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Aditya Birla Nuvo transfers its entire 51% stake in Birla Sun Life Insurance Company
Mar 23,2017

Aditya Birla Nuvo announced that the Company has transferred its entire stake of 51% held in Birla Sun Life Insurance Company, a subsidiary of Aditya Birla Nuvo, to Aditya Birla Financial Services, a wholly owned subsidiary of Aditya Birla Nuvo.

Consequently, Birla Sun Life Insurance Company has become a subsidiary of Aditya Birla Financial Services and a step down subsidiary of Aditya Birla Nuvo.

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Third Protocol Amending India-Singapore DTAA notified today; Comes into force with effect from 27th February 2017
Mar 23,2017

The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30th December, 2016, has come into force on 27th February 2017. The same has been notified in the Official Gazette today.

The India-Singapore DTAA at present provides for residence based taxation of Capital Gains of shares in a company. The Third Protocol amends the DTAA with effect from 01st April, 2017 to provide for source based taxation of capital gains arising on sale of shares in a company. This will curb revenue loss, prevent double non-taxation and streamline the flow of investments. In order to provide certainty to investors, investments in shares made before 01st April, 2017 have been grandfathered subject to fulfillment of conditions in Limitation of Benefits clause as per 2005 Protocol. Further, a two-year transition period from 1st April, 2017 to 31st March, 2019 has been provided during which capital gains on shares will be taxed in source country at half of normal tax rate, subject to fulfillment of conditions in Limitation of Benefits clause.

The Third Protocol also inserts Article 9(2) in the DTAA which would facilitate relieving of economic double taxation in transfer pricing cases. This is a taxpayer friendly measure and is in line with Indias commitments under Base Erosion and Profit Shifting (BEPS) Action Plan to meet the minimum standard of providing Mutual Agreement Procedure (MAP) access in transfer pricing cases. The Third Protocol also enables application of domestic law and measures concerning prevention of tax avoidance or tax evasion.

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Hindalco Industries allots 34082 equity shares
Mar 23,2017

Hindalco Industries has allotted 34082 equity shares of face value of Re.1 /- each to the optionees, pursuant to the exrecise of the options granted to the employee under the Companys Employee Stock Option Scheme.

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Hong Kong Stocks close virtually flat
Mar 23,2017

The Hong Kong stock market closed session edge higher on Thursday, 23 March 2017, as strength in Chinese real estate developers was offset by weakness in some blue chips as their earnings reports disappointed investors. The benchmark Hang Seng index ended roughly flat at 24,327.70 points, while the Hong Kong China Enterprises Index gained 0.3 percent to 10,487.45. Turnover decreased to HK$91.8 billion from HK$103.5 billion on Wednesday.

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China Stocks inch up
Mar 23,2017

The Mainland China equity market ended slight higher on Thursday, 23 March 2017, helped by bargain hunting after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index. But, market upside capped due to slump in Shanghai B shares amid worries over tight liquidity and stepped-up regulation. Sector performance was mixed, with energy shares lagged, while banking and property stocks firmed. The benchmark Shanghai Composite Index climbed 0.10%, or 3.33 points, to 3,248.55 and the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was marginally higher, adding 0.71 point to 2,038.60.

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Nikkei recovers 0.23%
Mar 23,2017

The Japan share market closed higher on Thursday, 23 March 2017, helped by bottom fishing in domestic-demand stocks, a day after the benchmark index posted its biggest drop in four months. Market upside was, however, limited due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama. The 225-issue Nikkei average gained 43.93 points, or 0.23%, to close at 19,085.31. On Wednesday, the Nikkei average gave up 414.50 points, suffering the biggest closing loss since Donald Trumps victory in the U.S. presidential election in November last year. The Topix index of all first-section issues ended up 0.21, or 0.01%, at 1,530.41.

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Indias current account deficit spikes to 1.4% of GDP in Q3 of FY2017
Mar 23,2017

Indias current account deficit (CAD) at US$ 7.9 billion (1.4% of GDP) in Q3 of 2016-17 was higher than US$ 7.1 billion (1.4% of GDP) in Q3 of 2015-16 and US$ 3.4 billion (0.6% of GDP) in the preceding quarter.

Despite a slightly lower trade deficit on a year-on-year (y-o-y) basis, the CAD widened primarily on account of a decline in net invisibles receipts. Net services receipts moderated on a y-o-y basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights.

Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to US$ 15.2 billion, having declined by 3.8% from their level a year ago.

In the financial account, net foreign direct investment at US$ 9.8 billion in Q3 of 2016-17 was marginally lower than its level a year ago.

There has been net outflow of portfolio investment to the tune of US$ 11.3 billion as against net inflow of US$ 0.6 billion in Q3 of last year; portfolio outflows occurred in both equity and debt segments.

Reflecting the redemption of FCNR (B) deposits, non-resident Indian (NRI) deposits declined by US$ 18.5 billion in Q3 of 2016-17 as against an inflow of US$ 1.6 billion a year ago.

In Q3 of 2016-17, foreign exchange reserves (on BoP basis) declined by US$ 1.2 billion as against an increase of US$ 4.1 billion in Q3 of last year.

BoP during April-December 2016

On a cumulative basis, the CAD narrowed to 0.7% of GDP in April-December 2016 from 1.4% in the corresponding period of 2015-16 on the back of the contraction in the trade deficit.

Indias trade deficit narrowed to US$ 82.8 billion in April-December 2016 from US$ 105.3 billion in April-December 2015.

Net invisible receipts were lower, mainly due to moderation in software exports and net private transfers and higher outgo on account of primary income (profit, interest and dividends).

Net FDI inflows during April-December 2016 (US$ 30.6 billion) rose by 12.3% over the level during the corresponding period of 2015-16.

Portfolio investment recorded a net outflow of US$ 3.2 billion during April-December 2016 as compared with US$ 3.0 billion a year ago.

In April-December 2016, there was an accretion of US$ 14.2 billion to the foreign exchange reserves.

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Zuari Agro Chemicals acquires 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals
Mar 23,2017

Zuari Agro Chemicals has acquired 3,22,67,741 equity shares of Nagarjuna Fertilizers & Chemicals from Zuari Global for Rs 16.10 per share aggregating Rs 51.95 crore.

The proposed acquisition of shares was approved by the Board of Directors of the Company at its meeting held on 30 July 2014.

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Australia Shares up on materials
Mar 23,2017

Australian equity market finished session higher on Thursday, 23 March 2017, snapping three straight days of losses, buoyed by the materials sector and gains from miner BHP Billiton. The market also found support from new bilateral agreements on beef exports, energy and security, which were expected to be signed between Australia and China during a four-day visit by Chinese Premier Li Keqiang. At the close, the benchmark S&P/ASX 200 index closed up 0.4%, or 23.49 points, at 5,708. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 561 to 460 and 343 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.04% to 12.257.

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Siemens wins an order worth Rs 187.4 crore
Mar 23,2017

Siemens announced that it has won an order worth approximately Rs. 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet.

BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREBs efforts to upgrade the countrys rural electricity distribution system and will contribute to accomplishingthe Government of Bangladeshs Vision of n++Electricity for All by 2021n++.

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Coal India announces change in directorate
Mar 23,2017

Coal India announced the appointment of Vinod Jain, Independent Director, Coal India on the Board of South Eastern Coalfields (SECL) Material Subsidiary Company as Independent Director.

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GRUH Finance allots 147740 equity shares
Mar 23,2017

GRUH Finance has allotted 147740 equity shares under ESOS. Post the allotment of shares, the paid up share capital of the company has increased to 36,45,64,484 equity shares of Rs 2 each aggregating Rs 72.91 crore.

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Rashtriya Chemicals & Fertilizers issues commercial paper worth Rs 150 crore
Mar 23,2017

Rashtriya Chemicals & Fertilizers has issued Commercial Paper for Rs.150 crore on 23 March 2017, in favour of State Bank of India, having maturity date as 21 June 2017. Further, the Commercial Paper issued by the Company on 23 December 2016 for Rs.150 crore has been redeemed on 23 March 2017.

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NFHS-4 indicates reduction in percentage of underweight and stunted children in the country
Mar 23,2017

The Ministry of Women & Child Development is implementing Integrated Child Development Services (ICDS) Scheme, Scheme for Adolescent Girls (AGs) and Maternity Benefit Programme (MBP) as direct targeted interventions to address the problem of malnutrition in the country.

An amount of Rs.5866.68 Crores, Rs.6711.90 Crores & Rs.8048.72 Crores released to States/UTs for Supplementary Nutrition under ICDS Scheme for the year 2013-14, 2014-15 and 2015-16 respectively. Similarly, Rs.575.36, Rs.610.32 Crores, Rs. 470.40 Crores was released to States/UTs under Scheme for Adolescent Girls for the year 2013-14, 2014-15 and 2015-16 respectively. An amount of Rs 232.05 Crores for the year 2013-14, Rs. 343.13 Crores for the year 2014-15 and Rs.233.46 Crores for the year 2015-16 was also released to States/UTs under Maternity Benefit Programme.

Under the ICDS scheme, there is a provision of Supplementary Nutritious Food to the beneficiaries. Take Home Ration is given to Pregnant Women & Lactating Mothers, children (6 months - 3 years) and severely malnourished children and Hot Cooked Meals are provided to children (3 - 6 years). ICDS is a universal and a self-selecting scheme. Those who visit Anganwadi Centers and enroll themselves can avail these services.

As per the recent report of National Family Health Survey (NFHS) - 4, 2015-16, 35.7% children under 5 years of age are underweight and 38.4% are stunted indicating a reduction from the previous data captured in NFHS - 3, 2005-06, which reported 42.5% children under 5 years of age as underweight and 48% stunted.

Malnutrition is not a direct cause of death but contributes to mortality and morbidity by reducing resistance to infections. As per the Sample Registration Report (SRS), 2010-13 of Registrar General of India, the major causes of deaths of children are - Prematurity & low birth weight (29.8%); Pneumonia (17.1%); Diarrhoeal disease (8.6%); Other Non-Communicable Diseases (8.3%); Birth asphyxia & birth trauma (8.2%); Injuries (4.6%); Congenital anomalies (4.4%); Ill-defined or cause unknown (4.4%); Acute bacterial sepsis and severe infections (3.6%); Fever of unknown origin (2.5%) and all other remaining causes (8.4%). However, the data regarding death of children and women due to malnutrition is not maintained by this Ministry.

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Board of Bharat Petroleum Corporation recommends dividend
Mar 23,2017

Bharat Petroleum Corporation announced that the Board of Directors of the Company at its meeting held on 23 March 2017, inter alia, have recommended the dividend of Rs 12 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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