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Sahyog Multibase announces change in website
Jul 13,2017

Sahyog Multibase announced that the Company has changed its website from www.sahyogcredits.com to www.sahyogmultibaselimited.com.

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Mobilisation Advances from NHAI to Cushion Against Delays in Hybrid Annuity Projects; But Low Equity Weighs On
Jul 13,2017

National Highways Authority of Indias (NHAI; IND AAA/Stable) payment of mobilisation advances to developers will provide a fillip to the construction pace of hybrid annuity model (HAM) projects, says India Ratings and Research (Ind-Ra). HAM was introduced to rejuvenate the road sector and lessen the equity burden on the already stressed developers. Lenders are gradually familiarising with this contract structure. Nevertheless, case-specific impediments such as aggressive bids and stressed sponsors among others continue to delay financial closure. At the same time, the agency feels low equity in HAM projects will weigh on funding decisions.

Construction funding accounts for 40% of the total cost in HAM projects and is released by the authority in five tranches linked to the milestones, while the balance (60%) is arranged by the concessionaire. The developer would fund not more than 25% of the non-authority component (60%), which necessitates raising debt. Therefore, the equity portion is narrowed to 15% of the project cost against the earlier set pattern of 20% or 25%.

Clause 23.8 of the HAM concession agreement delineates a provision to grant 10% of the project cost as a mobilisation advance to the concessionaire. To avail this facility, the concessionaire has to provide a bank guarantee for a value of 110% of the mobilisation advance to the authority. This will be set off proportionately against the construction period annuities. Although the net equity injection is only in the range of 2%-5%, the non-availability of funds is unlikely to hinder the construction progress. The project is likely to have sufficient funds because equity injections, mobilisation advances, debt drawdowns and timely grants would hasten the completion subject to the full availability of the land. Generally, these projects are executed by the in-house engineering, procurement & construction (EPC) companies. Therefore, the low equity component in the project with EPC margins being front ended, limits the incentive for the sponsors, an issue which continues to haunt some of the stressed toll projects.

Ind-Ra rated its first HAM Project Welspun Delhi Meerut Expressway Private Limited at IND A/Stable in June 2017. The rating reflects the projects low revenue risk, fast pace of construction progress, favourable leverage and debt structure and comfortable debt service coverage ratios.

Of the 27 HAM projects bid up to December 2016, finances have been tied up for 60%. Lenders wary of funding HAM projects have gradually acclimatised to the contract structure especially the equity light model. Another 16 projects awarded later are yet to achieve financial closure. Amid lenders cautious approach to infrastructure, a delay of about six months is usual and the agency believes that projects battling financial closure could be due to case-specific issues. Simultaneously, sponsors experience, capabilities in executing projects on a timely basis and debt service coverage ratios are crucial in taking funding decisions.

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Insecticides (India) on a rising trend
Jul 13,2017

Meanwhile, the S&P BSE Sensex was up 233.25 points or 0.73% at 32,038.07. The S&P BSE Small-Cap index rose 118.79 points or 0.75% at 16,015.80.

On the BSE, 1,817 shares were traded on the counter so far as against the average daily volumes of 18,903 shares in the past one quarter. The stock had hit a high of Rs 680 and a low of Rs 673 so far during the day. The stock had hit a record high of Rs 718.70 on 8 June 2017 and a 52-week low of Rs 437.45 on 22 November 2016.

The stock had underperformed the market over the past one month till 12 July 2017, sliding 0.59% compared with the Sensexs 2.28% rise. The stock had, however, outperformed the market over the past one quarter, gaining 21.99% as against the Sensexs 7.29% rise. The scrip had also outperformed the market over the past one year, advancing 38.2% as against the Sensexs 14.37% rise.

The small-cap company has equity capital of Rs 20.67 crore. Face value per share is Rs 10.

Shares of Insecticides (India) have surged 7.63% in seven trading sessions to its current market price, from its close of Rs 630.95 on 4 July 2017.

Insecticides (India)s net profit surged 1139.6% to Rs 5.95 crore on 1.2% decline in net sales to Rs 175.98 crore in Q4 March 2017 over Q4 March 2016.

Insecticides (India) manufactures all types of insecticides, weedicides, fungicides and plant growth regulators (PGRs) for all types of crops and household.

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Premier Chennai Properties proposes to buyback equity shares
Jul 13,2017

Premier Chennai Properties proposes to buyback equity shares of the Company. The Board of the Company will consider the proposal on 17 July 2017.

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Jubilant Industries to hold board meeting
Jul 13,2017

Jubilant Industries will hold a meeting of the Board of Directors of the Company on 19 July 2017.

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Greencrest Financial Services to hold board meeting
Jul 13,2017

Greencrest Financial Services will hold a meeting of the Board of Directors of the Company on 11 August 2017.

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Chokhani Securities to hold board meeting
Jul 13,2017

Chokhani Securities will hold a meeting of the Board of Directors of the Company on 10 August 2017.

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Rosekamal Textiles to hold board meeting
Jul 13,2017

Rosekamal Textiles will hold a meeting of the Board of Directors of the Company on 25 July 2017.

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Tinna Rubber and Infrastructure to hold board meeting
Jul 13,2017

Tinna Rubber and Infrastructure will hold a meeting of the Board of Directors of the Company on 11 July 2017.

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Autoriders International to hold board meeting
Jul 13,2017

Autoriders International will hold a meeting of the Board of Directors of the Company on 8 August 2017.

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SREI Infrastructure Finance to hold board meeting
Jul 13,2017

SREI Infrastructure Finance will hold a meeting of the Board of Directors of the Company on 22 July 2017.

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Orient Paper & Industries to hold AGM
Jul 13,2017

Orient Paper & Industries announced that the 81st Annual General Meeting (AGM) of the company will be held on 9 August 2017.

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National Fittings to hold AGM
Jul 13,2017

National Fittings announced that the 24th Annual General Meeting (AGM) of the company will be held on 12 August 2017.

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SRS Finance to hold AGM
Jul 13,2017

SRS Finance announced that the 23rd Annual General Meeting (AGM) of the company will be held on 27 September 2017.

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Vijaya Bank to hold board meeting
Jul 13,2017

Vijaya Bank will hold a meeting of the Board of Directors of the Company on 22 July 2017.

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