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Cadila Healthcare gets healthier after USFDA nod for migraine drug
Jun 19,2017

The announcement was made during market hours today, 19 June 2017.

Meanwhile, the S&P BSE Sensex was up 139.86 points, or 0.45% to 31,196.26.

On the BSE, 40,644 shares were traded in the counter so far, compared with average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 538.10 and a low of Rs 527.60 so far during the day. The stock had hit a record high of Rs 558 on 12 June 2017. The stock hit a 52-week low of Rs 305.05 on 24 June 2016.

The stock had outperformed the market over the past one month till 16 June 2017, gaining 7.48% compared with 1.55% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 18.65% as against Sensexs 4.97% gains. The scrip had also outperformed the market in past one year, jumping 65.61% as against Sensexs 17.08% gains.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Cadila Healthcare said that the drug which is used in the treatment of migraine, will be manufactured at the groups formulations manufacturing facility at the Pharma special economic zone (SEZ) in Ahmedabad.

Cadila Healthcares consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961
Jun 19,2017

Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatriate the excess money within the prescribed time limit. Separate rates of interest have been provided for international transactions denominated in Indian currency and in foreign currency. The rates of interest are applicable on an annual basis.

The time limit of 90 days for repatriation of excess money shall begin only when the primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 or later, attains finality. Where the transfer pricing order is appealed against by the taxpayer, the time limit for repatriation shall commence only after the appeal is finalised by the appellate authority.

The Finance Act, 2017 inserted section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise, in order to make the actual allocation of funds consistent with that of the primary transfer pricing adjustment. The provision shall apply to primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 onwards.

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Vedanta gains on reports of proposal to set-up steel plant
Jun 19,2017

Meanwhile, the S&P BSE Sensex was up 147.17 points or 0.47% at 31,203.57.

On the BSE, 3.01 lakh shares were traded on the counter so far as against the average daily volumes of 11.63 lakh shares in the past one quarter. The stock had hit a high of Rs 240.60 and a low of Rs 237.90 so far during the day. The stock had hit a 52-week high of Rs 278 on 3 April 2017 and a 52-week low of Rs 111.60 on 24 June 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 0.65% compared with the Sensexs 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 10.54% as against the Sensexs 4.97% rise. The scrip had, however, outperformed the market over the past one year, surging 93.3% as against the Sensexs 17.08% rise.

The large-cap company has equity capital of Rs 371.72 crore. Face value per share is Rs 1.

According to reports, Jharkhand Chief Minister Raghubar Das was quoted as saying that a steel plant would soon come up at Manoharpur in West Singhbhum district, Jharkhand. The Vedanta group and Jharkhand Mineral Development Corporation (JSMDC) would jointly set up the plant.

On consolidated basis, Vedanta reported net profit of Rs 2988.04 crore in Q4 March 2017, compared with net loss of Rs 21103.66 crore in Q4 March 2016. Net sales rose 41.5% to Rs 22511.27 crore in Q4 March 2017 over Q4 March 2016.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.

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Deep Industries drops after recent sharp rally
Jun 19,2017

Meanwhile, the S&P BSE Sensex was up 159.99 points, or 0.52% at 31,216.39. The S&P BSE Small-Cap index was up 11.76 points, or 0.08% at 15,679.

On the BSE, 8,296 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 310.90 and a low of Rs 296.15 so far during the day. The stock had hit a record high of Rs 343.70 on 30 March 2017 and a 52-week low of Rs 162.05 on 24 June 2016.

The stock had underperformed the market over the past one month till 16 June 2017, declining 4.27% compared with the Sensexs 1.55% rise. The scrip had also underperformed the market over the past one quarter declining 4.33% as against the Sensexs 4.97% rise. The scrip had, however, outperformed the market over the past one year advancing 72.14% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Shares of Deep Industries had rallied 11.41% in the preceding two trading sessions to settle at Rs 304.60 on Friday, 16 June 2017, from its closing of Rs 273.40 on 14 June 2017.

Deep Industries net profit spurted 81.2% to Rs 23.23 crore on 36.5% increase in net sales to Rs 74.90 crore in Q4 March 2017 over Q4 March 2016.

Deep Industries is engaged in business of oil and gas services, exploration and production.

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OTCO International announces resignation of company secretary
Jun 19,2017

OTCO International announced that Manish Chetani, Company Secretary and Compliance Officer of the company has resigned effective 17 June 2017.

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EID Parry (India) allots 7084 equity shares
Jun 19,2017

EID Parry (India) has allotted 7,084 Equity shares of Re.1/- each arising out of exercise of options granted under the Employee Stock Option Scheme, 2007 on 16June 2017.

Please note that further to the above allotment of equity shares, the total number of equity shares outstanding aggregates to 17,69,52,843 and the Issued and Paid-up Equity Share Capital is Rs. 17,69,52,843/-.

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Bank of Maharashtra skids after RBI initiates corrective action
Jun 19,2017

The announcement was made on Saturday, 17 June 2017.

Meanwhile, the S&P Sensex was up 157.22 points, 0.51% at 31,208.16. The S&P BSE Mid-cap index was up 20.66 points or 0.14% at 14,827.99.

On the BSE, 37,021 shares were traded on the counter so far as against the average daily volumes of 83,629 shares in the past one quarter. The stock had hit a high of Rs 30.50 and a low of Rs 29.60 so far during the day.

The stock had hit a 52-week high of Rs 40.70 on 4 May 2017 and a 52-week low of Rs 25 on 9 November 2016.

The stock had underperformed the market over the past one month till 16 June 2017, falling 9% compared with 1.55% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 4.49% as against Sensexs 4.97% gains. The scrip had also underperformed the market in past one year, gaining 0.33% as against Sensexs 17.08% gains.

The mid-cap bank has equity capital of Rs 1168.33 crore. Face value per share is Rs 10.

Bank of Maharashtra said that the action will not have any material impact on the performance of the bank and it will contribute to improve the internal controls of the bank and improvement in its asset quality, profitability and efficiency.

The banks ratio of gross NPAs to gross advances stood at 16.93% as on 31 March 2017 as against 9.34% as on 31 March 2016. The ratio of net NPAs to net advances stood at 11.76% as on 31 March 2017 as against 6.35% as on 31 March 2016.

Bank of Maharashtra reported net loss of Rs 455.45 crore in Q4 March 2017 compared with net loss of Rs 119.84 crore in Q4 March 2016. Total income fell 5.9% to Rs 3354.80 crore in Q4 March 2017 over Q4 March 2016.

The Government of India (GoI) held 81.61% stake in Bank of Maharashtra (as per the shareholding pattern as on 31 March 2017).

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Central Bank of India gets revision in credit ratings
Jun 19,2017

Central Bank of India announced that Brickwork Ratings has reaffirmed the ratings of Basel III Tier II Bonds and Basel III Additional Tier I Bonds while revised the rating of Innovative Perpetual Debt Instrument -

Basel III Tier II Bonds - BWR A+; Negative (Reaffirmed)
Basel II AT I Bonds - BWR A-; Negative (Reaffirmed)
Innovative Perpetual Debt Instrument - BWR A+; Negative (Revised from BWR A ; Negative)

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Board of SVP Housing allots 7.5 lakh equity shares on conversion of loan
Jun 19,2017

SVP Housing announced that the Board of Directors of the Company at its meeting held on 17 June 2017 has taken the following decision -

The Company has issued and allotted 750,000 equity shares on preferential basis of Rs 10 each at a price of Rs 42 per share to Promoter - SVP Builders (India) against conversion of part of their loan amount of Rs 3.15 crore.

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Gujarat Natural Resources announces resignation of director
Jun 19,2017

Gujarat Natural Resources announced the resignation of Ilesh P. Shah, Non Executive Director of the Company with effect from 16 June 2017.

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Eros International Media partners with Turkish film studios, Pana Films
Jun 19,2017

Eros International Media has announced two Indo-Turkish co-productions with one of the largest Turkish film studios, Pana Films.

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RPP Infra Projects bags order worth Rs 51.2 crore
Jun 19,2017

RPP Infra Projects has bagged order from Tamil Nadu Civil Supplies Corporation for construction of Scientific Storage Godown of 40000 MT Capacity (8 number having 5000 MT capacity each) in TNCSC Campus at Edamanal Village in Sirkali Taluk in Nagapattinam District worth Rs 51.2 crore. The said work is to be completed within 12 months.

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Compuage Infocom receives distribution rights from Targus Asia Pacific
Jun 19,2017

Compuage Infocom announced that it has received rights for distribution of range of accessories of Targus Asia Pacific in India.

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RBI paper on co-origination of loans in making: SS Mundra
Jun 19,2017

The Reserve Bank of India (RBI) is working on a paper on co-origination of loans which can become an important way of catering to the micro, small and medium enterprises (MSMEs), RBI deputy governor, Mr S.S. Mundra said at an ASSOCHAM event.

n++There had been already consultation and discussion with the banking industry because it is something where essentially banking and non-banking lender have to come together. So those consultations were already on, and it is a paper in making. Not that a final view has been taken,n++ said Mr Mundra.

n++The idea is it can be an alliance of only the people who are in the formal lending sector,n++ he said.

He also informed that RBI has been trying to develop a formal co-origination model whereby bank is not financing MFIs (micro finance institutions) and NBFCs (non-banking finance companies) for on-lending to ultimate borrower rather both of them join at each under-writing and loan level thereby sharing the loan amount in agreed percentage.

n++This can bring strength of two sectors together. The MFIs have a better understanding of the ground level, they have the last-mile reach whereas the banks can supplement the resources. Rather than simply going with financing or on-lending, this co-origination can become an important way to cater to MSME sector,n++ further said Mr Mundra.

He suggested the banks that for them to continue with meaningful lending, the one segment which will be very-very important will be MSMEs.

n++For bankers, apart from the market dynamics, the restrictions on their ability to finance large corporates, even the growing competition in the market would make it essential to finance MSMEs and also they should move quickly, relook at their processes and try to become proactive,n++ said Mr Mundra.

He said that it is very important for the lenders be it bankers or the NBFC lenders to understand and appreciate the lifecycle needs of the MSMEs. n++I think putting MSME in one bracket is a big misnomer, they are as different as chalk and cheese. Probably every lender has to think about micro in one particular fashion or may be small and medium there can be another common way of looking at it.n++

Considering that MSME units periodically get in to the cycle of difficulties owing to factors like sudden unexpected demand, he said that it is very important for the banks that products are designed to meet the lifecycle of MSMEs.

Noting the need to supporting the faltering MSMEs he said when we talk about MSMEs we should recognise that failure is the integral part of entrepreneurship. n++This should be recognised, they should be supported in such point of time.n++

He also said that RBI has advised the banks to open more MSME focussed branch offices at MSME clusters which can also act as counselling centers for MSMEs. n++Collaborating with SME association in these clusters can be mutually beneficial for banks and smaller firms.n++

Mr Mundra said that it is imperative to bridge the information asymmetry as large scale ignorance about banking products and practices together with lack of awareness about unfolding economic environment severely ails the MSME entrepreneurs.

n++The borrowers must develop awareness about changing economic dynamics and its impact on their business,n++ he said while adding that MSMEs must not fall in to the lure of quick expansion but should rather look to conserve capital and strengthen their balance sheet.

The RBI deputy governor also said that public sector banks (PSBs) may require capital infusion of over Rs 10,000 from the government than budgeted for the current fiscal on account of higher provisioning for bad loans and haircut on stressed assets.

Besides, he also said that RBI has no plans to issue second list of additional loan defaulters any time soon for bankers to start bankruptcy proceedings.

On farm loan waiver, he said that RBIs stand has been articulated several times including in the last monetary policy statement. n++As far as implementation and other parts are concerned I do not think we need to work as an agency for that.n++

In terms of the consolidation plans of the government, Mr Mundra said that nothing has so far has come to the regulator.

Earlier, in his speech he said that MSME sector will continue to remain relevant even in a scenario where more automation and artificial intelligence comes into picture as it involves local production for local consumption and services are generated locally for local requirement.

Highlighting the need to focus on work creation instead of job creation, he said, n++For all policymakers I would like to mention that whenever any policy is formed, it should be judged on one very important criteria that this policy will be instrumental in creating how many new jobs in the country.n++

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Monnet Ispat tumbles 25% in four sessions
Jun 19,2017

Meanwhile, the S&P BSE Sensex was up 152.20 points or 0.49% at 31,208.60. The S&P BSE Small-Cap index rose 17.71 points or 0.11% at 15,684.95.

On the BSE, 3.30 lakh shares were traded on the counter so far as against the average daily volumes of 1.11 lakh shares in the past one quarter. The stock had hit a high of Rs 34 and a low of Rs 27.50 so far during the day. The stock had hit a 52-week high of Rs 44.50 on 17 May 2017 and a 52-week low of Rs 19.25 on 9 December 2016.

The stock had underperformed the market over the past one month till 16 June 2017, sliding 21.22% compared with the Sensexs 1.55% rise. The stock had also underperformed the market over the past one quarter, declining 1.01% as against the Sensexs 4.97% rise. The scrip had, however, outperformed the market over the past one year, advancing 45.55% as against the Sensexs 17.08% rise.

The small-cap company has equity capital of Rs 200.77 crore. Face value per share is Rs 10.

Shares of Monnet Ispat & Energy have declined 25.09% in four trading sessions to its ruling market price, from its closing of Rs 38.45 on 13 June 2017 on media reports that the company has filed for bankruptcy.

Meanwhile, Monnet Ispat in a clarification issued to the stock exchanges after market hours on Friday, 16 June 2017 with regard to aforesaid media reports said that it has not filed for bankruptcy. The reference of Monnet Ispat & Energy in the article is with reference to Gupta Coal, which has filed for bankruptcy and also supplied coal to Monnet Ispat & Energy at some point of time, the company said.

Therefore, the provisions of Regulation 30 of Listing Regulations, 2015 do not apply on the company, with respect to the aforesaid news item, Monnet Ispat said.

Monnet Ispat & Energy reported net loss of Rs 459.52 crore in Q4 March 2017, higher than net loss of Rs 438.65 crore in Q4 March 2016. Net sales declined 6.7% to Rs 348.27 crore in Q4 March 2017 over Q4 March 2016.

Monnet Ispat & Energy operates in two segments viz. power and steel.

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