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Coal India in focus as arm NLC approves Rs 1244-crore share buyback plan

Coal India in focus as arm NLC approves Rs 1244-crore share buyback plan

Feb 27,2017

Coal India announced that the board of directors of its wholly-owned subsidiary Northern Coalfields (NCL), at its meeting held on 24 February 2017, approved the buyback of 76,356 fully paid equity shares, representing 4.3% of the paid-up share capital of NCL, from its shareholders on a proportionate basis through tender offer. The announcement was made on Saturday, 25 February 2017.

The maximum buyback size is Rs 1244.12 crore at a price of Rs 1.62 lakh each, payable in cash, subject to the approval of the shareholders of NCL. Since NCL is a wholly-owned subsidiary of Coal India, both, pre and post buyback by NCL, Coal India shall hold 100% of the paid-up equity share capital.

L&T announced that its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged an onshore engineering, procurement and construction (EPC) contract worth around Rs 1100 crore from Indian Oil Corporation (IOCL) for setting up a 0.740 million metric tonne per annum (MMTPA) fluidised cracking unit (FCC) including LPG treatment facility at its Bongaigaon refinery, Assam. The announcement was made on Saturday, 25 February 2017.

State Bank of India (SBI) announced that the Government of India (GoI) has issued orders dated 22 February 2017, for acquisition of its associated banks viz. State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH). In terms of the orders, the entire undertaking of SBBJ, SBM, SBT, SBP and SBH shall stand transferred to and vested in SBI from 1 April 2017. The announcement was made after market hours on Thursday, 23 February 2017.

It may be recalled that the Finance Minister on 15 February 2017, announced that the Cabinet had approved the merger of SBBJ, SBM, SBT, SBP and SBH with SBI. SBI holds 90% stake in SBM, 79.09% stake in SBT and 75.07% stake in SBBJ as per the shareholding pattern as on 31 December 2016. SBH and SBP are not listed on the bourses.

TCS announced that Community Savings Bank Association (CSBA) has selected TCS BaNCS on the Cloud as the core banking solution for its member banks across the entire United Kingdom. The vision of CSBA is to have a local network of customer owned, regional banks that create and support wealth creation in local communities. TCS BaNCS on the Cloud is a digital banking solution designed to meet the market requirements in the UK. The announcement was made after market hours on Thursday, 23 February 2017.

Power Grid Corporation of India (PGCIL) announced that it has entered into loan agreement with Asian Development Bank (ADB) for an amount not exceeding $500 million for part funding of its projects. The announcement was made after market hours on Thursday, 23 February 2017.

Adani Ports and Special Economic Zone (APSEZ) announced the terms of buyback of non-convertible debentures (NCDs) on Friday, 24 February 2017. It intends to buyback NCDs aggregating to Rs 500 crore, due to mature on 28 April 2017 at a buyback price of Rs 10.80 lakh each. It will buyback NCDs aggregating to Rs 170 crore, due to mature on 15 September 2017 at Rs 10.62 lakh each. APSEZ will buyback NCDs aggregating to Rs 250 crore, due to mature on 18 May 2018 at Rs 10.71 lakh each. It will buyback NCDs aggregating to Rs 250 crore, due to mature on 18 August 2018 at Rs 10.69 lakh each. It may be noted that APSEZs board had on 14 February 2017, approved buyback of NCDs aggregating to Rs 1170 crore in one or more tranches.

ONGC announced that its board approved development of five projects with an investment of Rs 7327 crore which will lead to production of 14.97 million metric tonnes (MMT) of oil and 2.97 billion cubic metres (BCM) of gas. ONGC has notified 18 discoveries so far in the financial year (FY) 2017.

In order to settle the long pending Gujarat and Assam royalty issue, an understanding has been reached on 17 February 2017 between Ministry of Petroleum and Natural Gas (MOP&NG), government of Gujarat/Assam and ONGC wherein it has been agreed that the outstanding amount towards differential royalty would be paid by the Government of India (GoI) directly to the governments of Gujarat and Assam. Payments already made to the state governments by ONGC based on interim Supreme Court (SC) orders (Rs 2562 crore) shall be adjusted in the accounts as expenditure. Based on this settlement, SC has disposed off the case on 20 February 2017 and it has absolved the company of outstanding royalty demand by government of Gujarat and Assam amounting to Rs 9796 crore and potential interest claim of Rs 2868 crore.

Further, ONGCs board has approved execution of farm-in/farm-out agreement with Gujarat State Petroleum Corporation (GSPC) in respect of acquisition of 80% participative interest (PI) and operatorship in the NELP-III block KG-OSN-2001/3.

Inox Leisure announced that it has commenced the commercial operations of a multiplex cinema theatre, taken on lease basis and located at Jamnagar, Gujarat with effect from 24 February 2017. The multiplex cinema theatre has 5 screens and 954 seats.

Inox Leisure is now present in 58 cities with 115 multiplexes, 454 screens and a total seating capacity of 1.15 lakh seats across India. The announcement was made on Saturday, 25 February 2017.

Sun TV Network announced that the board of directors of the company at its meeting held on 24 February 2017, re-appointed K. Vijaykumar as Managing Director and Chief Executive Officer.

The board also appointed Kalanithi Maran as Executive Chairman and Kavery Kalanithi as Executive Director of the company for a period of 5 years with effect from 20 April 2017. The announcement was made on Friday, 24 February 2017.

Promoter Kalanithi Maran held 75% stake in Sun TV Network as per shareholding pattern as on 31 December 2016.

Eveready Industries India announced that it has on 23 February 2017 commenced commercial production with a capacity of 500 million of batteries and 9 million liquid crystal display (LED) flashlights per annum at its new unit at Industrial Growth Centre, Matia, Goalpara, Assam. The announcement was made on Friday, 24 February 2017.

Pidilite Industries said that Nina Waterproofing Systems, a subsidiary of the company has incorporated a subsidiary in Srilanka in the name of Nina Lanka Construction Technologies, which is proposed to be engaged in providing waterproofing services to various projects including construction projects. The announcement was made on Friday, 24 February 2017.

Kothari Products announced that the company has divested the entire stake in Sukhdham Constructions & Developers, a 100% subsidiary to Innerline Realty Pvt. Ltd., Mumbai. The announcement was made on Saturday, 25 February 2017.

Shiva Cement announced that the board meeting of the board of directors of the company will be held on 28 February 2017, to review the implementation of share purchase agreement dated 10 January 2017 executed between the existing promoters of the company & JSW Cement Limited & their PACs. The announcement was made on Saturday, 25 February 2017.

Jain Irrigation Systems announced that the meeting of sub committee of the board of directors of the company was held on 25 February 2017 which considered and approved the issue of foreign currency convertible bonds (FCCBs) upto $75 million to non-promoter entities for redemption of FCCBs worth $50 million issued in 2012/2013 and balance $25 million fresh issue for permitted use. The announcement was made on Saturday, 25 February 2017.

Centrum Capital announced that the fund raising committee in its meeting held on 25 February 2017 has approved an issuance of secured, unlisted, unrated, redeemable, non-convertible, principal protected market linked debentures of upto an amount of Rs 50 crore to be issued in one or more series by way of private placement. The announcement was made on Saturday, 25 February 2017.

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Board of Dish TV India accepts resignation of director
Mar 24,2017

Dish TV India announced that the Board of Directors of the Company at their meeting held on 24 March 2017, has inter-alia, accepted the resignation of Eric Louis Zinterhofer, an Independent Director, from the Board of Directors of the Company, from the close of business hours of 24 March 2017.

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ISGEC Heavy Engineering incorporates a subsidiary - ISGEC CANADA INC.
Mar 24,2017

ISGEC Heavy Engineering announced that a Subsidiary Company with the name and style of ISGEC CANADA INC. has been incorporated in Ontario, Canada.

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Shriram Transport Finance Company allots NCDs aggregating Rs 10 crore
Mar 24,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 24 March 2017, approved and allotted 100 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs. 10,00,000/- (Rupees Ten Lakh only) each, aggregating to Rs. 10 crore on private placement basis.

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CIMMCO soars over 47% in three sessions
Mar 24,2017

Meanwhile, the S&P BSE Sensex was up 78.41 points, or 0.27% to 29,410.57.

On the BSE, 5.59 lakh shares were traded in the counter so far, compared with average daily volumes of 12,574 shares in the past one quarter. The stock was currently hovering at 52-week high level. The stock had hit a low of Rs 77.50 in intraday trade. The stock hit a 52-week low of Rs 56.35 on 9 November 2016.

The stock had outperformed the market over the past one month till 23 March 2017, rising 9.70% compared with 1.62% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.87% as against Sensexs 12.64% rise.

The small-cap company has equity capital of Rs 20.15 crore. Face value per share is Rs 10.

Shares of CIMMCO have surged 47.62% in three sessions from its close of Rs 59.75 on 21 March 2017.

Cimmco reported net loss of Rs 1.20 crore in Q3 December 2016 as against net loss of Rs 5.88 crore in Q3 December 2015. Net sales rose 109.57% to Rs 40.09 crore in Q3 December 2016 over Q3 December 2015.

Cimmco is engaged in the manufacturing and selling of railway wagons and heavy engineering products.

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Dilip Buildcon - Dhansar Engineering Company consortium win bid in MDO tender process
Mar 24,2017

Dilip Buildcon announced that the Company participated in consortium with Dhansar Engineering Company (DECO) in the Tender Process for the selection of Mine Developer cum Operator (MDO) for the Development and Operations of Tubed Coal Block, Auranga Coalfields, District Latehar, Jharkhand allocated to Damodar Valley Corporation by Government of India.

DBL-DECO Consortium (Shareholding ratio -DBL 90% and DECO 10%) emerged as Lowest -1 (L1) Bidder at Rs. 837 per Metric Tonne of mined out Coal from the Block in the Reverse Auction conducted by Damodar Valley Corporation.

The mineable reserves of the block are 130 Million Metric Tonnes with the peak capacity of 6 Million Metric Tonnes Per Annum.

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Alankit surges post 34.5% slide in 10 days
Mar 24,2017

Meanwhile, the S&P BSE Sensex was up 85.95 points or 0.29% at 29,418.11. The BSE Small-Cap index was up 48.55 points or 0.35% at 14,076.79.

On the BSE, 3.39 lakh shares were traded on the counter so far as against the average daily volumes of 6.06 lakh shares in the past one quarter. The stock had hit a high of Rs 21 so far during the day. It hit a low of Rs 17.35 so far during the day, which is a 52-week low.

The stock had hit a record high of Rs 42.70 on 20 October 2016. It had underperformed the market over the past one month till 23 March 2017, sliding 36.57% compared with the Sensexs 1.52% rise. The scrip had also underperformed the market over the past one quarter, declining 45.11% as against the Sensexs 12.64% rise.

The small-cap company has equity capital of Rs 14.30 crore. Face value per share is Rs 1.

Shares of Alankit had slumped 34.48% in the preceding ten trading sessions to settle at Rs 17.95 yesterday, 23 March 2017, from its close of Rs 27.40 on 8 March 2017.

Alankits net profit rose 78.7% to Rs 3.61 crore on 63.9% growth in total income to Rs 18.85 crore in Q3 December 2016 over Q3 December 2015.

Alankit is engaged in unique identification number (UID) enrollments and smart card data management services.

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PNC Infratech declated LI Bidder for two NHAI projects
Mar 24,2017

PNC Infratech has been declared the L1 (lowest) bidder in the following two (2) hybrid annuity highway projects of NHAI for an aggregate Bid Project Cost (BPC) of Rs. 2720.0 crore.

Projects details are as follows -

Four laning Jhansi-Khajuraho section of NH 75/76 (Package I) from km 0.00 to km 76.30 in the states of UP & MP under NHDP III to be executed on Hybrid Annuity Mode for a Bid Project Cost of Rs. 1410.0 crore.

Four laning Jhansi-Khajuraho section of NH 75/76 (Package II) from km 76.30 to km 161.70 in the states of UP & MP under NHDP III to be executed on Hybrid Annuity Mode for a Bid Project Cost of Rs. 1310.0 crore.

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PSU bank stocks surge
Mar 24,2017

Bank of India (up 6.12%), Bank of Baroda (up 4.96%), Punjab National Bank (up 4.82%), Union Bank of India (up 3.93%), State Bank of India (up 3.33%), Andhra Bank (up 3.26%), Indian Bank (up 2.08%), Central Bank of India (up 1.56%) and Indian Overseas Bank (up 1.12%) edged higher.

Meanwhile, the S&P BSE Sensex was up 172.18 points or 0.59% at 29,504.34.

Finance Minister Arun Jaitley reportedly said the government, in tandem with the Reserve Bank of India (RBI), is working on a radical proposal to resolve the issue of bad debts in the Indian banking system.

The government, RBI and banks have had a series of meetings over the past couple of months to look at ways to address the issue of bad loans estimated at Rs 7 trillion.

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SREI Infrastructure Finance provides update on buyback of Long Term Infrastructure Bonds
Mar 24,2017

SREI Infrastructure Finance has completed a first tranche of buyback process of Long Term Infrastructure Bonds on 23 March, 2017 (Buyback date), in terms of Shelf Prospectus and Tranche 1 Prospectus both dated 28 December, 2011 and as approved by the Board of Directors at their meeting held on 6 August 2016.

The proposed buyback is for 24,88,856 Long Term Infrastructure Bonds with face value of Rs 1000 each.

Actual Long Term Infrastructure Bonds bought back is 44,866 with face value of Rs 1000 each.

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Shriram Transport Finance Company allots NCDs aggregating Rs 600 crore
Mar 24,2017

Shriram Transport Finance Company announced that the Allotment Committee - NCDs of the Company in its meeting held on 23 March 2017, approved and allotted 6000 Partly paid Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs.10,00,000/- (Rupees Ten Lakh only) each, on private placement basis

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PNC Infratech builds after winning highway projects
Mar 24,2017

The announcement was made during trading hours today, 24 March 2017.

Meanwhile, the S&P BSE Sensex was up 160.82 points, or 0.55% to 29,492.98.

On the BSE, 9.13 lakh shares were traded in the counter so far, compared with average daily volumes of 87,372 shares in the past one quarter. The stock had hit a high of Rs 117.20 and a low of Rs 112.70 so far during the day. The stock hit a record high of Rs 134.90 on 25 August 2016. The stock hit a 52-week low of Rs 98 on 28 March 2016.

The stock had outperformed the market over the past one month till 23 March 2017, rising 12.17% compared with 1.62% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.84% as against Sensexs 12.64% rise.

The small-cap company has equity capital of Rs 51.31 crore. Face value per share is Rs 2.

PNC Infratech said it was declared the L1 (lowest) bidder in two hybrid annuity highway projects of National Highways Authority of India (NHAI) for an aggregate bid project cost of Rs 2720 crore.

The two projects are the four laning of different sections of the Jhansi-Khajuraho section of National Highway 75/76. While the project cost for the first 76 kilometers is Rs 1410 crore, the cost of the other section is Rs 1310 crore.

Upon securing of the above two projects, PNC Infratech has won total four hybrid annuity highway projects so far.

On a consolidated basis, net profit of PNC Infratech rose 70.28% to Rs 59.36 crore on 27.37% decline in net sales to Rs 532.93 crore in Q3 December 2016 over Q3 December 2015.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.

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Electrosteel Castings gets ratings assigned for NCDs
Mar 24,2017

Electrosteel Castings announced that Infomerics Valuation and Rating has assigned the following credit rating to the debt instruments of the Company on 23 March 2017:

Debt Instrument Rating Assigned Non-Convertible Debenture of Rs.125 crore - IVR A [Pronounced IVR single A] (Outlook: Stable) which indicates adequate degree of safety regarding timely servicing of financial obligations.

Non-Convertible Debenture of Rs.75 crore - IVR A [Pronounced IVR single A] (Outlook: Stable) which indicates adequate degree of safety regarding timely servicing of financial obligations.

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Almirall and Sun Pharma announce regulatory filing of Tildrakizumab
Mar 24,2017

Almirall S.L and Sun Pharmaceutical Industries announced on 24 March 2017 the validation of the Regulatory Filing of tildrakizumab with the European Medicines Agency (EMA) by Almirall. Tildrakizumab is an investigational IL-23p19 inhibitor being evaluated for the treatment of moderate-to-severe plaque psoriasis.

The filing includes efficacy and safety data from the pivotal Phase III clinical trials (reSURFACE 1 and 2) that included over 1,800 patients across more than 200 clinical sites.

In July 2016, Almirall entered into a licensing agreement with Sun Pharma for the development and commercialization of tildrakizumab for psoriasis in Europe. Under the terms of the signed agreement, Sun Pharma will continue to lead other indications, for which Almirall will have the right to primary negotiation. In addition, Almirall will be able to lead European studies, and participate in larger Global clinical studies forpsoriasis.

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Power Grid Corporation of India provides update on Champa-Kurukshetra Transmission Line
Mar 24,2017

Power Grid Corporation of India announced that 1500 MW, Pole I of +/-800kV HVDC Champa-Kurukshetra Transmission Line has been put into commercial operation with effect from 24 March 2017 at 00.00 hours.

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Tinplate Company of India announces cessation of director
Mar 24,2017

Tinplate Company of India announced that Ashok Kumar Basu, an Independent Director on the Companys Board, has completed his tenure as Director of the Company on 23 March 2017. In view of the above, Basu ceases to be Director of the Company with effect from 24 March 2017.

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