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Record Capacity Addition of Wind Power of 5400MW in Last Fiscal
Apr 03,2017

Ministry of New and Renewable Energy (MNRE) has set another record in the wind power capacity addition by adding over 5400 MW in 2016-17 against the target of 4000 MW. This years achievement surpassed the previous higher capacity addition of 3.423 MW achieved in the previous year.

The leading States in the wind power capacity addition during 2016-17 are Andhra Pradesh 2190 MW, followed by Gujarat 1275 MW and Karnataka 882 MW. In addition Madhya Pradesh, Rajasthan, Tamil Nadu, Maharashtra ,Telangana and Kerala have reported 357 MW, 288 MW, 262 MW, 118 MW , 23 MW and 8 MW wind power capacity addition respectively during 2016-17. These figures are tentative.

During 2016-17 MNRE has taken various policy initiatives in the wind energy sector that includes Introduction of Bidding in Wind Energy Sector, Re -powering Policy, Draft Wind-Solar Hybrid Policy, New Guidelines for Development of Wind Power Projects, etc.

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Auto stocks in focus after declaring monthly sales volume data
Apr 03,2017

Maruti Suzuki Indias total sales rose 8.1% to 1.39 lakh units in March 2017 over March 2016. The companys total domestic sales rose 7.7% to 1.27 lakh units in March 2017 over March 2016. Exports grew by 12.6% to 11,764 units in March 2017 over March 2016. The announcement was made on Saturday, 1 April 2017.

Mahindra & Mahindras (M&M) total auto sales rose 6% to 56,031 units in March 2017 over March 2016. M&Ms total tractor sales rose 32% to 19,337 units in March 2017 over March 2016. The announcement was made on Sunday, 1 April 2017.

Tata Motors passenger and commercial vehicle total sales rose 8% to 57,145 vehicles in March 2017 over March 2016. The announcement was made on Saturday, 1 April 2017.

SML Isuzus sales rose 26.4% to 2,094 units in March 2017 over March 2016. The announcement was made on Sunday, 1 April 2017.

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after Indian Oil Corporation (IOCL) on Friday, 31 March 2017, announced reduction in selling price of petrol and diesel with effect from midnight of 31 March 2017. Petrol price was decreased by Rs 3.77 per litre and diesel price was reduced by Rs 2.91 a litre at Delhi (excluding state levies).

Indiabulls Housing Finance said that it has on Friday, 31 March 2017, allotted its fourteenth tranche of secured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 37.5 crore. This was part of the companys proposal announced in November 2016, to issue, secured, redeemable, NCDs aggregating Rs 6000 crore, on a private placement basis. The announcement was made after market hours on Friday, 31 March 2017.

Everest Kanto Cylinder has entered into the Asset Purchase Agreement with SNF Flopam India to sell companies land, building and electric installations in Gandhidham, Gujarat for consideration of $29 million. The expected date of completion of sale would be 30 April 2017. The announcement was made after market hours on Friday, 31 March 2017.

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Phoenix Mills announces cessation of subsidiary
Apr 01,2017

Phoenix Mills announced that consequent upon the sale/disposal of the Companys shares in Escort Developers (EDPL) on 31 March 2017, the overall holding of the Company in Classic Mall Development Company (CMDCPL) has reduced to 48.19% as on 31 March 2017. Pursuant to the aforesaid change in the overall holding, CMDCPL has ceased to be the Companys subsidiary and has become an associate company w.e.f. 31 March 2017.

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Huhtamaki PPL provides update on scheme of arrangement
Apr 01,2017

Huhtamaki PPL announced that subsequent to receiving Certified True copy of the NCLT Orders from Honble Mumbai Bench of National Company Law Tribunal (NCLT) sanctioning the Scheme of Arrangement of Positive Packaging Industries and Webtech Labels Private with Huhtamaki PPL, and their respective shareholders and creditors, the Orders have been filed by the respective Companies with the Registrar of Companies and the Mergers has become effective, 01 April 2017.

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Vikas EcoTech intimates of fire accident at Polypropylene manufacturing plant
Apr 01,2017

Vikas EcoTechs newly commissioned Polypropylene manufacturing plant was destroyed in a fire that engulfed this particular section at companys Shahjahanpur manufacturing facility in Rajasthan. The damage was limited to only one building that housed the polypropylene section and a material warehouse. The companys four other manufacturing units situated in the same factory complex are safe and fully operational. No human casualties were reported and all companys employees are safe. The polypropylene unit was expected to contribute around 3% to companys annual sale in FY 2017-18. It would take a minimum of 4 months to restore full production of this unit. According to initial estimates, the total damage to the Factory building, Machinery, WIP, Raw material and Finished goods stock could be around Rs 15-20 crore. The building, machinery and stocks destroyed were fully insured.

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Andhra Bank receives Rs 1100 crore from GoI
Apr 01,2017

Andhra Bank announced that the Government of India has remitted Rs 1100 crore on 31 March 2017 towards contribution of Government of India in the preferential allotment of equity shares of the Bank. The amount will remain in Share Application money till compliance of certain terms.

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Phoenix Mills gets bonus shares allotted by subsidiary - Island Star Mall Developers
Apr 01,2017

Phoenix Mills announced that the Company has been allotted the following shares under bonus issue by its wholly owned subsidiary, Island Star Mall Developers (ISMDPL) on 31 March 2017 -

8,04,92,330 Equity Shares of Face Value Rs 10 each and

30,89,759 Compulsorily Convertible Preference Shares Series A (CCPS) of Face Value Rs. 10 each.

Subsequent to the aforesaid allotment, there is no change in the shareholding of the Company and ISMDPL continues to remain a wholly owned subsidiary of the Company.

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TCI Industries announces resignation of director
Apr 01,2017

TCI Industries announced the resignation of Dr. Vaijayanti Pandit as a Director of the Company with effect from 31 March 2017.

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Virat Leasing announces cessation of subsidiary
Apr 01,2017

Virat Leasing announced that the Company has sold its stake in the Moti Finvest due to which it has ceased to be the subsidiary of the company w.e.f. 31 March 2017.

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Salzer Electronics provides update on scheme of amalgamation
Apr 01,2017

Salzer Electronics announced that due to administrative reasons, it is proposed to withdraw, for time being, the Scheme of Amalgamation / Merger of Salzer Magnet Wires (an Unlisted Transferor Company) with Salzer Electronics, already submitted with Stock Exchanges namely BSE and NSE with an appointed date of 01 April 2016 in terms of Regulation 37 of aforesaid Regulations.

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Board of United Nilgiri Tea Estates Company recommends dividend
Apr 01,2017

United Nilgiri Tea Estates Company announced that the Board of Directors of the Company at its meeting held on 30 March 2016, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Board of Mold-Tek Packaging recommends dividend
Apr 01,2017

Mold-Tek Packaging announced that the Board of Directors of the Company at its meeting held on 31 March 2017, inter alia, have recommended the dividend of Rs 2 per equity Share (i.e. 40%) , subject to the approval of the shareholders.

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Elantas Beck India to hold board meeting
Apr 01,2017

Elantas Beck India will hold a meeting of the Board of Directors of the Company on 10 May 2017, approval of unaudited financial results for the quarter ended 31st March 2017.

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Shree Digvijay Cement Co. to hold board meeting
Apr 01,2017

Shree Digvijay Cement Co. will hold a meeting of the Board of Directors of the Company on 21 April 2017, for Consideration Of The Audited Financial Results 2016-17.

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SASEC program of Asian Development Bank (ADB) expanding towards the East with Myanmar becoming its newest member in 2017
Apr 01,2017

South Asia Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) is expanding towards the East with Myanmar formally becoming the 7th member of SASEC in 2017.

Shri Shaktikanta Das, Secretary, Department of Economic Affairs, Ministry of Finance of India noted that Myanmar is key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia and that Myanmars membership in SASEC can offer a host of opportunities for realizing synergies from economic cooperation in the sub-region.

SASEC member countries recognize that most of SASECs multimodal connectivity initiatives include Myanmar. Road corridors in Myanmar provide the key links between South Asia and Southeast Asia. Ports in Myanmar will provide additional gateways to the landlocked North Eastern region of India. Development of multi-modal connectivity between North Eastern region of India, Bangladesh and Myanmar has the potential of unleashing tremendous economic energy in the sub-region.

SASECs energy connectivity and energy trade prospects will be enhanced with the inclusion of Myanmar, involving its substantial resources of hydropower and natural gas. Moreover, developmental impacts of economic corridor in the SASEC sub-region will be maximized by exploring potential synergies with corridors in Myanmar that are linked to those in other Southeast Asian countries.

Myanmar was accorded an observer status of SASEC in 2013 when ADBs annual meeting was held in Noida, India. Myanmar has been participating in annual SASEC Nodal Officials meetings as an observer since 2014. It was invited by the participating countries of SASEC countries to become a full member in 2015.

The SASEC program was formed in 2001 in response to the request of the four countries of South Asia - Bangladesh, Bhutan, India and Nepal - from ADB to assist in facilitating economic cooperation among them. These four countries comprise the South Asia Growth Quadrangle (SAGQ), formed in 1996, as a vehicle for accelerating sustainable economic development through regional cooperation. As a project-based partnership, the SASEC program has been helping realize regional prosperity by enhancing cross-border connectivity, facilitating faster and more efficient trade and promoting cross-border power trade. Maldives and Sri Lanka joined SASEC in 2014, further expanding opportunities for enhancing economic linkages in the sub-region.

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