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Hindustan Composites sizzles on plans of bonus issue
Mar 23,2017

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

Meanwhile, the S&P Sensex was up 84.20 points, or 0.29% at 29,251.88. The S&P Small-cap index was up 100.75 points, or 0.8% at 14,012.67.

High volumes were witnessed on the counter. On the BSE, 11,000 shares were traded on the counter so far as against the average daily volumes of 336 shares in the past one quarter. The stock had hit a high of Rs 1,908 and a low of Rs 1,795.70, so far during the day.

The stock had hit a record high of Rs 2,119 on 20 September 2016 and a 52-week low of Rs 750 on 8 April 2016. The stock had outperformed the market over the past one month till 22 March 2017, rising 4.22% compared with 1.05% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.76% as against Sensexs 12.27% rise.

The small-cap company has equity capital of Rs 4.92 crore. Face value per share is Rs 10.

Hindustan Composites said that a meeting of the board of directors of the company is scheduled to be held on 10 April 2017, to consider bonus issue of shares and a stock spilt. The board will also consider seeking approval of the shareholders of the company through postal ballot process for the same.

Hindustan Composites net profit rose 37.7% to Rs 12.08 crore on 26% increase in net sales to Rs 51.25 crore in Q3 December 2016 over Q3 December 2015.

Hindustan Composites is engaged in the manufacturing and marketing of fiber-based friction materials.

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Cabinet approves amendment to The Right of Children to Free and Compulsory Education Act, 2009
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the amendment to Right of Children to Free and Compulsory Education (RTE) Act, 2009. This will ensure that all teachers, in position as on 31st March, 2015, acquire the minimum qualifications prescribed by the academic authority to extend the period for such training for four years up to 31st March, 2019.

This will enable the in-service untrained elementary teachers to complete their training and ensure that all teachers at the elementary level in the country have a certain minimum standard of qualifications. This would also ensure that all Teachers would attain minimum qualifications as considered necessary to maintain the standard of teaching quality. This would ultimately result in improvement in overall quality of teachers, teaching processes and consequently learning outcomes of children. This will reinforce the Governments emphasis on improvement of quality of elementary education.

Background:

The Right of Children to Free and Compulsory Education (RTE) Act, 2009, is effective from 1st April, 2010. It envisages free and compulsory elementary education to every child in the age group of 6-14 years. The Proviso to Section 23(2) of the Act specifies that all teachers at elementary level who, at the commencement of this Act, did not possess the minimum qualifications as laid down under the RTE Act, need to acquire these within a period of five years i.e., 31st March, 2015. However, several State governments have reported that out of a total number of 66.41 lakh teachers at the elementary level, 11.00 lakh are still untrained (of this, 5.12 lakh are in Government and Aided Schools and 5.98 lakh are in private schools). In order to ensure that all teachers, in position as on 31st March, 2015, acquire the minimum qualifications prescribed by the academic authority, it is necessary to carry out appropriate amendment in the RTE Act, 2009 to extend the period for such training for four years up to 31st March, 2019.

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Beardsell extends recent sharp rally
Mar 23,2017

Meanwhile, the S&P BSE Sensex was up 98.38 points or 0.34% at 29,266.06. The BSE Small-cap index was up 117.60 points or 0.85% at 14,019.52.

On the BSE, 1,989 shares were traded on the counter so far as against the average daily volumes of 2,997 shares in the past two weeks. The stock hit a high of Rs 561.75 and a low of Rs 545.10 so far during the day.

The stock had hit a record high of Rs 622 on 4 November 2016 and a 52-week low of Rs 102.90 on 9 June 2016.

Shares of Beardsell have rallied 47.23% in ten trading sessions from its closing of Rs 381.55 on 8 March 2017.

Beardsell had recently announced that its board at its meeting held on 15 March 2017, approved 5-for-1 stock split.

Beardsells net profit spurted 256.5% to Rs 1.64 crore on 7.6% fall in net sales to Rs 38.24 crore in Q3 December 2016 over Q3 December 2015.

Beardsell is engaged in the manufacturing, selling and contracting activities in expanded polystyrene, insulation and packaging material, prefabricated panels and solar shield, quikbuild construction panels, marketing of textiles, electric motors, exports and technical consultancy services.

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Delta Corp gains after board OKs raising Rs 750 cr
Mar 23,2017

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

Meanwhile, the S&P BSE Sensex was up 83.46 points, or 0.29% to 29,251.14.

On the BSE, 4.07 lakh shares were traded in the counter so far, compared with average daily volumes of 8.76 lakh shares in the past one quarter. The stock had hit a high of Rs 181.20 and a low of Rs 178.05 so far during the day. The stock hit a record high of Rs 195.20 on 26 October 2016. The stock hit a 52-week low of Rs 62.50 on 23 March 2016.

The stock had outperformed the market over the past one month till 22 March 2017, rising 34.45% compared with 1.41% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 72.77% as against Sensexs 12.27% rise.

The mid-cap company has equity capital of Rs 23.16 crore. Face value per share is Re 1.

Delta Corp said its board of directors approved raising funds by issuing equity shares or other permissible securities through qualified institutional placements (QIPs) for an aggregate amount not exceeding Rs 750 crore. The company will seek approval from its shareholders for the fund raising plans and has called for an extraordinary general meeting on 18 April 2017.

The stock has risen 11.53% in three sessions from its close of Rs 160.85 on Monday, 20 March 2017. Shares of Delta Corp spurted 4.64% to settle at Rs 177 yesterday, 22 March 2017, on reports a domestic brokerage initiated coverage on the stock with a buy rating and a target price at Rs 229. The brokerage reportedly cites the approval of a casino in Daman as a key upside trigger and sees gaming capacity to double.

Delta Corps consolidated net profit rose 37.2% to Rs 10.06 crore on 4.5% increase in net sales to Rs 103.57 crore in Q3 December 2016 over Q3 December 2012.

Delta Corp holds three offshore gaming licences in Goa and has an integrated casino resort in Daman. The company also has three luxury hotel properties in Goa n++ Deltin Suites, Deltin Palms and Villa Marina by Deltin.

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Delta Corp rises after board OKs raising Rs 750 cr
Mar 23,2017

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

Meanwhile, the S&P BSE Sensex was up 83.46 points, or 0.29% to 29,251.14.

On the BSE, 4.07 lakh shares were traded in the counter so far, compared with average daily volumes of 8.76 lakh shares in the past one quarter. The stock had hit a high of Rs 181.20 and a low of Rs 178.05 so far during the day. The stock hit a record high of Rs 195.20 on 26 October 2016. The stock hit a 52-week low of Rs 62.50 on 23 March 2016.

The stock had outperformed the market over the past one month till 22 March 2017, rising 34.45% compared with 1.41% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 72.77% as against Sensexs 12.27% rise.

The mid-cap company has equity capital of Rs 23.16 crore. Face value per share is Re 1.

Delta Corp said its board of directors approved raising funds by issuing equity shares or other permissible securities through qualified institutional placements (QIPs) for an aggregate amount not exceeding Rs 750 crore. The company will seek approval from its shareholders for the fund raising plans and has called for an extraordinary general meeting on 18 April 2017.

The stock has risen 11.53% in three sessions from its close of Rs 160.85 on Monday, 20 March 2017. Shares of Delta Corp spurted 4.64% to settle at Rs 177 yesterday, 22 March 2017, on reports a domestic brokerage initiated coverage on the stock with a buy rating and a target price at Rs 229. The brokerage reportedly cites the approval of a casino in Daman as a key upside trigger and sees gaming capacity to double.

Delta Corps consolidated net profit rose 37.2% to Rs 10.06 crore on 4.5% increase in net sales to Rs 103.57 crore in Q3 December 2016 over Q3 December 2012.

Delta Corp holds three offshore gaming licences in Goa and has an integrated casino resort in Daman. The company also has three luxury hotel properties in Goa n++ Deltin Suites, Deltin Palms and Villa Marina by Deltin.

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Dilip Buildcon gains after winning road project
Mar 23,2017

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

Meanwhile, the S&P BSE Sensex was up 97.98 points, or 0.34% to 29,265.66.

On the BSE, 18.45 lakh shares were traded in the counter so far, compared with average daily volumes of 36,155 shares in the past one quarter. The stock had hit a high of Rs 363 and a low of Rs 354 so far during the day.

The stock hit a record high of Rs 365.15 on 21 March 2017. The stock hit a 52-week low of Rs 178.60 on 9 November 2016.

The stock had outperformed the market over the past one month till 22 March 2017, rising 21.52% compared with 1.41% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 58.52% as against Sensexs 12.27% rise.

The mid-cap company has equity capital of Rs 136.77 crore. Face value per share is Rs 10

Dilip Buildcon received a letter of award by National Highways Authority of lndia (NHAI) for four-laning Tuljapur - Ausa (including Tuliapur Bypass) road project under NHDP Phase IV on Hybrid Annuity Mode in Maharashtra.

Dilip Buildcon has signed an Memorandum of Understanding (MoU) with Shrem Infraventure to set up a special purpose vehicle (SPV) for execution of the road project. Shrem Infraventure to hold 49% stake in the SPV and Dilip Buildcon to hold the remaining 51% stake. Shrem will acquire the remaining 51% on completion of two years of commercial operation from the date of commencement.

Dilip Buildcons net profit jumped 151.7% to Rs 108.64 crore on 41.9% rise in net sales to Rs 1388.43 crore in Q3 December 2016 over Q3 December 2015.

Dilip Buildcon is a road-focused engineering procurement construction (EPC) contractor. The company develops infrastructure across the country in diverse areas such as roads & bridges, water sanitation & sewage, irrigation, industrial, commercial & residential buildings.

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Cabinet approves North East Road Network Connectivity Project Phase I
Mar 23,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for development of 403 kms of National Highways in Meghalaya and Mizoram. Out of 403 km, approximately 52 kms will be in Meghalaya and 351 km in Mizoram. The project will be executed in EPC Mode.

The estimated cost is Rs 6,721 crore including cost of land acquisition, resettlement and other pre-construction activities.

The projects will be taken up for implementation during the financial year 2017-18. The civil works are expected to be completed by 2021 and maintenance works are expected to be completed by 2025.

The projects will encourage sub-regional socio-economic development by improvement of infrastructure in Meghalaya and Mizoram. It will also enhance the connectivity with inter-state roads and International Borders.

The work for development to two lane standards are under scheme North East Road Network Connectivity Project Phase I with loan assistance of Japan International Cooperation Agency (JICA).

Background:

The existing carriageway of all the stretches is varying between Single lane to Intermediate lane. The condition of the pavement is very poor and at some locations not in traffic worthy condition. In addition, the stretches are also in poor condition in the landslides areas / sinking zone. Updation and development of these stretches to the two lane with paved shoulders standard will be done.

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Hindustan Zinc gains after boards nod for special interim dividend
Mar 23,2017

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

Meanwhile, the S&P BSE Sensex was up 94.24 points or 0.32% at 29,261.92.

On the BSE, 6.51 lakh shares were traded on the counter so far as against the average daily volumes of 3.84 lakh shares in the past two weeks. The stock had hit a high of Rs 322.10 and a low of Rs 316.70 so far during the day.

The record date for the payment of interim dividend is 30 March 2017.

Hindustan Zinc stock offers a dividend yield of 8.82% based on the closing price of Rs 311.75 yesterday, 22 March 2017.

Hindustan Zincs net profit rose 26.11% to Rs 2319.90 crore on 38.45% growth in total income to Rs 5972.16 crore in Q3 December 2016 over Q3 December 2015.

Hindustan Zinc is a subsidiary of Vedanta (formerly known as Sesa Sterlite), a part of London listed Vedanta Resources plc, a global diversified natural resources company.

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IndusInd Bank allots AT1 Bonds aggregating Rs 1000 cr
Mar 23,2017

IndusInd Bank announced that the Finance Committee of the Board has allotted 10,000 Rated, Listed, Non-Convertible, Perpetual Subordinated Unsecured Basel III-compliant Bonds in the nature of Debentures towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds), for Face Value of Rs.10 lakh each for cash aggregating to Rs.1,000 crore (Rupees One Thousand crore only) on Private Placement basis. The aforesaid Bonds will be issued in dematerialised form and will be listed on the Wholesale Debt Market (WDM) segment of National Stock Exchange of India.

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Mahindra & Mahindra provides update on indirect subsidiary - Mahindra Retail
Mar 23,2017

Mahindra & Mahindra announced that Mahindra Retail (MRPL), an indirect subsidiary of the Company, has sold its entire shareholding (100%) in Mahindra Internet Commerce (MICPL). Hence, MICPL has ceased to be a subsidiary of MRPL and as such of the Company.

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L&T Technology Services inaugurates delivery center in Munich
Mar 23,2017

L&T Technology Services inaugurated its new center of excellence dedicated for a leading German Original Equipment Manufacturer(OEM) in Munich Germany, its fourth delivery center for the customer following R&D hubs in Mumbai, Bangalore and Mysore in India.

The delivery center will also be instrumental in hiring local talent and foster skill development for the youth in Munich region and Germany. Through LTTS focus on automotive technologies, the center will propel the regional economy into the next phase of growth, delivering quality services, expanding workforce, and supporting major projects in the region through innovative engineering processes.

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Bharti Infratel fixes record date for interim dividend
Mar 23,2017

Bharti Infratel has fixed 03 April 2017 as the Record Date for the purpose of Payment of Interim Dividend.

The payment of Interim Dividend/dispatch of Dividend Warrants will be made on or before 21 April 2017.

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Cabinet approves in situ promotion to the officers of Indian Trade Service (ITS) to the Senior Administrative Grade (SAG)
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved in- situ promotion of officers of the Indian Trade Service (ITS), belonging to 1989 to 1991 batches, to the Senior Administrative Grade (SAG) level, on personal basis, as a onetime relaxation, with the condition that, as and when vacancies at SAG arise on the cadre post, these officers would be adjusted against the vacant cadre posts and the posts held by these officers at present, would be retained at the original level of Junior Administrative Grade (JAG), after their retirement or being covered against the original sanctioned strength of SAG.

This approval would enable the Government to retain and gainfully utilize these senior ITS officers, with significant domain knowledge, in various positions in the areas of trade promotion and trade defense to help in achieving the objective of accelerated growth of Indias export sector. Grant of promotion to SAG level will also enable these officers to be considered for empanelment under the Central Staffing Scheme and add to the pool of officers available for serving the Government of India under the said scheme in different Ministries/ Departments of the Government of India. Indian Trade Service was created as a Central Group A Service to cater to the growing need of an organized cadre to handle various aspects of Indias international trade and trade promotion.

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Cabinet approves MoU between India and the USA on cooperation in the field of Cyber Security
Mar 23,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed between the Indian Computer Emergency Response Team (CERT-ln) under the Ministry of Electronics and Information Technology and the US Homeland Security Department on cooperation in the field of Cyber Security. The MOU was signed on 11th January 2017 in New Delhi.

The MoU intends to promote closer co-operation and exchange of information pertaining to the Cyber Security in accordance with the relevant laws, rules and regulations and on the basis of equality, reCciprocity and mutual benefit.

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Hindustan Zinc may gain after boards nod for special interim dividend
Mar 23,2017

Hindustan Zinc said its board of directors at a meeting held on Wednesday, 22 March 2017, approved special interim dividend of Rs 27.50 per share for the year ending 31 March 2017 (FY 2017). The record date for the payment of interim dividend is 30 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

State Bank of India (SBI) announced that it has made payment of Rs 219.93 crore (principal amount plus interest) on 22 March 2017, to the eligible bondholders of under Upper Tier-II subordinated bonds issued on 22 March 2007, by the erstwhile State Bank of Indore since merged with SBI. The announcement was made after market hours yesterday, 22 March 2017.

IndusInd Bank announced that the finance committee of the board yesterday, 22 March 2017, allotted debentures for cash aggregating to Rs 1000 crore on Private Placement basis towards non-equity regulatory Additional Tier 1 Capital (AT1 Bonds). The bonds will be listed on the wholesale debt market (WDM) segment of National Stock Exchange of India (NSE). The announcement was made after market hours yesterday, 22 March 2017.

Axis Bank announced that its board passed a resolution approving the allotment of 1 year senior fixed rate notes aggregating to $16.2 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch. The announcement was made after market hours yesterday, 22 March 2017.

Menon Bearings announced that the company has transferred its entire stake held in Flyga Auto, a wholly owned subsidiary and hence ceases to be subsidiary of the company from 22 March 2017. The announcement was made after market hours yesterday, 22 March 2017.

Flyga Auto was incorporated on 30 September 2016 and is yet to commence commercial operations. The consideration received from sale in Rs 3.67 crore. The shares are transferred to promoters and promoter group members, namely, Nitin Menon, Sucheta Menon, Aditya Menon and Anshul Menon.

HIL said that the company is holding 33% stake in Supercor Industries, Nigeria as a joint venture between the company and other shareholders including State Government of Bauchi. The JV is under losses since 2014 and facing cash crisis and could not meet their routine obligation of paying salaries/wages and other payments and is under winding up proceedings under the Courts of Nigeria. In view of the above mentioned reasons, company is unable to consolidate the financial statements of its overseas joint venture with the financial statements of company. The announcement was made after market hours yesterday, 22 March 2017.

Hindustan Composites announced that a meeting of the board of directors of the company is scheduled to be held on 10 April 2017, to consider further issue of shares by way of bonus shares, to consider the sub division of face value of equity shares of the company and to consider seeking approval of the shareholders of the company through postal ballot process for the same. The announcement was made after market hours yesterday, 22 March 2017.

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