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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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Board of NTPC accords investment approval for Talaipalli Coal Mining Project
Mar 28,2017

The Board of Directors of NTPC has accorded investment approval for Talaipalli Coal Mining Project (18 Million Tonnes per annum) at an appraised current estimated cost of Rs. 3004 crore.

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Key benchmarks hits fresh intraday high
Mar 28,2017

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 192.24 points or 0.66% at 29,429.39. The Nifty 50 index was currently up 62.15 points or 0.69% at 9,107.35.

The Sensex rose 205.03 points, or 0.70% at the days high of 29,442.18 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 64.07 points, or 0.22% at the days low of 29,301.22 in morning trade. The Nifty rose 64.55 points, or 0.71% at the days high of 9,109.75 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 35.60 points, or 0.39% at the days low of 9,080.80 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.80%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,540 shares rose and 825 shares fell. A total of 152 shares were unchanged.

Engineering and construction major L&T was up 0.70% to Rs 1,557.45 after the company announced during trading hours today, 28 March 2017, that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbais century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). The prestigious contract is the largest residential project awarded to L&T Construction till date.

Motorcycle major Hero MotoCorp was down 0.28% at 3330.80. Bahadur Chand Investments (BCIPL), one of the promoters of Hero MotoCorp, raised its holding in the two-wheeler major by picking up 4.45% stake for Rs 2996 crore from another promoter firm in an open market transaction.

BCIPL bought 88.78 lakh shares, amounting to 4.45% stake, of Hero MotoCorp from Brij Mohan Lall Om Prakash (BMOP), a partnership firm of the promoter family members. Shares were purchased at an average price of Rs 3,375, valuing the transaction at Rs 2,996.32 crore. This is an inter-se transfer between the promoters. There is no change in the aggregate promoter shareholding in Hero MotoCorp. The stake of BCIPL has increased to 15.56% from 11.11% earlier. The stake of BMOP has decreased to 18.43% from 22.88% earlier. The disclosure was made during trading hours today, 28 March 2017.

Telecom shares were in demand. Idea Cellular (up 2%), Reliance Communications (up 1.18%), MTNL (up 0.83%), and Tata Teleservices (Maharashtra) (up 0.26%), edged higher.

Telecom major Bharti Airtel was up 0.75% to Rs 341.15. Telecom tower infrastructure provider Bharti Infratel was up 1.79% to Rs 318.15.

Bharti Airtel announced during trading hours today, 28 March 2017, that it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million), executed at a price of Rs. 325 per share. Bharti Airtel said that it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Most IT shares edged higher. Hexaware Technologies (up 1.59%), HCL Technologies (up 1.51%), Oracle Financial Services Software (up 1.23%), Wipro (up 1%), TCS (up 0.91%), Infosys (up 0.72%), MphasiS (up 0.18%) and MindTree (up 0.02%), edged higher. Persistent Systems (down 0.08%) and Tech Mahindra (down 2%), edged lower.

On the economic front, Finance Minister Arun Jaitley yesterday, 27 March 2017, introduced four Goods and Services Tax (GST) bills in Lok Sabha that provide for a maximum tax rate of 40%, an anti-profiteering body and arrests for evading taxes in a bid to overhaul Indias fragmented indirect tax system. All the four bills will be taken up together in Lok Sabha for discussion on Wednesday, 29 March 2017.

Overseas, most Asia stocks rose as investors looked beyond the failure of the Trump administration to replace the Affordable Care Act, aided by improving macroeconomic data out of the US and Europe. Higher oil prices and a rebound in the US dollar against the yen drove gains in Japan. Japans Nikkei 225 rose 0.98%.

US stocks declined yesterday, 27 March 2017, as investors reassessed the prospects for President Donald Trumps ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.

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Bharti Airtel, Bharti Infratel nudge higher
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Shares of Bharti Airtel were up 0.72% at Rs 341.05.

Shares of Bharti Infratel were up 1.76% at Rs 318.05.

Meanwhile, the S&P BSE Sensex was up 180.58 points or 0.62% at 29,417.73.

Bharti Airtel said it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel, representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million). The share sale was executed at a price of Rs 325 per share.

Bharti Airtel said it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Bharti Infratel is one of the leading providers of tower and related infrastructure. It deploys, owns and manages telecom towers and communication structures, for various mobile operators.

On consolidated basis, Bharti Infratels net profit rose 25.3% to Rs 620.40 crore on 9.6% growth in net sales to Rs 1530 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

Bharti Airtels consolidated net profit fell 54.5% to Rs 503.70 crore on 3% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

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Bharti Airtel complets sale of 10.3% stake in Bharti Infratel
Mar 28,2017

Bharti Airtel announced the successful completion of the secondary sale of over 190 million shares of its subsidiary, Bharti Infratel representing 10.3%, to a consortium of funds advised by KKR and Canada Pension Plan Investment Board for a total consideration of over Rs 6193.9 crore (approx. USD 951.6 million), executed at a price of Rs 325 per share.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7% and that of KKR and Canada Pension Plan Investment Board at 10.3%.

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Shashijit Infraprojects to execute Rs 10 crore worth Grassroots Project
Mar 28,2017

Shashijit Infraprojects has been awarded Grassroots Project from its client Suraj Industries as a part of their expansion programme vide LoI dated 25 March 2017. The approximate project cost is Rs 10 crore. The project is likely to be completed by end of November 2017.

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Technofab Engg jumps after winning new orders
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the BSE Sensex was up 136.96 points, or 0.47%, to 29,370.20.

On the BSE, 8,696 shares were traded in the counter so far, compared with an average volume of 7,618 shares in the past one quarter. The stock had hit a high of Rs 201.30 and a low of Rs 193.90 so far during the day. The stock had hit a 52-week high of Rs 247 on 29 June 2016. The stock had hit a 52-week low of Rs 140 on 16 May 2016.

The stock had underperformed the market over the past one month till 27 March 2017, sliding 1.13% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 3.85% as against the Sensexs 11.53% rise.

The small-cap company has an equity capital of Rs 10.49 crore. Face value per share is Rs 10.

Technofab Engineering said that it won new orders including three orders from Power Grid Corporation of India for about Rs 255 crore in Tripura. All three orders are in the industrial and rural electrification sector and works related to 33/11 KV sub stations & associated lines. The orders have a timeline of thirty three months for completion.

The company also received one order from the Ministry of Agriculture and Animal Resources, Kigali, Rwanda for construction contract for establishment of centre of excellence in farm mechanization for $12.29 million exclusive of taxes and duties in Rwanda. The order has a timeline of twelve months for completion.

Technofab Engineerings net profit fell 9.9% to Rs 2.18 crore on 22.3% drop in net sales to Rs 92.58 crore in Q3 December 2016 over Q3 December 2015.

Technofab Engineering is an engineering and construction company, serving the power, industrial and infrastructure sectors, by executing comprehensive balance of plant (BOP) and auxiliary systems on a complete turnkey EPC (engineering, procurement and construction) basis.

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Intellect Design Arena partners with Mangolian Khan Bank
Mar 28,2017

Intellect Design Arena announced that Khan Bank, the largest commercial bank in Mongolia has selected Intellects debt management platform to centralise operations and digitalise its collection process. Intellects Digital Debt Management system will allow Khan Bank to manage its collections and recoveries more effectively and efficiently.

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L&T Construction secures order worth Rs 2903 crore
Mar 28,2017

The Buildings & Factories Business of L&T Construction has bagged amajor design & build order worth ₹ 2903 crore to re-develop Mumbais century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). The prestigious contract is the largest residential project awarded to L&T Construction till date.

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Bullions end higher
Mar 28,2017

Gold futures jumped on Monday, 27 March 2017 to finish at their highest level in a month as demand for assets perceived as risky waned, and the dollar dropped in the wake of GOP leaders failure to repeal and replace Obamacare.

Gold for April delivery rose $7.20, or 0.6%, to settle at $1,255.70 an ounce. Futures prices havent settled at a level this high since 27 Feb 2017. May silver also gained 36 cents, or 2%, to $18.108 an ounce.

On Monday, the ICE U.S. Dollar Index fell 0.5% to 99.151 after trading as low as 98.858, its lowest level in four months. Weakness in the dollar can provide a boost to dollar-denominated commodity prices.

U.S. equities, meanwhile, traded mainly lower, though off the sessions worst levels, with the Dow Jones Industrial Average down 0.3% fueling some safe-haven investment demand for the yellow metal.

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Intellect Design gains after securing contract
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 126.02 points or 0.43% at 29,363.17. The BSE Small-Cap index was up 110.58 points or 0.79% at 14,181.86

On the BSE, 87,000 shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past one quarter. The stock had hit a high of Rs 119.90 and a low of Rs 116 so far during the day.

The stock had hit a 52-week high of Rs 252.10 on 3 May 2016 and a 52-week low of Rs 107.75 on 15 February 2017. It had outperformed the market over the past one month till 27 March 2017, advancing 2.97% compared with the Sensexs 1.47% rise. The scrip had, however, underperformed the market over the past one quarter, sliding 12.76% as against the Sensexs 11.53% rise.

The small-cap company has equity capital of Rs 50.87 crore. Face value per share is Rs 5.

Intellect Design Arena said that Khan Bank, the largest commercial bank in Mongolia, has selected lntellects debt management platform to centralize operations and digitalize its collections process. lntellects Digital Debt Management system will allow Khan Bank to manage its collections and recoveries more effectively and efficiently.

Intellect Design Arena reported net loss of Rs 21.59 crore in Q3 December 2016, compared with net loss of Rs 13.36 crore in Q2 September 2016. Net sales declined 0.8% to Rs 124.89 crore in Q3 December 2016 over Q2 September 2016.

Intellect Design Arena is a digital technology product solutions provider to the banking and insurance industry.

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Credit growth in exports, shipping, farm mark uptick in sentiment: ASSOCHAM
Mar 28,2017

Export credit grew by a handsome 32 per cent in the current financial year , helped by a smart recovery in the global demand, also leading to an upturn in shipping, an ASSOCHAM Paper has said.

Analysing the RBI data, the paper noted that in the current financial year, up to January 20, some of the selective sectors remained in good shape despite an overall dismal credit growth of just about 3.3 per cent in 2016-17.

Going by the sector-wise deployment of gross bank credit, exports, agriculture and allied activities, shipping, professional services, consumer durables and vehicles were among the top in seeking funds from the lenders.

While the year -on-year export credit grew by 32 percent as on January 20, 2017 (the latest RBI data), shipping saw higher deployment of funds by 15.7 per cent , consumer durables by 17.1 per cent, and vehicles loans by 18. 2 per cent.

n++There are pockets of growth which are keeping the economy on track. This includes agriculture and allied activities (other than food credit) which saw a higher bank credit demand by over eight per cent. The improvement in shipping shows an upward movement in global trade, which is reflected in the smart recovery in the Indian merchandise exports in the current fiscal,n++ said ASSOCHAM Secretary General Mr D S Rawat.

Even as exports grew by a cumulative 2.52 per cent between April-February this fiscal, the expansion has been quite sharp in the later part of the year and in certain specific sector like engineering. For the 11-month period, Indias merchandise exports aggregated USD 245.41 billion against USD 239.37 billion in the same period last fiscal.

The exports fall under the Priority sector lending norms of the banks, adds ASSOCHAM.

n++Surely, things are further improving for the export sector and so is the demand for money,n++ the paper pointed out. Services as a key contributor to the Gross Domestic Product also did well in terms of deployment of credit which saw over eight per cent year on year rise for the period under review.

However, the manufacturing still remains a laggard, witnessing a de-growth of about seven per cent in bank credit deployment. So is the case with other sectors like non-banking finance companies and micro credit. Most of the Non-Performing Assets are locked up in manufacturing in sectors such as steel, besides some infrastructure segments.

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Aurobindo Pharma receives final approval for Meropenem Injection
Mar 28,2017

Aurobindo Pharma has received final approval from the US Food and Drug Administration to manufacture and market Meropenem Injection 500 mg/vial and 1 g/vial. Aurobindos Meropenem injection is a generic equivalent of AstraZeneca Pharmaceuticals Merrem injection. The product will be launched in April 2017.

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Shares of AksharChem (India) get listed on NSE
Mar 28,2017

AksharChem (India) announced that the Equity Shares of the Company are listed at National Stock Exchange of India (NSE) apart from BSE (BSE) and Ahmedabad Stock Exchange (ASE) with effect from 28 March 2017.

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Dilip Buildcon declared L1 bidder for two road projects of Ministry of Road Transport & Highways
Mar 28,2017

Dilip Buildcon has been declared as the Lowest-1 (L-1) bidder for two projects of Ministry of Road Transport & Highways (MORTH) in the state of Maharashtra. The details of projects are as under:- 1. Rehabilitation and Up-gradation of two lane with paved shoulders on EPC Mode from Kalamb to Wadki (Kalamb - Ralegaon - Wadki), total Length of the project is 50.275 Km, worth Rs. 292.50 crores. 2. Rehabilitation and Up- gradation of two lane with paved shoulder on EPC mode, from Mantha Taluka Border to Barshi, total length of the project is 57.518 Km worth Rs. 288.00 crore.

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Axis Bank rises after raising funds
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the S&P BSE Sensex was up 135.83 points or 0.46% at 29,372.98.

On the BSE, 79,468 shares were traded on the counter so far as against the average daily volumes of 6.32 lakh shares in the past one quarter. The stock had hit a high of Rs 497.75 and a low of Rs 490.15 so far during the day.

The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 417.55 on 11 April 2016. The stock had underperformed the market over the past one month till 27 March 2017, sliding 4.25% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 11.37% as against the Sensexs 11.53% rise.

The large-cap bank has equity capital of Rs 478.84 crore. Face value per share is Rs 2.

Axis Bank said that its board of directors passed a resolution approving the allotment of 3 year senior floating rate notes aggregating to $10 million under the medium term note (MTN) programme through its Dubai International Financial Centre (DIFC) branch.

Axis Banks net profit dropped 73.4% to Rs 579.57 crore on 15.7% growth in total income to Rs 14501.21 crore in Q3 December 2016 over Q3 December 2015.

Axis Bank is one of the biggest private sector banks in India.

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