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UDAN to promote Regional Connectivity
Nov 17,2016

The Ministry of Civil Aviation (MoCA) launched the Regional Connectivity Scheme (RCS)-UDAN in October, 2016, to promote regional air connectivity in the country including North Eastern region and creating additional infrastructure by revival of unserved and underserved airports/airstrips. The scheme has been finalized after extensive consultation with all the stakeholders including State Governments. Suggestions were received from stakeholders including the states at the time of consultation with public/stakeholders on the draft Scheme.

The indicative list of underserved and unserved airports in India of the Scheme also includes Defence airports. However, for such airports, approval from Ministry of Defence needs to be obtained for permitting joint use/civil operation under the Scheme.

The primary objective of RCS is to facilitate / stimulate regional air connectivity by making it affordable. Promoting affordability of Regional air connectivity is envisioned under RCS by supporting airline operators through (i) concessions by Central Government, State Governments and airport operators to reduce the cost of airline operations on regional routes and (ii) financial support (Viability Gap Funding or VGF) to meet the gap, if any, between the cost of airline operations and expected revenues on such routes. RCS-UDAN is a demand-driven scheme, where airline operators undertake assessment of demand on particular routes.

A Regional Connectivity Fund (RCF) has been created under powers conferred under Rule 88-B of the Aircraft Rules, 1937 to provide the VGF requirements under the scheme. The Central Government has decided to impose a levy on the scheduled flights being operated within India to fund the Regional Connectivity Fund. However, following flights has been exempted from the above mentioned levy:;

i) Flights operated on CAT II/ CAT IIA routes as specified in Route Dispersal Guidelines issued under Rule 134 (1A).;

ii) Flights operated on RCS routes.;

iii) Flights operated with aircraft having maximum certified take off mass not exceeding 40,000 kg.

The payment of VGF will be made to selected airline operators from the RCF.

For imposing levy, amendment was done after consulting all stakeholders. Observations/ comments from different stakeholders including Federation of Indian Airlines (FIA) were considered before amending the rule ibid. The Ministry has signed MoU on RCS-UDAN with the states of Mizoram, Puducherry, Uttarakhand, West Bengal, Assam, Jharkhand, Madhya Pradesh, Maharashtra, Andhra Pradesh, Gujarat and Chhattisgarh. A pre-bid meeting was held on 11-11-2016 with all the stakeholders including states and airline operators to facilitate the effective and efficient implementation of the scheme.

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Polaris Consulting & Services allots equity shares
Nov 17,2016

Polaris Consulting & Services announced that the Stakeholders Relationship Committee of Directors of the Company vide their circular resolution dated 17 November 2016 has approved, the allotment of 900 numbers of Equity Shares of Rs. 5/- each to 1 (One) Associates under ASOP 2011 Scheme.

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Edelweiss Financial Services provides update on subsidiary - Edel Commodities
Nov 17,2016

Edelweiss Financial Services announced that Edel Commodities Limited (ECL), a wholly owned subsidiary of the Company, has entered into a Share Sale & Purchase Agreement with Inditrade Business Consultants (Buyer/IBCL) on 17 November 2016 for sale of its wholly owned subsidiary namely Edel Commodities Trading Limited (ECTL) for a deal size of minimum of Rs. 13 crore receivable in cash and shares.

IBCL is a subsidiary of Inditrade Capital Limited with focus on commodity procurement, financing and export of commodities. It operates in 7 states and is rapidly scaling up its operations in India and abroad.

The aforesaid transactions are not with the Promoter/Promoter Group and also does not fall under the related party transactions.

Consequent to the above, ECTL, Edelweiss Commodities CHAD SARL and Edelweiss Commodities Nigeria Limited, the subsidiaries of ECTL, ceases to be the subsidiaries of ECL and, in turn of the Company.

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Board of La Tim Metal & Industries to consider preferential issue of shares
Nov 17,2016

La Tim Metal & Industries announced that the Meeting of the Board of Directors of the Company will be held on 25 November 2016 to discuss on its plan relating to further Issue of Shares on Preferential basis.

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Canara Bank revises deposit interest rates
Nov 17,2016

Canara Bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5bps to 25 bps and these are effective from 21 November 2016.

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Zensar Technologies allots equity shares
Nov 17,2016

Zensar Technologies announced that on exercise of Stock Option by Employees of the Company, the Nomination and Remuneration Committee of the Directors has on 17 November 2016 allotted fully paid up 8,060 Equity Shares of Rs. 10.00 each of the Company to its employees.

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Punj Lloyd provides update on subsidiary - Punj Lloyd Infrastructure
Nov 17,2016

Punj Lloyd announced that Punj Lloyd Infrastructure (n++PLILn++), a wholly owned subsidiary of the Company has executed definitive agreements with India Power Green Utility (n++IPGUPLn++) to co-develop 30 MW of solar assets in Uttarakhand, in respect of three Solar Power Projects, each of 10 MW capacity won by PLIL under the tarrif based competitive bidding process in October 2015 to be executed by its Wholly Owned Subsidiaries (WOS) viz. PL Surya Vidyut, PL Sunrays Power, and PL Solar Renewable.

As per the transaction, PLIL will divest 49% of its shareholding in its three subsidiaries viz. PL Surya Vidyut, PL Sunrays Power and PL Solar Renewable. The SPVs have signed 25 years power purchase agreements with Uttarakhand Power Corporation. The Company shall be responsible for the entire engineering, procurement and commissioning of the above projects.

The transaction is expected to be completed once customary closing conditions and approvals are obtained. Greenstone Energy Advisors is acting as the exclusive financial advisor to PLIL for the transaction.

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Board of Enkei Wheels India to consider preferential issue of shares
Nov 17,2016

Enkei Wheels India announced that Meeting of the Board of Directors of the Company will be held on 23 November 2016, inter-alia, to consider the following:

1. Issue of Equity Shares to its Promoter i.e. Enkei Corporation, Japan on Preferential basis in terms of provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements), Regulations, 2009.

2. Convening an Extra-Ordinary General Meeting and other incidental issues.

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Board of Jyoti Resins and Adhesives to consider preferential issue of shares
Nov 17,2016

Jyoti Resins and Adhesives announced that Meeting of Board of Directors of the Company is scheduled to be held on 22 November 2016, inter alia, to propose and consider the Issue of Equity shares on preferential basis to Promoter and Promoter Group of the Company.

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Board of Astral Poly Technik approves interim dividend
Nov 17,2016

Astral Poly Technik announced that the Board of Directors of the Company at its meeting held on 17 November 2016, inter alia, has considered and approved followings:-

- Payment of Interim Dividend @ Re. 0.20/- per Equity Share of Re. 1/- each. Payment of dividend shall be made before 10 December 2016.

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Power Mech Projects to announce September quarter results
Nov 17,2016

Power Mech Projects announced that a meeting of Board of Directors of the Company is scheduled to be held on 02 December 2016 to inter alia consider, approve the Un Audited Financial Results of the Company for the quarter ended 30 September 2016.

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Asia Pacific Market: Stocks end mixed
Nov 17,2016

Asia Pacific share market closed mixed on Thursday, 17 November 2016, pausing for breath, as the US dollar hovered near 14-year highs and on caution ahead of inflation, jobs and exports data expected from the U.S. and testimony from Federal Reserve Chairwoman Janet Yellen on the economic outlook to Congress later in the day.

Later in the U.S. on Thursday, data on October consumer prices, weekly jobless claims and export sales are due. But the market will be focused on congressional testimony from Ms. Yellen. New York Fed President William Dudley and Fed Board Governor Lael Brainard will also be speaking at public events.

The US dollar hovered near 14-year highs, boosted by rising U.S. bond yields. The ICE Dollar Index, which tracks the greenback against a basket of six currencies, rose to 100.57 earlier in the session, its highest level since April 2003. It was last trading 0.2% down at 100.23.

Among Asian bourses

Australia Stocks end tad higher

Australian share market ended marginally higher, as gains in telecom, utilities, realty, and healthcare stocks were more than offset fall in bullion, energy, and financial players. At the closing bell, the benchmark S&P/ASX 200 index rose 10.80 points, or 0.2%, to 5,338.50, while the broader All Ordinaries index increased 9.30 points, or 0.17%, to 5,408.90.

Telecom sector was biggest gainer of the ASX sectoral group, led by Telstra, rising 2.8% to A$4.84, after the telecommunications giant said it expects a A$1 billion reduction in core fixed costs by fiscal year 2021. The healthcare and utilities sectors also advanced. CSL and Scentre Group were up 1.9% and 1.2% respectively.

Shares of energy companies declined as global oil prices eased overnight and in early Asian trade. Santos dropped 1.3% to A$3.95, while Woodside Petroleum advanced 0.8% to A$29.27 and Origin Energy added 2.6% to A$5.64.

James Hardie was up 4.5% to A$20.40 despite the building products company posting a 24% fall in half year profit to $US144.1 million.

OFX, the former OZForex, was up 6.5% to A$1.54, making up lost ground from yesterday when the currency transfer group posted a 14% fall in net profit to A$9.66 million for the six months to September.

Nikkei closes flat

The Japan share market closed steady after recovering from an early falls, as a rally fuelled by a weaker yen lost steam. Stocks met with selling to lock in profits at the beginning of Thursdays trading after the 30-issue Dow Jones industrial average snapped its seven session winning streak on Wednesday. In particular, financial issues and export-oriented names took a beating, as investors grew worry after the two sectors led the recent market surge. But the Nikkei average turned higher in midmorning trading, as the dollar retook 109 yen after the Bank of Japan offered to buy Japanese government bonds at designated yields for the first time since it introduced the fixed-rate JGB buying operation in September. In the afternoon, the key market gauge fluctuated around the previous days closing level, with its downside supported by the dollars stable moves around 109 yen. The benchmark Nikkei 225 index gained 0.42 point to 17,862.63, the best level since early February, while the broader Topix index of all first-section issues was up 0.1%, or 1.43 points, at 1,423.08.

Domestic demand-oriented issues, such as daily goods maker Kao, Nippon Telegraph and Telephone and railway operator JR East, were buoyant. Other major winners included mobile phone carrier SoftBank Group, airline ANA, game producer Nintendo and oil company Inpex. By contrast, mega-banks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, insurer Dai-ichi Life and brokerage firm Nomura were downbeat.

China Stocks edge up

Mainland China stock market closed edge higher, snapping a two-session losing streak, as gains for big-cap infrastructure stocks offset a weak resources sector. But gains were capped on concerns over strength in the U.S. dollar and worries over capital outflows. The benchmark Shanghai Composite Index added 0.1% to close at 3,208.45 points. The CSI 300 index closed 0.2% higher at 3,436.54 points.

A strong US dollar and worries over capital outflows also curbed investor appetites. With the dollar index still hovering near a 13-1/2 year high against a basket of currencies, there are persistent fears of yuan depreciation, as global investors continue to bet US President-elect Donald Trumps policies will result in higher inflation and stronger US economic growth.

Shares in infrastructure companies and those related to the Belt and Road initiative picked up. Metallurgical Corp of China jumped the daily cap of 10%, and Power Construction Corp of China was up more than 4%.

Gree Electric Appliances, Chinas largest air conditioner manufacturer, gained 2% after the company scrapped plans to acquire a lithium battery producer.

Hong Kong Stocks close lower

The Hong Kong stock market closed a shade down, as stocks met with selling after the 30-issue Dow Jones industrial average snapped its seven session winning streak on Wednesday. The Hang Seng Index ended down 0.08%, or 17.65 points, to 22,262.88 and the Hang Seng China Enterprises index lost 0.38%, or 36 points, to 9,326.54. Turnover increased slightly to HK$62.3 billion from HK$65.9 billion on Wednesday.

Macau gaming counters rose. Galaxy Entertainment (00027) and Sands China (01928) surged 4.3% and 5.2% to HK$34.95 and HK$36.35. Melco International (00200) rose 2.6% to HK$11.08. S&P Global Ratings yesterday forecast Macaus gaming revenue will be flat to 10% higher in 2017.

Shipping counters were higher as Baltic Dry Index (BDI) jumped again. Pacific Basin Shipping (02343) surged 3.9% to HK$1.35. China Shipping Container Lines (02866) jumped 4% to HK$1.77. China COSCO Holdings (01919) soared 6.5% to HK$3.12. Singamas Container (00716) shot up 6.8% to HK$0.94.

Tencent (00700) slipped 1% to HK$194.8 after the internet giant reported its 9-month earnings growth of 41%, with 3Qs growth of 43%. Research houses were mixed on its report.

Sensex slides over 4% in four sessions

Telecom, IT sector stocks and index heavyweight HDFC Bank led small losses for key benchmark indices in a volatile trading session. The barometer index, the S&P BSE Sensex, fell 71.07 points or 0.27% to settle at 26,227.62. The Nifty 50 index fell 31.65 points or 0.39% to settle at 8,079.95.

Bharti Airtel fell 4.26% to Rs 296.35. The company announced the completion of the merger of its subsidiary Airtel Bangladesh with Robi Axiata, a unit ofAxiata Group Berhad. The merger was completed following the fulfilment of the condition precedents to the agreement and filing of the merger order with the registrar of joint stock companies and firms of Bangladesh Court. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo.

Reliance Communications (RCom) fell 0.26% to Rs 38.40. RCom, through its wholly-owned subsidiary Reliance Globalcom Services Inc, acquired a newly incorporated company named Onyx NewCo LLC (ONL), a Delaware Registered Company, on 15 November 2016. Delaware is a state located in the United States. ONL will be a telecommunications company, which is yet to commence its business operations.

Elsewhere in the Asia Pacific region: New Zealands NZX50 added 0.6% to 6856.18. Indonesias Jakarta Composite index rose 0.15% to 5193. Taiwans Taiex added 0.4% to 8995.26. South Koreas KOSPI index declined 0.5% to 1970.74. Malaysias KLCI was down 0.1% to 1626.77. Singapores Straits Times index rose 0.7% to 2813.48.

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Hong Kong Stocks close lower
Nov 17,2016

The Hong Kong stock market closed a shade down on Thursday, 17 November 2016, as stocks met with selling after the 30-issue Dow Jones industrial average snapped its seven session winning streak on Wednesday. The Hang Seng Index ended down 0.08%, or 17.65 points, to 22,262.88 and the Hang Seng China Enterprises index lost 0.38%, or 36 points, to 9,326.54. Turnover increased slightly to HK$62.3 billion from HK$65.9 billion on Wednesday.

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China Stocks edge up
Nov 17,2016

Mainland China stock market closed edge higher on Thursday, 17 November 2016, snapping a two-session losing streak, as gains for big-cap infrastructure stocks offset a weak resources sector. But gains were capped on concerns over strength in the U.S. dollar and worries over capital outflows. The benchmark Shanghai Composite Index added 0.1% to close at 3,208.45 points. The CSI 300 index closed 0.2% higher at 3,436.54 points.

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HPL Electric & Power standalone net profit declines 85.67% in the September 2016 quarter
Nov 17,2016

Net profit of HPL Electric & Power declined 85.67% to Rs 1.96 crore in the quarter ended September 2016 as against Rs 13.68 crore during the previous quarter ended September 2015. Sales declined 34.87% to Rs 198.27 crore in the quarter ended September 2016 as against Rs 304.43 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales198.27304.43 -35 OPM %13.3112.36 - PBDT7.5920.84 -64 PBT2.3116.30 -86 NP1.9613.68 -86

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