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Intrasoft Technologies to hold board meeting
Mar 10,2017

Intrasoft Technologies will hold a meeting of the Board of Directors of the Company on 18 March 2017, to consider re-appointment of Managing Director, and reappointment of Whole-time Director

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Rane Engine Valve to hold board meeting
Mar 10,2017

Rane Engine Valve will hold a meeting of the Board of Directors of the Company on 18 May 2017, to consider and approve the Audited Financial Results for the quarter and year ending 31 March 2017

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Rane Holdings to hold board meeting
Mar 10,2017

Rane Holdings will hold a meeting of the Board of Directors of the Company on 26 May 2017, to consider and approve the Audited Financial Results (Standalone & Consolidated) for the quarter and year ending 31 March 2017.

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Sakthi Finance to hold board meeting
Mar 10,2017

Sakthi Finance will hold a meeting of the Board of Directors of the Company on 16 March 2017, to consider declaration of Interim Dividend on Preference Shares (Unlisted)

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Rane Brake Lining to hold board meeting
Mar 10,2017

Rane Brake Lining will hold a meeting of the Board of Directors of the Company on 17 May 2017, to consider and approve the Audited Financial Results for the quarter and year ending 31 March 2017.

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Rane (Madras) to hold board meeting
Mar 10,2017

Rane (Madras) will hold a meeting of the Board of Directors of the Company on 16 May 2017, to consider and approve the Audited Financial Results (Standalone & Consolidated) for the quarter and year ending 31 March 2017.

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Kirloskar Ferrous Industries shelves plan to acquire pig iron plant of VSL Steels
Mar 10,2017

The announcement was made after market hours yesterday, 9 March 2017.

Meanwhile, the S&P BSE Sensex was down 45.57 points, or 0.16% to 28,883.56

On BSE, 57,000 shares were traded in the counter as against average daily volume of 1.13 lakh shares over the past one quarter. The stock hit a high of Rs 88.25 and a low of Rs 85.10 so far during the day. The stock had hit a 52-week high of Rs 94.70 on 17 October 2016. The stock had hit a 52-week low of Rs 41.50 on 29 March 2016.

The small-cap company has an equity capital of Rs 68.65 crore. Face value per share is Rs 5.

The board of directors of Kirloskar Ferrous Industries at its meeting held on 28 July 2016 had granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of Rs 155 crore. However, on account of certain ongoing disputes between VSL Steels and one of its related parties, the proposed transaction has not been completed till date. Consequently, in view of the unaccounted delays caused by the pending disputes, the board of directors of the company at its meeting held yesterday, 9 March 2017 has resolved to not to proceed with the proposed transaction.

Kirloskar Ferrous Industries net profit rose 41.54% to Rs 17.07 crore on 16.3% decline in net sales to Rs 224.13 crore in Q3 December 2016 over Q3 December 2015.

Kirloskar Ferrous Industries principal activity is to manufacture and supply iron castings.

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Kirloskar Ferrous Industries rises after shelving plan to acquire pig iron plant of VSL Steels
Mar 10,2017

The announcement was made after market hours yesterday, 9 March 2017.

Meanwhile, the S&P BSE Sensex was down 45.57 points, or 0.16% to 28,883.56

On BSE, 57,000 shares were traded in the counter as against average daily volume of 1.13 lakh shares over the past one quarter. The stock hit a high of Rs 88.25 and a low of Rs 85.10 so far during the day. The stock had hit a 52-week high of Rs 94.70 on 17 October 2016. The stock had hit a 52-week low of Rs 41.50 on 29 March 2016.

The small-cap company has an equity capital of Rs 68.65 crore. Face value per share is Rs 5.

The board of directors of Kirloskar Ferrous Industries at its meeting held on 28 July 2016 had granted its in-principle approval for acquisition of movable and immovable assets relating to the pig iron plant of VSL Steels for a cash consideration of Rs 155 crore. However, on account of certain ongoing disputes between VSL Steels and one of its related parties, the proposed transaction has not been completed till date. Consequently, in view of the unaccounted delays caused by the pending disputes, the board of directors of the company at its meeting held yesterday, 9 March 2017 has resolved to not to proceed with the proposed transaction.

Kirloskar Ferrous Industries net profit rose 41.54% to Rs 17.07 crore on 16.3% decline in net sales to Rs 224.13 crore in Q3 December 2016 over Q3 December 2015.

Kirloskar Ferrous Industries principal activity is to manufacture and supply iron castings.

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Prakash Industries executes Fuel Supply Agreement with Coal India
Mar 10,2017

Prakash Industries has executed Fuel Supply Agreement with Coal India in respect of coal linkages of 0.65 million tonnes per annum granted to the Company for its Sponge Iron operations for a period of 5 years. The coal supplies under the linkage has commenced from the current month itself. More use of high grade coal will lead to enhancement of Sponge Iron production by around 20%.

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Alembic Pharmaceuticals Bioequivalence facility at Baroda successfully inspected
Mar 10,2017

Alembic Pharmaceuticals announced that the Companys Bioequivalence facility located at Baroda was inspected by US Food & Drug Administration (FDA) from 6 March 2017 to 10 March 2017. There were no 483s issued by US FDA at the end of the inspection.

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Direct Tax Collections up to February, 2017 show growth of 10.7%
Mar 10,2017

The Direct Tax collections up to February, 2017 continue to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore, which is 10.7 % more than the net collections for the corresponding period last year. This collection is 72.9 % of the total Budget Estimates for Direct Taxes for Financial Year 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.9% while that under PIT (including STT) is 20.8 %. However, after adjusting for refunds, the net growth in CIT collections is 2.6 % while that in PIT collections is 19.5 %. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.

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Net Indirect Tax collection upto February 2017 stood at Rs 7.72 lakh crore, 22.2% more than the corresponding period last year
Mar 10,2017

Indirect Taxes

The figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year. Till February 2017, about 90.9% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2%.

Net Tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8%.

Net Tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2%.

During February 2017, the net indirect tax grew at the rate of 8.4% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9%, 7.4% and 7.6% respectively during the month of February 2017, compared to the corresponding month last year.

Direct Taxes

The figures for Direct Tax collections up to February, 2017 show that net collections are at Rs. 6.17 lakh crore which is 10.7% more than the net collections for the corresponding period last year. This collection is 72.9% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.9% while that under PIT (including STT) is 20.8%. However, after adjusting for refunds, the net growth in CIT collections is 2.6% while that in PIT collections is 19.5%. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016-February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.

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Volumes jump at Balkrishna Industries counter
Mar 10,2017

Balkrishna Industries clocked volume of 2.41 crore shares by 13:36 IST on BSE, a 1615.19-times surge over two-week average daily volume of 15,000 shares. The stock rose 1.98% to Rs 1,335.

Mahindra Holidays & Resorts India notched up volume of 68.34 lakh shares, a 1342.90-fold surge over two-week average daily volume of 5,000 shares. The stock fell 2.01% to Rs 419.30.

Edelweiss Financial Services saw volume of 8.21 crore shares, a 266.04-fold surge over two-week average daily volume of 3.09 lakh shares. The stock rose 2.98% to Rs 138.10.

Mukand clocked volume of 7.25 lakh shares, a 14.56-fold surge over two-week average daily volume of 50,000 shares. The stock rose 11.80% to Rs 76.75.

Bombay Rayon Fashions saw volume of 10.50 lakh shares, a 14.02-fold rise over two-week average daily volume of 75,000 shares. The stock fell 0.89% to Rs 156.

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Ind-Ra: Stable Input Prices, Fiscal Incentives to Support Textile and Cotton in FY18
Mar 10,2017

India Ratings and Research (Ind-Ra) has maintained a stable outlook for cotton textiles for FY18. However, the agency has revised its cotton outlook to stable for FY18 from negative for FY17. In addition, the agency has revised its outlook for synthetic textiles to stable for FY18 from negative for FY17. The stable textile outlook is in view of stable input prices, healthy capacity utilisation and steady domestic demand scenario in FY18 and support emanating through fiscal incentives and implementation of Goods and Services Tax (GST) that will improve the textile industrys export competitiveness. Moreover, the USs exit from the Trans-Pacific Partnership is likely to realign textile trade and investments towards the Indian subcontinent that were diverted to Vietnam over FY16-FY17.

The stable cotton outlook is in view of an increase in acreage, a rise in supply in 1QFY18 (due to demonetisation) and a decline in global inventory assisting with a balanced supply. Ind-Ra expects operating profitability levels of Indian cotton ginners and exporters to moderate in FY18. Liquidity position of small players was acutely affected due to a surge in cotton prices in 1HFY17, followed by a challenging operating environment in 2HFY17 due to demonetisation.

Ind-Ra expects cotton acreage to increase 10%-15% to nearly 120 million hectares in FY18, leading to increased production. Ind-Ra projects a domestic stock-to-use ratio of nearly 13% for cotton marketing year (MY) 17-18 (MY16-17: 15.3%, MY15-16: 13.8%). The expectation is in view of continued auction of Chinese reserves and global cotton processing countries (excluding China) holding about six months of inventory.

A unified tax structure in the form of GST is likely to create a level playing field for the cotton and polyester industries, and promote enhanced sponsor interest towards the polyester chain. Ind-Ra opines that textile companies would be able to deleverage their balance sheets in FY18 in the absence of major investments due to adequate capacities and pending uncertainty over the GST tax rates. The next round of investment cycle is expected from FY19. Ind-Ra expects an improvement in the credit profiles of textile companies, including raw cotton players, driven by lower cotton inventories, limited capital investments and reduced borrowing costs.

OUTLOOK SENSITIVITIES

Textile

Positive: Favourable trade agreements with the US and Europe leading to a significant increase in Indias exports and a higher-than-expected domestic demand would be positive for the sector outlook.

Negative: Any or combination of the following factors could lead to revision of the sector outlook to negative:

- Slowdown in demand emanating from weak domestic spending in or protectionist trade policies by the US or Europe leading to underutilisation of capacities

- High volatility in input prices adversely impacting contribution margins

Cotton

Increased Domestic Consumption: A substantial increase in domestic mill cotton consumption, driven by a rise in demand for Indian textiles on account of higher domestic consumption and/or exports will lead to a revision in sector outlook to positive.

Higher-than-Expected Global Production: A substantial increase in global cotton production leading to a high stock-to-use ratio than FY15 and/or increased cotton prices on account of GST leading to a higher-than-expected shift from cotton to man-made fibres will lead to a revision in sector outlook to negative.

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Outcome of board meeting of Akme Star Housing Finance
Mar 10,2017

Akme Star Housing Finance announced that the Board of Directors of the Company at its meeting held on 10 March 2017 has considered the following:

1. Allotment of Bonus Shares pursuant to Bonus issue to the Shareholders as on the Record Date i.e. 08 March 2017.

2. To open its Corporate Office at 94/D, Kurla Kamgar Nagar Co-operative Housing Society, S.G. Barve MArg, Kurla (East), Mumbai-400024 for expansion of Business Activities.

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