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Hong Kong Stocks gain on US economic hopes
Feb 06,2017

The Hong Kong stock market closed higher on Monday, 06 February 2017, with investors sentiments buoyed by solid US job growth and President Donald Trumps move to roll back financial regulations. The Hang Seng Index was up 0.95% or 219.03 points to close at 23,348.24. The Hang Seng China Enterprises index, or the H-share index, jumped 1.62% or 157.03 points to 9,840.26. Turnover increased to HK$69.4 billion from HK$58.3 billion on Friday. Among the 50 blue chips, 34 rose and 12 fell, with 4 stocks remaining unchanged.

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China Equities close up
Feb 06,2017

Mainland China stock market finished session higher on Monday, 06 February 2017, with sentiment buoyed by reported progress in restructuring state-owned enterprises (SOE). A firmer Wall Street close on Friday also supported sentiment. However, gain was limited due to central banks surprise move to raise short-term interest rates late last week. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, was up 0.26% to close at 3,373.21. The Shanghai Composite Index added 0.54% to close at 3,156.98. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, added 0.93% to 1927.57. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, rose 1.26% to 1,900.45 points.

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Japan Stocks gain on firm US cues
Feb 06,2017

The Japan share market settled higher on Monday, 06 February 2017, on following positive lead from Wall Street on Friday after U.S. President Donald Trumps executive order to start a review of financial system regulations and stronger-than-expected January U.S. employment data. However, the yen ascent against greenback and position-adjustment selling ahead of a summitn++ between Japanese Prime Minister Shinzo Abe and Trump in Washington on Friday capped gains on the market. The 225-issue Nikkei average rose 58.51 points, or 0.31%, to end at 18,976.71. The Topix index of all first-section issues closed up 5.43 points, or 0.36%, at 1,520.42.

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Australia Market ends down
Feb 06,2017

Australian equity market ended tad lower on Monday, 06 February 2017, as losses in materials and resources offset gains in financial stocks on US President Donald Trumps order to review banking regulations. At the closing bell, the benchmark S&P/ASX 200 index slid 6 points, or 0.11%, to 5615.60, while the broader All Ordinaries index sank 7.10 points, or 0.13%, to close at 5665.40.

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MHCV Sales - At the Edge of a Precipice
Feb 06,2017

The medium and heavy commercial vehicle (MHCV) segment will post a steep decline in volumes in FY18, due to slowing replacement demand, weak industrial activity, rising diesel prices and overcapacity, says India Ratings and Research (India Ratings). Despite the FY18 budget focus on the rural sector India Ratings does not expect a substantial increase in rural demand for CVs. Weak sales volume trends as well as macro-economic trends observed in FY17 for the MHCV segment could lead to the fall in volumes in FY18. The decline in MHCV volumes in the April to December 2017 period is around 2% yoy. The agency however does not expect a significant reduction in domestic MHCV volumes in FY17 due to certain exceptional demand drivers.

Despite the governments commitment to double rural incomes in the next five years and the high allocation for rural agriculture and allied sectors in FY18 of INR1,812 billion, Ind-Ra does not expect a material increase in rural demand for CVs. Transporters would primarily base their purchase decisions on the demand-supply position in the road transportation space in their respective regions and the extent to which it will be possible to deploy the trucks.

Lack of Support in FY18: The agency believes that replacement demand, a key driver of MHCV sales in FY16 and FY15 has largely depleted. Given the continued uncertainty on the industrial front, the agency expects freight rates to remain flat. Any further rise in diesel prices, may squeeze margins of transporters/fleet operators. The >25 ton capacity segment of MHCVs was the driver of volumes in FY16 but has declined very sharply in FY17, suggesting overcapacity in the road transportation industry. India Ratings believes that the demonetisation drive has impacted the second hand CV market (significant proportion of transactions take place in cash) impeding the efforts of fleet operators to sell their old vehicles to raise funds for part-funding of their new CV purchases. In addition, the level of industrial activity as reflected in the Index of Industrial Production (IIP) remains inconsistent, declining from March 2016.

Ind-Ra believes that the implementation of Goods and Service Tax (GST) in FY18 would reduce transportation time significantly as goods will be transported freely from one state to another bypassing various check points and octroi posts. There would create additional spare capacity in the road transportation sector, creating a drag on new MHCV sales.

Factors Supporting MHCVs in FY17: In the current financial year MHCV sales, especially in the higher tonnage segments were supported to an extent by the 31 December 2015 notification by the National Highways Authority of India to toll plazas to levy a toll of 10 times the usual toll on overloaded trucks and to release the vehicle only after ensuring that the excess load is removed. India Ratings does not believe that this factor would support vehicle sales for an extended period, considering that large fleet operators have already been investing in heavier vehicles to optimise operating cost.

India Ratings believes another factor supporting MHCV sales in FY17 is the implementation of Bharat Stage IV emission norms across India from 1 April 2017. This would increase vehicle costs by upto INR100,000 for incorporating changes to the power train to improve fuel efficiency and reduce emissions, and there would also be certain recurring costs to ensure BSIV compliance in terms of the purchase of diesel exhaust fluid, which would cause a marginal increase in operating costs. As a result, there are likely to be some pre-emptive purchases in Q4FY17 which would support MHCV sales volumes in the current financial year.

Drivers for MHCV sales in FY15, FY16: Replacement demand as well as the decline in diesel prices had led to improvement in cash flows for transporters as the freight rates didnt reduced commensurately. The agency in its outlook FY17 report Sustained Revival Likely in Car Demand; Stable Outlook Maintained for Auto for FY17 highlighted that MHCV volume growth in FY16 was driven by sales of high tonnage goods carriers. This was possibly on account of fleet operators trying to lower their per ton transportation costs by relying on high tonnage vehicles to transport higher quantum of cargo in each trip. This was facilitated by the improvement in road infrastructure in the country, particularly along the golden quadrilateral.

In the same report the agency had also highlighted the lack of supporting factors to maintain MHCV sales growth at rates witnessed in FY6 (in view of inconsistent IIP trend) and had indicated the likelihood of a reduction in the growth rate of MHCVs in FY17.

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Concor gains as board to consider issue of bonus shares
Feb 06,2017

The announcement was made during market hours today, 6 February 2017.

Meanwhile, the S&P BSE Sensex was up 193.77 points or 0.69% at 28,434.29

On BSE, so far 1.41 lakh shares were traded in the counter as against average daily volume of 24,361 shares in the past one quarter. The stock hit a high of Rs 1,298.95 and a low of Rs 1,207.95 so far during the day. The stock had hit a 52-week high of Rs 1,544 on 2 August 2016. The stock had hit a 52-week low of Rs 1,050.85 on 12 February 2016.

The large-cap company has equity capital of Rs 194.97 crore. Face value per share is Rs 10.

Container Corporation of India (Concor)s net profit dropped 31.87% to Rs 157.84 crore on 8.2% decline in net sales to Rs 1378.61 crore in Q2 September 2016 over Q2 September 2015.

Concor provides logistics solutions. It has the largest network of inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. The Government of India (GoI) holds 56.75% stake in Concor (as per the shareholding pattern as on 31 December 2016).

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Tripartite MoU for Implementation of Tourism Projects In Jammu & Kashmir signed among M/o of Tourism, M/s NPCC & NBCC and Govt of J&K
Feb 06,2017

A Tripartite Memorandum of Understanding (MoU) for implementation of Tourism projects in Jammu and Kashmir was signed among Ministry of Tourism, M/s NPCC & NBCC and Government of Jammu and Kashmir here today. The MoU was signed in the presence of Shri Vinod Zutshi, Secretary, M/o Tourism and the signatories for the MoU included :

n++ Shri. Suman Billa, Joint Secretary , Ministry of Tourism ;

n++ Shri. Shamim Ahmad Wani, Managing Director, J&K Cable Car Corporation ;

n++ Shri. K K Sharma, Executive Director, M/s NPCC ; and

n++ Shri. Alok Rastogi, Chief General Manager (BD), M/s NBCC

The Prime Minister announced the Development Package (Reconstruction Plan) for Jammu and Kashmir on 7.11.2015. The details of all proposals included in the Development Package for Tourism are as under:

S. No.ProjectsProposed Central Assistance(Rs.Crore)New Initiative1Development of Tourism in the State (Rs.400 cr for 5 years) - New Projects20002Construction of Govt.Tourist assets in lieu of damaged/ destroyed assets100Total2100On going and Existing Projects- Budget required PMRP 20043(i) 12 Development Authorities, 3 Circuits, Setting up of 50 Tourist villages proposed under PMRP 2004 and

(ii)Conservation of Wular Lake

81.85

 

59.15

The Ministry of Tourism under the new initiative - Development of Tourism in the State- New Projects has sanctioned following projects to M/s NPCC and NBCC in the State of J&K for implementation in September 2017:

-+         Integrated Development of Tourist facilities at Gulmarg -Baramulla -Kupwara- Leh to M/s NBCC for Rs. 96.92 Crore.

-+         Integrated Development of Tourist facilities at Mantalai-Sudhmahadev- Patnitop in Jammu & Kashmir to M/s NPCC for Rs.  97.82 Crore.

Major components sanctioned under the projects are Yoga centre, wellness SPA, Log Huts, heliports, Open air theatre, walking trail, landscaping, solar lighting, solid waste management & public amenities etc.

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Ishan Dyes & Chemicals fixes record date for bonus issue
Feb 06,2017

Ishan Dyes & Chemicals has fixed 15 February 2017 as the record date for the purpose of ascertaining list of shareholders who are eligible for issue and allotment of 37,54,900 Bonus Equity Shares of Rs. 10/- each in the proportion of 1 (One) new Bonus Equity Share of Rs. 10/- (Rupees Ten only) each fully paid up for every 2 (Two) existing Ordinary Equity Shares of Rs. 10/- (Rupees Ten only) each fully paid up of the Company.

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Allied Computers International (Asia) fixes record date for consolidation of shares
Feb 06,2017

Allied Computers International (Asia) announced that the Company has fixed 30 February 2017 as a Record Date for the purpose of Consolidation of equity shares (Face value from Re. 1/- to Rs.10/- per equity share).

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SNL Bearings to pay interim dividend
Feb 06,2017

SNL Bearings announced that the interim dividend of Rs. 3.00/- per equity share of Rs. 10/- each will be paid/dispatched to the shareholders on or before 05 March 2017.

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Board of SNL Bearings declares interim dividend
Feb 06,2017

SNL Bearings announced that at the Board Meeting held on 06 February 2017, the Board has approved the following:

- Declaration of interim dividend for the Financial Year 2016-2017 @ Rs.3.00/- per equity share of Rs. 10/- each.

The interim dividend of Rs. 3.00/- per equity share of Rs. 10/- each will be paid/dispatched to the shareholders on or before 05 March 2017.

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Moodys Liquidity-Stress Index rises in January; overall credit conditions supportive for spec-grade firms
Feb 06,2017

Moodys Liquidity-Stress Index (LSI) rose in January after nine months of gains that have occurred largely in tandem with the steady easing of strains in the energy sector, the rating agency says in its most recent edition of SGL Monitor Flash. The LSI came in at 6.2% last month, against 5.9% in December and a long-term average of 6.8%.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The increase in the LSI in January resulted from four downgrades related to 2018 maturities and operational weakness that increased covenant violation risk, said Senior Vice President John Puchalla. More broadly, however, credit conditions remain supportive of speculative-grade companies as a relatively healthy US economy continues to bolster cash flows.

In addition, a steady stream of new speculative-grade issuance has been helping companies across the rating spectrum to address their refinancing and other balance-sheet needs, Puchalla says. High-yield bond issuance totaled a relatively healthy $24 billion last month, against $8 billion a year ago. Leveraged loan issuance was also strong.

Januarys four speculative-grade liquidity (SGL) rating downgrades were notable because they were all outside the energy sector, with companies in the retail/restaurants, chemicals, and paper and forest products sectors impacted. The downgrades were all also to Moodys lowest liquidity rating, SGL-4. While most spec-grade companies have been busy refinancing, a few face maturity-related stresses. Paper & forest products concern Appvion, Inc., for example, was downgraded to SGL-4 due partly to a revolver maturing in June 2018 and weak EBITDA.

Refinancings have continued to fuel upgrades, Moodys says. Energy companies are benefiting from higher oil prices, with exploration and production concern MEG Energy Corp., for instance, seeing an upgrade on the back of better oil prices and a debt refinancing. Chemical company Koppers Holdings Inc.s SGL rating was also raised in January due in part to a refinancing.

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Abbott India jumps after decent Q3 results
Feb 06,2017

The result was announced during trading hours today, 6 February 2017.

Meanwhile, the BSE Sensex was up 227.54 points, or 0.81%, to 28,468.06.

On the BSE, so far 2,687 shares were traded in the counter, compared with average daily volumes of 430 shares in the past one quarter. The stock had hit a high of Rs 4,675.50 and a low of Rs 4,450 so far during the day.

The stock hit a 52-week high of Rs 5,220 on 4 March 2016. The stock hit a 52-week low of Rs 4,351 on 24 January 2017.

The mid-cap company has equity capital of Rs 21.25 crore. Face value per share is Rs 10.

Abbott India, a subsidiary of Abbott Laboratories, offers medicines in multiple therapeutic categories such as womens health, gastroenterology, cardiology, metabolic disorders and primary care. Abbott India is part of Abbotts global pharmaceutical business in India.

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Steel Strips Wheels launches new Hot Rolling Mill at Saraikela (Jharkhand)
Feb 06,2017

Steel Strips Wheels will start mass production at its newly launched Hot Steel Rolling Mill at Saraikela (Jharkhand) from the month of February 2017 and has booked the complete capacity utilisation from day 1.

The factory has an annual capacity of rolling 50000 MT and it has entered into a strategic tie up to roll up to 18000 MT steel bars/ flats with a reputed company in the region, there by booking the remaining capacity of the rolling mill from Day 1 of manufacturing. The tie up is for rolling 1500 MT per month for a initial period of 3 years.

The said hot rolling mill is 40 km away from existing commercial wheel manufacturing facility of the company at Jamshedpur and will be backward integration for this plant. The said wheel manufacturing along with companys new truck wheel facility in Chennai will utilise close to 65% of the rolling mill capacity.

The rolling mill has been set up at an approx. cost of Rs 60 crore.

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Bharat Heavy Electricals secures 3.6 MW Rooftop Solar PV Systems order
Feb 06,2017

Bharat Heavy Electricals has secured an EPC order for the installation of Solar Photovoltaic rooftop systems totalling to 3.6 MW capacity from the Surat Municipal Corporation.

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