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Beardsell to hold board meeting
Jul 06,2017

Beardsell will hold a meeting of the Board of Directors of the Company on 22 July 2017 To approve the notice of the 80th Annual General Meeting and to fix the date, time and venue for the meeting

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Bharat Forge gains after rise in North America Class 8 truck orders
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 153.81 points, or 0.49% to 31,399.37.

On the BSE, 45,000 shares were traded in the counter so far, compared with average daily volumes of 67,852 shares in the past one quarter. The stock had hit a high of Rs 1,139.20 and a low of Rs 1,120 so far during the day. The stock hit a 52-week high of Rs 1,220.45 on 8 June 2017. The stock hit a 52-week low of Rs 716.70 on 4 August 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 4.72% compared with 0.18% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 2.05% as against Sensexs 4.40% rise. The scrip, however, outperformed the market in past one year, surging 44.65% as against Sensexs 15.01% rise.

The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

As per FTR release, preliminary North America Class 8 truck orders surged 38% to 17,764 units in June 2017 over May 2017. About 20% of Bharat Forges revenue on standalone basis reportedly comes from North America truck market.

Net profit of Bharat Forge rose 25.32% to Rs 207.50 crore on 11.31% rise in net sales to Rs 1125.66 crore in Q4 March 2017 over Q4 March 2016.

Bharat Forge is a technology driven global leader in metal forming having transcontinental presence across ten manufacturing locations, serving several sectors including automotive, power, oil and gas, construction & mining , rail, marine and aerospace.

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Ministry of Food Processing Industry establishes GST facilitation cell to guide industry about GST regime
Jul 06,2017

The Ministry of Food Processing Industries has established a four member GST Facilitation Cell at its office to guide the industry about the new tax regime. The members of the GST Facilitation Cell can be accessed through Toll Free No 1800111175 or on #AskonGSTFPI. Further details can be accessed from http://www.mofpi.nic.in

The ministry has created a GST cell for the purpose of implementation and facilitating the rollout of GST with immediate effect. The GST facilitation cell will provide all possible support for the rollout of the levy to the major industry and business associations related to MoFPI. This cell will serve as the first point of contact to address any issue being faced by any sector related to the ministry. The GST cell will be equipped with the complete knowledge of the relevant GST Act, rules, rate structure etc.

The cell will be headed by Shri Bijaya Kumar Behera, Economic Advisor and Shri G Srinivasan, senior marketing officer, Shri S N Ahmed, Assistant Director, Shri Bikram Nath, Assistant Director as its Members.

The Ministry is in the process of organising several programmes for the industry to sensitise associates about GST, and has also planned to conduct seminars to disseminate information about the new tax regime.

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Andhra Petrochemicals announces resignation of nominee director
Jul 06,2017

Andhra Petrochemicals announced that Kartikeya Misra, Nominee Director of Andhra Pradesh Industrial Development Corporation has resigned from the Board of the Company with effect from 05 July 2017 consequent upon withdrawal of this nomination by APIDC.

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Prestige Estates Projects leads gainers on BSEs A group
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 154.04 points, or 0.49% at 31,399.60.

Prestige Estates Projects rose 5.76% at Rs 264.20. The stock topped the gainers in A group. On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past two weeks.

Indian Bank rose 5.90% at Rs 296.90. The stock was the second biggest gainer in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 1.36 lakh shares in the past two weeks.

Sobha rose 5.07% at Rs 401 after the company achieved good new sales volume in Q1 June 2017. The stock was the third biggest gainer in A group. On the BSE, 69,000 shares were traded on the counter so far as against the average daily volumes of 25,000 shares in the past two weeks.

Redington (India) rose 4.84% at Rs 133.15 after a huge bulk deal of 2.01 crore shares saw 5% equity stake of the company changing hands at Rs 135.85 per share at 09:22 IST on BSE. The stock was the fourth biggest gainer in A group. On the BSE, 2.17 crore shares were traded on the counter so far as against the average daily volumes of 3.50 lakh shares in the past two weeks.

IL&FS Transportation Networks rose 4.74% at Rs 102.85. The stock was the fifth biggest gainer in A group. On the BSE, 79,000 shares were traded on the counter so far as against the average daily volumes of 74,000 shares in the past two weeks.

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Trimurthi to hold board meeting
Jul 06,2017

Trimurthi will hold a meeting of the Board of Directors of the Company on 6 July 2017.

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Tech Mahindra to hold AGM
Jul 06,2017

Tech Mahindra announced that the 30th Annual General Meeting(AGM) of the company on 1 August 2017.

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Wockhardt to hold AGM
Jul 06,2017

Wockhardt announced that the th Annual General Meeting(AGM) of the company on 2 August 2017.

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Geojit Financial Services to hold AGM
Jul 06,2017

Geojit Financial Services announced that the 23th Annual General Meeting(AGM) of the company on 25 July 2017.

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Dynamatic Technologies signs strategic cooperation agreement to address UAV market in India
Jul 06,2017

Dynamatic Technologies announced that the Company, Israel Aerospace Industries (IAI), and Elcom Systems announced their strategic cooperation, to jointly address the needs of the Indian UAV (Unmanned Aerial Systems) market, under the Make in India initiative of the Indian Government.

The announcement followed the signing of a cooperation agreement between the companies, regarding production, assembly and support of UAVs in India.

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Kashyap Tele-Medicines appoints company secretary and compliance officer
Jul 06,2017

Kashyap Tele-Medicines announced the appointment of Dhruvil Shah as a Whole time Company Secretary and Compliance Officer of the Company with effect from 06 July 2017.

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A2Z Infra Engineering gets reaffirmation in credit ratings
Jul 06,2017

A2Z Infra Engineering has received revision in credit ratings from CARE as under -

Long term bank facilities (Rs 931.78 crore) - CARE D (Reaffirmed)
Short term bank facilities (Rs 1016.69 crore) - CARE D (Reaffirmed)

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Fitch: GST Should Boost Indias Long-Term Growth Prospects
Jul 06,2017

Indias new Goods and Services Tax (GST) will unify the indirect tax system and remove domestic barriers to trade, which should support productivity gains and GDP growth over the long term, says Fitch Ratings.

The GST that came into effect on 1 July is relatively complex, including multiple tax rates for different goods - ranging from 0% to 28%, or higher where sin taxes are applied - and requires frequent filing in all states in which a company operates. Nevertheless, it is far simpler than the previous system, under which each state set its own sales taxes - in addition to the central government - and imposed border taxes on goods entering the state.

The unified national system should offer significant opportunities for productivity. For example, it will become much quicker and less costly to move goods across the country now that trucks will not be held up at checkpoints at state borders. Smoother logistics should reduce retailers need for working capital and allow them to operate centralised warehouses, rather than in every state. Supply chains could extend, encouraging specialisation, now that there is less incentive to source goods within state borders. Tax filing may also become less time-consuming as a result of the new electronic system.

The GST is unlikely to increase revenue in the short term. However, it is likely to boost revenue indirectly over the long term, as it supports GDP growth and encourages tax compliance. A benefit of value-added taxes like Indias GST is that retailers are required to show compliance right along the supply chain to claim refunds. Large companies will now have an incentive to pressure smaller suppliers into compliance. The new electronic filing system is also likely to lead to more tax reporting. Moreover, the tax base will be broadened, as only SMEs with sales of INR2 million (USD31,000) will now be exempt from paying GST, down from INR15 million.

Small informal retailers - which account for over 90% of retail sales - should also find it harder to understate their sales or to avoid filing tax returns altogether in a system where transactions are tracked throughout the supply chain. This could accelerate the shift toward organised retail.

Shifting activity into the formal sector, where activity is regulated and taxed, is a key government goal and was the main motivation stated for demonetisation in late-2016. The informal sector is very large, accounting for over 20% of GDP and 80% of employment, and is largely untaxed. This is one of the reasons why government revenue is low, at just 21.4% of GDP in 2016, compared with a median of 29.9% for BBB range sovereigns.

There are significant short-term risks involved in the GST implementation, emphasised by the late changes to the bill and the disruptive roll-out of demonetisation. High compliance costs for businesses and administrative difficulties have been problems in some emerging economies that have introduced value-added taxes, particularly those that had complex systems, under-resourced bureaucracies and short lead-in periods.

Indias new system will overhaul the way businesses operate, affecting their financial reporting, tax accounting, supply-chain management and technology requirements. Contracts will also need to be renegotiated. Smaller firms, many of which still keep their books manually, are likely to find the transition particularly difficult. Indias large bureaucracy is likely to be tested by the new system, with further potential implications for businesses. For example, delays in processing tax returns and paying out refunds might create cash flow problems. Multiple GST rates are also likely to lead to disputes over which goods fall into which category, which could add to strains on the judicial system.

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SVC Resources announces change in directorate
Jul 06,2017

SVC Resources announced that Riyaz Khan and Om Prakash Chugh have tendered their resignation from the office of director due to pre-occupation. The Board of Directors in their meeting held on 06 July 2017 has appointed Ghanshyam Chudasama and Sonam Barot as Independent Directors in the Company. Further, Rajesh Baheti, Chairman has also been appointed as Chief Financial Officer (CFO) of the Company.

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Redington India spurts after huge bulk deal
Jul 06,2017

Meanwhile, the S&P BSE Sensex was up 141.49 points, or 0.45%, to 31,387.05. The S&P BSE Mid-Cap index was up 77.01 points, or 0.52%, to 14,979.

Bulk deal boosted volume on the scrip. On BSE, so far 2.17 crore shares were traded in the counter, compared with an average volume of 99,136 shares in the past one quarter. The stock hit a high of Rs 137.45 and a low of Rs 126.10 so far during the day. The stock hit a record high of Rs 155.35 on 5 June 2017. The stock hit a 52-week low of Rs 79.70 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 10.28% compared with 0.18% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 13.24% as against Sensexs 4.40% rise. The scrip also outperformed the market in past one year, gaining 23% as against Sensexs 15.01% rise.

The mid-cap company has an equity capital of Rs 79.97 crore. Face value per share is Rs 2.

Redington Indias consolidated net profit rose 11.15% to Rs 153.32 crore on 3.07% rise in total income to Rs 10813.14 crore in Q4 March 2017 over Q4 March 2016.

Redington India is a supply chain solutions provider worldwide to leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.

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