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GAIL (India) provides update on Urja Ganga
Oct 25,2016

GAIL (India) announced the start of the construction of City Gas Distribution project in Varanasi as Prime Minister Narendra Modi laid the foundation stone. The project is part of GAIL (India)s Jagdishpur - Haldia and Bokaro - Dhamra pipeline project, popularly known as Urja Ganga

The 2540 km JHBDPPl project is being executed at an investment of Rs 12940 crore, which includes 40% capital grant (Rs 5176 crore) from the Government of India. GAIL has also been entrusted with developing of City Gas Distribution network in seven cities enroute the pipeline i.e. Varanasi, Patna, Jamshedpur, Kolkata, Ranchi, Bhubaneshwar and Cuttack.

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Tata Steel intimates of change in Chairman of Tata Sons
Oct 25,2016

Tata Steel announced that Tata Sons at its Board Meeting held on 24 October 2016 has replaced Cyrus P Mistry as the Chairman of Tata Sons with immediate effect. Ratan N Tata shall be the interim Chairman of Tata Sons until a new Chairman is appointed.

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Cash, gift vouchers most preferred Diwali festival gift by employees: Survey
Oct 25,2016

While a box of traditional sweets is the least desirable gift for office workers, cash and gift coupons/vouchers, prepaid cards are most desired this Diwali festival, noted a just-concluded survey by apex industry body ASSOCHAM.

The ASSOCHAM Social Development Foundation conducted an online survey to gauge 1,000 full-time office workers opinions and about 500 human resource professionals on Diwali festival bonuses given by companies and their desired gifts between October 1 - October 15 in 10 cities of - Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, and Mumbai.

The ASSOCHAM survey showed that 45 per cent of office workers wanted cash or gift coupons/vouchers, 35 per cent wanted gadgets/electronic item/home appliances/utensils and other such things for personal use or for use in their households, 15 per cent gift-boxes of sweets or cookies and the remaining preferred various other things.

However over half of the HR professionals that ASSOCHAM interacted with said that cash rewards have the lowest impact and do little to improve employee satisfaction and performance, many of these opined that non-financial rewards have a greater and longer-lasting effect on employee.

Most of the HR professionals said their companies have identified staff members who have consistently performed better and deserve to be recognised with something tangible.

Further elaborating on this aspect, many said their companies adhere to the policy of meritocracy and would reward only the best staff thereby making it performance-based and not across the board.

n++Most of the companies in private sector have gradually moved away from a fixed Diwali bonus and instead provide benefits considering employees individual performance for past few years, so hardly any change is expected on this front,n++ said Mr D.S. Rawat, secretary general of ASSOCHAM while releasing findings of the chambers survey.

n++Though companies are not getting very generous, but considering that Diwali being one of Indias widely celebrated annual festival, corporate gifting has become a tradition to express gratitude, appreciation, develop relationships and generate goodwill amid peers and employees,n++ said Mr Rawat.

Many HR representatives also said that though they have earmarked a certain amount towards corporate gifting, but they have not increased their budget compared to last year.

Many of these said they plan to give gift hampers including assorted chocolates, imported liquor, genuine leather bags and even personalised gifts like gym/club membership to their deserving employees and clients this year.

Crockery, sweets, dry fruits, bed sheets, gold coins, home dn++cor, tableware, luxury watches, designer apparel, expensive writing instruments, free holiday packages, movie tickets, dinner coupons, spa vouchers and hampers with a mix of festive essentials like torans, diyas, aromatic candles remain certain other popular gift options this year too.

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Tata Chemicals intimates of change in Chairman of Tata Sons
Oct 25,2016

Tata Chemicals announced that Tata Sons, Promoters of the Company, have replaced Cyrus P. Mistry as the Chairman of Tata Sons with immediate effect. Ratan N. Tata shall be the Interim Chairman of Tata Sons until the new Chairman is appointed in accordance with the procedure prescribed in the Companies Act, 2013 and the Articles of Association of Tata Sons.

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Sasken surges as board to consider share buyback proposal
Oct 25,2016

The announcement was made after market hours yesterday, 24 October 2016.

Meanwhile, the S&P BSE Sensex was down 126.98 points or 0.45% at 28,052.10

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 5,847 shares in the past one quarter. The stock hit a high of Rs 440 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 415.15 so far during the day. The stock had hit a 52-week low of Rs 233.10 on 29 February 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, rising 15.25% compared with 1.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.83% as against Sensexs 0.72% rise.

The small-cap company has equity capital of Rs 17.72 crore. Face value per share is Rs 10.

Sasken Communication Technologies board of directors will also consider declaration of interim dividend in their meeting on 27 October 2016. The company has fixed 5 November 2016 as the record date for the purpose of payment of interim dividend.

Sasken Communication Technologies consolidated net profit rose 58.48% to Rs 15.61 crore on 11.44% rise in net sales to Rs 121.78 crore in Q1 June 2016 over Q1 June 2015.

Sasken Communication Technologies is a leader in providing engineering R&D and productized IT services to global tier I customers in the communications & devices, retail, insurance and independent software space.

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Firstobject Technologies to launch mobile apps for national competitive entrace exams
Oct 25,2016

Firstobject Technologies is launching mobile applications for various national competitive entrance exams. To begin with, the company is launching apps for National Eligibility cum Entrance Test (NEET) and The Graduate Record Examination (GRE).

The company has developed a big question bank and data for these examinations which are developed by experts in their respective fields. These apps will generate practice tests dynamically from the databases. The apps will help the students identify their strong and weak areas ofpreparation by providing a detailed performance analysis of the student as a user.

The apps are currently in the pre-launch testing. The company is planning to launch them by the first week of December 2016.

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Gujarat Industries Power Co announces change in directorate
Oct 25,2016

Gujarat Industries Power Co announced about following changes in Directors of GIPCL w.e.f. 20 October 2016:

1. Pankaj Joshi, IAS has been nominated as Director by Gujarat Urja Vikas Nigam (GUVNL) vice Shahmeena Husain, IAS, liable to retire by rotation; and

2. Shalil Mukund Awale has been nominated by IDBI Bank vice Ashok Kumar not liable to retire by rotation.

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Valecha Engineering appoints directors
Oct 25,2016

Valecha Engineering announced that the Directors have been appointed as per the details given below;

- Kailas P. Chandore- Additional, Non-Executive and Independent Director

- Ashmi Devang Sheth- Additional, Non-Executive and Independent Woman Director

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Bharti Infratel gains after strong Q2 earnings
Oct 25,2016

The result was announced after market hours yesterday, 24 October 2016.

Meanwhile, the BSE Sensex was down 136.13 points, or 0.48%, to 28,042.95.

On BSE, so far 20.85 lakh shares were traded in the counter, compared with average daily volume of 1.64 lakh shares in the past one quarter. The stock hit a high of Rs 399.40 and a low of Rs 371.25 so far during the day. The stock hit a 52-week high of Rs 436.40 on 30 December 2015. The stock hit a 52-week low of Rs 302.10 on 24 June 2016. The stock had outperformed the market over the past 30 days till 24 October 2016, falling 0.22% compared with 1.71% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 2.06% as against Sensexs 0.72% rise.

The large-cap company has equity capital of Rs 1896.67 crore. Face value per share is Rs 10.

Bharti Infratels consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10% to Rs 1454 crore in Q2 September 2016 over Q2 September 2015.

The company said it had total tower base of 89,791 in Q2 September 2016 with an average sharing factor of 2.21. The total tower base was 87,184 in Q2 September 2015 with an average sharing factor of 2.15.

Akhil Gupta, chairman, Bharti Infratel, said that with the conclusion of recent spectrum auctions, the Indian telecom industry is gearing up for the next round of network rollouts. 960 MHz of data spectrum was sold in 800, 1800, 2100, 2300 & 2500 MHz bands for a sum of approximately Rs 66000 crore, taking the total investment in spectrum since 2010 to over Rs 358000 crore. The telecom sector is already witnessing big increase in demand for high speed data and availability of this additional spectrum will further spur investments from operators towards data rollouts across the country. Bharti Infratel is well poised to capitalize on this opportunity and to support telecom operators in rollout of 3G and 4G networks.

Bharti Infratel is Indias leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators.

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Nucleus Software to partner with Five-Star Business Finance
Oct 25,2016

Nucleus Software announced that Five-Star Business Finance, a NBFC has selected Nucleus Software for implementing FinnOne Neo, the loan life cycle management solution in cloud.

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Idea Cellular drops after dismal Q2 outcome
Oct 25,2016

The result was announced after market hours yesterday, 24 October 2016.

Meanwhile, the S&P BSE Sensex was down 134.95 points or 0.48% at 28,044.13

On BSE, so far 5.21 lakh shares were traded in the counter as against average daily volume of 9.65 lakh shares in the past one quarter. The stock hit a high of Rs 76.95 and a low of Rs 74.05 so far during the day. The stock had hit a 52-week high of Rs 149.80 on 23 October 2015. The stock had hit a 52-week low of Rs 71.25 on 18 October 2016.

The large-cap company has equity capital of Rs 3601.03 crore. Face value per share is Rs 10.

The consolidated results represents Idea Cellulars standalone and proportionate consolidation of Indus (@16%) and Payments Bank (@49%) at net profit level.

Earnings before interest, taxation, depreciation and amortization (EBITDA) grew 1.8% to Rs 2840.10 crore in Q2 September 2016 over Q2 September 2015 as higher network running expenses due to accelerated expansion, increased subscriber acquisition and servicing cost, and multiple inflationary pressures resulted in overall operating cost increase. EBITDA margin contracted to 30.5% in Q2 September 2016 from 32.2% in Q2 September 2015.

In the recently concluded October 2016 Spectrum auction, Idea acquired 349.2 MHz of spectrum, including 149.2 MHz spectrum in frequency bands of 1800 MHz and 2100 MHz, expanding Idea mobile broadband coverage to Pan India and additional 200 MHz spectrum in frequency bands of 2300 MHz and 2500 MHz to address the future requirement of capacity.

Idea Cellular is gearing to expand its wireless broadband coverage using the spectrum won in recently concluded spectrum auction and plans to spend incremental equipment capex of Rs 1000 crore in FY17. With this, the capex guidance is revised from an earlier level of Rs 6500-7000 crore to Rs 7500-8000 crore, the company said.

Kumar Mangalam Birla, Chairman, Idea Cellular, said that the company is committed to participate in Digital India mission. Idea is gearing itself for the arrival of a tsunami of mobile broadband users as the company expands its wireless broadband coverage to a billion Indians and supplements the companys broadband capacity at 15-20 times current data traffic on existing and new spectrum, Kumar Mangalam Birla said.

Idea Cellular is the third largest wireless operator in India with a revenue market share of 19.3% as on Q1 June 2016. Idea is part of the Aditya Birla Group, which is one of the largest business groups in India.

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SIL Investments to hold board meeting
Oct 25,2016

SIL Investments will hold a meeting of the Board of Directors of the Company on 9 November 2016 to consider, approve and take on record the Un-Audited Financial Results of the Company for the quarter ended September 30, 2016.

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Gini Silk Mills to hold board meeting
Oct 25,2016

Gini Silk Mills will hold a meeting of the Board of Directors of the Company on 4 November 2016 to consider unaudited quarter and half yearly Results of the Company for the period ended as on September 30, 2016.

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Encore Software to hold board meeting
Oct 25,2016

Encore Software will hold a meeting of the Board of Directors of the Company on 14 November 2016.

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Kanishk Steel Industries to hold board meeting
Oct 25,2016

Kanishk Steel Industries will hold a meeting of the Board of Directors of the Company on 24 October 2016.

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