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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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Global economic landscape shifting in the second half of 2016
Jan 17,2017

An accumulation of recent data suggests that the global economic landscape started to shift in the second half of 2016, says IMF in its latest update to the World Economic Outlook. Developments since last summer indicate somewhat greater growth momentum coming into the new year in a number of important economies. International Monetary Fund (IMF) earlier projection, that world growth will pick up from last years lackluster pace in 2017 and 2018, therefore looks increasingly likely to be realized. At the same time, we see a wider dispersion of risks to this short-term forecast, with those risks still tilted to the downside. Uncertainty has risen, says the report.

Our central projection is that global growth will rise to a rate of 3.4 percent in 2017 and 3.6 percent in 2018, from a 2016 rate of 3.1 percent. Much of the better growth performance we expect this year and next stems from improvements in some large emerging market and low income economies that in 2016 were exceptionally stressed. That being said, compared to our view in October, we now think that more of the lift will come from better prospects in the United States, China, Europe, and Japan.

A faster pace of expansion would be especially welcome this year: global growth in 2016 was the weakest since 2008-09, owing to a challenging first half marked initially by turmoil in world financial markets. General improvement got under way around mid-year. For example, broad indicators of manufacturing activity in emerging and advanced economies have been in expansionary territory and rising since early summer. In many countries, previous downward pressures on headline inflation weakened, in part owing to firming commodity prices.

A significant repricing of assets followed the U.S. presidential election. Its most notable elements were a sharp increase in U.S. longer-term interest rates, equity market appreciation and higher long-term inflation expectations in advanced economies, and sharp movements in opposite directions of the dollarn++upn++and the yenn++down. At the same time, emerging market equity markets broadly retreated as currencies weakened.

Of course, asset markets adjust not just to unexpected current events, but to shifting expectations of future events. Most commentators have interpreted the post-election moves as predicting that U.S. fiscal policy will turn more expansionary and require a swifter pace of interest rate increases by the Federal Reserve. Markets have noted that the White House and Congress are in the hands of the same party for the first time in six years, and that change points to lower tax rates and possibly higher infrastructure and defense spending.

In light of the U.S. economys momentum coming into 2017, and the likely shift in policy mix, we have moderately raised our two-year projections for U.S. growth. At this early stage, however, the specifics of future fiscal legislation remain unclear, as do the degree of net increase in government spending and the resulting impacts on aggregate demand, potential output, the Federal deficit, and the dollar.

There is thus a wider than usual range of upside and downside risks to this forecast. A sustained non-inflationary growth increase, marked by higher labor force participation and significant expansion of the U.S. capital stock and infrastructure, would allow a more moderate pace of interest rate increases in line with the Federal Reserves price stability mandate.

On the downside, if a fiscally-driven demand increase collides with more rigid capacity constraints, a steeper path for interest rates will be necessary to contain inflation, the dollar will appreciate sharply, real growth will be lower, budget pressure will increase, and the U.S. current account deficit will widen.

This last scenario, one with a widening of global imbalances, intensifies the risk of protectionist measures and retaliatory responses. It would also imply a faster than expected tightening of global financial conditions, with resulting possible stress on many emerging market and some low-income economies. Some emerging and especially low-income commodity exporters could benefit from higher export prices, but importers would then lose. The details of the U.S. policy mix matter; and as these become clearer, we will adjust our forecast and spillover assessment.

Among emerging economies, China remains a major driver of world economic developments. Our China growth upgrade for 2017 is a key factor underpinning the coming years expected faster global recovery. This change reflects an expectation of continuing policy support; but a sharp or disruptive slowdown in the future remains a risk given continuing rapid credit expansion, impaired corporate debts, and persistent government support for inefficient state-owned firms.

At the global level, other vulnerabilities include higher popular antipathy toward trade, immigration, and multilateral engagement in the United States and Europe; widespread high levels of public and private debt; ongoing climate changen++which especially affects low-income countries; and, in a number of advanced countries, continuing slow growth and deflationary pressures. In Europe, Britains terms of exit from the European Union remain unsettled and the upcoming national electoral calendar is crowded, with possibilities of adverse economic repercussions, in the short and longer terms.

We continue to recommend a three-pronged policy approach relying on fiscal and structural policies alongside monetary policy, but one that is tailored to country circumstances.

Some advanced economies are now operating at close to full capacity, for example, Germany and the United States. In these, fiscal policy should focus, not on short-term demand support, but on increasing potential output through investments in needed infrastructure and skills, as well as supply-friendly, equitable tax reform. Policymakers in these economies should also turn their attention to longer-term fiscal sustainability, while monetary policy can follow a data-dependent normalizing path.

Structural reform remains a priority everywhere in view of continuing tepid productivity growth, although in many cases appropriate fiscal support can raise the effectiveness of reforms without worsening governments fiscal positions.

Financial resilience is another universal priority and requires stronger financial regulatory frameworks, better focused on key problem areas. Countries can do much on their own to improve financial oversight and institutions, but not everything, and continuing multilateral financial regulatory cooperation is vital.

Social dislocation due to globalization and, even more, to technology change is a major challenge that will only intensify in the future. One result has been wider inequality and wage stagnation in many countries. Rolling back economic integration, however, would impose aggregate economic costs without reducing the need for government investment in well-trained, nimble workforces, along with policies to promote better matching of available jobs to skills.

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PC Jeweller to open new store
Jan 17,2017

PC Jeweller is opening its 70th showroom on 21 January 2017 at Nangloi (New Delhi).

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Alfred Herbert (India) announces demise of director
Jan 17,2017

Alfred Herbert (India) announced that the Companys Independent Non-Executive Director, Sanjeev Bhandari expired on 04 January 2017.

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Hinduja Global Solutions opens its 4th customer experience center in Kingston, Jamaica
Jan 17,2017

Hinduja Global Solutions has opened its fourth customer experience center in Kingston, Jamaica on 17 January 2017. The first phase of this expansion includes more than 500 new career opportunities to be filled in the first quarter of 2017, with the end target of 1,000 total employees for the center. HGS has three existing centers in Kingston, including on Worthington Terrace, Saxthrope Avenue and Constant Spring Road, which is where the fourth center is also located.

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Eros International Media allots 16,226 equity shares
Jan 17,2017

Eros International Media announced that the Nomination & Remuneration Committee vide its resolution passed on 17 January 2017 have approved the issue and allotment of 16,226 equity shares of Rs. 10/- each to the employees against exercise of stock options granted to them, in accordance with SEBI (ESOS & ESPS) Guidelines 1999 & Eros International Media Limited-Employee Stock Option Scheme 2009.

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Board of Shanthi Gears to consider December quarter results and interim dividend
Jan 17,2017

Shanthi Gears announced that a meeting of the Board of Directors of the Company is scheduled to be held on 27 January 2017, inter alia, to consider the following:

1. To take on record the Un-audited Financial Results for the Quarter Ended 31 December 2016.

2. To consider the declaration of Interim Dividend for the financial year 2016-17.

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Fitch Rates State Bank of Indias Proposed Senior Debt BBB-(EXP)
Jan 17,2017

Fitch Ratings has assigned State Bank of Indias (SBI, BBB-/Stable) proposed senior unsecured debt an expected rating of BBB-(EXP).

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer. They will at all times rank pari passu among themselves and with all other unsubordinated and unsecured obligations of SBI.

The tenor of the issue is expected to be around five years and the notes are to be issued by SBIs London branch.

The final rating is subject to the receipt of final documentation conforming to information already received.

KEY RATING DRIVERS - SENIOR DEBT

The senior unsecured instruments are rated at the same level as the banks Issuer Default Rating (IDR), in accordance with Fitchs criteria.

SBIs IDR is driven by its Support Rating Floor (SRF) of BBB-, which is at the same level as its Viability Rating (VR) of bbb-, implying that the banks standalone credit strength also underpins the IDR. The SRF reflects Fitchs expectation of a high probability of extraordinary support from the government of India, if necessary, given the banks very high systemic importance and quasi-sovereign status.

SBIs core capitalisation is set to improve in the financial year ending 31 March 2017 (FY17) from a core equity Tier 1 ratio of 10.3% at end-September 2016. The bank is likely to receive around USD835 million in new capital from the government shortly (of the total USD1.1 billion earmarked for FY17; around 5% of FY16 equity) and has plans to raise an additional USD2.2 billion directly from the market, for which it has received shareholder approvals. The banks NPL ratio (7.1% at end-1HFY17) and stressed asset ratio (9.6%) have moderately picked up in 1HFY17, but they remain considerably lower than those of other large government banks.

RATING SENSITIVITIES - SENIOR DEBT

SBIs VR and SRF are at the same level as the IDR, which would only be downgraded if both the SRF and the VR were to be downgraded. A downgrade of Indias sovereign rating will also trigger a downgrade of the banks IDR as it is at the same level as the sovereign. Any change in the IDR will have a similar change on the proposed notes rating.

SBIs other ratings are unchanged and are as follows:

- Long-Term IDR at BBB-; Outlook Stable

- Short-Term IDR at F3

- Viability Rating at bbb-

- Support Rating at 2

- Support Rating Floor at BBB-

- USD10bn medium-term note programme at BBB-

- USD3.5bn senior unsecured notes at BBB-

- USD400m perpetual Tier 1 bonds at B

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Board of K.P. Energy to consider interim dividend and bonus issue
Jan 17,2017

K.P. Energy announced that the Board Meeting of the Directors of the Company will be held on 28 January 2017, inter alia, to transact following business;

1. To consider interim Dividend for the financial year 2016-17;

2. To consider and approve matter of increase in authorized share capital of the Company and subsequent alteration of Memorandum of Association to give effect to said increase in authorized share capital;

3. To consider and approve further issuance of shares by way of bonus shares; and

4. To consider and approve calling Extra Ordinary General Meeting of shareholders for matter referred to in (2) & (3) above

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Volumes jump at Shriram City Union Finance counter
Jan 17,2017

Shriram City Union Finance clocked volume of 2.91 lakh shares by 12:43 IST on BSE, a 641.66-times surge over two-week average daily volume of 454 shares. The stock rose 0.1% to Rs 1,851.

Balkrishna Industries notched up volume of 64,000 shares, a 14.19-fold surge over two-week average daily volume of 5,000 shares. The stock jumped 9.24% to Rs 1,185.60.

Chartered Logistics saw volume of 38.81 lakh shares, a 9.16-fold surge over two-week average daily volume of 4.24 lakh shares. The stock dropped 2.71% to Rs 21.50.

Bajaj Electricals clocked volume of 2.79 lakh shares, a 4.59-fold surge over two-week average daily volume of 61,000 shares. The stock rose 0.02% to Rs 229.70.

Datamatics Global Services saw volume of 22 lakh shares, a 4.58-fold rise over two-week average daily volume of 4.80 lakh shares. The stock surged 14.84% to Rs 158.25.

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Cadila Healthcare gains after announcing settlement on Livalo tablets
Jan 17,2017

The announcement was made during trading hours today, 17 January 2017.

Meanwhile, the BSE Sensex was down 102.27 points, or 0.37%, to 27,185.90.

On the BSE, so far 12,000 shares were traded in the counter, compared with average daily volumes of 64,626 shares in the past one quarter. The stock had hit a high of Rs 352.10 and a low of Rs 348.40 so far during the day.

The stock hit a 52-week high of Rs 429.45 on 1 November 2016. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had underperformed the market over the past 30 days till 16 January 2017, falling 7.15% compared with the 3.01% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.29% as against Sensexs 2.72% decline.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1

Cadila Healthcare, a global pharmaceuticals company, and its subsidiary Zydus Pharmaceuticals (USA) Inc., a leading generic pharmaceutical company in the United States, announced that they have finalized an agreement with Kowa Company, Kowa Pharmaceuticals America, Inc. and Nissan Chemical Industries, to settle all outstanding patent litigation related to Livalo (pitavastatin calcium) tablets.

Under the terms of the agreement, Kowa and Nissan grants Zydus a license to market Zydus generic version of Livalo beginning on 2 May 2023, or earlier under certain circumstances. Other terms of the settlement were not disclosed.

On a consolidated basis, net profit of Cadila Healthcare declined 28.93% to Rs 337.60 crore on 3.08% rise in net sales to Rs 2336.30 crore in Q2 September 2016 over Q2 September 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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K.P. Energy jumps as board to consider bonus issue
Jan 17,2017

The announcement was made during trading hours today, 17 January 2017.

Meanwhile, the BSE Sensex was down 68.84 points, or 0.25%, to 27,219.33.

On the BSE, so far 1,000 shares were traded in the counter, compared with average daily volumes of 2,583 shares in the past one quarter. The stock had hit a high of Rs 366.60 so far during the day, which is also a record high for the counter.

The stock hit a record low of Rs 70 on 25 February 2016. The stock had outperformed the market over the past 30 days till 16 January 2017, rising 34.62% compared with the 3.01% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 94.44% as against Sensexs 2.72% decline.

The small-cap company has equity capital of Rs 3.42 crore. Face value per share is Rs 10.

K.P. Energy said its board will also consider calling extraordinary general meeting (EGM) of shareholders to seek their approval for the proposed bonus issue of shares.

K.P. Energy is engaged in the business of windmill infrastructure development.

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HIL gains for second day in a row after announcing turnaround Q3 outcome
Jan 17,2017

Meanwhile, the S&P BSE Sensex was down 61.07 points or 0.25% at 27,219.33

On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 2,927 shares in the past one quarter. The stock hit a high of Rs 687.80 and a low of Rs 637 so far during the day.

The stock hit a 52-week high of Rs 721 on 17 October 2016. The stock hit a 52-week low of Rs 421.75 on 25 February 2016. The stock had outperformed the market over the past 30 days till 16 January 2017, rising 3.96% compared with the 3.01% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 7.38% as against Sensexs 2.72% decline.

The small-cap company has equity capital of Rs 7.46 crore. Face value per share is Rs 10.

HIL reported net profit of Rs 8.06 crore in Q3 December 2016 as compared to net loss of Rs 3.89 crore in Q3 December 2015. Net sales dropped 7.44% to Rs 198.59 crore in Q3 December 2016 over Q3 December 2015. The Q3 result was announced during market hours yesterday, 16 January 2017. The stock had gained 1.91% to settle at Rs 637.95 yesterday, 16 January 2017.

Meanwhile, HIL at fag end of the days trading session yesterday, 16 January 2017 announced that the company has on 14 January 2017 commenced commercial production at its newly established dry mix manufacturing facility at Jhajjar, Haryana. The installed capacity is 72,000 MT (i.e 44,000 MT of wall putty and 28,000 MT of cement based grey mortar) per annum. The products will be marketed under brand name Aerocon, which is one of the most trusted name for building products in the country, HIL said. The companys Jhajjar dry mix plant shall cater to the growing market in Haryana and other states of the country, the company said.

HIL (formerly Hyderabad Industries) is into building material solutions industry. HIL is a pioneer of green building materials, producing roofing solutions, panels, walling blocks, plywood substitutes, high-quality pipes and fittings, and industrial insulation.

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Moodys: Global airline industry outlook remains stable; fuel costs and capacity to be key to upcoming earnings trend
Jan 17,2017

Moodys Investors Service is maintaining its stable outlook on the global airline industry, reflecting the rating agencys expectations of declining but still-strong operating margins relative to the sectors historical levels.

Moodys projects the aggregate operating margin of rated airlines to approach 9% in 2017 and about 8% in 2018, from a projected 10.8% in 2016. This trend reflects declines in operating profit of the rated airlines of about 11% in 2017 and about 12% in 2018, widening from a projected 1.2% contraction in 2016. These rates of change fall within Moodys -20% to 20% range for a stable outlook.

US carriers will still have the industrys highest operating margins, despite being on track to drop by about 20% over the next 12 to 18 months due to modestly higher fuel and increases in labor costs under new union contracts agreed to in 2016 at major airlines, says Moodys Vice President -- Senior Credit Officer Jonathan Root. A mature domestic market, a more rational industry structure and modest exposure to weaker foreign currencies will help US carriers maintain that position.

Legacy carriers in Europe and in increasingly competitive developing markets, on the other hand, face greater challenges to grow their operating margins.

Low-cost, low-fare carriers will advance their expansion across Europe and in long-haul, sustaining pressure on legacy operators, explains Root. It will be much the same across Asia as well.

Passenger demand will continue to trend upwards, albeit slowly, supported by modest but steady global economic growth and increasing air travel in the developing world. Aggregate capacity growth, however, will outstrip growth in aggregate demand by about half a percentage point due to the still relatively low cost of fuel, availability of older aircraft coming off leases and growth of low-cost carriers.

Capacity growth across geographic regions will vary, with the US growing in the low single digits, Europe in the mid-single digits, and, according to IATA, developing markets like Asia and the Middle East growing about 7.5% and 10.0%, respectively. Unrated airlines will lead capacity growth in Latin America in 2017, while rated carriers, LATAM Airlines Group S.A. (B1 stable) and Gol Linhas Aereas Inteligentes S.A. (Caa3 negative), will slow capacity growth in 2017 as they continue to restructure operationally.

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Fortis Healthcare leads losers on BSEs A group
Jan 17,2017

Fortis Healthcare slipped 2.98% at Rs 185.80. The stock topped the losers in A group. On the BSE, 1.55 lakh shares were traded on the counter so far as against the average daily volumes of 4.15 lakh shares in the past two weeks.

Reliance Industries slipped 2.81% at Rs 1,046.70. The stock was the second biggest loser in A group. On the BSE, 4.38 lakh shares were traded on the counter so far as against the average daily volumes of 1.90 lakh shares in the past two weeks.

TV18 Broadcast slipped 3.44% at Rs 36.50. The stock was the third biggest loser in A group. On the BSE, 2.28 lakh shares were traded on the counter so far as against the average daily volumes of 3.78 lakh shares in the past two weeks.

Emami slipped 2.63% at Rs 1,045.20. The stock was the fourth biggest loser in A group. On the BSE, 3,417 shares were traded on the counter so far as against the average daily volumes of 6,398 shares in the past two weeks.

Hindustan Copper slipped 2.45% at Rs 65.80. The stock was the fifth biggest loser in A group. On the BSE, 1.46 lakh shares were traded on the counter so far as against the average daily volumes of 7.78 lakh shares in the past two weeks.

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Tata Power Companys non-fossil fuel capacity stands at 3133 MW
Jan 17,2017

Tata Power Company announced that its total generation capacity from non-fossil fuel source stands at 3133 MW, making it the largest renewable energy company in India. The Companys robust non-fossil fuel portfolio comprises of 693 MW of Hydro, 990 MW of Solar, 1074 MW of Wind, and 375 MW of waste gas based generation. Taking a step further toward building a greener portfolio last year, the Company revised its share of non-fossil fuel based capacity up to 35-40% by 2025.

In FY 2017, the Companys wind generation capacity increased by 82%, up from 591 MW in FY 2016 to 1074 MW in FY 2017.

Its solar generation capacity increased 1554% up from 60 MW in FY 2016 to 990 MW in FY 2017.

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