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India Gelatine & Chemicals fixes record date for buyback of shares
May 23,2017

India Gelatine & Chemicals has fixed 02 June 2017 as the Record Date for the purpose of Buy-back of Equity Shares.

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Reserve Bank of India Outlines the action plan to implement the Banking Regulation (Amendment) Ordinance, 2017
May 23,2017

The Reserve Bank of India has outlined the steps taken and those on the anvil post the promulgation of the Banking Regulation (Amendment) Ordinance, 2017.

The amendments to the BR Act 1949, introduced through the Ordinance, and the notification issued thereafter by the Central Government empower RBI to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). It also enables the Reserve Bank to issue directions with respect to stressed assets and specify one or more authorities or committees with such members as the Bank may appoint or approve for appointment to advise banking companies on resolution of stressed assets.

Immediately upon the promulgation of the Ordinance, the Reserve Bank issued a directive bringing the following changes to the existing regulations on dealing with stressed assets:

i. It was clarified that a corrective action plan could include flexible restructuring, SDR and S4A.

ii. With a view to facilitating decision making in the JLF, consent required for approval of a proposal was changed to 60 percent by value instead of 75 percent earlier, while keeping that by number at 50 percent.

iii. Banks who were in the minority on the proposal approved by the JLF are required to either exit by complying with the substitution rules within the stipulated time or adhere to the decision of the JLF

iv. Participating banks have been mandated to implement the decision of JLF without any additional conditionality.

v. The Boards of banks were advised to empower their executives to implement JLF decisions without further reference to them.

It was made clear to the banks that non-adherence would invite enforcement actions.

Currently, the Oversight Committee (OC) comprises of two Members. It has been constituted by the IBA in consultation with RBI. It has been decided to reconstitute the OC under the aegis of the Reserve Bank and also enlarge it to include more Members so that the OC can constitute requisite benches to deal with the volume of cases referred to it. While the current Members will continue in the reconstituted OC, names of a few more will be announced soon. The Reserve Bank is planning to expand the scope of cases to be referred to the OC beyond those under S4A as required currently.

The Reserve Bank is working on a framework to facilitate an objective and consistent decision making process with regard to cases that may be determined for reference for resolution under the IBC. Reserve Bank has already sought information on the current status of the large stressed assets from the banks. The RBI would also be constituting a Committee comprised majorly of its independent Board Members to advise it in this matter.

The current guidelines on restructuring are under examination for such modifications as may be necessary to resolve the large stressed assets in the banking system in a value optimising manner. The Reserve Bank envisages an important role for the credit rating agencies in the scheme of things and, with a view to preventing rating-shopping or any conflict of interest, is exploring the feasibility of rating assignments being determined by the Reserve Bank itself and paid for from a fund to be created out of contribution from the banks and the Reserve Bank.

The Reserve Bank notes that the proper exercise of the enhanced empowerment would require coordination with and cooperation from several stakeholders including banks, ARCs, rating agencies, IBBI and PE firms, to which end the Reserve Bank would be holding meetings in the near future with these stakeholders.

The Reserve Bank will issue further updates as may be deemed necessary at an appropriate time.

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Volumes jump at Sagar Cements counter
May 23,2017

Sagar Cements clocked volume of 4.01 lakh shares by 13:36 IST on BSE, a 96.72-times surge over two-week average daily volume of 4,000 shares. The stock was up 2.78% at Rs 863.

Fiem Industries notched up volume of 2.04 lakh shares, a 72.4-fold surge over two-week average daily volume of 3,000 shares. The stock dropped 0.53% at Rs 915.10.

Aegis Logistics saw volume of 24.76 lakh shares, a 46.8-fold surge over two-week average daily volume of 53,000 shares. The stock slipped 4.78% at Rs 184.25.

Cera Sanitaryware clocked volume of 21,000 shares, a 40.33-fold surge over two-week average daily volume of 1,000 shares. The stock declined 1.18% at Rs 2,884.70.

Ramkrishna Forgings saw volume of 1.45 lakh shares, a 38.92-fold rise over two-week average daily volume of 4,000 shares. The stock fell 2.34% at Rs 455.10.

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Mahindra Holidays & Resorts India to pay dividend
May 23,2017

Mahindra Holidays & Resorts India announced that dividend on equity shares, if declared at the ensuing AGM, will be credited / dispatched on or after 03 August 2017.

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Mahindra Holidays & Resorts India fixes record date of bonus issue
May 23,2017

Mahindra Holidays & Resorts India announced that the Company has fixed 11 July 2017 as the Record Date for the purpose of Bonus Issue.

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NIIT Technologies partners with Arago
May 23,2017

NIIT Technologies has partnered with Arago, a pioneer in artificial intelligence and leader in autonomous automation, to intergrate Aragos general AI technology HIRO into its automation offering, TRON Smart Automation. Integrating HIRO into the TRON platform will enable enterprises deliver superior business agility and self enablement.

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Zydus Cadila receives final approval for Cyproheptadine Hydrochloride Tablets USP
May 23,2017

Zydus Cadila has received the final approval from the USFDA to market Cyproheptadine Hydrochloride Tablets USP, 4 mg. It is an antihistamine used to relieve allergy symptoms such a watery eyes, running nose, itching eyes or nose, sneezing, hives and itching.

The drug will be produced at the groups formulations manufacturing facility at the Pharma SEZ in Ahmedabad.

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EID Parry (India) fixes record date for scheme of amalgamation
May 23,2017

EID Parry (India) has fixed 26 May 2017 as record date for the purpose of issue of new equity shares of EID Parry (India) to the shareholders of Parrys Sugar Industries, in accordance with the scheme of amalgamation.

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Alkem Laboratories receives EIR for its Baddi manufacturing facility
May 23,2017

Alkem Laboratories announced that the USFDA has issued an Establishment Inspection Report (EIR) for its Baddi manufacturing facility which was inspected in March 2017. The inspection has now been closed by USFDA.

The USFDA had inspected the Baddi manufacturing facility from 2 to 10 March 2017 and had issued Form 483 with 3 observations. Post this, the Company has submitted a detailed corrective and preventive action plan to the regulator within stipulated timelines.

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Vishal Fabrics announces demise of director
May 23,2017

Vishal Fabrics announced the sad demise of Arakhita Khandual, Independent Director of the Company on 22 May 2017.

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SRF slides as Q4 PAT growth boosted by other income
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, the S&P BSE Sensex was down 157.70 points or 0.52% at 30,413.27. The S&P BSE Mid-Cap index was down 198.85 points or 1.37% at 14,268.25.

On the BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 13,484 shares in the past one quarter. The stock had hit a high of Rs 1,694 and a low of Rs 1,597.20 so far during the day.

The stock had hit a record high of Rs 1,969.50 on 5 October 2016 and a 52-week low of Rs 1,165.50 on 24 May 2016. It had underperformed the market over the past one month till 22 May 2017, advancing 0.27% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 8.52% as against the Sensexs 5.91% rise.

The mid-cap company has equity capital of Rs 57.42 crore. Face value per share is Rs 10.

SRFs consolidated net profit rose 15.7% to Rs 129.22 crore on 19.7% growth in net sales to Rs 1306.08 crore in Q4 March 2017 over Q4 March 2016. A sharp surge in other income/non-operational income aided bottom line growth. Other income jumped 128.3% to Rs 25.93 crore in Q4 March 2017 over Q4 March 2016.

During Q4 March 2017, SRF Overseas which was wholly owned subsidiary of SRF Global BV (a wholly owned subsidiary of SRF) was liquidated and its impact has been included in the results.

Shares of SRF were on a declining spree ahead of the announcement of its Q4 earnings. The stock had declined 7.17% in the preceding four trading sessions to settle at Rs 1,708.45 yesterday, 22 May 2017, from its closing of Rs 1,840.45 on 16 May 2017.

SRFs board at its meeting held yesterday, 22 May 2017, approved setting-up of a facility to produce agrochemical at the companys chemical complex in Dahej, Gujarat at an estimated cost of Rs 180 crore.

The proposed capacity addition is 250 million tonnes per annum (MTPA). The period within which the proposed capacity is to be added is 12 to 18 months. The mode of financing will be through a mix of debt and internal accruals.

SRF is a multi-business global entity. The company operates in three segments viz. technical textiles business (TTB), chemicals and polymers business (CPB) and packaging film business (PFB).

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GST will lead to lower tax burden in packaged cement, Medicaments, Smart phones, and medical devices, including surgical instruments
May 23,2017

The roll out of Goods and Services (GST) Tax will bring benefits to the consumers due to reduced tax rates on various commodities such as packaged cement, medicaments, smart phones, and medical devices, etc.

Packaged cement attracts central excise duty of 12.5% + Rs.125 PMT and standard VAT rate of 14.5%. At these rates, the present total tax incidence works out to more than 29%. If we include tax incidence on account of CST, octroi, entry tax, etc., the present total tax incidence would work out to more than 31%. As against this, the proposed GST rate for cement is 28%.

There will be lesser tax burden in case of Medicaments, including Ayurvedic, Unani, Siddha, Homeopathic or Bio-chemic systemsalso. Medicaments, in general, attract 6% central excise duty and 5% VAT. Further, CST, octroi, entry tax, etc. are also applicable in general. At these rates, the present total tax incidence works out to more than 13%. As against this, the proposed GST rate on medicines, including ayurvedic medicines, is 12%.

Smart phone attracts 2% central excise duty [1% excise duty + 1% NCCD]. VAT rates vary from State to State from 5% to 15%. Weighted average VAT rate on smart phones works out to about 12%. Thus, the present total tax incidence on smart phones works out to more than 13.5%. As against this, the proposed GST rate for smart phones is 12%.

Similarly, medical devices, including surgical instruments, in general attract 6% central excise duty and 5% VAT. Along with CST, octroi, entry tax, etc., the present total tax incidence on them works out to more than 13%. As against this, the proposed rate under GST is 12%.

Puja samagri including havan samagri will be under the Nil category. However, exact formulation for the same is yet to be finalized.

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Insecticides India forays into organic products sector
May 23,2017

Insecticides India announced the launch of a bio product KAYAKALP to improve soil health. This launch also marks the Companys foray into organic products sector.

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Banco Products skids after posting disappointing Q4 numbers
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

The stock had dropped 4.8% to Rs 222.25 yesterday, 22 May 2017, ahead of the announcement of results. The stock has dropped 10.32% in two sessions to its ruling price of Rs 209.35 from a close of Rs 233.45 on 19 May 2017.

Meanwhile, the S&P BSE Sensex was down 160.30 points or 0.52% at 30,410.67. The S&P BSE Small-Cap index was down 314.33 points or 2.09% at 14,739.81.

On the BSE, 39,586 shares were traded on the counter so far as against the average daily volumes of 50,992 shares in the past one quarter. The stock had hit a high of Rs 219 and a low of Rs 204 so far during the day.

The stock had hit a record high of Rs 255.60 on 16 May 2017 and a 52-week low of Rs 125 on 25 May 2016. The stock had underperformed the market over the past one month till 22 May 2017, falling 3.05% compared with the Sensexs 4.11% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.62% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 14.30 crore. Face value per share is Rs 2.

Banco Products (India)s board of directors recommended final dividend of Rs 4 per share for the financial year ended on 31 March 2017 (FY 2017).

Banco Products (India) is an auto component manufacturer and supplies engine cooling products and sealing gaskets.

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Dhunseri Petrochem declines after reverse turnaround in Q4
May 23,2017

The result was announced after market hours yesterday, 22 May 2017.

Meanwhile, The S&P BSE Sensex was down 168.93 points, or 0.55% at 30,402.04. The S&P BSE Small-Cap index was down 313.03 points, 2.08% at 14,741.11.

High volumes were witnessed on the counter. On the BSE, 38,000 shares were traded on the counter so far as against the average daily volumes of 16,506 shares in the past one quarter. The stock had hit a high of Rs 94.10 and a low of Rs 80 so far during the day.

The stock had hit a 52-week high of Rs 103.95 on 17 May 2017 and hit a 52-week low of Rs 68.10 on 16 August 2016. The stock had outperformed the market over the past one month till 22 May 2017, advancing 4.98% compared with the Sensexs 4.11% rise. The scrip had also outperformed the market over the past one quarter advancing 25.92% as against the Sensexs 5.91% rise.

The small-cap company has equity capital of Rs 35.02 crore. Face value per share is Rs 10.

Dhunseri Petrochems total income fell 7.18% to Rs 5.82 crore in Q4 March 2017 over Q4 March 2016.

Dhunseri Petrochem, formerly Dhunseri Petrochem & Tea, is a manufacturer of polyethylene terephthalate (PET) resin in India.

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