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Ahluwalia Contracts gains after winning news orders
May 16,2016

The announcement was made after market hours on Friday, 13 May 2016.

Meanwhile, the BSE Sensex was down 56.18 points, or 0.22%, to 25,433.39.

On BSE, so far 1,822 shares were traded in the counter, compared with an average volume of 4,704 shares in the past one quarter. The stock hit a high of Rs 294.70 and a low of Rs 285.80 so far during the day. The stock hit a 52-week high of Rs 319.30 on 21 April 2016. The stock hit a 52-week low of Rs 189.20 on 16 June 2015. The stock had underperformed the market over the past one month till 13 May 2016, sliding 5.14% compared with 0.54% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 23.05% as against Sensexs 10.89% rise.

The small-cap company has an equity capital of Rs 13.40 crore. Face value per share is Rs 2.

The companys unexecuted order book as on date stands at Rs 4507 crore, Ahluwalia Contracts (India) said.

Ahluwalia Contracts (India)s net profit rose 46.2% to Rs 19.84 crore on 20% growth in net sales to Rs 319.73 crore in Q3 December 2015 over Q3 December 2014.

Ahluwalia Contracts (India) is one of the leading civil contractors in India.

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Union Bank of India slips after weak Q4 results
May 16,2016

The result was announced after market hours on Friday, 13 May 2016.

Meanwhile, the BSE Sensex was down 3.51 points, or 0.01%, to 25,486.06.

On BSE, so far 3.37 lakh shares were traded in the counter, compared with an average volume of 5.83 lakh shares in the past one quarter. The stock hit a high of Rs 114.35 and a low of Rs 109.20 so far during the day. The stock hit a 52-week high of Rs 222.45 on 18 August 2015. The stock hit a 52-week low of Rs 104.05 on 29 February 2016. The stock had underperformed the market over the past one month till 13 May 2016, falling 11.72% compared with 0.54% decline in the Sensex. The scrip had also underperformed the market in past one quarter, rising 5.27% as against Sensexs 10.89% rise.

The mid-cap company has an equity capital of Rs 687.44 crore. Face value per share is Rs 10.

Union Bank of Indias (UBI) gross non-performing assets (NPA) stood at Rs 24170.89 crore as on 31 March 2016 compared with Rs 18495.16 crore as on 31 December 2015 and Rs 13030.87 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 8.7% as on 31 March 2016 compared with 7.05% as on 31 December 2015 and 4.96% as on 31 March 2015. The ratio of net NPA to net advances stood at 5.25% as on 31 March 2016 compared with 4.07% as on 31 December 2015 and 2.71% as on 31 March 2015. UBIs provisions and contingencies rose 54.92% to Rs 1564.67 crore in Q4 March 2016 over Q4 March 2015. The banks provision coverage ratio stood at 50.98% as on 31 March 2016.

The Government of India (GoI) held 63.44% in Union Bank of India (as per the shareholding pattern as on 31 March 2016).

Union Bank of India is one of largest state-owned banks in India. The banks business segments include treasury operations, retail banking operations, corporate wholesale banking and other banking operations. They offer various types of deposits such as savings bank deposits, current deposits, current and savings account (CASA) deposits, and term deposits.

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BoB tumbles after dismal Q4 outcome
May 16,2016

The result was announced after market hours on Friday, 13 May 2016.

Meanwhile, the BSE Sensex was down 34.04 points, or 0.13%, to 25,455.53.

On BSE, so far 7.54 lakh shares were traded in the counter, compared with an average volume of 12.45 lakh shares in the past one quarter. The stock hit a high of Rs 151.50 and a low of Rs 143.30 so far during the day. The stock hit a 52-week high of Rs 216.25 on 18 August 2015. The stock hit a 52-week low of Rs 109.45 on 12 February 2016. The stock had outperformed the market over the past one month till 13 May 2016, rising 1.64% compared with 0.54% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 35.51% as against Sensexs 10.89% rise.

The large-cap company has an equity capital of Rs 460.83 crore. Face value per share is Rs 2.

Bank of Baroda (BoB)s total income rose 6.06% to Rs 12789.06 crore in Q4 March 2016 over Q4 March 2015. The banks gross non-performing assets (NPA) stood at Rs 40521.04 crore as on 31 March 2016 compared with Rs 38934.11 crore as on 31 December 2015 and Rs 16261.45 crore as on 31 March 2015. The ratio of gross NPA to gross advances stood at 9.99% as on 31 March 2016 compared with 9.68% as on 31 December 2015 and 3.72% as on 31 March 2015. The ratio of net NPA to net advances stood at 5.06% as on 31 March 2016 compared with 5.67% as on 31 December 2015 and 1.89% as on 31 March 2015. BOBs provisions and contingencies jumped 277.31% to Rs 6857.66 crore in Q4 March 2016 over Q4 March 2015.

BOBs board of directors has not announced dividend for the financial year ended 31 March 2016 (FY 2016) as the bank reported net loss in FY 2016.

BoB said that its asset quality has stabilized and that the management expects the bank to return to black during the current financial year. The state-run bank posted a massive net loss of Rs 5395.55 crore in the year ended 31 March 2016 (FY 2016) as against a net profit of Rs 3398.43 crore in the year ended 31 March 2015 (FY 2015). The reason for the massive net loss was due to additional provisions that the state-run bank made with respect to certain loans in Q3 December 2015 and Q4 March 2016 as a part of an asset quality review (AQR) being carried out by the Reserve Bank of India for the banking sector as a whole. The provision coverage ratio (PCR) of the bank improved to 60.09% as on 31 March 2016 from 52.7% as on 31 December 2015. The total restructured standard assets of the bank dropped to Rs 13735 crore on 31 March 2016 from Rs 17135 crore as on 31 December 2015.

The Government of India held 59.24% in Bank of Baroda (as per the shareholding pattern as on 31 March 2016).

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Hinduja Ventures slumps after poor Q4 results
May 13,2016

The company declared its results after trading hours yesterday, 12 May 2016.

Meanwhile, the BSE Sensex was down 303.07 points, or 1.18%, to 25,487.15

On BSE, so far 7,704 shares were traded in the counter, compared with an average volume of 1,003 shares in the past two weeks. The stock hit a high of Rs 435 and a low of Rs 414 so far during the day. The stock hit a 52-week high of Rs 466.50 on 30 November 2015. The stock hit a 52-week low of Rs 357 on 23 September 2015.

The small-cap company has an equity capital of Rs 20.56 crore. Face value per share is Rs 10.

Hinduja Ventures operates across three segments: media and communication, real estate and investment and treasury.

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Bank stocks slide on fears RBI may hold rate cut
May 13,2016

Among public sector banks, UCO Bank (down 5.66%), IDBI Bank (down 4.1%), Syndicate Bank (down 3.58%), Vijaya Bank (down 2.8%), Bank of Maharashtra (down 2.69%), Punjab National Bank (down 2.08%), Allahabad Bank (down 1.97%), State Bank of India (down 1.91%), Union Bank of India (down 1.9%), Bank of Baroda (down 1.71%), Bank of India (down 1.66%), United Bank of India (down 1.58%), Punjab and Sind Bank (down 1.3%), Canara Bank (down 1.27%), Central Bank of India (down 1.27%), Andhra Bank (down 1.07%) and Corporation Bank (down 0.53%), edged lower. Dena Bank (up 3.75%) and Indian Bank (up 5.88%), edged higher.

Among private sector banks, Kotak Mahindra Bank (down 2.49%), ICICI Bank (down 2.31%), HDFC Bank (down 0.67%), Yes Bank (down 0.61%) and Axis Bank (down 0.29%), edged lower. IndusInd Bank (up 0.22%), City Union Bank (up 0.68%) and Federal Bank (up 2.35%), edged higher.

The BSE Bankex was down 1.40% at 19,012.11. It underperformed the Sensex, which was down 1.12% at 25,501.15.

On the macro front, the latest data showing acceleration in consumer price inflation in April 2016 has triggered speculation that the Reserve Bank of India (RBI) would hold off on cutting rates at its policy review next month. Inflation based on consumer price index (CPI) surged to 5.39% in April 2016 from six months low of 4.8% recorded in March 2016. The core CPI inflation rose to 4.76% in April 2016 from 4.54% in March 2016.

Meanwhile, the RBI has allowed foreign banks having branch presence in India to acquire up to 10% in a private sector bank as the central bank announced changes in the guidelines on ownership/shareholding in private sector banks in India yesterday, 12 May 2016. The RBI said that in case of exceptional circumstances, such as, restructuring of problem/weak banks or in the interest of consolidation in the banking sector, the RBI may permit a foreign bank to own more than 10% in a private sector bank. The ownership of non-regulated and non-diversified financial institutions in private sector banks will be capped at 15%. In the case of regulated, well diversified, listed entities from the financial sector and shareholding by supranational institutions or public sector undertaking or the Government of India, a uniform limit upto 40% of the paid-up capital of the private sector bank has been permitted for both promoters/promoter group and non-promoters.

The RBI said that it has revised the guidelines on ownership in private sector banks against the background of the guidelines on licensing of new banks in the private sector issued in February 2013, the need for additional capital for the banks consequent to the implementation of Basel III capital regulations and to rationalise the ownership limits.

Further, the RBI has proposed additional risk weight and higher standard asset provision for commercial banks with respect to large lending exposure to a single borrower to be effective from the financial year 2017-18 onwards. The RBI has proposed standard asset provision of 3% on the incremental exposure of the banking system in excess of the normally permitted lending limit (NPLL) to be distributed in proportion to each banks funded exposure to the specified large borrower. There will be additional risk weight of 75% over and above the applicable risk weight for the exposure to the large specified borrower to be distributed in proportion to each banks funded exposure to the specified borrower. The RBI said that its analysis of data on banks lending exposure shows build-up of high concentration of credit risk at the systemic level in the banking sector. This has resulted in banks collectively having very large exposures to some of the large corporates in India. The RBI has sought public comments on a discussion paper on the framework for enhancing credit supply for large borrowers by 30 May 2016.

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Banks stocks slide on fears RBI may hold rate cut
May 13,2016

Among public sector banks, UCO Bank (down 5.66%), IDBI Bank (down 4.1%), Syndicate Bank (down 3.58%), Vijaya Bank (down 2.8%), Bank of Maharashtra (down 2.69%), Punjab National Bank (down 2.08%), Allahabad Bank (down 1.97%), State Bank of India (down 1.91%), Union Bank of India (down 1.9%), Bank of Baroda (down 1.71%), Bank of India (down 1.66%), United Bank of India (down 1.58%), Punjab and Sind Bank (down 1.3%), Canara Bank (down 1.27%), Central Bank of India (down 1.27%), Andhra Bank (down 1.07%) and Corporation Bank (down 0.53%), edged lower. Dena Bank (up 3.75%) and Indian Bank (up 5.88%), edged higher.

Among private sector banks, Kotak Mahindra Bank (down 2.49%), ICICI Bank (down 2.31%), HDFC Bank (down 0.67%), Yes Bank (down 0.61%) and Axis Bank (down 0.29%), edged lower. IndusInd Bank (up 0.22%), City Union Bank (up 0.68%) and Federal Bank (up 2.35%), edged higher.

The BSE Bankex was down 1.40% at 19,012.11. It underperformed the Sensex, which was down 1.12% at 25,501.15.

On the macro front, the latest data showing acceleration in consumer price inflation in April 2016 has triggered speculation that the Reserve Bank of India (RBI) would hold off on cutting rates at its policy review next month. Inflation based on consumer price index (CPI) surged to 5.39% in April 2016 from six months low of 4.8% recorded in March 2016. The core CPI inflation rose to 4.76% in April 2016 from 4.54% in March 2016.

Meanwhile, the RBI has allowed foreign banks having branch presence in India to acquire up to 10% in a private sector bank as the central bank announced changes in the guidelines on ownership/shareholding in private sector banks in India yesterday, 12 May 2016. The RBI said that in case of exceptional circumstances, such as, restructuring of problem/weak banks or in the interest of consolidation in the banking sector, the RBI may permit a foreign bank to own more than 10% in a private sector bank. The ownership of non-regulated and non-diversified financial institutions in private sector banks will be capped at 15%. In the case of regulated, well diversified, listed entities from the financial sector and shareholding by supranational institutions or public sector undertaking or the Government of India, a uniform limit upto 40% of the paid-up capital of the private sector bank has been permitted for both promoters/promoter group and non-promoters.

The RBI said that it has revised the guidelines on ownership in private sector banks against the background of the guidelines on licensing of new banks in the private sector issued in February 2013, the need for additional capital for the banks consequent to the implementation of Basel III capital regulations and to rationalise the ownership limits.

Further, the RBI has proposed additional risk weight and higher standard asset provision for commercial banks with respect to large lending exposure to a single borrower to be effective from the financial year 2017-18 onwards. The RBI has proposed standard asset provision of 3% on the incremental exposure of the banking system in excess of the normally permitted lending limit (NPLL) to be distributed in proportion to each banks funded exposure to the specified large borrower. There will be additional risk weight of 75% over and above the applicable risk weight for the exposure to the large specified borrower to be distributed in proportion to each banks funded exposure to the specified borrower. The RBI said that its analysis of data on banks lending exposure shows build-up of high concentration of credit risk at the systemic level in the banking sector. This has resulted in banks collectively having very large exposures to some of the large corporates in India. The RBI has sought public comments on a discussion paper on the framework for enhancing credit supply for large borrowers by 30 May 2016.

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Dr Reddys Lab falls as foreign brokerage cuts sales and EPS forecast
May 13,2016

Meanwhile, the BSE Sensex was down 296.21 points, or 1.15%, to 25,494.01

On BSE, so far 25,194 shares were traded in the counter, compared with an average volume of 35,363 shares in the past one quarter. The stock hit a high of Rs 2,940.90 and a low of Rs 2,887.80 so far during the day. The stock hit a record high of Rs 4,382.95 on 20 October 2015. The stock hit a 52-week low of Rs 2,750 on 21 January 2016. The stock had underperformed the market over the past one month till 12 May 2016, falling 3.53% compared with 2.56% rise in the Sensex. The scrip also underperformed the market in past one quarter, gaining 4.48% as against Sensexs 12.20% rise.

The large-cap company has an equity capital of Rs 85.30 crore. Face value per share is Rs 5.

The foreign brokerage has also reportedly cut its price target and retained its sell rating on the Dr Reddys Laboratories stock. The stock had risen 3.65% to settle at Rs 2,973.85 yesterday, 12 May 2016, after the companys Q4 March 2016 results showed a sharp year-on-year decline in bottom line due to an exceptional write off related to the companys subsidiary in Venezuela.

On a consolidated basis, Dr Reddys Laboratories net profit fell 85.6% to Rs 74.60 crore on 2.4% decline in total income to Rs 3792.80 crore in Q4 March 2016 over Q4 March 2015. The results are as per International Financial Reporting Standards (IFRS). The result was announced during trading hours yesterday, 12 May 2016.

Dr Reddys Laboratories is an integrated global pharmaceutical company. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products - Dr Reddys offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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IL&FS Transportation gains after decent Q4 results
May 13,2016

The result was announced during trading hours today, 13 May 2016.

Meanwhile, the BSE Sensex was down 308.42 points, or 1.20%, to 25,481.80.

On BSE, so far 2.14 lakh shares were traded in the counter, compared with an average volume of 62,030 shares in the past one quarter. The stock hit a high of Rs 77.15 and a low of Rs 70.60 so far during the day. The stock hit a 52-week high of Rs 164.68 on 27 May 2015. The stock hit a 52-week low of Rs 64 on 26 February 2016. The stock had underperformed the market over the past one month till 12 May 2016, falling 8.17% compared with 2.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 7.13% as against Sensexs 12.20% rise.

The small-cap company has an equity capital of Rs 328.96 crore. Face value per share is Rs 10.

On a consolidated basis, IL&FS Transportation Networks net profit fell 29.77% to Rs 311.54 crore on 27.88% increase in total income to Rs 8732.03 crore in the year ended March 2016 over the year ended March 2015.

IL&FS Transportation Networks has grown into the largest BOT (build, operate and transfer) road assets owner in India.

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ITD Cementation inches up after turnaround Q1 result
May 13,2016

The company declared its results after trading hours yesterday, 12 May 2016.

Meanwhile, the S&P BSE Sensex was down 330.34 points or 1.28% at 25,459.88

On BSE, so far 2.22 lakh shares were traded in the counter as against average daily volume of 45,158 shares in the past one quarter. The stock hit a high of Rs 140.10 and a low of Rs 132.80 so far during the day. The stock had hit a record high of Rs 135.40 on 12 May 2016. The stock had hit a 52-week low of Rs 56.85 on 15 June 2015. The stock had outperformed the market over the past one month till 12 May 2016, rising 11.26% compared with 2.56% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 46.14% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 15.52 crore. Face value per share is Re 1.

ITD Cementation Indias consolidated net sales rose 73% to Rs 1015.34 crore in Q1 March 2016 over Q1 March 2015.

ITD Cementation India is a civil engineering, contracting and construction organization providing integrated design, engineering, procurement and construction services for infrastructure development projects in India.

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Manappuram Finance spurts after strong Q4 earnings
May 13,2016

The result was announced after market hours yesterday, 12 May 2016.

Meanwhile, the BSE Sensex was down 314.24 points, or 1.22%, to 25,475.98 .

On BSE, so far 48.86 lakh shares were traded in the counter, compared with an average volume of 2.94 lakh shares in the past one quarter. The stock hit a high of Rs 50.25 and a low of Rs 45 so far during the day. The stock hit a 52-week high of Rs 50.25 on 13 May 2016. The stock hit a 52-week low of Rs 19.75 on 10 September 2015. The stock had outperformed the market over the past one month till 12 May 2016, rising 10.70% compared with 2.56% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 47.02% as against Sensexs 12.20% rise.

The mid-cap company has an equity capital of Rs 168.24 crore. Face value per share is Rs 2.

On a consolidated basis, Manappuram Finances net profit rose 30.2% to Rs 353.37 crore on 19.1% growth in total income to Rs 2373.83 crore in the year ended March 2016 over the year ended March 2015.

Manappuram Finance is a non-banking financial company (NBFC), providing finance against household gold ornament.

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Volumes jump at Grindwell Norton counter
May 13,2016

Grindwell Norton clocked volume of 1.81 lakh shares by 13:10 IST on BSE, a 84.64 times surge over two-week average daily volume of 2,139 shares. The stock shed 0.1% at Rs 644.

Lumax Industries notched up volume of 1.16 lakh shares, a 50.56-fold surge over two-week average daily volume of 2,304 shares. The stock gained 10.43% at Rs 543. The companys net profit surged 325.5% to Rs 10.34 crore on 4.3% rise in net sales to Rs 319.39 crore in Q4 March 2016 over Q4 March 2015. The company declared its results after trading hours yesterday, 12 May 2016.

Pfizer saw volume of 1.45 lakh shares, a 17.37-fold surge over two-week average daily volume of 8,000 shares. The stock advanced 1.24% at Rs 1,778.50.

Manappuram Finance clocked volume of 48.30 lakh shares, a 17.05-fold surge over two-week average daily volume of 2.83 lakh shares. The stock rose 17.3% at Rs 49.15.

Eicher Motors saw volume of 38,980 shares, a 5,677-fold rise over two-week average daily volume of shares. The stock lost 3.14% at Rs 19,130.

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Lumax Industries spurts after blockbuster Q4 result
May 13,2016

The company declared its results after trading hours yesterday, 12 May 2016.

Meanwhile, the BSE Sensex was down 323.84 points, or 1.26%, to 25,466.38

On BSE, so far 1.13 lakh shares were traded in the counter, compared with an average volume of 1,785 shares in the past one quarter. The stock hit a high of Rs 571.90 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 510 so far during the day. The stock hit a 52-week low of Rs 282.50 on 3 July 2015. The stock had outperformed the market over the past one month till 12 May 2016, rising 15.18% compared with 2.56% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 34.23% as against Sensexs 12.20% rise.

The small-cap company has an equity capital of Rs 9.35 crore. Face value per share is Rs 10.

Lumax Industries offers a wide array of complete automobile lighting systems and solutions, which includes; stellar quality head lamps and tail lamps, sundry and auxiliary lamps and other related products and accessories for four wheeler, two wheeler, trucks, buses, earth-movers, tractors and a variety of diverse applications.

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Merck gains after good Q1 result
May 13,2016

The company declared its results after trading hours yesterday, 12 May 2016.

Meanwhile, the S&P BSE Sensex was down 229.31 points or 0.89% at 25,560.91

On BSE, so far 5,280 shares were traded in the counter as against average daily volume of 3,118 shares in the past one quarter. The stock hit a high of Rs 696 and a low of Rs 676.25 so far during the day. The stock had hit a 52-week high of Rs 904 on 6 August 2015. The stock had hit a 52-week low of Rs 623 on 12 February 2016. The stock had outperformed the market over the past one month till 12 May 2016, rising 3.74% compared with 2.56% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 6.24% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 16.60 crore. Face value per share is Rs 10.

Merck is a leading science and technology company in healthcare, life science and performance materials.

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Nestle India spurts on good sequential results
May 13,2016

The result hit the market after trading hours yesterday, 12 May 2016.

Meanwhile, the BSE Sensex was down 231.63 points, or 0.90%, to 25,558.59.

On BSE, so far 6,539 shares were traded in the counter, compared with an average volume of 8,458 shares in the past one quarter. The stock hit a high of Rs 5,964.90 and a low of Rs 5,710 so far during the day. The stock hit a 52-week high of Rs 7,327 on 18 May 2015. The stock hit a 52-week low of Rs 4,990 on 29 February 2016. The stock had underperformed the market over the past one month till 12 May 2016, sliding 7.04% compared with 2.56% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.79% as against Sensexs 12.20% rise.

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

Nestle Indias net profit rose 41.38% to Rs 259 crore on 17.5% increase in total income from operations (net) to Rs 2302.46 crore in Q1 March 2016 over Q4 December 2015.

Net profit fell 19.13% to Rs 259 crore on 8.5% decline in total income from operations (net) to Rs 2302.46 crore in Q1 March 2016 over Q1 March 2015.

The company said that the Maggi Noodles issue adversely impacted the financial performance in the first quarter. Nestle relaunched Maggi noodles in the market at the beginning of November 2015 after it withdrew the product from the market in June 2015 amid allegations that it contained high levels of lead.

Nestle Indias Chairman and Managing Director Suresh Narayanan said that Maggi noodles has already regained leadership with over 50% market share within 5 months of relaunch. He said that Nestle India is gearing up for volume growth with renewed focus and commitment on consumer relevant innovation and renovation. Narayanan said that the management is working on increasing penetration for all product categories of the company including milk & nutrition, chocolate & confectionary and coffee & beverages. Narayanan said that the companys Q1 March 2016 results show further improvement in sequential performance, both in sales and profit margins.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle is the worlds leading nutrition, health and wellness company. Nestle S.A. held 34.28% stake in Nestle India (as per the shareholding pattern as at 31 March 2016).

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Select stocks turn volatile after MSCI reshuffle
May 13,2016

MSCI announced the results of the May 2016 Semi-Annual Index Review for the MSCI Equity Indexes after market hours yesterday, 12 May 2016.

Meanwhile, the S&P BSE Sensex was down 251.28 points, or 0.97% at 25,538.94

Shares of Bajaj Finserv were down 1.44% at Rs 1,874. The stock hit a high of Rs 1,909.60 and a low of Rs 1,873 so far during the day.

Shares of LIC Housing Finance were down 0.14% at Rs 467.60. The stock hit a high of Rs 471.10 and low of Rs 464.30 so far during the day.

Shares of Marico were up 0.18% at Rs 254.30. The stock hit a high of Rs 257.80 and a low of Rs 251.70 so far during the day.

Shares of Pidilite Industries were down 1.14% at Rs 597.75. The stock hit a high of Rs 606.10 and a low of Rs 596.05 so far during the day.

Shares of Punjab National Bank were down 1.19% at Rs 78.55. The stock hit a high of Rs 79.50 and a low of Rs 78.45 so far during the day.

Shares of Bajaj Finserv, LIC Housing Finance, Marico and Pidilite Industries would be added in the MSCI India Domestic Index with effect from 1 June 2016. Shares of Punjab National Bank (PNB) would be deleted MSCI India Domestic Index. However, PNB will be added in MSCI India Domestic Small Cap Index.

MSCI is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds are linked with MSCI indices. Hence, any new stock addition in MSCI index will require the fund tracking that index to include it in its portfolio.

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