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Infosys, HDFC in focus
Aug 21,2017

Infosys at its board meeting held on 19 August 2017 approved a proposal to buyback equity shares for an amount not exceeding Rs 13000 crore. The buyback offer will comprise a purchase of up to 11.30 crore shares aggregating up to 4.92% of the paid-up equity capital via tender route at Rs 1,150 per share. The announcement was made on Saturday, 19 August 2017.

Shares of HDFC will be in focus. HDFC Standard Life Insurance Company, a material subsidiary of HDFC has on Friday, 18 August 2017 filed a draft red herring prospectus with Securities & Exchange Board of India for an initial public offer of up to 29.98 crore shares of Rs 10 each. The announcement was made after market hours on Friday, 18 August 2017.

ICICI Bank announced revision in interest rates on savings bank account interest rate with effect from 19 August 2017. Interest rate on deposits below Rs 50 lakh were revised to 3.5% per annum (pa) from 4% pa. Interest rate on deposits of Rs 50 lakh and above were kept unchanged at 4% pa. The announcement was made after market hours on Friday, 18 August 2017.

Laurus Labs announced that it has completed the US Food and Drug Administration (USFDA) inspection of its API facilities in Units 1 and 3 at Parawada, Visakhapatnam, Andhra Pradesh with two observations which are only procedural in nature on Friday, 18 August 2017. It is a regular surveillance audit by USFDA and no data issues were observed in the inspection. The announcement was made after market hours on Friday, 18 August 2017.

Bajaj Electricals announced that the company has bagged an order from Transmission Corporation of Telangana worth Rs 391.45 crore. The order was received for the supply, erection, testing and commissioning of 400 KV QMDC line, from 400 kV NTPC Common point (end of multi-circuit tower) to 400 kV Narsapur sub-station on Turnkey basis. The order completed period is 18 months. The announcement was made after market hours on Friday, 18 August 2017.

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Infosys may gain after launching app with ATP
Aug 18,2017

Infosys announced that ATP, the governing body of mens professional tennis, in association with company launched a new PlayerZone app and website. The revamped PlayerZone, an extranet portal for ATP players, their support teams, coaches, and others in the ecosystem, allows users to engage with each other and access information across a wide range of operational aspects related to life on Tour. The announcement was made after market hours yesterday, 17 August 2017.

The PlayerZone is developed with best-in-class technology to be intuitive and more convenient, offeringbiometric login on the app. It also provides information on tournament entries and withdrawals, automated updates on match scheduling and results, rules and regulations, all the way to hotel information, transportation, visa requirements, and more. Besides simplifying the life of players on Tour, PlayerZone will also feature new prize money and taxes data to ease tracking of earnings and facilitate compliance.

The new app will increase engagement with the next generation of players, provide a central portal of information as players progress through different stages of their career, as well as offer a forum to engagewith the players support teams in a private and secure digital environment.

Punjab National Bank has decided to introduce a two tier interest rates structure on savings fund deposit scheme from 19 August 2017, with savings fund account balance upto Rs 50 lakh at 3.5% per annum and above Rs 50 lakh at 4% per annum. The announcement was made after market hours yesterday, 17 August 2017.

NIIT said that a meeting of the board of directors of the company is scheduled to be held on 22 August 2017, to consider inter-alia, recommendation of the Committee on the rationalization option. The announcement was made after market hours yesterday, 17 August 2017.

It may be recalled that NIITs board at its meeting held on 28 July 2017, had constituted a Committee of Directors/Officials (Committee) to explore the options available for rationalizing the structure of NIIT Antilles NV, Netherlands Antilles and its overseas subsidiaries (Rationalization Option).

Somany Ceramics announced that Sudha Somany Ceramics, an associate of Somany Ceramics is setting up a facility in Andhra Pradesh to produce about 5 million square meters of vitrified tiles. The same is expected to be commissioned in the last quarter of financial year 2018-19. The announcement was made after market hours yesterday, 17 August 2017.

Raymond Group announced the acquisition of Ansells stake in a joint venture entity known as JK Ansell. The announcement was made after market hours yesterday, 17 August 2017.

Talbros Engineering said that its board recommended the issuance of bonus shares in the ratio of 1:1. The announcement was made after market hours yesterday, 17 August 2017.

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Infosys may gain on share buyback plan
Aug 17,2017

Infosys announced that the board of directors of the company will consider a proposal for buyback of equity shares at its meeting to be held on 19 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Shoppers Stop said that with effect from yesterday, 16 August 2017, the company has closed Shoppers Stop store at Shyamala Towers - Chennai, due to lower than expected businesses and its low profitability. During the last financial year, sales from this store was 0.35% of the turnover of the company. With this closure, the company has now 79 Shoppers Stop (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 August 2017.

Indian Hotels Company scheduled a board meeting on 21 August 2017 for considering various fund raising options. The announcement was made after market hours yesterday, 16 August 2017.

Yes Bank with effect from 1st September 2017 has revised its savings account interest rate slabs for resident & non-resident customers. The new slabs were: 5% per annum for savings balances less than Rs 1 Lakh, 6% (unchanged) for balances of Rs 1 lakh to less than Rs 1 crore and 6.25% per annum for balances above Rs 1 crore. The announcement was made after market hours yesterday, 16 August 2017.

Piramal Enterprises said that Decision Resources Inc. wholly owned subsidiary of Piramal Enterprises in USA has acquired 100% of common and preferred stock of Context Matters Inc. The closing date of acquisition is 16 August 2017. Context Matters is a health economics data and technology company delivering global market access insights to the life sciences industry. The announcement was made after market hours yesterday, 16 August 2017.

United Bank of India said that it has reduced deposit rates for deposit upto Rs 1 crore from 6.25% to 6.1% per annum. Deposit rate for more than Rs 1 crore has been reduced from 4.5% to 4.35% and amount upto Rs 50 lakh has been revised downwards from 4% to 3.5% effective 18 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Majesco, USA, (Majesco) the Insurance arm and a subsidiary of Majesco announced about the tier one customer expanding its strategic partnership with Majesco to provide additional services including development, testing and business analysis for their multi-year modernization program. The announcement was made after market hours yesterday, 16 August 2017.

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Coal India may decline on weak Q1 results
Aug 16,2017

Coal Indias consolidated net profit fell 23.3% to Rs 2351.13 crore on 3.6% rise in net sales to Rs 18404.32 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017. The market remained closed on 15 August 2017 due to Independence Day.

Lupin said that the company and Natco announced the final ANDA approval of Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) from the United States Food and Drug Administration (FDA). The product, as the first generic, will be launched shortly. The announcement was made after market hours on Monday, 14 August 2017.

Natcos Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are generic equivalents of Shire Development LLCs Fosrenol Chewable Tablets 500 mg, 750 mg and 1000 mg. Lanthanum Carbonate Chewable Tablets 500 mg (base), 750 mg (base), and 1000 mg (base) are indicated to reduce serum phosphate in patients with end stage renal disease (ESRD).Fosrenol Chewable Tablets has US sales of $122.4 million (IMS MAT June 2017). Lupin and Natco had entered into an agreement on 1 September 2008 to jointly commercialize generic equivalents of Fosrenol Chewable Tablets.

Commenting on the approval, Nilesh Gupta, Managing Director, Lupin said that the conpanys proven IP capabilities, marketing reach and expertise coupled withNatcos solid development and manufacturing abilities make a great combination.

On a consolidated basis, JK Tyre & Industries reported net loss of Rs 117.21 crore in Q1 June 2017 as compared with net profit of Rs 100.47 crore in Q1 June 2016. Total income fell 14.9% to Rs 1942.86 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017.

Kolte-Patil Developers announced that it has successfully completed a strategic divestment of its land parcel in Wakad, Pune for Rs 161 crore. The strategic sale has been undertaken after evaluating the overall feasibility and is in line with the companys strategy of maintaining a lean balance sheet. The company will continue to explore strategic partnerships under asset light models to enhance its overall portfolio and position the company for sustained growth. The announcement was made after market hours on Monday, 14 August 2017.

Tata Global Beverages (TGB) premium natural mineral water brand Himalayan, will now enter the USA market in a phased manner, through an agreement signed by its subsidiary with Talking Rain Beverage Company, the maker of Sparkling Ice flavored sparkling waters to distribute and market the brand. This makes Himalayan which is backed by the trust and credibility of the Tata brand, one of the first premium Indian FMCG brands to target the broader American audience.

This agreement will give Himalayan the benefit of Talking Rains extensive go to market and execution capabilities in the US, which synergize well with TGBs product expertise and marketing capability. The premium end of the water market in the country is growing rapidly and Himalayan is well positioned to leverage the growth in this segment. The announcement was made on Tuesday, 15 August 2017.

Lycos Internets consolidated net profit fell 4.32% to Rs 94.68 crore on 1.13% decrease in revenue to Rs 538.40 crore in Q1 June 2017 over Q4 March 2017. The announcement was made after market hours on Monday, 14 August 2017.

Speciality Restaurants announced that the company has opened a new Sweet Bengal confectionery located at Shop No. 3, Chapel Avenue Premises Co-op. Society Ltd., Plot No. 68, Chapel Road, Opp. Mount Carnels Church, Bandra West, Mumbai with effect from 14 August 2017. The announcement was made after market hours on Monday, 14 August 2017.

NBCC (India)s consolidated net profit rose 25.7% to Rs 59.16 crore on 0.8% rise in net sales to Rs 1548.90 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Monday, 14 August 2017.

Sun Pharmaceutical Industries said that it has received approval of Scheme of Arrangement among Sun Pharma Medisales Private Limited, Ranbaxy Drugs Limited, Gufic Pharma Limited, Vidyut Investments Limited and the company and their respective members and creditors from National Company Law Tribunal. The announcement was made after market hours on Monday, 14 August 2017.

HDFC said that consequent to the approval of the National Company Law Tribunal, the Insurance Regulatory and Development Authority of India on 14 August 2017 has granted its final approval for the merger of HDFC ERGO General Insurance Company, a subsidiary of the company and L&T General Insurance Company. The announcement was made after market hours on Monday, 14 August 2017.

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Sun Pharma may drop on weak Q1 results
Aug 14,2017

Sun Pharmaceutical Industries consolidated adjusted net profit excluding the Modafinil settlement fell 74% at Rs 526 crore on 23% decline in sales to Rs 6167 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Friday, 11 August 2017.

Net profit for the quarter was adversely impacted by settlements with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 950 crore. Net profit for Q1 June 2016 included the benefit of the 180-day exclusivity for Imatinib which expired in July-2016.

Dilip Shanghvi, Managing Director of the company said that Q1 performance was not good and not in line with the past performance due to the combined impact of increasing investments in global specialty business, temporary disruption in India business due to GST implementation, a challenging US generic pricing environment and the Modafinil settlement. The company expects performance to gradually improve in the second half of this year.

Adani Ports & Special Economic Zones consolidated net profit fell 13.7% to Rs 710.25 crore on 50.3% rise in net sales to Rs 2745.14 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 12 August 2017.

Bank of Barodas net profit fell 52% to Rs 203.39 crore on 1.9% rise in total income to Rs 12103.86 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Friday, 11 August 2017.

Bank of Baroda also allotted Basel III compliant unsecured, perpetual bonds worth Rs 850 crore.

Mahindra & Mahindra (M&M) said that its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company (MYYTCL), China. Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML and in turn of M&M. The announcement was made after market hours on Friday, 11 August 2017.

Coal India, Grasim Industries and Tata Power Company will announce Q1 results today, 14 August 2017.

BPCLs net profit fell 71.6% to Rs 744.56 crore on 21.7% growth in net sales to Rs 57125.80 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.

Tata Steel will be in focus. Tata Steel UK on Friday, 11 August 2017 announced it had signed the documentation for a Regulated Apportionment Arrangement (RAA) with the Trustee of the British Steel Pension Scheme, offering more sustainable outcomes for pensioners, employees and the business. When the RAA takes effect the British Steel Pension Scheme will be separated from Tata Steel UK and a number of affiliated companies. The announcement was made after market hours on Friday, 11 August 2017.

Indian Bank has introduced a two tier interest rate structure for savings bank customers, offering interest at 4% per annum for incremental balance above Rs 50 lakhs and 3.50% per annum for balance upto Rs 50 lakhs. The announcement was made after market hours on Friday, 11 August 2017.

Spice Mobility announced that Omnia Pte. Limited, Singapore (Omnia), a step down foreign subsidiary of the company, has approved to purchase entire stake in PT Spice Digital Indonesia, (Indonesia), another step down foreign subsidiary of the company, from Spice Global Services Pte. Limited, Singapore (SGS). Consequently, Indonesia will become a subsidiary of Omnia and step down subsidiary of SGS. All these three companies will continue to be the step down subsidiaries of the company. The announcement was made on Saturday, 12 August 2017.

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Cochin Shipyard in focus ahead of debut
Aug 11,2017

Shares of Cochin Shipyard will get listed on the bourses today, 11 August 2017. The issue price is fixed at Rs 432 per share. The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share. Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.

GAIL (India)s net profit fell 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.

Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.

Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers. The announcement was made after market hours yesterday, 10 August 2017.

Shriram Transport Finance Company said that allotment committee - non-convertible debentures (NCDs) of the company approved and allotted 3,600 secured redeemable rated listed NCDs of face value of Rs 10 lakh each, aggregating to Rs 360 crore on private placement basis. The announcement was made after market hours yesterday, 10 August 2017.

NMDC said that it has kept prices of iron ore unchanged with effect from 9 August 2017 compared with prior months prices. The price of lump iron ore is fixed at Rs 2,225 per wet metric tonne and fine iron ore at Rs 1,985 per wet metric tonne. The announcement was made after market hours yesterday, 10 August 2017.

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SIS in spotlight ahead of listing
Aug 10,2017

Shares of Security and Intelligence Services (India) (SIS) get listed on the stock exchanges today, 10 August 2017. The issue price is fixed at Rs 815 per share. Promoted by Ravindra Kishore Sinha and Rituraj Kishore Sinha, SIS is a leading provider of private security and facility management services in India.

The initial public offer (IPO) of SIS which concluded on 2 August 2017, received strong response from investors. It was subscribed 7.07 times. The IPO price band was fixed at Rs 805-815 per share.

Tata Motors consolidated net profit rose 41.59% to Rs 3200 crore on 9.92% drop in revenue to Rs 58651 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017. Revenue was lower due to translation impact from Pound to Rupee.

The operating performance broadly reflects lower wholesale volumes for Jaguar Land Rover business excluding the China joint venture, and continuation of higher competitive incentive levels and launch and growth costs seen in FY 2017. In standalone business, a significant de-growth in the medium & heavy commercial vehicles (M&HCV) segment, flat light commercial vehicles (LCV) segment and moderate growth in passenger vehicle segment was seen.

Aurobindo Pharmas consolidated net profit fell 11.4% to Rs 518.51 crore on 2.3% decline in net sales to Rs 3621.07 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017.

Eicher Motors consolidated net profit rose 22.1% to Rs 459.62 crore on 28.5% growth in net sales to Rs 1991.78 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017.

NMDCs net profit rose 36.2% to Rs 969.20 crore on 65.1% growth in net sales to Rs 2841.53 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017.

Union Bank of India said that the committee of directors for raising of capital funds resolved and approved raising of equity capital through public issue (FPO) and/or right issue and/or private placement including qualified institutional placement for an amount up to Rs 2000 crore in first tranche during financial year ending 31 March 2018 (FY 2018). The announcement was made after market hours yesterday, 9 August 2017.

NHPC said that it has signed power purchase agreement (PPA) with BSES Yamuna Power (BYPL) on 8 August 2017 in respect of seven power stations namely Bairasiul, Salal, Tanakpur, Chamera-I, Uri-I, Sewa II and Chamera-III for a period of 35 years from the date of commercial operation date of respective power stations. The announcement was made after market hours yesterday, 9 August 2017.

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Sun Pharma in focus after acquiring stake in US-based firm
Aug 09,2017

Sun Pharmaceutical Industries (Sun Pharma) announced that one of its wholly owned subsidiaries has agreed to acquire by way of allotment to it, 2.03 lakh Series A Preferred Stock (equivalent to 15.91% fully diluted equity stake on conversion) of Krystal Biotech Inc., United States of America, a biopharmaceutical company using gene therapy to develop treatments for patients suffering from rare debilitating disorders. The announcement was made after market hours yesterday, 8 August 2017.

Bharat Heavy Electricals (Bhel) announced that it has achieved another milestone in expanding and consolidating its footprint in the international market by securing export orders from Chile and Estonia. With these latest orders, Bhel has now expanded its global footprint to 82 countries across all the six inhabited continents. The announcement was made after market hours yesterday, 8 August 2017.

Endurance Technologies consolidated net profit rose 16.07% to Rs 96.53 crore on 8.84% rise in total income to Rs 1684.2 crore in Q1 June 2017 over Q1 June 2016. EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 14.1% in Q1 June 2017 from 13.5% in Q1 June 2016. The result was announced after market hours yesterday, 8 August 2017.

Anurag Jain, managing director of the company said that two-wheeler growth rebounded in Q1 June 2017. Growth in top line and profitability was also driven by strong focus on operations. The subsidiaries in Europe turned in yet another quarter of impressive performance.

Astral Poly Techniks consolidated net profit fell 6.65% to Rs 24.84 crore on 6.2% decline in total income to Rs 443 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 8 August 2017.

Thomas Cook (India) announced that it has recently launched a unique group tours portfolio, Romantic Getaways, to tap into Middle Indias high growth honeymoon travel segment. The tours have been designed to delight honeymooners with a relaxed/easy paced itinerary (starting late morning and ending by early evening) ensuring couples time together-away from the group, must-see attractions, special value-adds like candle-light dinners, a couple spa, wine and chocolates, stretch-limousine transfers, etc.

Thomas Cooks Romantic Getaways feature Indias favourite romantic destinations: Singapore with a Cruise, France & Switzerland, New Zealand, Bali and Mauritius with Dubai. The announcement was made after market hours yesterday, 8 August 2017.

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Tata Steel in focus after announcing Q1 results
Aug 08,2017

On a consolidated basis, Tata Steel reported net profit of Rs 921.09 crore in Q1 June 2017 compared with net loss of Rs 3183.07 crore in Q1 June 2016. Net sales rose 18.9% to Rs 29386.76 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 7 August 2017.

Karur Vysya Bank announced the revision in Marginal Cost of Funds Based Lending Rates (MCLR) of the bank effective from 7 August 2017. The announcement was made after market hours yesterday, 7 August 2017.

MCLR for overnight loans will be 8.75%, the rate for one month will be 8.75% and for three months it will be 8.75%. The MCLR on 6-month loans will be 8.9% and for one-year loans the rate will be 9.1%, the bank said.

Polar Consulting Services consolidated net profit fell 8.6% to Rs 30.2 crore on 2.4% decline in net revenue to Rs 554.90 crore in Q1 June 2017 over Q4 March 2017. The announcement was made after market hours yesterday, 7 August 2017. Revenue declined on the backdrop of currency appreciation.

Profit declined due to lower operating profit and unfavorable currency movements. Profit was impacted due to proactive hiring and account level investments made for supporting future growth.

Mercks net profit fell 11.65% to Rs 20.12 crore on 4.33% decline in total income to Rs 271.07 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours yesterday, 7 August 2017.

Nilkamals net profit fell 29.4% to Rs 22.37 crore on 5.8% growth in net sales to Rs 487.59 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 7 August 2017.

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Bank of Baroda in spotlight after nod for fund raising
Aug 07,2017

Bank of Baroda (BOB) said that its board on 5 August 2017, approved issuance of AT-1 Capital Bonds compliant with Basel III Capital Regulations of the Reserve Bank of India for minimum amount of Rs 500 crore with Green Shoe Option of total issuance not to exceed Rs 1500 crore. This is within overall Board approved limit of Rs 3000 crore for AT-1 Bonds, filed with the stock exchanges on 27 May 2017. The announcement was made on Saturday, 5 August 2017.

Separately, BOB announced on Saturday, 5 August 2017 that it has decided to keep its marginal cost of funds based lending rate (MCLR) at the existing level in between 8.1% and 8.65% for tenors ranging from overnight to five years with effect from 7 August 2017.

IndusInd Bank said it has recently inaugurated its first branch in Faridkot, Punjab. With the inauguration of this branch, the bank now has 101 branches in the state of Punjab. The announcement was made after market hours on Friday, 4 August 2017.

Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. The announcement was made before market hours today, 7 August 2017.

Maruti Suzuki India announced that its total production rose 14.78% to 1.56 lakh units in July 2017 over July 2016. The announcement was made after market hours on Friday, 4 August 2017.

ONGC said it has bought 80% Participating Interest (PI) and operatorship in NELP-III Block KG-OSN-2001/3 (Block) of Gujarat State Petroleum Corporation (GSPC) in Krishna Godavari Basin offshore. GSPC remains in the Block holding 10% PI which it acquired from the outgoing partner Geo Global Resources and other partner in the block is Jubilant Offshore Drilling with 10% PI. The announcement was made after market hours on Friday, 4 August 2017.

ONGC and GSPC had entered into a Farm-in- Farm-out Agreement (FIFO) on 10 March 2017 to firm up the methodology and modus operandi to give effect to this transaction.

Following approval of Government of India for transfer of PI and Operatorship as per provisions of the Production Sharing Contract, ONGC on Friday, 4 August 2017 has taken over the Block against a purchase consideration of $995.26 million for Deen Dayal West Field in the Block. ONGC has also made an advance payment of $200 million to GSPC in respect of future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plan by Management Committee of the Block.

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Infosys in spotlight after inking agreement to acquire digital studio in London
Aug 04,2017

Infosys announced a definitive agreement to acquire Brilliant Basics, a London-based product design and customer experience (CX) innovator. This acquisition represents Infosys commitment to the expansion of a worldwide connected network of Digital Studios. These studios are focused on fulfilling the needs of our global clients for end-to-end digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences. With Infosys Digital Studios spanning the globe - from Bengaluru and Pune to New York, London and Melbourne - the addition of Brilliant Basics will enhance the companys expertise in the financial services, retail and telco sectors across Europe and the Middle East. The acquisition is expected to close during the second quarter of fiscal 2018. The announcement was made after market hours yesterday, 3 August 2017.

Mahindra & Mahindra (M&M) informed that the loans & investment committee of directors approved selling up to 96.66 lakh equity shares, or 13.74% equity, in Mahindra Logistics (MLL), a subsidiary of M&M, as part of the proposed initial public offering of MLL.

Among prominent companies, Dabur India and Mahindra & Mahindra (M&M) will announce April-June 2017 results today, 4 August 2017.

Dewan Housing Finance Corporation (DHFL) said its board allotted 5,000 non-convertible unsecured subordinated perpetual bonds in the nature of debentures aggregating to Rs 500 crore on private placement basis. The coupon rate on debentures is 9.85% per annum. The announcement was made after market hours yesterday, 3 August 2017.

Electrosteel Castings said its board at a meeting held yesterday, 3 August 2017, given its approval for setting up of a 9 MVA Submerged Arc Furnace along with 4.5 MW power plant at Haldia, Purba Medinipur, West Bengal. The company intends to use the captive power generated from waste heat from existing manufacturing facility for production of ferro alloys. Surplus production from ferro alloy plant after captive use is proposed to be sold in open market. The estimated amount to be invested is Rs 61.64 crore. The announcement was made after market hours yesterday, 3 August 2017.

JBF Industries informed that domestic plants in India at Sarigam and Silvassa for producing polyester chips, yarns and texturised Yarns are operating in normalcy. The work at the PTA plant in Mangalore is continuing as per schedule and is expected to re-commission within the first half of financial year 2017-2018. This plant is being setup with the latest technology of British Petroleum and will be having a capacity of 1.25 million tons per annum. The company also informed that the board of directors will discuss the sale or restructure or reorganisation of the overseas subsidiaries of the company for the reduction in debt exposure of the company in their meeting to be held on 10 August 2017. The announcement was made after market hours yesterday, 3 August 2017.

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GAIL (India) in focus after commencing construction of pipeline in Kerala
Aug 03,2017

GAIL (India) said it has commenced 100% construction work in Kerala stretch of Kochi - Koottanad - Mangaluru-Bengaluru Pipeline (KKMBPL) project. GAIL started its foray into the state of Kerala with KKMBPL with a total project cost of Rs 3263 crore. Despite the initial hurdle, the Kerala stretch of the project will gain impetus with commencement of 100% construction work. This pipeline will form part of the National Gas Grid and it will go a long way in fulfilling the vision of the Government of India towards building a gas based economy, the company said. The announcement was made after market hours yesterday, 2 August 2017.

Wipro and Tricentis announced a partnership for quality engineering. This partnership with Tricentis will strengthen Wipros quality engineering and testing services capabilities, by integrating Tricentis Tosca, a continuous testing platform, with Wipro AssureNXT, a managed services QA platform combined with the capabilities of Wipro HOLMES Artificial Intelligence Platform as a part of the broader automaton ecosystem. The announcement was made after market hours yesterday, 2 August 2017.

Among prominent companies, Colgate-Palmolive (India), Indian Oil Corporation and Titan Company will announce April-June 2017 results today, 3 August 2017.

Bata Indias net profit rose 19.7% to Rs 60.43 crore on 11% increase in net sales to Rs 736.06 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 2 August 2017.

Bata India said its focus on lifestyle segment, improved visual merchandising yielded an impressive 10% growth in same store sales and opening of 40 new stores resulted in 15% growth in retail turnover for this quarter. Additional footfalls were generated through various marketing initiatives including the recently launched TV campaign. The company saw a gross margin improvement of 1% through introduction of value added products and change in the product mix.

Majesco said it entered into a deed of assignment dated 1 August 2017 for assignment of all its rights, title and interest in relation to the property located in Pune, Maharashtra in favor of A.P. Estates for a total consideration of Rs 15.55 crore. The said transaction has been completed on 1 August 2017. The announcement was made after market hours yesterday, 2 August 2017.

On a consolidated basis, Sical Logistics net profit rose 75.86% to Rs 11.80 crore on 14.40% increase in net sales to Rs 244.76 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 2 August 2017.

Meanwhile, Sical Logistics said it will provide corporate guarantee to the extent of Rs 40 crore to Kamarajar Port on behalf of the companys subsidiary for execution of the modification project. The announcement was made after market hours yesterday, 2 August 2017.

Bajaj Finance has entered into a subscription agreement with One MobiKwik Systems (MobiKwik) for acquisition of 10 equity shares and 271,050 compulsory convertible preference shares (CCPS). Post conversion of CCPS, the company would hold approximately 10.83% of equity in MobiKwik on a fully diluted basis. The value of the transaction envisaged is approximately Rs 225 crore. The conclusion of the transaction is subject to fulfillment of certain conditions in due course. The company has also entered into a shareholders agreement, which would become effective on conclusion of the above investment transaction. The announcement was made after market hours yesterday, 2 August 2017.

Karnataka Bank, as part of its asset liability management, has introduced four interest variants on the balances maintained in savings bank (SB) accounts by its customers. For daily balances of above 1 crore, the interest rate is revised to 5% per annum (p.a.), from the existing 4% p.a., whereas for daily balances of 50 lakhs to 1 crore, the applicable interest rate is 4% p.a. Similarly for daily balance in the range of more than 1 lakh to 50 lakhs, the interest rate is reduced to 3.5% from the existing 4% and balance below 1 lakh, the revised rate is 3% from the existing 4%. The decision is effective from Thursday, 3 August 2017. The above interest rate is applicable to resident Indians and also to SB-NRO & NRE accounts. The announcement was made after market hours yesterday, 2 August 2017.

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Interest rate sensitives in spotlight on RBI policy
Aug 02,2017

Interest rate sensitive auto, banking and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting outcome at 14:30 IST today, 2 August 2017. In June 2017, RBI kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remained at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.5%.

Hero MotoCorp said its total two-wheeler sales rose 17.1% to 6.23 lakh units in July 2017 over July 2016, despite sluggish sales for the first few days of the month due to the transition to GST. The announcement was made after market hours yesterday, 1 August 2017.

Coal India reported production and offtake figures for July 2017, which were close to their targets for the month. Coal India said that production of the company and its subsidiary companies on provisional basis was 97% of targeted production at 36.64 million tonnes in July 2017. Offtake was 99% of target at 44.33 million tonnes in July 2017. The announcement was made after market hours yesterday, 1 August 2017.

Hindustan Copper will be watched. The government will sell 3.70 crore equity shares, or 4% equity, in Hindustan Copper at a floor price of Rs 64.75 each through a two-day offer-for-sale (OFS) beginning today, 2 August 2017, with an option to issue a similar number of shares in case of over subscription. The announcement was made after market hours yesterday, 1 August 2017.

Pharma major Lupin announced that it has received final approval for its Fluocinonide Topical Ointment USP, 0.05% from the United States Food and Drug Administration (FDA) to market a generic version of County Line Pharmaceuticals, LLCs Lidex Ointment, 0.05%. Lupins Fluocinonide Topical Ointment USP, 0.05% is AB rated generic equivalent of County Line Pharmaceuticals, LLCs Lidex Ointment, 0.05%. It is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses. Lidex Ointment had US sales of $40.3 million as per IMS MAT March 2017. The announcement was made after market hours yesterday, 1 August 2017.

Dredging Corporation of India (DCI) has participated in the tender invited by Mumbai Port Trust for maintenance dredging work for three years from 2017-2018. The project involves dredging of around 11 million cum at an estimated cost of Rs 141.06 crore for 3 years. DCI stood L1 (lowest bidder) in a stiff competition with an international company at a cost of Rs 83.998 crore. Mumbai Port Trust is expected to issue the work order soon. DCI re-captured the maintenance dredging work at Mumbai Port after almost a decade. The announcement was made after market hours yesterday, 1 August 2017.

Swan Energy announced that its subsidiary, Swan LNG, executed contract agreement worth Rs 459 crore for engineering, procurement, construction and commissioning (EPCC) of the LNG jetty topside and onshore facilities for its 5 million metric tonnes per annum (MMTPA) FSRU based LNG port project near Jafrabad, Gujarat, India with Black & Veatch. The announcement was made after market hours yesterday, 1 August 2017.

GSFC announced that Ammonia-IV plant is re-started after rectifying the problems. Ammonia production is started (at 70% capacity) since 30 July 2017. Production levels of downstream plants are being increased which were affected due to Ammonia availability. During stoppage of Ammonia production, liquid Ammonia was arranged to maximum possible extent through external supply. Operation of Urea-II plant shall also commence shortly. The announcement was made after market hours yesterday, 1 August 2017.

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Tech Mahindra in spotlight after Q1 results
Aug 01,2017

Tech Mahindras consolidated net profit rose 34.27% to Rs 791.79 crore on 0.17% growth in total income to Rs 7746.79 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 31 July 2017.

Persistent Systems announced that its Germany-based wholly-owned subsidiary, Persistent Systems Germany GmbH, completed its acquisition of PARX Werk AG, Switzerland. PARX is a salesforce certified platinum partner in DACH region. The acquisition was subject to customary closing conditions which were expected to get completed within 3-4 weeks. The announcement was made after market hours yesterday, 31 July 2017.

Sobha said its board will meet on 4 August 2017 to consider a proposal for buyback of equity shares of the company, for an aggregate amount up to Rs 62 crore. The announcement was made after market hours yesterday, 31 July 2017.

Biocon will be watched. In response to some media queries regarding the US Food and Drug Administration (USFDA) visit to Biocon in May/June 2017, a company spokesperson informed that this USFDA visit was a part of the regular periodic audit for a small molecule injectable. The company has responded to the regulator with a Corrective and Preventive Action Plan (CAPA) and is on track to implement them in a timely manner. The announcement was made after market hours yesterday, 31 July 2017.

Parsvnath Developers said it acquired 10,000 equity shares of Rs 10 each at par of Farhad Realtors (FRPL), an associate company, from the existing shareholders of FRPL, consequent upon which FRPL has become wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 31 July 2017.

Vascon Engineers has received letter of award from Transcon Sheth Creators, a domestic entity for the work of civil construction, finishing, electrical and fire fighting work of residential building no 3 and 4 (Ground plus 23 Floors) in Malad (West) amounting to Rs 80.41 crore. The work has to be completed within 24 months from the date of receipt of work order. The announcement was made after market hours yesterday, 31 July 2017.

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L&T in focus after Q1 result
Jul 31,2017

Net profit of Larsen & Toubro (L&T) rose 2.09% to Rs 558.14 crore on 15.79% rise in net sales to Rs 13937.04 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 28 July 2017.

On a consolidated basis, L&Ts net profit rose 50.60% to Rs 1028.30 crore on 9.59% rise in net sales to Rs 23810.86 crore in Q1 June 2017 over Q1 June 2016.

L&T won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. International orders at Rs 7885 crore, constituted 30% of the total order inflow. Major orders during the quarter were secured by infrastructure segment. Consolidated order book of the group stood at Rs 262860 crore as on 30 June 2017, marginally higher by 2% on a year on year basis. International order book constituted 26% of the total order book.

L&T said that prospects of a good monsoon, rural wage growth, pay hike for state government employees, lower lending rates and a modest pick-up in external demand are expected to catalyse GDP growth. The company said its focus continues to be on selective order intake, working capital reduction, cost optimization through strengthening execution operational efficiencies and productivity enhancement through digitalization and other initiatives. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves.

Net profit of NTPC rose 12% to Rs 2618.17 crore on 4.3% rise in net sales to Rs 19879.32 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.

Net profit of Pfizer declined 28.6% to Rs 57.17 crore on 16.02% decline in net sales to Rs 420.91 crore in Q1 June 2017 over Q1 June 2016. The result was announced on Saturday, 29 July 2017.

Among prominent companies, Reliance Power, Shree Cement and Siemens will announce April-June 2017 results today, 31 July 2017.

ONGC will be watched. With reference to media report suggesting Cabinet clears plan to pipe away HPCL stake to ONGC, the state-run oil major clarified that it was reported in the media that the Union Cabinet in its meeting held on 19 July 2017 has in- principle decided to disinvest its existing 51.11% of total equity shareholding in HPCL to ONGC. However, ONGC has not yet received any communication from the Government of India on the aforesaid decision. The clarification was issued on Saturday, 29 July 2017.

In the budget speech for the year 2017-18, the Finance Minister indicated that the government sees opportunities to strengthen its CPSEs through consolidation, mergers and acquisitions. By these methods, the CPSEs can be integrated across the value chain of an industry. It will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders. Possibilities of such restructuring are visible in the oil and gas sector. The government proposes to create and integrated public sector oil major which will be able to match the performance of international and domestic private sector oil and gas companies.

Wipro announced that Wipro Gallagher Solutions (WCS) released the latest version of its Loan Origination System (LOS), NetOxygen v5.O. NetOxygen v5.0, which provides users such as loan officers, processors and administrators with more simplified innovation and configuration tools to meet lenders evolving needs and support next-gen lender transformation. The announcement was made before trading hours today, 31 July 2017.

In the first of a series of significant advancements designed to simplify innovation, NetOxygen v5.O streamlines access to its Application Programming Interfaces (APIs) through the development of a Loan Gateway Service. The Loan Gateway Service enables direct data sharing between third-party partners and NetOxygen, accelerating the development and deployment of future-ready lending models. NetOxygen v5.O also accelerates and simplifies configuration through a suite of easy-to-use self-service tools available to business users. The business tools enable lenders to address necessary and urgent business changes such as fee schemes, conditions, products, and user maintenance without intervention from the IT team.

Alok Industries announced on Saturday, 29 July 2017, that it has a processing plant in Navi Mumbai, where there is no production since the last 14 months primary due to labour issues. Arising out of a notice that the company put up on 14 July 2017, a lock-out has been declared at the said plant from Saturday, 29 July 2017. The working of the company is however expected to remain normal despite the above development.

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