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OTCO International announces resignation of company secretary
Jun 19,2017

OTCO International announced that Manish Chetani, Company Secretary and Compliance Officer of the company has resigned effective 17 June 2017.

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EID Parry (India) allots 7084 equity shares
Jun 19,2017

EID Parry (India) has allotted 7,084 Equity shares of Re.1/- each arising out of exercise of options granted under the Employee Stock Option Scheme, 2007 on 16June 2017.

Please note that further to the above allotment of equity shares, the total number of equity shares outstanding aggregates to 17,69,52,843 and the Issued and Paid-up Equity Share Capital is Rs. 17,69,52,843/-.

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Bank of Maharashtra skids after RBI initiates corrective action
Jun 19,2017

The announcement was made on Saturday, 17 June 2017.

Meanwhile, the S&P Sensex was up 157.22 points, 0.51% at 31,208.16. The S&P BSE Mid-cap index was up 20.66 points or 0.14% at 14,827.99.

On the BSE, 37,021 shares were traded on the counter so far as against the average daily volumes of 83,629 shares in the past one quarter. The stock had hit a high of Rs 30.50 and a low of Rs 29.60 so far during the day.

The stock had hit a 52-week high of Rs 40.70 on 4 May 2017 and a 52-week low of Rs 25 on 9 November 2016.

The stock had underperformed the market over the past one month till 16 June 2017, falling 9% compared with 1.55% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 4.49% as against Sensexs 4.97% gains. The scrip had also underperformed the market in past one year, gaining 0.33% as against Sensexs 17.08% gains.

The mid-cap bank has equity capital of Rs 1168.33 crore. Face value per share is Rs 10.

Bank of Maharashtra said that the action will not have any material impact on the performance of the bank and it will contribute to improve the internal controls of the bank and improvement in its asset quality, profitability and efficiency.

The banks ratio of gross NPAs to gross advances stood at 16.93% as on 31 March 2017 as against 9.34% as on 31 March 2016. The ratio of net NPAs to net advances stood at 11.76% as on 31 March 2017 as against 6.35% as on 31 March 2016.

Bank of Maharashtra reported net loss of Rs 455.45 crore in Q4 March 2017 compared with net loss of Rs 119.84 crore in Q4 March 2016. Total income fell 5.9% to Rs 3354.80 crore in Q4 March 2017 over Q4 March 2016.

The Government of India (GoI) held 81.61% stake in Bank of Maharashtra (as per the shareholding pattern as on 31 March 2017).

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Central Bank of India gets revision in credit ratings
Jun 19,2017

Central Bank of India announced that Brickwork Ratings has reaffirmed the ratings of Basel III Tier II Bonds and Basel III Additional Tier I Bonds while revised the rating of Innovative Perpetual Debt Instrument -

Basel III Tier II Bonds - BWR A+; Negative (Reaffirmed)
Basel II AT I Bonds - BWR A-; Negative (Reaffirmed)
Innovative Perpetual Debt Instrument - BWR A+; Negative (Revised from BWR A ; Negative)

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Mixed finish for US stocks
Jun 19,2017

US stocks ended in a mixed note on Friday, 16 June 2017. The Dow Jones Industrial Average on Friday notched its 21st record of 2017 led by a late-stage rise in energy shares and as Amazon announced plans to buy Whole Foods in one of the buzziest mergers of 2017. However, the tech-heavy Nasdaq Composite ended lower and booked a second-straight weekly loss.

The Dow Jones Industrial Average gained 24.38 points, or 0.1%, to 21,384.28, a new all-time high. For the week, the index climbed 0.5%. The S&P 500 ended less than a point higher at 2,433.14. The Nasdaq Composite dipped 13.74 points, or 0.2%, to 6,151.76 and lost 1% over the week, as technology stocks continued to come under pressure, amid concerns that that group is overvalued.

Dows climb was on the back of a jump in shares of Chevron and Exxon Mobil gaining 1.9% and 1.5% respectively.

Six of the eleven sectors settled Fridays session in negative territory with the consumer staples sector (leading the retreat following news that Amazon plans to acquire Whole Foods Market for $42 per share (27.0% premium) in an all-cash transaction valued at approximately $13.7 billion.

Big-box and grocery retailers like Wal-Mart, Costco and Kroger were among the consumer staples sectors weakest components as Amazons move will likely increase competition within the space. Shares of rose 2.3% after the announcement, while shares of Whole Foods Market soared 29%.

Economic data on Friday showed that housing starts fell 5.5% to an annual rate of 1.09 million in May, the lowest level in eight months. Market had forecast starts at a 1.23 million pace. And the University of Michigan consumer-sentiment index fell to 94.5 in early June reading, the weakest since November.

Gains for the dollar faded, with the ICE U.S. Dollar Index which tracks the buck against a basket of six rivals, down 0.3%

Bullion prices ended mixed on Friday, 16 June 2017 in the wake of signals from the Federal Reserve for another increase to interest rates this year. Gold prices gained modestly in the short term, in part as a closely watched dollar index slipped, making the metal more attractive to investors using another currency. Downbeat U.S. data Friday, with construction for new houses down in May and a June drop in consumer sentiment, and optimism for Chinas economy after a round of monetary stimulus from its central bank, underpinned gold on Friday as well.

August gold tacked on $1.90, or 0.2%, to settle at $1,256.50. The metal suffered a 1.2% weekly decline. That marked back-to-back weekly losses for gold after last weeks decline snapped a string of five-straight weekly gains.

July silver fell 5.5 cents, or 0.3%, to end at $16.661 an ounce, settling at its lowest in more than a month. The white metal declined 3.3% for the week.

Earlier this week, Fed Chairwoman Janet Yellen and her colleagues laid out a plan to shrink the central banks massive $4.5 trillion balance sheet, one of its economy-spurring tools, starting this year, as they also raised a key U.S. interest rate.

Oil prices rebounded on Friday, 16 June 2017 after hitting their lowest settlement of 2017, but registered their fourth weekly loss in a rown++the longest such streak of declines in nearly two years. Data earlier in the week showing a rise in U.S. production and weak domestic gasoline demand fed concerns that the global energy market remains awash in surplus oil, keeping pressure on prices.

July West Texas Intermediate crude oil rose 28 cents, or 0.6%, to settle at $44.74 a barrel on the New York Mercantile Exchange, while August Brent on Londons ICE Futures exchange added 45 cents, or 1%, to $47.37 a barrel.

However, the gains werent enough to bring the contracts into positive territory for the week, with WTI crude down 2.4% and Brent suffering a 1.6% weekly slide. That marked a fourth straight week of losses for both, and the longest weekly losing streak since August 2015 for WTI.

In the bond market, the 10-yr yield slipped one basis point to 2.15% while the 2-yr yield dropped three basis points to 1.33%.

On Monday, investors will receive the Current Account Balance (consensus -$123.4 billion) for the first quarter at 8:30 ET.

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Board of SVP Housing allots 7.5 lakh equity shares on conversion of loan
Jun 19,2017

SVP Housing announced that the Board of Directors of the Company at its meeting held on 17 June 2017 has taken the following decision -

The Company has issued and allotted 750,000 equity shares on preferential basis of Rs 10 each at a price of Rs 42 per share to Promoter - SVP Builders (India) against conversion of part of their loan amount of Rs 3.15 crore.

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Gujarat Natural Resources announces resignation of director
Jun 19,2017

Gujarat Natural Resources announced the resignation of Ilesh P. Shah, Non Executive Director of the Company with effect from 16 June 2017.

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Eros International Media partners with Turkish film studios, Pana Films
Jun 19,2017

Eros International Media has announced two Indo-Turkish co-productions with one of the largest Turkish film studios, Pana Films.

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RPP Infra Projects bags order worth Rs 51.2 crore
Jun 19,2017

RPP Infra Projects has bagged order from Tamil Nadu Civil Supplies Corporation for construction of Scientific Storage Godown of 40000 MT Capacity (8 number having 5000 MT capacity each) in TNCSC Campus at Edamanal Village in Sirkali Taluk in Nagapattinam District worth Rs 51.2 crore. The said work is to be completed within 12 months.

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Compuage Infocom receives distribution rights from Targus Asia Pacific
Jun 19,2017

Compuage Infocom announced that it has received rights for distribution of range of accessories of Targus Asia Pacific in India.

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RBI paper on co-origination of loans in making: SS Mundra
Jun 19,2017

The Reserve Bank of India (RBI) is working on a paper on co-origination of loans which can become an important way of catering to the micro, small and medium enterprises (MSMEs), RBI deputy governor, Mr S.S. Mundra said at an ASSOCHAM event.

n++There had been already consultation and discussion with the banking industry because it is something where essentially banking and non-banking lender have to come together. So those consultations were already on, and it is a paper in making. Not that a final view has been taken,n++ said Mr Mundra.

n++The idea is it can be an alliance of only the people who are in the formal lending sector,n++ he said.

He also informed that RBI has been trying to develop a formal co-origination model whereby bank is not financing MFIs (micro finance institutions) and NBFCs (non-banking finance companies) for on-lending to ultimate borrower rather both of them join at each under-writing and loan level thereby sharing the loan amount in agreed percentage.

n++This can bring strength of two sectors together. The MFIs have a better understanding of the ground level, they have the last-mile reach whereas the banks can supplement the resources. Rather than simply going with financing or on-lending, this co-origination can become an important way to cater to MSME sector,n++ further said Mr Mundra.

He suggested the banks that for them to continue with meaningful lending, the one segment which will be very-very important will be MSMEs.

n++For bankers, apart from the market dynamics, the restrictions on their ability to finance large corporates, even the growing competition in the market would make it essential to finance MSMEs and also they should move quickly, relook at their processes and try to become proactive,n++ said Mr Mundra.

He said that it is very important for the lenders be it bankers or the NBFC lenders to understand and appreciate the lifecycle needs of the MSMEs. n++I think putting MSME in one bracket is a big misnomer, they are as different as chalk and cheese. Probably every lender has to think about micro in one particular fashion or may be small and medium there can be another common way of looking at it.n++

Considering that MSME units periodically get in to the cycle of difficulties owing to factors like sudden unexpected demand, he said that it is very important for the banks that products are designed to meet the lifecycle of MSMEs.

Noting the need to supporting the faltering MSMEs he said when we talk about MSMEs we should recognise that failure is the integral part of entrepreneurship. n++This should be recognised, they should be supported in such point of time.n++

He also said that RBI has advised the banks to open more MSME focussed branch offices at MSME clusters which can also act as counselling centers for MSMEs. n++Collaborating with SME association in these clusters can be mutually beneficial for banks and smaller firms.n++

Mr Mundra said that it is imperative to bridge the information asymmetry as large scale ignorance about banking products and practices together with lack of awareness about unfolding economic environment severely ails the MSME entrepreneurs.

n++The borrowers must develop awareness about changing economic dynamics and its impact on their business,n++ he said while adding that MSMEs must not fall in to the lure of quick expansion but should rather look to conserve capital and strengthen their balance sheet.

The RBI deputy governor also said that public sector banks (PSBs) may require capital infusion of over Rs 10,000 from the government than budgeted for the current fiscal on account of higher provisioning for bad loans and haircut on stressed assets.

Besides, he also said that RBI has no plans to issue second list of additional loan defaulters any time soon for bankers to start bankruptcy proceedings.

On farm loan waiver, he said that RBIs stand has been articulated several times including in the last monetary policy statement. n++As far as implementation and other parts are concerned I do not think we need to work as an agency for that.n++

In terms of the consolidation plans of the government, Mr Mundra said that nothing has so far has come to the regulator.

Earlier, in his speech he said that MSME sector will continue to remain relevant even in a scenario where more automation and artificial intelligence comes into picture as it involves local production for local consumption and services are generated locally for local requirement.

Highlighting the need to focus on work creation instead of job creation, he said, n++For all policymakers I would like to mention that whenever any policy is formed, it should be judged on one very important criteria that this policy will be instrumental in creating how many new jobs in the country.n++

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Monnet Ispat tumbles 25% in four sessions
Jun 19,2017

Meanwhile, the S&P BSE Sensex was up 152.20 points or 0.49% at 31,208.60. The S&P BSE Small-Cap index rose 17.71 points or 0.11% at 15,684.95.

On the BSE, 3.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 34 and a low of Rs 27.50 so far during the day. The stock had hit a 52-week high of Rs 44.50 on 17 May 2017 and a 52-week low of Rs 19.25 on 9 December 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 21.22% compared with the Sensexs 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 1.01% as against the Sensexs 4.97% rise. The scrip had, however, outperformed the market over the past one year, advancing 45.55% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 200.77 crore. Face value per share is Rs 10.

Shares of Monnet Ispat & Energy have declined 25.09% in four trading sessions to its ruling market price, from its closing of Rs 38.45 on 13 June 2017 on media reports that the company has filed for bankruptcy.

Meanwhile, Monnet Ispat in a clarification issued to the stock exchanges after market hours on Friday, 16 June 2017 with regard to aforesaid media reports said that it has not filed for bankruptcy. The reference of Monnet Ispat & Energy in the article is with reference to Gupta Coal, which has filed for bankruptcy and also supplied coal to Monnet Ispat & Energy at some point of time, the company said.

Therefore, the provisions of Regulation 30 of Listing Regulations, 2015 do not apply on the company, with respect to the aforesaid news item, Monnet Ispat said.

Monnet Ispat & Energy reported net loss of Rs 459.52 crore in Q4 March 2017, higher than net loss of Rs 438.65 crore in Q4 March 2016. Net sales declined 6.7% to Rs 348.27 crore in Q4 March 2017 over Q4 March 2016.

Monnet Ispat & Energy operates in two segments viz. power and steel.

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Jindal Steel & Power secures 0.51 MTPA coal linkages for captive power plants
Jun 19,2017

Jindal Steel & Power has secured coal linkages of over 0.51 MTPA in the recently concluded coal linkages auction under Captive Power Sub-Sector. The coal linkages, secured for 5-year duration, will provide steady supply of fuel to captive power plants run by the Company for its steelmaking operations.

Since 2016, Jindal Steel & Power has secured coal linkages of close to 2.3 MTPA under various sub-sectors for 5 year timeframe.

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Jain Irrigation Systems gets revision in credit ratings
Jun 19,2017

Jain Irrigation Systems announced that CARE has revised the credit ratings of the Company as follows -

Long term bank facilities (term loan Rs 537.67 crore) - CARE A- ; Stable (Revised from CARE BBB+; Stable)

Long term bank facilities (fund based Rs 1550 crore) - CARE A- ; Stable (Revised from CARE BBB+; Stable)

Short term bank facilities (non fund based Rs 1735 crore) - CARE A2 (Revised from CARE A3+)

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Relaxation in return filing procedure for first two months of GST implementation
Jun 19,2017

With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR - 1 would have to be filed for the month of July and August, 2017 as per the timelines given below -
       MonthGSTR - 3BGSTR - 1GSTR - 2 (auto populated from GSTR-1)July, 201720th August 1st - 5th September*6th - 10th SeptemberAugust, 201720th September16th - 20th September21st  - 25th September

* Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system. This not only underlines the governments commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

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