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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Engineers India slips ex-dividend
Mar 23,2017

Meanwhile, the S&P BSE Sensex was up 98.36 points or 0.34% at 29,266.04. The BSE Mid-Cap index was up 117.82 points or 0.86% at 13,839.27.

On the BSE, 1.84 lakh shares were traded on the counter so far as against the average daily volumes of 2.38 lakh shares in the past two weeks. The stock had hit a high of Rs 148 and a low of Rs 145.90 so far during the day.

Before turning ex-dividend, the stock offered a dividend yield of 1.68% based on the closing price of Rs 148.75 yesterday, 22 March 2017.

Net profit of Engineers India rose 25.59% to Rs 84.99 crore on 11.77% decline in net sales to Rs 325.01 crore in Q3 December 2016 over Q3 December 2015.

State-run Engineers India provides engineering consultancy and engineering, procurement and construction (EPC) services. The Government of India holds 58.87% in Engineers India (as per shareholding pattern as on 31 December 2016).

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Rural Electrification Corporation signs MoU with Damodar Valley Corporation
Mar 23,2017

Rural Electrification Corporation has entered into Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) for extending financial assistance to the tune of Rs. 4,650 crore for ongoing and upcoming projects of DVC.

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Volumes jump at APL Apollo Tubes counter
Mar 23,2017

APL Apollo Tubes clocked volume of 7.68 lakh shares by 13:47 IST on BSE, a 267.73-times surge over two-week average daily volume of 3,000 shares. The stock rose 1.01% to Rs 1,107.

Modison Metals notched up volume of 73.92 lakh shares, a 125-fold surge over two-week average daily volume of 59,000 shares. The stock fell 2.01% to Rs 63.50.

Astra Microwave Products saw volume of 34.22 lakh shares, a 119.24-fold surge over two-week average daily volume of 29,000 shares. The stock rose 3.63% to Rs 112.90.

Lloyds Metals and Energy clocked volume of 1.50 crore shares, a 50.37-fold surge over two-week average daily volume of 2.99 lakh shares. The stock rose 3.69% to Rs 15.45.

TeamLease Services saw volume of 80,000 shares, a 45.56-fold rise over two-week average daily volume of 2,000 shares. The stock rose 0.41% to Rs 967.95.

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RDEL leads gainers in A group
Mar 23,2017

Reliance Defence and Engineering (RDEL) jumped 8.86% to Rs 63.90 at 13:49 IST. The stock topped the gainers in the BSEs A group. On the BSE, 19.31 lakh shares were traded on the counter so far as against the average daily volumes of 6.12 lakh shares in the past two weeks.

Sobha surged 7.25% at Rs 365.20. The stock was second biggest gainer in A group. On the BSE, 3.20 lakh shares were traded on the counter so far as against the average daily volumes of 31,000 shares in the past two weeks.

VA Tech Wabag advanced 4.91% to Rs 618.25. The stock was third biggest gainer in A group. On the BSE, 32,000 shares were traded on the counter so far as against the average daily volumes of 28,000 shares in the past two weeks.

Manappuram Finance gained 4.73% at Rs 93.05. The stock was fourth biggest gainer in A group. On the BSE, 5.32 lakh shares were traded on the counter so far as against the average daily volumes of 6.75 lakh shares in the past two weeks.

Gujarat Mineral Development Corporation (GMDC) rose 4.32% to Rs 121.90. The stock was fifth biggest gainer in A group. On the BSE, 2.01 lakh shares were traded on the counter so far as against the average daily volumes of 54,000 shares in the past two weeks.

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On account of increased production of coal imports have fallen from 217.78 Mte in 2014-15 to 199.88 Mte in 2015-16
Mar 23,2017

On account of increased production of coal, imports have fallen from 217.78 Mte in 2014-15 to 199.88 Mte in 2015-16. The trend of fall in import of coal has continued in 2016-17 wherein for the period April 2016-January 2017, coal imports have reduced by 2.59% as compared to the corresponding period of the previous year.

However, import of coal is not solely dependent on the domestic production of coal. It also depends on other factors like power plant designed on imported coal and insufficient availability of coking coal of required grade. A policy for allocation of coal to power sector is under formulation.

The Minister further stated that as per International Energy Agency (IEA), India was the third largest producer and second largest importer of coal in 2014 in the World.

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Moodys: Development of Asian covered bond market would benefit from additional regulatory support
Mar 23,2017

Moodys Investors Service says that additional regulatory support can help further the development of the regions covered bond markets.

Furthermore, such supports -- as identified by market participants -- would include increasing the percentage of assets that the banks can use to issue covered bonds and allowing them to become eligible for repurchase transactions with central banks.

In the case of Singapore, for example, increase in issuance percentage may provide more incentive for foreign banks incorporated in Singapore -- which have smaller mortgage portfolios, when compared to the countrys three largest banks -- to issue covered bonds, because greater issuance amount would increase the cost effectiveness of covered bond programs.

Being eligible for repurchase transactions with central banks would be credit positive for Asian covered bonds because of the potential reduction in refinancing risk, which refers to the market-value risk in selling the cover pool to repay investors when the issuer is in default, says Joe Wong, a Moodys Vice President -- Senior Analyst.

It will be more attractive for banks to purchase cover pools if they can be funded by central banks via repo transactions, and the discount in selling the cover pools would be reduced accordingly, adds Wong.

Covered bonds are a viable funding option for financial institutions in some Asian common law countries, adds Jerome Cheng, a Moodys Senior Vice President.

Although currently Asian covered bond funding costs may only be marginally cheaper than unsecured debt in some countries, the cost savings offered by such bonds can be more significant in the case of a financial crisis, says Cheng.

At the same time, market participants at the March meeting also noted hurdles to large-scale issuance of covered bonds in Asian countries where they are not currently issued.

These include the lack of covered bond legal frameworks, uncertainty over the cost savings provided by cross-border covered bonds, and the prohibitive cost of currency hedging that is required for cross-border covered bonds.

Market participants also discussed the prospect of Asian cover pools including assets other than residential mortgage loans, including green bonds, green mortgages, credit card receivables and auto loans.

In Moodys view, different asset types may introduce additional risks for covered bonds, such as credit and refinancing risks, though these risks can be mitigated by additional over-collateralization. Residential mortgage loans have higher credit quality than many other asset types because they are secured by high quality assets.

Moodys also notes that it has rated transactions backed by corporate bonds and credit card receivables and that while these deals posed additional risks, they also included additional over-collateralization compared to standard covered bonds.

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Cabinet approves hike in MSP for Copra for 2017 season
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Price (MSP) for Fair Average Quality (FAQ) of Milling Copra to Rs.6500/- per quintal for 2017 season from Rs. 5950/-per quintal in 2016. The MSP for FAQ of Ball Copra has been increased to Rs.6785/- per quintal for 2017 season from Rs. 6240/- per quintal in 2016.

The MSP of Copra is expected to ensure appropriate minimum prices to the farmers and step up investment in Coconut cultivation and thereby production and productivity in the country.

The approval is based on recommendations of Commission for Agricultural Costs and Prices (CACP). CACP, which is an expert body, takes into account the cost of production, trends in the domestic and international prices of edible oils, overall demand and supply of copra and coconut oil, cost of processing of copra into coconut oil and the likely impact of the recommended MSPs on consumers, while recommending the MSPs.

The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) would continue to act as Central Nodal Agencies to undertake price support operations at the Minimum Support Prices in the Coconut growing states.

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BASF India moves higher as parent to divest leather chemical biz
Mar 23,2017

The announcement was made during market hours today, 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 109.54 points or 0.38% at 29,277.22. The BSE Mid-Cap index was up 118.39 points or 0.86% at 13,839.84.

On the BSE, 6,056 shares were traded on the counter so far as against the average daily volumes of 2,894 shares in the past two weeks. The stock had hit a high of Rs 1,275 and a low of Rs 1,200 so far during the day.

BASF India said it has received information from its parent company, BASF SE, Germany that globally BASF SE and Stahl have reached an agreement to divest BASFs leather chemical business to Stahl Group, subject to receipt of requisite approvals. The transaction is expected to close in the fourth quarter of 2017.

The Stahl Group is a leading company in process chemicals for leather products & performance coatings. The Stahl Group in future would be held by Wendel Group, Clariant and BASF.

Under the arrangement, BASF India would supply leather chemical products from its manufacturing facilities to Stahl Group under a mid to long-term supply agreement.

BASF India reported net loss of Rs 47.22 crore in Q3 December 2016, compared with net loss of Rs 119.24 crore in Q3 December 2015. Total income from operations rose 0.03% to Rs 1217.84 crore in Q3 December 2016 over Q3 December 2015.

BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.

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Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II)
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved fresh estimates of the project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II). The cost of the project will be Rs.2029 crore excluding the Service Tax. The entire project cost will be funded through internal resources of JN Port Trust (JNPT) with market borrowing, if necessary.

The project includes the existing channel to be widened from presently 370 m to 450 m for straight reach, channel to be extended from existing 33.5 Kms to 35.5 Kms. The draft of the channel will be increased from existing 14 m draft to 15 m draft. The estimated quantity to be dredged to the tune of 35.03 million cu.mtr. including 1.73 million cu.mtr. rock dredging.

The work is likely to be implemented by inviting global tenders and to be completed within 2 years after its award.

The present total capacity of the JNPT for container handling is 5 million TEUs (Twenty feet Equivalent Unit). After the 4th Terminal becomes operational, this capacity will be enhanced to 9.8 million TEUs. Considering the expansion of the container vessel sizes on the main trade routes, it is anticipated that vessels of more than 8,000-12,000 TEU size will call the JN Port.

After completion, JNPT will attain capacity for handling additional traffic throughput of 1.67 million TEUs. The enhanced capability would help in handling larger vessels upto 12,500 TEUs besides economic benefits like saving in Vessel waiting time and savings on account of transshipment. The ultimate benefit to users will be in terms of lower unit cost, direct and indirect tax benefits in addition to reduction in vessel traffic congestion at JNPT. This would add to the competitiveness of Indias EXIM trade.

Background:

Over the years, the size of container ships is progressively becoming larger as it is much more economical to operate large ships and the cost of operation gets cheaper as much as by 40% for the larger ships. With increase in container cargo volume and increase in capacity of container carrying vessels fleet worldwide, JN Port has decided to handle new generation container vessels with wider beam and deeper drafts. The new generation bigger size vessels need deeper channel depth to navigate and accordingly deepening and widening of the channel further from 14.0 to 15.0 m draft with vessel capacity of 12,500 TEU is envisaged.

At present, JN Port is handling vessels having a draft of 14 m that is 6,000 TEUs capacity by taking advantage of tidal window.

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Measures to provide 24x7 Affordable and Environment Friendly Power For All by 2019
Mar 23,2017

Ministry of Power has taken several measures to provide 24X7 affordable and environment friendly Power for All by 2019. The measures inter-alia, include the following:-

i. Electrification of 18,452 un-electrified villages (as on 1/4/2015): As on 20/03/2017, 12,661 villages have been electrified.

ii. Preparation of state specific action plans for 24X7 Power for All, covering adequacy of generation, transmission capacity and distribution system: 24X7 Power for All documents have been signed with 35 States/UTs.

iii. Launching of scheme called Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for rural areas: The scheme provides for (a) separation of agriculture and non-agriculture feeders; (b) strengthening and augmentation of sub-transmission and distribution infrastructure in rural areas including metering at distribution transformers, feeders and consumers end; and (c) rural electrification.

iv. Launching of Integrated Power Development Scheme (IPDS) for urban areas: The scheme provides for (a) strengthening of sub-transmission and distribution networks in urban areas; (b) metering of distribution transformers/feeders/consumers in urban areas; and (c) IT enablement of distribution sector and strengthening of distribution network.

v. Operationalization of Power System Development Fund (PSDF): PSDF shall be utilized for the project proposed by distribution utilities for (a) creating necessary transmission system of strategic importance; (b) installation of shunt capacitors etc. for improvement of voltage profile in the grid; (c) installation of standard and special protection schemes; and (d) Renovation and Modernisation of transmission and distribution systems for relieving congestion; etc.

vi. Launching of Ujwal Discom Assurance Yojana (UDAY): The scheme has been launched for operational and financial turnaround of Discoms.

vii. Measures initiated for reducing the generation cost of coal based power projects:

(a) Increasing supply of domestic coal;

(b) Coal usage flexibility

(c) Rationalization of coal linkages

viii 56,232.6 MW generation capacity have been added during the period 2014-17 (as on 28.02.2017).

ix. Increase in electricity generation from 967 BU (Billion Unit) in 2013-14 to 1048 BU in 2014-15 and 1107 BU in 2015-16, resulting in lowest ever energy deficit of 2.1% in 2015-16. During the current year 2016-17 (upto February 2017), electricity generation has been 1057.746 BU. Energy deficit has further reduced to 0.7% during the period April-February, 2017 which is the lowest ever.

x. 73,798 ckm transmission lines and 1,89,948 MVA sub-station capacity added during 2014 to February, 2017. 87% increase in transmission capacity to South India from 3450 MW in April- 2014-February, 2017 to 6450 MW.

xi. Implementation of Green Energy Corridor for transmission of renewable energy.

xii. Unnat Jyoti by Affordable LEDs for All (UJALA) to replace 77 crore incandescent bulbs with LED bulbs. This will result in estimated avoided capacity generation of 20,000 MW and save 100 billion kWh per year by March, 2019. As on date, 21.8 crore LED bulbs have been distributed. In addition, over 5.36 lakh energy efficient fans and 13.37 lakh LED tube lights have been distributed.

xiii Street Lighting National Programme (SLNP) is being implemented to replace 1.4 crore conventional street lights by LED street lights. The replacement will result in avoided capacity generation of 1500 MW and save 9 billion kWh per year by March, 2019. As on date, over 18.3 lakh LED Street lights have been replaced across the country.

The Minister further stated that the funding pattern for the new schemes initiated by the Government is as under:

i. DDUGJY & IPDS: Government of India Grant - 60% (85% in case of Special Category States; Utility/State contribution - 10% (5% in case of Special Category States); loan from banks/financial institutions - 30% (10% in case of Special Category States) - Additional grant from GoI on achievement of prescribed milestones - 50% of the loan component.

ii. PSDF: Subject to availability of funds and admissibility, the quantum of grant towards project cost ranges from 75% to 100% for non Special Category States. The projects from North-East and other hill States, namely, J&K, Sikkim, Himachal Pradesh and Uttarakhand are eligible for grant upto 100%.

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Cabinet approves abolition of cesses and surcharges for GST implementation
Mar 23,2017

Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime. Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:

i. Amendment to the Customs Act, 1962;

ii. Amendments to the Customs Tariff Act, 1975;

iii. Amendment to the Central Excise Act, 1944;

iv. Repeal of the Central Excise Tariff Act, 1985; and

v. Amendment or repeal of the provisions relating to Acts under which cesses are levied.

The above proposals will result in the following benefits:

i. Insertion of Sections 108A and 108B in the Customs Act, 1962 seeks to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of unter/over-valuation in imports and exports, misuse of export promotion schemes including the Drawback Scheme and violations of the provisions of the Customs Act and various other laws under which Customs officials have been authorized to effectively implement these laws; and

ii. Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent upon roll out of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes.

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Cabinet approves of proposal to establish a Fund of Fund for Start-ups (FFS)
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals with regard to the Fund of Funds of Start-ups (FFS) which was established in June, last year with a corpus of Rs 1000 crore.

i. Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in Start-ups qualifying as per the Gazette Notification G.S.R.180 (E) dt. 17/02/2016. Further, if the amount committed for a Start-up in whole has not been released before a Start-up ceases to be so, the balance funding can continue thereafter.

ii. It was also decided that operating expenses for carrying out due diligence, legal and technical appraisal, convening meeting of Venture Capital Investment Committee, etc. would be met out of the FFS to the extent of 0.50% of the commitments made to AIFs and outstanding. This will be debited to the fund at the beginning of each half year; i.e. April 1 and October 1.

The Union Cabinet in its meeting held on 22/06/2016 had approved the proposal to establish a Fund of Funds for Start-ups (FFS) with a total corpus of Rs 10000 crore, with contribution spread over the 14th & 15th Finance Commission cycles based on progress of implementation and availability of funds. It was decided that the FFS shall contribute to the corpus of Alternative Investment Funds (AIFs) for investing in equity and equity linked instruments of various start-ups at early stage, seed stage and growth stages.

The FFS is being managed and operated by Small Industries Development Bank of India (SIDBI). FFS contributes to SEBI registered Alternative Investment Funds (AIFs) that may go up to a maximum of 35% of the corpus of the AIF concerned.

The Cabinet on 22.06.2016 had decided that the corpus of Fund of Funds along with counterpart funds raised by the AIFs in which FFS takes equity would be invested entirely in Start-ups. It has been pointed out to the Department during its interactions with various stakeholders that investors in the AIFs would prefer that the portfolio of AIFs is adequately diversified to manage the investment risks appropriately and if the entire pool of funds of the AIF is invested in Start-ups, it poses unacceptable risks to the investors of such AIFs.

The other issues raised by stakeholders were that the process of funding of Start-ups by AIFs is long drawn which starts from pitching by a Start-up, commitment by the AIF and then release of funds in tranches. Thus it is possible that before release of the final instalment the turnover of the Start-up crosses Rs 25 crore but it still needs funds to meet its growth requirements. Besides, Start-ups need access to funds through various stages of their life cycle, viz. early stage, seed stage and growth stage.

It was also pointed out to the Department by SIDBI that the present provisions dont provide for SIDBI to get compensated for activities done post sanction to AIFs.

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Sunil Hitech Engineers jumps after winning road project
Mar 23,2017

The announcement was made during trading hours today, 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 105.01 points, or 0.36% to 29,272.69.

On the BSE, 8.66 lakh shares were traded in the counter so far, compared with average daily volumes of 5.27 lakh shares in the past two weeks. The stock had hit a high of Rs 12.14 and a low of Rs 11 so far during the day.

The stock hit a 52-week high of Rs 23.43 on 20 October 2016. The stock hit a 52-week low of Rs 7.75 on 24 June 2016.

Sunil Hitech Engineers has recently been mandated through a letter of award (LoA) from National Highways Authority of India (NHAI) to construct and widen the existing 2-lane Bodhre to Dhule road section of NH-211 to four/six lane configuration in Maharashtra for a bid project cost of Rs 982 crore on hybrid annuity model (HAM). The construction of the 67.2 km road also include 2 new road under bridges (ROBs), 6 underpasses, 4 major bridges, 26 minor bridges and 2 new bypasses. The company will be signing the concession agreement soon. The construction period is 2.5 years.

Net profit of Sunil Hitech Engineers rose 2.51% to Rs 13.07 crore on 8.85% rise in net sales to Rs 530.81 crore in Q3 December 2016 over Q3 December 2015.

Sunil Hitech Engineers is a well established player in engineering procurement construction (EPC) and construction of road & bridges, building works of institutions, hospitals and housing projects, cross country pipeline, civil & mechanical works of power and steel plants, cooling towers, chimneys, etc. and also in renewable energy sector.

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Gufic Biosciences hits record high
Mar 23,2017

The announcement was made after market hours yesterday 22 March 2017.

Meanwhile, the S&P Sensex was up 114.23 points, or 0.39% at 29,281.91. The S&P BSE Small-cap index was up 136.31 points, or 0.98% at 14,038.23.

High volumes were witnessed on the counter. On the BSE, 7.03 lakh shares were traded on the counter so far as against the average daily volumes of 95,769 shares in the past one quarter. The stock had hit a high of Rs 69 so far during the day, which is also a record high for the stock. The stock had hit a low of Rs 60.50 so far during the day.

The stock had hit a 52-week low of Rs 33.30 on 29 September 2016. The stock had outperformed the market over the past one month till 22 March 2017, rising 7.29% compared with 1.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 11.64% as against Sensexs 12.27% rise.

The small-cap company has equity capital of Rs 7.74 crore. Face value per share is Re 1.

Gufic Biosciences said that a meeting of the board of directors of the company is scheduled to be held on 3 April 2017, to consider amalgamation of Gufic Lifesciences with the company.

Gufic Biosciences net profit rose 28.1% to Rs 3.10 crore on 15.9% increase in sales to Rs 64.97 crore in Q3 December 2016 over Q3 December 2015.

Gufic Biosciences is engaged in the manufacture of pharmaceuticals, medicinal chemicals and botanical products.

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Cabinet approves proposal for Amendments to the NABARD Act 1981
Mar 23,2017

Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:

(a) Amendments to National Bank for Agriculture and Rural Development Act, 1981 as proposed in the draft Bill with such changes of drafting and of consequential nature, as may be considered necessary by Legislative Department. The Amendments, include provisions that enable Central Government to increase the authorized capital of NABARD from Rs 5000 crore to Rs 30000 crore and to increase it beyond Rs 30000 crore in consultation with RBI, as deemed necessary from time to time.

(b) Transfer of 0.4 per cent. equity of RBI in NABARD amounting to Rs. 20 crores to the Government of India.

The proposed amendments in NABARD Act, include, certain other amendments including changes in long title and certain Sections to bring Medium Enterprises and Handlooms in NABARDs mandate.

The proposed increase in the authorized capital would enable NABARD to respond to the commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and the recent Cabinet decision regarding on-lending to cooperative banks. Further, it will enable NABARD to augment its business and enhance its activities which would facilitate promotion of integrated rural development and securing prosperity of rural areas including generation of more employment.

The transfer of entire shareholding in NABARD held by RBI to the Central Government will remove the conflict in RBIs role as banking regulator and shareholder in NABARD.

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