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Cummins India fixes record date for interim dividend
Feb 01,2017

Cummins India has fixed 11 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Bosch fixes record date for interim dividend
Feb 01,2017

Bosch has fixed 18 February 2017 as the Record Date for the purpose of Payment of Interim Dividend, if approved.

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Gayatri Projects fixes record date for sub-division of shares
Feb 01,2017

Gayatri Projects has fixed 13 February 2017 as the Record Date for the purpose of Sub-Division of Rs. 10/- per equity share of the Company into 5 equity shares of Rs. 2/- each.

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Board of National Fittings to consider interim dividend
Feb 01,2017

National Fittings announced that a proposal of an Interim Dividend for the Financial year 2016 - 2017 would be considered at the Board Meeting to be held on 09 February 2017.

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Hotel stocks gain as FM proposes special tourism zones
Feb 01,2017

CHL (up 4.8%), Jindal Hotels (up 0.99%), Indian Hotels Company (up 2.64%), Viceroy Hotels (up 2.33%), Taj GVK Hotels (up 1.8%), EIH (up 1.87%), Oriental Hotels (up 2.88%) gained. Hotel Leela Venture was unchanged at Rs 16.65. Royal Orchid Hotel (down 1.6%) and EIH Associated Hotels (down 1.29%) declined.

Meanwhile, the S&P BSE Sensex was up 485.68 points, or 1.76%, to 28,141.64

The Finance Minister proposed special purpose vehicle (SPV) with funding from both the government and the private sector to trigger investment into the special tourism zones (STZs).

Saying that tourism sector is a major employment generator with multiplier effect, the Finance Minister also mentioned that next level of Incredible India brand marketing campaign, Incredible India 2.0, will be unleashed in the international market.

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Sarthak Global announces resignation of CFO
Feb 01,2017

Sarthak Global announced that Sunil Gangrade has resigned from the post of Chief Financial Officer (CFO) of the Company from the closing hours of 31 January 2017.

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Cox & Kings owned MEININGER expands its hotel in Amsterdam City West
Feb 01,2017

Cox & Kings owned MEININGER hotel group signed an agreement for the third expansion phase of its Amsterdam City West hotel. By spring 2018, the MEININGER Amsterdam City West hotel will increase its bed capacity from 1177 units to 1585 beds.

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North Eastern Carrying Corporation announces resignation of director
Feb 01,2017

North Eastern Carrying Corporation announced the resignation of Vanya Jain from the post of Non-Executive Director of the Company with effect from 31 January 2017.

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Total allocation for Infrastructure Development stands at Rs. 3,96,135 crores in 2017-18
Feb 01,2017

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley while presenting the General Budget 2017-18 in Parliament today informed that the total allocation for infrastructure development in 2017-18 stands at Rs. 3,96,135 crores. In the road sector, the Budget allocation has been stepped up for Highways from Rs. 57,976 crores in BE 2016-17 to Rs. 64,900 crores in 2017-18. Further, 2,000 kms of coastal connectivity roads have been identified for construction and development to facilitate better connectivity with ports and remote villages.

The Finance Minister,Shri Arun Jaitley in his Budget Speech, stated that the total length of roads, including those under Pradhan Mantri Gram Sadak Yojana (PMGSY), built from 2014-15 till the current year is about 1,40,000 kms which is significantly higher than previous three years. Further, Shri Jaitley informed that a specific programme for development of multi-modal logistics parks, together with multi modal transport facilities, will be drawn-up and implemented that will make our economy more competitive.

Speaking on upgradation of Civil Aviation infrastructure, Shri Jaitley said that the Select airports in Tier 2 cities will be taken up for operation and maintenance in the PPP mode. Further, Airport Authority of India Act will be amended to enable effective monetization of land assets. The resources, so raised, will be utilized for airport upgradation. For transportation sector as a whole, including rail, roads, shipping, the Budget provides Rs. 2,41,387 crores in 2017-18. This magnitude of investment will spur a huge amount of economic activity across the country and create more job opportunities, the Finance Minister said in his Budget speech.

Calling Telecom sector as an important component of the infrastructure eco-system, Shri Jaitley noted that the recent spectrum auctions have removed spectrum scarcity in the country. This will give a major fillip to mobile broadband and Digital India for the benefit of people living in rural and remote areas. Further, for the BharatNet Project, the allocation has been stepped up to Rs.10,000 crores in 2017-18 and 1,55,000 kms of Optical Fiber Cables have been laid. Shri Jaitley informed that by the end of 2017-18, high speed broadband connectivity on optical fiber will be available in more than 1,50,000 gram panchayats, with wifi hot spots and access to digital services at low tariffs. A DigiGaon initiative will be launched to provide tele-medicine, education and skills through digital technology, he added.

For strengthening our Energy sector, the Government has decided to set up Strategic Crude Oil Reserves. In the first phase, 3 such Reserve facilities have been set up and in the second phase, it is proposed to set up caverns at 2 more locations, namely, Chandikhole in Odisha and Bikaner in Rajasthan. This will take the countrys strategic reserve capacity to 15.33 MMT. Further, the Finance Minister, in his Budget speech, proposed to create an integrated public sector oil major which will be able to match the performance of international and domestic private sector oil and gas companies. In solar energy, the second phase of Solar Park development is proposed to be taken up for additional 20,000 MW capacity, Shri Jaitley added.

The Finance Mini9ster Shri Jaitley further stated that the Government is creating an ecosystem to make India a global hub for electronics manufacturing. Over 250 investment proposals for electronics manufacturing have been received in the last 2 years, totaling to an investment of Rs.1.26 lakh crores. A number of global leaders and mobile manufacturers have set up production facilities in India, hence the Finance Minister said that allocation for incentive schemes like M-SIPS and EDF have been exponentially increased to an all-time high of Rs. 745 crores in 2017-18. Further, a new and restructured Central scheme, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18 to focus on our export infrastructure in a competitive world.

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Eicher Motors announces sales figures of subsidiary - Commercial Vehicles
Feb 01,2017

Eicher Motors announces sales volume of its unlisted subsidiary - VE Commercial Vehicles for month of January 2017. Total sales stood at 4515 units in January 2017 compared to 3768 units in January 2016, recording a growth of 19.82%.

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Majesco allots 8973 equity shares
Feb 01,2017

Majesco announced that at a meeting of Investor Grievances and Stakeholder Relationship Committee of the Board of Directors of the Company, held on 01 February 2017 has allotted 8973 Equity Shares of Rs. 5/- each (Face Value) to the eligible employees who exercised their vested options under the Companys Employee Stock Option Schemes (ESOP). The said equity shares shall rank pari-passu with the existing equity shares of the Company in all respects with the existing equity shares of the Company.

Resultantly, the paid up share capital of the Company stands increased to 2,33,41,221 Equity Shares amounting in aggregate to Rs. 11,67,06,105/-

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Budget Allocation for Tribal Affairs Ministry goes up by more than Ten per cent
Feb 01,2017

Allocation for the Ministry of Tribal Affair has gone up by more than Ten per cent in the Union Budget presented in Parliament today. The budget allocation for the Ministry of Tribal Affairs has gone up from Rs. 4827 crore in the year 2016-17 to Rs. 5329 crore in the Union budget 2017-18.

Allocation for the welfare of Scheduled Tribes across all Ministries has also witnessed an increase of more than 30 per cent. The allocation which was Rs. 24,005 crore in the year 2016-17 has gone up to Rs. 31,920 crore in this years budget. The allocation for National fellowship and scholarship for higher education of ST students has been raised by 140 per cent. The allocation under this head in the year 2016-17 was Rs. 50 crore which has been increased to Rs. 120 core in this years budget.

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Escorts announces tractors sales
Feb 01,2017

Escorts announced that its agri machinery segment sold 3652 tractors in January 2017 compared to 3140 tractors in January 2016, recording a growth of 16.3%. Total sales included domestic sales of 3507 tractors and exports of 145 tractors, recording growth of 13.5% and 184.3% respectively compared to corresponding monthly sale of previous year.

For the period April- January, total sales were 52460 tractors, higher by 22.7% compared to corresponding period of previous year.

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Eicher Motors moves higher after strong Q3 earnings
Feb 01,2017

The result was announced during market hours today, 1 February 2017.

Meanwhile, the S&P BSE Sensex was up 479.55 points or 1.73% at 28,135.51.

On the BSE, 7,505 shares were traded on the counter so far as against the average daily volumes of 4,179 shares in the past two weeks. The stock had hit a high of Rs 24,081 and a low of Rs 23,088.80 so far during the day.

The companys consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 61.3% to Rs 577 crore in Q3 December 2016 over Q3 December 2015. EBITDA margin expanded to 31.4% in Q3 December 2016, from 27.9% in Q3 December 2015.

Commenting on the companys performance, Siddhartha Lal, Managing Director & CEO, Eicher Motors said, the company posted its highest ever quarterly income from operations and EBITDA margin. Despite demonetisation, Royal Enfield has maintained its strong volume growth in Q3 December 2016, Lal said. The companys order book continues to be strong, he added.

Commenting on VE Commercial Vehicles (VECV) performance, Siddhartha said that during the months of November and December 2016, the commercial vehicle (CV) industry was severely impacted due to demonetisation. As a result, VECV performance was adversely affected in Q3 December 2016 with a drop of 9.3% in domestic sales compared to corresponding period last year. VECV outperformed the industry on year to date basis by registering a growth of 12.2% over same period last year while domestic CV industry degrew by 0.6% during the same period. The market conditions appear to be improving after sharp fall in sales immediately after demonetisation, he said. VECV continues to make significant efforts towards cost reduction to deal with pressure on margins, given the dynamics of the commercial vehicle industry, he added.

Eicher Motors 50:50 joint venture with Polaris Industries, Eicher Polaris, through its product Multix is continuing to expand its distribution footprint and launched BS-IV variant in December 2016, he further added.

Separately, Eicher Motors during market hours today, 1 Febraury 2017, said its total motorcycles sales rose 25% to 59,676 units in January 2017 over January 2016. Eicher Motors unlisted subsidiary VECVs total sales of trucks and buses rose 19.82% to 4,515 units in January 2017 over January 2016.

Eicher Motors (EML) owns the iconic Royal Enfield motorcycle business, which leads the premium motorcycle segment in India. EMLs joint venture with the Volvo group, VE Commercial Vehicles (VECV) designs, manufactures and markets reliable, fuel-efficient trucks and buses.

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HB Estate Developers announces cessation of company secretary
Feb 01,2017

HB Estate Developers announced that Rajesh Singh Chahar has ceased to be Company Secretary (also designated as Compliance Officer) of the Company on his resignation with effect from 31 January 2017.

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