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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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Cabinet approves setting up of a SPV for govt procurement of goods & services
Apr 12,2017

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the following:-

Setting up of a Special Purpose Vehicle to be called Government e-Marketplace (GeM SPV) as the National Public Procurement Portal as Section 8 Company registered under the Companies Act, 2013, for providing procurement of goods & services required by Central & State Government organizations. GeM SPV shall provide an end-to-end online Marketplace for Central and State Government Ministries / Departments, Central & State Public Sector Undertakings (CPSUs & SPSUs), Autonomous institutions and Local bodies, for procurement of common use goods & services in a transparent and efficient manner.

DGS&D shall be wound up and cease its functions by 31 October 2017. In case it is not possible to wind up DGS&D by 31 October 2017, the Department may extend the date of closure with proper justification latest upto 31st March, 2018.

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Major ports of India register 6.79% traffic growth in FY2017
Apr 12,2017

The twelve major ports under the Ministry of Shipping handled a record 647.43 million tonnes (mt) of traffic in 2016-17, registering an annual growth rate of 6.79%, as against 4.32% last year. With this, these ports have out- performed private ports for the second consecutive year. The private ports have registered a traffic growth rate of 4% this year.

The top position in cargo handling was retained by Kandla Port that handled 105.44 mt of cargo, registering a growth of 5.39% over last year. This was followed by Paradip Port with 88.95 mt of cargo handled, and an impressive growth rate of 16.45%. Mumbai Port holds the third position with 63.05 mt of cargo handled and growth rate of 3.17%.

JNPT recorded highest ever handling of 4.50 million TEUs during 2016-17. The port owned terminal, JNPCT, achieved highest ever handling of 1.53 million TEUs during the year, registering a growth rate of 7.33%.

Iron-ore traffic attained the highest growth rate of 163.67%. Other miscellaneous and general cargo grew by 18.53% and POL products by 8.16%.

In terms of Operating Surplus too, the Major Ports have shown highest ever achievement in 2016-17. JNPT net surplus has crossed Rs. 1300 crore as against Rs. 1091 crore of 2015-16. Kandla Port posted its highest ever net surplus of Rs. 651 crore during 2016-17, an increase of 54.4% over last years profit of Rs 422 crore.

For the first time ever, JNPT raised Foreign Denominated Loan of US $400 million. It became the first major port to raise foreign currency loans. Kamarajar Port Limited (Ennore) is also in the process of raising USD $100 million foreign currency loan. This mode of financing at low interest rates and natural hedging has been followed in the Major ports for their infrastructure development for the first time.

The major ports have also recorded the highest ever capacity addition of 100.37 mt during 2016-17. The capacity of major ports during 2015-16 was 965.36 MTPA. This crossed 1065 MTPA during 2016-17.

In respect of development of port infrastructure, 56 projects have been awarded with a capacity of 103.52 MTPA against a target of 102 MTPA with an investment of Rs. 9490.51 crore during 2016-17.

The efficiency indicators in major ports are also improving steadily. During 2016-17, total turn-around time came down to 3.44 days as against 3.64 days during last year. Likewise, Average Output Per Ship Berthday has gone up to 14583 tonnes as against 13748 tonnes during last year.

Major Ports have been benchmarked to international standards. 116 initiatives were identified. Out of these, 70 initiatives have been implemented and remaining will be implemented by 2019. This has resulted in unlocking 80 MTPA capacity. Implementation of these initiatives would further improve the efficiency & productivity of the Major Ports.

Mumbai Port has become Home Port for cruise tourism. Asias largest passenger ship Genting Dream with a capacity of 3,400 guests anchored at Mumbai Port on 29th October, 2016. The ship also ferried 1,900 passengers from Mumbai to Singapore via Colombo. 51 cruise vessels have called at Mumbai Port during 2016-17. A total number of 158 Cruise vessels anchored at 5 Major Ports during 2016-17, registering an increase of 23% over 2015-16.

In addition to the outstanding performance of the ports, the Ministry has taken several initiatives. The dredging of Mumbai Channel and JNPT Channel phase - II has been awarded to increase draft upto 15 meters at an estimated cost of Rs. 1963.17 crore. Smart Port Industrial Cities are being developed at Paradip and Kandla, Master Plans for which have been finalised. Multi Modal Logistic Park is being set up in Paradip.

The Ministry of Shipping has initiated several Policy during the year. The New Captive Policy guidelines were issued in July, 2016 to ensure uniformity and transparency in the procedure for awarding captive facilities in the ports. This will allow concessionaire to handle non captive cargo upto 30% of the designed capacity of the berth.

The New Berthing Policy came into effect from August, 2016. This policy provides standardized framework for calculation of norms, specific to the commodity handled and infrastructure available on the berth. This will improve the efficiency at ports and productivity norms across ports.

The New Stevedoring Policy has been implemented since July, 2016. This will improve productivity, efficiency and safety in the ports.

The existing Model Concession Agreement of 2008 is under process of revision which will address the concerns of PPP projects and prevent them from getting stressed.

The Major Port Authorities Bill has been introduced in the Lok Sabha in December, 2016 to modernize the institutional structure of the ports to usher in professional governance in the ports.

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IIP declines 1.2% in February 2017
Apr 12,2017

Indias industrial production declined 1.2% in February 2017 over February 2016, snapping 3.3% growth recorded in January 2017. The manufacturing sectors production dipped 2% in February 2017, mainly contributing to the dip in industrial production. The mining output increased 3.3%, while the electricity generation rose 0.3% in February 2017.

In terms of industries, 15 out of the 22 industry groups in the manufacturing sector have shown negative growth during the month of February 2017 as compared to the corresponding month of the previous year.

Industrial production rose 0.45% in April-February FY2017, compared with 2.61% growth in the corresponding period last year. The manufactured product sector output declined 0.3%, while the mining and electricity generation improved 1.6% and 4.6% in April-February FY2017.

As per the use-based classification, the basic goods output improved 2.4% in February 2017 over a year ago, while the output of capital goods declined 3.4%. The consumer goods output dipped 5.6%, while the output of intermediate goods also fell 0.2% in February 2017. Within consumer goods, the production of consumer durables declined 0.9%, while that of consumer non-durables plunged 8.6% in February 2017 over February 2016.

The IIP growth in January 2017 has been revised upwards to 3.3% in the first revision compared with 2.7% growth reported provisionally. Meanwhile, the growth in November 2016 has been revised marginally downwards to 5.6% at final revision.

The industry group Tobacco products has shown the highest negative growth of (-) 42.8% followed by (-) 21.7% in Food products and beverages and (-) 20.6% in Office, accounting and computing machinery. On the other hand, the industry group Electrical machinery & apparatus n.e.c. has shown the highest positive growth of 17.4% followed by 10.7% in Wearing apparel; dressing and dyeing of fur and 9.9% in Basic metals.

Some important items that have registered high negative growth include woollen carpets (-) 66.4%, plastic machinery including moulding machinery (-) 52.2%, ship building and repairs (-) 49.7%, sugar machinery (-) 47.8%, sugar (-) 41.6%, molasses (-) 39.0%, cigarettes (-) 37.7%, aluminium conductor (-) 29.3%, three-wheelers (including passenger and goods carrier) (-) 24.5% and leather garments (-) 22.0%.

Some important items showing high positive growth during the current month over the same month in previous year include cable, rubber insulated 241.2%, cement machinery 116.5%, electric sheets 90.1%, HR coils/ skelp 29.1%, antibiotics and its preparations 25.6%, biaxially oriented polypropylene bopp film 25.5% and stainless/ alloy steel 24.2%.

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CPI inflation rises to 3.81% in March 2017
Apr 12,2017

The all-India general CPI inflation increased to 3.81% in March 2017 (new base 2012=100), compared with 3.65% in February 2017. The corresponding provisional inflation rate for rural area was 3.75% and urban area 3.88% in March 2017 as against 3.67% and 3.55% in February 2017. The core CPI inflation rose marginally to 4.79% in March 2017 from 4.75% in February 2017.

The cumulative CPI inflation was lower at 4.52% in April-March FY2017 compared with 4.91% in April-March FY2016.

Among the CPI components, inflation of food and beverages increased to 2.54% in March 2017 from 2.39% in February 2017 mainly contributing to the rise in CPI inflation. Within the food items, the inflation increased for vegetables to (-) 7.24%, fruits 9.35%, milk and products 4.69%, prepared meals, snacks, sweets etc. 5.65%, egg 3.21% and cereals and products 5.38%. The inflation was flat for non-alcoholic beverages at 3.17%. On the other hand, inflation declined for pulses and products to (-) 12.42%, spices 2.99%, meat and fish 2.96% and sugar and confectionery 17.05% in march 2017.

The inflation for housing rose marginally to 4.96%, while that for miscellaneous items was flat at 4.78% in March 2017. Within the miscellaneous items, the inflation for personal care and effects eased to 4.52% and education 5.20%, while inflation rose for transport and communication to 6.04% in March 2017.

The inflation for clothing and footwear increased to 4.60% in March 2017, while the CPI inflation of fuel and light surged to 5.56% in March 2017.

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Asia Pacific Market: Stocks largely higher but geopolitical risks cap gains
Apr 12,2017

Headline equities of the Asia Pacific market closed mostly higher after recouping early losses late afternoon on Wednesday, 12 April 2017, as investors shifted toward riskier assets, with resources shares being major gainers on reports that Saudi Arabia was lobbying oil producers to extend an output cut.

Brent oil extended gains into an eighth straight session on Wednesday, having recovered nearly all last months losses, after Saudi Arabia was said to be pushing its fellow OPEC members and some rivals to prolong supply cuts beyond June.

However, the rising geopolitical woes curbed gains as investors mood was risk adverse on fears about growing tensions in the Middle East and on the Korean peninsula. Traders were subdued as they watched developments following last weeks US strike on Syria and intensifying sabre-rattling by the United States and North Korea. On Tuesday, US President Donald Trump warned that Washington was prepared to solve the problem of North Korea on its own if necessary as he and Pyongyang engaged in tit-for-tat comments that sent tensions soaring.

Trumps warning came as a US naval strike group headed towards the Korean peninsula, a show of force that prompted the nuclear-armed North to declare it was ready to react to any mode of war desired by the US.

North Korean state media warned of a nuclear attack on the United States at any sign of American aggression, as a U.S. Navy strike group steamed toward the western Pacific.

Meanwhile, US Secretary of State Rex Tillerson flew to Moscow on Tuesday to confront the Kremlin about its support for the government of Bashar al-Assad, amid US statements that Russia tried to cover up a chemical attack.

Among Asian bourses

Australia Shares hit fresh two-year high

Australian equity market finished session above the neutral line fourth straight session, thanks to modest strength in resources stocks and further gains in major banks, which helped to offset a slump in Telstra after a rival communications company unveiled plans to build a rival mobile network in the country. At the close, the benchmark SS&P/ASX 200 edged up 4.7 points, or 0.1%, to 5934.0--its highest close since late April 2015.

Financials extended gain, with all four big four banks closed in positive territory, led by a 1% gain by Australia & New Zealand Banking. Commonwealth Bank of Australia added 0.7%, National Australia Bank rose 0.6% and Westpac banking picked up 0.2%.

Shares of energy sector inclined as crude oil prices gained on expectations that major producers will curb more of their production, helped lift the energy sector. Woodside Petroleum was up 0.3% and Oil Search ahead by 0.8%.

Material stocks were mixed. Among the miners, BHP Billiton and Rio Tinto fell 0.4% and 0.2%, respectively, but Newcrest Mining was 1.6% higher as gold producers benefited from a rise in gold prices to fresh five-month highs in Asian trading amid geopolitical concerns.

Telstra dropped 7.5%, the biggest single drag on the ASX 200, after TPG Telecom said it had acquired mobile spectrum and planned to roll out a network that would challenge the incumbent operators.

Japan Stocks fall on stronger yen, geopolitical tensions

The Japan share market finished session steep down, with investor sentiment dragged down by the yens rise against the dollar amid growing geopolitical tensions. Stocks met with selling almost across the board from the outset of Wednesdays trading, after U.S. equities fell overnight with investors risk appetite dissipated by U.S. President Donald Trumps tweet suggesting the possibilities of a unilateral action against North Korea and an additional strike against Syria. The 225-issue Nikkei average dived 195.26 points, or 1.04%, to close at 18,552.61, hitting its lowest finish since Dec. 7 last year. The TOPIX index of all first-section issues ended down 15.56 points, or 1.04%, at 1,479.54, after falling 4.55 points the previous day.

Exporter-led issues dented by the yens continued strength against the US dollar. The dollar was trading below 110 yen for the first time since November, changing hands at 109.50 yen Wednesday morning against 109.65 yen in New York on Tuesday afternoon and 110.66 yen in Tokyo earlier. A stronger yen is seen as a negative for Japans exporters as it can dent their profitability by reducing the value of overseas earnings.

On the economic news front- Japan Mar Producer Prices up 1.4% : The monthly corporate goods price index (CGPI) from the Bank of Japan released on Wednesday, showing the index of domestic producer prices rose 1.4% on year in March, the third consecutive gain. The CGPI rose a revised 1.1% in February and 0.5% in January, which was the first rise in 22 months. On month, the CGPI rose 0.2% in March, the fifth straight rise after a revised +0.3% in February. Japans CGPI was down 2.3% on year in fiscal 2016, compared with a drop of 3.2% in fiscal 2015.

China Stocks fall on profit booking, softer PPI data

The Mainland China equity market closed lower, as investors elected to book recent gains after softer producer inflation data raised questions on the sustainability of the countrys economic recovery and some shares that had rallied on plans for a new economic zone lost steam. The Shanghai Composite Index dropped 0.5% to 3,273.8 while the CSI 300, which tracks large companies listed in Shanghai and Shenzhen, was down 0.2% to 3,509.4. The Shenzhen Component index lost 0.6% to 10,587.3 while the Nasdaq-style ChiNext was down 1.1% to 1,897.5.

Chinas producer price inflation (PPI) cooled for the first time in seven months in March as iron ore and coal prices tumbled, pressured by fears that the countrys steel production is outweighing demand and threatening a glut of the metal this year. The Producer Price Index, which measures costs for goods at the factory gate, rose 7.6%, 0.2 percentage points slower than Februarys 7.8%, which was a eight-year record.

Meanwhile, consumer inflation warmed up slightly in March. The Consumer Price Index, a main gauge of inflation, rose 0.9% year on year in March, 0.1 percentage points higher than February, the National Bureau of Statistics said today.

Defence stocks continued to rise, while investors cheered news that Hong Kong chief executive Leung Chun-ying will start his three-day visit next week in Guangdong province to study the performance of the Guangdong-Hong Kong-Macau Bay Area. Most of the shares related to that area rose. Shenzhen Yan Tian Port Holding surged 10% to 10.98 yuan. Shenzhen Chiwan Wharf Holdings, Guangdong Shirongzhaoye and Zhuhai Port Co all climbed by the maximum daily 10% limit.

Most listed lenders sagged after the banking regulator told lenders to conduct self-inspections in areas such as using loopholes to circumvent rules, in order to reduce leverage. The move will potentially hurt banks balance sheet.

Stocks related to Xiongan New Area were mixed. Tianjin Port closed 10% lower while cement maker BBMG Corp continued its winning streak to end 10% up for a sixth consecutive day.

Hong Kong Stocks gain as concerns over North Korea abate

The Hong Kong stock market closed session higher after recouping losses during late afternoon trade, on easing concerns about geopolitical tensions in North Korea after Chinas President reportedly called for a peaceful resolution of the North Korean security crisis in a phone call to his American counterpart Donald Trump on Wednesday. The benchmark index opened down 19 points at 24,068. It fell as much as 94 points to an intra-day low of 23,994. But buying orders of market heavyweights help push the market higher in afternoon session. The Hang Seng Index ended up 225 points or 0.9% to 24,313. The H-share index rose 42 points or 0.4% to 10,208. Turnover decreased to HK$71.8 billion from HK$76.8 billion on Tuesday.

Tencent Holdings, the most traded blue chip, surged 2.7 per cent to close at a new high of HK$231. China Construction Bank surged 0.5 per cent to HK$6.2 and HSBC Holdings gained 0.8 per cent to HK$64.2, its best level since mid March. Geely Automobile Holdings was the best performer among blue chips, rising 3.7 per cent to HK$10.7.

Chinese Premier Li Keqiang said the central government in 2017 would study and set up development plan for the Guangdong-Hong Kong-Macau Greater Bay Area. Zhuhai Holdings Investment (00908) surged 9.3% to HK$1.29. Chu Kong Shipping (00560) climbed 3.5% to HK$2.07. Shenzhen International (00152) soared 4.2% to HK$13. Shenzhen Investment (00604) surged 7.9% to HK$3.71.

Sensex, Nifty close with modest losses

Indian benchmark indices suffered modest losses amid volatile session of trade ahead of the release of key domestic economic data later in the day. The barometer index, the S&P BSE Sensex, fell 144.87 points or 0.49% to settle at 29,643.48. The Nifty 50 index shed 33.55 points or 0.36% to settle at 9,203.45.

Stocks of public sector banks declined. Stocks of private sector banks were mixed. Shares of power generation and power distribution companies edged lower. IT major Infosys edged higher ahead of its Q4 March 2017 results tomorrow, 13 April 2017. Vedanta and Cairn India advanced after Vedanta and Cairn India announced that the merger of Cairn India with Vedanta pursuant to the scheme of arrangement has become effective.

Tata Power Company rose 0.06% in volatile trade after the company announced that the Supreme Court on Tuesday, 11 April 2017, conveyed its judgment on the Compensatory Tariff mailer on the Mundra Ultra Mega Power Projects (UMPP). The announcement was made after market hours yesterday, 11 April 2017.

Wipro declined 1.76%. The company said it has completed the acquisition of Brazilian IT service provider InfoSERVER. The impact of the buyout will reflect in the financials of the company from the Q1 June 2017, it added. In January this year, Wipro signed an agreement to acquire InfoSERVER, an IT service provider focused on the Brazilian market for $8.7 million. The announcement was made after market hours yesterday, 11 April 2017.

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Japan Stocks fall on stronger yen, geopolitical tensions
Apr 12,2017

The Japan share market finished session steep down on Wednesday, 12 April 2017, with investor sentiment dragged down by the yens rise against the dollar amid growing geopolitical tensions. Stocks met with selling almost across the board from the outset of Wednesdays trading, after U.S. equities fell overnight with investors risk appetite dissipated by U.S. President Donald Trumps tweet suggesting the possibilities of a unilateral action against North Korea and an additional strike against Syria. The 225-issue Nikkei average dived 195.26 points, or 1.04%, to close at 18,552.61, hitting its lowest finish since Dec. 7 last year. The TOPIX index of all first-section issues ended down 15.56 points, or 1.04%, at 1,479.54, after falling 4.55 points the previous day.

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Australia Shares hit fresh two-year high
Apr 12,2017

Australian equity market finished session above the neutral line fourth straight session on Wednesday, 12 April 2017, thanks to modest strength in resources stocks and further gains in major banks, which helped to offset a slump in Telstra after a rival communications company unveiled plans to build a rival mobile network in the country. At the close, the benchmark SS&P/ASX 200 edged up 4.7 points, or 0.1%, to 5934.0--its highest close since late April 2015.

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Heritage Foods acquires dairy business of Reliance Retail
Apr 12,2017

Heritage Foods announced that the Company has received the approval from Competition Commission of India and completed the process of acquisition of dairy business of Reliance Retail from 12 April 2017. Post the transaction closure, Reliance Retail will continue to trade in dairy products including Heritage dairy products through its retail and wholesale channels.

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China Stocks fall on profit booking, softer PPI data
Apr 12,2017

The Mainland China equity market closed lower on Wednesday, 12 April 2017, as investors elected to book recent gains after softer producer inflation data raised questions on the sustainability of the countrys economic recovery and some shares that had rallied on plans for a new economic zone lost steam. The Shanghai Composite Index dropped 0.5% to 3,273.8 while the CSI 300, which tracks large companies listed in Shanghai and Shenzhen, was down 0.2 cent to 3,509.4. The Shenzhen Component index lost 0.6% to 10,587.3 while the Nasdaq-style ChiNext was down 1.1% to 1,897.5.

Chinas producer price inflation (PPI) cooled for the first time in seven months in March as iron ore and coal prices tumbled, pressured by fears that the countrys steel production is outweighing demand and threatening a glut of the metal this year. The Producer Price Index, which measures costs for goods at the factory gate, rose 7.6%, 0.2 percentage points slower than Februarys 7.8%, which was a eight-year record.Meanwhile, consumer inflation warmed up slightly in March. The Consumer Price Index, a main gauge of inflation, rose 0.9% year on year in March, 0.1 percentage points higher than February, the National Bureau of Statistics said today.

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Hong Kong Stocks gain as concerns over North Korea abate
Apr 12,2017

The Hong Kong stock market closed session higher after recouping losses during late afternoon trade on Wednesday, 12 April 2017, on easing concerns about geopolitical tensions in North Korea after Chinas President reportedly called for a peaceful resolution of the North Korean security crisis in a phone call to his American counterpart Donald Trump on Wednesday. The benchmark index opened down 19 points at 24,068. It fell as much as 94 points to an intra-day low of 23,994. But buying orders of market heavyweights help push the market higher in afternoon session. The Hang Seng Index ended up 225 points or 0.9% to 24,313. The H-share index rose 42 points or 0.4% to 10,208. Turnover decreased to HK$71.8 billion from HK$76.8 billion on Tuesday.

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KDDL announces ratings assigned to line of credit of Ethos (subsidiary)
Apr 12,2017

KDDL announced that ICRA has assigned the credit rating of Ethos, a subsidiary of KDDL for long term rating of ICRA BBB, with a stable outlook and short term rating of ICRA A3+ to the line of credit of Rs 60 crore.

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JSW Steel allots fixed rate senior secured notes
Apr 12,2017

JSW Steel has raised USD 500 million by allotment of fixed rate senior secured notes. The notes will be listed on Singapore Exchange Securities Trading.

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Yash Papers to hold board meeting
Apr 12,2017

Yash Papers will hold a meeting of the Board of Directors of the Company on 27 May 2017, to consider and take on record the Audited Financial Results of the Company for the 4th quarter and year ended 31st March 2017.

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Clutch Auto seeks resolution from NCLT, Delhi
Apr 12,2017

Clutch Auto has approached National Company Law Tribunal, Delhi seeking revival/resolution of the Company pursuant to repeal of the Board of Financial and Industrial Reconstruction (BIFR).

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NLC India announces appointment of director
Apr 12,2017

NLC India announced that pursuant to 21/9/2013-ASO(part II) dated 29 March 2017 of Ministry of Coal, Government of India, Vikram Kapur, Principal Secretary to Government of Tamilnadu, Energy Department, has been appointed as a Part-time Official Director of the Company with effect from 29 March 2017.

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