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Pharmaids Pharmaceuticals enters into agreement for sale of assets
Jan 19,2017

Pharmaids Pharmaceuticals has entered into agreement with Unifranco Life Sciences for sale of assets situated at Survey No. 533, (v) Kondamadugu, (M) Bibinagar, District Nalgonda, Telangana.

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Yes Bank logs slim gains in choppy trade after good Q3 result
Jan 19,2017

The result was announced during market hours today, 19 January 2017.

Meanwhile, the S&P BSE Sensex was up 48.34 points or 0.18% at 27,305.98

On the BSE, 3.91 lakh shares were traded on the counter so far as against the average daily volumes of 2.26 lakh shares in the past one quarter. The stock turned volatile after declaring results. The stock had hit a high of Rs 1,356.45 and a low of Rs 1,332.10 so far during the day.

The stock had hit a record high of Rs 1,450 on 7 September 2016 and a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past 30 days till 18 January 2017, rising 17.28% compared with the 3.61% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 2.87% as against Sensexs 3.10% decline.

The large-cap private sector bank has equity capital of Rs 423.16 crore. Face value per share is Rs 10.

The banks gross non-performing assets (NPA) edged higher to Rs 1005.85 crore as on 31 December 2016 from Rs 916.68 crore as on 30 September 2016 and Rs 558.57 crore as on 31 December 2015.

The banks ratio of gross NPAs to gross advances rose to 0.85% as on 31 December 2016, from 0.83% as on 30 September 2016 and 0.66% as on 31 December 2015.

The banks ratio of net non-performing assets (NPAs) to net advances stood at 0.29% as on 31 December 2016, compared with 0.29% as on 30 September 2016 and 0.22% as on 31 December 2015.

Provisions and contingencies dropped 22.01% to Rs 115.38 crore in Q3 December 2016 over Q3 December 2015. The provisioning coverage ratio as on 31 December 2016 stood at 66%.

Current and Savings Account (CASA) ratio improved to 33.3% as at 31 December 2016 from 26.6% as at 31 December 2015.

Net Interest Income (NII) increased by 30.3% to Rs 1507.50 crore in Q3 December 2016 over Q3 December 2015, on account of growth in advances & CASA and expansion in net interest margin (NIM). NIM expanded to 3.5% in Q3 December 2016 from 3.4% in Q3 December 2015.

Non Interest Income increased by 33.8% to Rs 998.30 crore in Q3 December 2016 over Q3 December 2015.

The banks Capital Adequacy Ratio (CAR) as per Basel III norms stood at 15.6% as on 31 December 2016, compared with 14.1% as on 30 September 2016 and 14.9% as on 31 December 2015.

Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, Yes Bank said that the bank has delivered another quarter of satisfactory performance across key financial parameters of growth and profitability, while maintaining healthy asset quality.

Yes Bank is Indias fifth largest private sector bank. The banks branch network stands at 964 branches as on 31 December 2016. Total ATM network stood at 1,757 as on 31 December 2016.

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Entertainment Network (India) receives revision in credit ratings
Jan 19,2017

Entertainment Network (India) announced that CRISIL has reaffirmed their credit ratings for an enhanced amount in respect of the Companys debt instruments and bank facilities.

Total Bank Loan Facilities Rated - Rs 50 crore
Long Term Rating - CRISIL AA+/Stable (Reaffirmed)

Rs. 50 crore Non Convertible Debentures - CRISIL AA+/Stable (Reaffirmed)

Rs. 400 crore Commercial Paper (Enhanced from Rs. 300 crore) - CRISIL A1+ (Reaffirmed)

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Abhishek Infraventures announces shifting of corporate office
Jan 19,2017

Abhishek Infraventures has shifted its Corporate Office from Skill Spectrum, H.No. 3-6-367 to 369, Himayathnagar, Hyderabad - 500029, Telangana to Room No. 312, Kubera Towers, Narayanaguda, Hyderabad - 500029.

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Reliance Infrastructure gets High Court approval for scheme of arrangement
Jan 19,2017

Reliance Infrastructure announced that the Honble High Court of judicature at Bombay has allowed the Scheme of Arrangement between Reliance Infrastructure and Reliance Electric Generation and Supply vide order dated 19 January 2017. The copy of the order is awaited.

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D B Corp fixes record date for interim dividend
Jan 19,2017

D B Corp has fixed 01 February 2017 as the Record Date for the purpose of Payment of Interim Dividend.

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D B Corp to pay interim dividend
Jan 19,2017

D B Corp announced that interim dividend of Rs 4 per share for FY 2017 will be paid on 07 February 2017.

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Board of D B Corp declares interim dividend
Jan 19,2017

D B Corp announced that at the meeting of the Board of Directors of the Company held on 19 January 2017, declared an Interim Dividend of Rs. 4/- per equity share of face value of Rs. 10/- each, for the Financial Year 2016-17 to be paid to all the eligible shareholders on 07 February 2017 (payment date).

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Torrent Pharmaceuticals fixes record date for interim dividend
Jan 19,2017

Torrent Pharmaceuticals has fixed 13 February 2017 as the record date for the purpose of Payment of Interim Dividend.

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Justride Enterprises fixes record date for reduction of share capital
Jan 19,2017

Justride Enterprises has fixed 03 February 2017 as the Record Date for the purpose of Reduction of Share Capital of the Company.

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Yes Bank gains in volatile trade after good Q3 result
Jan 19,2017

The result was announced during market hours today, 19 January 2017.

Meanwhile, the S&P BSE Sensex was up 55.29 points or 0.2% at 27,312.93

On the BSE, 2.89 lakh shares were traded on the counter so far as against the average daily volumes of 2.26 lakh shares in the past one quarter. The stock was volatile. The stock had hit a high of Rs 1,356.45 and a low of Rs 1,332.10 so far during the day.

The stock had hit a record high of Rs 1,450 on 7 September 2016 and a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past 30 days till 18 January 2017, rising 17.28% compared with the 3.61% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 2.87% as against Sensexs 3.10% decline.

The large-cap private sector bank has equity capital of Rs 423.16 crore. Face value per share is Rs 10.

Yes Bank is one of the leading private sector banks in India.

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The OPEC Reference Basket jumped nearly 20% in December to $51.67/b, ending above $50/b for the first time in 18 months
Jan 19,2017

The OPEC Reference Basket jumped nearly 20% in December to $51.67/b, ending above $50/b for the first time in 18 months. In contrast, the Baskets yearly average value came in at its lowest in more than 12 years at $40.76/b. The oil complex surged on news of the historic cooperation between OPEC and non-OPEC. ICE Brent ended $7.84 higher at $54.92/b, while NYMEX WTI soared $6.40 to $52.17/b. For the year, ICE Brent and NYMEX WTI averaged $45.13/b and $43.47/b, respectively, the lowest since 2004.

World economic growth for 2016 and 2017 has been revised up by 0.1 percentage point to stand at 3.0% and 3.2%, respectively. The OECD growth in 2017 was revised higher to 1.8%, following growth of 1.7% in 2016. Chinas forecast remains at 6.7% in 2016 and 6.2% in 2017, while Indias growth in 2016 was revised down slightly to 7.2%, followed by growth of 7.1% in 2017. After two years of recession, both Russia and Brazil are forecast to recover in 2017 with growth of 0.9% and 0.4% respectively.

Global oil demand growth in 2016 is expected at 1.25 mb/d after a marginal upward revision of around 10 tb/d, mainly reflecting the better-than-expected performance in OECD Asia Pacific and Europe. World oil demand is expect to average 94.44 mb/d in 2016. In 2017, world oil demand is anticipated to rise by a solid 1.16 mb/d y-o-y to average 95.60 mb/d. This represents an upward revision of 10 tb/d, mostly due to an expected uptick in oil requirements in OECD Europe in 1Q17.

Non-OPEC oil supply in 2016 is now expected to show a contraction of 0.71 mb/d, following an upward revision of 70 tb/d, mainly driven by higher-than-expected growth in Norway, Russia and the US. In 2017, non-OPEC oil supply is projected to grow by 0.12 mb/d, representing a downward adjustment of 0.18 mb/d. Downward revisions to Russia, Kazakhstan, China, Congo and Norway, were partially offset by a 0.23 mb/d upward adjustment to US supply. OPEC NGL production is forecast to grow by 0.15 mb/d in 2017, following growth of 0.15 mb/d last year. In December, OPEC production decreased by 221 tb/d, according to secondary sources, to average 33.08 mb/d.

Product markets showed a mixed performance in the Atlantic Basin in December 2016. US refinery margins were supported by the recovery seen in the gasoline cracks on the back of healthy domestic demand amid stronger exports to Latin America. Refinery margins in Europe weakened due to slower gasoline export opportunities and a lack of support at the middle of the barrel, despite the colder weather. In Asia, product oversupply weighed on margins.

Tanker spot freight rates in December 2016 rose in both dirty and clean segments of the market. Average VLCC, Suezmax and Aframax spot freight rates rose by 18%, 25% and 1%, respectively, from a month before. The higher rates were driven by delays in eastern ports, pre-holiday activities and thinning tonnage supply in some areas. Average clean spot freight rates for both East and West of Suez increased in December by 19% and 26% m-o-m, respectively. Compared to the same month last year, both clean and dirty spot freight also increased on average.

Total OECD commercial stocks fell in November 2016 to stand at 2,993 mb, some 271 mb above the latest five-year average. Crude and product inventories showed surpluses of 190 mb and 82 mb, respectively. In terms of days of forward cover, OECD commercial stocks in November stood at 63.7 days, some 5.2 days higher than the seasonal average.

Demand for OPEC crude in 2016 is estimated to stand at 31.2 mb/d, some 1.8 mb/d higher than in 2015. In 2017, demand for OPEC crude is forecast at 32.1 mb/d, a further increase of 0.9 mb/d over 2016.

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United Spirits slips on profit booking
Jan 19,2017

Meanwhile, the BSE Sensex was up up 32.02 points, or 0.12%, to 27,289.66.

On the BSE, so far 1.03 lakh shares were traded in the counter, compared with average daily volumes of 31,081 shares in the past one quarter. The stock had hit a high of Rs 2,147.45 and a low of Rs 2,045.90 so far during the day.

The stock hit a 52-week high of Rs 2,864.75 on 25 January 2016. The stock hit a 52-week low of Rs 1,775.05 on 22 November 2016.

The large-cap company has equity capital of Rs 145.33 crore. Face value per share is Rs 10.

Shares of United Spirits rose 10.40% in the four trading sessions to settle at Rs 2109.60 yesterday, 18 January 2017, from its close of Rs 1910.75 on 12 January 2017.

Shares of United Spirits rose 1.43% to Rs 2,109.60 yesterday, 18 January 2017, after media reported that Diageo Plc is considering increasing its majority stake in Indian whiskey producer United Spirits. Diageo is reportedly planning an open offer to the other shareholders in United Spirits.

Relay B.V., an indirect wholly-owned subsidiary of Diageo Plc, holds 54.78% stake in United Spirits (as per the shareholding pattern as on 31 December 2016). Under Indian stock market regulations, Diageo could raise its stake to just under 75% without triggering a delisting offer.

Diageo gained complete control of the board of United Spirits post the exit of Dr Vijay Mallya from his position as chairman and non-executive director of United Spirits in February 2016.

Net profit of United Spirits rose 15.9% to Rs 82.54 crore on 7.7% rise in net sales to Rs 2037.70 crore in Q2 September 2016 over Q2 September 2015.

United Spirits makes alcoholic beverages. It is a subsidiary of British multinational Diageo plc.

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Moodys and ICRA: Outlook stable for Indian commercial vehicle and mortgage loan-backed securitization, despite demonetization
Jan 19,2017

Moodys Investors Service and its Indian affiliate, ICRA, say that the performance of Indian commercial vehicle (CV) loans backing asset-backed securities (ABS) will stay stable in 2017. Similarly, the performance of Indian home loans backing residential mortgage-backed securities (RMBS) will be stable over the same period.

Delinquency rates for CV loans backing ABS transactions should increase in the short term, owing to the countrys demonetization, says Dipanshu Rustagi, a Moodys Analyst. Nevertheless, CV loan delinquencies should fall back to around 2016 levels over the course of 2017, owing to Indias robust economic growth and low oil prices.

Moodys expects oil prices to remain low in 2017. Moodys forecast is for Brent crude oil prices of $45 a barrel in 2017, with a price band of $40-$60. Low oil prices are positive for the performance of CV loans, because fuel accounts for 40%-50% of the costs of commercial vehicle operators.

Moodys explains that in November 2016, CV operators benefitted from various support measures announced by the government, such as the acceptance of old currency notes at petrol pumps and waiver of toll charges; thereby relieving some liquidity pressure. However, the impact on the performance of these operators in the next few months n++ in the absence of these short-term allowances n++ remains to be seen.

While November collection performance reports showed stable performance, December and January reports will provide more relevant information. Moodys points out that November collection reports reflected performance mostly driven by October economic conditions.

Looking ahead, Moodys says that CV loan portfolios backing new Indian auto ABS issued in 2017 will n++ like portfolios backing existing transactions n++ show good credit characteristics, such as geographic and borrower diversification, fully amortizing repayment terms, low loan-to-value ratios of around 65%-70% for used vehicle loans and 80%-85% for new vehicle loans, and the presence of significant excess interest spread. These characteristics will support the performance of Indian auto ABS.

On the home loans, arrears for mortgages backing Indian RMBS should remain low throughout 2017, supported by lower interest rates, and the fact that most of the homes were purchased by owner-occupiers, says Vibhor Mittal, an ICRA Vice President.

Home loans in India have adequate collateral cover, with initial loan-to-value ratios of around 60%-80%. Moreover, in most cases, the underlying property is occupied by the borrower, a credit positive. The eventual loss to the lenders n++ post liquidation of the collateral n++ should therefore stay low.

In addition, ICRA explains that factors like favorable demographics n++ in particular, a young working population and the rapid nuclearization of families n++ strong latent housing demand, and the governments accommodative policy will continue to provide impetus to the housing sector.

ICRA points out that entities operating in the affordable housing segment n++ catering to borrowers with marginal repayment capacity and showing a greater reliance on cash collections n++ could witness an uptick in early delinquencies. On the other hand, the prime housing loan segment n++ dominated by salaried borrowers n++ have not been impacted much by demonetization.

In November 2016, collections for ICRA-rated housing loan pools stayed strong, with an average collection efficiency rate of more than 98%. Similarly, collections in CV loan pools remained resilient, with a collection efficiency rate of 94% in November 2016 as compared to 93% in October 2016.

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Idea Cellular gains after bulk deal
Jan 19,2017

Meanwhile, the S&P BSE Sensex was up 53.10 points or 0.19% at 27,310.74

Bulk deal boosted volume on the scrip. On BSE, so far 24.85 lakh shares were traded in the counter as against average daily volume of 6.67 lakh shares in the past one quarter. The stock hit a high of Rs 69.80 and a low of Rs 66.70 so far during the day.

The stock had hit a 52-week high of Rs 128.05 on 28 April 2016. The stock had hit a 52-week low of Rs 66 on 9 November 2016. The stock had underperformed the market over the past 30 days till 18 January 2017, sliding 7.85% compared with the 3.61% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 13.79% as against Sensexs 3.10% decline.

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

Idea Cellulars consolidated net profit slumped 88% to Rs 91.46 crore on 8.05% rise in total income to Rs 9535.01 crore in Q2 September 2016 over Q2 September 2015.

Idea Cellular is one of the leading telecom operators in India. It is a part of the Aditya Birla Group.

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