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Shares of IFL Enterprises get listed
Mar 21,2017

The equity shares of IFL Enterprises (Scrip Code: 540377) are listed and admitted to dealings on the Exchange in the list of M Group Securities.

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Jubilant Life Sciences provides update on subsidiary - Jubilant Pharma
Mar 21,2017

Jubilant Life Sciences announced that the Board of Jubilant Pharma (JPL), a material wholly owned subsidiary of the Company in Singapore, has approved to negotiate a potential acquisition of a specialty pharma business in the United States using only internal accruals, subject to due diligence, satisfactory agreements, etc. and its final approval. The proposed acquisition is a niche, profitable speciality pharma business with a strategic fit and is expected to provide competitive edge for JPLs existing business, if it materialises.

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Divis Laboratories issued Import Alert for Unit II at Visakhapatnam, Andhra Pradesh
Mar 21,2017

Divis Laboratories announced that USFDA has issued an Import Alert 66-40 on 20 March 2017 on the products manufactured at the companys Unit-II at Visakhapatnam, Andhra Pradesh.

The Agency has exempted the following products from the Import Alert: 1. Levetiracetam 2. Gabapentin 3. Lamotrigine 4. Capecitabine 5. Naproxen sodium 6. Raltegravir potassium 7. Atovaquone 8. Chloropurine 9. BOC core succinate 10. 2,4-wing active ester

Divis Laboratories, along with third party consultants, is currently working to address the concerns of the USFDA and is making all efforts to fully meet the compliance requirements.

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Glenmark Pharmaceuticals receives final approval for Clobetasol Propionate Ointment
Mar 21,2017

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been grantedfinal approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Ointment USP, 0.05%, the generic version of Temovaten++ Ointment, 0.05% of Fougera Pharmaceuticals Inc.

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Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services
Mar 21,2017

The Government of India has decided to merge the Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace. The objectives of affordable credit to women as well as propagation of women-centric products need to be quickly achieved through a wider network and lower cost of funds.

The decision to merge BMB with SBI has been taken in view of the advantage of the large network of SBI among other things. In the three years since BMB was established, it has extended loans of Rs 192 crores to women borrowers, while the SBI group has provided loans of about Rs.46,000 crore to women borrowers. SBI has a large outreach of more than 20,000 branches and lowest cost of funds in the sector. Out of the total workforce of around 2 lakh employees in SBI, 22% are women. SBI group already has 126 exclusive all-women branches across the country while BMB has only seven. The proportion of administrative and managerial cost in BMB is much higher to reach the same coverage. For the same cost, a much higher volume of loans to women could be given through SBI.

The Union Government is committed to enhance the access to financial services to the population at large and women in particular. Under the Pradhan Mantri Jan-Dhan Yojana, preference is given to women for overdraft facility. Pradhan Mantri Mudra Yojana had 73% women borrowers in the previous financial year.

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Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services
Mar 21,2017

The Government of India has decided to merge the Bharatiya Mahila Bank (BMB) with the State Bank of India (SBI) to ensure greater banking services outreach to a larger number of women, at a faster pace. The objectives of affordable credit to women as well as propagation of women-centric products need to be quickly achieved through a wider network and lower cost of funds.

The decision to merge BMB with SBI has been taken in view of the advantage of the large network of SBI among other things. In the three years since BMB was established, it has extended loans of Rs 192 crores to women borrowers, while the SBI group has provided loans of about Rs.46,000 crore to women borrowers. SBI has a large outreach of more than 20,000 branches and lowest cost of funds in the sector. Out of the total workforce of around 2 lakh employees in SBI, 22% are women. SBI group already has 126 exclusive all-women branches across the country while BMB has only seven. The proportion of administrative and managerial cost in BMB is much higher to reach the same coverage. For the same cost, a much higher volume of loans to women could be given through SBI.

The Union Government is committed to enhance the access to financial services to the population at large and women in particular. Under the Pradhan Mantri Jan-Dhan Yojana, preference is given to women for overdraft facility. Pradhan Mantri Mudra Yojana had 73% women borrowers in the previous financial year.

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National Highways Declared in Uttar Pradesh
Mar 21,2017

The total length of National Highways (NHs) in the country is about 1,13,298 km. State roads are declared as new NHs from time to time on the basis of well established principles; the criteria for State roads for declaration as new NHs include roads running through length / breadth of the country, connecting adjacent countries, National Capitals with State Capitals / mutually the State Capitals, major ports, non-major ports, large industrial centers or tourist centers, roads meeting very important strategic requirement in hilly and isolated area, arterial roads which enable sizeable reduction in travel distance and achieve substantial economic growth thereby, roads which help opening up large tracts of backward area and hilly regions (other than strategically important ones), achieving a National Highways grid of 100 km, etc.

The receipt of No Objection Certificate (NOC) from the State Government, regarding transfer of assets and liabilities of new NHs declared in State of Uttar Pradesh during 2014, 2015 and 2016, is an essential prerequisite for entrusting these to the agencies such as State Public Works Department (PWD), National Highways Authority of India (NHAI), etc., for taking up maintenance and development works on such new NHs. The Ministry has received NOC from the State Government of Uttar Pradesh in respect of new NH No. 219, No. 227A, No. 334A, No. 334B and No. 731A only and these NHs have been entrusted to the State Government of Uttar Pradesh recently in December, 2016. The Ministry has allocated an amount of Rs. 19.05 crores during year 2016-17 under Ordinary Repair (OR) sub head under Maintenance & Repair head (M&R) to meet the contingency for keeping all the NHs including these newly entrusted NHs in traffic worthy condition. The further development of these newly entrusted NHs are taken up depending upon the availability of funds, inter se priority, traffic count and approved annual plan.

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National Highways Declared in Uttar Pradesh
Mar 21,2017

The total length of National Highways (NHs) in the country is about 1,13,298 km. State roads are declared as new NHs from time to time on the basis of well established principles; the criteria for State roads for declaration as new NHs include roads running through length / breadth of the country, connecting adjacent countries, National Capitals with State Capitals / mutually the State Capitals, major ports, non-major ports, large industrial centers or tourist centers, roads meeting very important strategic requirement in hilly and isolated area, arterial roads which enable sizeable reduction in travel distance and achieve substantial economic growth thereby, roads which help opening up large tracts of backward area and hilly regions (other than strategically important ones), achieving a National Highways grid of 100 km, etc.

The receipt of No Objection Certificate (NOC) from the State Government, regarding transfer of assets and liabilities of new NHs declared in State of Uttar Pradesh during 2014, 2015 and 2016, is an essential prerequisite for entrusting these to the agencies such as State Public Works Department (PWD), National Highways Authority of India (NHAI), etc., for taking up maintenance and development works on such new NHs. The Ministry has received NOC from the State Government of Uttar Pradesh in respect of new NH No. 219, No. 227A, No. 334A, No. 334B and No. 731A only and these NHs have been entrusted to the State Government of Uttar Pradesh recently in December, 2016. The Ministry has allocated an amount of Rs. 19.05 crores during year 2016-17 under Ordinary Repair (OR) sub head under Maintenance & Repair head (M&R) to meet the contingency for keeping all the NHs including these newly entrusted NHs in traffic worthy condition. The further development of these newly entrusted NHs are taken up depending upon the availability of funds, inter se priority, traffic count and approved annual plan.

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Avenue Supermarts may garner steep premium on debut
Mar 21,2017

Shares of Avenue Supermarts gets listed on the stock exchanges today, 21 March 2017. The issue price was fixed at Rs 299 per share, the top end of the IPO price band of Rs 295 to Rs 299 per share. The IPO of Avenue Supermarts received strong response from investors. It was subscribed a whopping 105 times. Avenue Supermarts is an emerging national supermarket chain. The companys stores operate under the D-Mart brand, registered as a trademark under various classes of products.

HCL Technologies said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017-18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world. The announcement was made after market hours yesterday, 20 March 2017.

Separately, HCL Technologies announced that its board approved buyback of up to 3.50 crore fully paid-up equity shares of the company at Rs 1000 per share for an aggregate amount not exceeding Rs 3500 crore. The buyback is proposed to be made from the shareholders of the company on a proportionate basis, through the tender offer route. The announcement was made after market hours yesterday, 20 March 2017.

Aurobindo Pharma announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets, 600/30 mg and 1200/60mg (OTC). Aurobindos Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets are the AB rated generic equivalent of Reckitt Benckisers Mucinex DM tablets. The product will be launched in Q1 FY2018.

Guaifenesin and Dextromethorphan Hydrobromide extended-release tablets helps loosen mucus and phlegm, and thin out bronchial secretions, making coughs more productive. The approved product has an estimated market size of $235 million for the twelve months ended December 2016, according to IRI database. The announcement was made after market hours yesterday, 20 March 2017.

Future Enterprises announced that the committee of directors of the company at its meeting held 20 March 2017, allotted of 1,406, 9.6% secured redeemable non-convertible debentures (NCDs) and 2,114, 9.6% secured redeemable NCDs aggregating to Rs 352 crore, on private placement basis. The announcement was made after market hours yesterday, 20 March 2017.

Havells India announced that it has commenced the commercial production of its plant situated at District- Kamrup(Rural), Assam, with effect from 20 March 2017. The announcement was made after market hours yesterday, 20 March 2017.

Kaveri Seed Company announced that a meeting of the board of directors of the company will be held on 27 March 2017, to consider a proposal for share buyback. The announcement was made after market hours yesterday, 20 March 2017.

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Havells India commences commercial production at its plant in Assam
Mar 20,2017

Havells India has commenced the commercial production in its plant situated at Vill.- Dorakahra, Bhahkajan, Mouza- Modartola, Dist- Kamrup(Rural) Assam-781101 with effect from 20 March 2017.

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IL&FS Engineering Services receives LoIs for Rural Electrification Works worth Rs 222.7 cr
Mar 20,2017

IL&FS Engineering & Construction Co (IL&FS Engineering Services) has received Letter of Intents (LOIs) for Rural Electrification (RE) Works of Jharkhand Bijli Vitran Nigam (JBVNL), Ranchi worth Rs. 222.7 crore in package of Sahibganj comprising Sahibganj and Pakur districts in Jharkhand state under Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY).

The scope of work includes supply and erection of all equipment and materials related to the contract for RE infrastructure development for connecting unconnected house-holds, agricultural feeder segregation, system strengthening & metering works.

These Projects are covered under DDUGJY of Rural Electrification Corporation and are funded by it under the Govt. of India Central Plan. The completion schedule of the works is 24 months.

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Union Bank of India gets ratings assigned for proposed AT-1 Bond issue
Mar 20,2017

Union Bank of India announced that India Ratings and Research has assigned IND AA/Stable rating to the Banks proposed fresh issue of Basel III compliant Additional Tier 1 bonds of Rs.1500 crore.

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Axis Bank allots 5,58,955 equity shares
Mar 20,2017

Axis Bank has allotted 5,58,955 equity shares of Rs. 2/- each on 20 March 2017, pursuant to exercise of options under its ESOP Scheme. The paid up share capital of the Bank will accordingly increase from Rs. 478,77,02,676 (239,38,51,338 equity shares of Rs. 2/- each) to Rs. 478,83,83,526 (239,41,91,763 equity shares of Rs. 2/- each).

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ICICI Bank allots 202,565 equity shares
Mar 20,2017

ICICI Bank has allotted 202,565 equity shares under ESOS on 16 March 2017.

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Shree Pushkar Chemicals & Fertilizers commissions 750 MTA H-acid plant
Mar 20,2017

Shree Pushkar Chemicals & Fertilizers announced the Commissioning of its 750 MTA H-acid plant at its unit no. III at B-97, MIDC Lote Parshuram. The trial run of the plant has commenced on 19 March 2017 and the commercial production is expected shortly.

As a result of its experience of over 10 years in the manufacture of H-Acid at its existing plant, the new plant incorporates the best of features for hassle free operations. The plants unique feature of Zero waste, by way of installing sophisticated multi stage evaporators and spray dryer ensures maximum recovery & recycle from its effluent streams, ensuring economies of operation.

With the commissioning of the aforesaid plant Shree Pushkar completes its plans as was brought out in its maiden IPO in September 2015.

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