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Take Solutions declares interim dividend
Nov 03,2016

Take Solutions at the board meeting held on 03rd November 2016 has declared an interim dividend of 30% per equity share of Rs.1 each. Payment of the same would be on or before 02nd December 2016.

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Sundaram Clayton declares interim dividend
Nov 03,2016

Sundaram Clayton at the board meeting held on 03rd November 2016, has declared an interim dividend for the financial year ending 31 March 2017, @ Rs.15 per share (300%) on 2,002,32,085 equity shares of Rs.5 each fully paid up with the payment date slated to be on or after 16th November 2016.

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Whirlpool of India board approves investment
Nov 03,2016

Whirlpool of India at the board meeting held on 03rd November 2016, has approved the investment in rated debt securities upto USD 20 Million in the form of redeemable non-convertible Senior Notes issued by Whirlpool Corporation with maturity of 3 years from the date of issue

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East North Interconnections Flood Affected Transmission Line Unlikely to Impact Availability
Nov 03,2016

India Ratings and Research (Ind-Ra) says that East North Interconnection Company (ENICL) is expected to record an availability of 98% for the upcoming months until the damaged section of its transmission line is fully restored, in accordance with the force majeure provisions. The force majeure event is credit neutral, subject to ENICL recording an availability of at least 98% - the target availability to realise full revenue according to the transmission service agreement. The company recorded an availability of 98.507% in August 2016 (source: Availability certificate from Eastern Region Power Committee (ERPC). The period of non-operation of Purnia-Bihar Sharif transmission line due to floods constitutes a force majeure event.

Ind-Ra rates ENICLs non-convertible debentures at IND AAA(SO)/Stable.

The transmission line was affected by flash floods in the Ganges and has not been operating since 23 August 2016. A transmission tower in the river bed was washed away and three adjacent transmission towers were also affected.

ENICLs bank statement confirms the cash availability of about INR450m, which is adequate to meet the estimated construction expenses and debt servicing. ENICL also expects to receive an advance payment from insurers. Insurance covers force majeure and revenue loss due to such events as well. Presence of bank guarantee covering six months debt service provides comfort regarding debt servicing.

In the conference call held on 21 October 2016 with the stakeholders, the company said restoration is expected to be completed by January 2017. The company also informed that contractors have been mobilised to carry out the restoration works. A reasonable time for restoration will be determined by ERPC, generally in discussion with the transmission licensee and delay in restoration beyond such timeline could affect the availability of the project.

The Power Grid Corporation Indias 400kV Patna - Kishanganj transmission line, crossing the Ganges in the same region, was also affected due to the floods. Force majeure was recognised for it, as well.

ENICLs revenue receipts remain unaffected till date. Availability certificate at 98.507% for August 2016 is in place. The company expects the deemed availability of 98% to be approved by ERPC from September 2016 to the time the line is charged and becomes operational again. ERPC has already approved the incident as force majeure and it is highly likely that ENICL will receive full revenue based on deemed availability till the line is made operational. Against this backdrop, the management expects the cash flow mismatches to be minimal and debt service coverage ratios not to be affected.

Ind-Ra would continue to monitor the availability of assets, revenue receipts, proceeds from insurance cover and progress in the restoration of transmission line to assess the impact on the rating, if any. Please refer the last rating rationale here.

ENICL, held by Sterlite Grid1 Limited and Sterlite Power Transmission Limited, has set up a 400kV double circuit transmission line for the import of surplus power from the north eastern and eastern regions to the northern region. The transmission line comprises two sections - from Bongaigaon in Assam to Siliguri in West Bengal (commissioned on 13 November 2014) and from Purnia in West Bengal to Bihar Sharif in Bihar (commissioned on 13 September 2013).

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Volumes jump at GRUH Finance counter
Nov 03,2016

GRUH Finance clocked volume of 16.12 lakh shares by 13:14 IST on BSE, a 111.68-times surge over two-week average daily volume of 14,000 shares. The stock fell 0.20% to Rs 326.90.

Greenply Industries notched up volume of 5.14 lakh shares, a 49.44-fold surge over two-week average daily volume of 10,000 shares. The stock fell 1.56% to Rs 293.15.

CESC saw volume of 1.55 lakh shares, a 11.54-fold surge over two-week average daily volume of 13,000 shares. The stock fell 4.91% to Rs 594.25.

Welspun Enterprises clocked volume of 9.04 lakh shares, a 11.21-fold surge over two-week average daily volume of 81,000 shares. The stock rose 9.15% to Rs 71.

Supreme Industries saw volume of 1.85 lakh shares, a 8.48-fold rise over two-week average daily volume of 22,000 shares. The stock rose 1.01% to Rs 889.05.

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Shree Pushkar Chemicals surges after commencing commercial production at a plant
Nov 03,2016

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

Meanwhile, the S&P BSE Sensex was down 24.49 points or 0.09% at 27,502.73.

On BSE, so far 9.03 lakh shares were traded in the counter as against average daily volume of 1.18 lakh shares in the past one quarter. The stock hit a high of Rs 196.30 so far during the day, which is a record high for the counter. The stock hit a low of Rs 173 so far during the day. The stock had hit a 52-week low of Rs 71.40 on 20 November 2015. The stock had outperformed the market over the past one month till 2 November 2016, advancing 25.67% compared with 1.22% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 35.38% as against Sensexs 1.62% fall.

The small-cap company has equity capital of Rs 30.22 crore. Face value per share is Rs 10.

Shree Pushkar Chemicals & Fertilisers had in August 2016 announced trial runs of its sulphate of potash (SOP) plant, a soluble potassic fertiliser with a capacity of 10,000 metric tonnes per annum (MTA). The commercial production of this plant commenced in end September 2016. Simultaneouly along with the commercial production of the SOP plant it has also commenced trial runs of the granular calcium chloride plant of the capacity of 6,500 MTA, a byproduct in the manufacture of SOP. The commercial production of this plant is slated to commence by end November 2016.

Shree Pushkar Chemicals & Fertilisers net profit rose 7.9% to Rs 6.03 crore on 5% growth in net sales to Rs 63.26 crore in Q1 June 2016 over Q1 June 2015.

Shree Pushkar Chemicals & Fertilisers is dealing globally and actively involved in high quality range of chemicals.

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Thiru Arooran Sugars to hold board meeting
Nov 03,2016

Thiru Arooran Sugars will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve, the Unaudited Financial Results of the Company for the Quarter ended 30 September 2016,

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SC Agrotech to hold board meeting
Nov 03,2016

SC Agrotech will hold a meeting of the Board of Directors of the Company on 11 November 2016, to Approve the Audited Financial Statement for the period ended 30 September 2016

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Sri Amarnath Finance to hold board meeting
Nov 03,2016

Sri Amarnath Finance will hold a meeting of the Board of Directors of the Company on 10 November 2016, to consider various business including consider the Un-audited Financial Results of the Company for the quarter & half year ended on 30 September 2016.

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Nagarjuna Agri Tech to hold board meeting
Nov 03,2016

Nagarjuna Agri Tech will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, and take on record the un- Audited Financial results for the quarter ended 30 September 2016.

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Onesource Techmedia to hold board meeting
Nov 03,2016

Onesource Techmedia will hold a meeting of the Board of Directors of the Company on 11 November 2016, to consider, approve and take on record, inter-alia, the Un-Audited Financial Results for the half year ended 30 September 2016, among other items.

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Raghuvansh Agrofarms to hold board meeting
Nov 03,2016

Raghuvansh Agrofarms will hold a meeting of the Board of Directors of the Company on 14 November 2016, for consideration and approval of Financial Result for the period ended on 30 September 2016

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Amarnath Securities to hold board meeting
Nov 03,2016

Amarnath Securities will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider and approve, the Unaudited Financial Results of the Company for the Quarter and Half Year ended on 30 September 2016.

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Radhagobind Commercial to hold board meeting
Nov 03,2016

Radhagobind Commercial will hold a meeting of the Board of Directors of the Company on 12 November 2016, to consider, the unaudited financial results for the quarter ended 30 September 2016.

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LN Industries India to hold board meeting
Nov 03,2016

LN Industries India will hold a meeting of the Board of Directors of the Company on 14 November 2016, to consider and approve, the Un-Audited Financial Results for the Second Quarter and Six months ended 30 September 2016, along with other routine business.

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