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MoU signed with ASCI by M/o AYUSH to monitor misleading AYUSH related advertisements: Shri Shripad Naik
Mar 21,2017

Ministry of AYUSH received 79 complaints in the year 2014 about advertisements and misleading claims allegedly of herbal and AYUSH products. Department of Consumer Affairs has informed that Advertising Standards Council of India (ASCI) referred 263 complaints of allegedly AYUSH products related advertisements since January, 2015 including seven advertisements of herbal medicines in 2016. Such complaints of 381 advertisements are also registered online till 16th March, 2017 in the Grievances against Misleading Advertisements (GAMA) portal maintained by the Ministry of Consumer Affairs, Food & Public Distribution.

In this regard, it is pertinent to state that the proof of safety and effectiveness as required for issuing license to manufacture Ayurvedic, Siddha or Unani medicine is prescribed in the guidelines under Rule 158-B of the Drugs & Cosmetics Rules, 1945, which can either be based on textual rationale from the authoritative books listed in the First Schedule to the Drugs & Cosmetics Act or published literature; and if no such evidence of effectiveness of the drug is available, it needs to be generated by conducting the pilot study. In order to check the veracity of misleading advertisements of AYUSH products, the Central Government has issued directives to the State Governments for appointing Gazetted Officers for monitoring of advertisements of such drugs. Complaints of misleading advertisements of medicines are forwarded to the concerned State Licensing Authorities for action in accordance with the provisions of Drugs & Cosmetics Act, 1940 and Rules thereunder and Drugs & Magic Remedies (Objectionable Advertisements) Act, 1954 and Rules thereunder. States have reported action taken against the defaulters. Ministry of AYUSH has also signed MoU with Advertising Standards Council of India (ASCI) on 20th January, 2017 to undertake monitoring of the misleading AYUSH -related advertisements appearing in print and TV media and bring the instances of improper advertisements to the notice of the State Regulatory Authorities for taking necessary action.

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IWAI raises Rs 340 Crore through Infrastructure Bonds
Mar 21,2017

In a landmark development for expansion of inland waterways in the country, the Inland Waterways Authority of India (IWAI) has raised Rs 340 crore through its maiden bond issue from the market. The fully serviced Government of India Bonds were privately placed with banks and financial institutions on March 1, 2017.

The Finance Minister in his Budget Speech 2016-17 had announced mobilization of extra budgetary resources through issuance of Bonds to support infrastructure projects. To augment infrastructure spending further, Government will permit mobilization of additional finances to the extent of Rs 31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Waterways Authority through raising of Bonds during 2016-17, he had said.

Accordingly, IWAI launched its maiden venture of mobilizing Government of India fully serviced Bonds by private placement mode on the electronic bidding platform of Bombay Stock Exchange on March 1, 2017. The Issue was oversubscribed with a total mobilization of Rs 340 crore against the announced size of Rs.200 crore.

The inflow of these funds provides a major fillip to IWAIs ambitious plan to develop National Waterways in India. These river highways are economical and environment friendly and are expected to contribute in correcting the existing transport modal mix that imposes available logistics cost on the Indian economy.

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Rupee surges on dollar weakness
Mar 21,2017

Rupee closed higher at 65.29/30 per dollar on Tuesday (21 March 2017), versus its previous close of 65.36/37 per dollar.

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Mindtree fixes record date for interim dividend
Mar 21,2017

Mindtree has fixed 10 April 2017 as record date for payment of interim dividend, if approved.

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The Union Government has decided to make timely payment of accumulations under the Savings Fund of CGEGIS
Mar 21,2017

The Union Government has decided that in all cases where the service of the retiring Central Government employees has been verified, payment of the accumulation under Savings Fund of Central Government Employee Group Insurance Scheme (CGEGIS) will be made without awaiting confirmation of deduction of each monthly subscription of CGEGIS. This would help in timely payment of accumulations under the Savings Fund of the CGEGIS. The necessary Orders in this regard have been issued by Department of Expenditure, Ministry of Finance on 17.03.2017.

Often delay occurs in payment of dues to the retiring Central Government employees as the existing procedure requires confirmation of deduction of each monthly subscription to the scheme. The present decision of the Union Government is a step towards simplification of procedure as well as to ensure timely payment of savings along with interest under CGEGIS, to the Central Government employees at the time of retirement.

Under the Central Government Employees Group Insurance Scheme, 1980, the accumulations under the component of Savings Fund together with interest thereon are payable to the employees on retirement or on cessation of employment with the Central Government or to their family on death while in service.

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Gartner Says by 2020, At Least 30 Percent of Industrie 4.0 Projects Will Source Their Algorithms From Leading Algorithm Marketplaces
Mar 21,2017

Industrie 4.0* has been underway for more than five years, and while many businesses have begun some promising Industrie 4.0 projects, key challenges remain that are making algorithms the heartbeat of these projects, according to Gartner, Inc. By 2020, Gartner predicts that at least 30 percent of Industrie 4.0 projects will source their algorithms from leading algorithm marketplaces n++ a significant rise from less than 5 percent in 2016.

Industrie 4.0 projects are facing two significant challenges, said Thomas Oestreich, managing vice president at Gartner. First n++ in the connected world of cyber-physical systems n++ they need to deal with the sheer volume, real-time velocity and diversity of data. Second, in order to drive new value and differentiating innovations, new algorithms need to be developed. This is making algorithms the pulse of Industrie 4.0 initiatives.

Mr. Oestreich added that developing new algorithms requires skills and competencies that most companies do not have yet. To increase time to market and speed up the development process, some organizations employ service providers and combine this with using algorithm marketplaces.

Reusable Algorithms Can Reduce Development Time

Analytics vendors have started creating marketplaces for software components, such as analytical algorithms, to bring greater flexibility and choice to end users. These marketplaces will bring the benefits of the app economy to software development. They will radically lower software distribution costs and improve access to thousands n++ if not millions n++ of available algorithms.

Algorithm marketplaces offer reusable algorithms, which help organizations speed up their development processes and cope with the transformational changes introduced with digital business. Reusing prebuilt algorithms and applying them to a specific use case can significantly reduce development time and will offer an important library, expanding the possibilities for in-house development teams, said Mr. Oestreich.

We encourage CIOs to build a task force with data and analytics leaders to evaluate algorithm marketplaces, and then create their own library of available and potentially useful algorithms, said Mr. Oestreich.

Modernize and Transform ERP Solutions Into a Solid Foundation for Industrie 4.0

Early adopters of Industrie 4.0 are also renovating their enterprise resource planning (ERP) solutions. ERP systems are connected to Internet of Things (IoT) infrastructure that consists of sensors and actuators, middleware to collect and store data, and applications and analytics to make decisions and trigger actions.

Many ERP solutions are old, and they cannot cope with the amount of data and transactions to be processed, and the level of granularity in business transactions, said Christian Hestermann, research director at Gartner.

The music industry is a good example of how an industry has gone through transformation. Customers went from buying complete albums in a record store to streaming one individual song, which triggers an immediate invoice about the microamounts due. ERP could fast become the bottleneck of digital business, not allowing a business to act quickly enough to grasp digital business opportunities in a fast-changing business world, Mr. Hestermann added.

CIOs need to develop digital business moments to grow their business. Signals coming from sensors inside products or from external sources could be used to offer additional services to customers. This will likely require the modernization of the ERP solutions involved, as older ones will not support the level of granularity and the volumes of microtransactions required, said Mr. Hestermann.

Gartner said that, by 2020, 50 percent of the companies that have renovated their ERP core and migrated their IoT infrastructure to a standardized platform will increase customer interactions by over 20 percent.

CIOs should determine where IoT and digital business play a role in their business scenarios, and develop Industrie 4.0 value chains by modeling the business capabilities that their organizations need, concluded Mr. Hestermann. They also need to assess their current state and their needs for renovation on all layers of the IoT architecture and take the necessary measures to improve.

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Board of Southern Magnesium & Chemicals approves change in nominee director
Mar 21,2017

Southern Magnesium & Chemicals announced that the Board of Directors of the Company at its meeting held on 21 March 2017 transacted the following business:

1. Admission of Securities of the company on National Securities Depositories.
2. Board took note of withdrawal of C Mariamma as Nominee Director of APIDC Limited and took note of her resignation. Board further approved appointment of E. Maha Lakshmi as Nominee Director in place of C.Mariamma as per the letter given to the company by APIDC.

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Board of AAR Commercial Company approves acquisition of subsidiary
Mar 21,2017

AAR Commercial Company announced that the Board of Directors at their meeting held on 21 March 2017, inter alia has approved acquisition of Camellia Tradelink as a Wholly Owned Subsidiary and accordingly, Camellia Tradellink shall be regarded as a Wholly Owned subsidiary of the Company.

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Outcome of board meeting of Vikas Wsp
Mar 21,2017

Vikas Wsp announced that the Board of Directors of the Company at its meeting held on 21 March 2017, inter alia, approved and proposed the following resolution for approve of their members at Extra Ordinary General Meeting:-

1.To issuance of 5.10 Crore equity shares as per SEBI guidelines to allot fresh equity shares on preferential basis to prospective investors other than promoters at a price of Rs. 10 per share (Face Value Rs.1 and premium Rs. 9 per equity shares).
2.To issuance of 1.70 Crore equity shares as per SEBI guidelines to allot fresh equity shares on preferential basis to promoters at a price of Rs. 10 per share (Face Value Rs. 1 and premium Rs. 9 per equity shares).
3.To approve the ESOP-2017 Policy of the Company for allotment of shares to the Employees of the Company.
4.Notice of Extra Ordinary General Meeting Notice, which will be held on 21 April 2017.

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Indiabulls Housing Finance corrects on profit booking
Mar 21,2017

Meanwhile, the S&P BSE Sensex was down 11.95 points, or 0.04% to 29,506.79.

On the BSE, 1.16 lakh shares were traded in the counter so far, compared with average daily volumes of 8.99 lakh shares in the past one quarter. The stock had hit a high of Rs 969.65 and a low of Rs 924.30 so far during the day. The stock hit a record high of Rs 982.40 yesterday, 20 March 2017. The stock hit a 52-week low of Rs 600.10 on 6 April 2016.

The stock had outperformed the market over the past one month till 20 March 2017, rising 12.91% compared with 3.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 50.39% as against Sensexs 12.20% rise.

The large-cap company has equity capital of Rs 84.77 crore. Face value per share is Rs 2.

Shares of Indiabulls Housing Finance rose 13.56% in six trading sessions to settle at Rs 964.55 yesterday, 20 March 2017, from its close of Rs 849.40 on 9 March 2017.

On a consolidated basis, net profit of Indiabulls Housing Finance rose 24.75% to Rs 751.49 crore on 25.92% rise in net sales to Rs 2475.94 crore in Q3 December 2016 over Q3 December 2015.

Indiabulls Housing Finance is a housing finance company.

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HCL Tech declines on reports brokerage maintains reduce rating
Mar 21,2017

Meanwhile, the S&P Sensex was down 36.63 points or 0.12% at 29,482.11.

On the BSE, 1.58 lakh shares were traded on the counter so far as against the average daily volumes of 84,433 shares in the past one quarter. The stock had hit a high of Rs 874.60 and a low of Rs 853 so far during the day.

The stock had hit a 52-week high of Rs 879.15 on 20 March 2017 and a 52-week low of Rs 706.50 on 11 May 2016. The stock had underperformed the market over the past one month till 20 March 2017, advancing 2.57% compared with the Sensexs 2.99% rise. The scrip had also underperformed the market over the past one quarter, rising 4.14% as against the Sensexs 12.2% rise.

The large-cap company has equity capital of Rs 282.24 crore. Face value per share is Rs 2.

Meanwhile, HCL Technologies board at its meeting held yesterday, 20 March 2017, approved buyback of up to 3.50 crore fully paid-up equity shares of the company at Rs 1000 per share, for an aggregate amount not exceeding Rs 3500 crore. The announcement was made after market hours yesterday, 20 March 2017.

The buyback price of Rs 1000 is at a premium of 15.83% to the stocks closing price of Rs 863.30 yesterday, 20 March 2017.

The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.

Separately, HCL Technologies said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.

HCL Technologies consolidated net profit rose 2.3% to Rs 2062.04 crore on 2.56% growth in net sales to Rs 11814.20 crore in Q3 December 2016 over Q2 September 2016.

HCL Technologies is a leading global IT services company working with clients in the areas that impact and redefine the core of their businesses.

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Sharda Cropchem fixes record date for 2nd interim dividend
Mar 21,2017

Sharda Cropchem has fixed 31 March 2017 as Record Date for payment of second interim dividend for FY 2017.

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Board of Empee Distilleries approves allotment of 11,66,860 equity shares on conversion of warrants
Mar 21,2017

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 21 March 2017 has approved and allotted 11,66,860 equity shares of Rs 10 each at a premium of Rs 54.64 per share on conversion of share warrants.

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Board of IDBI Bank approves preferential issue of capital to GoI
Mar 21,2017

The Board of Directors of IDBI Bank at its meeting held on 21 March 2017 has approved the proposal for preferential issue of capital to Government of India and other Financial Institutions, if any aggregating up to Rs 2500 crore subject to statutory / regulatory approvals required to be obtained in this regard. In this connection, EGM of the Bank is proposed to be held on 27 April 2017 for obtaining shareholders approval in this regard.

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Fitch: Strategic Business and Market Value in Vodafone India Idea Merger
Mar 21,2017

Fitch Ratings says the announced merger between Vodafone India and Idea Cellular has strong business logic and strategic sense - both in terms of the scale of the enlarged group as well as how it may affect the overall market structure. On a reported basis the transaction will have a positive effect on net debt/EBITDA leverage once India is deconsolidated at the group level. However, Fitch estimates a mildly negative effect on funds from operations (FFO) lease adjusted net leverage given that Fitch does not currently include the Indian spectrum in its leverage calculation. Roughly 80% of the combined entitys pro-forma debt represents spectrum commitments. The effect is estimated at around 0.2x negative turns of leverage and is not considered material in the context of Vodafones BBB+/Stable rating and the wider positive implications of the deal.

With FFO net leverage of 3.3x as at September 2016, the group has limited headroom versus a rating sensitivity of 3.5x. An ownership equalisation put option granted to Vodafone by joint venture partner, Aditya Birla Group, following a three-year lock-up period, would realise cash proceeds at the Vodafone Group level of USD1.3bn. This could provide leverage relief if at the time it was needed. The transaction is expected to immediately be accretive to Vodafones cash flow. The limited impact on leverage and timing of the transaction, which is not expected to close until sometime in 2018, reduce any potential leverage risks.

Fitch considers the strategic rationale for the merger is strong. It brings together Indias number two market player (Vodafone India) with the market number three (Idea). Importantly the enlarged group will have the market number one or two position, in 21 of the 22 circles (regions) in which they operate, with Vodafone strong in markets where Idea is weaker and vice versa, making a strong complimentary fit.

The combined business is targeting run-rate annual synergies of USD2.1bn to be achieved over the four years from closing. Of these, opex savings are expected in the region of 60% and the business estimated to deliver an EBITDA margin of around 40% subject to the market becoming more rationale once new entrant, Reliance Jio, starts to charge its subscribers (expected from April 2017). The latter entered the market a little over a year ago and has quickly built a customer base of 72 million and 6% share of the market on the back of free trial subscriptions. Given the costs of developing a greenfield-mobile business, a free subscription model is not sustainable indefinitely.

Elsewhere in the market, Telenor is selling its Indian operations to current market leader, Airtel. Fitch regards both transactions as positive signs of the consolidation the market has been waiting for.

Fitch does not believe the Indian transaction reveals a new economic model at the Vodafone group level, given that it represents a second transaction where it has been prepared to address a structural market weakness through a joint venture; the other recent example being the VodafoneZiggo JV with Liberty Global in the Netherlands. Moreover, Fitch sees both transactions as pragmatic and strategic approaches to markets where a partnership makes a strong economic proposition. In both examples the combinations will provide what Fitch regards as structural solutions to markets where competition has proven intense.

In the Netherlands the combination was about securing a strong convergent position relative to a strengthened incumbent. In the latest transaction Vodafone is seeking a solution to a market which has long needed consolidation and where competition has been intensified by the entrance of an aggressive new entrant. Fitch regards both as providing sound strategic logic, ultimately seeking ways of de-risking the overall group perimeter.

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