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Usha Martin gets downgrade in Long Term Issuer Ratings
Dec 27,2016

Usha Martin announced that India Ratings and Research has downgraded the Companys Long Term Issuer Rating to IND BBB- from IND BBB and removed it from Rating Watch Negative. The Outlook is Negative.

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Bharat Financial Inclusion leads gainers in A group
Dec 27,2016

Bharat Financial Inclusion jumped 5.11% to Rs 505 at 13:18 IST. The stock topped the gainers in the BSEs A group. On the BSE, 12.58 lakh shares were traded on the counter so far as against the average daily volumes of 6.53 lakh shares in the past two weeks.

Intellect Design Arena surged 4.58% at Rs 135.85. The stock was second biggest gainer in A group. On the BSE, 1.67 lakh shares were traded on the counter so far as against the average daily volumes of 2.56 lakh shares in the past two weeks.

Alok Industries advanced 4.02% to Rs 3.36. The stock was third biggest gainer in A group. On the BSE, 10.37 lakh shares were traded on the counter so far as against the average daily volumes of 30.93 lakh shares in the past two weeks.

Century Textiles & Industries gained 3.59% at Rs 790. The stock was fourth biggest gainer in A group. On the BSE, 1.60 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

Edelweiss Financial Services rose 3.43% to Rs 95. The stock was fifth biggest gainer in A group. On the BSE, 1.24 lakh shares were traded on the counter so far as against the average daily volumes of 4.09 lakh shares in the past two weeks.

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The Insolvency and Bankruptcy Board of India (IBBI) established
Dec 27,2016

Following are the major Policy Initiatives and Achievements of the Ministry of Corporate Affairs, Government of India during the Year-2016:

1. To review the Companies Act, 2013 based on implementation experience in line with changing economic environment and initiatives for addressing all concerns with reference to Companies Act, 2013 and Companies (Amendment) Bill, 2016;

The Companies (Amendment) Bill, 2016 was introduced in the Lok Sabha on 16th March, 2016 proposing to amend Companies Act, 2013[CA-13]. The Bill was subsequently referred to the Parliamentary Committee on Finance and the Committee, after examination, presented its report to both Houses of the Parliament on 7th December, 2016. The Bill is likely to be considered and passed by both the Houses of Parliament with or without modifications including through official amendments, if any.

2. Notifications of remaining Sections of the Companies Act, 2013

As on 15th December, 2016 out of 470 sections, 422 sections of the Companies Act, 2013 have been notified. 39 sections are omitted by Insolvency Banking Code (IBC). Remaining 9 sections would be notified shortly.

3. On the request of Gujarat International Finance Tec-City (GIFT CITY), Gandhinagar, where the countrys First International Finance Service Centre (IFSC) has been set-up, draft notifications have been laid in the Parliament during Monsoon Session 2016, proposing exceptions from, and modifications and adaptations of various provisions of the Companies Act, 2013 for companies licensed to operate by the Reserve Bank of India (RBI) or Securities and Exchange Board of India (SEBI) or Insurance Regulatory and Development Authority of India (IRDA). This will apply to all other IFSC located in an approved multi services special economic zone set-up under Special Economic Zones Act, 2005, which may be set up subsequently.

4. Stabilization of the Cost Records and Audit Rules:

The Companies (Cost Records and Audit) Rules, 2014 reviewed so as to make necessary amendments for further improvement and to obviate ambiguities or technical errors, keeping in view the practical difficulties experienced over a period of time and after considering various queries/ representation from the stakeholders. Necessary amendments were notified vide notification dated 14-07-2016.

5. Improvement in compliance level:

n++ Filing of Cost Audit Report: For the Financial Year 2014-15, the compliance level till the prescribed time i.e. October 2015 was 48 per cent. By sustained efforts, the compliance level stood improved to 88 per cent by July 2016.

n++ Appointment of Cost Auditor: For the period 2015-16, the compliance level with respect to the companies required to approve Cost Auditor also improved by 10 per cent.

6. The Insolvency and Bankruptcy Code, 2016 (Code):

The Insolvency and Bankruptcy Code, 2016 (Code) was published in the Official Gazette on 28th May, 2016 and Government of India (Allocation of Business) Rules, 1961 were amended and notified on 1st Aug, 2016 wherein the Ministry of Corporate Affairs was entrusted with the responsibility to administer the Code.

7. The Insolvency and Bankruptcy Board of India (IBBI) was established vide gazette notification dated 01.10.2016.

The Insolvency and Bankruptcy Board of India (IBBI) was established under the Code and Chairperson of the Board was appointed vide gazette notification dated 01.10.2016. Four ex-officio members of the Board were also appointed vide Order dated 1.10.2016 and selection of whole-time members of the Board is under process.

8. Framing of Rules and Regulations and notification of sections under the Code

MCA was assigned with timeline of 1st December, 2016 to put in place Corporate Insolvency Resolution process as stated under the Code. To achieve the target, following three pillars as envisaged under the Code have been put in place by framing various rules and regulations and notifying relevant sections of the Code:-

(i) Insolvency and Bankruptcy Board of India [IBBI]

(ii) Insolvency Professional Agencies & Insolvency Professionals

(iii) Adjudicating Authority

Ministry has also successfully operationalized the Code within given timeframe which is likely to improve Indias rank in terms of Ease of Doing Business. It will also have desired effect on Start-Up India plan as envisaged by the Government.

9. National Company Law Tribunal and National Company Law Appellate Tribunal

Chapter - XXVII of Companies Act, 2013 deals with formation of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCALT). The constitution of NCLT and NCALT have been notified on 01st June, 2016. Vide Notification dated 30th November, 2016, the Central Government has designated the Benches of NCLT to exercise the jurisdiction, power and authority of Adjudicating Authority conferred by or under part II of the Insolvency and Bankruptcy Code, 2016.

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Sasken Communication Technologies fixes record date for buyback of shares
Dec 27,2016

Sasken Communication Technologies announced that the Company has fixed 06 January 2017 as the Record Date for the purpose of Buy-back of Equity Shares.

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Board of Asian Oilfield Services approves preferential allotment of warrants
Dec 27,2016

Asian Oilfield Services announced that the Board of Directors of the Company at its meeting held on 27 December 2016 has approved allotment of 95 lakh warrants convertible into equity shares of the Company at an issue price of Rs 80 per warrant including premium of Rs 70 per warrant on preferential basis.

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Board of Lancer Containers Lines to consider preferential allotment of warrants
Dec 27,2016

Lancer Containers Lines announced that a meeting of the Board of Directors of the Company will be held on 03 January 2017, inter alia, to consider and transact the following business:

- Allotment of warrants entitling equivalent number of equity shares on preferential basis subject to the receipt of application money.

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Board of JSW Energy approves private placement of NCDs up to Rs 750 cr
Dec 27,2016

JSW Energy announced that the Board of Directors of the Company at its meeting held on 27 December 2016 approved raising of long term funds through issuance of redeemable non-convertible debentures upto Rs 750 crore by way of private placement. The issue proceeds would be used for the general corporate purpose, business operations, working capital and repayment of existing debt of the company.

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Board of Prakash Constrowell to consider further issue of capital and fund raising
Dec 27,2016

Prakash Constrowell announced that the Meeting of the Board of Directors of the Company is scheduled to be held on 29 December 2016, inter alia, to consider the following Business:

- Consider and Approve further issue of capital and raising funds by suitable options.

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Advance Syntex fixes record date for bonus issue
Dec 27,2016

Advance Syntex has fixed 05 January 2017 as the Record Date for the purpose of issue of Bonus Shares in the ratio of 3:20 (i.e. Three equity shares held for every Twenty equity shares held) of Rs. 10/- (Rupees Ten Only) each.

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Board of Ras Resorts & Apart Hotels to consider December quarter results
Dec 27,2016

Ras Resorts & Apart Hotels announced that the Meeting of the Board of Directors of the Company is being convened on 13 January 2017, inter alia, to consider and approve Unaudited Financial Results for the Quarter ended 31 December 2016.

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Grasim Industries director resigns
Dec 27,2016

Grasim Industries announced that K. K. Maheshwari, a Non-Executive Director, has resigned from the Board of the Company, due to other pre-commitments. The resignation is effective from 27 December 2016.

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Shilpa Medicare gains after raising funds
Dec 27,2016

The announcement was made after market hours yesterday, 26 December 2016.

Meanwhile, the BSE Sensex was up 129.50 points, or 0.50%, to 25,936.60.

On the BSE, so far 55,000 shares were traded in the counter, compared with average daily volumes of 16,699 shares in the past one quarter. The stock had hit a high of Rs 715 and a low of Rs 642.25 so far during the day.

The stock hit a record high of Rs 786.75 on 21 December 2016. The stock hit a 52-week low of Rs 355 on 20 January 2016. The stock had outperformed the market over the past 30 days till 26 December 2016, rising 11.03% compared with the 1.94% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 27.03% as against Sensexs 8.56% decline.

The mid-cap company has equity capital of Rs 7.71 crore. Face value per share is Re 1.

Shilpa Medicare said that its board at a meeting held yesterday, 26 December 2016, allotted 30.25 lakh equity share at Rs 570 each to TA FII Investors, Mauritius. The allotment was approved by the shareholders at an EGM held yesterday, 26 December 2016. Shareholders also approved increasing foreign investment in the company to 40% from 30%.

On a consolidated basis, Shilpa Medicares net profit rose 63.91% to Rs 38.24 crore on 21.12% growth in net sales to Rs 209.67 crore in Q2 September 2016 over Q2 September 2015.

Shilpa Medicare is engaged in the business of bulk drugs manufacturing.

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Petronet LNG rises on brokerage buy call
Dec 27,2016

Meanwhile, the S&P BSE Sensex was up 128.62 points or 0.5% at 25,935.72.

On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 1.33 lakh shares in the past one quarter. The stock had hit a high of Rs 354.40 and a low of Rs 348.55 so far during the day.

The stock had hit a record high of Rs 410.85 on 17 October 2016 and a 52-week low of Rs 230 on 25 February 2016. It had underperformed the market over the past one month till 26 December 2016, sliding 7.19% compared with the Sensexs 1.94% fall. The scrip had, however, outperformed the market in past one quarter, advancing 0.51% as against the Sensexs 8.79% fall.

The large-cap company has equity capital of Rs 750 crore. Face value per share is Rs 10.

Petronet LNGs net profit rose 81.7% to Rs 459.56 crore on 12.6% decline in net sales to Rs 6338.51 crore in Q2 September 2016 over Q2 September 2015.

Petronet LNG was formed as a joint venture by the Government of India to import liquified natural gas (LNG) and set up LNG terminals in the country.

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Godrej Properties gains after Godrej BKC receives LEED Platinum certification
Dec 27,2016

The announcement was made during trading hours today, 27 December 2016.

Meanwhile, the BSE Sensex was up 108.36 points, or 0.42%, to 25,915.46.

On the BSE, so far 3,226 shares were traded in the counter, compared with average daily volumes of 33,678 shares in the past one quarter. The stock had hit a high of Rs 298 and a low of Rs 292.05 so far during the day.

The stock hit a 52-week high of Rs 386 on 9 August 2016. The stock hit a 52-week low of Rs 266.40 on 29 February 2016. The stock had underperformed the market over the past 30 days till 26 December 2016, falling 4.96% compared with the 1.94% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.60% as against Sensexs 8.56% decline.

The mid-cap company has equity capital of Rs 108.18 crore. Face value per share is Rs 5.

Godrej Properties (GPL) announced that Godrej BKC, its commercial project in Mumbai, has received the Leadership in Energy and Environmental Design (LEED) Platinum certification. LEED Platinum certification is globally recognized the highest rating for sustainable buildings. With this achievement, Godrej BKC becomes the only multi-occupant building in Bandra Kurla Complex (BKC), Mumbais new commercial center, to be LEED Platinum certified.

At 1.2 lakh square metres (1 3 million square feet), Godrej BKC n++s one of the largest luxury commercial projects n++n Mumban++. The building received its occupation certificate in May 2016.

On a consolidated basis, net profit of Godrej Properties declined 77.40% to Rs 23.48 crore on 76.59% decline in net sales to Rs 305.60 crore in Q2 September 2016 over Q2 September 2015.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 11.98 million square meters (129 million square feet) in 12 cities.

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Cipla gains as foreign brokerage maintains buy rating
Dec 27,2016

Meanwhile, the S&P BSE Sensex was up 110.30 points or 0.43% at 25,917.40.

On the BSE, 51,000 shares were traded on the counter so far as against the average daily volumes of 1.37 lakh shares in the past one quarter. The stock had hit a high of Rs 565.65 and a low of Rs 553.95 so far during the day.

The stock had hit a 52-week high of Rs 660 on 29 December 2015 and a 52-week low of Rs 458.25 on 25 May 2016. It had outperformed the market over the past one month till 26 December 2016, sliding 1.67% compared with the Sensexs 1.94% fall. The scrip had also outperformed the market in past one quarter, declining 8.32% as against the Sensexs 8.79% fall.

The large-cap company has equity capital of Rs 160.88 crore. Face value per share is Rs 2.

On a consolidated basis, Ciplas net profit dropped 34.7% to Rs 354.34 crore on 8.7% rise in net sales to Rs 3671.88 crore in Q2 September 2016 over Q2 September 2015.

Cipla is a global pharmaceutical company. Its portfolio includes over 1,000 products across wide range of therapeutic categories with one quality standard globally.

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