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TCS in focus ahead of Q3 results
Jan 12,2017

Shares of Tata Consultancy Services (TCS) will be in focus ahead of its Q3 December 2016 results today, 12 January 2016.

NTPC said that the board of directors of the company has accorded investment approval for Dulanga coal mining project having rated production capacity of 7 MTPA at an appraised estimated cost of Rs 1053.41 crore. The announcement was made after market hours yesterday, 11 January 2017.

Biocon and Mylan N V announced that the US Food and Drug Administration (FDA) has accepted Mylans biologics license application (BLA) for MYL-1401O,a proposed biosimilar trastuzumab, for filing through the 351(k) pathway. This product is a proposed biosimilar to branded trastuzumab,which is indicated to treat certain HER2-positive breast cancers. The anticipated FDA goal date set under the Biosimilar User Fee Act(BsUFA) is 3 September 2017. The announcement was made after market hours yesterday, 11 January 2017.

Adani Ports and Special Economic Zone (APSEZ) said that its Finance Committee has executed the agreements pertaining to issuance of fixed rate senior unsecured notes (Notes) instead of the draft of the aforesaid agreements being approved by the Finance Committee in the earlier meeting. The announcement was made before market hours today, 12 January 2017.

APSEZ announced on 10 January 2017 that pursuant to the powers delegated to the Finance Committee by the board of directors of the company, the Finance Committee had reviewed and approved the preliminary offering circular in relation to the proposed issuance of foreign currency denominated bonds (Notes) in US dollars by the company. The issuance of notes offering may follow, subject to market conditions.

Dewan Housing Finance Corporation said that the company proposes to seek the approval of its board of directors at a meeting scheduled to be held on 16 January 2017, for raising funds by way of issue of preference shares. The announcement was made after market hours yesterday, 11 January 2017.

MRF said it signed a memorandum of understanding (MoU) with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacturing automotive tyres, tubes, flaps and related products. The company proposes to invest a sum of about Rs 4500 crore over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the companys manufacturing facilities across India. The project will be funded by internal accruals and / or debt. The announcement was made after market hours yesterday, 11 January 2017.

Atlanta said it has been declared as a preferred bidder for six laning a section of National Highway (NH)-8 in Gujarat under NHDP Phase V (Package-VI) on hybrid annuity mode at a total project cost of Rs 1292 crore by the National Highways Authority of India (NHAI). The company will form a special purpose vehicle (SPV) for the implementation of the said project. The announcement was made after market hours yesterday, 11 January 2017.

Ballarpur Industries said that India Ratings & Research (a Fitch Group Company) has revised the Long-Term Issuer Rating and the ratings on its non-convertible debenture to IND BBB- from IND A-, while resolving the Rating Watch Evolving. The announcement was made after market hours yesterday, 11 January 2017.

Mahindra Holidays & Resorts India, through Covington S.a.r.I, Luxembourg (Covington), its step-down subsidiary, has increased its stake in Holiday Club Resorts Oy, Finland (HCR) by acquiring additional 6.33% stake in the share capital of HCR. Consequently, its stake in HCR has been increased to 91.94% from 85.61% earlier. The announcement was made after market hours yesterday, 11 January 2017.

Great Eastern Shipping Company said that a meeting of the debenture issue committee is scheduled on 16 January 2017, to consider the issue of unsecured non-convertible debentures upto an amount not exceeding Rs 500 crore by way of private placement. The announcement was made after market hours yesterday, 11 January 2017.

Murudeshwar Ceramics said that a meeting of the board of directors of the company will be held on 25 January 2017 to consider issue of equity shares / convertible warrants to the promoter / promoters group companies on preferential basis. The announcement was made after market hours yesterday, 11 January 2017.

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Board of Tirupati Industries (India) accepts resignation of director
Jan 11,2017

Tirupati Industries (India) announced that Board of Directors had accepted the resignation of Anjali Parasnis, Independent Director of the Company.

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Sang Froid Labs (India) announces change in directorate
Jan 11,2017

Sang Froid Labs (India) announced that Kishore Amarnath Das has been appointed as Non-Executive Independent Director and Jitendra H. Gohel and Sonaki Shilpaben Kameleshbhai has resigned from the Directorship of the Company w.e.f. 07 January 2017.

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India and Israel committed to strengthen bilateral relations in the field of Agriculture
Jan 11,2017

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh met Israeli delegation led by the Agriculture and Rural Development Minister of Israel, Shri Uri Ariel to discuss issues relating to bilateral cooperation in agriculture between India and Israel. Both sides expressed satisfaction over the progress made in cooperation in the agriculture and allied sectors between the two countries.

Both sides expressed their commitment to further strengthen bilateral relations in the field of Agriculture which is manifested by the fact that the third phase of Action Plan for 2015-18 in the field of Horticulture has recently been finalized by the two countries. Under this program, as many as 27 Centres of Excellence (CoEs) in the cultivation of various fruits and vegetables, in 21 states, are being set up, out of which 15 CoEs are complete.

Further, both sides expressed the hope that while continuing the two countries could embark upon newer areas of cooperation at the Government to Government and Business to Business levels between the two countries so as to further enhance the relationship.

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Karnataka Bank prepones board meeting to consider Q3 results
Jan 11,2017

Karnataka Bank announced that the meeting of Board of Directors of the Bank is preponed to be held on 23 January 2017, instead of 24 January 2017 as informed earlier, to consider, inter alia, the unaudited financial results for the quarter ended 31 December 2016 (Q3).

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Atlanta secures road project from NHAI
Jan 11,2017

Atlanta announced that the Company has been declared as a preferred bidder for Six Laning of Km.401.200 to 494.410 of NH-8 in the States of Gujarat (Length 93.210 Km) under NHDP Phase V (Package-VI) on Hybrid Annuity Mode at a Total Project Cost of Rs. 1292 crore by the National Highways Authority of India (NHAI).

The Company will form a Special Purpose Vehicle (SPV) for the implementation of the said project.

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MRF plans to set up new manufacturing facility in Gujarat
Jan 11,2017

MRF announced that the Company has on 11 January 2017 signed a Memorandum of Understanding [MOU] with the Government of Gujarat expressing its in-principle intention to set up a new manufacturing facility in Gujarat for manufacture of automotive tyres, tubes, flaps and related products. The Company proposes to invest a sum of about Rs. 4500 crore over a ten year period in a phased manner. The new plant is planned to be set up in Gujarat with the intention of broad basing the Companys manufacturing facilities across India. The project will be funded by internal accruals and / or debt.

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Shreenath Industrial Investment Company launches residential project Hastagiri Heights
Jan 11,2017

Shreenath Industrial Investment Company is launching its first Construction Project Hastagiri Heights at Jalalpur, Nashik. The ground breaking of this residential project is scheduled on 21 January 2017.

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IP Rings provides update on proposed rights issue
Jan 11,2017

IP Rings announced that Rights Issue Sub-Committee of the Company has decided on the following, at its Meeting held on 11 January 2017, in connection with the proposed Rights Issue:

- Rights Issue Opening Date : 23 January 2017

- Rights Issue Closing Date : 06 February 2017

- Last Date for Request for Split Application Forms : 30 January 2017

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Karnataka Bank opens branch at Tirupur - Anupparpalayam
Jan 11,2017

Karnataka Bank has opened its 739th branch at Tirupur - Anupparpalayam on 11 January 2017.

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Awards to be given to the Institutes/ KVKS/ Universities for Cashless Transactions under specific time limits
Jan 11,2017

Ministry of Agriculture and Farmers Welfare has taken several decisions to promote cashless transactions in the entire country. It was decided in the meeting of higher officers of DARE/ ICAR in Ministry of Agriculture and Farmers Welfare that awards will be given to the Institutes/ KVKs/ Universities for cashless transactions under specific time limits.

Ministry has decided that award of Rs. 5 lakh meant for ICAR and a sum of Rs. 1 lakh to KVK will be given for achieving 100% cashless in a week. Similarly, ICAR will be bestowed upon Rs. 3 lakh and KVK Rs. 50,000 in the form of incentives on achieving 100% cashless within two weeks and similarly for cashless within a span of 3 weeks, ICAR will be awarded Rs. 2 lakh and KVK Rs. 25,000 as prize.

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National Aluminium Company announces cessation of director
Jan 11,2017

National Aluminium Company announced that R. Sridharan, Special Secretary, Ministry of Mines has ceased to be Director on the Board of the Company w.e.f. 03 January 2017, vide Order dtd. 03 January 2017 of Ministry of Mines, Government of India.

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Mahindra Holidays & Resorts India hikes stake in Holiday Club Resorts Oy, Finland
Jan 11,2017

Mahindra Holidays & Resorts India announced that the Company, through Covington S.a.r. I, Luxembourg (Covington), its step down subsidiary, has increased its stake in Holiday Club Resorts Oy, Finland (HCR) by acquiring additional 6.33% stake in the share capital of HCR and consequently, its stake in HCR has been increased from 85.61% to 91.94%.

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Ballarpur Industries gets revision in credit ratings
Jan 11,2017

Ballarpur Industries announced that India Ratings & Research (a Fitch Group Company) has revised the Long-Term Issuer Rating and the ratings on its non-convertible Debenture to IND BBB- from IND A-, while resolving the Rating Watch Evolving.

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Asia Pacific Market: Stocks lacklustre ahead of Trump press conference
Jan 11,2017

Asia Pacific share market closed slight higher in dull trade on Wednesday, 11 January 2017, as investors cautiously awaited US president-elect Donald Trumps news conference later in the day for clues on his economic policies.

Investors were awaiting Trumps first news conference since he won the U.S. presidential election for concrete plans on what he wants to accomplish in his first year in office. In his election manifesto, Trump has promised a large fiscal stimulus package, comprising tax cuts and higher government spending which might widen the fiscal deficit. This will lead to sharp recalibration on inflation expectations which are worrying traders.

Trumps also vowed to brand China a currency manipulator on his first day in office and has threatened to slap huge tariffs on imports from China, raising tension between the worlds two biggest economies.

Ever since Trump won Presidential elections, US business confidence has risen tremendously on promises of increased stimulus and lower tax coupled with protectionism to revitalize the economy. Global equity market funds based in US are investing in the US to ride on the prospective growth story which is strengthening the US dollar. Additionally higher US fund yield also triggers outflows from emerging markets bonds, making emerging market currency weaker.

Among Asian bourses

Australia Market edges up as miners rally

Australian share market closed edge higher, as gains in commodities-linked firms on the back of rising iron ore and base metal prices offset weakness in the financial, health care and real estate sectors. At the closing bell, the benchmark S&P/ASX 200 index inclined 10.80 points, or 0.19%, to 5771.50, while the broader All Ordinaries index added 10.70 points, or 0.18%, to close at 5823.70.

Shares in materials and resources companies surged on the back of ramp up prices in key commodities such as iron ore, copper and aluminium in China for a third session on Wednesday. Base metals were also up with copper and zinc gaining. Rio Tinto added 3.9% to A$62.28 and Fortescue Metals 4.5% to A$6.23. BHP Billiton added 2.6% to A$26.02. Gold Miners Newcrest Mining rose 1.2% to A$21.09, as gold held near six-week highs.

Energy shares were up, with Oil and gas explorers Oil Search adding 0.7% to A$7.40, Origin Energy rising 2.7% to A$6.93, and Santos gaining 0.5% to A$4.18, while Woodside Petroleum lost 0.4% to A$31.70. Whitehaven Coal closed 2.6% up to A$2.82, after data released on Tuesday showed coal exports from Australian state Queensland, one of the worlds biggest suppliers to China, hit record levels for the third year in a row in 2016.

Nikki gains on bargain hunting

The Japan share market rebounded, as investors chased for bottom fishing after heavy losses in past three sessions. Meanwhile, yen slight depreciation to mid-116 yen level against greenback also underpinned buying spirit. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The 225-issue Nikkei average rose 63.23 points, or 0.33%, to end at 19,364.67. The Topix index of all first-section issues closed up 8.09 points, or 0.52%, at 1,550.40.

Stocks of Japanese companies that have already pledged to create more positions or retain jobs in the U.S. were higher, including Toyota Motor, which ended up 0.7%, and SoftBank, which climbed 0.9%.

Toshiba Corp closed up 4.1% after three main creditor banks pledged on Tuesday continued support for the struggling electronics and machinery maker amid the possibility of a large write-down in its U.S. nuclear operations.

Sony Corp was up 3.4%, following a news report that it is considering using organic electroluminescence displays for its smartphones to be put on sale in 2018-2019.

ABC-Mart shares dropped 4.5% after the footwear shop operator reported a lower-than-expected consolidated operating profit of 32,044 million yen in the March-November period, down 2.3% from a year before.

China Stocks down for second day

Mainland China stock market ended modest down, registering second day of falling streak, on increasing worries about liquidity crunch after faster approvals for initial public offerings (IPO) and increasing issuance of additional shares by listed companies. Chinas securities regulator had approved 14 IPO applications on Friday, which were expected to rise up to 4.8 billion yuan. The blue-chip CSI300 index, which tracks large companies in Shanghai or Shenzhen, fell 0.7% to close at 3,334.50. The Shanghai Composite Index fell 0.8% to close at 3,136.75. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, dropped 1.05% to 1968.43. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, shed 0.72% to 1,937.55 points.

Most sectors lost ground, led by consumer and transport shares. China Southern Airlines fell 4.4% after adding 7.4% in the previous session on reform expectations, while another reform bellwether China UnitedNetwork Communications dived 8.4% in its worst day in more than 10 months.

China Unicom closed down 8.4% at 6.91 yuan after State media reported a financial information service platform has filed a lawsuit in a Beijing court against the countrys second-largest mobile carrier, alleging that the mobile carrier had placed an intrusive pop-up ad on the service providers mobile app, which led to forced heavy data usage for app users. Other telecom service shares also struggled. Shenzhen-traded 263 Network Communications dropped 2.2% to 10.35 yuan and Guomai Technologies fell 2.1% to 10.77 yuan.

Hong Kong Stocks hit 10-week high

The Hong Kong stock market closed higher for fifth consecutive session on easing local rates and cooling concerns over the yuans declines. Most of sectors advanced, with property developers and steel makers being major gainers. However, gains were limited as investors cautiously waited for the first formal press conference later in the global day by Donald Trump since his election victory. The Hang Seng Index gained 0.84% or 190.50 points to close at 22,935.35, the highest close since 01 November 2016.. The Hang Seng China Enterprises index, or the H-share index, added 0.72% or 69.71 points to 9,733.90. Turnover increased to HK$69.8 billion from HK$62.3 billion on Tuesday.

Property counters showed muscles. Sino Land (00083) put on 3.2%. CK Property (01113) ended up 2.4% to HK$51.85. New World (00017) put on 2.9% to HK$8.94. Chinese developers were also higher. China Overseas (00688) gained 1.8% to HK$22.4 after Goldman Sachss target price hike. Its subsidiary China Overseas Property (02669) soared 9.3% to HK$1.41. CR Land (01109) also rose 1.8% to HK$18.84.

Steel counters saw active buying activities. Maanshan Iron (00323) and Angang Steel (00347) surged 6.3% and 6.8% to HK$2.54 and HK$5.34.

Energy stocks lagged after U.S. benchmark crude prices fell nearly 6% over the previous two days, with China Petroleum & Chemical (Sinopec) declining 0.5% to HK$5.87.

Guangzhou Automobile Group rose 2% to HK$10.42 after reports that Chinas securities regulator had accepted its application for non-public issuance of A-shares.

Intime Retail Group rose 0.9% to HK$9.63, adding to its 36% surge on Tuesday, following news that Alibaba Group Holding was joining hands with Intimes founder to take the company private. S&P Global Ratings placed the companys credit ratings on positive watch, citing potential benefits from Alibabas support.

Sensex settles above 27,000 mark

Indian benchmark indices registered impressive gains onpositive start of the earnings season and positive global cues. The barometer index, the S&P BSE Sensex, rose 240.85 points or 0.90% to settle at 27,140.41. The Nifty rose 92.05 points or 1.11% to settle at 8,380.65.

Investors cheered better-than expected Q3 numbers in IndusInd Bank along with bullish Asian stocks ahead of US President-elect Donald Trumps news conference later in the day that will give his policy insight. Besides, investors widened their bets on optimism that upcoming general budget - to be unveiled next month - would contain incentives for corporates, which will help boost the economy.

IndusInd Bank reported a healthy growth in its net profit by 29% and the Net Interest Income increased by 34% despite cash crunch created by demonetisation, as investors negated apprehension in banking sector, lapping it up by 2.40%.

Lupin rose 2.20% after the company announced that it has received final approval for its Desoximetasone Cream USP, 0.05% and Desoximetasone Cream USP, 0.25% from the United States Food and Drug Administration (FDA) to market a generic equivalent of Taro Pharmaceuticals North America, incs Topicort LP Emollient Cream, 0.05% and Taro Pharmaceuticals, incs (collectively Taro) Topicort Cream, 0.25%.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was up 0.45% to 7069.59. South Koreas KOSPI index added 1.5% to 2075.17. Taiwans Taiex index eased 0.04% to 9345.74. Malaysias KLCI added 0.2% to 1675.21. Indonesias Jakarta Composite index fell 0.2% to 5301.24. Singapores Straits Times index shed 0.2% to 3000.94.

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