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New orders boost Sangam (India)
Nov 03,2016

The announcement was made during market hours today, 3 November 2016.

Meanwhile, the S&P BSE Sensex was up 15.81 points or 0.06% at 27,543.03.

On BSE, so far 36,000 shares were traded in the counter as against average daily volume of 18,390 shares in the past one quarter. The stock hit a high of Rs 323 and a low of Rs 310 so far during the day. The stock had hit a record high of Rs 325 on 1 November 2016. The stock had hit a 52-week low of Rs 238.50 on 12 February 2016. The stock had outperformed the market over the past one month till 2 November 2016, advancing 23.78% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.72% as against Sensexs 1.62% fall.

The small-cap company has equity capital of Rs 39.42 crore. Face value per share is Rs 10.

The new export orders are to be executed in the next four months. As on date, the companys pending order book position stands at Rs 238.22 crore of which Rs 125.60 crore pertain to exports. The company is targeting export revenue of Rs 450 crore in the current financial year.

Sangam (India)s net profit fell 11.6% to Rs 15.21 crore on 11.3% growth in net sales to Rs 406.12 crore in Q1 June 2016 over Q1 June 2015.

Sangam (India) is engaged in manufacturing of polyester viscose dyed yarn in India.

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Strides Shasun gains after settlement with Mylan
Nov 03,2016

The announcement was made before trading hours today, 3 November 2016.

Meanwhile, the BSE Sensex was up 39.82 points, or 0.14%, to 27,567.04.

On BSE, so far 42,000 shares were traded in the counter, compared with average daily volume of 73,482 shares in the past one quarter. The stock hit a high of Rs 1,095 and a low of Rs 1,056.95 so far during the day. The stock hit a record high of Rs 1,412.45 on 23 November 2015. The stock hit a 52-week low of Rs 848 on 29 February 2016. The stock had outperformed the market over the past 30 days till 2 November 2016, rising 3.09% compared with the 2.85% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 6.91% as against Sensexs 0.68% decline.

The mid-cap pharmaceutical company has equity capital of Rs 89.37 crore. Face value per share is Rs 10.

Strides Shasun and its wholly-owned subsidiary, Strides Pharma Asia, completed the sale to Mylan Laboratories and Mylan Institutional Inc. of Agila Specialties and Agila Specialties Global respectively, pursuant to sale and purchase agreements (SPAs) effective as of 27 February 2013 on 4 December 2013. At the time of closing on 5 December 2013, two escrows of $100 million each were provided i.e., $I00 million in respect of potential claims under the SPAS in relation to certain regulatory concerns and $100 million in respect of potential claims that may be brought in relation to the warranties and indemnities, including in relation to tax, agreed pursuant to the SPAS and other transaction documents.

Later, Strides Shasun and its subsidiary received notification of claims from Mylan in accordance with the SPAs and other transaction documents. The claims notified by Mylan related to certain regulatory concerns and certain of the warranties and indemnities, including in relation to tax.

However, Strides and Mylan have now agreed on a full and final settlement of all regulatory claims notified by Mylan to the company and the subsidiary. Pursuant to the settlement, Mylans regulatory concerns claims will be satisfied from the regulatory escrow, and Strides Shasun will receive approximately $30 million, representing the balance of funds it deposited in the regulatory escrow on consummation of the Agila sale pursuant to the SPAs. In addition, Strides and Mylan have now agreed on a full and final settlement of the warranty and indemnity claims. The general claims escrow continues to be valid till December 2017 and pertains to tax and certain potential third party claims.

Strides Shasuns consolidated net profit rose 106.90% to Rs 74.09 crore on 36.26% rise in net sales to Rs 922.17 crore in Q2 September 2016 over Q2 September 2015.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. The company has four business verticals, viz., regulated markets, emerging markets, institutional business and pharmaceutical services & active ingredients.

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Nila Infrastructures gets ratings assigned
Nov 03,2016

Nila Infrastructures has been assigned IND BBB for the fund-based facilities amounting to Rs 706.40 million and IND A3+ for the non-fund based facilities amounting to Rs. 789 million with outlook negative.

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Ratings On India Affirmed At BBB-/A-3; Outlook Stable-S&P ratings
Nov 03,2016

S&P Global Ratings affirmed its BBB- long-term and A-3 short-term sovereign credit ratings on the Republic of India. The outlook is stable.

Rationale

The ratings on India reflect the countrys sound external profile and improved monetary credibility. Indias strong democratic institutions and a free press, which promote policy stability and predictability, also underpin the ratings. These strengths are balanced against vulnerabilities stemming from the countrys low per capita income and weak public finances.

Indias governing parties have made progress in building consensus on a passage of laws to address long-standing impediments to the countrys growth. These include comprehensive tax reforms through the likely introduction in the first half of 2017 of a goods and services tax to replace complex and distortive indirect taxes. Other measures include strengthening the business climate (such as through simplifying regulations and improving contract enforcement and trade), boosting labor market flexibility, and reforming the energy sector.

We believe these measures, supported by Indias well-entrenched democracy, will promote greater economic flexibility and help redress public finances over time.

Indias external position remains a credit strength. The country has a floating exchange rate and limited reliance on external savings to fund its growth. While India experiences modest volatility in its terms of trade, we expect it to record a moderate current account deficit of 1.4% in 2016 (2.1% in 2015), and to average similar levels through 2018. Our forecasts are partly informed by our view of enhanced monetary policy credibility. In addition, we expect India to fund this deficit mostly with inflows without adding to debt.

We forecast that Indias external debt net of public and financial sector external assets will average only 5% of current account receipts over 2016-2018 (our forecasts reflect the adoption of the sixth edition of the IMFs Balance of Payments and International Investment Position Manual). Although we expect some decline in Indias external liquidity metrics in the next three years as its banks increasingly turn to external financing, we project that Indias gross external financing needs will remain below its current account receipts plus usable reserves through 2018.

The Reserve Bank of Indias foreign reserves reached US$369 billion as of September 2016 (or four-and-a-half months of current account payments, US$352 billion, in September 2015). The authorities also maintain contingent financing facilities of US$68 billion through bilateral swaps and contingency reserve arrangements.

A rating constraint is Indias low GDP per capita, which we estimate at US$1,700 in 2016. That said, Indias growth outperforms its peers and is picking up modestly. We expect GDP growth of 7.9% in 2016 (6.6% in per capita GDP) and 8% on average over 2016-2018 (6.7% in per capita GDP). We believe domestic supply-side factors will increasingly bind economic performance, and the government has little ability to undertake countercyclical fiscal policy given its current debt burden.

This debt load and Indias overall weak public finances are additional rating constraints. India has a long history of high general government fiscal deficits (averaging 8.8% of GDP over the past 20 years and 7% in the past five years). The deficits have not closed Indias sizable shortfalls in basic services and infrastructure. The countrys fiscal challenges reflect both revenue underperformance and constraints on expenditure. Indias general government revenue, at an estimated 21% of 2016 GDP, is low among rated sovereigns. Its expenditure constraints are mainly related to subsidies (about 2% of 2016 GDP) for food, energy, and fertilizers. Although we expect the administration to pursue medium-term fiscal consolidation, we foresee that planned revenues may not fully materialize and subsidy cuts may be delayed. In the medium term, we expect improved fiscal performance primarily from revenue-side improvements brought about by the coming introduction of the GST and administrative efforts to expand the tax base.

Indias high fiscal deficits have led to the accumulation of sizable general government borrowings (about 69% of GDP, net of liquid assets) and debt servicing costs (over a quarter of general government revenue). We project net general government debt to decline only modestly over our forecast horizon. A high proportion of Indias resident banking sectors balance sheet is exposed to the government sector via loans, government securities, or other claims on the government (partly for regulatory requirements, as banks are required to invest 22% of their net demand and time deposits in government securities).

This implies that there may be limited capacity for Indias banks to lend more to the government without further crowding out private-sector borrowing. Indias government borrowings are mostly denominated in rupees, which mitigates the risks. The small portion of external government debt is mostly sourced from official lenders over long terms and at concessional rates.

These fiscal figures do not include losses of electricity distribution companies. Although we expect their operations to improve with lower oil prices, they will remain exposed to Indias terms of trade. Hence, overall, we believe public finances are set to remain key rating constraints for some time.

India has a divided banking sector. Its private sector banks (about one-quarter of banking system assets) have better profitability, higher internal capital generation, and capitalization with lower-stressed assets than government-owned banks. We estimate public-sector banks need capital infusion of about US$45 billion (2% of GDP) by 2019, given their weaker profitability, to meet Basel III capital norms. The government has committed US$11 billion (0.5% of GDP) to support public-sector banks. The government may have to increase the allocation if the banks are not able to secure capital from alternative sources, such as equity markets, additional tier-1 bonds, and insurance companies. We include this assessment in our assumptions of the sovereigns fiscal balances. Our Bank Industry Credit Risk Assessment for India is 5 (with 1 being the highest assessment and 10 being the lowest).

Combining our view of Indias government-related entities and its financial system, we view the countrys contingent fiscal risks as limited.

The Reserve Bank of India (RBI) has made progress in lowering CPI inflation following the introduction in February 2015 of its medium-term inflation target band (with 4% CPI inflation n++ 2% as the principal nominal anchor for monetary policy). We expect the RBI to achieve the inflation target of 5% by March 2017 as it advances along a glide path to the medium-term inflation target. Further steps to strengthen policy formulation are being taken through the introduction of a monetary policy committee, improved communication, and efforts to strengthen monetary policy transmission (such as through new guidelines requiring banks to determine their lending rates using marginal cost of funds).

We believe these RBI measures will support its ability to sustain economic growth while attenuating economic or financial shocks. We see some risks that strong inflows to the financial sector combined with higher inflation in India vis-n++-vis its trading partners could pressure the real and nominal effective exchange rates, which in turn could hurt competitiveness, if not matched by strong productivity growth.

Outlook

The stable outlook balances Indias sound external position and inclusive policymaking tradition against the vulnerabilities stemming from its low per capita income and weak public finances. The outlook indicates that we do not expect to change our rating on India this year or next, based on our current set of forecasts.

Upward pressure on the ratings could build if the governmen

Sangam India bags new export order
Nov 03,2016

Sangam India has bagged new export orders worth Rs 35 crores for polyester-viscoe fabrics and denim from Egypt, Saudi Arabia, Latin American and Afghanistan with a span of 4 months.

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Bharat Electronics changes directorate
Nov 03,2016

M L Shanmukh, Director (Human Resources) of Bharat Electronics has retired from his services on 31 October 2016 on attaining the age of superannuation.

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Achal Investments allots equity shares
Nov 03,2016

The Board of Achal Investments at the meeting held on 28th & 29th October 2016 has allotted 16,00,000 equity shares of Rs 1 each at a price of Rs. 42 per share including a share premium of Rs 41 per share aggregating to Rs 6.72 crores.

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Premier Explosives jumps after strong Q2 earnings
Nov 03,2016

The result was announced after market hours yesterday, 2 November 2016.

Meanwhile, the S&P BSE Sensex was up 36.57 points or 0.13% at 27,563.79.

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 6,457 shares in the past one quarter. The stock hit a high of Rs 403 and a low of Rs 384 so far during the day. The stock had hit a record high of Rs 519 on 7 January 2016. The stock had hit a 52-week low of Rs 290 on 29 February 2016. The stock had outperformed the market over the past one month till 2 November 2016, advancing 11.23% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 5% as against Sensexs 1.62% fall.

The small-cap company has equity capital of Rs 8.86 crore. Face value per share is Rs 10.

Premier Explosives is one of the major companies in India manufacturing the entire range of commercial explosives and accessories for the civil requirement.

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Hindusthan Urban Infrastructure appoints statutory auditor
Nov 03,2016

Hindusthan Urban Infrastructure has appointed K.N Gugutia & Co. as the Statutory Auditors of the Company subject to the approval of shareholders in Extra Ordinary General Meeting.

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Indo Amines hits the roof
Nov 03,2016

The announcement was made after market hours yesterday, 2 November 2016.

Meanwhile, the BSE Sensex was up 42.18 points, or 0.15%, to 27,569.40.

On BSE, so far 49,000 shares were traded in the counter, compared with average daily volume of 14,783 shares in the past one quarter. The stock was frozen at 80.45, which is also a record high for the counter. The stock hit a 52-week low of Rs 35.50 on 19 November 2015. The stock had outperformed the market over the past 30 days till 2 November 2016, rising 27.11% compared with the 2.85% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.66% as against Sensexs 0.68% decline.

The small-cap company has equity capital of Rs 32.92 crore. Face value per share is Rs 10.

Indo Amines has received approval from the United States Environmental Protection Agency to sell 10 products in the US market. In a disclosure to the exchanges, the company listed the 10 chemical products for which it bagged approvals.

Net profit of Indo Amines rose 28.21% to Rs 3.50 crore on 9.45% rise in net sales to Rs 66.82 crore in Q1 June 2016 over Q1 June 2015.

Indo Amines manufactures fine chemicals, speciality chemicals, performance chemicals, perfumery chemicals and active pharmaceuticals ingredients. the products manufactured find application in various industries like pharmaceuticals, agrochemicals, fertilizers, petrochemicals, road construction, pesticides, perfumery chemicals, dyes and intermediates, etc.

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Nilkamal fixes record date
Nov 03,2016

Nilkamal has fixed 12th November 2016, has fixed 12th November 2016 as the record date for the purpose of payment of interim dividend.

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Gulshan Polyols jumps as board to mull stock split
Nov 03,2016

The announcement was made after market hours yesterday, 2 November 2016.

Meanwhile, the BSE Sensex was up 20.36 points, or 0.07%, to 27,547.58.

On BSE, so far 2,530 shares were traded in the counter, compared with average daily volume of 3,010 shares in the past one quarter. The stock hit a high of Rs 428 and a low of Rs 410 so far during the day. The stock hit a 52-week high of Rs 490 on 6 January 2016. The stock hit a 52-week low of Rs 275 on 29 February 2016. The stock had outperformed the market over the past 30 days till 2 November 2016, rising 11.35% compared with the 2.85% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.48% as against Sensexs 0.68% decline.

The small-cap company has equity capital of Rs 4.69 crore. Face value per share is Rs 5.

Net profit of Gulshan Polyols declined 14% to Rs 7.43 crore on 13.78% rise in net sales to Rs 116.54 crore in Q1 June 2016 over Q1 June 2015.

Gulshan Polyols is a leading manufacturer of specialty chemicals. It is one of the largest manufacturers of precipitated calcium carbonate and sorbitol in India.

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IL&FS Engg slumps after reporting net loss in Q2
Nov 03,2016

The result was announced after market hours yesterday, 2 November 2016.

Meanwhile, the S&P BSE Sensex was up 33.25 points or 0.12% at 27,560.47.

On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 30,000 shares in the past two weeks. The stock hit a high of Rs 50.95 and a low of Rs 49.70 so far during the day. The stock had hit a 52-week high of Rs 74.50 on 3 December 2015. The stock had hit a 52-week low of Rs 39.15 on 23 May 2016. The stock had outperformed the market over the past one month till 2 November 2016, sliding 0.84% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 0.66% as against Sensexs 1.62% fall.

The mid-cap company has equity capital of Rs 121.16 crore. Face value per share is Rs 10.

The companys net sales rose 1.4% to Rs 356.87 crore in Q2 September 2016 over Q2 September 2015.

IL&FS Engineering and Construction Company is into infrastructure development, construction and project management.

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Inani Securities changes Management
Nov 03,2016

Inani Securities on 02nd November 2016 has approved the appointment of Radhika Maheshwary as Company Secretary cum Compliance Officer.

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Shree Pushkar Chemicals & Fertilisers commences production
Nov 03,2016

Shree Pushkar Chemicals & Fertilisers has announced the commencement of commercial production of its Sulphate of Potash (SOP) plant in end September 2016, along with it has commenced trial runs of the Granular Calcium Chloride plant of the capacity of 6500MTA. The commercial production of the same is slated to commence by End November 2016.

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