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Outcome of board meeting of Paul Merchants
May 30,2017

Paul Merchants announced that Board of Directors of the company in their meeting held on 29 May 2017 have appointed Uma Shankar Paliwal as an Independent Additional Director of the company subject to approval of shareholders in their Annual General Meeting.

Further, the Board had previously approved investment in 1133000 equity shares of its group company Paul Fincap subject to RBI Regulations/instructions. The said shares were to be subscribed at a price of Rs. 40.80 /- per share aggregating to Rs. 4,62,26,400/- as per the fair valuation certificate issued by the statutory auditors of the investee company at that time. Now that, finally all the requisite Regulatory approvals have been obtained for the same by the investee Company based upon the financial figures as on 31 March 2017, it has finally been decided to go ahead with the investment, with a slight modification as to the subscription price.

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Wipro nudges higher after fixing record date for bonus issue
May 30,2017

The announcement was made during market hours today, 30 May 2017.

Meanwhile, the S&P BSE Sensex was up 61.59 points, or 0.2%, to 31,170.87.

On the BSE, 37,222 shares were traded in the counter so far, compared with average daily volumes of 4.81 lakh shares in the past one quarter. The stock had hit a high of Rs 539.80 and a low of Rs 529.10 so far during the day. The stock had hit a 52-week high of Rs 577.50 on 13 July 2016. The stock had hit a 52-week low of Rs 410 on 9 November 2016.

The stock had outperformed the market over the past one month till 29 May 2017, gaining 8.16% compared with the 3.98% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.4% as against Sensexs 8.23% gains.

The large-cap company has equity capital of Rs 486.62 crore. Face value per share is Rs 2.

At the time of announcement of companys results on 25 April 2017, Wipros board had recommended 1:1 bonus issue.

The board of directors had also declared an interim dividend of Rs 2 per equity share for the year ended 31 March 2017 (FY 2017).

Wipros consolidated net profit rose 7.2% to Rs 2267 crore on 2.16% rise in net sales to Rs 14062 crore in Q4 March 2017 over Q3 December 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Syndicate Bank vaults on fund raising plan
May 30,2017

The announcement was made after market hours yesterday, 29 May 2017.

Meanwhile, the S&P BSE Sensex was up 72.21 points, or 0.23%, to 31,181.49. The S&P BSE Mid-Cap index was up 110.78 points, or 0.77%, to 14,480.68

On BSE, so far 2.51 lakh shares were traded in the counter, compared with an average volume of 3.88 lakh shares in the past one quarter. The stock hit a high of Rs 78.80 and a low of Rs 74.50 so far during the day. The stock hit a 52-week high of Rs 94.90 on 9 May 2017. The stock hit a 52-week low of Rs 59.20 on 27 December 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 8.28% compared with the 3.98% gain in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 9.37% as against Sensexs 8.23% gain.

The mid-cap state-run bank has equity capital of Rs 904.54 crore. Face value per share is Rs 10.

Syndicate Bank said that board of directors of the bank in its meeting held yesterday, 29 May 2017 approved to raise equity capital up to Rs 3500 crore inclusive of premium to be decided by way of Qualified Institutional Placement/Rights Issue/Preferential Allotment / or any other mode approved by Reserve Bank of India/Government of India, at an appropriate time during the financial year ending 31 March 2018 (FY 2018).

The board also approved to raise Basel III Compliant Additional Tier I Bonds up to Rs 1000 crore and Tier II Bonds up to Rs 1000 crore, as per eligibility at an appropriate time, subject to necessary approvals, during FY 2018.

Government of India owned 72.92% stake in Syndicate Bank (as per the shareholding pattern as on 31 March 2017).

Syndicate Bank reported net profit of Rs 103.84 crore in Q4 March 2017 as compared with net loss of Rs 2158.17 crore in Q4 March 2016. Total income rose 5.95% to Rs 6913.09 crore in Q4 March 2017 over Q4 March 2016.

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Board of Citadel Realty & Developers approves change in directorate
May 30,2017

The Board of Directors of Citadel Realty & Developers at its meeting held on 29 May 2017 have recommended appointment of Devendra Shrimankar as Director of the Company. The Board accepted the resignation of V Nagarajan, Director of the Company.

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Volumes jump at Glaxosmithkline Consumer Healthcare counter
May 30,2017

Glaxosmithkline Consumer Healthcare clocked volume of 21,000 shares by 13:50 IST on BSE, a 121.42-times surge over two-week average daily volume of 914 shares. The stock fell 0.29% to Rs 5,306.35.

Entertainment Network (India) notched up volume of 2.37 lakh shares, a 56.86-fold surge over two-week average daily volume of 4,000 shares. The stock jumped 7.57% at Rs 806.80.

Gujarat Pipavav Port saw volume of 23.17 lakh shares, a 47.04-fold surge over two-week average daily volume of 49,000 shares. The stock declined 1.35% at Rs 146.25.

Liberty Shoes clocked volume of 3.19 lakh shares, a 21.6-fold surge over two-week average daily volume of 15,000 shares. The stock jumped 7.74% at Rs 184.50.

Max Financial Services saw volume of 19.01 lakh shares, a 21.2-fold rise over two-week average daily volume of 90,000 shares. The stock gained 0.3% at Rs 538.45.

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Kirloskar Pneumatic Company allots 70,07,551 equity shares
May 30,2017

Kirloskar Pneumatic Company announced that the Board of Directors of the Company at its meeting held on 30 May 2017 has allotted 70,07,551 equity shares of Rs 10 each to shareholders of erstwhile Pneumatic Holdings as on record date of 23 May 2017 in the ratio of 53 fully paid equity shares of Rs 10 each of the Company for every 40 fully paid equity shares held by the shareholders in Pneumatic Holdings.

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Blue Circle Services appoints director
May 30,2017

Blue Circle Services announces appointment of Priya Ghosh as Additional Director of the Company w.e.f. 29 May 2017 up to the conclusion of next Annual General Meeting.

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Flex Foods appoints CEO
May 30,2017

Flex Foods has appointed Raghavendra Rao as CEO of the Company with effect from 29 May 2017.

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Adani Australia reaches agreement with Queensland Government
May 30,2017

Adani Australia reached agreement with Queensland Government on royalty payments for its $16.5 billion Carmichael coal project. The Adani parent company Board will consider the Final Investment Decision in the next board meeting.

The project, which is the most advanced in the Galilee Basin, involves a phase one mine production of 25 million tonnes per annum and construction of a 388 kms standard gauge open access, consumer user rail link. Peak mine production in later phases will rise to 60 mtpa.

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TCS launches Engineering Environment as a Service
May 30,2017

Tata Consultancy Services announced the launch of Engineering Environment as a Service, a cloud based framework developed on the Red Hat OpenStack Platform. The framework will help increase utilisation of business resources, lower infrastructure footprint and reduce operational costs.

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Shipping Corporation of India announces change in directorate
May 30,2017

Shipping Corporation of India announced the appointment of Dr. Pradeep Kumar , IAS, [Joint Secretary and Financial Advisor (Ministry of Shipping, Government of India)] as a Part-Time Official Director w.e.f 29 May 2017 vice Shri Sanjeev Ranjan, IAS [Additional Secretary and Financial Advisor].

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Ind-Ra: JNPT Quick Import Program Credit Negative for Container Freight Stations in Short-term
May 30,2017

The focus of the customs department at the Jawaharlal Nehru Port Trust (JNPT) to clear import cargo through the Direct Port Delivery (DPD) model is credit negative for most container freight stations (CFS) located proximate to the port in the short-term, says India Ratings and Research (Ind-Ra). Volumes under DPD have increased considerably to 27%-28% of total volumes compared to under 10% a year ago.

The DPD model entails efficient customs clearance of imports at the port itself, thereby obviating the need to divert containerised cargo to CFS, where typically they used to be stored for a couple of days before being cleared by customs and then forwarded by rail or road to the importers premises. Under the DPD model, the cargo is directly moved from the container terminal at the port to the delivery destination. Delivery of DPD containers at JNPT terminals is on 24x7 basis, which is not possible in custom bounded warehouses. The objective of DPD is to facilitate ease of doing business for domestic companies through the reduction of dwell time at the port. The targeted dwell time under DPD is 24 hours vis-n++-vis average of 1.6 days currently and 7-9 days in the JNPT eco-system (time between landing at port terminal to receipt of container from customs bonded warehouses).

The customs department has targeted the biggest importers over the past year for implementation of the DPD model and around 778 agencies (companies engaged in imports or their representatives) have registered with the customs department for DPD clearance of containers as against 11 agencies as of 9 February 2016 (as per information on JNPT website). While initially at the time of launch (February 2007) there was a minimum volume criteria to avail DPD, this was removed in February 2016 to facilitate higher volumes under this scheme.

Importers Benefit From Increased Transparency: The customs clearance of containers which were moved to CFSs was typically handled by customs house agents (CHAs), who would issue a consolidated bill (including a mark-up) to the importer. In addition, to attract container volumes, CFSs would offer financial incentives typically amounting to INR4000-6000 per twenty foot equivalent units (TEU) to shipping lines, which would be recovered from the importer in terms of higher container storage, handling and processing charges. Direct billing by the customs department to the importer has resulted in price discovery for the latter, who earlier had to deal with an opaque pricing system adopted by intermediaries. By not having to deal with CFSs, the importer can now also avoid certain costs charged to it by CFSs over which especially the smaller importers had limited bargaining power.

Change in Strategy for Shipping Companies: Due to intense competition in the shipping industry, several shipping lines used to charge negligible freight to importers; however the incentives charged to CFS would contribute significantly to their revenues and offset the loss due to low freight rates. In a recent trend observed during FY17 and this year, container lines have been forced to revise their sea freight charges upwards to make up for the loss of revenue from incentives. Shipping lines can no longer decide which CFS their container volumes will be moved to. It is the importer or its DPD registered representative (typically a CHA) who decides this. The rental charges that shipping companies pay to CFS for storage of empty containers could see a substantial increase in instances where the shipping company is unable to offer significant import volumes to a particular CFS but is dependent on that CFS for storage of empty containers.

Import Dependent CFS More Impacted: While all CFSs would be impacted to some extent due to the reduction in the average dwell time. Those whose revenue model is heavily dependent on imports are likely to be impacted more by the reliance on the DPD model by the customs department. On the other hand those reliant on export volumes for the major portion of their revenues will not be affected significantly. CFS aligned to certain shipping lines for bulk of revenues could also face a decline in revenues if the importers clear their cargo at JNPT itself under DPD. In addition, non-integrated logistics companies operating CFSs near JNPT will be vulnerable to decline in TEU volumes. There are also several small CFS located within JNPT itself, which will also be face decline in volumes due to the lack of alternate revenue sources due to space constraints.

High Margin Era Passn++, In Search of Alternate Revenues: Considering the intense competition already prevailing among the 33 CFSs around JNPT for TEU volumes, the reduction in TEUs moved to CFSs due to DPD has led to a couple of CFSs reducing their rates for container handling and storage during the last few months. Ind-Ra believes companies in its rated portfolio namely Gateway Distriparks Limited (GDL, IND AA-/Stable) and Continental Warehousing (Nhava Sheva) Private Limited (IND A-/Negative) will also be impacted to some extent due to some moderation in import volumes in the next few quarters. To stem the decline in volumes, companies such as GDL are negotiating directly with importers for business by offering discounts to them (rather than incentives to shipping companies) so that the importers insist on shifting their containers to those CFSs in particular. This strategy is being deployed in case volumes are large and the importer will want to take delivery of containers in smaller lots. Additionally those CFSs that are highly leveraged due to large outstanding term loans availed for building the facility, could see a further deterioration in their credit profiles in the near term due to shrinking cash flows. The agency does not rule out the likelihood of consolidation in the JNPT linked CFS industry due to these developments.

Ind-Ra believes that the era of high EBITDA margins (typically over 45% for most CFS) is over and that margins will rationalise to 30%-35%. Offering integrated logistics solutions will be the norm to sustain profitable operations. The agency opines that some CFS faced with consistent declining volumes will opt for tie ups with international shipping lines for storage of their empty containers. However this is a service that any CFS with a large container yard outside of the customs bonded area, will be able to provide. Some companies could convert their facilities into logistics parks or warehouse facilities if the CFS revenue model continues to remain unsustainable.

Capacity Increase at JNPT to Improve Volumes for CFS Over Mid to Long Term: With the first phase of the fourth container terminal (designed for handling 4.8 million TEU likely to come on-stream by December 2017, the overall container volumes handled at the port will rise sharply over the next two to three years from around 4 million TEUs, according to the agency. Consequently, although the share of pie of the container handling business is expected to steadily change in favour of the port due to DPD, the CFSs in around JNPT will benefit by an increase in absolute volumes from the reduced levels of 2017.

No Impact on ICDs: Inland Container Depots (ICD) will not be impacted given that even historically; the importer or consignee would decide which ICD the containers will have to be moved to, after despatch from the port.

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Aban Offshore slips after net loss widens in Q4
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

The stock had dropped 3.73% to Rs 189.60 yesterday, 29 May 2017 ahead of its results.

Meanwhile, the S&P BSE Sensex was up 19.55 points, or 0.06%, to 31,128.83. The S&P BSE Small-Cap index was down 12.35 points, or 0.08%, to 14,842.78.

On the BSE, 1.38 lakh shares were traded in the counter so far, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a low of Rs 180.65 so far during the day, which is also a 52-week low for the stock. The stock had hit a high of Rs 188.70 in intraday trade. The stock had hit a 52-week high of Rs 286 on 25 October 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 15.41% compared with the 3.98% gains in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.49% as against Sensexs 8.23% gains.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Offshores total income from operations fell 37.89% to Rs 390.86 crore in Q4 March 2017 over Q4 March 2016.

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 the issue of equity related securities to qualified institutional buyers upto Rs 2500 crore.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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MMTC slumps after reverse turnaround in Q4
May 30,2017

The result was announced after market hours yesterday, 29 May 2017.

Meanwhile, the BSE Sensex was up 41.44 points, or 0.13%, to 31,150.72. The BSE Small-Cap index was down 3.07 points or 0.02% at 14,852.06

On the BSE, so far 1.36 lakh shares were traded in the counter, compared with average daily volumes of 3.04 lakh shares in the past one quarter. The stock had hit a high of Rs 58.70 and a low of Rs 54.80 so far during the day. The stock hit a 52-week high of Rs 73.85 on 12 January 2017. The stock hit a 52-week low of Rs 35 on 31 May 2016.

The stock had underperformed the market over the past one month till 29 May 2017, falling 10.17% compared with the 3.98% gain in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 6.04% as against Sensexs 8.23% gain.

The mid-cap company has equity capital of Rs 100 crore. Face value per share is Re 1.

MMTCs total income rose 25.97% to Rs 2545.37 crore in Q4 March 2017 over Q4 March 2016.

MMTCs board of directors has recommended a dividend of Rs 0.30 per share for the year ended 31 March 2017.

MMTC is a leading international trading company. Government of India (GoI) held 89.927% stake in MMTC (as per the shareholding pattern as on 31 March 2017).

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Nestle India introduces Iron Fortified Noodles
May 30,2017

Nestle India announced the launch of Iron Fortified Noodles as part of Simply Good 2020 commitment. The Company has launched the iron fortified variant of the Maggi Masala Noodles.

The iconic Maggi brand is on a mission to support home cooks with healthier and tastier choices, by simplifying ingredients, reducing sodium and increasing micronutrient fortification. The Company has introduced GDA on packs to give transparent information about nutrients like energy, total fats, saturated fats, sugar and sodium.

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