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IT stocks witness selling pressure
Jun 07,2017

Hexaware Technologies (down 6%), TCS (down 4.17%), Infosys (down 3.28%), Tech Mahindra (down 3.23%), MindTree (down 3.21%), Wipro (down 3.06%), HCL Technologies (down 1.28%), MphasiS (down 1.22%) and Oracle Financial Services Software (down 0.01%), edged lower. Persistent Systems was up 1.91%.

The S&P BSE IT index was down 2.82% at 10,226.11. It underperformed the Sensex, which was down 0.01% at 31,188.92.

The S&P BSE IT index had outperformed the market over the past one month till 6 June 2017, rising 6.53% compared with 4.23% rise in the Sensex. The index had, however, underperformed the market in past one quarter, rising 1.12% as against Sensexs 7.92% rise. The index had also underperformed the market in past one year, falling 9.65% as against Sensexs 15.48% rise.

Infosys chief operating officer Pravin Rao was quoted by the media as saying that clients are likely to slash their IT spend sharply. He said that clients are looking at cutting costs, something that would dent revenues for Indias $150-billion IT industry.

As more deals come up for renewal, clients are asking for 20-30% cost take-out, explained Rao. Even if a company has been successful in execution, clients are asking for a reduction in costs by 20-30% for the same projects due to commoditisation, he reportedly said.

Meanwhile, IT majors like Wipro, Infosys, Cognizant and Tech Mahindra have reportedly initiated annual performance reviews, a process that weeds out bottom performers or non-performers. This has compounded fears that thousands of employees in the sector could be shown the door over the next few weeks, reports added.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 64.41, compared with its close of 64.4275 during the previous trading session.

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Cabinet approves Agreement between India and Somalia on transfer of sentenced persons
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and subsequent ratification of the Agreement on Transfer of sentenced persons between India and Somalia.

Signing the Agreement with Somalia shall facilitate the Indian prisoners imprisoned in Somalia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.

The Government of India has signed bilateral Agreements on Transfer of Sentenced Persons with United Kingdom, Mauritius, Bulgaria, France, Egypt, Sri Lanka, Cambodia, South Korea, Saudi Arabia, Iran, Bangladesh, Brazil, Israel, Bosnia & Herzegovina, UAE, Italy, Turkey, Maldives, Thailand, Russian Federation, Kuwait, Vietnam, Australia, Hong Kong, Qatar, Mongolia, Kazakhstan, Bahrain and Estonia.

Background:

Prior to 2004, there was no domestic legislation under which foreign prisoners could be transferred to the country of their origin to serve the remaining part of their sentence, nor was there a provision for the transfer of prisoners of Indian origin convicted by a foreign court to serve their sentence in India. The transfer of such prisoners to their own native countries shall facilitate their social rehabilitation.

Hence the Repatriation of Prisoners Act, 2003 was enacted for achieving the above purpose. For achieving the objectives of the Act, a treaty/agreement is required to be signed with countries having mutual interest with us on this matter. The said treaty/agreement is required to be notified in the Official Gazette.

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Tata Elxsi corrects on profit booking
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 19.91 points, or 0.06% to 31,210.47.

On the BSE, 1.30 lakh shares were traded in the counter so far, compared with average daily volumes of 54,250 shares in the past one quarter. The stock had hit a high of Rs 1,562.20 and a low of Rs 1,481 so far during the day. The stock hit a 52-week high of Rs 1,827 on 9 June 2016. The stock hit a 52-week low of Rs 1,021.65 on 21 November 2016.

The stock had underperformed the market over the past one month till 6 June 2017, rising 0.72% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.53% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 14.64% as against Sensexs 15.48% rise.

The mid-cap company has equity capital of Rs 31.14 crore. Face value per share is Rs 10.

Shares of Tata Elxsi rose 13.41% in two trading sessions to settle at Rs 1,540.50 yesterday, 6 June 2017, from its close of Rs 1,358.40 on 2 June 2017.

Recent gain in the stock price was triggered by the companys driverless car platform being selected by leading original equipment manufacturer. Tata Elxsi announced the licensing of its advanced autonomous vehicle middleware platform AUTONOMAI to one of the worlds top 5 automotive OEMs (original equipment manufacturers) for their driverless car R&D (research and development).

The Autonomai platform provides carmakers and Tier 1 automotive suppliers with a comprehensive and modular solution covering perception, GNC (guidance navigation control) and drive-by-wire systems, to quickly build, test and deploy autonomous vehicles.

This solution supports sensor fusion with a variety of sensors from cameras to radar and lidar, and leverages sophisticated artificial intelligence (AI) and deep learning based algorithms to deliver the complex use-case scenarios expected of driverless cars.

Autonomai also allows rapid region specific adaptation through its pre-integrated validation datasets and AI & deep learning capabilities.

Net profit of Tata Elxsi rose 8.3% to Rs 44.50 crore on 10.92% rise in net sales to Rs 326.05 crore in Q4 March 2017 over Q4 March 2016.

Tata Elxsi is a global design and technology services company, headquartered in Bangalore.

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Cabinet approves Signing of MoU between Securities and Exchange Board of India and European Securities and Markets Authority
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Securities and Exchange Board of India (SEBI) for entering into a Memorandum of Understanding (MoU) with European Securities and Markets Authority (ESMA) in relation to Mutual Co-operation.

The MoU is likely to establish cooperation arrangements as a precondition for ESMA to recognize Central Counter Parties (CCPs) established in India and supervised by the Securities and Exchange Board of India to provide clearing services to clearing members or trading venues established in the European Union and to provide ESMA with adequate tools to monitor the on-going compliance by the Covered CCPs with the Recognition Conditions.

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Board of Hester Biosciences approves investment in subsidiary
Jun 07,2017

Hester Biosciences announced that the Companys Board of Directors have decided and approved to make an investment in its wholly owned subsidiary Company namely Hester Biosciences Africa, incorporated in the Tanzania, Africa, to the extent of USD 3 million. The main business of the wholly owned subsidiary Company will be of Manufacturing and Trading of Veterinary Vaccines and Health Products.

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Volumes jump at NG Industries counter
Jun 07,2017

NG Industries clocked volume of 7.81 lakh shares by 13:55 IST on BSE, a 1904.27-times surge over two-week average daily volume of 410 shares. The stock rose 4.35% to Rs 84.

Asian Hotels (West) notched up volume of 5.08 lakh shares, a 1218.13-fold surge over two-week average daily volume of 417 shares. The stock fell 2.01% to Rs 180.

Persistent Systems saw volume of 8.55 lakh shares, a 67.37-fold surge over two-week average daily volume of 13,000 shares. The stock rose 2.37% to Rs 633.90.

Colgate Palmolive (India) clocked volume of 3.56 lakh shares, a 17.85-fold surge over two-week average daily volume of 20,000 shares. The stock rose 3.05% to Rs 1,057.75.

Venkys (India) saw volume of 95,000 shares, a 16.06-fold rise over two-week average daily volume of 6,000 shares. The stock jumped 13.51% to Rs 1,420.

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Board of Federal Bank approves raising funds via issue of debt securities
Jun 07,2017

The Board of Directors of Federal Bank at its meeting held on 07 June 2017 approved raising of funds by way of issue of debt securities upto Rs 4000 crore in Indian currency by the Bank in one or more tranches.

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ICICI Bank allots 174,075 equity shares
Jun 07,2017

ICICI Bank has allotted 174,075 equity shares under ESOS on 05 June 2017.

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Mindtree gets NCLT approval for composite scheme of amalgamation
Jun 07,2017

Mindtree announced that NCLT has passed the Order approving the Composite Scheme of Amalgamation of Discoverture Solutions LLC. (Transferor Company 1) and Relational Solutions Inc. (Transferor Company 2) with Mindtree on 01 June 2017.

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Board of Coral India Finance & Housing recommends final dividend
Jun 07,2017

Coral India Finance & Housing announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Rishabh Digha Steel& Allied Products recommends final dividend
Jun 07,2017

Rishabh Digha Steel& Allied Products announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 1.5 per equity Share (i.e. 15%) , subject to the approval of the shareholders.

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Board of KG Denim recommends final dividend
Jun 07,2017

KG Denim announced that the Board of Directors of the Company at its meeting held on 23 May 2017, inter alia, have recommended the final dividend of Rs 0.75 per equity Share (i.e. 7.5%) , subject to the approval of the shareholders.

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Tata Motors announces Jaguar Land Rover sales
Jun 07,2017

Jaguar Land Rover retail sales reached 45,487 vehicles in May 2017, up 1% compared to May 2016 with continued strong demand for the Jaguar F-PACE, since sales began 12 months ago, and solid sales growth of the long wheel base Jaguar XFL from our China Joint venture.

Retail sales for May were up year-on-year in China (22.7%), and in North America (15.5%). Sales were down in Europe (6.3%) and in the Overseas region (15.0%) as economic conditions remain challenging in emerging markets. UK sales were down 11.2% as customers purchased new vehicles ahead of the increase in Vehicle Excise Duty rates effective from 1 April 2017.

Jaguar hit record May retails with 13,613 vehicles sold, up 28.0% on the previous year with continued solid demand for the F-PACE and growing sales of the long wheel base XFL from its China joint venture. Land Rover retailed 31,874 vehicles in May, down 7.1% on the same month last year, as the sales of the all new Discovery (now on sale in the UK, Europe and China) and solid sales of the Range Rover were more than offset by the impact of Vehicle Excise Duty rates in the UK from 1 April 2017 and challenging conditions in Overseas markets such as Russia, Brazil and South Africa.

Retail sales for Jaguar Land Rover were 265,381 vehicles in the first five months of 2017, up 8.3% compared to the same period last year.

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Maruti Suzuki India announces production figures
Jun 07,2017

Maruti Suzuki India achieved production of 151,262 units in May 2017 compared to 129,509 units in May 2016.

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Goenka Business & Finance announces change in directorate
Jun 07,2017

Goenka Business & Finance announced the appointment of Hemal Gohel As an Additional Director of the Company and resignation of Prashant Ukani as a Director of the Company.

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