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Board of Snowman Logistics to consider December quarter and half year results
Jan 30,2017

Snowman Logistics announced that the meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017 inter alia, to approve the Unaudited Financial Results of the Company for the quarter and half year ended 31 December 2016.

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Board of Thyrocare Technologies approves interim dividend for FY 2017
Jan 30,2017

Thyrocare Technologies announced that the Board of Directors of the Company at their meeting held on 28 January 2017, inter alia, has decided to pay an interim dividend of Rs. 5/- (Rupees Five only) per share for the financial year 2016-17.

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Just Dial gains after reporting rise in profitability in Q3
Jan 30,2017

The result was announced on Saturday, 28 January 2017.

Meanwhile, the S&P BSE Sensex was up 17.93 points or 0.06% at 27,900.39.

On the BSE, 79,789 shares were traded on the counter so far as against the average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 391 and a low of Rs 373.60 so far during the day.

The stock had hit a 52-week high of Rs 903 on 20 April 2016 and a record low of Rs 318.20 on 27 December 2016. It had outperformed the market over the past one month till 27 January 2017, gaining 14.49% compared with the Sensexs 6.37% rise. The scrip had, however, underperformed the market over the past one quarter declining 12.47% as against the Sensexs 0.12% fall.

The small-cap company has equity capital of Rs 70.57 crore. Face value per share is Rs 10.

Just Dial is a leading local search engine in India.

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Bharat Electronics hits record high after strong Q3 earnings, stock split
Jan 30,2017

The result was announced after market hours on Friday, 27 January 2017.

Meanwhile, the S&P BSE Sensex was down 5.79 points or 0.02% at 27,876.67.

On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 40,232 shares in the past one quarter. The stock had hit a high of Rs 1,604.95 so far during the day, which is a record high. The stock hit a low of Rs 1,580 so far during the day.

The stock had hit a 52-week low of Rs 1,009 on 1 March 2016. The stock had outperformed the market over the past one month till 27 January 2017, advancing 12.45% compared with the Sensexs 6.37% rise. The scrip had also outperformed the market over the past one quarter, gaining 22.37% as against the Sensexs 0.12% fall.

The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.

Bharat Electronics board at its meeting held on 27 January 2017, approved 10-for-1 stock split. The board also approved interim dividend of Rs 3 per share for FY 2017.

Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.

The Government of India held 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2016).

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Thyrocare Technologies fixes record date for interim dividend
Jan 30,2017

Thyrocare Technologies has fixed 09 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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Board of Virat Industries to consider December quarter results
Jan 30,2017

Virat Industries announced that the meeting of the Board of Directors of the Company will be held on 09 February 2017, to consider and take on record the Un-audited Financial Results for the quarter ended on 31 December 2016.

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Board of Hinduja Global Solutions to consider Q3 and 9M results
Jan 30,2017

Hinduja Global Solutions announced that a Meeting of the Board of Directors of the Company will be held on 08 February 2017, inter alia, to consider and approve Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended 31 December 2016.

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L&T builds on good Q3 results
Jan 30,2017

The result was announced on Saturday, 28 January 2017.

Meanwhile, the S&P BSE Sensex was down 13.22 points or 0.05% at 27,869.24.

On the BSE, 20,000 shares were traded on the counter so far as against the average daily volumes of 1.01 lakh shares in the past two weeks. The stock had hit high of Rs 1,466.50 and low of Rs 1,444 so far during the day.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&Ts international revenue at Rs 9590 crore constituted 36% of the total revenue in Q3 December 2016. L&T garnered fresh orders worth Rs 34885 crore at the group level in Q3 December 2016, amid subdued business environment. Consolidated order book of the group stood at Rs 2.58 lakh crore as on 31 December 2016, higher by 1.4% on a year-on-year (yoy) basis.

With regard to future business outlook, L&T said the companys focus would be on selective pursuit of opportunities, working capital reduction, cost optimization through supply chain efficiencies and productivity enhancement through digitalization initiatives. Aided by these initiatives, the company is hopeful of a satisfactory performance given the current business environment.

L&Ts board of directors at its meeting held on 28 January 2017, approved a scheme of amalgamation between the company and its wholly-owned subsidiary Spectrum Infotech, subject to necessary approvals. Spectrum Infotech is engaged in the defence business.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Mercantile Ventures intimates of its new subsidiaries
Jan 30,2017

Mercantile Ventures announced that Armenian Ventures (Formerly known as Armenian Investments), Eka Enterprises (Formerly known as Success Investments) and Unmaj Enterprises (Formerly known as Windsor Investments) has become the Companys subsidiaries with effect from 27 January 2017 consequent to allotment of equity shares.

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Shares of Dhanvarsha Finvest get listed
Jan 30,2017

The equity shares of Dhanvarsha Finvest (Scrip Code: 540268) are listed effective 30 January 2017 and admitted to dealings on the Exchange in the list of XT Group Securities.

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Board of Sheetal Diamonds to consider December quarter results
Jan 30,2017

Sheetal Diamonds announced that a meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017, inter alia, to consider and approve the Un-Audited financial results for the Quarter ended 30 December 2016.

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Jindal Steel & Power secured long term coal linkage for its sponge iron units
Jan 30,2017

Jindal Steel & Power has secured long term coal linkage of a total quantity of 0.5 million tonnes per annum for the next 5 years in the recently concluded coal linkage auction under Sponge Iron sub-sector, conducted by Coal India. This sourcing of coal will help the Company to secure fuel requirements and smooth operations of Companys Sponge Iron Units.

The Company had earlier secured 1.18 million tonnes of linkage capacity in Captive Power Plant (CPP) sub-sector and with this linkage in Sponge Iron sub-sector, the total coal linkage capacity of the Company will be 1.68 million tonnes per annum.

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GMR Infrastructure provides update on development of Kakinada SEZ
Jan 30,2017

GMR Infrastructure announced that its subsidiary - Kakinada SEZ has signed a series of MoUs with firms interested in setting upof manufacturing units in Kakinada SEZ during the CII Partnership Summit 2017 held on 27th and 28th January at Visakhapatnam, AP.

GMR Group is developing a world-class Industrial Zone - Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 Million Tonnes.

Kakinada is often referred to as the n++Houston of Indian++ owing to the existence of Hydro-Carbon reserves and the Oil & Gas infrastructure. Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian Oil & Gas PSU majors are joining together to set up a cracker unit, with a proposedinvestment of Rs.40,000 crore in 2000 acres of GMRs Kakinada SEZ. MoU has been signed for this investment in Kakinada SEZ, among GAIL, HPCL and Government of Andhra Pradesh, during the CII Partnership Summit, Visakhapatnam, AP.

MoUs were signed by KSEZ with 5 companies which include Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs.7,000 crore spread over 550 acres at Kakinada SEZ, Kakinada, AP.

These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ to the above mentioned firms over the following months.

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National MSME Policy to be formulated for the First Time in India
Jan 30,2017

Dr.Prabhat Kumar, former Cabinet Secretary and Chairman One Member Committee for formulating National MSME Policy today presented its report to Shri Kalraj Mishra, Union Minister for Micro, Small and Medium Enterprises. The One Member Committee under the chairmanship of Dr. Prabhat Kumar was constituted by the Ministry of MSME on 31 December 2015 to help in formulating National MSME Policy. The country does not have an MSME policy till date.

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Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Jan 30,2017

The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the Income-tax Rules, 1962.The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income Tax Act, 1961.

Stakeholders and industry associations had requested for clarifications on implementation of GAAR provisions and a Working Group was constituted by Central Board of Direct Taxes (CBDT) to examine the issues raised. Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions today.

Amongst others, it has been clarified that if the jurisdiction of FPI is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply. GAAR will not interplay with the right of the taxpayer to select or choose method of implementing a transaction. Further, grandfathering as per IT Rules will be available to compulsorily convertible instruments, bonus issuances or split / consolidation of holdings in respect of investments made prior to 1st April 2017 in the hands of same investor. It has also been clarified that adoption of anti-abuse rules in tax treaties may not be sufficient to address all tax avoidance strategies and the same are required to be tackled through domestic anti-avoidance rules. However, if a case of avoidance is sufficiently addressed by Limitation of Benefits (LoB) provisions in the tax treaty, there shall not be an occasion to invoke GAAR.

It has been clarified that if at the time of sanctioning an arrangement, the Court has explicitly and adequately considered the tax implications, GAAR will not apply to such an arrangement. It has also been clarified that GAAR will not apply if an arrangement is held as permissible by the Authority for Advance Rulings. Further, it has been clarified that if an arrangement has been held to be permissible in one year by the PCIT/CIT/Approving Panel and the facts and circumstances remain the same, GAAR will not be invoked for that arrangement in a subsequent year.

The proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax / Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court. The stakeholders have been assured that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.

Government is committed to provide certainty and clarity in tax rules. Further clarifications, if any, on doubts of stakeholders regarding GAAR implementation, will also be provided.

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