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Wipro recognised as Best Collaboration Partner at Land Transportation Excellence Awards 2016
Mar 01,2017

Wipro has been recognised as the Best Collaboration Partner by Land Transportation Authority, Singapore at the Land Transportation Excellence Awards 2016. The award recognises the partner who has demonstrated the highest level of commitment to collaborate and deliver smart solutions that contribute towards land transport transformation with LTA.

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Fitch: Bad Bank May Push India Loan Clean-up; Leaves Capital Gap
Mar 01,2017

The creation of a bad bank could accelerate the resolution of stressed assets in Indias banking sector, but it may face significant logistical difficulties and would simultaneously require a credible bank recapitalisation programme to address the capital shortfalls at state-owned banks, says Fitch Ratings.

Indias banks have significant asset-quality problems that are putting pressure on profitability and capital, as well as constraining their ability to lend. Fitch expects the stressed-asset ratio to rise over the coming year from the 12.3% recorded at end-September 2016. The ratio is significantly higher among state-owned banks. Asset-quality indicators may be close to their weakest levels, but the pace of recovery is likely to be held back by slow resolution of bad loans.

A bad bank that purchases stressed assets and takes them to resolution was featured in the governments latest Economic Survey, and in a speech by a senior Reserve Bank of India official. Its most likely form would be that of a centralised asset-restructuring company (ARC). Its proponents believe it could take charge of the largest, most complex cases, make politically tough decisions to reduce debt, and allow banks to refocus on their normal lending activities. Similar mechanisms have previously been used to help clean up banking systems in the US, Sweden, and countries affected by the Asian financial crisis in the late 1990s. Senior European policymakers have recently discussed the prospect of a bad bank to deal with NPLs in the EU.

Fitch believes that a bad bank might provide a way around some of the problems that have led Indian banks to favour refinancing over resolving stressed loans. For example, large corporates often have debt spread across a number of banks, making resolution difficult to coordinate. The process would be simplified if the debt of a single entity were transferred to one bad bank. This could be particularly important in Indias current situation, with just 50 corporates accounting for around 30% of banks stressed assets.

Several small private ARCs already operate in India but they have bought up only a very small proportion of bad loans in the last two years, as banks have been reluctant to offer haircuts on bad loans even where they are clearly worth much less than their book value. This is, in part, because haircuts invite the attention of anti-corruption agencies, making bank officials reluctant to sign off on them. Reduced valuations also increase pressure on capital.

A larger-scale bad bank with government backing might have more success. However, it is unlikely to function effectively without a well-designed mechanism for pricing bad loans, particularly if the intention is for the bad bank to be run along commercial lines and involve private investors. One estimate from the Economic Survey suggests that 57% of the top 100 stressed debtors would need debt reductions of 75% to make them viable. Banks would need capital to cover haircuts taken during the sale of stressed assets, and the bad bank would most likely require capital to cover any losses incurred during the resolution process.

Fitch estimates that the banking sector will require around US$90bn in new total capital by FY19 to meet Basel III standards and ongoing business needs. This estimate is unlikely to be significantly reduced by the adoption of a bad-bank approach, and could even rise if banks are forced to crystallise more losses from stressed assets than we currently expect. We believe that the government will eventually be required to provide more than the USD10.4bn that it has earmarked for capital injections by FYE19 - be it directly to state-owned banks or indirectly through a bad bank.

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Shares of Sueryaa Knitwear get listed
Mar 01,2017

The equity shares of Sueryaa Knitwear (Scrip Code: 540318) are listed and admitted to dealings on the Exchange in the list of XT Group Securities.

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Shares of Sueryaa Knitwear get listed
Mar 01,2017

The equity shares of Sueryaa Knitwear (Scrip Code: 540318) are listed and admitted to dealings on the Exchange in the list of XT Group Securities.

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Surya Roshni may gain on plans to start production of steel pipe plant
Mar 01,2017

Surya Roshni said that commercial production at the companys newly set-up steel pipe plant at Hindupur Dist. Ananthapuramu (A.P) for manufacturing of ERW Black and GI Pipes with an installed capacity of 90,000 metric tonne per annum to commence from 1 March 2017. With the start of operations at Hindupur Plant, the company will achieve savings in logistic cost and further leveraging its presence in the premium market of South India resulted into creation of a larger and stronger steel pipes business with economies of scale.

Being a plant set-up at notified backward area in Andhra Pradesh, the company is eligible for deduction under section 32AC & 32AD of the Income Tax Act, 1961. The announcement was made after market hours yesterday, 28 February 2017.

Housing Development Finance Corporation (HDFC) said that a meeting of the board of directors of the company will be held on 3 March 2017, to consider and approve payment of interim dividend, if any, on the equity shares of the company for the financial year ending 31 March 2017. The objective is to distribute dividends received from the companys subsidiaries during the year to its shareholders. HDFC has fixed 11 March 2017 as the record date for the purpose of payment of interim dividend. The announcement was made after market hours yesterday, 28 February 2017.

Hero MotoCorp announced that a meeting of the board of directors of the company is scheduled to be held on 7 March 2017, to consider declaration of interim dividend for the financial year 2016-17.

Shares of HPCL turn ex-dividend today, 1 March 2017 for an interim dividend of Rs 22.50 per share for the year ending 31 March 2017 (FY 2017).

Wipro announced that it has offered loT-Based solution from Hewlett Packard Enterprise to power wind parks and wind turbine manufacturers. The announcement was made after market hours yesterday, 28 February 2017.

Spice Mobility announced that Spice Labs Private Limited, a step down subsidiary of the company, has made strategic investment in Exponentially I Mobility, LLP, a Limited Liability Partnership.. The LLP was established with objects of development and promotion of mobile applications and technology.Consequently, Spice Labs Private limited has become, a partner with a profit sharing ratio of 28.46% in the said LLP. The announcement was made after market hours yesterday, 28 February 2017.

Indiabulls Real Estate announced that through a letter received on 27 February 2017, the company have been informed that the relevant authorities have granted a height no objection certificate (NOC) 163 meters for Sky Suites project.

Given the height NOC received for Sky Suites which is 163 meters from the Airport Authority of India, this is expected to have a bearing on the total area that can be built on the project which the company will be able to quantity after detailed workings with consultants and authorities. The announcement was made after market hours yesterday, 28 February 2017.

Thomas Cook (India) in a strategic initiative to expand Indias travel market, has conceptualized a unique annual property, n++The Grand Indian Holiday Salen++, carefully timed to coincide with the peak booking window for summer vacations- Indias largest holiday season. The announcement was made after market hours yesterday, 28 February 2017.

The focused intent to catalyse holiday demand is delivered via a range of specially curated offers and discounts targeting Indias quintessential value seeker. With this annual property, Thomas Cook India seeks to make holidays affordable for every Indian and its tag line reads, n++Ab Poora India Ghommega!n++

This intense 10 day sale offers Indias travellers a range of attractive deals and discounts on both domestic and international bookings, covering flights, hotels and holiday packages. To capture its diversity of customers, digitally native and retail, and ensure convenience and easy access, n++The Grand Indian Holiday Salen++, is available across Thomas Cook Indias omnichannel network - its online platforms (mobile & website), call centers & extensive offline outlets.

Majesco said that Majesco, USA, (Majesco) the Insurance arm and a subsidiary of Majesco, announced about the launch of two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse.

These solutions along with Majesco Data Services and Majesco Business Analytics, provide a framework and assets to create a path for insurers to accelerate their data mastery maturity to achievebusiness differentiation and optimization through data. The announcement was made after market hours yesterday, 28 February 2017.

D-Link Corp and TeamF1 Networks (TeamF1), a subsidiary of D-Link India and a leader in embedded networking and security software solutions for wired and wireless applications, announced their partnership in delivering mydlink Business, a cloud-based device management platform featuring ease, value, and scalability for small and medium-sized businesses (SMB).

The business cloud platform is specifically designed to suit the operation and workflow models of system integrators (SI),value-added resellers (VAR), and telcos/ISPs. The announcement was made after market hours yesterday, 28 February 2017.

Bharat Financial Inclusion announced that the company issued commercial papers of an aggregate amount of Rs 250 crore on 28 February 2017, which have been rated A1+ by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk. The aggregate amount of commercial papers outstanding as on date is Rs 745 crore. The announcement was made after market hours yesterday, 28 February 2017.

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Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy
Feb 28,2017

The Central Board of Direct Taxes (CBDT) has entered into 10 more Advance Pricing Agreements (APAs) over the last one week, including 7 Unilateral APAs signed today. Two of these ten agreements are Bilateral APAs with the United Kingdom and Japan. Seven of these Agreements have Rollback provisions in them.

With this, the total number of APAs entered into by the CBDT has reached 140. This includes 10 Bilateral APAs and 130 Unilateral APAs. In the current financial year, a total of 76 APAs (7 Bilateral APAs and 61 Unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

The APAs entered into over the last week pertain to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail, Information Technology, etc. The international transactions covered in these agreements include Payment of Royalty Fee, Trading in Goods, IT Enabled Services, Software Development Services, Marketing Support Services, Clinical Research Services, Non-binding Investment Advisory Services, Payment of Interest on ECB, etc.

The APA Scheme was introduced in the Income-tax Act in 2012 and the n++Rollbackn++ provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years.

The progress of the APA Scheme strengthens the Governments resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

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GDP grows 7.0% in October-December 2016 quarter
Feb 28,2017

As per the Second Advance estimates of national income from Central Statistics Office (CSO) under Ministry of Statistics and Programme Implementation, the GDP growth is estimated to be 7.0% for Q3FY2017. The growth in GDP during 2016-17 is estimated at 7.1% as compared to the growth rate of 7.9% in 2015-16.

Growth rates in various sectors for Q3FY2017 are as agriculture, forestry and fishing(6.0%), mining and quarrying (7.5%), manufacturing (8.3%), electricity, gas and water supply and other utility services (6.8%) construction (2.7%), Trade, hotels, transport, communication and services related to broadcasting (7.2%), financial, real estate and professional services (3.1%), and Public administration, defence and Other Services (11.9%).

Anticipated growth of real GVA at basic prices in 2016-17 is 6.7% against 7.8% in 2015-16. The sectors which are likely to register growth rate of over 7.0% are public administration, defence and other services, manufacturing and trade, hotels, transport, communication and services related to broadcasting. The growth in the agriculture, forestry and fishing, mining and quarrying, electricity, gas, water supply and other utility services, construction and financial, real estate and professional services is estimated to be 4.4%, 1.3%, 6.6%, 3.1% and 6.5% respectively.

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Bank of Baroda gets revision in ratings for Upper Tier II Bonds
Feb 28,2017

Bank of Baroda announced that Brickwork Ratings India has revised rating outlook assigned to the Upper Tier II bonds issued by the Bank as under -

Tranch 1 Rs 500 crore - BWR AAA; Outlook Negative to Stable (Revised from BWR AAA; Outlook Negative)
Tranch 2 Rs 500 crore - BWR AAA; Outlook Negative to Stable (Revised from BWR AAA; Outlook Negative)

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Housing Development Finance Corporation fixes record date for interim dividend
Feb 28,2017

Housing Development Finance Corporation announced that the Company has fixed 11 March 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Board of Authum Investment & Infrastructure approves change in company secretary and compliance officer
Feb 28,2017

Authum Investment & Infrastructure announced that Aakash Kumar Surana the present Company Secretary and Compliance Officer of the Company has resigned with effect from 28 February 2017.

Further, the Board has appointed Vivek Mishra who is holding the prescribed qualification from The Institute of Company Secretaries of India to act as the Company Secretary and Compliance officer of the Company with effect from 01 March 2017 at the Board meeting held 28 February 2017 to perform the duties under the applicable provisions of the Companies Act, and under erstwhile Companies Act, 1956 and any other duties as may be assigned to him from time to time by the Board of Directors of the Company.

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Board of Rajsanket Realty allots NCDs aggregating Rs 60 cr on private placement basis
Feb 28,2017

Rajsanket Realty announced that the Board of Directors of the Company, in their meeting held on 28 February 2017, inter alia, has transacted the following business:

- Approved the allotment of 6000 (Six Thousand) Secured, Unlisted, Redeemable, Non-Convertible Debentures of the Company, having face value of Rs. 1,00,000/- (Rupees One Lakh Only) each, aggregating to Rs. 60,00,00,000/- (Rupees Sixty Crore) on private placement basis.

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Board of Shreejal Info Hubs accepts resignation of director
Feb 28,2017

Shreejal Info Hubs announced that the board of directors met on 28 February 2017 and decided to accept the resignation of Priti Vora as the director of the Company.

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Kingfa Science & Technology (India) approves details on rights issue
Feb 28,2017

Kingfa Science & Technology (India) announced that the Rights Issue Committee of the Company, in its Meeting held on 28 February 2017, inter alia, considered and approved the details pertaining to the issue, for offer of 19,99,893 Equity shares of face value of Rs.10 each at an Issue Price of Rs. 750/- per equity share (including a premium of Rs. 740/-, per equity share) (Rights Equity Shares).

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Outcome of board meeting of Shiva Cement
Feb 28,2017

Shiva Cement announced that the Board of Directors of the Company at its meeting held on 28 February 2017 transacted the following -

The Board noted the transfer contemplated by Share Purchase Agreement of 6,94,53,817 equity shares of the Company held by promoters to JSW Cement.

Approved appointment of Manoj Rustagi and Narinder Kahlon as Additional Directors of the Company with effect from 28 February 2017.

Resignation of Akash Gupta and Preeti Gupta as Directors of the Company.

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Board of Mangal Credit & Fincorp appoints director
Feb 28,2017

Mangal Credit & Fincorp announced that the Board of Directors of the Company at its meeting held on 28 February 2017 approved appointment of Independent Additional Director Ratish Tawde on the Board.

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