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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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HDIL cracks on debt repayment worries
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 55.73 points or 0.18% at 31,215.55. The S&P BSE Mid-Cap index was up 34.99 points or 0.24% at 14,835.84.

On the BSE, 22.28 lakh shares were traded on the counter so far as against the average daily volumes of 22.66 lakh shares in the past one quarter. The stock had hit a high of Rs 92.30 and a low of Rs 88.30 so far during the day. The stock had hit a 52-week high of Rs 108.75 on 12 July 2016 and a 52-week low of Rs 52.25 on 27 December 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 4.22% compared with 4.47% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 30.23% as against Sensexs 8.10% rise. The scrip, however, underperformed the market in past one year, falling 4.12% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 434 crore. Face value per share is Rs 10.

As per reports, Central Bank of India has taken symbolic possession of HDILs property in Kurla West. The property is a 10-acre portion of all pieces and parcels of land and premises admeasuring 2.13 lakh square metres. The bank is carrying out the procedures required under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, reports indicated. The bank had issued a public notice on 1 June 2017, asking HDIL to pay the loan amount, reports added.

Shares of Housing Development & Infrastructure (HDIL) had gained 4.23% to settle at Rs 93.60 on 5 June 2017 after a foreign fund Societe Generale bought 25.32 lakh shares of the company at Rs 92.04 per share in a bulk deal on NSE.

HDILs consolidated net profit rose 28% to Rs 60.89 crore on 61.62% slide in net sales to Rs 129.51 crore in Q4 March 2017 over Q4 March 2016.

HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

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GST can make the gold industry more transparent-World Gold Council
Jun 08,2017

The tax on gold is set to increase from 1st July 2017. Prior to GST being implemented, the overall tax rate on gold jewellery stands at 12.2%. This is made up of 10% customs duty, 1% excise duty, and 1.2% VAT.1 GST replaces the excise duty and VAT components, but sits on top of the import duty. The headline gold rate of 3% announced on 3rd June has been welcomed by the industry, as it is significantly lower than many had feared.

GST will bring greater transparency to the supply chain, and bring more of the gold market into the formal sector. We expect this to make it harder for retailers to under-carat their customers. And separately, a slew of measures from the Bureau of Indian Standards is pushing the industry towards mandatory hallmarking, which will also tackle the issue of under-carating.

We believe GST may be disruptive in the short term as the industry adjusts to the new tax regime. Manufacturers and retailers working capital could be tied up because of inter-state gold stock transfers. Small-scale artisans and retailers with varying degrees of tax compliance may struggle to adapt. Consumer demand faces a headwind from the higher rate of tax. And consumers and jewellers may try to conduct recycling transactions under the counter, away from the prying eye of the tax man.

But the positives are significant. GST should eliminate double taxation and improve supply chains efficiency. GST can make the gold industry more transparent which, coupled with recent hallmarking legislation, should ensure gold buyers have confidence in the gold products they buy, rather than continuing to suffer from the gross level of under-carating they have previously endured.

And Indias entire economy is on a rapid journey to becoming more organised and more transparent, boosting economic growth. This is vitally important for Indias gold market: our econometric analysis reveals that income growth is the single biggest driver of gold demand in India.

In summary, GST represents a radical step forward for Indias economy. While it could present short-term challenges to the gold industry, we believe it will boost the economy and make the gold industry more transparent to the benefit of gold buyers. This should support Indias gold demand, which we expect to be between 650-750t in 2017, rising to 850-950t by 2020.

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Endurance Tech slips in volatile trade after announcing expansion
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 33.79 points or 0.11% at 31,237.49

On the BSE, 5,924 shares were traded on the counter so far as against the average daily volumes of 14,523 shares in the past one quarter. The stock hit a high of Rs 920.95 in intraday trade so far, which is record high for the counter. The stock had hit a low of Rs 893 so far during the day. The stock had hit a record low of Rs 518.25 on 21 November 2016.

The stock had outperformed the market over the past one month till 7 June 2017, rising 13.13% compared with 4.47% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 28.47% as against Sensexs 8.10% rise.

The large-cap company has equity capital of Rs 140.66 crore. Face value per share is Rs 10.

Endurance Technologies said that the company has planned expansion of its annual installed capacity for manufacturing aluminium die casting (high pressure) and machining components / parts at its Chennai plant. The announcement was made after market hours yesterday, 7 June 2017.

The installed capacity is planned to be expanded to 12,250 million tonnes from 8,161 million tonnes. The expansion will be carried in a phased manner over a period of four to six quarters. The investment of about Rs 9.12 crore required for the expansion plan will be funded through internal accruals.

Shares of Endurance Technologies had debuted on BSE on 19 October 2016 at Rs 570, a premium of 20.76% over its initial public offer (IPO) of Rs 472 per share. The IPO of Endurance Technologies had seen strong response from investors. The issue had received bids for 75.52 crore shares and it was subscribed 43.84 times.

Endurance Technologies consolidated net profit rose 3.08% to Rs 83.54 crore on 4.32% rise in total income to Rs 1392.67 crore in Q4 March 2017 over Q4 March 2016.

Endurance Technologies is a two-wheeler and three-wheeler automotive component manufacturer. The company has operations in Europe with manufacturing facilities in Italy and Germany. The company is a tier one supplier to original equipment manufacturers (OEMs) for most of its products.

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Gujarat Pipavav rises on buzz APM Terminals to offload stake
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 46.03 points, or 0.15% to 31,225.25.

On the BSE, 1.29 lakh shares were traded in the counter so far, compared with average daily volumes of 1.79 lakh shares in the past one quarter. The stock had hit a high of Rs 150 and a low of Rs 145.10 so far during the day. The stock hit a 52-week high of Rs 197.35 on 9 September 2016. The stock hit a 52-week low of Rs 121.20 on 26 December 2016.

The stock had underperformed the market over the past one month till 7 June 2017, sliding 10.20% compared with 4.47% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 6.81% as against Sensexs 8.10% rise. The scrip had also underperformed the market in past one year, falling 9.72% as against Sensexs 15.73% rise.

The mid-cap company has equity capital of Rs 483.44 crore. Face value per share is Rs 10.

According to reports, APM Terminals, the controlling shareholder, manager and operator of Gujarat Pipavav Ports (GPPL), is looking to exit its 12-year flagship investment as it no longer fits in with its core global business strategy. It has mandated HSBC to run a formal sale process and find a new buyer.

Global and local rivals and infrastructure-focused conglomerates such as JSW Group, Adani Ports and Dubais DP World are believed to have been approached, and initial diligence has begun, reports added.

Netherlands-headquartered APM Terminals is the independent ports and terminals arm of Danish maritime giant A.P. Moller-Maersk Group. It owns 43.01% of GPPL (as on 31 March 2017). As per rules, the buyer will also need to make a mandatory open offer to minority shareholders for an additional 26%.

Net profit of Gujarat Pipavav Port rose 28.12% to Rs 66.20 on 5.85% rise in net sales to Rs 156.74 crore in Q4 March 2017 over Q4 March 2016.

Gujarat Pipavav Port is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group.

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Moodys: Asian Liquidity Stress Index improves to 25.2% in May from 25.4% in April
Jun 08,2017

Moodys Investors Service says that its Asian Liquidity Stress Index (Asian LSI) fell month-on-month to 25.2% in May 2017 from 25.4% in April.

The Asian LSI measures the percentage of high-yield companies with Moodys weakest speculative-grade liquidity score of SGL-4, when speculative-grade liquidity appears to improve for Asian high-yield issuers.

The 25.2% Asian LSI reading in May was the lowest since August 2015, but remains above the long-term average of 22.8%, highlighting that weak liquidity is still a concern for many companies in Asia, despite improvements over the last six months, says Brian Grieser, a Moodys Vice President and Senior Credit Officer.

Moodys report points out that the Chinese high-yield property sub-index fell to a record low in May 2017, registering 7.5% from 10.0% the month before; the lowest level since Moodys began tracking the sub-index in 2010.

The liquidity stress sub-index for North Asian high-yield companies dropped to 24.7% in May from 25.0% in April. Within this portfolio, the Chinese sub-index fell to 25.4% from 25.7%. By contrast, the Chinese high-yield industrials sub-index rose to 48.4% from 46.7%.

As for the South and Southeast Asian sub-index, the index was unchanged at 26.1% month-on-month. And, the Indonesian sub-index remained at 22.7% over the same period.

Moodys explains that the strong high-yield issuance in 2017 continued to support improved liquidity for Asian issuers, with issuance totaling $3.1 billion for the month, bringing year-to-date issuance to $16.2 billion. The year-to-date issuance is already above the full-year issuance of $11.4 billion recorded in 2016.

Roughly two-thirds of the bond proceeds between January and May 2017 have been used for refinancing upcoming maturities.

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Info Edge drops on profit booking
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 42.65 points, or 0.14% at 31,228.63.

On the BSE, 4,193 shares were traded on the counter so far as against the average daily volumes of 33,166 shares in the past one quarter. The stock had hit a high of Rs 1,080 and a low of Rs 1,042 so far during the day. The stock had hit a record high of Rs 1,126.70 on 7 June 2017 and a 52-week low of Rs 752 on 9 November 2016.

The stock had outperformed the market over the past one month till 7 June 2017, advancing 29.02% compared with the Sensexs 4.73% rise. The scrip had also outperformed the market over the past one quarter gaining 30.72% as against the Sensexs 7.83% rise. The scrip had also outperformed the market over the past one year advancing 36.08% as against the Sensexs 15.78% rise.

The large-cap company has equity capital of Rs 121.22 crore. Face value per share is Rs 10.

Info Edge (India) had rallied 19.35% in the preceding four trading sessions to settle at Rs 1,080.50 yesterday, 7 June 2017, from its closing of Rs 905.30 on 1 June 2017.

Info Edge (India)s net profit fell 15.6% to Rs 32.87 crore on 8% increase in net sales to Rs 208.42 crore in Q4 March 2017 over Q4 March 2016.

Info Edge (India) is engaged in the business of internet-based service delivery operating in over four service verticals through web portals. Its service verticals include Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com.

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New order win boosts Bharat Wire Ropes
Jun 08,2017

The announcement was made during market hours today, 8 June 2017.

Meanwhile, the S&P BSE Sensex was down 33.54 points or 0.11% at 31,237.74. The S&P BSE Small-Cap index was up 37.33 points or 0.24% at 15,463.19.

On the BSE, 84,000 shares were traded on the counter so far as against the average daily volumes of 3.88 lakh shares in the past one quarter. The stock had hit a high of Rs 91.95 and a low of Rs 87.55 so far during the day. It had hit a record high of Rs 120.50 on 30 January 2017 and a record low of Rs 38.20 on 29 Septemer 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 17.24% compared with 4.47% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 5.68% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, surging 98.29% as against Sensexs 15.73% rise.

The small-cap company has equity capital of Rs 44.95 crore. Face value per share is Rs 10.

Bharat Wire Ropes net profit rose 14.58% to Rs 0.55 crore on 61.62% rise in net sales to Rs 20.30 crore in Q4 March 2017 over Q4 March 2016.

Bharat Wire Ropes is engaged in manufacturing of wire ropes and slings for use in a varied list of application/industries such as general engineering, fishing, elevators, cranes, material handling, onshore/offshore oil exploration, ports and shipping and mining.

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JSW Steel jumps after brokerage upgrade
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 36.49 points, or 0.12% to 31,234.79.

On the BSE, 6.13 lakh shares were traded in the counter so far, compared with average daily volumes of 8.97 lakh shares in the past one quarter. The stock had hit a high of Rs 202.25 and a low of Rs 198.80 so far during the day. The stock hit a record high of Rs 209.35 on 17 May 2017. The stock hit a 52-week low of Rs 133.20 on 24 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, rising 1.43% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.50% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, rising 39.97% as against Sensexs 15.73% rise.

The large-cap company has equity capital of Rs 241.72 crore. Face value per share is Re 1.

JSW Steel reportedly received a rating and target price upgrade from a foreign brokerage firm based on better outlook for the company going forward. The brokerage upgraded the stock from outperform to buy with a target of Rs 300 from Rs 185 earlier.

The broker reportedly said that JSW Steel will be a big beneficiary of improving pricing and demand-supply outlook in the steel industry for the coming years. The broker added that the anti-dumping duties on HRC (hot rolled coil) and CRC (cold rolled coils) steel getting extended until August 2021 is a signal of continuation of import protection for the industry.

On a consolidated basis, net profit of JSW Steel rose 235.42% to Rs 1008.58 crore on 57.06% rise in net sales to Rs 16287.30 crore in Q4 March 2017 over Q4 March 2016.

JSW Steel is the leading integrated steel company in India with an installed steel-making capacity of 18 MTPA.

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HCG gains after launching cancer center in Nagpur
Jun 08,2017

The announcement was made after market hours yesterday, 7 June 2017.

Meanwhile, the S&P BSE Sensex was down 40.32 points or 0.13% at 31,230.96. The S&P BSE Mid-Cap index was up 33.55 points or 0.22% at 15,459.41.

On BSE, so far 2,725 shares were traded in the counter as against average daily volume of 74,989 shares in the past one quarter. The stock hit a high of Rs 256.95 and a low of Rs 253.50 so far during the day. The stock had hit a record high of Rs 289 on 17 April 2017. The stock had hit a record low of Rs 167 on 24 June 2016.

The small-cap company has equity capital of Rs 85.71 crore. Face value per share is Rs 10.

HCG NCHRI cancer center is a 125 bed dedicated comprehensive cancer hospital established in collaboration with the Nagpur Cancer Hospital and Research Institute (NCHRI), HealthCare Global Enterprises (HCG) said. The new center is based on a multi-disciplinary team, adherence to proven clinical protocols and quality norms and features advanced technology including the TrueBeam STxTM radiotherapy system, PET-CT as well as a Bone Marrow Transplant Unit, the company said.

Dr. B.S. Ajaikumar, Chairman, HCG said that the new cancer centre is dedicated to the people of central India where there is a huge and growing unmet need for high quality cancer care.

On a consolidated basis, HCGs net profit rose 115.73% to Rs 8.09 crore on 17.67% rise in net sales to Rs 182.43 crore in Q4 March 2017 over Q4 March 2016.

HCG is the largest provider of cancer care in India. Through its network of 18 comprehensive cancer centers spread across India, HCG has brought advanced cancer care to the doorstep of millions of people.

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Petronet LNG slips on buzz GDF International offloads stake
Jun 08,2017

Meanwhile, the S&P BSE Sensex was down 45.69 points, or 0.15% to 31,225.59.

Volumes were high on the counter. On the BSE, 9.26 crore shares were traded in the counter so far, compared with average daily volumes of 1.28 lakh shares in the past one quarter. The stock had hit a high of Rs 437.40 and a low of Rs 421 so far during the day. The stock hit a record high of Rs 458.80 on 22 May 2017. The stock hit a 52-week low of Rs 269.25 on 13 June 2016.

The stock had underperformed the market over the past one month till 7 June 2017, rising 2.62% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.09% as against Sensexs 8.10% rise. The scrip had also outperformed the market in past one year, rising 61.18% as against Sensexs 15.73% rise.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

According to reports, GDF International offloaded its entire 10% stake, comprising 7.50 crore shares, in Petronet LNG in block trades today, 8 June 2017. GDF sold the shares in a price range of Rs 417-440 a share with the deal size of up to $512 million. GDF International distributes and markets liquefied natural gas.

The Indian government owned 50% stake in the company as of 31 March 2017.

Petronet LNG earlier this week reportedly said that it did not expect any impact on gas supplies from Qatar after Saudi Arabia and six other Gulf nations severed ties with the nation, accusing it of supporting terrorism.

Qatar is the worlds largest producer and exporter of LNG. Qatars diplomatic crisis with its Middle Eastern neighbors could force natural gas buyers to seek greater diversification in sourcing amid potential disruptions from UAE ports refusing ships from the country.

Petronet LNGs net profit surged 91.3% to Rs 470.78 crore on 20.9% increase in net sales to Rs 7191.99 crore in Q4 March 2017 over Q4 March 2016.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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Moodys: Growth among sovereigns remains subdued ten years on from crisis
Jun 08,2017

Notwithstanding an ongoing cyclical growth recovery, the growth outlook for Moodys rated sovereigns remains subdued when compared with the growth achieved in the decade before the financial crisis, says Moodys Investors Service in a new report.

Between 2008 and 2017 (F), real growth for Moodys rated sovereigns averaged 2.9% for Moodys, compared to 4.3% from 1998 to 2007. Looking ahead, Moodys expects global growth of 2.8% for 2017 to 2018.

This slowdown in growth compared to the period prior to the global financial crisis has affected the fiscal profiles of our rated sovereigns, said Michael Brown, an Associate Analyst at Moodys. Governments have been unable to rely on growth to reduce debt as a share of GDP.

Since the crisis, government debt metrics have deteriorated across both advanced and emerging market economies. Between 2007 and 2017F, the median increase in sovereign debt was 15 percentage points,

The increase was due to a combination of spending during and after the crisis and the revenue impact of subdued growth since the crisis, adds Shirin Mohammadi, also an Associate Analyst.

Moodys expects debt-to-GDP ratios to average 54% globally in 2017-18, compared with 37% in 2007-2008. Since growth has been lower in the years following the crisis, government debt ratios will likely remain at these higher levels for many rated sovereigns.

Subdued growth has kept interest rates low in the years following the crisis. For many sovereigns, low interest rates have supported their capacity to service this higher debt level. Indeed, interest burdens as a share of government revenues have risen less sharply than government debt ratios.

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Bharat Wire Ropes secures orders worth Rs 37 crore
Jun 08,2017

Bharat Wire Ropes has book approximately Rs 37 crore export and domestic orders to be executed mainly from new facility set up in Chalisgoan, Maharashtra.

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Manomay Tex India gets revision in ratings for bank facilities
Jun 08,2017

Manomay Tex India has received revision in credit ratings from Brickwork Rating for bank loan facilities of Rs 72.31 crore availed by the Company -

Long term Rating - BWR BBB- (Stable Upgraded)
Short term Rating - BWR A3 (Upgraded)

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Cyient expands strategic relationship with United Technologies Corporation
Jun 08,2017

Cyient announced that its subsidiary - Cyient DLM has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC country-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Meanwhile, Carrier International (Mauritius), a subsidiary of UTC, has executed a trade on the National Stock Exchange on 07 June 2017 to divest a portion of its equity sharholding in Cyient.

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Indiabulls Ventures provides update on its subsidiary - IVL Finance
Jun 08,2017

Indiabulls Ventures announced that the networth of IVL Finance (a non public deposit taking NBFC registered with RBI, a wholly owned subsidiary of Indiabulls Ventures, has increased to over Rs 1000 crore, through capital investments from Indiabulls Ventures. IVL Finance would be undertaking consumer finance business. The consumer finance business is expected to significantly add to the consolidated bottom line of Indiabulls Ventures going forward.

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