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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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Karnataka Bank extends rights issue closing date
Nov 19,2016

Karnataka Bank has extended the rights issue. Accordingly, the rights issue will close for subscription on 28 November 2016. The rights issue opened on 07 November 2016.

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Reliance Capital acquires 5% voting rights in Vrushvik Entertainment
Nov 19,2016

Reliance Capital announced that the Company have acquired more than 5% voting rights in Vrushvik Entertainment. The Company acquired 19,38,000 equity shares of Vrushvik Entertainment at face value of Rs 10 each.

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India and UK Sign three Bilateral Advance Pricing Agreements (B- APAs) taking the total number of APAs signed [both- bilateral and unilateral] to 111
Nov 19,2016

The Central Board of Direct Taxes (CBDT) signed three (3) Bilateral Advance Pricing Agreements (APAs) here today taking the total number of APAs signed [both- bilateral and unilateral] so far to 111. These Agreements are a result of the understanding reached with the Competent Authority of United Kingdom (UK) some time ago. The Competent Authorities of India and UK had earlier exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC).

These three (3) Agreements cover international transactions in the nature of payment of intra-group service charges and pertain to the telecom industry. They also have a roll-back provision. With this, India and UK have concluded 5 bilateral APAs and some more would be concluded in the near future. The total number of bilateral APAs concluded so far by the CBDT is 7.

The Advance Pricing Agreement (APA) Programme was introduced by the Finance Act, 2012 with a view to provide a predictable and non-adversarial tax regime and to reduce the litigation in the Indian transfer pricing arena. An APA can be entered into for a maximum of 5 years at a time. Since the notification of the APA scheme on 30.08.2012, a total of about 700 APA applications have been received during the first 4 years of the Programme (Financial Years 2012-13 to 2015-16), which indicates the wide acceptance of the APA programme by the taxpayers. Rollback of APAs was announced in the Budget in July 2014 to provide certainty on the pricing of international transactions for 4 prior years (rollback years) preceding the first year from which APA is to be applicable.

The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

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Reliance Capital acquires 5% voting rights in Azalia Media Services
Nov 19,2016

Reliance Capital announced that the Company have acquired more than 5% voting rights in Azalia Media Services. The Company acquired 1938000 equity shares of Azalia Media Services at face value of Rs 10 each.

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Torrent Power provides update on scheme of arrangement
Nov 19,2016

Torrent Power announced that the Company has received the Certified Copy of the Order of the Honble High Court of Gujarat sanctioning the Scheme of Arrangement which provides for the Transfer and vesting of the Solar Energy Undertaking as well as Wind Energy Undertaking of Torrent Solargen by way of slump sale to Torrent Power Limited pursuant to the provisions of Sections 391 to 394 and other relevant provisions of the Companies Act, 1956/Companies Act, 2013 (to the extent notified).

The said Order shall be filed with the Registrar of Companies within the prescribed timelines. The Company will also submit the requisite documents to the Stock Exchanges as per their respective observation Letters pursuant to SEBI Circular No. CIR/CFD/CMD/16/2015 dated 30 November 2015 in due course.

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Board of RCL Foods to consider September quarter & half year results
Nov 19,2016

RCL Foods announced that a meeting of the Board of Directors of the Company will be 25 November 2016, inter alia, to consider the following;

1. To consider the Audited Financial Results of the Company for the Quarter and year ended 31 March 2016.

2. To consider the Unaudited Financial Results of the Company for the Quarter ended 30 June 2016.

3. To consider the Unaudited Financial Results of the Company for the Quarter and Half Year ended 30 September 2016.

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Revised Double Taxation Avoidance and the Prevention of Fiscal Evasion (DTAA) Agreement signed between India and Cyprus
Nov 19,2016

A revised Agreement between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal evasion (DTAA) with respect to taxes on income, along with its Protocol, was signed in Nicosia, which will replace the existing DTAA that was signed by two countries on 13th June 1994. The Protocol was signed by Mr. Ravi Bangar, High Commissioner of India to Cyprus on behalf of India and Mr. Harris Georgiades, the Minister of Finance on behalf of Cyprus.

New DTAA provides for source based taxation of capital gains arising from alienation of shares, instead of residence based taxation provided under the existing DTAA. However, a grandfathering clause has been provided for investments made prior to 1st April, 2017, in respect of which capital gains would continue to be taxed in the country of which taxpayer is a resident.

The new Agreement provides for Assistance between the two countries for collection of taxes. The new Agreement also updates the provisions related to Exchange of Information to accepted international standards, which will enable exchange of banking information and allow the use of such information for purposes other than taxation with the prior approval of the Competent Authorities of the country providing the information. The new Agreement expands the scope of permanent establishment and reduces the tax rate on royalty in the country from which payments are made to 10% from the existing rate of 15%, in line with the tax rate under Indian tax laws. It also updates the text of other provisions in accordance with the international standards and consistent policy of India in respect of tax treaties.

Provisions of new DTAA will enter into force after the completion of necessary internal procedures in both countries and is expected to come into effect in India in respect of income derived in fiscal years beginning on or after 1st April, 2017.

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Balkrishna Industries fixes record date for 2nd interim dividend
Nov 18,2016

Balkrishna Industries has fixed 08 December 2016 as the Record Date for the purpose of Payment of 2nd Interim Dividend and the payment thereof shall be credited /dispatched on or after 14 December 2016.

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Ramco Systems incorporates subsidiary - Ramco Systems (Shanghai)
Nov 18,2016

Ramco Systems has incorporated Ramco Systems (Shanghai), China as a wholly owned subsidiary of the Company.

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IDFC Bank allots equity shares
Nov 18,2016

IDFC Bank announced that the Allotment and Share Transfer Committee of the Bank met on 18 November 2016 and allotted 567,277 fully paid up equity shares of Rs.10 each to the employees in terms of IDFC Bank Employee Stock Option Scheme 2015 (IDFC Bank ESOS-2015) and pursuant to the resolution passed by the shareholders of the Bank at their meeting held on July 27, 2016. Further, IDFC Bank ESOS-2015 is in compliance with the SEBI (Share Based Employee Benefits) Regulations 2014. The total money realized by exercise of the aforesaid options is Rs. 26,531,545.29.

Post the aforesaid allotment, the Equity Share Capital of the Bank now stands at 3,395,641,885 equity shares of Rs.10 each, aggregating to Rs. 33,956,418,850.

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Board of TTI Enterprise approves consolidation of shares
Nov 18,2016

TTI Enterprise announced that the Board of Directors at their meeting held on 01 August 2016 approved the the following Other Matters:

- Consolidation of 5 (Five) Equity Shares of face value Rs. 2/- each fully paid up into 1 (one) Equity Share of face value Rs. 10/- each fully paid up.

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TTI Enterprise fixes record date for consolidation of shares
Nov 18,2016

TTI Enterprise announced that the Board of Directors at their meeting held on 14 November 2016 have fixed the Record date on 22 December 2016 for the purpose of Consolidation of 5 (Five) Equity Shares of face value Rs. 2/- each fully paid up into 1(One) Equity Share of face value Rs. 10/- each fully paid up.

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Board of Balkrishna Industries to consider Q2 results and 2nd interim dividend
Nov 18,2016

Balkrishna Industries announced that a meeting of the Board of Directors of the Company is scheduled to be held on 30 November 2016, inter alia, to consider and approve the Unaudited financial results of the Company for the quarter ended 30 September 2016 (Q2) and to consider declaration of 2nd Interim Dividend on equity shares, if any, for the financial year 2016-2017.

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Budget of Rs. 5501.15 crore for Implantation of Pradhan MantriFasalBima Yojana (PMFBY) During 2016-17.
Nov 18,2016

As per provisions of PMFBY, admissible claims are worked out on the basis of yield data generated from Crop Cutting Experiments (CCEs) submitted by concerned State Governments to the insurance companies. Hence, the number of beneficiaries (to whom the claims are paid) are known only thereafter. The cut-off date for receipt of yield data for Kharif 2016 season is one month from the final harvest i.e. 15th December, 2016. Claims are estimated accordingly.

State-wise details of farmers covered under PMFBY/Weather Based Crop Insurance Scheme (WBCIS) are given below:

State-wise details* of loanee and non-loanee farmers covered  under PMFBY and WBCIS (combined) during Kharif 2016

Sl.

No

States/UTsNo. of Farmers Insured (Lakhs)1Assam 0.512Andhra Pradesh15.093Bihar13.984Chhattisgarh13.265Goa0.0076Gujarat11.917Haryana6.968Himachal Pradesh0.979Jharkhand8.4910Karnataka10.5911Kerala0.2212Madhya Pradesh36.5413Maharashtra66.7914ManipurData not available15Meghalaya0.000616Odisha17.4617Rajasthan53.0518Tamil Nadu0.1319Telangana6.5520Tripura0.0221Uttar Pradesh30.0422Uttarakhand1.2823West Bengal32.40Total326.25

  *Provisional.

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Great Eastern Shipping Company provides business update
Nov 18,2016

Great Eastern Shipping Company announced that its Singapore based subsidiary, Greatship Global Offshore Services, has sold and delivered its 2013-built ROV Support Vessel Greatship Ragini to the buyers.

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