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Essel Propack issues commercial paper for Rs 30 crore
Jul 10,2017

Essel Propack has issued Commercial Paper for Rs 30 crore on private placement basis.

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Bajaj Electricals acquires additional 28% stake in Starlite Lighting
Jul 10,2017

Bajaj Electricals announced that the Company had advanced a sum of Rs 3.80 crore to Starlite Lighting as a short term loan inter alia on the collateral security by way of pledge by the Promoters of SLL of 35 lakh (28%) equity shares of Rs 10 each held in SLL, with a right to the Company to purchase the same, at its sole discretion, at a pre-determined consideration of Rs 3.50 lakh. The Company has now exercised its right to acquire these shares and with this acquisition, the shareholding of the Company in SLL has increased from 19% to 47%.

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Larsen & Toubro allots 1,13,053 equity shares
Jul 10,2017

Larsen & Toubro has allotted 1,13,053 (One Lakh Thirteen Thousand Fifty Three) shares on 10 July 2017 to those grantees who had exercised their options under the Companys Employee Stock Ownership / Option Schemes.

The said shares will rank pari-passu with the existing shares of the Company in all respects.

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Gallantt Metal gets revision in credit ratings
Jul 10,2017

Gallantt Metal announced that India Ratings and Research, A Fitch Group Company has affirmed the Company a Long Term Issuer Rating of IND-A. The Outlook is stable.
Rating Actions on Credit Facilities are as under:
- Fund-based limits: Long Term IND A- /Stable and Short Term IND A2+
- non-fund-based limits: assigned Short-Term - IND A2+.

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Accel Frontline completes sale of its entire stake in Accel Systems & Technologies, Singapore
Jul 10,2017

Accel Frontline announced that the Company has completed the sale of its entire shareholding in Accel Systems & Technologies, Singapore (ASTL) to StarHub, on 10 July 2017. Pursuant to the aforesaid sale, ASTL is now no longer a subsidiary of the Company.

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Electrosteel Castings announces demise of director
Jul 10,2017

Electrosteel Castings announced the sad demise of Naresh Chandra (DIN: 00015833), Non-Executive Director of the Company on 9 July 2017.

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Insilco announces demise of director
Jul 10,2017

Insilco announced the sad demise of Harishkumar Kanaiyalal Davey, Non-Executive Non-Independent Director of the Company, on 10 July 2017.

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Vaksons Automobiles announces resignation of director
Jul 10,2017

Vaksons Automobiles announced that Deepti Bhadbhade Jain, Non Executive Director of the Company has resigned from the Directorship of the Company w.e.f from 10 July 2017.

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Moodys: Global investment banks exposure to legacy litigation has fallen; shock absorbers stronger
Jul 10,2017

Global investment banks (GIBs) have significantly reduced their exposure to the risk of legacy litigation over the last two years, Moodys Investors Service said in a report.

At the same time, the majority of these banks have increased their share of stable earnings from strong retail, corporate and wealth-management franchises, improving their capacity to absorb earnings shocks from any large, unexpected charges. Both of these developments are positive for the GIBs bondholders.

Most US and European GIBs have settled the bulk of their legacy issues, said Alessandro Roccati, a Moodys Senior Vice President and co-author of the report. The GIBs have significantly improved their shock-absorbing capacity and increased their capital bases, mitigating the financial risk of pending litigations.

Litigation costs for the rated GIBs have been on a two-year decline from their post crisis high. In 2016, the GIBs litigation provisions in aggregate were $19 billion, nearly half of the $33 billion recorded in 2015, bringing their total litigation provisions from 2008-16 to about $273 billion. Provisions related to residential mortgage-backed securities (RMBS) accounted for around half of the total, followed by mis-selling and misrepresentation, representing around one third.

Although US banks have settled most of their large-scale cases, several European GIBs remain exposed to a variety of legacy litigation that presents tail risk. The Royal Bank of Scotland Group plc, Barclays Plc, UBS AG and HSBC Holdings plc have not yet settled their large US RMBS litigations, although they have already made related provisions or accounted for them in their capital plans.

Settlements of US RMBS litigations in line with our estimated median costs for peers would be positive for those GIBs that have not yet settled because they would reduce uncertainty and tail risk, and would allow management to focus on executing restructuring plans, which if successful, would benefit bondholders.

Other large legacy risks are company-specific: Deutsche Bank AG remains under investigation for its Russian mirror trading, and Barclays Plc is under investigation on disclosures related to its 2008 rights issue.

Most GIBs have significantly improved their shock-absorbing capacity and increased their capital bases, mitigating the financial risk of pending litigations.

Capital has increased for most GIBs in the last five years. Moodys calculates that their average Basel III fully applied CET1 ratio stood at 12.5% at the end of 2016, up from 12.0% in 2015 and 10.6% in 2014.

Increasing levels of stable shock absorbers and the GIBs improved capital bases will help mitigate any negative impact from potential further litigation settlements and support these banks credit profiles.

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Balrampur Chini Mills announces demise of chairman and director
Jul 10,2017

Balrampur Chini Mills announced the sad demise of Naresh Chandra, Chairman and Independent Director on 09 July 2017.

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Divis Lab jumps as FDA to lift import alert on unit
Jul 10,2017

The announcement was made during market hours today, 10 July 2017.

Meanwhile, the S&P BSE Sensex was up 357.31 points or 1.14% at 31,717.94.

On the BSE, 68.82 lakh shares were traded on the counter so far as against the average daily volumes of 1.42 lakh shares in the past one quarter. The stock had hit a high of Rs 816.15 and a low of Rs 681.25 so far during the day. The stock had hit a record high of Rs 1,380 on 16 September 2016 and a 52-week low of Rs 533.10 on 29 May 2017.

The stock had outperformed the market over the past one month till 7 July 2017, advancing 5.49% compared with the Sensexs 0.29% rise. The stock had also outperformed the market over the past one quarter, gaining 9.27% as against the Sensexs 5.57% rise. The scrip had, however, underperformed the market over the past one year, declining 39.34% as against the Sensexs 15.29% rise.

The large-cap company has equity capital of Rs 53.09 crore. Face value per share is Rs 2.

Divis Laboratories had earlier informed that the United States Food and Drug Administration (USFDA) has issued an Import Alert under clauses 99-32 and 66-40 in March of 2017 and a warning letter in May of 2017 for its Vishakhapatnam facility.

Divis had filed detailed responses and given updates to the Form-483 and the warning letter within the stipulated time. Divis Laboratories, along with its external consultants, specialists and subject matter experts, had taken up appropriate remediation measures to address the concerns raised by USFDA.

Divis Laboratories net profit fell 19.5% to Rs 259.29 crore on 3.5% decline in net sales to Rs 1063.14 crore in Q4 March 2017 over Q4 March 2016.

Divis Laboratories is primarily engaged in the manufacture of active pharmaceutical ingredients (APIs) & intermediates for generics; custom synthesis of APIs and advanced intermediates for discovery compounds for pharma giants; building blocks for peptides; building blocks for nucleotides; carotenoids; and chiral ligands.

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Neo Corp International announces demise of director
Jul 10,2017

Neo Corp International announced the sad demise of Shrawan Kumar Patodi, Independent Director of the Company on 01 July 2017.

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Moodys: Global shipping industry to see moderation in excess supply; EBITDA to fall slightly
Jul 10,2017

Moodys Japan K.K. says that the outlook for the global shipping industry is stable, underpinned by a moderation in the excess supply in vessels for the dry bulk and containership sectors, while EBITDA for the rated shipping companies generally will fall modestly this year on an organic basis excluding M&A.

Signs of recovery, although slow and choppy, in the dry bulk and containership segments drive the overall stable outlook, and although market conditions are still weak, they are unlikely to worsen from 2016 levels, says Mariko Semetko, a Moodys Vice President and Senior Credit Officer.

For these two segments, we expect supply growth will exceed demand growth by less than 2%, within our parameters for a stable view, but conditions in the tanker segment are negative due to high levels of deliveries of new ships that will keep freight rates low over the next 12 months, adds Semetko.

This outlook reflects our expectations for the fundamental business conditions in the industry over the next 12 months. We had changed our outlook to stable from negative in May 2017.

For all rated shipping companies, aggregate EBITDA will be flat at best over the outlook period, and will more likely decline 0%-3% in 2017 from last year, on an organic basis, after excluding M&As. The industry continues to undergo restructuring, and M&As will skew gross EBITDA.

Nonetheless, cost cutting by companies and industry restructuring have arrested the double-digit decline in aggregate EBITDA seen last year. A fall in EBITDA of up to 3% would be within the parameters for a stable outlook. We would consider changing the outlook to negative if we come to expect a decline of more than 5%.

Moodys further concludes that the overall operating environment is stable at a low level, and while market conditions are still weak, they will not appreciably worsen from 2016 levels.

The industry came off of a very weak 2016 when freight rates bottomed for containerships and dry bulk. Recent restructurings, on-going cost cuts, and industry consolidation and alliances in the containership segment will stabilize the earnings of our rated universe as a whole.

The sectors average fuel price was higher in the first half of this year than in the first half of last year. Still, prices are relatively low and we do not expect a significant and rapid increase from current levels such that fuel will become a material negative credit driver.

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Allahabad Bank reviews MCLR rates
Jul 10,2017

Allahabad Bank has reviewed the MCLR rates and decided to keep the MCLRs upto 1 year unchanged and has introduced MCLR benchmarks for more than 1 year i.e. for 2 years and 3 years. The rates are applicable from 10 July 2017 as under -

Overnight - 8.00%
One month - 8.10%
Three month - 8.30%
Six months - 8.40%
One year - 8.50%
Two year - 8.70%
Three year - 8.75%

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Plastiblends India allots 12994600 equity shares
Jul 10,2017

Plastiblends India announced that on 05 July 2017 has allotted 12994600 equity shares of Rs. 5/- as fully paid-up bonus equity shares in the ratio of 1 (One) fully paid-up equity share for every 1 (One) equity share held, to eligible members whose names appeared in Register of members/beneficiary owners as on 04 July 2017, being the records date fixed for the purpose.

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