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Shree Digvijay Cement Co. to hold board meeting
Apr 01,2017

Shree Digvijay Cement Co. will hold a meeting of the Board of Directors of the Company on 21 April 2017, for Consideration Of The Audited Financial Results 2016-17.

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SASEC program of Asian Development Bank (ADB) expanding towards the East with Myanmar becoming its newest member in 2017
Apr 01,2017

South Asia Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) is expanding towards the East with Myanmar formally becoming the 7th member of SASEC in 2017.

Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance of India noted that Myanmar is key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia and that Myanmars membership in SASEC can offer a host of opportunities for realizing synergies from economic cooperation in the sub-region.

SASEC member countries recognize that most of SASECs multimodal connectivity initiatives include Myanmar. Road corridors in Myanmar provide the key links between South Asia and Southeast Asia. Ports in Myanmar will provide additional gateways to the landlocked North Eastern region of India. Development of multi-modal connectivity between North Eastern region of India, Bangladesh and Myanmar has the potential of unleashing tremendous economic energy in the sub-region.

SASECs energy connectivity and energy trade prospects will be enhanced with the inclusion of Myanmar, involving its substantial resources of hydropower and natural gas. Moreover, developmental impacts of economic corridor in the SASEC sub-region will be maximized by exploring potential synergies with corridors in Myanmar that are linked to those in other Southeast Asian countries.

Myanmar was accorded an observer status of SASEC in 2013 when ADBs annual meeting was held in Noida, India. Myanmar has been participating in annual SASEC Nodal Officials meetings as an observer since 2014. It was invited by the participating countries of SASEC countries to become a full member in 2015.

The SASEC program was formed in 2001 in response to the request of the four countries of South Asia - Bangladesh, Bhutan, India and Nepal - from ADB to assist in facilitating economic cooperation among them. These four countries comprise the South Asia Growth Quadrangle (SAGQ), formed in 1996, as a vehicle for accelerating sustainable economic development through regional cooperation. As a project-based partnership, the SASEC program has been helping realize regional prosperity by enhancing cross-border connectivity, facilitating faster and more efficient trade and promoting cross-border power trade. Maldives and Sri Lanka joined SASEC in 2014, further expanding opportunities for enhancing economic linkages in the sub-region.

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Future Lifestyle Fashions raises Rs 250 crore for its Lee Cooper brand
Apr 01,2017

Future Lifestyle Fashions (FLF) announced the completion of Rs 250 crore fund raise in the Lee Cooper business, a leading brand in its portfolio.

FLF has moved the Lee Cooper brand business to Future Speciality Retail (FSRL), a step down subsidiary of FLF, on 29 March 2017. FSRL has issued Compulsorily Convertible Preference Shares (CCPS) aggregating Rs 250 crore to FSRL CCPS Trust. FLF has entered into an investment agreement with the CCPS subscribers, which also allows them to exit at an agreed price as per the terms of the investment agreement. The CCPS are convertible into 26% equity of FSRL on fully diluted basis on or before 48 months from the date of subscription of the CCPS. The articles of association of FSRL have been suitably amended to reflect the terms of the investment agreement.

This transaction along with the investee brands value unlocking has resulted in a combined Rs 700 crore fund raise for FLF.

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Cipla to acquire South African Pharma company- Anmarate
Apr 01,2017

Cipla announced that its wholly owned subsidiary Cipla Medpro South Africa (Pty) has signed an agreement on 30 March 2017 to acquire 100% stake in Anmarate (Pty), South Africa. The transaction is expected to be completed before 14 April 2017.

Anmarate was incorporated in 1996 in South Africa and is engaged in manufacturing and distribution of pharmaceutical products.

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Sintex Industries allots 1,20,75,346 equity shares
Apr 01,2017

Sintex Industries has allotted 1,20,75,346 Equity Shares of Re. 1/- each of Sintex Industries to Foreign Currency Convertible Bonds holder upon exercise of their conversion Right.

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Cabinet Approves changes to Motor Vehicle (Amendment) Bill 2016
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the changes to the Motor Vehicles (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.

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Golden Goenka Fincorp to hold board meeting
Apr 01,2017

Golden Goenka Fincorp will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Mcleod Russel India to hold board meeting
Apr 01,2017

Mcleod Russel India will hold a meeting of the Board of Directors of the Company on 30 March 2017.

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Indias external debt declines to US$ 456.1 billion at end December 2016
Apr 01,2017

Indias external debt stock fell by US$ 29.0 billion (6.0%) to US$ 456.1 billion, at end-December 2016 over the level at end-March 2016. The decline in external debt during the period was due to the fall in long-term external debt, particularly the fall in NRI deposits reflecting the redemption of FCNR (B) deposits and decline in commercial borrowings with fall in both commercial bank loans and securitized borrowings. On a sequential basis, total external debt at end-December 2016 declined by US$ 28.1 billion (5.8%) from the end-September 2016 level.

The maturity pattern of Indias external debt indicates dominance of long-term borrowings. At end-December 2016, long-term external debt accounted for 81.6% of Indias total external debt, while the remaining 18.4% was short-term debt.

While long-term debt at US$ 372.2 billion, declined by US$ 29.4 billion (7.3%) at end-December 2016 over the level at end-March 2016, short-term debt increased marginallyby 0.5% to US$ 83.8 billion.

The valuation gain (appreciation of the US dollar against the Indian rupee and most other major currencies) was US$ 7.3 billion. This implies that excluding the valuation effect, the decrease in external debt would have been lower at US$ 21.7 billion at end-December over end-March 2016.

The shares of Government (Sovereign) and non-Government debt in the total external debt were 19.6% and 80.4% respectively, at end-December 2016.

The share of US dollar denominated debt was 54.7% of the total external debt at end-December 2016, followed by the Indian rupee (31.1%), SDR (5.9%), Japanese yen (4.4%), Euro (2.7%), Pound Sterling (0.7%) and Others (0.5%).

Many key external debt indicators of India show improvement at end-December 2016 over end-March 2016. Besides, total external debt falling by 6.0% during this period, the foreign exchange cover for external debt increased to 78.7% from 74.3% and the ratio of concessional debt to total external debt increased to 9.2% from 9.0%. Though, the share of short-term debt (original maturity) in total debt increased to 18.4% from 17.2% during this period due to rise in trade related credits, the share of short term debt (residual maturity) in total external debt fell to 41.4% from 42.6%. While the share of short-term debt (original maturity) to foreign exchange reserves increased marginally to 23.4% from 23.1% during this period, the share of short-term debt (residual maturity) to foreign exchange reserves fell to 52.6% from 57.4%.

Cross country comparison of external debt indicates that India continues to be among the less vulnerable countries. Indias key debt indicators compare well with other indebted developing countries. Among the top twenty developing debtor countries, Indias external debt stock to gross national income (GNI) at 23.4% was the fifth lowest and in terms of the foreign exchange cover for external debt, Indias position was the sixth highest at 69.7% in 2015. Contrary to Chinas high share of short-term debt to total external debt which has been increasing in each quarter of 2016, Indias share is low and has been decreasing. In 2016 Q3 (end-September), the shares were 16.8% for India and 55.4% for China.

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Allahabad Bank receives Rs 418 crore from Govt. of India
Apr 01,2017

Allahabad Bank has remitted Rs 418 crore toward contribution of Central Government in the preferential allotment of equity shares of Bank. The amount will remain in share application money till compliance of certain terms.

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Hero MotoCorp liquidates large BS III inventory
Apr 01,2017

Hero MotoCorp announced that with a proactive preparedness towards the launch of BS IVn++]compliant vehicles, Hero MotoCorp liquidated large BS III inventory, leading upto 29 March 2017.

The Company had switched to manufacturing only BS IV compliant vehicles since 01 March 2017 and is fully prepared to sell only BS IV vehicles from 01 April 2017.

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Gillette India announces change in promoter shareholding
Apr 01,2017

Gillette India announced that promoter shareholder of the Company, viz., Procter & Gamble India Holdings B.V., the Netherlands has merged with another promoter group company, Procter & Gamble Overseas India B.V., the Netherlands effective 31 March 2017. Consequent to abovementioned merger, shareholding of Procter & Gamble India Holdings B.V. in the Company (1,30,73,465 shares constituting 40.12% of shareholding) has been transferred to Procter & Gamble Overseas India B.V.

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Procter & Gamble Hygiene and Health Care announces change in promoter holding
Apr 01,2017

Procter & Gamble Hygiene and Health Care announced that the Promoter shareholder of the Company, viz., Procter & Gamble Asia Holdings B.V., the Netherlands has merged with another promoter group company, Procter & Gamble Overseas India B.V., the Netherlands effective 31 March 2017. Consequent to abovementioned merger, shareholding of Procter & Gamble Asia Holdings B.V. in the Company (2,12,21,953 shares constituting 65.38% of shareholding) has been transferred to Procter & Gamble Overseas India B.V.

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Cabinet approves the fixation of P&K fertilizers Nutrient-Based Subsidy (NBS) rates for 2017-18
Apr 01,2017

The Cabinet Committee on Economic Affairs (CCEA) Union Cabinet chaired by Prime Minister Narendra Modi has approved the Fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2017-18.

Government has been implementing Nutrient Based Subsidy (NBS) Policy for decontrolled P&K fertilizers. Under this policy, the subsidy on Phosphatic and Potassic (P&K) fertilizers is announced by the Government on annual basis for each nutrient i.e., Nitrogen (N), Phosphorous (P), Potash (K) and Sulphur (S) on per kg basis which is converted into subsidy per tonne depending upon the nutrient content in each grade of the fertilizers. These rates are determined taking into account the international and domestic prices of P&K fertilizers, exchange rate, inventory level in the country etc.

The CCEA in its meeting held on 31 March 2017 decided to fix the NBS rates for 2017-18. As compared to 2016-17, the subsidy for the period 2017-18 has decreased from Rs 13.241/kg to 11.997/kg (decrease of Rs 1.244/kg) for P, from Rs 15.470/kg to 12.395/kg (decrease of Rs 3,075/kg) for K whereas the subsidy of N has increased from Rs 15.854/kg to 18.989/kg (an increase of Rs 3.135/kg) and of S from Rs 2.044/kg to 2.240/kg (an increase of Rs 0.196/kg).

During 2016-17, the estimated consumption of P&K fertilizers is 279.8 LMT. Based on the assumption that the consumption of P&K fertilizers during 2017-18 would remain the same, the estimated subsidy requirement at proposed rates would be Rs 19,848.99 crore which is lower than 2016-17 (Rs. 20,688.43 crore) by Rs. 839.44 crore.

This is in continuation with the reforms being undertaken in the fertilizers sector over the past two and a half years including DBT for subsidy payment, neem coating of Urea, reduction in MRP of P&K fertilizers to promote balanced use of nutrients, removal of minimum production criteria for manufacturers of Single Super Phosphate (SSP).

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Yes Bank allots 3.27 crore equity shares
Apr 01,2017

Yes Bank announced that the Capital Raising Committee of the Board of Directors of the Company has finalized the allotment of 3.27 crore shares thus completing the highly successful Qualified Institutions Placement raising Rs 4,906.65 crore (USD 750 million). The allotment of shares was done across a diverse set of investors at Rs.1500 per share.

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