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Cabinet approves proposal for Amendments to the NABARD Act 1981
Mar 23,2017

Union Cabinet chaired by the Prime Minister Narendra Modi has approved the following proposals:

(a) Amendments to National Bank for Agriculture and Rural Development Act, 1981 as proposed in the draft Bill with such changes of drafting and of consequential nature, as may be considered necessary by Legislative Department. The Amendments, include provisions that enable Central Government to increase the authorized capital of NABARD from Rs 5000 crore to Rs 30000 crore and to increase it beyond Rs 30000 crore in consultation with RBI, as deemed necessary from time to time.

(b) Transfer of 0.4 per cent. equity of RBI in NABARD amounting to Rs. 20 crores to the Government of India.

The proposed amendments in NABARD Act, include, certain other amendments including changes in long title and certain Sections to bring Medium Enterprises and Handlooms in NABARDs mandate.

The proposed increase in the authorized capital would enable NABARD to respond to the commitments it has undertaken, particularly in respect of the Long Term Irrigation Fund and the recent Cabinet decision regarding on-lending to cooperative banks. Further, it will enable NABARD to augment its business and enhance its activities which would facilitate promotion of integrated rural development and securing prosperity of rural areas including generation of more employment.

The transfer of entire shareholding in NABARD held by RBI to the Central Government will remove the conflict in RBIs role as banking regulator and shareholder in NABARD.

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Cabinet approves Policy for the Grant of Extension to the Production Sharing Contracts signed by GOI awarding Pre-NELP Exploration Blocks
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved a policy for grant of extension to the Production Sharing Contracts (PSC) signed by Government of India awarding Pre-NELP Exploration Blocks to enable and facilitate investment to extract the remaining reserves.

This policy will enable the contractors to extract not only the remaining reserves but also plan to extract additional reserves by implementing new technologies. In certain fields, additional recovery of hydrocarbons can be obtained through Enhanced Oil Recovery / Improved Oil Recovery (EOR/IOR) Projects and as such the production would extend beyond the current duration of PSC. In the year 2016-17 (upto Feb., 2017), the production from these oil & gas blocks, allotted in Pre- NELP regime, is around 55 million barrel of oil and 965 MMSCM of natural gas. The recoverable reserve from these blocks is estimated to be more than 426 million barrel of oil equivalent. During the extension period, contractors are expected to make an additional investment of more than USD 5430 million.

The policy will give boost to accelerate and supplement indigenous production of hydrocarbon from existing blocks and act as a progressive step towards achieving the target of 10% reduction in import of crude oil by 2022. Among others, it includes oil and gas blocks in the State of Rajasthan that account for about half of the countrys onland production of crude oil. Extension of these oil blocks will be major stepping stone in sustaining and enhancing onland production.

The Government share of Profit Petroleum during the extended period of contract would be 10% higher for these fields, thus bringing additional revenues to Government.

In addition, the policy brings out detailed guidelines regarding grant of extension, criterion for evaluation of request, time frame for consideration of request, duration of extension etc. The extension of these contracts is expected to bring extra investments in the fields and would generate both direct and indirect employment. The policy aims at bringing out clear terms of extension in fair and transparent manner so that the resources can be expeditiously exploited in the interest of energy security of the country besides improving the investment climate.

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Axiscades Engg firms up after board OKs investment in units
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 117.62 points, or 0.40% to 29,285.30.

On the BSE, 7,824 shares were traded in the counter so far, compared with average daily volumes of 20,000 shares in the past two weeks. The stock had hit a high of Rs 156.80 and a low of Rs 153.05 so far during the day.

The stock hit a 52-week high of Rs 305.50 on 22 April 2016. The stock hit a 52-week low of Rs 133.50 on 22 November 2016.

The board of Axiscades Engineering Technologies in its meeting held 21 March 2017, has given its approval for making further investment in its wholly owned subsidiaries. As per the approval, the company will increase the equity of AXISCADES GmbH by 1.25 lakh euros in one or more tranches. Further, it will invest Rs 15 crore in AXISCADES Aerospace & Technologies.

On a consolidated basis, net profit of AXISCADES Engineering Technologies declined 73.50% to Rs 1.99 crore on 13.61% rise in net sales to Rs 109.71 crore in Q3 December 2016 over Q3 December 2015.

AXISCADES is a technology solutions provider, catering to the futuristic needs of aerospace, defense, heavy engineering, automotive and industrial production sectors.

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Servalakshmi Paper director resigns
Mar 23,2017

Servalakshmi Paper announced that V.S.Pattabiraman has resigned as an Independent Director of the Company with effect from 08 March 2017.

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Board of CHD Chemicals approves allotment of 49 lakh warrants
Mar 23,2017

CHD Chemicals announced that the Board of Directors at its meeting held on 23 March 2017 approved the allotment of 49,00,000 convertible warrants at a price of Rs 10 each on preferential basis to the promoters and non promoters upon the receipt of minimum subscription amount as per Regulation 77 of SEBI ICDR Regulation.

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Emami Infra extends Wednesdays sharp rally
Mar 23,2017

Meanwhile, the S&P BSE Sensex was up 117.25 points or 0.4% at 29,284.93. The BSE Small-Cap index was up 138.87 points or 1% at 14,040.79.

On the BSE, 2.56 lakh shares were traded on the counter so far as against the average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 82.95 and a low of Rs 78 so far during the day.

Shares of Emami Infrastructure have rallied 25.95% two trading sessions from its closing of Rs 62.60 on 21 March 2017, after the company during market hours yesterday, 22 March 2017 said it has tied-up with Sheth Corp to launch flagship residential project in Mumbai. The stock surged by the 20% upper circuit level to settle at Rs 75.10 yesterday, 22 March 2017.

Emami Group announced that it has pumped Rs 350 crore to join hands with Sheth Corp for 50% partnership in Mulund project.

Sheth Group is a leading developer in the luxury & mid-housing segment of real estate, with a global footprint.

Emami Infrastructure reported net loss of Rs 0.17 crore in Q3 December 2016 as against net loss of Rs 0.71 crore in Q3 December 2015. The company reported total income from operations of Rs 0.24 crore in Q3 December 2016. It did not report any top line for Q3 December 2015.

Emami Infrastructures primary business is development of residential, commercial and retail properties through its subsidiaries and associates.

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Cabinet approves closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil - CREDA Biofuels Ltd. (ICBL)
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved closure/winding up of CREDA HPCL Biofuel (CHBL) and IndianOil - Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels (ICBL).

All Office assets of CHBL/ICBL have been disposed of. No manpower exits on the rolls of CHBL/ICBL. There is no financial outgo from Government of India and lands have been returned to CREDA. All liabilities have also been settled. Closure of CHBL and ICBL would result in saving unfruitful expenditure on statutory compliance.

Background:

Joint Ventures (JV) between CREDA HPCL Biofuel Ltd (CHBL) and IndianOil-CREDA Biofuels Limited (ICBL) were formed for carrying out energy crop (Jatropha) plantation and production of bio-diesel in 2008 and 2009 respectively. The CREDA, an arm of Chhattisgarh, had provided wasteland to CHBL and ICBL through Land Use Agreement for plantation of Jatropha. Due to various constraints such as very poor seed yield, limited availability of wasteland, high plantation maintenance cost etc. the project became unviable and Jatropha plantation activities were discontinued.

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Carborundum Universal inaugurates three modern fusion facilities
Mar 23,2017

Carborundum Universal announced that the Companys Electromineral Division on 23 March 2017 inaugurated three modern fusion facilities at Kalamassery, Cochin creating one of the most advanced and integrated Electro Minerals complex at an installed capacity of 25,000 tons of fused minerals.

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NTPC commissions 20 MW of Bhadla Solar Power Project
Mar 23,2017

NTPC has commissioned 20 MW of Bhadla Solar Power Project. With this, the commissioned capacity of Bhadla Solar Power Project, NTPC and NTPC group has become 205 MW, 41927 MW and 48893 MW respectively.

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Reliance Communication provides update on proposed demerger of Reliance Infratels Tower Division to Towerco
Mar 23,2017

The Competition Commission of India (CCI) has approved theproposed transaction involving the sale of the Tower Division of Reliance Infratel, a subsidiary of Reliance Communications, which is to be carried out pursuant to a demerger of the Tower Division to Towercom Infrastructure (Towerco).

Upon the completion of the demerger, though a Scheme of Arrangement, and the completion of certain other conditions and approvals, Rapid Holdings 2 Pte. Ltd., a company which is a part of the Brookfield Infrastructure Group will acquire 100% of Towercom Infrastructure.

The Company has already filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench, for approval of the said Scheme of Arrangement.

Post closing, the Company will receive B Class Non-voting shares in Towerco providing 49% future economic upside from the business based on certain conditions.

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Bank of India sells its entire 5% stake in TransUnion CIBIL for Rs 190.62 cr
Mar 23,2017

Bank of India has sold its entire stake of 5% (12,50,000 shares) in TransUnion CIBIL (TUCIBIL) to TransUnion International Inc (TUI). The deal was concluded on 22 March 2017 at the rate of Rs. 1525.00 per equity share for a total consideration amount of Rs. 190,62,50,000/-

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NTPC commissions 2nd Unit of 250 MW of Bongaigaon Thermal Power Project
Mar 23,2017

NTPC has commissioned 2nd Unit of 250 MW of Bongaigaon Thermal Power Project (3 X 250 MW). With this, the commissioned capacity of Bongaigaon Thermal Power Project, NTPC and NTPC group has become 500 MW, 42177 MW and 49143 MW respectively.

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Som Distilleries jumps on commencing supply of beer to Karnataka
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 126.23 points or 0.43% at 29,293.91. The BSE Small-Cap index was up 130.46 points or 0.94% at 14,032.38.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 143.80 and a low of Rs 124.40 so far during the day.

Som Distilleries announced that it has started the supply of Black Fort beer to Karnataka. The response from consumers and the trade is very encouraging, it said. The company expects to get a considerable market share in the short term. Further, the company will be launching out its mainline brands next month in Karnataka.

Som Distilleries net profit declined 32.94% to Rs 1.71 crore on 6.22% growth in total income from operations to Rs 44.20 crore in Q3 December 2016 over Q3 December 2015.

Som Distilleries & Breweries is a brewing company. It is engaged in making beer from malt plus whiskies.

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Som Distilleries jumps on starting supply of beer
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 126.23 points or 0.43% at 29,293.91. The BSE Small-Cap index was up 130.46 points or 0.94% at 14,032.38.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 143.80 and a low of Rs 124.40 so far during the day.

Som Distilleries announced that it has started the supply of Black Fort beer to Karnataka. The response from consumers and the trade is very encouraging, it said. The company expects to get a considerable market share in the short term. Further, the company will be launching out its mainline brands next month in Karnataka.

Som Distilleries net profit declined 32.94% to Rs 1.71 crore on 6.22% growth in total income from operations to Rs 44.20 crore in Q3 December 2016 over Q3 December 2015.

Som Distilleries & Breweries is a brewing company. It is engaged in making beer from malt plus whiskies.

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Sadbhav Infra spurts on being lowest bidder for road project
Mar 23,2017

The announcement was made after market hours yesterday, 22 March 2017.

Meanwhile, the S&P BSE Sensex was up 124 points, or 0.43% to 29,291.68.

On the BSE, 41,000 shares were traded in the counter so far, compared with average daily volumes of 5,516 shares in the past one quarter. The stock had hit a high of Rs 108.35 and a low of Rs 102.30 so far during the day. The stock hit a record high of Rs 120.40 yesterday, 22 September 2016. The stock hit a 52-week low of Rs 81.05 on 9 November 2016.

The stock had outperformed the market over the past one month till 22 March 2017, 2.60% compared with 1.41% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, 3.65% as against Sensexs 12.27% rise.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

Sadbhav Infrastructure Projects said it has been declared lowest bidder for a hybrid annuity model (HAM) project of 4-Laning of Waranga to Mahagaon (Pkg-I) section of National Highway (NH)-361 in the State of Maharashtra under NHDP Phase-IV. The project cost is Rs 1071 crore and construction period is 910 days from appointment date. As per the RFP documents, Letter of Award (LoA) shall be provided by NHAI within 60 days from the bid due date (February 15, 2017).

On a consolidated basis, Sadbhav Infrastructure Projects reported net loss of Rs 66.35 crore in Q3 December 2016 as against net loss of Rs 139.51 crore in Q3 December 2015. Net sales declined 35.96% to Rs 322.14 crore in in Q3 December 2016 over Q3 December 2015.

Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.

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