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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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Blue Coast Hotels director resigns
Aug 11,2017

Blue Coast Hotels announced that Seema Joshi, Non-Executive Woman Independent Director of the Company, has tendered her resignation with effect from close of business hour of 15 July, 2017.

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Lupin appoints Chairman
Aug 11,2017

The Board of Directors of Lupin on 10 August 2017 has appointed Manju Deshbandhu Gupta as Chairman.

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Department of Expenditure decides Energy Efficiency Services Limited to execute work on nomination basis
Aug 11,2017

Considering the fact that majority of the government buildings are old constructions and, therefore, consume large amount of energy, the Ministry of Finance has issued guidelines for mandatory installation of energy efficient appliances in all Central Government buildings across India.

The Ministry, in a statement, has directed that usage of LED based lightings and energy efficient cooling equipment such as fans and air conditioners in government buildings will lead to savings in the long run through reduction in energy consumption. To implement this, Department of Expenditure under Ministry of Finance has decided to take up services of Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, on nomination basis to assist various ministries and departments to retrofit energy efficient appliances in all their premises across the country.

Currently, EESL is the implementation agency for the Buildings Energy Efficiency Programme, which was launched in May 2017 by Minister of State (IC) FOR Power , Coal , Mines & New & Renewable Energy , Shri Piyush Goyal. Under the programme, EESL intends to bring in investment of around 1000 crore covering more than 10,000 large government/private buildings by 2020. It is estimated that about one crore LED lights, 15 lakh energy efficient ceiling fans, and 1.5 lakh energy efficient ACs will be retrofitted by EESL in these buildings. Apart from retrofitting, EESL also aims to widen its services in areas like centralized AC system, Energy Audits, and New Generation Energy Management System in buildings.

The Buildings Energy Efficiency Programme has two business models: a) The ESCO (Energy Servicing Company) model, where the entire upfront investment is made by EESL, which is paid back by the building owner out of the resulting energy savings from the intervention, and b) The PMC (Project Management Consultancy) model, where EESL is the project management consultant for implementing the project for the client. The client invests the entire project cost and bears one-time PMC charges of EESL.

With the Buildings Programme, EESL aims to enhance the savings portfolio and ensure energy security for each citizen. EESL has already retrofitted energy efficient appliances in prominent Government buildings such as NITI Aayog, Nirman Bhawan, Sardar Patel Bhawan, Shastri Bhawan, J&K Assembly, Jammu Secretariat, Vidyut Bhawan, and Rajiv Chowk Metro station where energy efficient LED lights, energy efficient ceiling fans, and energy efficient air conditioners have been retrofitted. EESL has so far installed about 94,000 LED lights, 3,000 energy efficient air conditioners, and over 400 energy efficient ceiling fans in these buildings. At present, the savings through 28 completed building projects across seven states are estimated to be over 11.03 MU, which is bound to increase with each completed project.

The Prime Minister, Shri Narendra Modi on 5th January, 2015 had launched the National LED Programme, to facilitate rapid adoption of LED based home and street lighting across the country. The programme components, Unnat Jeevan by Affordable LEDs and Appliances for All (UJALA) and Street Lighting National Programme (SNLP) of EESL are currently under implementation in 29 States and 7 Union Territories.

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Crackdown on Touts, Unauthorised Ticketing Agencies and Illegal Vendors at Railway Stations
Aug 11,2017

A special drive was launched by all Zonal Railways during summer period from 01.04.2017 to 30.06.2017 to conduct checks in mass contact areas. The drive was aimed at curbing malpractices of touting activities, ticketless passengers, misuse of facilities of e-ticketing etc.

An amount ofIndian Rupee (INR)1.18 crore (approx) was recovered during the special drive.

During the drive, 307 touts, 59115 unauthorized vendors and 07 illegal ticketing agencies have been prosecuted.

Some of the steps taken to make public aware of streamlining of reservation system and making it more transparent, are as under:

i. Educating general public through Public Address System and media, not to buy ticket from touts/unscrupulous elements and consequences of buying ticket from these sources.

ii. Restriction on agents on booking of tickets during first thirty minutes of opening of Advance Reservation Period (ARP) booking and Tatkal booking.

iii. Imparting information relating to availability of current status of reservation.

iv. Condition of carrying of original proof of identity during journey by any one of the passengers booked on the ticket, so as to check transfer of ticket.

v. Automatic preparation of reservation charts at least 4 hours before scheduled departure of train and thereafter booking of available accommodation through internet as well as through computerized Passenger Reservation System (PRS) counters.

vi. Making provision in the PRS system to transfer vacant available accommodation after preparation of second reservation chart to next charting station.

vii. Introduction of Alternate Train Accommodation Scheme (ATAS) known as VIKALP for providing confirmed accommodation to the willing waitlisted passengers in other Trains of same route thereby ensuring optimal utilization of available accommodation.

viii. Modification of Railway Passengers (Cancellation of Ticket and Refund of Fare) Rules to discourage speculative booking of tickets. No refund is granted to confirmed passengers after chart preparation.

ix. Provision of CCTVs at important PRS locations.

x. Only one booking in one user login session except for return/onward journey between 0800 and 1200 hours.

xi. Provision of CAPTCHA in the booking page of e-ticket/i-ticket on the IRCTC website to check use of scripting tools by unscrupulous elements for cornering of tickets.

xii. Introduction of a time check of 35 seconds for completion of online booking of tickets to avoid misuse through use of scripting software.

xiii. Making One Time Password (OTP) mandatory for payment of tickets booked online.

xiv. Conducting joint as well as independent checks by Commercial, Vigilance & Security Departments to curb the activities of touts, to curb the malpractices by Railway staff indulging in connivance with touts. Stringent action taken against the railway staff under Disciplinary and Appeal Rules, if found indulging in malpractices.

xv. Intensification of checks during peak rush and festival periods. Touts and unauthorized vendors are apprehended and prosecuted as per provision of Section 143 & 144 of the Railways Act, 1989. Illegal users of online e-ticketing are also prosecuted under provision of Section 143 of Railways Act, 1989.

xvi. Simultaneous checks conducted at Reservation Offices and on the trains to detect the cases of transferred reserved tickets i.e. persons found travelling fraudulently against accommodation actually reserved in the name of another passenger.

xvii. Conducting checks in booking offices, reservation offices, trains etc. to curb malpractices by Railway staff in connivance with touts. Deployment of RPF staff at important Passenger Reservation System (PRS) Centres to prevent touting activities.

xviii. Surveillance is kept on the possible activities of touts and unauthorized vendors through Close Circuit Television Cameras installed at important Railway Stations.

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Outcome of board meeting of Cybermate Infotek
Aug 11,2017

The Board of Directors of Cybermate Infotek at its meeting held on 11 August 2017 has approved the following -

The expansion of overseas operations of the company either through a Subsidiary or through a Joint Venture for carrying on IT & ITES related business in one or more countries.

To raise additional funds by way of QIP/FCCBs/GDRs/ADRs/Other convertible instruments as per SEBI regulations and FEMA guidelines upto USD 20 Million.

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Board of Ganesh Housing Corporation allots 14655 equity shares under ESOP
Aug 11,2017

Ganesh Housing Corporation announced that the Board of Directors of the Company at its meeting held on 11 August 2017 has approved the allotment of 14655 equity shares under ESOP. Post the allotment, the paid up share capital of the Company has increased to Rs 49.15 crore.

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Board of Kwality approves fund raising up to Rs 1500 cr
Aug 11,2017

The Board of Kwality at its meeting held on 11 August 2017 has approved raising funds in India or in foreign markets by way of public or private offer including QIP for an amount not exceeding Rs 1500 crore.

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Board of Svaraj Trading & Agencies approves change in company secretary and compliance officer
Aug 11,2017

The Board of Svaraj Trading & Agencies at its meeting held on 11 August 2017 has approved change in Company Secretary as under -

Took note of resignation of Vaibhavi Shah as Company Secretary and Compliance Officer

Approved appointment of Anita Jaiswal as as Company Secretary and Compliance Officer.

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Savings Bank Rate Cut - A Paradigm Shift: Ind-Ra
Aug 11,2017

India Ratings and Research (Ind-Ra) believes that the beginning of reduction in savings bank rate by commercial banks will spur a new competition among them. This is likely to have asymmetric consequences for large public sector banks (PSBs), medium-to-small PSBs and private sector banks.

From the borrowers perspective, the agency analysed the top 500 corporates in terms of their balance sheet debts for an empirical understanding of the impact of the reduction in interest rate. The study construed that interest rates play a limited role for existing stressed corporates. Hence, resolving such stress will continue to be challenging without a meaningful recovery in the demand conditions, and low lending rates could catalyse such progression.

Saving Deposit Rate: New Paradigm

The profitability levels of Indian banks remain weak owing to the continued pressure on asset quality and low credit demand. It would be imperative for banks with adequate capitalisation to start gaining market share over weaker peers which are starved for capital. The agency believes with the interest rate cycle reaching the bottom, downward repricing of existing liabilities could facilitate a further reduction in rates. Few of the large banks cutting savings deposits rates over the last few days, which has long been agnostic to changes in the broader interest rate structure, is a move in that direction. Banks with comfortable capitalisation are favourably placed to expand their credit market shares in the current environment of anaemic credit demand and competition from the corporate bond market.

Ind-Ra highlights cutting savings deposit rate for amounts below INR5 million presents large PSBs, which have a stable, large and granular savings deposit base, with additional manoeuvrability over private peers to cut marginal cost of lending rate (MCLR). The maximum cut in MCLR for PSBs can be 35bp (assuming a 50bp cut in savings deposit rate); a cut in MCLR beyond 35bp would become a margin dilutive proposition. For private banks, the threshold is 25bp (refer to sensitivity tables). This could intensify competition between large lenders with strong savings deposit franchise and capitalisation towards gaining credit market share while channelising some volumes in the commercial paper market towards bank credit.

Savings Rate to MCLR Transition Sensitivity Analysis: Ind-Ras sensitivity analysis demonstrates scope for a reduction in MCLR, emanating from the reduction in savings deposits rates, under four different scenarios by PSBs and private banks. The analysis suggests that PSBs have more room for percolating savings banks rate cut into a reduction in MCLR than private banks, owing to a large base and sticky saving accounts. The green block denotes the maximum possibilities of a reduction in MCLR, under given conditions, without compromising interest margin.

Bond and CP Rates Close to MCLR: Short-term rates for commercial papers and rates for AAA rated borrowers have plunged in response to sloshing system liquidity and favourable demand-supply conditions, which have made banks lending rate costlier. However, in concurrence with the current development, banks can regain their market shares, while the scope for a further reduction in rates for the bond market appears limited.

Lower Interest Rates to Not Do Much to Relieve Corporate Stress: Ind-Ra believes that if bank rates were to decline from FY17 levels, it could provide some relief for debt servicing to vulnerable corporates (interest cover below 1x) in FY18-FY19, if transmitted to these borrowers. However, the credit profiles of these entities are unlikely to benefit much, owing to their weak operating metrics and cash flows coupled with high debt levels. An improvement in demand growth rather than lower interest rates will have a greater positive impact on the credit profiles of overleveraged entities.

At FYE16, 90 of the largest 500 listed and unlisted non-financial corporate borrowers had negative EBITDA while 97 had an interest cover below 1x, indicating the inability to servicing even interest obligations. The aggregate borrowings of these 189 corporates accounted for roughly one-third (INR10 trillion) of the aggregate borrowings (INR30 trillion) of the largest 500 listed corporate borrowers at FYE16.

If the EBITDA levels of the top 500 corporate borrowers grow in mid-single digits (as highlighted in the Corporate Risk Radar FY18, published on 1 June 2017) and interest rate reduce by 75-125bp from FY16 levels, only 22 corporates of the 97 are likely to show an improvement in their interest cover in the 1x-2x range. These 22 corporates contributing less than 10% to the total debt are likely to be in sectors such as power, iron and steel, telecom and real estate among others.

Conversely, a fall in rates has been more beneficial for corporate with strong financials, as banks have more room to pass the benefits.

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Hindalco tumbles after weak Q1 numbers
Aug 11,2017

The result was announced during market hours today, 11 August 2017.

Meanwhile, the S&P BSE Sensex was down 302.87 points or 0.96% at 31,228.46.

On the BSE, 14.42 lakh shares were traded on the counter so far as against the average daily volumes of 11.81 lakh shares in the past one quarter. The stock had hit a high of Rs 236.40 and a low of Rs 218.20 so far during the day. The stock had hit a 52-week high of Rs 244.80 on 8 August 2017 and a 52-week low of Rs 138.60 on 11 August 2016.

The stock had outperformed the market over the past one month till 10 August 2017, advancing 21.45% compared with the Sensexs 0.58% fall. The stock had also outperformed the market over the past one quarter, gaining 27.1% as against the Sensexs 4.24% rise. The scrip had also outperformed the market over the past one year, advancing 63.16% as against the Sensexs 13.52% rise.

The large-cap company has equity capital of Rs 224.35 crore. Face value per share is Rs 1.

Hindalcos net profit in Q1 June 2017 factors the exceptional provisioning of Rs 104 crore which is on the basis of recent Supreme Court judgement in a matter relating to mining regulation (to which the company was not a party). Hindalco anticipates that the judgement may have an implication on its existing litigation which is sub-judice. The provision has been made as a matter of abundant caution.

The companys earnings before interest, taxation, depreciation and amortization (EBITDA) rose 3.92% to Rs 1404 crore in Q1 June 2017 over Q1 June 2016, on account of higher aluminium and copper volumes, supportive macros partly offset by higher input cost.

Hindalco Industries, metals flagship company of the Aditya Birla Group, is the industry leader in aluminium and copper.

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Board of Amber Fabrics approves change in directorate
Aug 11,2017

The Board of Amber Fabrics at its meeting held on 11 August 2017 has appointed Goutam Podder as Additional Director and Whole-time Director and CFO and accepted the resignation of Ajay Kumar Sinha as Whole-time Director and CFO of the Company w.e.f. 11 August 2017.

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Volumes jump at Renaissance Jewellery counter
Aug 11,2017

Renaissance Jewellery clocked volume of 9.87 lakh shares by 15:02 IST on BSE, a 200.42-times surge over two-week average daily volume of 5,000 shares. The stock fell 0.79% to Rs 188.

Mayur Uniquoters notched up volume of 2.05 lakh shares, a 81.93-fold surge over two-week average daily volume of 2,000 shares. The stock rose 0.62% to Rs 326.10.

HCL Technologies saw volume of 26.71 lakh shares, a 44.32-fold surge over two-week average daily volume of 60,000 shares. The stock fell 1.44% to Rs 870.75.

Amara Raja Batteries clocked volume of 8.24 lakh shares, a 32.32-fold surge over two-week average daily volume of 26,000 shares. The stock rose 0.39% to Rs 801.95.

Astec Lifesciences saw volume of 3.25 lakh shares, a 16.60-fold rise over two-week average daily volume of 20,000 shares. The stock fell 1.15% to Rs 546.45.

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Kalyani Steels slumps after poor Q1 earnings
Aug 11,2017

The result was announced during market hours today, 11 August 2017.

Meanwhile, the S&P BSE Sensex was down 373.65 points, or 1.19% at 31,157.68. The S&P BSE Small-Cap index was down 138.17 points, or 0.92% at 14,932.91.

High volumes were witnessed on the counter. On the BSE, 1.13 lakh shares were traded on the counter so far as against the average daily volumes of 49,309 shares in the past one quarter. The stock had hit a high of Rs 430.05 and a low of Rs 392.05 so far during the day. The stock had hit a 52-week high of Rs 469.15 on 20 June 2017 and a 52-week low of Rs 246.45 on 21 November 2016.

The stock had underperformed the market over the past one month till 10 Aug 2017, declining 2.64% compared with the Sensexs 0.58% fall. The scrip had, however, outperformed the market over the past one quarter advancing 16.62% as against the Sensexs 4.24% rise. The scrip had also outperformed the market over the past one year advancing 50.72% as against the Sensexs 13.52% rise.

The small-cap company has equity capital of Rs 21.83 crore. Face value per share is Rs 5.

Kalyani Steels is engaged in manufacturing and marketing iron and steel products.

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Asian Granito India to convene AGM
Aug 11,2017

Asian Granito India announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2017.

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Enkei Wheels (India) schedules EGM
Aug 11,2017

Enkei Wheels (India) announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 4 September 2017 .

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