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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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Wipro positioned as Leader for Managed Workplace Services, North America
Mar 20,2017

Wipro has been positioned as a Leader in Gartners Magic Quadrant for Managed Workplace Services, North America.

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Mahindra Lifespace Developers fixes record date for rights issue
Mar 20,2017

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for rights issue.

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Chinese investment undermake in India
Mar 20,2017

Chinese companies have shown significant interest to invest in India in a wide range of sectors since the launch of Make in India campaign. As per data maintained by DIPP/RBI, between April,2000 and December,2016, cumulative FDI inflows from China were INR 9,933.87 crores. Of the cumulative FDI equity inflows, 77.9% have been received since 2014 as detailed below :-

2014-2015: INR 3,066.24 Crores

2015-2016: INR 2,975.14 Crores

2016-2017(till December,2016): INR 1,696.96 Crores

An MoU between the Ministry of Commerce of the Peoples Republic of China and Ministry of Commerce & Industry of India has been signed on cooperation on Industrial Parks in India on 30th June,2014 in Beijing.

Pursuant thereto, Joint Working Group (JWG) of the Indian side was constituted on 16th July,2014 to act as the nodal point to identify and agree upon the detailed modalities for implementing cooperation under the said agreement, and to periodically review progress. Three JWG meetings have so far been held. The last meeting of JWG was held on 2 November 2016 at Beijing, China. It was decided during the meeting that both sides will encourage all stakeholders to expedite the implementation for which all necessary facilitation would be provided.

Following MoUs have so far been signed between Indian State Government Agencies and Chinese Investors for development of Industrial Parks in States :-

a. MoU between Maharashtra Industrial Development Corporation (MIDC), Govt. of Maharashtra and Beiqi Foton Motors, China for Auto Industrial Park in Pune;

b. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Development Bank Corporation (CDB), China for supporting the setting up of Industrial Parks in Gujarat;

c. MoU between Industrial Extension Bureau (iNDEXTb), Govt. of Gujarat and China Small and Medium Enterprises (Chengdu) Investment (CSME) to set up multi-purpose Chinese Industrial Park in Gujarat;

d. MoU between HSIIDC, Govt. of Haryana and Dalian Wanda Group for development of an integrated Entertainment Park-cum-Industrial township in Haryana;

e. MoU between HSIIDC, Govt. of Haryana and China Fortune Land Development (CFLD) for development of an Industrial Park in Haryana.

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Mahindra Lifespace turns volatile after fixing record date for rights issue
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 131.95 points or 0.45% at 29,517.04. The BSE Small-Cap index was up 41.10 points or 0.29% at 14,053.73.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 21,722 shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 385.80 and a low of Rs 368 so far during the day.

The stock had hit a 52-week high of Rs 495.85 on 26 April 2016 and a 52-week low of Rs 342 on 16 February 2017. The stock had outperformed the market over the past one month till 17 March 2017, advancing 8.96% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 3.97% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 41.05 crore. Face value per share is Rs 10.

Mahindra Lifespace Developers has fixed 31 March 2017 as record date for determining the shareholders eligible to apply for the rights issue of shares. The company intends to issue up to 1.02 crore shares at Rs 292 per share for an amount up to Rs 300 crore in the ratio of 1:4.

On a consolidated basis, Mahindra Lifespace Developers net profit rose 48% to Rs 35.22 crore on 9.8% growth in net sales to Rs 213.08 crore in Q3 December 2016 over Q3 December 2015.

Mahindra Lifespace Developers is the real estate development business of the Mahindra Group.

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Ramky Infra spurts over 30% in four trading sessions
Mar 20,2017

Meanwhile, the S&P BSE Sensex was down 151.88 points, or 0.51% to 29,497.11. The S&P BSE Small-Cap index was up 46.21 points, or 0.33% to 14,058.84.

On the BSE, 4.35 lakh shares were traded in the counter so far, compared with average daily volumes of 15,780 shares in the past one quarter. The stock had hit a high of Rs 106.70 so far during the day, which is also 52-week high for the counter. The stock had hit a low of Rs 88.65 so far during the day. The stock hit a 52-week low of Rs 51.80 on 18 November 2016.

The stock had outperformed the market over the past one month till 17 March 2017, rising 11.05% compared with 4.76% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 36.53% as against Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 57.20 crore. Face value per share is Rs 10.

Shares of Ramky Infrastructure have risen 33.13% in four trading sessions from its close of Rs 80.15 on 14 March 2017.

Ramky Infrastructure reported net profit of Rs 27.63 crore in Q3 December 2016 as against net loss of Rs 10.43 crore in Q3 December 2015. Net sales rose 9.20% to Rs 373.25 crore in Q3 December 2016 over Q3 December 2015.

Ramky Infrastructure is an integrated construction, infrastructure development and management company in India.

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The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approves the four Goods and Services Tax (GST) related bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the following four Goods and Services Tax (GST) related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The passage of these four GST related bills will pave the way for the biggest reform in the area of Indirect Taxes in the history of independent India. The Union Government has taken up the implementation of GST with utmost priority and has passed the legislations on a fast track basis as it was pending for over a decade. With the Cabinet approval of these four bills, the GST regime in India is in the final stages of culmination and the GST law will most likely be implemented from 01st July, 2017. The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. The Goods and Services Tax will thus help in the realization of the objective of n++One Nation, One Taxn++ and improve the Ease of Doing Business climate in the country. It will also indirectly benefit the common man by reducing the tax burden especially on the daily consumer items of the common man.

Introduction of GST would also make Indian products competitive in the domestic and international markets. Studies show that this would have a boosting impact on economic growth. It is expected that the implementation of the Goods and Services Tax law will lead to an increase in Gross Domestic Product (GDP) of the country by 1-2%. This in turn will lead to the creation of more employment and increase in productivity.

The GST regime will bring in more transparency and efficiency with the minimization of human interface in the tax administration in the country. The GST regime is also likely to lead to a reduction in tax evasion as a result of the computerization of the taxation process. This tax, because of its transparent and self-policing character, would be easier to administer. This will in turn lead to increase in revenue collection for the Centre and the States.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

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Bodal Chemicals advances after boards nod for investment in S P S Processors
Mar 20,2017

The announcement was made during market hours today, 20 March 2017.

Meanwhile, the S&P Sensex was down 145.97 points or 0.49% at 29,503.02. The BSE Small-Cap index was up 39.31 points or 0.28% at 14,051.94.

On the BSE, 3.09 lakh shares were traded on the counter so far as against the average daily volumes of 1.38 lakh shares in the past one quarter. The stock had hit a high of Rs 141.90 and a low of Rs 137.80 so far during the day.

The stock had hit a record high of Rs 155 on 6 October 2016 and a 52-week low of Rs 61.05 on 17 March 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 4.29% compared with the Sensexs 4.15% rise. The scrip had, however, underperformed the market over the past one quarter, rising 5.81% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 21.82 crore. Face value per share is Rs 2.

S P S Processors is a company engaged in manufacturing of dye intermediates. Bodal Chemicals (BCL) will hold 70% equity stake in S P S Processors after this investment. BCL will also provide unsecured loan of about Rs 45 crore to S P S Processors to make it debt free company by retiring its existing total debt and also for expansion of its manufacturing capacities.

S P S Processors has manufacturing plant located at Kosi, Uttar Pradesh, with operational capacity to produce 250 tons per month (TPM) of H-Acid, a key dye intermediate. The plant is a zero discharge unit and only about one and half year old.

S P S Processors also has all necessary permissions to manufacture Vinyl Sulphone (VS-another key dye intermediate) as well as dyestuff, at the same plant. The board approved a plan to build a 350-TPM VS plant at the cost of about Rs 10 crore. As most of the basic infrastructure is ready at the existing plant of S P S Processors, the BCL management expects new VS plant to be operational by second quarter of FY 2O18.

This investment will help BCL to increase its manufacturing capacity of dyes intermediates by 25% and consolidate its position in the local & global markets of dye intermediates and dyestuff. This transaction will be entirely funded through internal accruals and is targeted to close before 31 March 2017 .

This acquisition is not a related party transaction and the promoters/promoter group/group companies do not have any interest in S P S Processors.

Bodal Chemicals net profit rose 54.3% to Rs 31.56 crore on 36% rise in net sales to Rs 272.24 crore in Q3 December 2016 over Q3 December 2015.

Bodal Chemicals is engaged in manufacturing of acid, direct and reactive dyestuffs and dye intermediates for textile, leather, plastics and papermaking applications.

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Idea Cellular tumbles as details of Vodafone merger disappoint investors
Mar 20,2017

The announcement was made before trading hours today, 20 March 2017.

Meanwhile, the S&P BSE Sensex was down 136 points, or 0.46% to 29,512.99.

On the BSE, 2.45 crore shares were traded in the counter so far, compared with average daily volumes of 48.33 lakh shares in the past one quarter. The stock had hit a high of Rs 123.75 and a low of Rs 92 so far during the day.

The stock hit a 52-week high of Rs 128.05 on 28 April 2016. The stock hit a 52-week low of Rs 66 on 9 November 2016.

The stock had underperformed the market over the past one month till 17 March 2017, rising 0.09% compared with 4.76% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 41.60% as against Sensexs 11.93% rise.

The large-cap company has equity capital of Rs 3603.50 crore. Face value per share is Rs 10.

The board of directors of Idea Cellular at its meeting held today, 20 March 2017, have approved the scheme of amalgamation of Vodafone India (VIL) and its wholly owned subsidiary Vodafone Mobile Services (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, Sebi, stock exchanges, the Competition Commission of India, the Department of Telecommunications (DoT), the Foreign Investment Promotion Board, the Reserve Bank of India and other governmental authorities and third parties (as may be required).

Upon the amalgamation becoming effective, the entire business of VIL and VMSL (excluding VILs investment in Indus Towers, its international network assets and information technology platforms) will vest in Idea Cellular. The agreement contemplates the completion of the proposed amalgamation within a period of 24 months.

Vodafone India has a net worth of Rs 12855 crore and a turnover of Rs 5025 crore. Vodafone Mobile Services has a net worth of Rs 3737 crore and turnover of Rs 40378 crore. Idea Cellular has a net worth Rs 24296 crore and turnover of Rs 36000 crore.

All the entities forming part of the amalgamation are engaged in the business of cellular mobile telecommunication services pursuant to licences granted to them by the DoT. The board of directors of Idea Cellular believes that the proposed amalgamation will result in creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint. It will provide sufficient spectrum to complete with major operators in the market while offering innovative and attractively priced mobile service to customers. The amalgamation will acceleration of expansion of wireless broadband networks across India to deliver the Government of Indias Digital Indian++ mission. It will create substantial cost and capex synergies creating value for shareholders; and leverage the customers affinity for both the existing brands.

On the scheme of amalgamation of VMSL with Idea Cellular becoming effective, Idea Cellular will issue an aggregate number of its equity shares to VIL equal to 47% of the post issue paid-up capital of Idea Cellular on a fully diluted basis. Immediately thereafter, on the amalgamation of VIL with Idea Cellular, the shares issued to VIL pursuant to the amalgamation of VMSL with Idea Cellular shall stand cancelled and, post such cancellation, Idea Cellular shall issue an aggregate number of equity shares of Idea Cellular (credited as fully paid-up) equal to 50% of the post issue paid up capital of Idea Cellular to the shareholder of VIL (Vodafone).

Vodafone will own 45.1% of the combined company after transferring a stake of approximately 4.9% to the promoters of Idea/their affiliates (together promoters of Idea) for Rs 3874 crore in cash concurrent with the completion of the amalgamation. The promoters of Idea will hold 26% of the company and the balance will be held by the public.

The promoters of Idea Cellular have the right to acquire up to a 9.5% additional stake from Vodafone under an agreed mechanism with a view to equalising the shareholdings over time. If Vodafone and the promoters of Idea do not have equal shareholding by the expiry of the 4th year from completion of the amalgamation, Vodafone is obliged to reduce its holding in order to equalise its ownership with that of the promoters of Idea over the following 5 year period. Until equalisation is achieved, the additional shares held by Vodafone will be restricted and votes will be exercised jointly under the terms of the Shareholders Agreement.

The shareholders agreement will become effective only upon the scheme of amalgamation becoming effective. None of the above including the scheme of amalgamation, the entry into the shareholders agreement and the entry into the implementation agreement is a related party transaction.

On consolidated basis, Idea Cellular reported a net loss of Rs 383.88 crore in Q3 December 2016 compared with net profit of Rs 659.36 crore in Q3 December 2015. Net sales declined 3.7% to Rs 8660.74 crore in Q3 December 2016 over Q3 December 2015.

Idea Cellular is one of the leading telecom operators in India.

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Growth-oriented policy agenda needed to ensure stronger economic recovery with benefits for all workers and households
Mar 20,2017

Governments must deploy policy packages that take advantage of the synergies between labour, product and financial market reforms to escape the low-growth trap and ensure that benefits are broadly shared by the vast majority of citizens, according to the OECDs annual Going for Growth report.

Going for Growth 2017 offers a comprehensive assessment of policy reforms that can be packaged together to boost long-term growth, improve competitiveness and productivity, create jobs and ensure a more inclusive economy.

This years edition of Going for Growth reveals an uptick in policy-maker attention to reforms to lift employment, particularly measures aimed at helping women, young people and low-skilled workers enter and thrive in the labour market, and these have delivered results. However, a worrisome slowdown in reforms that influence labour productivity - such as those in education and innovation policy- is of particular concern in light of the persistent and widespread decline in productivity growth, which is the key to boost wages and living standards.

n++Reversing the prolonged period of stagnating living standards that is affecting a large share of people worldwide will require coherent structural reform strategies and the political will to deploy them,n++ OECD Secretary-General Angel Gurrn++a said. n++The vast array of growth and inclusiveness challenges facing advanced and emerging economies call out for a quicker pace and more comprehensive set of reforms. While efforts to promote employment and bring down inequalities are beginning to pay off, governments cannot afford to let up.n++

Going for Growth 2017 suggests governments should concentrate reform efforts around packages of policy measures designed to simultaneously target economic and social objectives. The framework for selecting policy priorities laid out in this years report considers for the first time inclusiveness as a prime objective, alongside productivity and employment, which are the principal drivers of average income growth.

n++Governments in most countries need reforms to escape the low-growth trap and prepare for coming technological changes, but they must pay better attention to addressing the concerns of those who bear the costs of the reform agenda,n++ Mr Gurrn++a said. n++Putting inclusiveness at the heart of the policy equation is the only appropriate response to the growing political headwinds that have slowed reform.n++

Presenting Going for Growth with German Finance Minister Wolfgang Schn++uble ahead of the G20 Meeting of Finance Ministers and Central Bank Governors taking place in Baden Baden, Mr Gurrn++a said that implementing the reports reform recommendations would help to achieve the G-20 objectives for stronger and more inclusive growth.

The Going for Growth analysis forms the basis of the OECDs wider contribution to the G20 Framework for Strong, Sustainable and Balanced Growth. The OECD works with G20 countries to quantify their efforts to boost GDP and to achieve national growth strategy objectives.

The recipe for reform varies by country, but the ingredients include measures to promote business dynamism and the diffusion of innovation, to help workers to cope with the rapid turnover of firms and jobs, and to better prepare youth for the labour market of the future. These will require improving outcomes and equity in basic education and adult training programmes, exposing businesses to stronger product market competition, including through greater openness to cross-border trade and investment, and beefing-up job search assistance and other active labour market policies to facilitate the return to work in quality jobs of laid-off workers.

Going for Growth 2017 notes that the pace of reforms continues to vary across both countries and policy areas. It points out that governments have tended to concentrate reform efforts in specific policy areas, running the risk of missing potential gains from policy synergies and reform complementarities. Improved packaging of reforms would make them easier to implement, maximise the impact on growth and job creation and help reduce income inequality.

Among the highlights in this years report:

n++The pace of reform has slowed in countries which have been particularly active in the previous two-year period, such as Mexico, Greece, Ireland, Portugal, Poland and Spain, as well as in a number of countries where reform activity was not so intense, including Australia, Indonesia and Slovenia.

n++Reform intensity has increased noticeably in some countries which had not been among the most active reformers, such as Belgium, Chile, Colombia, Israel, Italy and Sweden, as well as in Austria, Brazil and France.

n++The slowdown in the pace of reform is principally driven by a decline in reforms tin productivity-related areas. Given the importance of productivity gains for long-term living standards, this years report puts more emphasis on reform priorities in the areas of education, product market competition and public investment.

n++Many countries have heeded OECD recommendations to boost job creation by lowering labour tax wedges on low-wage workers. Individualised job search support and wage subsidies have been stepped up to facilitate the return to work of the long-term unemployed. Similarly, the number of reforms aimed at reducing barriers to women working, including increased access to child care and early childhood education, are increasing. These are both areas where pro-growth reforms also promote greater inclusiveness.

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Volumes jump at Magma Fincorp counter
Mar 20,2017

Magma Fincorp clocked volume of 2.84 crore shares by 13:42 IST on BSE, a 1724.46-times surge over two-week average daily volume of 16,000 shares. The stock rose 3.69% at Rs 103.95.

Redington (India) notched up volume of 1.61 crore shares, a 217.51-fold surge over two-week average daily volume of 74,000 shares. The stock lost 1.05% at Rs 108.

Bayer CropScience saw volume of 1.38 lakh shares, a 202.97-fold surge over two-week average daily volume of 1,000 shares. The stock was down 1.33% at Rs 3,799.

Greenply Industries clocked volume of 38.70 lakh shares, a 195.58-fold surge over two-week average daily volume of 20,000 shares. The stock declined 2.45% at Rs 277.

Reliance Power saw volume of 6.06 crore shares, a 72.04-fold rise over two-week average daily volume of 8.42 lakh shares. The stock rose 1.05% at Rs 48.20.

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Cabinet approves four GST Bills
Mar 20,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills:

1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)

2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)

3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)

The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.

The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

Background:

The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided 1st July as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

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ABG Shipyard extends gains
Mar 20,2017

Meanwhile, the S&P Sensex was down 136.98 points or 0.46% at 29,512.01. The BSE Small-Cap index was up 35.85 points or 0.26% at 14,048.48.

On the BSE, 40,000 shares were traded on the counter so far as against the average daily volumes of 63,447 shares in the past one quarter. The stock had opened with an upward gap by surging by the maximum permissible level of 5% and remained locked at that level at Rs so far during the day.

The stock had hit a 52-week high of Rs 74.60 on 22 March 2016 and a record low of Rs 19.95 on 15 March 2017. The stock had underperformed the market over the past one month till 17 March 2017, sliding 17.95% compared with the Sensexs 4.15% rise. The scrip had also underperformed the market over the past one quarter, declining 29.23% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 99.68 crore. Face value per share is Rs 10.

Shares of ABG Shipyard have risen 15.5% in three trading sessions from its closing of Rs 20.35 on 15 March 2017.

With reference to news report titled, Reliance Defence expresses interest in buying Agreed Assets of ABG Shipyard, ABG Shipyard clarified after market hours on Thursday, 16 March 2017, that lenders have invited expression of interest for acquisition of majority shareholding in ABG Shipyard. Accordingly, few parties have expressed their interest. Information/details will be submitted to the stock exchanges on completion of the process, ABG Shipyard said. The stock had surged by the maximum permissible level of 5% to settle at Rs 22.40 on Friday, 17 March 2017.

ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.5% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

ABG Shipyard is into shipbuilding and ship repair business.

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Idea Cellular leads losers on BSEs A group
Mar 20,2017

Idea Cellular fell 7.32% at Rs 100. The stock topped the losers in A group. On the BSE, 2.24 crore shares were traded on the counter so far as against the average daily volumes of 23.53 lakh shares in the past two weeks.

Jaiprakash Associates slipped 5.36% at Rs 13.25. The stock was the second biggest loser in A group. On the BSE, 55.77 lakh shares were traded on the counter so far as against the average daily volumes of 58.04 lakh shares in the past two weeks.

Delta Corp declined 5.36% at Rs 161.65. The stock was the third biggest loser in A group. On the BSE, 7.62 lakh shares were traded on the counter so far as against the average daily volumes of 13.73 lakh shares in the past two weeks.

Firstsource Solutions tumbled 3.18% at Rs 41.05. The stock was the fourth biggest loser in A group. On the BSE, 3.05 lakh shares were traded on the counter so far as against the average daily volumes of 4.21 lakh shares in the past two weeks.

Shree Cement slipped 2.69% at Rs 16,000. The stock was the fifth biggest loser in A group. On the BSE, 1,398 shares were traded on the counter so far as against the average daily volumes of 620 shares in the past two weeks.

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Marathon Nextgen Realty advances as board approves share buyback plan
Mar 20,2017

The announcement was made after market hours on Friday, 17 March 2017. The buyback price of Rs 275 per share, was at a premium of 6.83% to Fridays, 17 March 2017 closing price of Rs 257.40.

Meanwhile, the S&P Sensex was down 131.81 points, 0.44% at 29,517.18. The S&P Small-cap index was up 37.16 points or 0.27% at 14,049.79, outperforming the Sensex.

High volumes were witnessed on the counter. On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 6,068 shares in the past one quarter. The stock had hit a high of Rs 265 and a low of Rs 255 so far during the day.

The stock had hit a 52-week high of Rs 297 on 12 August 2016 and a 52-week low of Rs 135 on 5 April 2016. The stock had outperformed the market over the past one month till 17 March 2017, advancing 22.11% compared with the Sensexs 4.15% rise. The scrip had also outperformed the market over the past one quarter advancing 20.7% as against the Sensexs 11.93% rise.

The small-cap company has equity capital of Rs 28.44 crore. Face value per share is Rs 10.

Marathon Nextgen Realty announced that the board of directors at its meeting held on Friday, 17 March 2017, approved a proposal to buyback up to 54.37 lakh equity shares of the company amounting to Rs 149.52 crore being 19.12% of the total paid-up equity share capital, at Rs 275 per share.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis under the tender offer route using the stock exchange mechanism.

The buy-back is subject to approval of the members by means of a special resolution through postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.

Marathon Nextgen Realtys net profit declined 22.2% to Rs 25.16 crore on 36.4% decline in net sales to Rs 53.81 crore in Q3 December 2016 over Q3 December 2015.

Marathon Nextgen Realty is engaged in real estate development business.

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Board of APM Industries approves demerger of finance and investment business to subsidiary
Mar 20,2017

APM Industries announced that the Board of Directors of the Company at its meeting held on 20 March 2017 has considered and approved the demerger/ hiving off of the finance and investment business and assets of the Company to the wholly owned subsidiary- APM Finvest, through a scheme of arrangement.

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