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ICICI Bank in focus on offshore borrowing plan
May 11,2017

ICICI Bank said that the committee of executive directors at its meeting held on 10 May 2017, approved the proposed offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 10 May 2017.

Two-wheeler major Hero MotoCorps net profit fell 13.9% to Rs 717.75 crore on 7.9% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.

Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.

Hero MotoCorps retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.

Hindalco Industries will be watched. Novelis Inc, an overseas subsidiary of Hindalco Industries, announced 46% jump in net income at $73 million in Q4 March 2017. Net sales increased 9% to $2.6 billion for the fourth quarter of fiscal 2017, driven by higher average aluminum prices and increased shipments of higher conversion premium products, including a 26% increase in automotive shipments.

Mahindra & Mahindra (M&M) said that India Ratings and Research (Ind-Ra) has affirmed the companys long-term issuer rating at IND AAA. The outlook is stable. Ind-Ra continues to take a consolidated view of M&M after excluding its financial services subsidiary Mahindra & Mahindra Financial Services. The announcement was made after market hours yesterday, 10 May 2017.

Edelweiss Financial Services said that ratings agency CRISIL has assigned the rating of CRISIL A1+ (CRISIL A one plus) to the proposed short term debt issue aggregating to Rs 5000 crore of the company. The announcement was made after market hours yesterday, 10 May 2017.

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Pan India Corporation appoints MD
May 10,2017

Pan India Corporation announced that Omprakash Ramashankar Pathak has been appointed as Managing Director of the Company with effect from 08 May 2017.

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Tata Teleservices (Maharashtra) announces subscriber numbers
May 10,2017

Tata Teleservices (Maharashtra) announced that total subscribers stood at 84,95,125 as on 30 April 2017.

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Edelweiss Financial Services gets ratings assigned for ST debt issue
May 10,2017

Edelweiss Financial Services announced that CRISIL has assigned the rating of CRISIL A1+ (CRISIL A one plus) to the proposed Short Term Debt Issue aggregating to Rs. 5,000 crore of the Company.

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Board of Chartered Logistics appoints director
May 10,2017

Chartered Logistics announced that the Board of Directors of the Company at its meeting held on 10 May 2017 has approved the appointment of Mittal P. Mistry as an Additional Independent Director and Woman Director of the company with effect from 10 May 2017.

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Orient Green Power Company provides update on sale of Green Power (Maharashtra)
May 10,2017

Orient Green Power Company announced that the Company had earlier signed a Share Purchase Agreement with Sindicatum Captive Energy Singapore towards sale of 100% equity shares held in Orient Green Power (Maharashtra) (OGPML). However Padmashri Dr. D.Y. Patil Sahakari Sakhar Karkhana (PDDPSSKL) exercised its option of first right to purchase the Shares of OGPML as per the terms of Build, Own Operate and Transfer (BOOT) Agreement signed with them.

As a result, the SPA signed with Sindicatum Captive Energy Singapore stands cancelled and further an Memorandum of Understanding ( MoU) has been signed between OGPML and PDDPSSKL for a sale of 20 MW CO-Generation Power Plant at GAGANBAWDA, Kolhapur.

The Board has approved the same through a circular resolution.

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Jindal Worldwide appoints director
May 10,2017

Jindal Worldwide announced that the Board of Directors at its meeting held on 10 May 2017 has approved the appointment of Shrikant N. Jhaveri as a Additional Director under the category of the Independent Director of the Company ,who shall hold office upto the date of the ensuing Annual General Meeting of the Company and be regularized in the said meeting subject to the approval of shareholders.

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Kamdhenu gets reaffirmation of credit ratings
May 10,2017

Kamdhenu announced that the credit rating of the Company has been reaffirmed as CRISIL BBB+ and CRISIL A2 and outlook is revised from Negative to Stable by the credit rating agency CRISIL

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Board of Tata Motors appoints director
May 10,2017

Tata Motors has appointed Mr Om Prakash Bhatt as Additional and Independent Director, with effect from 09 May 2017 for a tenure of 5 years from date of such appointment at board meeting held on 09 May 2017.

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Board of Kothari Industrial Corporation appoints director
May 10,2017

Kothari Industrial Corporation announced that the Board of Directors of the Company at its meeting held on 21 April 2017 has appointed J.Rafiq Ahmed as Additional Director of the company.

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Vakrangee forms alliance with First Flight Couriers
May 10,2017

Vakrangee announced its alliance with First Flight Couriers, through its wholly owned subsidiary, Vakrangee Logistics for offering last mile courier and logistic services to citizens.

As per the arrangement with First Flight Couriers, Vakrangee Logistics through Vakrangee Kendras will offer Courier Pick up services and help First Flight Couriers extend their reach to un-served and under-served areas.

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Insilco to resume operations at plant in Gajraula
May 10,2017

Insilco announced that it is restarting its plant at Gajraula and has deposited Demand Draft for an amount of Rs. 15 lakhs with Central Pollution Control Board on 09 May 2017.

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Orient Cement appoints director
May 10,2017

Orient Cement announced that the Board of Directors of the Company at its meeting held on 05 May 2017 has appointed I.Y.R. Krishna Rao as an Additional Director in the category of Independent Director of the Company for a period of five years w.e.f. 05 May 2017 subject to the approval of the shareholders at the forthcoming Annual General Meeting.

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RBI initiates Prompt Corrective Action for IDBI Bank
May 10,2017

IDBI Bank announced that the Reserve Bank of India on 05 May 2017 has initiated Prompt Corrective Action for IDBI Bank in view of high net NPA and negative RoA. This action will not have any material impact on the performance of the Bank and will contribute to improving the internal controls of the Bank and improvement in its activities.

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Outcome of board meeting of SKIL Infrastructure
May 10,2017

SKIL Infrastructure announced that the Board of Directors of the Company at its meeting held on 09 May 2017 has transacted the following -

1. Accepted the resignation of Ajay Khera from the post of Key Managerial Personnel under the category of Chief Executive Officer (CEO) of the Company, effective from 09 May 2017.

2. Appointed Uday B. Singh as an Additional Director of the company with immediate effect and thereafter as a Whole- time director designated as Executive Director with effect from May 10, 2017 for the tenure of two years.

3. Appointed Shekhar Gandhi as a Chief Financial Officer of the Company with immediate effect.

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