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Solis Marketing to hold board meeting
May 23,2017

Solis Marketing will hold a meeting of the Board of Directors of the Company on 30 May 2017to Consider and Approve Audited Financial Results for the Quarter and year ended 31 March 2017.

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Gujarat Investa to hold board meeting
May 23,2017

Gujarat Investa will hold a meeting of the Board of Directors of the Company on 29 May 2017to consider and approve the audited financial results of the Company for the quarter and financial year ended on March 31, 2017, & to consider any other business with the permission of the Chair.

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LWS Knitwear to hold board meeting
May 23,2017

LWS Knitwear will hold a meeting of the Board of Directors of the Company on 30 May 2017to consider, inter alia, Audited Financial Results of the Company for the Quarter and the Financial Year ended on 31st March, 2017.

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Videocon Industries leads losers on BSEs A group
May 23,2017

Videocon Industries was locked at 20% lower circuit at Rs 64.80. The stock topped the losers in A group. On the BSE, 1.31 lakh shares were traded on the counter so far as against the average daily volumes of 65,000 shares in the past two weeks. Of late, Dena Bank has reportedly became the first lender to classify Videocon Industries as a bad loan, potentially spreading to the rest of the banking sector, which is already plagued by rising stressed assets.

Den Networks slumped 6.93% at Rs 90.65 after the company reported consolidated net loss of Rs 60.55 crore in Q4 March 2017, compared with net loss of Rs 210.30 crore in Q4 March 2016. The result was announced after market hours yesterday, 22 May 2017. The stock was the second biggest loser in A group. On the BSE, 91,000 shares were traded on the counter so far as against the average daily volumes of 62,000 shares in the past two weeks.

Gujarat Pipavav Port dropped 5.65% at Rs 142.05. The stock was the third biggest loser in A group. On the BSE, 69,000 shares were traded on the counter so far as against the average daily volumes of 2.13 lakh shares in the past two weeks.

Adani Enterprises shed 5.41% at Rs 114.55. The stock was the fourth biggest loser in A group. On the BSE, 12.14 lakh shares were traded on the counter so far as against the average daily volumes of 19.37 lakh shares in the past two weeks.

Navkar Corporation declined 5.28% at Rs 200.20. The stock was the fifth biggest loser in A group. On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 24,000 shares in the past two weeks.

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Va Tech Wabag secured order worth USD 105.5 million
May 23,2017

Va Tech Wabag has won an order from Dangote Oil Refining Company in Nigeria for a value of about USD 105.5 million. This is the second order for Wabag from Dangote after the Raw Water Treatment Plant order for Dangote Fertilisers which is in advanced stage of execution.

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India Gelatine & Chemicals fixes record date for buyback of shares
May 23,2017

India Gelatine & Chemicals has fixed 02 June 2017 as the Record Date for the purpose of Buy-back of Equity Shares.

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Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
May 23,2017

The Reserve Bank of India has outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.

The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It also enables the Reserve Bank to issue directions with respect to stressed assets and specify one or more authorities or committees with such members as the Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.

Immediately upon the promulgation of the Ordinance, the Reserve Bank issued a directive bringing the following changes to the existing regulations on dealing with stressed assets:

i. It was clarified that a corrective action plan could include flexible restructuring, SDR and S4A.

ii. With a view to facilitating decision making in the JLF, consent required for approval of a proposal was changed to 60 percent by value instead of 75 percent earlier, while keeping that by number at 50 percent.

iii. Banks who were in the minority on the proposal approved by the JLF are required to either exit by complying with the substitution rules within the stipulated time or adhere to the decision of the JLF

iv. Participating banks have been mandated to implement the decision of JLF without any additional conditionality.

v. The Boards of banks were advised to empower their executives to implement JLF decisions without further reference to them.

It was made clear to the banks that non-adherence would invite enforcement actions.

Currently, the Oversight Committee (OC) comprises of two Members. It has been constituted by the IBA in consultation with RBI. It has been decided to reconstitute the OC under the aegis of the Reserve Bank and also enlarge it to include more Members so that the OC can constitute requisite benches to deal with the volume of cases referred to it. While the current Members will continue in the reconstituted OC, names of a few more will be announced soon. The Reserve Bank is planning to expand the scope of cases to be referred to the OC beyond those under S4A as required currently.

The Reserve Bank is working on a framework to facilitate an objective and consistent decision making process with regard to cases that may be determined for reference for resolution under the IBC. Reserve Bank has already sought information on the current status of the large stressed assets from the banks. The RBI would also be constituting a Committee comprised majorly of its independent Board Members to advise it in this matter.

The current guidelines on restructuring are under examination for such modifications as may be necessary to resolve the large stressed assets in the banking system in a value optimising manner. The Reserve Bank envisages an important role for the credit rating agencies in the scheme of things and, with a view to preventing rating-shopping or any conflict of interest, is exploring the feasibility of rating assignments being determined by the Reserve Bank itself and paid for from a fund to be created out of contribution from the banks and the Reserve Bank.

The Reserve Bank notes that the proper exercise of the enhanced empowerment would require coordination with and cooperation from several stakeholders including banks, ARCs, rating agencies, IBBI and PE firms, to which end the Reserve Bank would be holding meetings in the near future with these stakeholders.

The Reserve Bank will issue further updates as may be deemed necessary at an appropriate time.

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Volumes jump at Sagar Cements counter
May 23,2017

Sagar Cements clocked volume of 4.01 lakh shares by 13:36 IST on BSE, a 96.72-times surge over two-week average daily volume of 4,000 shares. The stock was up 2.78% at Rs 863.

Fiem Industries notched up volume of 2.04 lakh shares, a 72.4-fold surge over two-week average daily volume of 3,000 shares. The stock dropped 0.53% at Rs 915.10.

Aegis Logistics saw volume of 24.76 lakh shares, a 46.8-fold surge over two-week average daily volume of 53,000 shares. The stock slipped 4.78% at Rs 184.25.

Cera Sanitaryware clocked volume of 21,000 shares, a 40.33-fold surge over two-week average daily volume of 1,000 shares. The stock declined 1.18% at Rs 2,884.70.

Ramkrishna Forgings saw volume of 1.45 lakh shares, a 38.92-fold rise over two-week average daily volume of 4,000 shares. The stock fell 2.34% at Rs 455.10.

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Mahindra Holidays & Resorts India to pay dividend
May 23,2017

Mahindra Holidays & Resorts India announced that dividend on equity shares, if declared at the ensuing AGM, will be credited / dispatched on or after 03 August 2017.

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Mahindra Holidays & Resorts India fixes record date of bonus issue
May 23,2017

Mahindra Holidays & Resorts India announced that the Company has fixed 11 July 2017 as the Record Date for the purpose of Bonus Issue.

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NIIT Technologies partners with Arago
May 23,2017

NIIT Technologies has partnered with Arago, a pioneer in artificial intelligence and leader in autonomous automation, to intergrate Aragos general AI technology HIRO into its automation offering, TRON Smart Automation. Integrating HIRO into the TRON platform will enable enterprises deliver superior business agility and self enablement.

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Zydus Cadila receives final approval for Cyproheptadine Hydrochloride Tablets USP
May 23,2017

Zydus Cadila has received the final approval from the USFDA to market Cyproheptadine Hydrochloride Tablets USP, 4 mg. It is an antihistamine used to relieve allergy symptoms such a watery eyes, running nose, itching eyes or nose, sneezing, hives and itching.

The drug will be produced at the groups formulations manufacturing facility at the Pharma SEZ in Ahmedabad.

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EID Parry (India) fixes record date for scheme of amalgamation
May 23,2017

EID Parry (India) has fixed 26 May 2017 as record date for the purpose of issue of new equity shares of EID Parry (India) to the shareholders of Parrys Sugar Industries, in accordance with the scheme of amalgamation.

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Alkem Laboratories receives EIR for its Baddi manufacturing facility
May 23,2017

Alkem Laboratories announced that the USFDA has issued an Establishment Inspection Report (EIR) for its Baddi manufacturing facility which was inspected in March 2017. The inspection has now been closed by USFDA.

The USFDA had inspected the Baddi manufacturing facility from 2 to 10 March 2017 and had issued Form 483 with 3 observations. Post this, the Company has submitted a detailed corrective and preventive action plan to the regulator within stipulated timelines.

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Vishal Fabrics announces demise of director
May 23,2017

Vishal Fabrics announced the sad demise of Arakhita Khandual, Independent Director of the Company on 22 May 2017.

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