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Phillips Carbon Black gets ratings assigned to LoC aggregating Rs 400 cr
May 15,2017

Phillips Carbon Black announced that ICRA has assigned a long term rating of [ICRA]A+ with a Stable outlook to Rs 400 crore Lines of Credit.

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Borosil Glass jumps after stellar Q4 numbers, stock split
May 15,2017

The result was announced on Saturday, 13 May 2017.

Meanwhile, the S&P BSE Sensex was up 124.56 points or 0.41% at 30,312.71. The BSE Small-Cap index was up 131.71 points or 0.85% at 15,660.54.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 3,943 shares in the past one quarter. The stock had hit a high of Rs 8,300 and a low of Rs 7,850 so far during the day.

The stock had hit a record high of Rs 8,702.60 on 25 October 2016 and a 52-week low of Rs 3,299 on 11 May 2016. It had outperformed the market over the past one month till 12 May 2017, advancing 11.85% compared with the Sensexs 1.84% rise. The scrip had also outperformed the market over the past one quarter, gaining 6.64% as against the Sensexs 6.54% rise.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

The companys net sales rose 17.6% to Rs 75.27 crore in Q4 March 2017 over Q4 March 2016.

Borosil Glass Works board recommended dividend of Rs 25 per share for FY 2017. The board also approved 10-for-1 stock split proposal.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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Tirupati Tyres announces resignation of director
May 15,2017

Tirupati Tyres announced that Parshottambhai Premjibhai Rupareliya, Director of the Company has tendered his resignation from the company due to pre-occupation in other activities.

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ASSOCHAM seeks exemption from blanket levy of charges on any transfer of captive mining lease obtained otherwise than through auction
May 15,2017

Apex industry body ASSOCHAM has reiterated its plea with Ministry of Mines seeking exemption from blanket levy of charges on any transfer of captive mining lease obtained otherwise than through auction, without any exemption on such levies on transfers within group companies, where the effective management control of mining lease does not change.

n++Our member companies are delaying intra-group restructuring, in absence of any clarity on transfer and imposition of transfer levy between group companies,n++ said Mr D.S. Rawat, secretary general, ASSOCHAM in a communication addressed to Mr Arun Kumar, secretary, Ministry of Mines.

Which, he said otherwise could have resulted amongst others in consolidation of business operations, synergies, unlocking shareholders value and above all better corporate governance structure.

ASSOCHAM is rest assured that government policies would not stand in the way of such benefits arising out of intra group restructuring and would implement changes clarifying the term, transfer of mining leases for mines alienated otherwise than through auction, exempting imposition of charges in transfers wherein effective control of mining lease does not change.

Previously in its request letter dated December 14, 2016, the chamber highlighted that the Mines and Minerals (Development and Regulation) Amendment Act, 2016 facilitated banks and financial institutions in liquidating stressed assets together with sale of units/assets by regulatory orders or otherwise.

However, a blanket levy of transfer charge on any transfer of captive mining lease obtained otherwise through auction, without any exemption ins a cause for concern for industries which hold and depend on captive mines for their continued operations.

As such lack of any specific exemptions in the scope of transfer as referred to in the current law prevents the stakeholders from undertaking transfers of mining leases even within their own group entities whether by way of restructuring or undertaking mergers and amalgamations or otherwise.

It noted that manufacturing units with captive mines operate such units through various subsidiary companies. n++Such companies falling within the same group structure often undertake corporate restructuring for the purposes like - consolidation of business and operations, achieving synergies in operations, simplification of group structures, unlocking shareholder value, achieving greater economies of scale, reduction of shareholder tiers and better corporate governance structure.n++

ASSOCHAM also highlighted certain positive outcomes of an exemption in levy of charges to transfers within group companies where effective management control of mining lease does not change.

Some of these positive externalities are - consolidation of companies and simplification of multi-layered structures relating to the same; promotion of goal of restricting extremely complicated corporate holding structures; assist in making effective owners also actual owners of operating company thereby increasing its accountability and oversight; reduction of ambiguity in regulatory framework; ease of doing business and better allocation of resources within the group companies.

ASSOCHAM had also highlighted that a blanket levy of transfer charges on any incident of transfer not only impacts the operation of captive mines, but also on cement, steel and other such industries that are reliant on captive mines for their own continued operation, development of critical infrastructure and growth of the economy.

As such with a view to facilitate ease of doing business and to ensure efficient allocation of resources, ASSOCHAM had urged the Centre to amend the Mineral Rules 2016 to provide that transfer of captive mining leases within the group companies where there is no change in the effective control and management should be freely permissible and not subject to a levy of transfer charge.

It also suggested that to obviate any ambiguity in this regard, the exemption may be based on a shareholding threshold.

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TVS Electronics spurts after reporting strong Q4 earnings
May 15,2017

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 147.56 points, or 0.49% at 30,335.71. The S&P BSE Small-cap index was up 129.44 points, 0.83% at 15,658.27.

High volumes were witnessed on the counter. On the BSE, 1.16 lakh shares were traded on the counter so far as against the average daily volumes of 40,560 shares in the past one quarter. The stock had hit a high of Rs 207.85 and a low of Rs 197.65 so far during the day.

The stock had hit a record high of Rs 231.90 on 13 December 2016 and a 52-week low of Rs 87.65 on 29 August 2016. The stock had underperformed the market over the past one month till 12 May 2017, declining 2.25% compared with the Sensexs 1.84% rise. The scrip had also underperformed the market over the past one quarter declining 6.35% as against the Sensexs 6.54% rise.

The small-cap company has equity capital of Rs 18.61 crore. Face value per share is Rs 10.

TVS Electronics is engaged in manufacturing of computer printers, trading of computer printers/keyboards and telecommunication parts, distribution of mobile phones, and offering services.

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Nestle India slips after Q1 results
May 15,2017

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 128.85 points, or 0.43% to 30,317.

On the BSE, 8,406 shares were traded in the counter so far, compared with average daily volumes of 6,394 shares in the past one quarter. The stock had hit a high of Rs 6,780 and a low of Rs 6,581 so far during the day.

The stock hit a 52-week high of Rs 7,390 on 29 July 2016. The stock hit a 52-week low of Rs 5,701.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 12 May 2017, rising 5.84% compared with 2.47% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.68% as against Sensexs 6.54% rise.

The large-cap FMCG company has equity capital of Rs 96.42 crore. Face value per share is Rs 10.

Nestle India said its total sales increased by 9.1% in Q1 March 2017. Domestic sales increased by 9.7% in Q1 March 2017, mainly due to increase in volumes across product groups, including rebuild of Maggi noodles, supplemented by marginally better realisations mostly from carry over pricing. The growth of 0.6% in exports was largely impacted by lower sales to Nepal and Bhutan.

Suresh Narayanan, chairman and managing director of Nestln++ India said the company is glad with the increased volume based growth, across categories, during the first quarter of 2017. Innovation and renovation, as also volume based growth, are core business strategies outlined by Nestle India almost 18 months back and that this strategy is now playing an important role.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. The company manufactures internationally famous brand names such as Nescafn++, Maggi, Milkybar, Kit Kat, Bar-One, Milkmaid And Nestea, etc.

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Titan slides as net profit growth lags top line growth
May 15,2017

The result was announced after market hours on Friday, 12 May 2017.

Meanwhile, the S&P BSE Sensex was up 136.09 points or 0.45% at 30,324.24.

On the BSE, 1.89 lakh shares were traded on the counter so far as against the average daily volumes of 1.27 lakh shares in the past one quarter. The stock had hit a high of Rs 495 and a low of Rs 472.80 so far during the day.

The stock had hit a record high of Rs 505.65 on 12 May 2017 and a 52-week low of Rs 296.30 on 21 November 2016. It had outperformed the market over the past one month till 12 May 2017, advancing 3.04% compared with the Sensexs 1.84% rise. The scrip had also outperformed the market over the past one quarter, gaining 14.8% as against the Sensexs 6.54% rise.

The large-cap company has equity capital of Rs 88.78 crore. Face value per share is Rs 1.

Titans Managing Director Bhaskar Bhat said that FY 2017 was an extremely satisfying year in terms of company performance, given the market conditions. The strength of companys brands, the reach of its retail and distribution network and the effectiveness of new product introductions and marketing campaigns was tested in a difficult environment.

The various businesses of the company retained their focus on the company and took bold steps, wherever needed, to drive growth and enhance profitability, Bhat added.

Titans board recommended a dividend of Rs 2.60 per share for FY 2017.

Titan Companys main business lines are watches, jewellery and eyewear.

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Waning appetite for credit in power, telecom, mining; steel witnesses uptick: ASSOCHAM
May 15,2017

With appetite disappearing for both lenders and borrowers in highly debt-ridden sectors like power, telecom and mining, the deployment of bank credit to these industries have witnessed a plunge and the trend may continue unless the basic issue of red mark in the balance sheets of banks by way of Non-Performing Asset (NPAs) and the corporate firms in the form of back breaking leverage, is addressed, an ASSOCHAM Paper has said.

Analysing the Reserve Bank of India (RBI) data, the Paper noted that the mining sector, battling slowdown in demand and pricing power , saw a maximum of de-growth in deployment of bank credit in the financial year 2016-17 , by 11.5 per cent, to Rs 345 billion in March, 2017 from Rs 390 billion in the corresponding month of the previous year.

n++All the buzz around coal block auctions is missing, with subdued demand for coal, as also bleak outlook for the thermal power plants which are themselves struggling, after adding capacities based on assumptions of pricing and demand which have turned out to be far from the real situation, at the moment. Both the coal and coal-fired power stations are in a state of uncertainty; thus it is no surprise that these two sectors have no appetite left for expansion in fund deployment,n++ the ASSOCHAM Paper observed.

Like mining and quarrying, including coal, the bank credit in power sector saw a contraction of 9.4 per cent to Rs 5256 billion as on March, 2017 from Rs 5799 billion a year ago. The sector is battling issues like high debt level, low prices of merchandise power, unwillingness of the state owned distribution firms to revise tariffs and a potential competition from solar energy, which , backed by the government subsidy has seen the generators made bids for solar energy as low or even lower than the conventional sectors.

n++Aggressive bidding for spectrum and intense competition for tariffs have brought the telecom sector as well to such a pass that the bank credit to the telcos is decreasing. It has become a game of deep -pockets but those pockets cannot be filled by borrowed money always,n++ said ASSOCHAM Secretary General Mr D S Rawat.

The bank credit to the telecom sector during 2016-17 dropped by 6.8 per cent to Rs 851 billion from 913 billion, adds the paper.

However, a good part of the story is visible in iron and steel, which saw a positive growth, though by modest 2.6 per cent to Rs 3195 billion from Rs 3155 billion. n++The sector seems to be witnessing a recovery, helped by certain policy measures like restrictive imports from Chinan++, said the Paper.

It would be quite a haul before the situation in the highly leveraged sectors becomes healthy. Good part is that banks as also the borrowers are working towards resolutions of the staggering non-performing assets.

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Galore Prints Industries to hold board meeting
May 15,2017

Galore Prints Industries will hold a meeting of the Board of Directors of the Company on 26 May 2017, to approve the Annual Audited Financial Results as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ending March 31, 2016

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Shreekrishna Biotech to hold board meeting
May 15,2017

Shreekrishna Biotech will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Pressure Sensitive Systems (India) to hold board meeting
May 15,2017

Pressure Sensitive Systems (India) will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Shriram Asset Management Co to hold AGM
May 15,2017

Shriram Asset Management Co announced that the 23rd Annual General Meeting (AGM) of the company will be held on 10 August 2017.

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Gujarat Themis Biosyn to hold AGM
May 15,2017

Gujarat Themis Biosyn announced that the Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Kappac Pharma to hold board meeting
May 15,2017

Kappac Pharma will hold a meeting of the Board of Directors of the Company on 26 May 2017.

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Board of Arvind recommends final dividend
May 15,2017

Arvind announced that the Board of Directors of the Company at its meeting held on 11 May 2017, inter alia, have recommended the final dividend of Rs 2.4 per equity Share (i.e. 24%) , subject to the approval of the shareholders.

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