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Infosys proposes buyback of equity shares
Aug 17,2017

Infosys announced that the Board of Directors of the Company will consider a proposal for buyback of equity shares of the Company at its meeting to be held on 19 August 2017.

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Phoenix Lamps gets NCLT approval for Scheme of Amalgamation
Aug 17,2017

Phoenix Lamps announced that the Honble National Company Law Tribunal (NCLT), Bengaluru Bench has approved the scheme of amalgamation of Phoenix Lamps with its holding Company, Suprajit Engineering on 11 August 2017.

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Cabinet approves Scheme of Budgetary Support under GST Regime to the eligible units located in States of J&K, Uttarakhand, HP, Sikkim
Aug 17,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval to the Scheme of providing Budgetary Support under Goods and Service Tax Regime for the eligible industrial units located in State of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim. Budgetary support of Rs. 27,413 crore for the said Scheme has been approved for the period from 1.7.2017 till 31.03.2027 for such industrial units located in aforesaid States which availed the benefit of Central Excise exemption prior to coming into force of GST regime.

The Government of India was implementing North East Industrial and Investment Promotion Policy (NEIIPP), 2007 for North Eastern States including Sikkim and Package for Special Category States for Jammu & Kashmir, Uttarakhand and Himachal Pradesh to promote industrialization. One of the benefits of the NEIIPP, 2007 and Package for Special Category States was excise duty exemption for first 10 years after commencement of commercial production.

Upon repeal of the Central Excise duty laws, the Government has decided to pay a budgetary support equal to the central share of the cash component of CGST and IGST paid by the affected eligible industrial units. The support shall be available for the residual period (ten years from the date of the commercial production) in the States of North Eastern region and Himalayan States. DIPP will notify the Scheme, including detailed operational guidelines for implementation of the scheme within 6 weeks.

It is estimated that total number of 4284 eligible units located in the State(s) of Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States including Sikkim will benefit from the above scheme.

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Infosys may gain on share buyback plan
Aug 17,2017

Infosys announced that the board of directors of the company will consider a proposal for buyback of equity shares at its meeting to be held on 19 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Shoppers Stop said that with effect from yesterday, 16 August 2017, the company has closed Shoppers Stop store at Shyamala Towers - Chennai, due to lower than expected businesses and its low profitability. During the last financial year, sales from this store was 0.35% of the turnover of the company. With this closure, the company has now 79 Shoppers Stop (including six airport stores) stores under its operations. The announcement was made after market hours yesterday, 16 August 2017.

Indian Hotels Company scheduled a board meeting on 21 August 2017 for considering various fund raising options. The announcement was made after market hours yesterday, 16 August 2017.

Yes Bank with effect from 1st September 2017 has revised its savings account interest rate slabs for resident & non-resident customers. The new slabs were: 5% per annum for savings balances less than Rs 1 Lakh, 6% (unchanged) for balances of Rs 1 lakh to less than Rs 1 crore and 6.25% per annum for balances above Rs 1 crore. The announcement was made after market hours yesterday, 16 August 2017.

Piramal Enterprises said that Decision Resources Inc. wholly owned subsidiary of Piramal Enterprises in USA has acquired 100% of common and preferred stock of Context Matters Inc. The closing date of acquisition is 16 August 2017. Context Matters is a health economics data and technology company delivering global market access insights to the life sciences industry. The announcement was made after market hours yesterday, 16 August 2017.

United Bank of India said that it has reduced deposit rates for deposit upto Rs 1 crore from 6.25% to 6.1% per annum. Deposit rate for more than Rs 1 crore has been reduced from 4.5% to 4.35% and amount upto Rs 50 lakh has been revised downwards from 4% to 3.5% effective 18 August 2017. The announcement was made after market hours yesterday, 16 August 2017.

Majesco, USA, (Majesco) the Insurance arm and a subsidiary of Majesco announced about the tier one customer expanding its strategic partnership with Majesco to provide additional services including development, testing and business analysis for their multi-year modernization program. The announcement was made after market hours yesterday, 16 August 2017.

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Cabinet approves creation of one post of Director and three non-teaching posts for NIT, Andhra Pradesh
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the creation of one post of Director with basic pay of Rs. 75,000 + a special allowance of Rs,5000/- and three non-teaching posts (Registrar, Librarian and Principal Students Activity & Sports (SAS) Officer) with Grade Pay of Rs.10,000/- for National institute of Technology (NIT), Andhra Pradesh.

Background:

NITs are Institutions of National Importance known to be among the best teaching Institutions in the field of engineering and technology which have made a remarkable presence with their high quality technical education. The job opportunities will be for the post of Director and three Non Faculty posts i.e. Registrar, Librarian and Principal Students Activity & Sports (SAS) Officer. They will be responsible for running of NIT Andhra Pradesh which will produce high quality, technical manpower which will fuel entrepreneurship and generation of job opportunities throughout the country.

Consequent upon the assent of the President of India on 1st March, 2014 to the bifurcation of the State of Andhra Pradesh, the Ministry of Human Resource Development (HRD) has established NIT at the successor State of Andhra Pradesh as per Schedule 13 (Education) of the Andhra Pradesh Reorganization Act, 2014.

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IDBI Bank allots equity shares
Aug 16,2017

IDBI Bank has allotted 247492510 equity shares to Govt. of India and 51322131 equity shares to Life Insurance Corporation of India at a price of Rs. 76.77 per share (inclusive of premium of Rs. 66.77 per share) through Preferential Issue.

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Shervani Industrial Syndicate fixes record date for buyback
Aug 16,2017

Shervani Industrial Syndicate has fixed 1st September 2017 as the Record Date for the purpose of Buy Back.

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Strides Shasun grants stock options
Aug 16,2017

Strides Shasun on 14th August 2017 has granted 100,000 options to an eligible employee of the Company under the Strides Shasun ESOP 2016 scheme at Rs 656.10 per option.

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Orosil Smiths India fixes record date
Aug 16,2017

Orosil Smiths India has fixed 28 August 2017 as the Record Date for the purpose of sub-division of Equity Shares.

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Kwality allots equity shares
Aug 16,2017

Kwality has allotted 69,400 Equity Shares of the face value of Re 1/- each under Kwality Employee Stock Option Plan 2014.

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Cochin Shipyard completes a landmark IPO; Raises funds for its expansion projects
Aug 16,2017

Cochin Shipyard under the Ministry of Shipping was listed in Bombay Stock Exchange and National Stock Exchange on 11 August 2017. The company has raised Rs 1442crores from the IPO which has been a combination of fresh issue and offer for sale in the ratio of 2:1. The IPO was oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1442crores.

The Issue also saw a strong interest from retail segment with over 20 lakh applications , the highest in the last decade. The QIB portion was over subscribed by over 63 times and the HNI portion was over subscribed by 287 times. After listing the shares in the exchange, they opened at 20% increase despits the markets being low. The company undertook very detailed roadshows in India, Far East, Europe and US. Overall there was very positive market sentiments, towards the IPO.

The proceeds of the fresh issue part of the IPO, totaling approximately Rs 961crores will be used by CSL for part funding two expansion projects costing Rs 2800 crores. The projects are - a dry dock at the Cochin Shipyard premises to accommodate bigger ships for building and repair and a ship repair facility in the adjacent Cochin Port Trust premises by setting up of a ship lift and transfer system.

Cochin Shipyard was incorporated in the year 1972 as the first green field shipyard of India. As on date Cochin Shipyard Limited is the largest public sector shipyard in India in terms of dock capacity. CSL caters to clients engaged in the Defence sector in India and clients engaged in the commercial sector worldwide for Shipbuilding and Ship Repair. In addition to shipbuilding and ship repair, CSL also offers marine engineering training.

The company has exported around 45 ships to overseas customers and has the pride of building the first Indigenous Aircraft Carrier for the Indian Navy. The companys diversified business profile and presence in multi maritime segments have resulted in strong financial fundamentals. The companys turnover for FY 2017 was Rs 2059 crores as against a turnover of Rs 1404 crores for the FY 2012.The Profit After Tax for the FY 2017 was Rs 322 crores as against a PAT of Rs 172 crores for FY 2012. The Networth of the company as on March 2017 was Rs 2031 crores as against Rs 1051 crores at end of FY 2012.

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Seasons Furnishings appoints CFO
Aug 16,2017

Seasons Furnishings has appointed Mr. Yogesh Kumar Sharma as Chief Financial Officer of the Company.

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Yes Bank revises Savings Account Interest Rate slabs
Aug 16,2017

Yes Bank with effect from 1st September 2017 has revised its Savings Account Interest Rate slabs for Resident & Non-Resident customers. The new slabs were: 5% p.a. for savings balances less than Rs. 1 Lakh, 6% (unchanged) for balances of 1 lakh to less than 1 crore and 6.25% p.a. for balances above 1 crore.

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Cabinet approves creation of a single non-lapsable corpus fund for Secondary
Aug 16,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has accorded its approval today for creation of a non-lapsable pool in the Public Account for secondary and higher, education known as Madhyamik and Uchchtar Shiksha Kosh (MUSK) into which all proceeds of Secondary and Higher Education Cess will be credited.

The funds arising from the MUSK would be utilized for schemes in the education sector which would be available for the benefit of students of secondary and higher education, all over the country.

In connection with the above fund, the Union Cabinet also accorded its approval to the following:

(i) Administration and maintenance of the above pool by Ministry of Human Resource Development.

(ii) Accruals from the Cess would be utilized in the ongoing schemes of Secondary and Higher Education. However, the Ministry of Human Resources Development can allocate funds for any future programme/scheme of secondary and higher education, based on the requirement, as per prescribed procedure,

(iii) In any financial year, the expenditure on ongoing schemes of the Department of School Education & Literacy and Department of Higher Education would be initially incurred from the gross budgetary support (GBS) and the expenditure would be financed from the MUSK only after the GBS is exhausted.

(iv) The MUSK would be maintained as a Reserve Fund in the non-interest bearing section of the Public Accounts of India.

The major benefit will be enhancing access to secondary and higher education through availability of adequate resources, while ensuring that the amount does not lapse at the end of financial year.

Features:

1. Accruals into the proposed non-lapsable fund will be made available for expansion of secondary education and higher education.

2. For Secondary Education: Presently, the Ministry of Human Resources Development envisages that the accruals from the Cess would be utilized in the secondary education for:

Ongoing Rashtriya Madhyamik Shlksha Abhiyan Scheme and other approved programmes including:

National Means-Cum-Merit Scholarship Scheme and

National Scheme for Incentives to Girls for Secondary Education.

3. For Higher Education: the accruals would be utilized for:

Ongoing Schemes of Interest Subsidy and contribution for guarantee funds, Scholarship for College & University Students;

Rashtriya Uchchtar Shiksha Abhiyaan;

Scholarship (from Block Grant to the institutions) and National Mission on Teachers and Training.

However, the Ministry of Human Resources Development can allocate funds for any programme/scheme of secondary and higher education, based on the requirement & prescribed procedure.

The purpose of levying cess for secondary and higher education is to provide adequate resources for secondary and higher education.

The fund would be operationalised as per the present arrangements under Prarambhik Shiksha Kosh (PSK) wherein the proceeds of cess are used for Sarv Shiksha Abhiyan (SSA) and Mid-Day Meal (MDM) Schemes of the Department of School Education & Literacy.

Background:

(i) During the 10th Plan, an education cess of 2% on all central taxes was imposed w.e.f. 1.4.2004 to make available additional resources for basic education/elementary education to augment the existing budgetary resources. A need was felt to give a similar fillip to the effort of the Central Government in universalizing access to secondary education and expanding the reach of the higher education sector. Therefore, the Finance Minister, in his budget speech of 2007 proposed an additional cess of 1% on central taxes for secondary and higher education.

(ii) A cess @ 1% on central taxes, called the Secondary and Higher Education Cess was levied through Finance Act, 2007 to fulfil the commitment of the Government to provide and finance secondary and higher education (Section 136 of the Act).

(iii) In July, 2010, a draft cabinet note was circulated by the HRD Ministry wherein it was proposed to create a non-lapsable fund in the Public Account called Madhyamik and Uchchatar Shiksha Kosh (MUSK) as a receptacle for the proceeds of the Secondary and Higher Education Cess. The views of concerned Ministries viz the then Planning Commission, Ministry of North Eastern Region, and Department of Economic Affairs, Ministry of Finance were sought in this regard. The Department of Economic Affairs did not agree to the proposal on the grounds that the Budget allocations for the schemes of Secondary Education and Higher Education have been far more than the amount of 1% cess collected. Therefore, the amount of the cess collected is deemed to have been fully allocated for the schemes of Secondary and Higher Education in the respective financial years. Hence, funds on account of 1% cess for the past period are not available now for allocation.

(iv) Subsequently, the HRD Ministry sought the approval of the Department of Economic Affairs for revisiting the issue of creation of Madhyamik and Uchchatar Shiksha Kosh (MUSK) on 11th February, 2016. Department of Economic Affairs on 20th June, 2016 approved that this Ministry may move a draft Cabinet Note to seek the approval of the Cabinet for creation of. MUSK.

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BPL to convene AGM
Aug 16,2017

BPL announced that the 53th Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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