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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Kitex Garments firms up after board approves additional investment in Kitex USA LLC
Jan 09,2017

The announcement was made during trading hours today, 9 January 2017.

Meanwhile, the BSE Sensex was up 3.81 points, or 0.01%, to 26,763.04.

On the BSE, so far 26,000 shares were traded in the counter, compared with average daily volumes of 14,686 shares in the past one quarter. The stock had hit a high of Rs 439.90 and a low of Rs 414 so far during the day.

The stock hit a 52-week high of Rs 687 on 8 January 2016. The stock hit a 52-week low of Rs 340 on 29 February 2016.

The small-cap company has equity capital of Rs 4.75 crore. Face value per share is Re 1.

Kitex Garments said its board approved further investment upto $1 million in the capital of Kitex USA LLC during the fourth quarter of 2016-2017. The board also approved availing an additional term loan of Rs 17 crore under A-TUFS with a tenure of 5 years.

Kitex Garments net profit fell 52.41% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015.

Kitex Garments is a producer of childrens apparel.

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Tata Motors gains as JLR sales rise in December
Jan 09,2017

The announcement was made during market hours today, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 13.12 points or 0.05% at 26,772.35

On the BSE, 3.04 lakh shares were traded on the counter so far as against the average daily volumes of 5.40 lakh shares in the past one quarter. The stock had hit a high of Rs 504.45 and a low of Rs 492.55 so far during the day.

The stock had hit a 52-week high of Rs 598.60 on 7 September 2016 and a 52-week low of Rs 266 on 11 February 2016.

The large-cap company has equity capital of Rs 577.44 crore. Face value per share is Rs 2.

Tata Motors said that the sales growth was primarily driven by the ongoing success of the Jaguar F-PACE, Land Rover Discovery Sport and the Range Rover Sport as well as strong demand for the long wheel base Jaguar XFL in China. Jaguars retail sales jumped 95% to 16,349 units in December 2016 over December 2015. Land Rover retail sales fell 5% to 39,026 units in December 2016 over December 2015.

On 4 January 2017, Jaguar Land Rover (JLR) announced its US retail sales for the month of December 2016. JLRs US sales rose 30% to 12,573 units in December 2016 over December 2015. Jaguar sales jumped 259% to 4,294 units in December 2016 over December 2015. Land Rover sales declined 2% to 8,279 units in December 2016 over December 2015.

Tata Motors reported consolidated net profit of Rs 848.16 crore in Q2 September 2016, compared with net loss of Rs 1740.20 crore in Q2 September 2015. Net sales rose 6.7% to Rs 65140.75 crore in Q2 September 2016 over Q2 September 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Asia is growing at a steady pace, but more needs to be done to achieve development that is both sustainable and inclusive-ADB President
Jan 09,2017

Asian Development Bank (ADB) operations for Asia and the Pacific reached an all-time high of $31.5 billion in 2016, a 17% increase from $26.9 billion in 2015, according to preliminary figures released. Approvals of ADB loans, grants, technical assistance, and cofinancing have been growing steadily over the years as development needs in the region continue to rise.

n++The increase in our development financing to Asia and the Pacific is reflective of our strong commitment to reducing poverty and improving peoples lives in the region,n++ said ADB President Takehiko Nakao. n++As ADB celebrates 50 years of development partnership with its member countries, we will strive to remain the regions premiere development bank by providing financing, knowledge, and partnership.n++

n++Asia is growing at a steady pace, but more needs to be done to achieve development that is both sustainable and inclusive,n++ Mr. Nakao added. n++ADB will continue to improve by becoming a stronger, better, and faster bank to help the region achieve its development objectives.n++ The region faces many challenges such as implementing the Sustainable Development Goals, climate change, increasing inequality, rapid urbanization, aging, and disaster risk management.

Approvals of loans and grants for sovereign (government) and non-sovereign (primarily the private sector) operations by ADB itself reached a record $17.5 billion n++ a 9% increase from $16.0 billion in 2015. Non-concessional loans from ADBs Ordinary Capital Resources (OCR) amounted to $14.4 billion. Concessional loans and grants from the Asian Development Fund (ADF) reached $3.1 billion, with $2.6 billion going to loans and $518 million to grants. Technical assistance, meanwhile, increased by around 20% to $170 million from 2015s $141 million figure.

Among ADBs operational highlights last year were the approval of several groundbreaking projects such as the contingent disaster risk financing in the Cook Islands, the first privately-financed solar project in Cambodia, results-based lending for an elderly care project in the Peoples Republic of China, the development of Indias first coastal industrial corridor, and the $500 million counter-cyclical support to Azerbaijan. ADBs Office of Public-Private Partnership entered into three new transaction advisory mandates to prepare and structure PPP projects in 2016.

The strong showing of ADBs operations was based on the larger financing capacity generated by the anticipated merger of the banks two main financial instruments n++ ADF and OCR n++ which formally took effect on 1 January 2017. With this innovative reform, ADBs annual approvals of loans and grants will increase up to $20 billion by 2020.

For the period 2017-2020, a successful ADF replenishment, concluded in May 2016, will allow ADB to substantially increase support to the regions poorest countries. The replenished ADF will also enable ADB to provide grant resources for disaster risk management and regional health initiatives.

Total disbursements of ADB loans and grants reached $12.5 billion in 2016 n++ the highest ever. This strong performance is tied to the reforms ADB has implemented to fast track procurement and implementation processes.

Cofinancing also expanded, reaching $13.9 billion in 2016 from $10.7 billion in 2015, a growth of 29%. This is on the back of ADBs greater partnerships and collaboration with various development stakeholders in the Asia and Pacific region.

Some of the strong partnerships ADB undertook in 2016 include cofinancing with the Asian Infrastructure Investment Bank for a road project in Pakistan and natural gas project in Bangladesh. Agreements were also signed with other development partners including an innovative guarantee agreement with the Swedish International Development Cooperation Agency (Sida) to increase ADB financing by $500 million over the next 10 years, and a landmark agreement with the Japan International Cooperation Agency to finance private sector infrastructure projects for $6 billion.

ADBs knowledge work was strengthened in 2016 through newly established sector and thematic groups. Important forums on sustainable transport, food security, clean energy, and green business were held. In addition, ADBs legal office hosted a symposium for Asian supreme court judges on law and climate change, and its anticorruption office started supporting tax integrity and transparency of developing member countries in line with international efforts.

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Tata Steel moves higher after announcing strong Q3 sales
Jan 09,2017

The announcement was made during market hours today, 9 January 2017.

Meanwhile, the S&P BSE Sensex was up 9.54 points, or 0.04%, to 26,768.77

On the BSE, 14.07 lakh shares were traded on the counter so far as against the average daily volumes of 7.69 lakh shares in the past one quarter. The stock had hit a high of Rs 423.90 and a low of Rs 419.40 so far during the day. The stock hit a 52-week high of Rs 440.90 on 11 November 2016. The stock hit a 52-week low of Rs 211.30 on 12 February 2016.

The large-cap company has equity capital of Rs 971.22 crore. Face value per share is Rs 10.

Tata Steel said that the growth in sales was enabled by higher sales in the automotive segment, branded products and value-added products & scaling up of sales in new segments.

Separetely, the company announced that it has inaugurated the second phase of cold rolling mill (CRM) complex BARA at Jamshedpur on 5 January 2017. During phase I, the reversing mill of 0.25 million tonnes per annum (MTPA) capacity was installed at CRM BARA to meet the full hard cold rolled (FHCR) requirement of Tata Blue Scope (TBSL). The phase II expansion of CRM BARA includes installation of 0.3 MTPA hot rolled skin passing mill (HSPM) to meet the increased demand of hot-rolled, pickled, skin passed and oiled products (HRSPO) in the automotive sector for high-end customers. The announcement was made on Saturday, 7 January 2017.

On a consolidated basis, Tata Steel reported net loss of Rs 49.38 crore in Q2 September 2016, compared with net profit of Rs 5609.43 crore in Q2 September 2015. Net sales rose 0.1% to Rs 26291.86 crore in Q2 September 2016 over Q2 September 2015.

Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of $17.69 billion in the year ended 31 March 2016. It is the worlds second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries.

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Volumes jump at Pokarna counter
Jan 09,2017

Pokarna clocked volume of 65,000 shares by 13:52 IST on BSE, a 121.99-times surge over two-week average daily volume of 1,000 shares. The stock rose 17.40% to Rs 1,080 after the company said its subsidiary entered into partnership agreement with IKEA India. The announcement was made after market hours on Friday, 06 January 2017.

Graphite India notched up volume of 7.38 lakh shares, a 49.70-fold surge over two-week average daily volume of 15,000 shares. The stock rose 16.26% to Rs 91.50.

Balmer Lawrie Investments saw volume of 3.01 lakh shares, a 40.96-fold surge over two-week average daily volume of 7,000 shares. The stock rose 7.45% to Rs 400.05.

Indian Hotels Company clocked volume of 10.37 lakh shares, a 20.03-fold surge over two-week average daily volume of 52,000 shares. The stock rose 1.77% to Rs 97.60.

BEML saw volume of 6.87 lakh shares, a 19.72-fold rise over two-week average daily volume of 35,000 shares. The stock rose 13.86% to Rs 1,131 after the government approved a 26% stake sale in the state-run company to the strategic buyers. The announcement was made after market hours on Friday, 6 January 2017.

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Granules India tumbles after getting 11 observations from Portuguese drug regulator
Jan 09,2017

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

Meanwhile, the S&P BSE Sensex was up 3 points or 0.01% at 26,762.23

On the BSE, 10.81 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 107.10 and a low of Rs 97.80 so far during the day. The stock had hit a 52-week high of Rs 151.15 on 14 August 2016. The stock had hit a 52-week low of Rs 91.45 on 9 November 2016.

The small-cap company has equity capital of Rs 22.12 crore. Face value per share is Re 1.

Granules India announced that Infarmed, Portugal, had conducted a renewal inspection on the companys facility located at Gagillapur, Telangana. In this respect, the company has received the inspection report from Infarmed with eleven observations. The Gagillapur facility manufactures Pharmaceuticals Formulation Intermediates (PFIs) and Finished Dosages (FDs).

The company has initiated necessary steps to address the observations of the inspection agency and will submit its response with a corrective and preventive action plan within the stipulated time, Granules India said. The company will also be requesting the Infarmed for re-inspection of the Gagillapur facility at the earliest. The company is committed to comply with all the required regulatory requirements and follow the best practices of the industry. The company acknowledges the observations as areas of continuous improvements, it added.

Granules Indias consolidated net profit rose 26.5% to Rs 40.82 crore on 3.08% growth in net sales to Rs 363.57 crore in Q2 September 2016 over Q2 September 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.

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VRL Logistics fixes record date for interim dividend
Jan 09,2017

VRL Logistics has fixed 03 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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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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