lost 0.3%, bucking the broad trend, as weakness in mainland commodities markets curbed demand.

TVB (00511) dived 3.7% after TLG Movie and Entertainment Group has withdrawn its proposal to make an offer for the shares of TVB.

Indian market ends with modest losses

Indian benchmark indices registered modest losses as investors were cautious ahead of a US Federal Reserve meeting in which policy makers are widely expected to raise interest rates. Investors also awaited outcome of the Uttar Pradesh election results, where a win by Prime Minister Narendra Modis party is expected to strengthen the recent firmness in local equities. The barometer index, the S&P BSE Sensex, fell 97.62 points or 0.34% to settle at 28,901.94. The Nifty 50 index fell 22.60 points or 0.25% to settle at 8,924.30. The Sensex closed below the psychological 29,000 level after slipping below that level in intraday trade. Stocks of public sector banks declined. Metal and mining stocks edged lower.

Market sentiment was also sombre amid weak global cues in the wake of geopolitical tensions in Asia and amid two consecutive days of decline in US stock markets. Geopolitical tensions continued to weigh on market sentiment after North Korea over the weekend launched four missiles into the Sea of Japan. Also, China posting a rare trade deficit in February also added to global growth worries.

Hindalco Industries fell 1.38% to Rs 189.85. The capital raising committee of the company at its meeting held today, 8 March 2017, approved the closure of the issue period for the qualified institutional placement (QIP) today, 8 March 2017. The committee approved the issue price of Rs 189.45 per equity share. The floor price was earlier fixed at Rs 184.45 per share. The announcement was made during market hours today, 8 March 2017.

Tata Steel lost 1.89% to Rs 472.90. Tata Steel UK yesterday, 7 March 2017, informed employees it will close the British Steel Pension Scheme to future accrual with effect from 31 March 2017. From 1 April 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme.

Kotak Mahindra Bank rose 0.88% after the bank said its board of directors has approved increase in ceiling limit for investment by foreign investors in the equity share capital of the bank to 42% from 40% earlier. The announcement was made during market hours today, 8 March 2017.

IndusInd Bank fell 0.23% after the bank said it has opened a branch at Sikar in Rajasthan. With the inauguration of this branch, the bank now has 5 branches in Sikar city. The announcement was made during market hours today, 8 March 2017.

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Welspun Enterprises sells stake in Welspun Energy
Mar 08,2017

Welspun Enterprises has completed the sale of its stake in Welspun Energy. Pursuant to the shareholders approval by way of postal ballot on 1st February, 2017, WEL has divested its stake at a consideration of approximately Rs. 286 crore. Further consideration is contingent upon occurrence of certain future events. This implies more than 3x returns on WELs investment of Rs. 91.1 crore in Welspun Energy.

This deal is another step in the Companys business re-organisation efforts, in order to create value for its stakeholders by enhancing focus on core businesses. It will further improve WELs balance sheet and cash reserve, thus setting a stronger platform for future growth.

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Vaibhav Global appoints director
Mar 08,2017

Vaibhav Global announced that the Board of Directors of the Company has appointed Sunil Goyal (DIN: 00110601) as an Additional Director under the category of Non-Executive Independent Director w.e.f 08 March 2017 by a circular resolution.

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Sun TV Network fixes record date for interim dividend
Mar 08,2017

Sun TV Network has fixed 23 March 2017 as record date for interim dividend and dividend payment date is on and from 27 March 2017.

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China Stocks down on profit booking
Mar 08,2017

Mainland China stock market ended lower on Wednesday, 08 March 2017, due to profit-taking after a two-day winning streak and lingering concerns over tighter liquidity. The Shanghai Composite Index closed the day down 0.05% at 3,240.66, while the CSI 300 - which tracks the large caps listed in Shanghai and Shenzhen - was down 0.15% at 3,448.73. The Shenzhen Composite Index dropped 0.36% to 2,024.28. The tech-heavy ChiNext declined 0.67% to 1,964.63.

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Nikkei falls for fourth day
Mar 08,2017

The Japan share market ended down for fourth straight session on Wednesday, 08 March 2017, due to growing wait-and-see mood ahead of closely watched events, in particular the U.S. employment data later this week, the final hurdle before the U.S. Federal Reserve monetary policy meeting next week. A fall in the U.S. equities on Tuesday and a halt to the yens weakening against the dollar also weighed on the Tokyo market. But the markets downside was supported by buying on dips and hopes for exchange-traded fund buying by the Bank of Japan. The 225-issue Nikkei average lost 90.12 points, or 0.47%, to end at 19,254.03. The Topix index of all first-section issues closed down 4.79 points, or 0.31%, at 1,550.25.

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Australia Stocks down, weigh by miners
Mar 08,2017

Australian equity market finished marginally down in choppy trade on Wednesday, 08 March 2017, as losses by mining stocks and weakness in utilities offset modest gains in the energy sector and most big banks. At the close, the benchmark S&P/ASX 200 index fell 1.70 points, or 0.03%, of 5,759.70, while the broader All Ordinaries index shed 2.40 points, or 0.04%, to 5,799.50.

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