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Talwalkars Better Value Fitness provides update on scheme of arrangement
Mar 02,2017

Talwalkars Better Value Fitness announced that the Company has filed an application of the Scheme of Arrangement with National Company Law Tribunal (NCLT) under the provisions of Sections 230 - 232 and other applicable provisions of the Companies Act, 2013 read with the relevant rules made thereunder.

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IMP Power appoints COO
Mar 02,2017

IMP Power announced the appointment of Arun Goel as Chief Operating Officer of the Company with effect from 01 March 2017.

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Wipro positioned as Leader for SAP Application Services, EMEA
Mar 02,2017

Wipro announced that it has been positioned as a Leader in Gartners Magic Quadrant for SAP Application Services, EMEA.

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Orient Cement gets ratings review for bank facilities and commercial paper
Mar 02,2017

Orient Cement announced that Credit Analysis & Research Limited has reviewed the ratings for bank facilities and commercial paper issue as under -

Long term bank facilities (Rs 1353 crore) - CARE AA-
Commercial paper issue (Rs 150 crore) - CARE A1+
Commercial paper issue (Rs 100 crore) - CARE A1+

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Asia Pacific Market: Stocks mostly up on Trump relief
Mar 02,2017

Asia Pacific share market closed mostly up on Thursday, 02 March 2017, as investors took heart from record performances of Wall Street overnight, where the Dow Jones industrial average closed above 21,000, after U.S. President Donald Trumps pledge to invest heavily in infrastructure, cut corporate taxes and ease regulations. But, gains on the regional bourses were limited as speculation of capital outflow woes renewed on growing expectations that the U.S. Federal Reserve will raise interest rates this month. The MSCIs broadest index of Asia-Pacific shares outside Japan advanced 0.7%.

The US presidents much-anticipated address on Tuesday, while lacking details, was broadly welcomed as he promised a US$1-trillion (Bt35 trillion) infrastructure splurge and tax cuts - music to bullish investors ears. Global equity markets have thundered along since Trumps November election win as dealers bet his policies would light a fire under the US economy. The fact that he did away with the bellicose rhetoric of the past made him appear more presidential, according to some observers.

While Trump gave few new details on his tax or spending plans, investors were encouraged by what they saw as a measured tone in his first speech to Congress as he tries to push his growth agenda through a Congress reluctant to widen the governments budget deficit. On Wall Street, the Dow blasted through the 21,000 mark for the first time, and the three main stock indexes surged more than 1.3% to close at record highs.

Among Asian bourses

Australia Stocks gains on Trump speech

Australian equity market finished higher for the first time in six consecutive sessions, as sentiment was supported by a combination of stronger global manufacturing activity and strong gains in Wall Street overnight after a pledge by US President Donald Trump to boost economic growth. The S&P/ASX 200 index was up 1.3%, or 71.804 points, to 5,776.60 at the close of trade, led by financials and material stocks.

Mining stocks led broad gains, rebounding from weakness in recent sessions, while the four biggest banks collectively added almost 16 points to the ASX 200. Among Australian mining stocks, South32 rallied 9.2% while BHP Billiton and Rio Tinto gained 3.3% and 3.5%, respectively. Commonwealth Bank led the big banks, with a rise of 1.3%, while Westpac Banking, Australia & New Zealand Banking and National Australia Bank each added at least 1%.

On the losing ledger, telecom stocks ended lower, with sector giant Telstra extending losses from the previous session, finishing 1.5% lower, after trading ex-dividend.

Nikkei gains on strong Wall Street, weak yen

The Japan share market ended at a two-month high, as investors took heart from robust gains on Wall Street overnight and yen depreciation against the U.S. dollar. Every industry category on the main section gained ground, led by insurance, securities, and iron and steel issues. Tokyos benchmark Nikkei 225 index climbed 0.88%, or 171.26 points, to close at 19,564.80, its highest close since Jan. 5, while the Topix index of all first-section issues tacked on 0.75%, or 11.60 points, to end at 1,564.69.

The nonferrous metal sector was boosted by hopes Trumps pledge to invest $1 trillion for infrastructure development would bring new business opportunities. Mitsubishi Materials rose 110 yen, or 3.0%, to 3,810 yen, while Sumitomo Metal Mining gained 41.50 yen, or 2.6%, to 1,610.50 yen.

Financial issues were also among the gainers, tracking rises of overseas counterparts on early rate hike hopes. Mitsubishi UFJ Financial Group rose 14.80 yen, or 2.0%, to 763.00 yen, Nomura Holdings increased 11.20 yen, or 1.5%, to 753.10 yen and Dai-ichi Life Insurance ended the day up 87.00 yen, or 4.0%, at 2,256.50 yen.

Showa Denko bucked the trend, dropping 144 yen, or 7.1%, to 1,880 yen after the chemical product maker said it would again postpone its release of financial results for the business year ended December due to a need for a closer review of a potentially inappropriate business transaction at a subsidiary.

China Stocks close down

Mainland China stock market closed lower, dragged down by infrastructure and real estate stocks, after a poll showed growth in Chinas home prices will slow significantly on continuing government curbs and tighter credit conditions in 2017. At the close, the benchmark Shanghai Composite Index lost 0.52% to 3,230.03 points. The blue-chip CSI 300 index declined 0.67% to 3,435.10 points. The Shenzhen Component Index edged down 0.5% to 10,367.3. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, slumped 0.60% to 1,920.40 points.

Most sectors fell, led by infrastructure and real estate stocks, after a poll showed Chinas house price growth will slow significantly on continuing government curbs and tighter credit conditions this year.

SF Express shares dropped 3% to 67.9 yuan, amid mainland media reports that Chinese authorities were closely watching the logistics and delivery service provider, which has risen sharply since completing a back-door listing last week.

The Chinese currency renminbi, or yuan, weakened against the U.S. dollar after the Peoples Bank of China set the midpoint rate softer, inline with dollar strength in international market amid growing expectations that the U.S. central bank will raise interest rates later this month.

Financial markets in China and around the world are also awaiting policy clues from the National Peoples Congress (NPC) parliamentary session that is set to start on Sunday. Premier Li Keqiangs annual work report is expected to include key economic targets for the year, including gross domestic product and money supply growth, while other speeches and reports will set out top policy priorities for the year. Chinese authorities usually keep the yuan relatively steady during high-profile political events.

The Peoples Bank of China set the yuans midpoint rate at 6.8809 per dollar prior to the market open, weaker than the previous fix of 6.8798. In spot market trading, the yuan opened at 6.8850 per dollar and was changing hands at 6.8836 at midday, 12 pips weaker than the previous late session close and 0.04% weaker than the midpoint.

Hong Kong Stocks surrender gains on profit-taking

The Hong Kong stock market closed down after wiping out initial gains, as some investors took advantage of the upbeat market to lock in profits. The change of direction in the afternoon was partly triggered by bearish sentiment on the mainland, where investors were worried about liquidity amid growing expectations that the U.S. Federal Reserve will raise interest rates this month. The Hang Seng Index fell 0.2% or 48.4 points to 23,782.1 while the Hang Seng China Enterprises Index dropped 0.4% to 10,246.9. Market turnover on the Hong Kong main board was HK$82.1 billion, slightly higher than Wednesdays HK$76.2 billion.

Expectations for a US interest rate increase in March have grown after Fed officials, including dovish Fed Governor Lael Brainard, showed their support for a rate rise n++soonern++. The markets have now shifted their focus to an address by US Federal Reserve chairwoman Janet Yellen on Friday which may offer clues on the possible interest rate rise.

Stocks sensitive to a US rate hike were affected, either positively or negatively. Banks were among the best performers, with Standard Chartered jumping 2.3% and HSBC adding 1.0%. However, property developers were under pressure. Cheung Kong Property was the biggest loser among the HSI 50, dropping 1.6% to HK$52.3. Sun Hung Kai Properties weakened 1.1% to HK$ 114.3 and Wheelock & Co declined 1.5% to HK$51.2. Chinese Estates Holdings edged 0.2% lower to HK$11.9, in line with the benchmark, after controlling shareholder Joseph Lau Luen-hung transferred his stake in the company to his wife and son due to a n++very unstable health conditionn++.

Markets are also paying attention to the National Peoples Congress meeting, an annual parliament-style gathering of delegates from all over China, during which Premier Li Keqiang is due to declare the nations annual growth target, fiscal budget and work focus for the government in 2017. Issues including environmental protection and state-owned enterprise reform are expected to be widely discussed during the meeting. Related shares rallied, with Kangda International Environmental jumping 6.8% to HK$2.1 and Guangdong Investment adding 2.3% to HK$10.8. China Water Industry Group increased 1.3% to HK$1.6 while China Water Affairs Group added 0.6% to HK$5.0.

Indian Market retreats after striking almost two-year high

Key Indian benchmark indices retreated from almost two-year highs as profit booking emerged at higher levels. The barometer index, the S&P BSE Sensex, lost 144.70 points or 0.50% to settle at 28,839.79. The Nifty 50 index fell 46.05 points or 0.51% to settle at 8,899.75. The Sensex settled below the psychologically important 29,000 mark after trading above that level for most part of the trading session. Key equity benchmarks were weighed by slide in shares of index heavyweight and cigarette maker ITC and bank stocks.

Tata Motors rose 2.66%. The companys total sales rose 2% to 47,573 vehicles in February 2017 over February 2016. The companys domestic sales of Tata commercial and passenger vehicles rose 3% at 42,679 units in February 2017 over February 2016.

Car major Maruti Suzuki India shed 0.04%. The company announced during market hours today, 2 March 2017, that its top-selling urban compact SUV Vitara Brezza has crossed one lakh cumulative sales milestone in the domestic market.

Eicher Motors fell 1.11%. The company said that sales volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors rose 9.28% to 5,499 units in February 2017 over February 2016.

Hero MotoCorp rose 1.37%. The company reported 4.75% drop in sales of 524,766 units of two-wheelers in the month of February 2017 over February 2016. Majority of Hero two-wheelers had already been made BS IV compliant quite sometime back and the company has fully transitioned to producing only BS IV vehicles across the range from 1 March 2017.

Bajaj Auto rose 2.12%. The company said its total vehicles sales rose 0.37% to 2.73 lakh units in February 2017, compared to 2.72 lakh units in February 2016. The companys sales from domestic market declined by 8% to 1.59 units in February 2017 over February 2016. While sales from export increased by 16% to 1.14 lakh units in February 2017 over February 2016. Sales from motorcycles segment grew 4% to 2.44 lakh units in February 2017 over February 2016.

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Australia Stocks gains on Trump speech
Mar 02,2017

Australian equity market finished higher for the first time in six consecutive sessions on Thursday, 2 March 2017, as sentiment was supported by a combination of stronger global manufacturing activity and strong gains in Wall Street overnight after a pledge by US President Donald Trump to boost economic growth. The S&P/ASX 200 index was up 1.3%, or 71.804 points, to 5,776.60 at the close of trade, led by financials and material stocks.

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China Stocks close down
Mar 02,2017

Mainland China stock market closed lower on Thursday, 02 March 2017, dragged down by infrastructure and real estate stocks, after a poll showed growth in Chinas home prices will slow significantly on continuing government curbs and tighter credit conditions in 2017. At the close, the benchmark Shanghai Composite Index lost 0.52% to 3,230.03 points. The blue-chip CSI 300 index declined 0.67% to 3,435.10 points. The Shenzhen Component Index edged down 0.5% to 10,367.3. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, slumped 0.60% to 1,920.40 points.

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TCS launches HOBS V6.0
Mar 02,2017

Tata Consultancy Services has launched the next version of HOBS (Hosted OSS/BSS) - a TM Forum certified platform for digital enterprises - at Mobile World Congress in Barcelona.

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Hong Kong Stocks surrender gains on profit-taking
Mar 02,2017

The Hong Kong stock market closed down after wiping out initial gains on Thursday, 02 March 2017, as some investors took advantage of the upbeat market to lock in profits. The change of direction in the afternoon was partly triggered by bearish sentiment on the mainland, where investors were worried about liquidity amid growing expectations that the U.S. Federal Reserve will raise interest rates this month. The Hang Seng Index fell 0.2% or 48.4 points to 23,782.1 while the Hang Seng China Enterprises Index dropped 0.4% to 10,246.9. Market turnover on the Hong Kong main board was HK$82.1 billion, slightly higher than Wednesdays HK$76.2 billion.

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Board of Zenotech Laboratories approves winding up of subsidiary in Nigeria
Mar 02,2017

The Board of Directors of Zenotech Laboratories on 02 March 2017 has approved by way of resolution by circulation, the winding up of Zenotech Laboratories Nigeria, Nigeria, the subsidiary of the Company and has authorised the management to take appropriate actions for initiating the process of winding up of the subsidiary.

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Geometric fixes record date for scheme of arrangement and amalgamation
Mar 02,2017

Geometric has fixed 15 March 2017 as the record date for determining the shareholders of the Company to whom shares of HCL Technologies and 3DPLM Software Solutions will be allotted pursuant to scheme of arrangement and amalgamation.

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Geometric provides update on scheme of arrangement and amalgamation
Mar 02,2017

Geometric announced that the Scheme of Arrangement & Amalgamation between Geometric, HCL Technologies and 3D PLM Software Solutions has become effective on 02 March 2017. Under the transaction the entire business of Geometric has been transferred to HCL. Simultaneously Geometric has been merged into 3D PLM.

The Company has fixed March 15, 2017 as the record date for determining the shareholders of the Company to whom shares of HCL and 3D PLM will be allotted pursuant to the Scheme.

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Board of Accel Frontline approves sale of entire stake in subsidiary - Accel Systems & Technologies
Mar 02,2017

Accel Frontline announced that the Board of Directors of the Company at its meeting held on 01 March 2017 has subject to obtaining approval of the shareholders, approved the sale of the entire stake of a Subsidiary Company Accel Systems & Technologies, Singapore ( ASTL ).

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A2Z Infra Engineering wins contract worth USD 7.06 million
Mar 02,2017

A2Z Infra Engineering has secured a contract Grid Solar and Energy Efficiency Project, Nepal Electricity Authority for Design, Supply, Delivery, Installation, testing and Commissioning of 33/11 KV Substations and 33 KV Lines for the contract price aggregating to USD 7,066,613.41.

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Corporate Courier & Cargo secures a contract
Mar 02,2017

Corporate Courier & Cargo has secured a contract worth Rs 50 lakh from a construction company. The contract execution will be commenced in Q4 and is expected to contribute to the Top Line and Bottom Line inQ 4 current Fiscal.

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