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Sharda Cropchem fixes record date for 2nd interim dividend
Mar 21,2017

Sharda Cropchem has fixed 31 March 2017 as Record Date for payment of second interim dividend for FY 2017.

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Board of Empee Distilleries approves allotment of 11,66,860 equity shares on conversion of warrants
Mar 21,2017

Empee Distilleries announced that the Board of Directors of the Company at its meeting held on 21 March 2017 has approved and allotted 11,66,860 equity shares of Rs 10 each at a premium of Rs 54.64 per share on conversion of share warrants.

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Board of IDBI Bank approves preferential issue of capital to GoI
Mar 21,2017

The Board of Directors of IDBI Bank at its meeting held on 21 March 2017 has approved the proposal for preferential issue of capital to Government of India and other Financial Institutions, if any aggregating up to Rs 2500 crore subject to statutory / regulatory approvals required to be obtained in this regard. In this connection, EGM of the Bank is proposed to be held on 27 April 2017 for obtaining shareholders approval in this regard.

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Fitch: Strategic Business and Market Value in Vodafone India Idea Merger
Mar 21,2017

Fitch Ratings says the announced merger between Vodafone India and Idea Cellular has strong business logic and strategic sense - both in terms of the scale of the enlarged group as well as how it may affect the overall market structure. On a reported basis the transaction will have a positive effect on net debt/EBITDA leverage once India is deconsolidated at the group level. However, Fitch estimates a mildly negative effect on funds from operations (FFO) lease adjusted net leverage given that Fitch does not currently include the Indian spectrum in its leverage calculation. Roughly 80% of the combined entitys pro-forma debt represents spectrum commitments. The effect is estimated at around 0.2x negative turns of leverage and is not considered material in the context of Vodafones BBB+/Stable rating and the wider positive implications of the deal.

With FFO net leverage of 3.3x as at September 2016, the group has limited headroom versus a rating sensitivity of 3.5x. An ownership equalisation put option granted to Vodafone by joint venture partner, Aditya Birla Group, following a three-year lock-up period, would realise cash proceeds at the Vodafone Group level of USD1.3bn. This could provide leverage relief if at the time it was needed. The transaction is expected to immediately be accretive to Vodafones cash flow. The limited impact on leverage and timing of the transaction, which is not expected to close until sometime in 2018, reduce any potential leverage risks.

Fitch considers the strategic rationale for the merger is strong. It brings together Indias number two market player (Vodafone India) with the market number three (Idea). Importantly the enlarged group will have the market number one or two position, in 21 of the 22 circles (regions) in which they operate, with Vodafone strong in markets where Idea is weaker and vice versa, making a strong complimentary fit.

The combined business is targeting run-rate annual synergies of USD2.1bn to be achieved over the four years from closing. Of these, opex savings are expected in the region of 60% and the business estimated to deliver an EBITDA margin of around 40% subject to the market becoming more rationale once new entrant, Reliance Jio, starts to charge its subscribers (expected from April 2017). The latter entered the market a little over a year ago and has quickly built a customer base of 72 million and 6% share of the market on the back of free trial subscriptions. Given the costs of developing a greenfield-mobile business, a free subscription model is not sustainable indefinitely.

Elsewhere in the market, Telenor is selling its Indian operations to current market leader, Airtel. Fitch regards both transactions as positive signs of the consolidation the market has been waiting for.

Fitch does not believe the Indian transaction reveals a new economic model at the Vodafone group level, given that it represents a second transaction where it has been prepared to address a structural market weakness through a joint venture; the other recent example being the VodafoneZiggo JV with Liberty Global in the Netherlands. Moreover, Fitch sees both transactions as pragmatic and strategic approaches to markets where a partnership makes a strong economic proposition. In both examples the combinations will provide what Fitch regards as structural solutions to markets where competition has proven intense.

In the Netherlands the combination was about securing a strong convergent position relative to a strengthened incumbent. In the latest transaction Vodafone is seeking a solution to a market which has long needed consolidation and where competition has been intensified by the entrance of an aggressive new entrant. Fitch regards both as providing sound strategic logic, ultimately seeking ways of de-risking the overall group perimeter.

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GAIL (India) slips on reports of brokerage sell rating
Mar 21,2017

Meanwhile, the S&P Sensex was down 52.44 points or 0.18% at 29,466.30.

On the BSE, 6.15 lakh shares were traded on the counter so far as against the average daily volumes of 3.72 lakh shares in the past one quarter. The stock had hit a high of Rs 374.35 and a low of Rs 366.60 so far during the day.

The stock had hit a 52-week high of Rs 400.80 on 8 March 2017 and a 52-week low of Rs 251.44 on 6 April 2016. The stock had underperformed the market over the past one month till 20 March 2017, declining 4.49% compared with the Sensexs 2.99% rise. The scrip had, however, outperformed the market over the past one quarter, rising 16.75% as against the Sensexs 12.2% rise.

The large-cap company has equity capital of Rs 1691.30 crore. Face value per share is Rs 10.

GAIL (India)s net profit rose 45.4% to Rs 982.92 crore on 9.4% decline in net sales to Rs 12107.89 crore in Q3 December 2016 over Q3 December 2015.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs). Government of India held 56.11% stake in the firm as per the shareholding pattern as on 31 December 2016.

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Themis Medicare gains as board to discuss biz operations
Mar 21,2017

The announcement was made during trading hours today, 21 March 2017.

Meanwhile, the S&P BSE Sensex was down 83.70 points, or 0.28% to 29,435.04.

On the BSE, 7,127 shares were traded in the counter so far, compared with average daily volumes of 1,866 shares in the past one quarter. The stock had hit a high of Rs 598 and a low of Rs 583.20 so far during the day. The stock hit a record high of Rs 708.95 on 28 October 2016. The stock hit a 52-week low of Rs 325 on 29 March 2016.

The stock had underperformed the market over the past one month till 20 March 2017, rising 1.16% compared with 3.69% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.33% as against Sensexs 12.20% rise.

The small-cap company has equity capital of Rs 9.04 crore. Face value per share is Rs 10.

On a consolidated basis, Themis Medicares net profit fell 25.37% to Rs 3.56 crore on 12.48% increase in net sales to Rs 62.11 crore in Q3 December 2016 over Q3 December 2015.

Themis Medicare is a pharmaceutical company, engaged in manufacturing pharmaceuticals and medicinal chemicals.

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High expectations riding on new UP Government: ASSOCHAM
Mar 21,2017

Faced with high expectations created by a massive mandate given to the BJP, the incoming Chief Minister of Uttar Pradesh has to meet immediate challenges of ensuring much better electricity supply in the coming summer, give urgent relief to Bundelkhand and find a lasting solutions for arrears of sugarcane farmers, the ASSOCHAM said today.

The Uttar Pradesh has a sizeable annual budget of about Rs 3.5 lakh crore with a deficit of about Rs 50,000 crore. Though there is a scope for bettering the state balance sheet, its fiscal situation is not as bad as some states, the chamber said.

The top priority of the new government should be to drastically improve the quality and quantity of power supply in the ensuing summer. Like several parts of the country, the challenge is not as much generation and availability of power but the financial health of the power utilities, mostly in the state ownership.

The new government should immediately take recourse to the UDAY scheme of the Centre and bring the state utility to robust health so that the users in both rural and urban areas are given better power supply. As is provided in the new scheme of things, fresh investment should be made in separate supply channels to the farmers who, for welfare reasons, have to be given the electricity supply at the concessional rates and the financial load can be taken by the state government, rather than the individual power utility.

n++Being an agricultural state, Uttar Pradesh has a huge potential in diverse agro activities like live stock, milk production and processing, food processing . For instance, abundant supply of potatoes in districts like Kannauj and mango in areas like Maliabad, need a modern processing facilities which should be encouraged in the private sector by way of fiscal and other support. Likewise, lot more agro hubs and mandis should be built in the state,n++ ASSOCHAM Secretary General Mr D S Rawat said.

As of now, the state produces about 360-400 lakh tonnes per annum and is the number one producer of milk in the country.

The state has several large sized cities like Lucknow, Kanpur, Varanasi, Allahabad, Noida, Agra, Meerut, Moradabad, Meerut , which need to be modernized and upgraded in terms of infrastructure. While initiatives like metro rail have been taken, they must be enlarged and lot more investment be made in city infrastructure including sanitation, drinking water, urban waste management.

n++A drive down the state presents a bad picture of heaps of plastics not only in cities but also in villages, creating an environment hazards, including the ground water,n++ the chamber said.

Since the same BJP is now in power in Madhya Pradesh and Uttar Pradesh, a better coordination should be achieved between the two states to give a better deal to the Bundelkhand areas which have suffered for long due to water scarcity and general backwardness.

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Equitas Holdings to allot 1,87,642 equity shares
Mar 21,2017

Equitas Holdings announced that the Stakeholders Relationship Committee (SRC) of Board of Directors of our Company has, on 20 March 2017, approved allotment of 1,87,642 Equity shares of Rs.10/- each to the option grantees who have exercised their options vide Resolution by Circulation dated 20 March 2017. The Company is in the process of applying for the final listing of the above shares from NSE and BSE. The paid up share capital of the Company will accordingly increase from Rs. 337,62,61,040 to Rs.337,81,37,460. The new equity shares issued shall rank pari passu with existing equity shares.

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Ashoka Concessions receives LoA for NHAI project in Andhra Pradesh
Mar 21,2017

Ashoka Buildcons subsidiary viz. Ashoka Concessions (ACL) has received Letter of Award (LOA) from National Highways Authority of India (NHAI) for the Project viz. Request for Proposal for Six laning of Ranastalam to Anandpuram (Visakhapatnam) (from km 634.000 to km 681.000) section of NH-5 (New NH- 16) in the state of Andhra Pradesh under NHDP Phase - V (Package II) on Hybrid Annuity Mode Project (Project). The accepted bid Project Cost is Rs. 1,187.10 crore.

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NBCC (India) signs agreement with Republic of Mauritius
Mar 21,2017

NBCC (India) has signed an agreement with the Republic of Mauritius for Project Management Services for Construction of Social Housing Units in Mauritius on 20 March 2017.

The value of the project is USD 22 million (Rs 150 crore) approx. having completion period of 18 months.

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ABB India wins Smart Technology of the Year 2016
Mar 21,2017

ABB India has restored and modernized the critical 1,035 MW Sharavathi hydropower plant in Karnataka, which approximately accounts for 25 percent of the state utility Karnataka Power Corporations power generation.

The India Smart Grid Foundation (ISGF) Innovation Award, one of Indias most prestigious ones, recognized ABB Indias efforts by awardingthe n++Smart Technology of the Year 2016n++ to this project.

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Divis Laboratories leads losers in BSEs A group
Mar 21,2017

Divis Laboratories slumped 18.69% at Rs 642.90 at 13:54 IST after the US drug regulator issued an import alert at the companys Visakhapatnam unit-II. The stock topped the losers in A group. On the BSE, 20.50 lakh shares were traded on the counter so far as against the average daily volumes of 1.34 lakh shares in the past two weeks.

Idea Cellular slipped 4.82% at Rs 92.90, with the stock extending Mondays slide triggered by the companys announcement of merger details with Vodafone India. The stock was the second biggest loser in A group. On the BSE, 1.67 crore shares were traded on the counter so far as against the average daily volumes of 52.14 lakh shares in the past two weeks.

Dr Reddys Laboratories skid 3.99% at Rs 2,632.95. The stock was the third biggest loser in A group. On the BSE, 1.19 lakh shares were traded on the counter so far as against the average daily volumes of 55,000 shares in the past two weeks.

Sadbhav Engineering declined 3.37% at Rs 306.50. The stock was the fourth biggest loser in A group. On the BSE, 5,809 shares were traded on the counter so far as against the average daily volumes of 8,229 shares in the past two weeks.

Srei Infrastructure Finance fell 3.34% at Rs 93.95. The stock was the fifth biggest loser in A group. On the BSE, 88,000 shares were traded on the counter so far as against the average daily volumes of 1.19 lakh shares in the past two weeks.

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Moodys: Liquidity-Stress Index down again in March, extending overall declining trend
Mar 21,2017

Moodys Liquidity-Stress Index (LSI) edged lower again in March, extending its overall improving trend, the rating agency says in its most recent edition of SGL Monitor. The index declined to 5.6% in mid-March from 5.7 in February. The decreasing LSI bodes well for a lower US speculative-grade default rate, which Moodys forecasts will fall to 3.1% by next February, from around 5.4% today.

Moodys Liquidity-Stress Index falls when corporate liquidity appears to improve and rises when it appears to weaken.

The LSI has been steadily improving for a year now, except for a short-lived uptick in January, said Senior Vice President, John Puchalla. Speculative-grade companies continue to benefit from generally solid fundamentals, including modest US economic growth and robust credit markets fueled by investor appetite for higher yields.

New high-yield bond and loan issuance in the year to date is at least twice as high as it was this time last year, Puchalla says in LSI Stable Amid Robust Issuance. Bond issuance so far totals about $70 billion and loan issuance around $190 billion, according to Dealogic. February was a particularly busy month, with the momentum carrying into March. While M&A activity has been modest, refinancing activity is heavy as issuers continue to capitalize on good market conditions to push out maturities at favorable pricing.

So far in March, there have been three upgrades and three downgrades of Moodys speculative-grade liquidity (SGL) ratings. Operating weakness contributed to the downgrades, but appear to reflect company-specific issues rather than any more broad-based industry shifts. The number of SGL rating downgrades remains far below the level of early 2016, when Moodys undertook a major ratings review of the energy sector.

Meanwhile, Moodys Covenant-Stress Index slipped to 3.6% in February from 3.9% the prior month, also resuming a steady decline after a brief uptick in January. The index measures the extent to which US speculative-grade companies are at risk of violating debt covenants, and continues to indicate that the risk of their doing so is very small.

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Volumes jump at KNR Constructions counter
Mar 21,2017

KNR Constructions clocked volume of 5.01 lakh shares by 13:45 IST on BSE, a 98.97-times surge over two-week average daily volume of 5,000 shares. The stock fell 0.14% to Rs 180.05.

NLC India notched up volume of 6.41 lakh shares, a 24.52-fold surge over two-week average daily volume of 26,000 shares. The stock rose 12.62% to Rs 109.30.

Joonktollee Tea & Industries saw volume of 6.07 lakh shares, a 16.82-fold surge over two-week average daily volume of 36,000 shares. The stock fell 0.35% to Rs 173.

Divis Laboratories clocked volume of 20.32 lakh shares, a 15.21-fold surge over two-week average daily volume of 1.34 lakh shares. The stock fell 18.75% to Rs 642.45.

Ramco Industries saw volume of 4.03 lakh shares, a 10.25-fold rise over two-week average daily volume of 39,000 shares. The stock fell 0.33% to Rs 210.50.

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Mandhana Industries announces cessation of director
Mar 21,2017

Mandhana Industries announced the cessation of Sangeeta M Mandhana as Non Executive Director of the Company with effect from 20 March 2017.

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