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Axis Bank raises Senior Notes in International Market
Mar 22,2017

Axis Bank announced that the Board of Directors of the Bank has passed a resolution approving the allotment of 1 year Senior Fixed Rate Notes aggregating to USD 16,200,000 (USD Sixteen Million two hundred thousand only), under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.

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JM Financial allots 7,75,326 equity shares
Mar 22,2017

JM Financial has allotted 7,75,326 equity shares of the face value of Re.1/- (Rupee One Only) each under ESOP schemes. Subsequent to the allotment of equity shares as above, the paid-up equity share capital of the Company is Rs.79,45,25,114/- representing 79,45,25,114 equity shares of the face value of Re. l/- each.

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Hindustan Zinc fixes record date for special interim dividend
Mar 22,2017

Hindustan Zinc has fixed 30 March 2017 as record date for special interim dividend for FY 2017.

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India and ADB signs US$ 350 million loan for developing district roads in Madhya Pradesh
Mar 22,2017

The Asian Development Bank (ADB) and the Government of India have signed a US$ 350 million loan agreement for improving about 1500 kilometers of major district roads in Madhya Pradesh in line with the States Road Development Plan.

The project would complement the efforts of Government of Madhya Pradesh to bring about seamless road connectivity across the State by linking State Highways and Rural roads through District roads. It would provide an easier access to basic services and markets to people.

The Project will involve upgrading roads with concrete pavements, strengthening culverts and bridges, and maintaining the improved road assets for a period of five years after construction, on a performance based payment format. The Project will also develop and introduce a cashless accident victim treatment facility in the state, and improve the accident response system.

Madhya Pradesh is the second-largest State in the country, with an area of about 308,000 square kilometers and a population of about 73 million. Agriculture still underpins the States economy and about 70% of the people live in rural areas.

The State has also been undertaking a number of development initiatives to boost industrial activity, such as the Pithampur-Dhar-Mhow Region as a key node on the Delhi-Mumbai Industrial Corridor, as well as many industrial areas and industrial growth centers. Because industrial development and agricultural production are dispersed, the road network is a vital element of the economic infrastructure.

Along with ADBs loan, the Government of Madhya Pradesh will provide counterpart support of $150 million. The project will run for almost four years with an expected completion date of March 2021.

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Petron Engineering Construction receives LoI for contract worth Rs 21 crore
Mar 22,2017

Petron Engineering Construction has received Letter of Intent from Shree Cement, Beawar, Rajasthan for Civil Work at their Cement Plant at Gulbarga, Karnataka for total contract Value of Rs. 21.00 crore (approx.)

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Vaibhav Global wins two awards
Mar 22,2017

Vaibhav Global has been adjudged rank first at the India Gem & Jewellery Awards 2016 in the Silver Jewellery and Highest CSR categories for the financial year 2015-16 by the Gem & Jewellery Export Promotion Council (GJEPC).

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3i Infotech allots 2,14,76,000 preference shares to SREI Equipment Finance
Mar 22,2017

3i Infotech has allotted 2,14,76,000 (Two Crore Fourteen Lakh Seventy Six Thousand) 0.10% Cumulative Non-Convertible Redeemable Preference Shares of face value Rs. 5/- each at par (Class B Preference Shares) on a preferential basis to SREI Equipment Finance upon their accession to the Supplemental Master Restructuring Agreement on 02 March 2017 under Debt Realignment Scheme.

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Just Dial gets NCLT approval for scheme of arrangement
Mar 22,2017

Just Dial announced that the National Company Law Tribunal, Mumbai Bench has approved the Scheme of Arrangement between Just Dial (Company) and Just Dial Global and their respective shareholders and creditors (Scheme) on 22 March 2017. The Company is awaiting the receipt of the certified copy of the order from the National Company Law Tribunal, Mumbai Bench. The Scheme will come into effect upon filling certified true copy of order with the Registrar of Companies at Mumbai, Maharashtra.

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Bank of Baroda raises Rs 1000 crore
Mar 22,2017

Bank of Baroda has issued 9.14% Basel III Compliant AT 1 Bonds Series IV of face value of Rs 10 lakh each aggregating Rs 1000 crore on 22 March 2017.

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DCB Bank allots 2,05,950 equity shares
Mar 22,2017

DCB Bank has allotted 2,05,950 equity shares of Rs.10/- each on 22 March 2017, pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. Post this allotment, Banks issued and paid up share capital has increased to 285,364,353 shares of Rs.10/- each.

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Aditya Birla Nuvo allots 6495 equity shares
Mar 22,2017

Aditya Birla Nuvo has allotted 6,495 equity shares of Rs 10 each on 22 March 2017 under ESOS 2013. The paid up share capital has increased to Rs 130.25 crore comprising of 1302,56,073 equity shares of Rs 10 each.

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Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year
Mar 22,2017

The window of fulfilling the aspiration of owning a pucca house for the tax paying large middle class population, announced by Prime Minister Shri Narendra Modi in his address to the Nation on December 31st last year has been made operational from the next day i.e January 1st this year. This interest subsidy scheme has been named as Credit Linked Subsidy Scheme for Middle Income Groups - CLSS(MIG).

Operational Guidelines for CLSS(MIG) to this effect have been released by Minister of Housing and Urban Poverty Alleviation Shri M.Venkaiah Naidu.

Middle Income Groups (MIG) with annual incomes of above Rs.6.00 lakhs and up to Rs.18.00 lakhs per year are eligible for interest subsidy on housing loans under the new CLSS(MIG). Those who have been sanctioned housing loans and whose applications are under consideration since January first this year are also eligible for interest subsidy.

Shri Naidu said that Middle Income Groups make substantial contribution to the economic growth of the country besides paying taxes and deserved support to fulfill the dream of owning a house which is a basic and genuine aspiration. He further said that large scale incentivisation of affordable housing will boost real estate sector resulting in employment generation as well. He urged the banks and other lending institution to adopt a pro-active approach to reach the benefits to MIG people.

Minister of State for HUPA Rao Inderjit Singh said Housing for All Mission is the most important initiatives of the Government to ensure a decent house for all by 2022.

Since the middle income groups are better equipped to take advantage of the interest subsidy scheme in quick time and to enable meeting the Housing for All target by 2022, implementation of CLSS(MIG) is initially envisaged for one year.

Prime Minister has announced interest subsidy of 4% on housing loans of up to Rs.9.00 lakhs of those with an income of Rs.12.00 lakh per year and of 3% on housing loans of up to Rs.12.00 lakh of those earning Rs.18.00 lakh per year.

In the Guidelines for CLSS(MIG), the tenure of loan has been stipulated to be 20 years or that preferred by the beneficiary, whichever is lower. The total interest subsidy accruing on these loan amounts will be paid to the beneficiaries up front in one go there by reducing the burden of Equated Monthly Instalment (EMI). The total interest subsidy to be paid to MIG people on Rs.9.00 loan comes to Rs.2.35 lakh and on a loan of Rs.12.00 lakh, it comes to Rs.2.30 lakh per beneficiary.

While defining the beneficiary family as comprising of wife, husband and unmarried daughters and sons, the Guidelines, in an acknowledgement of the aspirations of the youth, have made even unmarried and earning young adults eligible for taking the benefit of interest subsidy under CLSS(MIG), for acquisition/construction of a new house including repurchase.

Interest subsidy will be provided on loans for construction/acquisition of house with carpet area of 90 sq.mtres by those earning Rs.12.00 lakh per annum and of 110 sq.mt by those earning Rs.18.00 lakh per year.

Under the Guidelines, preference is to be given to women with overriding preference towidows, single working women, persons belonging to Scheduled Castes and Scheduled Tribes, Backward Classes, Differently abled and Transgender people.

Small Finance Banks and Non Banking Finance Company-Micro Finance Institutions also have been recognized to function as Primary Lending Institutions to widen the scope of implementation of CLSS(MIG) in addition to Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks, State and Urban Cooperative Banks for accepting applications directly from beneficiaries and advancing loans under the scheme.

While the new CLSS(MIG) covers people with income of up to Rs.12 lakh and Rs.18 lakh per year, the CLSS component of PMAY(Urban) launched in June, 2015 and applicable to Economically Weaker Sections (EWS) and Low Income Group (LIG) covers urban poor with income levels of Rs.3.00 lakh and Rs.6.00 lakh per year respectively. Under CLSS(EWS/LIG), interest subsidy of 6.50% is being provided on a loan of up to Rs.6.00 lakh. Tenure of this loan is now increased to 20 years from the earlier 15 years, to enable easy repayments. Total interest subsidy available to each beneficiary under this component is Rs.2.30 lakh.

Shri Sriram Kalyanaraman, MD and CEO of National Housing Bank informed that interest subsidy of 4% under CLSS(MIG) will bring down Equated Monthly Installment of beneficiaries by Rs.2,062 per month on a housing loan of Rs.9.00 lakhand interest subsidy of 3% will bring down EMI by Rs.2,019 on a loan of Rs.12.00 lakh, taking normal housing loan interest rate as 8.65%. He further said during 2015-16, against total new bookings of 28.90 lakh units with loans of up to Rs.10 lakhs each, Public Sector Banks and Housing Finance Banks advanced loans of Rs.9.50 lakh crore and accounted for 64% of total bookings.

70 lending institutions including 45 Housing Finance Companies, 15 scheduled banks, 2 Regional Rural Banks, 1 Cooperative Bank, 4 Small Finance Banks and 3 Non-Banking Finance Companies-Micro Finance Institutions today signed Memoranda of Understanding with National Housing Bank (NHB) today for implementation of CLSS(MIG) component of PMAY(Urban).

NHB and Housing and Urban Development Corporation(HUDCO) have been designated as Central Nodal Agencies (CAN) for implementation of CLSS for both MIG and EWS/LIG who would reimburse interest subsidy to Primary Lending Institutions (PLIs) based on the loans advanced to beneficiaries by PLIs. PLIs include Scheduled Commercial Banks, Housing Finance Companies, Small Housing Banks, State and Urban Cooperative Banks, Regional Rural Banks and NBFC-MFI.

Beneficiaries eligible for interest subsidy under CLSS can directly apply to PLIs and PLIs after due verification of applications will sanction loans and there after claim subsidy from CNAs.

No processing fee will be charged by PLIs from the applicants under CLSS.

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Amines & Plasticizers gets NCLT approval for scheme of amalgamation
Mar 22,2017

Amines & Plasticizers announced that the Honble National Company Law Tribunal, Guwahati Bench, Assam has confirmed the Amalgamation of APL Engineering Services (wholly owned subsidiary of the Company) with the Company vide its Order dated 22 March 2017.

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Hong Kong Stocks tumble on Trump policies concerns
Mar 22,2017

The Hong Kong stock market closed session lower on Wednesday, 22 March 2017, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

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China Stocks snap two-day winning streak
Mar 22,2017

The Mainland China equity market ended down for the first time in three consecutive session on Wednesday, 22 March 2017, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

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