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Wipro in focus after securing contract from Valmet
Jun 15,2017

Wipro announced that it has won IT Applications Managed Services engagement with Finnish company, Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper, and energy industries. The announcement was made after market hours yesterday, 14 June 2017.

Valmet has selected Wipro as the partner for supporting its renewed Infor LN ERP platform. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platforms in a Managed Services model covering all global locations in which Valmet operates.

Repco Home Finance announced that the securities allotment committee of the board of directors of the company approved the allotment of 2,720 secured, redeemable, non-convertible, non-cumulative debentures (SRNCD) aggregating to Rs 272 crore on private placement basis to International Finance Corporation. The announcement was made after market hours yesterday, 14 June 2017.

Corporation Bank has revised the banks tenor based Marginal Cost of Funds based Lending Rate (MCLR) for all new rupee loans and advances including renewals from 15 June 2017.

MCLR for overnight loans will be 8.15%, the rate for one month will be 8.15% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.65% and for one-year loans the rate will be 8.75%, the bank said. The announcement was made after market hours yesterday, 14 June 2017.

Central Bank of India said that the Reserve Bank of India (RBI) has put the bank under prompt corrective action in view of high net non performing assets (NPA) and negative return on assets (RoA). The bank believes that corrective measures arising out of the PCA will help in improving overall performance of the bank. The announcement was made after market hours yesterday, 14 June 2017.

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Dr Reddys in spotlight after receiving USFDA clearance for plant
Jun 14,2017

Dr Reddys Laboratories said that it has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration on 13 June 2017 after closure of audit for the companys API manufacturing plant at Miryalaguda. This unit was inspected by the USFDA in February 2017 and Dr Reddys was issued form 483 with three observations. The announcement was made after market hours yesterday, 13 June 2017.

Mahindra & Mahindra said that its board of directors at a meeting held on 13 June 2017, approved sale of a part of its shareholding in Mahindra Logistics (MLL), a subsidiary of the company, as part of the proposed initial public offer (IPO) of MLL, subject to requisite approvals and market conditions. The size of the stake sale, price and other details of the IPO will be determined in due course by a Committee of Directors. The announcement was made after market hours yesterday, 13 June 2017.

Shriram Transport Finance Company said that the allotment committee of non-convertible debentures (NCDs) of the company approved and allotted 9,650 secured, redeemable, rated, listed, of face value of Rs 10 lakh each, aggregating to Rs 965 crore on private placement basis. The announcement was made after market hours yesterday, 13 June 2017.

Emkay Global Financial Services said that company and DBS Vickers Securities (Singapore) Pte Ltd, a wholly owned subsidiary of DBS Bank have signed an exclusive agreement for sharing of knowledge, co-branding of research and its distribution to the global clients of DBS Vickers. The alliance would facilitate DBS Vickers to enhance its service offering to its clients, while enabling Emkay to expand its reach. The announcement was made after market hours yesterday, 13 June 2017.

Kellton Tech Solutions said that BEC (Systems Integration), a leading provider of automated data capture and voice solutions for use within the supply chain, logistics and manufacturing industries, has formed a partnership with the company.

The partnership will help infuse SAPs latest capabilities into BECs solutions, enabling them to successfully implement S/4 HANA migration. Based on its eSmart Data Capture software suite, BECs innovative solutions leverage the power of ERP to deliver improved accuracy and productivity within its clients warehouse, distribution centre and manufacturing departments. The announcement was made after market hours yesterday, 13 June 2017.

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TCS in focus on collaboration with Intel Corp
Jun 13,2017

TCS announced a new collaboration with Intel Corporation to build a future ready reference architecture for the internet of things (IoT), cloud, network, 5G, AI and data center infrastructure management, helping to meet rapidly evolving digital transformation requirements of global markets. The announcement was made after market hours yesterday, 12 June 2017.

TCS and Intel are also investing in Centre of Excellence (CoE) in the US and India, which will be hubs for next generation datacenter technologies, IoT and cloud-ready network architectures to support customers.

Wipro said that in view of market activity in the companys shares on Monday, 12 June 2017, the New York Stock Exchange (NYSE) has contacted the company in accordance with its usual practice. The company felt that it was important to clarify to the market that the payable date and ex-dividend date for its ADR (American Depository Receipts) bonus issue, or stock dividend, are yet to be determined, Wipro said.

At NYSE, for ADR stock dividends or bonus issue, the ex-dividend date is set as the first business day after the stock dividend is paid, which is also after the record date. Therefore NYSE has not yet declared an ex-dividend date for Wipros ADR program. Once the payable date is declared NYSE will announce the ex-dividend date for the ADR, Wipro clarified. The announcement was made after market hours yesterday, 12 June 2017.

Axis Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures, Basel-III Compliant Tier 2 debentures aggregating to Rs 5000 crore. The board of the bank will consider the proposal to issue and allot the aforesaid securities through circular resolution. The announcement was made after market hours yesterday, 12 June 2017.

Shriram Transport Finance Company announced that the allotment committee-non convertible debentures (NCDs) of the company approved and allotted 5,500 secured, redeemable, rated, listed NCDs of face value of Rs 10 lakh each, aggregating to Rs 550 crore on private placement basis. The announcement was made after market hours yesterday, 12 June 2017.

Cosmo Films announced expansion of its range of direct thermal printable products. The company would now offer an extended range of direct thermal printable (DTP) products. This would include standard DTP films, top coated DTP films, high temperature DTP films and DTP paper. The announcement was made after market hours yesterday, 12 June 2017.

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Bank stocks in spotlight as Jaitley to meet heads of PSU banks
Jun 12,2017

Bank stocks will be in focus. Finance Minister Arun Jaitley will meet heads of public sector banks (PSU banks) today, 12 June 2017 to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans. Major issues on the agenda of the meeting include issues and solutions relating to NPAs of the PSU banks, status of MSE Credit, Stand-up India and Mudra Yojana among others.

Oriental Bank of Commerce (OBC) said it has revised the marginal cost of funds based lending rate (MCLR) for different tenors with effect from 12 June 2017. The banks MCLR for overnight loans will be 8.1%, the rate for one month will be 8.2% and for three months it will be 8.25%. The MCLR on 6-month loans will be 8.35% and for one-year loans the rate will be 8.5%, the bank said. The announcement was made after market hours on Friday, 9 June 2017.

Tata Motors said that its global wholesales including Jaguar Land Rover (JLR) declined by 1% to 86,385 units in May 2017 over May 2016. The announcement was made after market hours on Friday, 9 June 2017.

Coal India (CIL) issued clarification to the stock exchanges with regard to media news item titled CIL to shut 37 mines ignoring unions threatn++. The company said that every year, subsidiaries of CIL generally undertake an exercise to determine profit/loss making operating mines for comparative study of the performance of such mines over previous years as well as for opening of new mines.

Government of India (Ministry of Coal) during the review meeting with CIL & its subsidiaries noted that substantial number of mines which are not been able to recover salary of the workers and directed that all subsidiaries of CIL to conduct a detailed study of such mines and report the action taken to list out the unviable mines, the company said.

In view of above, an action plan has been prepared by subsidiaries in which 37 unviable UG mines has been envisaged to be closed in 2017-18. The identified surplus manpower from these mines would be gainfully redeployed in nearby mines of areas to reduce further loss in these mines, CIL said. The announcement was made after market hours on Friday, 9 June 2017.

Shriram Transport Finance Company said that the allotment committee at a meeting held on 9 June 2017, allotted 3,500 non-convertible debentures (NCDs) aggregating to Rs 350 crore on private placement basis. The announcement was made after market hours on Friday, 9 June 2017.

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TCS in spotlight on launching launching app development kit for banks
Jun 09,2017

TCS announced the launch of BaNCS App Development Kit (ADK) that enables banks to design and build their own apps faster and seamlessly deploy across devices and desktops. The announcement was made after market hours yesterday, 8 June 2017.

Pidilite Industries announced that Pidilite USA Inc (PUSA), a wholly owned subsidiary of the company has entered into an agreement with Niteo Products LLC, USA for sale of business of the Cyclo Division of PUSA. Cyclo Division has been engaged in the business of automobile grooming, performance and maintenance products and other such products.

Some of the trademarks used by the Cyclo Divisions were owned by Pidilite International pte Ltd, Singapore, a wholly owned subsidiary of the company and the same will also stand assigned to Niteo Products LLC, USA, Pidilite said. The announcement was made after market hours yesterday, 8 June 2017.

IndusInd Bank said it raised a $225 million loan from the Overseas Private Investment Corporation (OPIC) for supporting the expansion of the banks micro, small and medium enterprise (MSME) lending programs across India. At least 25% of the proposed facility will support women entrepreneurs and reach previously unbanked populations. This eight-year loan is part of the agencys commitment to supporting $1 billion in loans to underserved Small and Medium Enterprises in India. The announcement was made after market hours yesterday, 8 June 2017.

Next Mediaworks said that the board of directors of Next Radio (NRL), the companys subsidiary, at its board meeting held on 8 June 2017, approved transfer of its FM radio broadcasting business at Ahmedabad (the undertaking ) to its wholly owned subsidiary viz. Syngience Broadcast Ahmedabad.

The board of directors of NRL has also, at the aforementioned meeting, approved the scheme of arrangement, with appointed date as 1 April 2017. The said transfer of the undertaking is subject to the approval of the National Company Law Tribunal and the Ministry of Information & Broadcasting. The announcement was made after market hours yesterday, 8 June 2017.

Zee Media Corporation announced that Mumbai Bench of National Company Law Tribunal (NCLT) at hearing held yesterday, 8 June 2017, approved the scheme of arrangement and amalgamation between Zee Media Corporation; and Diligent Media Corporation; and Mediavest India; and Pri-Media Services and Maurya TV and their respective shareholders and creditors. The announcement was made after market hours yesterday, 8 June 2017.

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Infosys in focus after clarification
Jun 08,2017

Infosys clarified after market hours yesterday, 7 June 2017, that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys chief operating officer (COO) are incorrect. His comments have been misrepresented. The comments made in the media interview refer to cost take out efforts by clients towards reducing their program investments in the run side of business, to reinvest them in newer technologies or the change side of business. Cost take outs by clients do not necessarily translate into an impact on vendor pricing. There are enough levers available to meet the client demand on cost take-outs without necessarily impacting the pricing. Infosys commentary on pricing is no different from what it had shared with the market earlier. Infosys reiterated that it is not seeing anything new on pricing. This has also been clarified in the webcast of the Morgan Stanley India Summit, the company said.

The clarification was issued after a media report quoted Infosys COO Pravin Rao saying that the companys clients were asking for 20-30% cut in prices for projects.

Reliance Capital announced after market hours yesterday, 7 June 2017, that the board of Reliance Nippon Life Asset Management (RNAM) has approved the plans to list the equity shares of RNAM, subject to necessary regulatory and corporate approvals. RNAM is the asset manager to Reliance Mutual Fund and will be the first among the top 3 players in the asset management company (AMC) industry to list its shares on exchanges. Discussions with merchant bankers, lawyers and auditors for IPO process would be initiated soon. The percentage of dilution, which shall be subject to regulatory norms, is yet to be decided, the company said in a statement.

RNAM is a subsidiary of Reliance Capital (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

Cyient announced after market hours yesterday, 7 June 2017, that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Endurance Technologies announced after market hours yesterday, 7 June 2017, that it has planned expansion of its annual installed capacity for manufacture of aluminium die casting (high pressure) and machining components/parts at its plant in Chennai. The company said it will expand its annual installed capacity to 12250 M. tonnes from 8161 M. tonnes. It requires an investment of about Rs 9.12 crore.

Biocon announced after market hours yesterday, 7 June 2017, that it has fixed 17 June 2017 as the record date to determine the eligible shareholders entitled to receive the bonus equity shares.

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Oil India in focus after hydrocarbon discovery in Assam
Jun 07,2017

Oil India said that it has made one hydrocarbon discovery in the Baghjan Petroleum Mining Lease (PML) in the Upper Assam Basin in May 2017 in the well South Baghjan-2. Oil India has made ten discoveries in its operational areas of Assam during 2016-17. The discoveries have opened up avenue for further exploration of already identified leads/prospects in the area. The announcement was made after market hours yesterday, 6 June 2017.

Shares in interest rate sensitive sectors such as banks, automobiles and real estate will be watched. The outcome of the Reserve Bank of India (RBI)s monetary policy meeting is scheduled at 14:30 IST today, 7 June 2017. RBI held its benchmark repo rate at a six-year low of 6.25% on 6 April 2017, as widely expected, and raised its reverse repo rate by 0.25% to 6%, saying there are upside risks to the inflation outlook amid an uncertain global economic environment.

TCS announced that the company and Siemens unveiled a new collaboration around Internet of Things (IoT) innovation. Focused on customers in the manufacturing, energy, building technology, healthcare and railway industries the partnership will enable customers to benefit from new data insights and services based on MindSphere, the cloud-based, open IoT operating system from Siemens. The announcement was made after market hours yesterday, 6 June 2017.

Adani Power announced after market hours yesterday, 6 June 2017, that its board approved a proposal to hive off its flagship Mundra power station to its subsidiary so that it can focus on investment and power generation separately. The companys objectives is to source funds more efficiently for investing in capacity expansion of its arms or acquiring assets.

Sical Logistics said it has been awarded a letter of acceptance for a contract worth Rs 289 crore by Mahanadhi Coal Fields for extraction of coal/coal measure strata. The announcement was made after market hours yesterday, 6 June 2017.

Moodys and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moodys Investors Service cut its rating to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RComs rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RComs rating on 2 June 2017.

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Grasim Inds in spotlight as NCLT OKs ABNL merger
Jun 06,2017

Grasim Industries will be watched. The company said that the National Company Law Tribunal (NCLT), bench at Ahmedabad, approved of the merger of Aditya Birla Nuvo (ABNL) and Grasim Industries to be followed by the listing of Aditya Birla Financial Services (ABFSL). The announcement was made after market hours yesterday, 5 June 2017.

State Bank of India (SBI) has reportedly raised Rs 15000 crore from domestic and foreign institutional investors through qualified institutional placement (QIP) of shares. The IPO closed today, 6 June 2017, morning and is believed to have received demand in excess of Rs 20000 crore, media reported.

SBI announced after market hours yesterday, 5 June 2017, that the meeting of the committee of directors will be held on Thursday, 8 June 2017, to consider and approve the issue price for the equity shares under the QIP. The floor price of the QIP was fixed at Rs 287.58 each for a face value of Re 1 each. The bank said in a statement that it may offer a discount of not more than 5% to the floor price.

Wipro issued clarification to the stock exchanges regarding media news item titled Wipro promoters in early stage of evaluating sale of part or whole business. The company said that the news article is baseless and malicious. There is no truth to these unsubstantiated rumors, it added. The announcement was made after market hours yesterday, 5 June 2017.

Cadila Healthcare announced after market hours yesterday, 5 June 2017, that its formulations manufacturing facility at Baddi has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). This receipt of EIR indicates the successful closure of the inspection points (483s) raised based on the inspection carried out between 21 February 2017 to 1 March 2017.

The board of Adani Power will meet later today, 6 June 2017, to consider slump sale of its mundra power generating business undertaking to its subsidiary company, namely, Adani Power (Mundra).

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NTPC in focus after commissioning 117 MW capacity at Mandsaur project
Jun 05,2017

NTPC announced that 117 megawatts (MW) out of 250 MW of Mandsaur Solar Power Project of the company has been commissioned. With this, the installed capacity of NTPCs solar power projects has become 737 MW. The total installed capacity of NTPC on standalone basis has become 44,311 MW and that of NTPC group has become 51,527 MW. The announcement was made after market hours on Friday, 2 June 2017.

Vedanta said that the ratings for the company have been revised by India Ratings & Research to IND AA/Stable from IND AA/Negative earlier. The announcement was made after market hours on Friday, 2 June 2017. India Ratings & Research is a Fitch Group company.

GVK Power & Infrastructure announced that its board of directors at a meeting held on 2 June 2017, approved the sale of residual 3.84 crore shares corresponding to 10% of the issued & paid up share capital in Bangalore International Airport (BIAL) held by GVK Airport Developers through Bangalore Airport & Infrastructure Developers (BAIDPL), a step down subsidiary of the company, to FIH Mauritius Investments (FMIL) and its affiliates at an aggregate purchase consideration of Rs 1290 crore.

The aforesaid sale will be completed upon obtaining necessary consents/approvals as may be necessary including from the lenders. The announcement was made after market hours on Friday, 2 June 2017.

Budget passenger carrier SpiceJets net profit declined 61.40% to Rs 41.64 crore on 11.40% rise in net sales to Rs 1613.83 crore in Q4 March 2017 over Q4 March 2016. The result was announced on Saturday, 3 June 2017.

SpiceJet said its strong operational performance came despite significant headwinds. Demonetisation resulted in significant decline in yield in Q3 and Q4. Increase in fuel cost was at 46% in Q4 eroding approximately Rs 160 crore of profit. These headwinds have subsided and SpiceJet is bullish about its future prospects, the company said.

Reliance Communications (RCom) announced after market hours on Friday, 2 June 2017, that it has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs.45,000 crore to approximately Rs 20000 crore; a reduction of 60% OR Rs. 25,000 crore. RCom said it also aims to develop a sustainable long term plan for servicing the companys remaining debt. Based on applicable guidelines, RComs lenders have constituted a Joint Lenders Forum (JLF) to consider and approve the companys plans in this regard.

The lenders have taken note of the advanced stage of implementation of RComs strategic transformation programme involving the transactions for the Wireless and Towers Business. The lenders have proposed to give time of 7 months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25000 crore, or 60%. RCom will also present to the lenders its sustainable long term plans for servicing the remaining debt of Rs 20000 crore. As part of the above, there will be a standstill on the companys debt servicing obligations for the next 7 months till end December 2017.

In the event the transactions are not completed in the above timeframe, the Lenders may exercise their right to convert their debt, in accordance with applicable SDR guidelines. The above is subject to lenders formal approvals and all other approvals as may be necessary under law.

Tata Communications and Batelco, Bahrains leading digital communications solutions provider, signed an agreement further strengthening their partnership to extend the reach of their global data centre, cloud and connectivity solutions to their customers. Batelco has chosen Tata Communications as a cloud partner to ensure high levels of flexibility and reliability for its customers through Tata Communications IZO Cloud Enablement Platform. The agreement was signed by Batelco Chief Global Business Officer Adel Al-Daylami and Tata Communications Senior Vice President for Middle East, Central Asia and Africa Radwan Moussalli, on the sidelines of International Telecoms Week (ITW) which took place in Chicago, USA from 14 to 17 May 2017. Tata Communications made the announcement on Sunday, 4 June 2017.

Mawana Sugars said it has agreed to enter into one time settlement with State Bank of India in respect of borrowings from State Bank of Hyderabad. The announcement was made after market hours on Friday, 2 June 2017.

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Hero MotoCorp in focus after declaring monthly sales
Jun 02,2017

Hero MotoCorp (HMCL) said its total two-wheeler sales grew 8.7% to 6.33 lakh units in May 2017 over May 2016. The announcement was made after market hours yesterday, 1 June 2017.

With monsoon already hitting some parts of the country, and forecast of normal rains this year, the industry is expecting a boost in demand and consumption in the rural markets. Having lined up a slew of new launches across various segments, the company is confident of maintaining the growth trajectory in the coming months.

Meanwhile, HMCL commenced commercial production yesterday, 1 June 2017, in the manufacturing facility at its subsidiary HMCL Niloy Bangladesh. This plant, located at Jessore in Bangladesh, has an installed capacity of 1.50 lakh vehicles per annum.

Bharti Airtel announced that it has received the approval of the Securities and Exchange Board of India (Sebi), BSE and National Stock Exchange of India (NSE) for the proposed Scheme of merger between Airtel and Telenor (India) Communications. The announcement was made after market hours yesterday, 1 June 2017.

Bharti Airtel further stated that Telenor India and Airtel have filed the joint company application before the New Delhi Bench of the National Company Law Tribunal for approval of the proposed Scheme of merger. The merger is inter alia subject to other statutory approvals including from the Competition Commission of India.

Airtel had earlier announced (in February 2017) that it had entered into a definitive agreement with Telenor South Asia Investments Pte Ltd (Telenor). As part Of the Scheme, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.

The proposed acquisition will include transfer of all of Telenor Indias assets and customers, further augmenting Airtels overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band.

Coal India announced that the company and its subsidiaries achieved 92% of targeted production at 40.74 million tonnes in May 2017. The company achieved 91% of targeted offtake at 46.41 million tonnes in May 2017. The announcement was made after market hours yesterday, 1 June 2017.

TVS Motor Companys total sales rose 16% to 2.82 lakh units in May 2017 over May 2016. The announcement was made after market hours yesterday, 1 June 2017.

Hindustan Copper announced after market hours yesterday, 1 June 2017, that it inaugurated Banwas Mine located at Khetri Copper Complex, Rajasthan after completion of mine construction. The production capacity of the mine is 6 lakh tonne per annum of copper ore. The production will start from current financial year.

Jayant Agro Organics scheduled a board meeting on 16 June 2017, to consider stock-split proposal. The announcement was made before market hours today, 2 June 2017.

Bayer CropScience announced after market hours yesterday, 1 June 2017, that its board will meet on 6 June 2017, to consider a proposal for buyback of the companys equity shares, constitution of buyback committee, and appointment of intermediaries in accordance with all applicable provisions of laws.

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Auto, PSU OMC stocks in focus
Jun 01,2017

Auto stocks will be in focus as these companies will start reporting sales volume data for May 2017, starting from today, 1 June 2017.

Shares of public sector oil marketing companies (PSU OMCs) will be watched. Indian Oil Corporation (IOCL) yesterday, 31 May 2017, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May/1 June 2017. Petrol price was hiked by Rs 1.23 per litre and diesel price was raised by Rs 0.89 a litre at Delhi (excluding state levies).

MOIL announced increase in price of various grades of manganese ore effective from 1 June 2017. The announcement was made after market hours yesterday, 31 May 2017.

MOIL announced that the prices have been increased by 10% on the existing prices prevailing since 1 May 2017 for all Ferro Grades. The prices have been increased by 10% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices since 1 May 2017.

The prices have been increased by 10% on all grades of fines and chemical grades ores on the prevailing prices since 1 May 2017. However, prices of Electrolytic Manganese Dioxide (EMD) were kept unchanged.

Future Market Networks announced after market hours yesterday, 31 May 2017, that it executed a share purchase agreement with IL&FS Township and Urban Assets (ITUAL) to acquire 50% equity share capital viz. 1.50 crore equity shares of Rs.10/- each held by ITUAL in Future Retail Destination (FRDL). FRDL is set up for development of infra logistic parks across India as a special purpose vehicle company. FRDL shall become 100% subsidiary of the company upon completion of the transaction. The total consideration payable by the company under the SPA is Rs 14 crore. In terms of the SPA, the company has paid an amount of Rs 9 crore and the balance consideration of Rs 5 crore shall be paid on or before 30 September 2018.

Pfizer announced after market hours yesterday, 31 May 2017, that it entered into an acquisition agreement with AstraZeneca AB, Sweden, pursuant to which the brand Neksium is being acquired by the company in India for a consideration of Rs 75 crore, subject to completion of necessary conditions precedent. Neksium (esomeprazole) complements the companys existing product portfolio in the gastrointestinal (GI) therapeutic area.

JK Paper announced after market hours yesterday, 31 May 2017, that meeting of the committee of directors of the company will be held on 8 June 2017, to consider allotment of equity shares of the company consequent to conversion notices received from one of the foreign currency convertible bonds (FCCBs) holders, seeking conversion of its FCCBs (Series 4) and FCCBs (Series 5) of 2.4 million euro each into equity shares of the company.

Bharat Gears announced after market hours yesterday, 31 May 2017, that the finance committee of board of directors of the company approved the proposal to avail a term loan of Rs 110 crore from KKR India Financial Services for repaying some of the existing term debts, working capital requirements and capital expenditure, among others.

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Cox & Kings in focus as board approves demerger
May 31,2017

Cox & Kings announced after market hours yesterday, 30 May 2017, that its board approved the demerger of its foreign exchange division into a separate financial services company to be named Cox & Kings Financial Service (CKFSL). The demerger is effective 1 April 2017, and is subject to High Court and other regulatory approvals.

Whilst the tours & travels and foreign exchange (Forex) businesses are complementary in nature, the businesses operate quite distinctly from each other. The forex business has 125 licenses across India to provide foreign exchange to captive customers as well as to third-party customers.

The working capital needs of the forex business are quite different from those of the tours & Travels business. With a view to enable the Forex business to capitalize on growth opportunities in an independent manner it has been decided to demerge the business into a separate company.

The demerged entity has the potential to grow substantially as a standalone business with separate financing and operations and focused leadership and management attention. The opportunities as well as risks and competitive environment within the forex business are distinct and the said business is capable of attracting its own set of investors and strategic partners, lenders and other stakeholders.

It is proposed that the forex business of the company be demerged and transferred to the resulting company, a wholly-owned subsidiary company of the company, so as to maximize value for all the stakeholders of the Company. In consideration of the demerger, equity shares of the resulting company shall be issued to the equity shareholders of the company, on the agreed terms and conditions as set out in the draft scheme.

CKFSL is also in the process of applying for a license to operate as a non-banking finance company (NBFC) and will add multiple product lines to its suite of offerings over time, including holiday finance, overseas student finance etc. aimed primarily at the travel and tourism sector.

With the number of outbound travellers from India due to touch 50 million by 2020 (as per UNWTO) from approximately 21 million currently, there is a substantial and unique opportunity for the newly minted company to grow rapidly at high rates of profitability.

Jet Airways (India)s net profit dropped 90.73% to Rs 36.80 crore on 5.57% increase in total income to Rs 5759.58 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

BEMLs net profit rose 27.11% to Rs 186.40 crore on 18.19% increase in total income to Rs 1345.67 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

MOILs net profit surged 410.94% to Rs 109.24 crore on 19.76% increase in total income to Rs 252.71 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 30 May 2017.

McLeod Russel India announced after market hours yesterday, 30 May 2017, that its board deliberated on the strategic roadmap for the companys participation in a joint venture with Eveready Industries India for development of packet tea business.

The board has decided that the company will initiate discussion with Eveready for participating in a joint venture as a strategic business partner for development of packet tea business through a separate entity.

It is envisaged that with this measure, Eveready and McLeod will bring their respective skills of marketing & distribution and tea plantation knowledge to focus and develop the packet tea business to a much higher level.

McLeod is the worlds largest tea plantation company in private sector. This will enable the company to have direct access to the Rs 10000 crore packet tea market. Eveready is a consumer goods company with a large distribution reach. This alliance will enable it to upscale its FMCG operation.

Both McLeod and Eveready belong to the Williamson Magor Group and the strategic alliance is subject to all necessary approvals.

Gujarat Gas announced after market hours yesterday, 30 May 2017, that it entered into a non-binding memorandum of understanding with Petronet LNG for exploring - dispensing and marketing of LNG including the L-CNG at Gujarat Gas CNG stations.

Berger Paints India announced after market hours yesterday, 30 May 2017, that its board approved acquisition of 100% of the paid-up equity share capital of Saboo Coatings (SCPL) from its existing shareholders at a consideration of Rs 81.77 crore, subject to closing adjustments for variations in net debt and net working capital.

SCPL is engaged in carrying out the business of manufacturing specialty liquid coatings classified as Industrial Coatings by the paint industry in the segments of agriculture and construction equipment (ACE), automotive (auto components, auto re-finish), fans, electronics, general industrial, elevators, handicrafts and home furnishing, hardware and those used by industrial dealers for substrates n++ metal, plastics, FRP and glass in India. The gross turnover (including other income) of SCPL in the year 2016-17 was Rs 89.43 crore.

The business and the expertise of SCPL will gainfully supplement the companys industrial coatings business where the two entities can support each other in various areas such as manufacturing, selling, distribution, procurement,technology, etc., thus resulting in mutual benefit to both the companies. The transaction is likely to be completed by 30 June, 2017, subject to fulfillment of conditions precedent.

At the meeting, the board also approved purchase of 1.03 crore equity shares of Saboo Hesse Wood Coatings (SHWCPL), representing 51% of the paid-up equity share capital of SHWCPL at a consideration of Rs 1.5 crore. The balance 49% is held by Hesse Shares GmbH of Germany.

The business and the expertise of SHWCPL can gainfully supplement the companys existing wood coatings business, where the two entities can combine their strengths and collaborate in the areas of manufacturing, selling, distribution, procurement, technology, etc., resulting in mutual benefit to both the companies.

The transaction is likely to be completed by 31 August, 2017 subject to limited due diligence, approval of the Reserve Bank of India, if required, and parties agreeing on the terms of acquisition.

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L&T in focus after Q4 result, 1:2 bonus issue
May 30,2017

On a consolidated basis, Larsen & Toubro (L&T)s profit after tax rose 29.5% to Rs 3025 crore on 12% increase in gross revenue to Rs 36828 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

L&T said it successfully won fresh orders worth Rs 142995 crore at the group level during the year ended 31 March 2017 in the face of a challenging business environment. The International orders during the year at Rs 41507 crore constituted 29% of the total order inflow. Order wins in infrastructure segment, hydrocarbon and heavy engineering segments contributed to the order flow during the year.

The order intake for the quarter ended 31 March 2017 at Rs 47289 crore grew by 9.6% year-on-year (y-o-y). International order inflow during the quarter at Rs 9044 crore constituted 19% of the order inflow for the quarter.

Consolidated order book of the group stood at Rs 261341 crore as at 31 March 2017, higher by 5% on a y-o-y basis. International order book constituted 27% of the total order book.

Meanwhile, the companys board recommended issuing 1:2 bonus issue of equity shares.

Aurobindo Pharmas consolidated net profit fell 4.01% to Rs 532.22 crore on 2.64% decline in total income to Rs 3682.41 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Power Grid Corporation of Indias (PGCIL) net profit rose 22.17% to Rs 1916.36 crore on 17.87% growth in total income to Rs 7054.45 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

BPCLs net profit fell 13% to Rs 1841.68 crore on 31% growth in net sales to Rs 57036.48 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

On a consolidated basis, Coal Indias net profit fell 38.25% to Rs 2716.09 crore on 8.35% increase in total income to Rs 26635.97 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Bhels net profit dropped 57.38% to Rs 215.55 crore on 5.8% fall in total income to Rs 9833.40 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

Hindalco Industries and Mahindra & Mahindra will unveil their Q4 results today, 30 May 2017.

Jubilant FoodWorks net profit fell 75.9% to Rs 6.72 crore on 0.8% decrease in net sales to Rs 612.78 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 29 May 2017.

The companys same store growth (SSG) was reported at negative 7.5% in Q4 March 2017 compared with a growth of 2.9% in Q4 March 2016.

Q4 revenues were impacted by demonetization during January-February 2017, its impact was partly offset by the increase in online ordering sales and incremental revenue due to addition of new restaurants, the company said in a statement.

India Gelatine & Chemicals proposed buyback of its fully paid up equity shares of face value of Rs 10 each up to 23.07 lakh, which represents 24.55% of the total paid up equity share capital of the company, at Rs 117 per equity share payable in cash for an aggregate amount of up to Rs 27 crore from equity shareholders. The announcement was made after market hours yesterday, 29 May 2017.

On a consolidated basis, Aban Offshore reported net loss of Rs 337.11 crore in Q4 March 2017, higher than net loss of Rs 202.28 crore in Q4 March 2016. Net sales fell 37.89% to Rs 390.86 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 29 May 2017.

In a separate announcement, Aban Offshore said that its board approved raising additional long term resources upto $400 million through issue of foreign currency convertible bonds (FCCBs), global depository receipts (GDRs), American depository receipts (ADRs), etc.

The board also approved issuing equity related securities to qualified institutional buyers upto Rs 2500 crore.

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ONGC, Sun Pharma in focus after Q2 results
May 29,2017

ONGCs net profit fell 6.14% to Rs 4340.18 crore on 26.81% rise in total income to Rs 26233.56 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.

ONGCs net profit rose 10.9% to Rs 17899.97 crore on 0.83% rise in total income to Rs 85455.85 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

On a consolidated basis, ONGCs net profit rose 63.94% to Rs 21478.34 crore on 5.57% rise in total income to Rs 152731.39 crore in FY 2017 over FY 2016.

In exploration segment, ONGC has achieved 35% rise in exploration performance in FY 2017 by making 23 discoveries, as against 17 discoveries in FY 2016. Of the 23 discoveries, 13 discoveries were made in onland (Nominaton-12, NELP-1) and 10 in offshore. (Nomination-7, NELP- 3). Out of 13 onland discoveries, 9 were monetized during the year itself having a potential of 0.218 MMTOE per year.

Sun Pharmaceuticals Industries consolidated net profit fell 16.67% to Rs 1385.57 crore on 6.35% fall in total income to Rs 7361.46 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours on Friday, 26 May 2017.

Tech Mahindras consolidated net profit dropped 30.2% to Rs 589.69 crore on 0.26% rise in total income to Rs 7732.89 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours on Friday, 26 May 2017.

Mahanagar Gas net profit rose 17.87% to Rs 99.47 crore on 2.57% rise in total income to Rs 538.28 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours on Friday, 26 May 2017.

DLF reported consolidated net profit of Rs 142.66 crore in Q4 March 2017 as compared with net loss of Rs 211.11 crore in Q4 March 2016. Total income fell 4.66% to Rs 2605.44 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours on Friday, 26 May 2017.

BPCL, Coal India, NTPC, L&T, Power Finance Corporation and Power Grid Corporation of India will announce their Q4 results today, 29 May 2017.

CG Power and Industrial Solutions said that the company has received an offer for acquisition of the companys power business in United States of America, comprised in its subsidiary, CG Power Systems USA Inc (PSUS). The announcement was made after market hours on Friday, 26 May 2017.

The board has at its meeting held on Friday, 26 May 2017 decided to divest the power business of PSUS for which the company and has constituted a committee to consider the offer and decide on the terms and conditions of acceptance of the offer and closure. The requisite shareholders approval is in place as part of the divestment of the overseas T&D business divestment. The board has mandated the committee to complete the process by 30 June 2017.

The proposed divestment is part of the companys stated strategy of geography / product-wise divestment with the objective of debt reduction and focusing on core operations and core market in India.

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Cipla may drop on weak Q4 results
May 26,2017

Cipla reported consolidated net loss of Rs 61.79 crore in Q4 March 2017 compared with loss of Rs 92.83 crore in Q4 March 2016. Total income rose 6.84% to Rs 3604.79 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

ITC, Tech Mahindra and Sun Pharmaceutical Industries will announce Q4 results today, 26 May 2017.

Tata Power Renewable Energy, a wholly owned subsidiary of Tata Power company has successfully issued Guaranteed, Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated Non-Convertible Debentures of Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 25 May 2017.

Infosys and HP Inc. yesterday, 25 May 2017 launched joint Retail Point of Sale (RPOS) and Enterprise Device as a Service (DaaS) solutions to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program. The announcement was made after market hours yesterday, 25 May 2017.

The joint RPOS solution offers a digital approach across the supply chain, enabling real-time collaboration between shoppers, retailers and vendors at the point of purchase, providing a true omnichannel experience. The joint Enterprise Device as a Service solution defines and delivers technologyenabled transformations that optimize how organizations acquire, manage and use devices with end-to-end services, enterprise applications, fleet reporting, analytics, insights and more.

TTK Prestige announced that the board of directors of the company in a meet on 30 May 2017 will consider share buyback. The announcement was made after market hours yesterday, 25 May 2017.

NMDCs net profit rose 11.5% to Rs 511.88 crore on 87.69% rise in total income from operations to Rs 2871.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours yesterday, 25 May 2017.

HeidelbergCement Indias net profit rose 49.25% to Rs 37.03 crore on 14.05% rise in total income to Rs 542.38 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 May 2017.

UPL and Sinagro Group, a Brazilian company in the state of Matto Grosso, comprising of (i) Sinagro Produtos Agropecun++rios S.A and (ii) 3SB Produtos Agrn++colas S.A. has obtained necessary approval for an agreement and has consequentially completed a transaction in terms of the agreement in which UPL through its step down wholly owned subsidiary has subscribed to additional 9% shares in Sinagro Group, so as to increase its interest in the Sinagro Group share capital from 40% to 49%. Sinagro Group based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. The announcement was made after market hours yesterday, 25 May 2017.

Glenmark Pharmaceuticals Inc., USA has been grantedfinal approval by the United States Food & Drug Administration (USFDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets, 5 mg, 20 mg and 40 mg, of Daiichi Sankyo, Inc. Glenmarks Olmesartan Medoxomil Tablets will be manufactured by Glenmark Pharmaceuticals in its manufacturing facility located in Goa, India.

According to IMS Health sales data for the 12 month period ended March 2017, the Benicar Tablets, 5 mg, 20 mg and 40 mg market achieved annual sales of approximately $950.0 million in US. The announcement was made before market hours today, 26 May 2017.

Mphasis and DXC Technology announced a new solution partner relationship to tranform and modernize enterprise applications for public, private and hybrid cloud. The announcement was made before market hours today, 26 May 2017.

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