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Parsvnath Developers acquires shares in Farhad Realtors
Jul 31,2017

Parsvnath Developers has acquired 10,000 Equity Shares of Rs. 10/- each at par of Farhad Realtors (FRPL), an associate company, from the existing shareholders of FRPL, consequent upon which FRPL has become wholly owned subsidiary of the Company.

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Government enters into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in July 2017
Jul 31,2017

The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July, 2017. Some of the UAPAs signed had rollback provisions also.

The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the Arms Length Price of international transactions in advance for a maximum period of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, a total of nine years of tax certainty is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs).

The nine APAs signed in the month of July, 2017 pertain to diverse sectors of the economy. CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in Oil & Gas exploration. Other than the Oil & Gas Sector, the APAs pertain to Education, Banking, Pharmaceutical, Manufacturing and Information Technology sectors of the economy. The international transactions covered in these nine APAs include provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc.

The number of UAPAs signed in the current financial year is 18 and the number of BAPAs signed in the current financial year is one. With this, the total number of APAs signed till date stands at 171 (Unilateral-159 and Bilateral-12). The CBDT expects more APAs to be signed in the near future.

The progress of the APA Scheme strengthens the Governments commitment to foster a non-adversarial tax regime.

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NHPC scheduled to generate 4458.69 MUs additional power from Parbati-II and Kishanganga Projects: Shri Piyush Goyal
Jul 31,2017

Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, informed that NHPC is scheduled to generate 4458.69 Million Units (MUs) additional power (based on design energy) from two of its present under construction hydro projects, viz., Parbati-II H.E.P (800 MW) in Himachal Pradesh, scheduled to be commissioned in October, 2018 and Kishanganga H.E.P (330 MW) in Jammu & Kashmir scheduled to be commissioned in January, 2018.

Informing about the status of progress of hydro-electric projects in the country, Shri Goyal stated that presently 41 H.E.P. (above 25 MW), aggregating to 11792.5 MW, are under construction in the country. All the above projects are running behind schedule due to various reasons including natural calamities, geological factors, delays in forest clearances & land acquisition and law & order problems, the Minister added.

Shri Goyal informed about the steps taken by the Government for expeditious commissioning of pending projects, which are as follows:-

n++ Central Electricity Authority (CEA) is monitoring the under construction hydro power projects (above 25 MW) in pursuance of Section 73 (f) of Electricity Act, 2003. The progress of each project is monitored continuously through site visits, interaction with the developers & other stake holders. Chairperson, CEA holds review meetings with the Power Projects Monitoring Panel (PPMP) and monitoring divisions of CEA.

n++ Power Project Monitoring Panel (PPMP), set up by the Ministry of Power, independently monitors the progress of the hydro projects.

n++ Ministry of Power also reviews the progress of ongoing hydroelectric projects regularly with the concerned officers of CEA, equipment manufacturers, State Utilities / CPSUs / Project developers, etc.

n++ In case of Central Power Sector Undertakings (CPSUs) projects, the project Implementation parameters / milestones are incorporated in the annual Memorandum of Understanding (MoU) signed between respective CPSUs and Ministry of Power (MoP) and the same are monitored during the quarterly performance review meetings of CPSUs and other meetings held in MoP/ CEA. The issues related to erection and supply of Electro-Mechanical equipment is expedited with BHEL in various meetings held in CEA / MoP and other local issues affecting the progress of works are taken up with respective State Governments by the Concerned CPSU / MoP.

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SBI firms up after cutting interest rate on savings account deposits
Jul 31,2017

The announcement was made during trading hours today, 31 July 2017.

Meanwhile, the S&P BSE Sensex was up 215.67 points, or 0.67% to 32,525.55.

On the BSE, 30.78 lakh shares were traded in the counter so far, compared with average daily volumes of 12.97 lakh shares in the past one quarter. The stock had hit a high of Rs 313.30 and a low of Rs 298.10 so far during the day. The stock hit a 52-week high of Rs 315 on 19 May 2017. The stock hit a 52-week low of Rs 223.20 on 4 August 2016.

The stock had outperformed the market over the past one month till 28 July 2017, rising 9.78% compared with 4.71% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 3.37% as against Sensexs 7.99% rise. The scrip had outperformed the market in past one year, rising 30.63% as against Sensexs 15.18% rise.

The large-cap state-run bank has equity capital of Rs 863.21 crore. Face value per share is Re 1.

State Bank of India (SBI) said it is introducing 2 tier saving bank interest rate with effect from 31 July 2017. While balance above Rs 1 crore will continue to earn interest rate at 4% per annum, interest rate at 3.5% per annum shall be offered on balances of Rs 1 crore and below, SBI said in a press release.

The decline in the rate of inflation and high real interest rates are the primary considerations warranting a revision in the rate of interest on saving bank deposits, it added.

The revision in saving bank rate would enable the bank to maintain the MCLR (marginal cost based lending rates) at existing rates, benefiting a large segment of retail borrowers in Small and medium-sized enterprises (SME), agriculture and affordable housing segments, it added.

SBI had cut the MCLR by 90 basis points effective 1 January 2017, on the strength of large inflows in saving and current accounts during the demonetisation period in the month of November and December 2016. There has been significant outflow of Current Account, Savings Account (CASA) deposits since then, SBI said.

State Bank of Indias net profit surged 122.7% to Rs 2814.82 crore on 7.8% growth in total income to Rs 57720.07 crore in Q4 March 2017 over Q4 March 2016.

Government of India held 57.07% stake in State Bank of India (as on 30 June 2017).

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Swelect Energy Systems announces board meeting date
Jul 31,2017

Swelect Energy Systems will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider and approve the Standalone Unaudited Financial Results of the Company for the three months ended 30th June 2017.

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Orosil Smiths India to announce Quarterly Result
Jul 31,2017

Orosil Smiths India will hold a meeting of the Board of Directors of the Company on 10 August 2017, to approve Unaudited financial results for the quarter ended 30th June , 2017

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Worth Investment & Trading Company to hold board meeting
Jul 31,2017

Worth Investment & Trading Company will hold a meeting of the Board of Directors of the Company on 7 August 2017, to consider and approve the Un-audited Standalone Financial results of the Company for the quarter and Three months ended 30th June, 2017, To shift the registered office of the Company for smooth and better functioning

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Board of Balkrishna Industries recommends dividend
Jul 31,2017

Balkrishna Industries announced that the Board of Directors of the Company at its meeting held on 29 July 2017, inter alia, have recommended the dividend of Rs 2.5 per equity Share (i.e. 125%) , subject to the approval of the shareholders.

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Omaxe to conduct AGM
Jul 31,2017

Omaxe announced that the 28th Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Minda Finance to announce Quarterly Result
Jul 31,2017

Minda Finance will hold a meeting of the Board of Directors of the Company on 9 August 2017, to approve the Un-Audited Financial Results for the Quarter ended on June 30, 2017.

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NBCC (India) announces board meeting date
Jul 31,2017

NBCC (India) will hold a meeting of the Board of Directors of the Company on 14 August 2017, to approve the un- audited financial results of the Company for the quarter ended June 30, 2017.

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Hisar Metal Industries to announce Quarterly Result
Jul 31,2017

Hisar Metal Industries will hold a meeting of the Board of Directors of the Company on 11 August 2017, to approve the un-audited financial results for the quarter ended on June 30, 2017

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VST Tillers Tractors to convene board meeting
Jul 31,2017

VST Tillers Tractors will hold a meeting of the Board of Directors of the Company on 11 August 2017, to approve the un-audited financial results for the quarter ended 30th June 2017.

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Optimus Finance to hold board meeting
Jul 31,2017

Optimus Finance will hold a meeting of the Board of Directors of the Company on 12 August 2017, to approve the unaudited financial results for the QE-30th June, 2017

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Gilada Finance & Investments to hold board meeting
Jul 31,2017

Gilada Finance & Investments will hold a meeting of the Board of Directors of the Company on 9 August 2017, to approve the Unaudited Financial Results for the quarter ended on 30th June, 2017.

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