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Max India provides update on composite scheme of amalgamation and arrangement
Jun 08,2017

Max India announced that in reference to the Composite Scheme of Amalgamation and Arrangement filed with Stock Exchanges involving Max Life Insurance Company (Max Life), Max Financial Services, HDFC Standard Life Insurance Company (HDFC Life) and Max India (the Company) and its earlier communication dated 12 November 2016 informing about the decision of IRDAI and the intent of the companies to make further representations to IRDAI.

Further to the representations made to Insurance Regulatory & Development Authority of India (Authority), the Authority has on 07 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938. HDFC Life and Max Life remain committed to the merger and are evaluating various options.

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Cabinet approves taking over of Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy
Jun 08,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following:

(i) Taking over Dr. B. Borooah Cancer Institute, Guwahati by Department of Atomic Energy (DAE) and bringing it under the administrative control of Tata Memorial Centre, an Aided institution of DAE;

(ii) Augmentation of additional manpower of 166 posts in medical, paramedical and support positions.

The decision comes in the wake of the increasing instances of cancer, limited cancer treatment facilities and the need for a hospital support to carry out further research in North Eastern Region.

The approximate non-recurring expenditure for strengthening of institute is estimated at Rs. 150 crore and annual recurring expenditure is estimated at Rs. 45- 50 crore.


Borooah Cancer Institute was established in 1974 in Guwahati with the aim and objective of investigation, diagnosis and treatment of cancer in the North Eastern region of India by a voluntary organization. Government of Assam took over the institute with all its assets and liabilities in 1986 and entered into a tripartite agreement with the Department of Atomic Energy (DAE) and North Eastern Council for management of the institute. The institute is presently a 209 bedded hospital with 8 bedded ICU.

Tata Memorial hospital under DAE is a premier research institution in the field of cancer research and treatment. TMC under the aegis of DAE has been extending financial and technical support to the institute since 1989. Chief Minister of Assam in October 2013 had proposed that DAE should take over the institute to develop it as a center for excellence for cancer treatment, education and research for the entire North East.

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Infosys in focus after clarification
Jun 08,2017

Infosys clarified after market hours yesterday, 7 June 2017, that the news reports on pricing cuts seen by the IT industry being attributed to the Infosys chief operating officer (COO) are incorrect. His comments have been misrepresented. The comments made in the media interview refer to cost take out efforts by clients towards reducing their program investments in the run side of business, to reinvest them in newer technologies or the change side of business. Cost take outs by clients do not necessarily translate into an impact on vendor pricing. There are enough levers available to meet the client demand on cost take-outs without necessarily impacting the pricing. Infosys commentary on pricing is no different from what it had shared with the market earlier. Infosys reiterated that it is not seeing anything new on pricing. This has also been clarified in the webcast of the Morgan Stanley India Summit, the company said.

The clarification was issued after a media report quoted Infosys COO Pravin Rao saying that the companys clients were asking for 20-30% cut in prices for projects.

Reliance Capital announced after market hours yesterday, 7 June 2017, that the board of Reliance Nippon Life Asset Management (RNAM) has approved the plans to list the equity shares of RNAM, subject to necessary regulatory and corporate approvals. RNAM is the asset manager to Reliance Mutual Fund and will be the first among the top 3 players in the asset management company (AMC) industry to list its shares on exchanges. Discussions with merchant bankers, lawyers and auditors for IPO process would be initiated soon. The percentage of dilution, which shall be subject to regulatory norms, is yet to be decided, the company said in a statement.

RNAM is a subsidiary of Reliance Capital (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

Cyient announced after market hours yesterday, 7 June 2017, that its subsidiary, Cyient DLM, has been qualified as an approved product supplier to UTC Aerospace Systems. This expands Cyients 15 years relationship with United Technologies Corporation (UTC) as a valued engineering service provider. Cyient and UTC also extended the master terms agreement through 2020, enabling Cyient to provide technical services to UTC company-wide. With the qualification of DLM, the portfolio of offerings to UTC now includes both services and product development.

Endurance Technologies announced after market hours yesterday, 7 June 2017, that it has planned expansion of its annual installed capacity for manufacture of aluminium die casting (high pressure) and machining components/parts at its plant in Chennai. The company said it will expand its annual installed capacity to 12250 M. tonnes from 8161 M. tonnes. It requires an investment of about Rs 9.12 crore.

Biocon announced after market hours yesterday, 7 June 2017, that it has fixed 17 June 2017 as the record date to determine the eligible shareholders entitled to receive the bonus equity shares.

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Cabinet approves development of four laning from end of Pandoh bypass to Takoli section of National Highway (NH) - 21 in Himachal Pradesh
Jun 07,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of four laning from end of Pandoh Bypass to Takoli section of National Highway (NH)-21 in Himachal Pradesh.

The cost is estimated to be Rs.2775.93 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road to be developed is approximately 19 kms.

This work will be done under National Highways Development Project (NHDP) Phase IV B on Hybrid Annuity Mode.

The project will help in expediting the improvement of infrastructure in Himachal Pradesh and in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between end of Pandoh Bypass to Takoli section. The development of this stretch will also help in uplifting the socio-economic condition of this region in the State.

It would also increase employment potential for local labourers for project activities. It has been estimated that a total number of 4,076 mandays are required for construction of one kilometre of highway. As such, employment potential of 77,000 (approx.) mandays will be generated locally during the construction period of this stretch.

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Board of Reliance Nippon Life Asset Management approve proposal for listing of shares
Jun 07,2017

Reliance Nippon Life Asset Management announced that its board of directors have given their approval for the plans to list the equity shares of the Company, subject to necessary regulatory and corporate approvals.

RNAM is a subsidiary of Reliance Capital Limited (RCL), with Nippon Life Insurance Company as its strategic partner. RCL holds 51% of the total issued and paid-up equity share capital of RNAM.

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Board of Ganon Trading & Finance Company approve change in directorate
Jun 07,2017

Ganon Trading & Finance Company announced that the Board has approved the appointed of Gaurav Agrawal (DIN: 07686574) as an Additional Director (Independent Director) on the Board of the Company with effect from 30 May 2017

The Board also took note of the cessation of Naresh Kumar Mathur (DIN 00352591) as Director from the Board of the Company with effect from 30 May 2017

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Board of Salzer Electronics appoints director
Jun 07,2017

Salzer Electronics announced that the Board of Directors of the Company at its meeting held on 25 May 2017 have appointed Otto Eggimann as an Additonal Non Executive Independent Director on the Board and also recommended for a term of three years subject to approval of shareholders at the AGM.

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Board of Shri Krishna Prasadam approves preferential issue of shares
Jun 07,2017

Shri Krishna Prasadam announced that the Board of Directors of the Company at its meeting held on 07 June 2017 has decided to issue 100,000 equity shares on preferential basis subject to the approval of Shareholders.

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Amsons Apparels announces change in registered office
Jun 07,2017

Amsons Apparels has shifted its registered office Flat No. 116, First Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi-110092 to the following location within the city limits:


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Sunil Industries announces resignation of director
Jun 07,2017

Sunil Industries announced that Mohd Iqbal, Independent Director has resigned with effect from 03 June 2017 and the same is accepted in their meeting held on 07 June 2017.

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Darshan Orna appoints director
Jun 07,2017

Darshan Orna announced that the Board of Directors of the company has appointed Satish Sheth as an Additional Director (Non-executive independent) of Darshan Orna w.e.f 07 June 2017.

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PC Jeweller fixes record date for bonus issue
Jun 07,2017

PC Jeweller has fixed 07 July 2017 as record date for bonus issue in ratio of 1:1.

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Wintac announces resignation of director
Jun 07,2017

Wintac announced that Kavita Krishnamoorthy has resigned from her position as Independent Director of the Company with immediate effect.

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Asia Pacific Market: Stocks end mixed ahead of trio of risk events
Jun 07,2017

Asia Pacific share market closed mixed after trading in tight range on Wednesday, 07 June 2017, risk sentiments turned muted after weak offshore lead and on caution ahead of Britains general election, a European Central Bank policy decision and testimony by former FBI Director James Comey.

Wall Street shares pulled away from recent record highs and fell overnight as demand for risky assets waned ahead of Thursdays events. Comey, who will testify on Thursday, was investigating whether Donald Trumps presidential campaign and Russia colluded to sway the 2016 US election when he was fired by Trump in May. Investors are worried his testimony could dampen already flagging momentum for Trumps agenda of rolling back regulations and overhauling the tax code.

A wait-and-see mood also prevailed ahead of the European Central Banks policy meeting on Thursday, another of this weeks major events that the markets are bracing for. While the ECB is not expected to shift rates or make changes to its quantitative easing scheme this week, market participants will sift through President Mario Draghis statements for his view on the euro zone economy.

Among Asian bourses

Australia Stocks end flat

Australian equity market ended virtually flat after recouping intraday losses, as investors pleased with better than expected economic growth data. Data from the statistics agency showed Australias gross domestic product expanded 0.3% in the three months through March from the previous quarter and rose 1.7% on year. The S&P/ASX 200 finished 0.3 points lower at 5667.20 after falling by as much as 0.4% in early trading.

Shares of material companies boosted up by strength in gold stocks as the yellow metal surged to seven month highs. Newcrest Mining was up 0.8%, while Evolution Mining rose one%. Rio Tinto was up 1% as the miner on Wednesday detailed pricing for a US$781 million cash tender as part of its already announced US$2.5 billion bond buyback to reduce its debt. A rise in copper on the London Metals Exchange also lent support. BHP, which has significant oil interests, was 0.6% lower as oil and iron ore eased.

Shares of energy sector were driven higher by a gain of up to 5.8% by coal miner Whitehaven Coal. Other energy stocks eked out modest gains as well ahead of inventory data from the US later in the week. Woodside Petroleum, however, was 0.2% lower.

Shares of consumer sector felt selloff pressure due to concerns about falling household spending as a property boom appears to be cooling off. Wesfarmers fell 3.4%, its lowest in nearly seven months, while rival Woolworths was down 0.4%.

Nikkei virtually flat

The Japan share market finished session virtually flat, as some investors chased for bargain on intraday dip. Also, expectations for exchange-traded fund purchases by the Bank of Japan also supported the market. But the markets topside was capped amid a growing wait-and-see mood ahead of key events that include Britains general election, the European Central Banks policy meeting, and testimony in the U.S. Congress by former Federal Bureau of Investigation Director James Comey over Russia-linked allegations surrounding U.S. President Donald Trump. Uncertainties over the results of the events brought about some risk-averse sentiment in the market. Mining, nonferrous metal and securities house-related stocks comprised those that gained the most by the close of play. At the close, the 225-issue Nikkei average gained 4.72 points, or 0.02%, to close at 19,984.62. The Topix index of all first-section issues closed up 0.65 point, or 0.04%, at 1,597.09, after falling 13.53 points the previous day.

Shares of Mega-bank groups Mitsubishi UFJ, Sumitomo Mitsui and Mizuho, insurer Tokio Marine and brokerage firm Nomura were buoyant. Oil companies Japex, Inpex and JXTG Holdings also attracted buying. Other major winners included mobile phone carrier SoftBank Group, semiconductor-related Tokyo Electron, electronics maker Panasonic and daily goods producer Kao.

By contrast, automakers Toyota and Honda, camera producer Canon and industrial robot manufacturer Fanuc met with selling. Drug makers Takeda and Astellas, clothing store chain operator Fast Retailing and retail giant Seven & I Holdings were also on the minus side.

China Stocks up as firms urge workers to buy shares, MSCI inclusion hopes

The Mainland China equity market closed up, as a growing number of listed firms encouraged employees to buy shares, and as the central bank moved to ease fears of a mid-year liquidity crunch. Hopes that MSCI will include Chinas A shares in its indexes later this month also whetted investors appetite for big-cap stocks. At the close, the benchmark Shanghai Composite Index closed 1.23%, or 38.19 points, higher at 3,140.32. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, advanced 2.19%, or 39.73 points, to 1,850.53. The ChiNext gauge of smaller companies advanced 1.9% to 1,799.85 in Shenzhen, the biggest gain in three weeks.

Since Tuesday, 10 companies, including Qingdao Kingking Applied Chemistry , issued statements to the effect that the companys controlling shareholders were encouraging employees to buy shares and would compensate them should losses occur. Shares in those companies have jumped in response, and the optimism appears to be spreading as investors bet more companies would issue similar statements.

Small-capitalisation companies led gains after the China Securities Regulatory Commission slowed down the pace at which it was approving initial public offerings, which are dominated by smaller firms. The number of IPO companies was cut to four last week from seven, a second straight week of reductions. Hangzhou Landscape Architecture Design Institute surged by the 10% daily cap to 61.45 yuan and Shenzhen Minde Electronics Technology gained 6.3% to 54.83 yuan.

A gauge of consumer stocks rose 2.1% on Wednesday, the best-performing industry group after small-cap technology companies Kweichow Moutai, the nations biggest liquor maker, added 2.4% to 459.37 yuan, a record close. Wuliangye Yibin, a smaller rival, also closed at a record 50.90 yuan after a 4.9% gain.

Hong Kong Stocks end lower

The Hong Kong stock market finished session down, as risk sentiments weighed down ahead of key events that include Britains general election, a European Central Bank policy meeting and congressional testimony by fired FBI boss James Comey on Donald Trumps Russia ties. The Hang Seng Index ended down 22 points or 0.1% to 25,974. Turnover increased to HK$87 billion from HK$74.6 billion on Tuesday.

AAC Tech (02018) soared 14% to HK$92.55 on resumption of trading after dismissing an allegation by a US-based short-seller of n++dubious accounting practicesn++ and overstating profits. The company issued a clarification announcement and denied all the allegations made against the company in the Gotham City Researchs report. The company provided an independent report that rates it as a n++strong buyn++ with a target price of HK$111 at a Tuesday press conference.

Macau gaming counters were higher. Galaxy Entertainment (00027) and Sands China (01928) rose 4% and 2% to HK$45.95 and HK$35.05. Melco International Development (00200) added 2% to HK$19.9.

Link REIT (00823) declared a final distribution of HK116.7 cents, up 8.8%. The stock was flat at HK$61.65.

Tongda Group (00698) rebounded 9% to HK$2.2 after the company fell off the radar of the short-sellers.Meanwhile, FG Alpha Management also said it was short Dali Foods (03799), which ended down 7% to HK$4.3.

Man Wah Holdings tumbled 10% to HK$6.03 before trading was suspended, as the sofa maker became the latest short-selling target of Muddy Waters Research. The company has 48% more debt than it had disclosed, Muddy Waters founder Carson Block said during an investment conference in Hong Kong.

New World Department Store China surged 43% to HK$1.90 on plans to take the company private as the stock resumed trading after being suspended over the past two days.

Indian market logs modest gains as RBI maintains status quo on repo rate

Key benchmark indices settled with modest gains in a volatile session of trade after the Reserve Bank of India (RBI) decided to keep the policy repo rate unchanged after a policy review meet today. The barometer index, the S&P BSE Sensex rose 80.72 points or 0.26% to settle at 31,271.28. The Nifty 50 index gained 26.75 points or 0.28% to settle at 9,663.90. Gains on the domestic bourses supported by good prospects of rains and firm global stocks.

A sharp drop was witnessed in IT stocks amid a media report saying that the Infosys clients were asking for 20-30% cut in prices for projects. Bank stocks rose after RBI kept policy repo rate steady. Pharma stocks rose on bargain hunting after the recent losses.

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Healthcare Global Enterprises launches Cancer Center in Nagpur
Jun 07,2017

Healthcare Global Enterprises announced the launch of a comprehensive cancer center in Nagpur, Maharashtra. The HCG NCHRI cancer center is a 125 bed dedicated comprehensive cancer hospital established incollaboration with the Nagpur Cancer Hospital and Research Institute (n++NCHRIn++). The new center is based on a multi-disciplinary team, adherence to proven clinical protocols and quality norms and features advanced technology including the TrueBeam STxTM radiotherapy system, PET-CT as well as a Bone Marrow Transplant Unit.

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