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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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BEML leads gainers in A group
Jan 09,2017

BEML jumped 13.75% to Rs 1,129.95 at 13:26 IST. The stock topped the gainers in the BSEs A group. On the BSE, 6.75 lakh shares were traded on the counter so far as against the average daily volumes of 35,000 shares in the past two weeks.

MMTC surged 13.25% to Rs 70.50. The stock was the second biggest gainer in A group. On the BSE, 35.95 lakh shares were traded on the counter so far as against the average daily volumes of 15.40 lakh shares in the past two weeks.

Prestige Estates Projects gained 6.03% at Rs 182.85. The stock was the third biggest gainer in A group. On the BSE, 9,052 shares were traded on the counter so far as against the average daily volumes of 4,364 shares in the past two weeks.

Biocon surged 4.82% at Rs 1,004.15. The stock was the fourth biggest gainer in A group. On the BSE, 1.61 lakh shares were traded on the counter so far as against the average daily volumes of 41,000 shares in the past two weeks.

Hindustan Copper rose 4.76% to Rs 64.95. The stock was the fifth biggest gainer in A group. On the BSE, 7.39 lakh shares were traded on the counter so far as against the average daily volumes of 4.20 lakh shares in the past two weeks.

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Tax collection figures for the period April -December 2016 show a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25%
Jan 09,2017

Direct Tax and Indirect tax collection figures for the period April 2016 to December 2016 have shown a positive trend as Direct Taxes grow by 12.01% and Indirect Taxes grow by 25% over the corresponding period last year i.e. April-December 2015.

The details in this regard are as follows:

Direct Taxes

The figures for Direct Tax collections up to December, 2016 show that net collections are at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 10.7% while that under PIT (including STT) is 21.7%. However, after adjusting for refunds, the net growth in CIT collections is 4.4% while that in PIT collections is 24.6%. Refunds amounting to Rs.1,26,371 crore have been issued during April-December, 2016, which is 30.5% higher than the refunds issued during the corresponding period last year.

After accounting for the third instalment of advance tax received in December, 2016, the collections under advance tax stand at Rs.2.82 lakh crore, which is 14.4% higher than the figures for the corresponding period of last year. CIT advance tax is growing at 10.6% while PIT advance tax has registered a growth of 38.2%.

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to December 2016 show that net revenue collections are at Rs 6.30 lakh crore, which is 25% more than the net collections for the corresponding period last year. Till December 2016, about 81% of the Budget Estimates of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 2.79 lakh crore during April-December, 2016 as compared to Rs.1.95 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 43%.

Net Tax collections on account of Service Tax during April-December, 2016 stood at Rs. 1.83 lakh crore as compared to Rs.1.48 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 23.9%.

Net Tax collections on account of Customs during April-December 2016 stood at Rs. 1.67 lakh crore as compared to Rs. 1.60 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 4.1%.

During December 2016, the net indirect tax (with ARM) grew at the rate of 14.2% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was -6.3%, 31.6% and 12.4% respectively during the month of December, 2016, compared to the corresponding month last year. The de-growth in customs collections appear to be on account of a decline of gold imports by about 46% (in volume terms) in December 2016 over December 2015.

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Moodys and ICRA: Indian banks weak asset quality continues to pressure profitability and capitalization profile
Jan 09,2017

Moodys Investors Service and its Indian affiliate, ICRA, see subdued prospects for Indias banks, with both identifying asset deterioration as a key challenge over the medium term.

Asset quality will remain a negative driver of the credit profiles of most rated Indian banks and the stock of impaired loans. Non-performing loans (NPLs) and standard restructured loans will still rise during the horizon of our outlook, says Alka Anbarasu, a Moodys Vice President and Senior Analyst.

According to Moodys, such pressure on asset quality largely reflects the systems legacy problems, as relating to the strong credit growth seen in 2009-2012, when the investment plans of Indian corporates rose significantly.

Nevertheless, aside from these legacy issues, the underlying asset trend for Indian banks will be stable because of a generally supportive operating environment. While corporate balance sheets stay weak, a further deterioration in key credit metrics such as debt/equity and interest coverage ratios has been arrested.

We expect the pace of deterioration in asset quality over the next 12-18 months should be lower than what was seen over the last five years, and especially compared to FY2016, even as we consider those remaining problem loans which have not been recognized as such in several large accounts, says Anbarasu.

In this context, Moodys also considers the Reserve Bank of Indias (RBI) asset quality review (AQR) in 2015 as a particularly important catalyst in pushing banks to recognize some large accounts as being impaired. As a result, Moodys now estimates that the true level of impaired loans for Indian banks to be around 1-1.5 percentage points higher than the latest reported numbers.

Given the magnitude of stressed assets in the system, Moodys expects the banks to increase their focus on resolving some of the large problem accounts.

In this regard, we expect an increased pace of debt restructuring under the various schemes offered by the RBI, including the scheme for the sustainable structuring of stressed assets (S4A), strategic debt restructuring (SDR) and the 5:25 scheme, says Anbarasu. Nevertheless, weak reserving levels and continued pressure on profitability will limit the ability of the banks to proactively resolve problem assets under these schemes.

From ICRAs viewpoint, a muted level of credit off-take -- on the back of weak demand, increasing competition and greater disintermediation -- will continue to exert downward pressure on lending rates.

Such a development will be partly offset by the fall in the cost of funds, but stubbornly high operating expense levels and elevated credit costs will continue to dent profitability matrices for the banks, says Karthik Srinivasan, an ICRA Senior Vice President.

And while bank profitability is not expected to be as weak as the levels seen in FY2016, the weakness in asset quality will continue to drag on profitability indicators, with return on equity remaining in the single digits for FY2017 and FY2018, says Srinivasan.

ICRA further notes that, as of September 30, 2016, while all the public sector banks had met the minimum common equity tier 1 (CET 1) requirement of 6.75% applicable by March 2017, six also reported Tier 1 capital of less than 8.25%, the regulatory minimum. Furthermore, the overall capitalization levels of most of the public sector banks remains moderate to weak, given that they need to attain the regulatory minimum Tier 1 requirement of 9.5% by March 2019.

The Indian governments current plan of infusing INR450 billion during FY2017-FY2019 -- of which INR164.14 billion have been already infused in the current year -- is below ICRAs estimates of capital requirements of INR1,500-1,800 billion until FY2017-FY2019.

According to ICRA, of this total of INR1,500-1,800 billion, the banks can raise around INR800-950 billion by issuing AT1 instruments, with public sector banks having issued AT1 aggregating to around INR200 billion in the current year.

ICRA believes that the continued level of investor appetite will remain the key factor determining future AT1 issuances, as the risk of servicing the coupon payments on these bonds has increased considerably, especially for the weaker public sector banks. This is because substantial losses in this sector in the last few quarters have significantly depleted revenue reserves.

In this context, the government may need to materially increase the quantum of capital infusions into the public sector banks, in view of the fact that investor appetite for common equity remains subdued, as evidenced by weak share price multiples.

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Pokarna jumps after partnering IKEA India
Jan 09,2017

The announcement was made after market hours on Friday, 06 January 2017.

Meanwhile, the S&P BSE Sensex was down 11.98 points or 0.04% at 26,771.21.

On the BSE, 56,000 shares were traded on the counter so far as against the average daily volumes of 2,734 shares in the past one quarter. The stock had hit a high of Rs 1103.85 and a low of Rs 970 so far during the day.

The stock had hit a 52-week high of Rs 1,064 on 20 May 2016 and a 52-week low of Rs 660 on 17 February 2016.

The small-cap company has equity capital of Rs 6.20 crore. Face value per share is Rs 10.

Pokarnas announced that its wholly-owned subsidiary, Pokarna Engineered Stone (PESL), partnered IKEA India, to serve as its exclusive quartz surfaces supply and installation partner. Under the agreement, Pokarna will supply engineered quartz surfaces countertop and will also undertake measuring, planning, installation and home delivery of its products to IKEAs customer.

IKEA is the worlds largest home furnishing company with about 389 stores in 46 countries and a sales volume of 34.20 billion Euros.

Pokarnas consolidated net profit rose 44.60% to Rs 18.87 crore on 2.14% fall in net sales to Rs 96.49 crore in Q2 September 2016 over Q2 September 2015.

Pokarna, headquartered in Secunderabad, processes granite at its two manufacturing facilities with raw material majorly sourced from its own quarries. The companys Quartz operations are handled by its wholly-owned subsidiary Pokarna Engineered Stone.

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Vijaya Bank rises after announcing reduction in MCLRs
Jan 09,2017

The announcement was made on Saturday, 7 January 2017.

Meanwhile, the BSE Sensex was down 22.55 points, or 0.08%, to 26,736.68

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 1.44 lakh shares in the past one quarter. The stock had hit a high of Rs 49.70 and a low of Rs 49.05 so far during the day. The stock hit a 52-week high of Rs 54.45 on 11 November 2016. The stock hit a 52-week low of Rs 28.70 on 18 January 2016.

The mid-cap state-run bank has an equity capital of Rs 998.85 crore. Face value per share is Rs 10.

Vijaya Bank said that it has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 9.2% from 8.45%. The rate for one month is reduced to 9.2% from 8.5% and for three months it is reduced to 9.25% from 8.55%.

The MCLR on 6-month loans will be 9.25% from earlier 8.6% and for one-year loans the rate will be 9.45% from 8.65%, the bank said. MCLR on two-year loans was reduced to 9.5% from 8.65% and for three-year loans the rate will be 9.55% from 8.75% earlier.

Net profit of Vijaya Bank rose 34.05% to Rs 154.55 crore on 9.79% rise in total income to Rs 3516.57 crore in Q2 September 2016 over Q2 September 2015.

As per the shareholding pattern, the Government of India held 70.33% stake in the bank as at 30 September 2016.

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Modest gains at Wall Street
Jan 09,2017

Modest gains on Wall Street pushed the S&P 500 and Nasdaq Composite to record levels on Friday, 06 January 2017, while the Dow closed a fraction below the closely watched 20,000 level, following a December U.S. jobs report that investors interpreted as generally positive. All three benchmarks posted solid weekly gains, continuing the post election rally on Wall Street.

Equity indices started the day flat after the December Employment Situation report was met with a muted reaction from investors. The stock market picked up the pace about an hour into the session, trending upwards to a record intraday high where it remained until the closing bell.

The Dow Jones Industrial Average gained 64.51 points, or 0.3%, to 19,963.80, after coming within a whisker to the psychologically important 20,000 level. At session highs, the Dow hit 19,999.63, setting an intraday record. The blue-chip index rose 1% over the week. The Nasdaq Composite was the days best performer among stock-market indexes, advancing 33.12 points, or 0.6%, to 5,521.06. The tech-heavy index gained 2.6% over the week. The S&P 500 closed 7.98 points, or 0.4%, higher at 2,276.

Eight of the 11 main sectors finished with gains, led by technology and financials shares. The telecoms sector was the biggest laggard.

The Labor Department reported on Friday that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Market had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose to 4.7% from 4.6%. An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing. Average hourly wages jumped 0.4% to $26 last month, while hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009.

Strength in the dollar, with the ICE U.S. Dollar Index, a measure of the currency against six rival currencies, tacking on 0.7% Friday, weighed on crude, which is priced in the currency. A stronger buck makes assets priced in the currency more expensive to buyers using other monetary units.

The main indexes maintained gains after news reports that multiple people have been shot and killed Friday at the Fort Lauderdale-Hollywood International Airport.

As per traders, the jobs report was solid and pointed to continued growth in the economy. More importantly, wage growthn++often seen as a precursor to inflationn++picked up to mark the fastest annual increase since a recovery that began in mid-2009.

In other economic news, the U.S. trade deficit rose almost 7% in November as imports hit the highest level in nearly a year and a half, largely because of a gush of foreign oil.

Bullion prices settled lower on Friday, 06 January 2016 at Comex. Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.

February gold fell $7.90, or 0.7%, to settle at $1,173.40 an ounce, after notching its highest settlement in five weeks on Thursday. Expectations about the pace of rate increasesn++a negative for gold that doesnt offer a yieldn++has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain. March silver was off 11.8 cents, or 0.7%, at $16.519 an ounce, paring its weekly rise to roughly 3.3%.

Crude oil futures finished modestly higher on Friday, 06 January 2017 with prices extending their streak of gains to a fourth straight week amid ongoing signs of compliance with a global pact to cut production. Traders have shown concern that the recent price gains for oil, which climbed nearly 9% in December, will spur increases among producers who arent part of the initiative, including the U.S. and Libya. That kept price gains for oil in check.

February West Texas Intermediate crude rose 23 cents, or 0.4%, to settle at $53.99 a barrel on the New York Mercantile Exchange, after trading as low as $53.32. It was roughly 0.5% higher for the week after posting gains in each of the previous three weeks. The March contract for Brent crude edged up by 21 cents, or 0.4%, to finish at $57.10 a barrel on the ICE Futures exchange in London, for weekly gain of about 0.5%.

The Treasury market saw stepped-up selling pressure after the 8:30 ET release of the Employment Situation report for December, but cooled off afterwards. The 10-yr yield closed the day seven basis points higher at 2.42%.

Mondays economic data will be limited to the November Consumer Credit report, which will be released at 3:00 pm ET.

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India may get caught in cross fire of US-China trade war: ASSOCHAM
Jan 09,2017

In an escalating trade war triggered by the US President elect Donald Trump with Mexico and China, India may find itself in the cross fire with collateral damage to its economy, particularly to sectors such as information technology and select goods exports to the American market, an ASSOCHAM Paper has said.

n++Though China and Mexico are in direct firing line of Donald Trump, India needs to watch out and must build bridges with the upcoming American administration and assuage the concerns about the American jobs,n++ the chamber said on a status paper on the regime change in the US.

Those who thought the Trump threat to the American companies against job outsourcing to China and Mexico, particularly in the manufacturing, was only an election rhetoric are in a for a rude shock. n++The Trump threat to protect the US interest in an inward looking manner is for real now. The manner in which Ford has announced scrapping of its USD 1.68 billion plan to set up a manufacturing plant in Mexico shows that Trump means business when it comes to carrying out the threat of heavy border tax on the US firms which, as he calls it, ship the jobs abroad,n++ the paper said.

ASSOCHAM said, n++India should not sit and watch the trade war among the big economies, mainly the US and China from the sidelines. We must take pro-active steps to ensure that we remain on the right side of the upcoming US administration; or else the impact could be on the Indian services exports to the American firms.n++

According to the paper, the collateral damage for India would not only come from the US but also from China. n++With its economy being aggressively export driven, particularly in manufacturing, China would look for alternative export destinations outside the US in Europe and Asia. In the coming months, after inauguration of Trump to the White House, China would double up dumping of its goods to countries like India as it gets entangled with the US over trade barriers,n++ it said.

The dumping from China has been quite severe in the recent few years in areas like steel aggravating the problems of the Indian industries.

Under the given circumstances, the Indian government along with trade bodies like apex business chambers, influential think tanks, opinion leaders and a large diaspora must work for an effective lobbying to explain to the US policy makers as to how free trade, more so, in services would help both the US and the Indian companies.

n++If the US gives jobs to Indians in back-end operations, India gives a huge market to the giants like Google, Microsoft and Intel who are all now looking at the digital expansion in the Indian economy. So, it is a win-win situation for both the countries,n++ the ASSOCHAM Secretary General said. India imports as significantly as it exports to the US in goods and services.

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MIRC Electronics jumps after allotting equity shares on preferential basis
Jan 09,2017

The announcement was made after market hours on Friday, 06 January 2017.

Meanwhile, the S&P BSE Sensex was down 9.22 points or 0.03% at 26,756.87.

On the BSE, 1.45 lakh shares were traded on the counter so far as against the average daily volumes of 1.75 lakh shares in the past one quarter. The stock had hit a high of Rs 14.70 and a low of Rs 14.06 so far during the day.

The stock had hit a 52-week high of Rs 19.40 on 7 January 2016 and a 52-week low of Rs 8.06 on 26 February 2016.

The small-cap company has equity capital of Rs 19.62 crore. Face value per share is Rs 1.

MIRC Electronics said that preferential issue committee of the company has allotted 1.55 crore equity shares Rs 14.66 per share (including a premium of Rs 13.66 per share) to Bennett Coleman & Co, being person other than promoter and /or promoter group on preferential basis.

Consequently, the paid up equity share capital of the company now stands increased from Rs 19.62 crore to 21.17 crore.

MIRC Electronics reported net loss of Rs 9.09 crore in Q2 September 2016, as compared to net loss of Rs 16.61 crore in Q2 September 2015. Net sales rise 1.5% to Rs 147.05 crore in Q2 September 2016 over Q2 September 2015.

MIRC Electronics makes electronic products such as television sets, washing machines, air conditioners, DVDs and Microwave Ovens under the Onida brand. The company also makes mobiles phones under the Onida brand.

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Apcotex Industries drops after intimating of workmen strike at Taloja plant
Jan 09,2017

The announcement was made after market hours on Friday, 6 January 2017.

Meanwhile, the S&P BSE Sensex was down 20.83 points, or 0.08%, to 26,738.40

On the BSE, 337 shares were traded on the counter so far as against the average daily volumes of 21,416 shares in the past one quarter. The stock had hit a high of Rs 315 and a low of Rs 308.20 so far during the day.

The stock hit a record high of Rs 435 on 28 July 2016. The stock hit a 52-week low of Rs 181.50 on 12 February 2016.

The small-cap company has equity capital of Rs 10.37 crore. Face value per share is Rs 5.

Apcotex Industries said that the management is making all efforts to settle the issue amicably. The management has also made all the necessary arrangements to try and ensure that the production activities are not hampered in any way and will try and ensure to maintain normal level of operations during this period, the company said.

Apcotex Industries net profit dropped 33.21% to Rs 3.56 crore on 39.19% growth in total income to Rs 95.30 crore in Q2 September 2016 over Q2 September 2015.

Apcotex Industries is one of the leading producers of performance emulsion polymers in India. its product range includes VP latex, carboxylated and non-carboxylated SB latexes, acrylic latexes, nitrile latex and synthetic rubber.

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Agent/sales person least trustworthy for those buying insurance: ASSOCHAM study
Jan 09,2017

Insurance agent is taken as the least trustworthy source in the sales process of an insurance policy across different policy segments both among the financially literate and financially non-literate consumers, an ASSOCHAM study has found.

Among the first set of people with no specific knowledge of insurance and finance and those who fall in the age group of 18 to 60 years, 72 per cent of those covered in the study said their agent/sales person was the least trustworthy source in the sales process of an insurance policy.

The second least trustworthy source in the sales process was the insurance company itself, though the percentage on this count was much less at 29 per cent.

The second set of people who are financially savvy and can get better interpretations of the insurance policies find their agent and sales person as the least trustworthy in the sales value chain. As many as 34 per cent of this set of people, aged 25 -40 years, found the agents lacking on trust, followed by the insurance company itself.

Likewise, misrepresentation of benefits was also an area of concern. On this count, the more let down was felt by those who are financially savvy and are in the age group of 25-40 years. As many as 65 per cent of them, who were covered in the ASSOCHAM study, found the issues on this score. Besides, those in the age group of 18-60 years and those who are not so financially savvy, also found the problem of misrepresentation of benefits. Forty three per cent of them said there are problems with regard to misrepresentation of benefits.

n++There is a need for simplification of processes and procedures of insurers to take away the awe and fear of the common man on different products. Demystification of insurance concept is a necessary requirement for people to take to this in a large way, particularly, in the background of low financial literacy,n++ ASSOCHAM said.

He said the industry also needs to do a few things to hasten up the process of insurance inclusion. The product space is cluttered with a large number of complex policies. n++There must be simple, standard vanilla products in personal products.n++

The study suggested that since the insurance agent or the sales person is the face of industry, n++It is of utmost importance that we select these ambassadors very cautiously. Right from spreading the awareness to conducting the need analysis for a sale, to servicing the customers request in time, to explaining and supporting customers in times of claim, sales representative must do it.n++

The lack of information of our customers is what creates the disconnect; once that is taken care of all, apprehensions will slowly begin to disappear.

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Aurobindo Pharma gains after getting USFDA approval for Levetiracetam
Jan 09,2017

The announcement was made on Saturday, 7 January 2017.

Meanwhile, the S&P BSE Sensex was up 6.28 points, or 0.02%, to 26,765.51

On the BSE, so far 1.35 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 725 and a low of Rs 706.10 so far during the day. The stock hit a record high of Rs 895 on 6 October 2016. The stock hit a 52-week low of Rs 582 on 25 February 2016.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Re 1.

Aurobindo Pharma announced that the company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Levetiracetam in Sodium Chloride Injection, 500 mg/100 mL (5 mg/mL), 1000 mg/100 mL (10 mg/mL), and 1500 mg/100 mL (15 mg/mL) (single-use bags). Aurobindos Levetiracetam in Sodium Chloride Injection is a generic equivalent of HQ Specialty Pharma Corps Levetiracetam in Sodium Chloride Injection. The product will be launched in January 2017.

Levetiracetam in Sodium Chloride Injection is a CNS drug and indicated for partial onset seizures in adults (16 years and older) with epilepsy; myoclonic seizures in adults with juvenile myoclonic epilepsy; primary generalized tonic-clonic seizures in adults with idiopathic generalized epilepsy. The approved product has an estimated market size of $32 million for the twelve months ended November 2016, according to IMS.

This is the 41st Abbreviated New Drug Application (ANDA) (including 2 tentative approvals) to be approved out of unit IV formulation facility in Hyderabad used for manufacturing general injectable products. Aurobindo now has a total of 304 ANDA approvals (263 final approvals including 16 from Aurolife Pharma LLC and 41 tentative approvals) from USFDA.

Separately, Aurobindo Pharmas wholly owned step-down subsidiary Agile Pharma B.V., Netherlands has announcing signing of a binding agreement to acquire Generis Farmaceutica S.A for 135 million euro from Magnum Capital Partners. Generis is engaged in manufacture and sale of pharmaceutical products in Portugal. The acquisition includes the manufacturing facility in Amadora, Portugal, which has the capacity to produce 1.2 billion tablets/capsules/sachets annually.

This deal consolidates Aurobindos footprint in Portugal, which currently consists of Aurovitas, Unipessoal LDA and Aurobindo Pharma (Portugal), Unipessoal Limitada, the company said. The management estimates that the net sales for the acquired business will be approximately 72 million euros in 2017, compared to 64.8 million euros in 2016. Adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) estimate for 2016 is 12.7 million euros, which is projected to improve to 15.8 million euros in 2017, Aurobindo Pharma said.

On consolidated basis, Aurobindo Pharmas net profit rose 33.53% to Rs 605.64 crore on 12.03% growth in total income to Rs 3783.73 crore in Q2 September 2016 over Q2 September 2015.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The companys product portfolio is spread over 7 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, Anti-Allergies and Anti-Diabetics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 150 countries.

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Vijaya Bank revises MCLR rates
Jan 09,2017

Vijaya Bank has revised the MCLR for different tenor with effect from 10 January 2017 as under -

Overnight -- 8.45%
One month -- 8.50%
Three month -- 8.55%
Six month -- 8.60%
One year -- 8.65%
Two year -- 8.65%
Five year -- 8.75%

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BEML surges as government to offload 26% stake
Jan 09,2017

The announcement was made after market hours on Friday, 6 January 2017.

Meanwhile, the BSE Sensex was down 2.68 points, or 0.01%, to 26,756.56

On BSE, so far 2.08 lakh shares were traded in the counter, compared with an average volume of 31,971 shares in the past one quarter. The stock hit a high of Rs 1,147.05 and a low of Rs 977.10 so far during the day. The stock hit a 52-week high of Rs 1,247.05 on 11 January 2016. The stock hit a 52-week low of Rs 770.15 on 23 November 2016.

The mid-cap company has an equity capital of Rs 41.64 crore. Face value per share is Rs 10.

BEML said that the Government of India, Ministry of Defence, has communicated in-principal approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India, for strategic disinvestment of 26% equity shares in the company out of Government of India shareholding of 54.03%. The shareholding would be sold to the strategic buyer/s to be identified by the Government of India by following due procedure.

BEML reported net loss of Rs 16.60 crore in Q2 September 2016, lower than net loss of Rs 24.62 crore in Q2 September 2015. Net sales dropped 32.98% to Rs 450.79 crore in Q2 September 2016 over Q2 September 2015.

BEML was established in May 1964 as a public sector undertaking for manufacture of rail coaches & spare parts and mining equipment at its Bangalore complex. The Government of India held 54.03% stake BEML (as per the shareholding pattern as on 30 September 2015).

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2 Lakh Street Lights Replaced in the South Delhi Municipal Corporation Area
Jan 09,2017

Union Minister of Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal will dedicate the Street Lighting National Programme (SLNP), currently running in the South Delhi Municipal Corporation (SDMC) area, to the Nation in New Delhi on 9th January, 2017. It is the Worlds Largest Street Light Replacement Programme, which is being implemented by the Energy Efficiency Services Limited (EESL), a joint venture under the Ministry of Power, Government of India.

The SLNP programme is presently running in Punjab, Himachal Pradesh, Uttar Pradesh, Assam, Tripura, Jharkhand, Chhattisgarh, Telangana, Andhra Pradesh, Kerala, Goa, Maharashtra, Gujarat and Rajasthan. A total of 15.36 lakh street lights have already been replaced in the country with LED bulbs, which is resulting in energy savings of 20.35 crore kWh, avoiding capacity of 50.71 MW and reducing 1.68 lakh tonnes of greenhouse gas emissions per annum. The energy efficiency market in India is estimated at US$ 12 billion that can potentially result in energy savings of up to 20 per cent of current consumption, by way of innovative business and implementation models.

Under the SLNP, SDMC area alone accounts for over 2 lakh street light replacements. The cumulative annual energy savings in SDMC through this programme is 2.65 crore kWh which has helped to avoid capacity addition of 6.6 MW, resulting in a daily reduction of 22,000 tonnes of greenhouse gases. Additionally in Delhi, under Phase II of the street lighting programme, EESL has signed a tripartite agreement with BSES and SDMC to install 75,000 more street lights with more focus on installation in parks.

In the SDMC Project, EESL is addressing complaints from various sources viz., registered from BSES helpline, night patrolling team by EESL, mobile vans, e-mails, social media and other sources including Ward Councilors. Additionally, EESL is putting stringent complaint redressal mechanism and Centralized Control and Monitoring System (CCMS) to enable remote operation and monitoring of the street lights. CCMS provides real time information on energy consumption and remote monitoring of the street lights.

On the occasion, Shri Goyal will also launch the mobile app called EESL SL Complaint App for SDMC, wherein users can now lodge complaints about faulty street lights. These complaints will be addressed to within a period of 48 hours.

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Bullion prices turn pale
Jan 09,2017

Bullion prices settled lower on Friday, 06 January 2017 at Comex. Gold futures settled lower on Friday as strength in the U.S. dollar and equities in the wake of the monthly domestic jobs report dulled investment demand for the precious metal. Prices, however, gained for the week, buoyed by uncertainty surrounding the pace of interest-rate increases by the Federal Reserve.

February gold fell $7.90, or 0.7%, to settle at $1,173.40 an ounce, after notching its highest settlement in five weeks on Thursday. Expectations about the pace of rate increasesn++a negative for gold that doesnt offer a yieldn++has cooled somewhat. For the week, the yellow metal tallied a 1.8% gain.

March silver was off 11.8 cents, or 0.7%, at $16.519 an ounce, paring its weekly rise to roughly 3.3%.

The Labor Department reported on Friday that 156,000 jobs were added in December to cap off the sixth straight year in which the economy created more than 2 million new jobs. Market had predicted a 180,000 increase in new nonfarm jobs. The unemployment rate rose to 4.7% from 4.6%. An increase in wage growth, however, provided support for the argument that the employment market remains on a solid footing. Average hourly wages jumped 0.4% to $26 last month, while hourly pay increased 2.9% from December 2015 to December 2016, marking the fastest 12-month increase since a recovery that began in mid-2009.

Strength in the dollar, with the ICE U.S. Dollar Index, a measure of the currency against six rival currencies, tacking on 0.7% Friday, weighed on gold, which is priced in the currency. A stronger buck makes assets priced in the currency more expensive to buyers using other monetary units.

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