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IndusInd Bank allots equity shares
Jan 02,2017

IndusInd Bank has allotted 2,78,600 (Two Lakhs Seventy Eight Thousand Six Hundred) equity shares of Rs. 10/- (Rupees Ten Only) each on 02 January 2017 to those grantees who had exercised their option under the Companys Employee Stock Option Scheme.

The said shares will rank pari-passu with the existing shares of the Company in all respect.

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Board of NHPC to consider interim dividend for FY 2017
Jan 02,2017

NHPC announced that the Board of Directors of the Company may propose and consider interim dividend on the equity share capital of the Company for the FY 2016-17 in its meeting scheduled to be held on 12 January 2017.

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NHPC fixes record date for interim dividend
Jan 02,2017

NHPC has fixed 20 January 2017 as the Record Date for the purpose of Payment of Interim Dividend, if declared.

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Escorts announces tractors sales figures
Jan 02,2017

Escorts Agri Machinery Segment in December 2016 sold 3187 tractors, recording a growth of 15.8% compared to 2751 tractors in December 2015.

Domestic tractor sales rose 11.6% to 3043 tractors in December 2016 compared to 2727 tractors in December 2015. Exports for the month of December 2016 rose 500% at 144 tractors against 24 tractors in December 2015.

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Mahindra & Mahindra announces auto sales
Jan 02,2017

Mahindra & Mahindra announced its auto sales performance for December 2016 which stood at 36,363 vehicles compared to 37,915 vehicles during December 2015.

The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 16,698 vehicles in December 2016 as against 18,197 vehicles during December 2015. The companys domestic sales stood at 34,310 vehicles during December 2016, as against 34,839 vehicles during December 2015.

Exports for December 2016 stood at 2,053 vehicles.

For the nine months period ending December 31, 2016, the company sold 3,68,577 vehicles, against 3,53,589 vehicles for the same period last year, representing a growth of 4%.

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Nitin Alloys Global renamed as Nitin Castings
Jan 02,2017

Nitin Alloys Global announced that pursuant to the scheme of arrangement for demerger of the castings business of Nitin Castings into Nitin Alloys Global, the name of the Company has been changed to Nitin Castings. The revised certificate of incorporation indicating the change of name of the Company has been received on 30 December 2016.

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Restaurants billing service charges in addition to taxes is optional: Department of Consumer Affairs
Jan 02,2017

A number of complaints from consumers have been received that hotels and restaurants are following the practice of charging service charge in the range of 5-20%, in lieu of tips, which a consumer is forced to pay irrespective of the kind of service provided to him. The Consumer Protection Act, 1986 provides that a trade practice which, for the purpose of promoting the sale, use or the supply of any goods or for the provision of any service, adopts any unfair method or deceptive practice, is to be treated as an unfair trade practice and that a consumer can make a complaint to the appropriate consumer forum established under the Act against such unfair trade practices. In this context, the department of Consumer Affairs, Central Government has called for clarification from the Hotel Association of India, which have replied that the service charge is completely discretionary and should a customer be dissatisfied with the dining experience he/she can have it waived off. Therefore, it is deemed to be accepted voluntarily.

The Department of Consumer Affairs has asked the State Governments to sensitize the companies, hotels and restaurants in the states regarding aforementioned provisions of the Consumer Protection Act, 1986 and also to advise the Hotels/Restaurants to disseminate information through display at the appropriate place in the hotels/restaurants that the service charges are discretionary/ voluntary and a consumer dissatisfied with the services can have it waived off.

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Auto stocks accelerate as banks slash lending rates
Jan 02,2017

Escorts (up 7.76%), Tata Motors (up 3.55%), TVS Motor Company (up 1.25%) and Ashok Leyland (up 1%) edged higher. Hero MotoCorp (down 0.5%) edged lower.

Meanwhile, the S&P BSE Sensex was down 36.53 points or 0.14% at 26,589.93. The BSE Auto index rose 1.96%, outperforming the Sensex.

Key public sector banks viz. State Bank of India, Punjab National Bank and Kotak Mahindra Bank among others have slashed their marginal cost of funds based lending rates (MCLR) with effect from 1 January 2017.

Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing.

The S&P BSE Auto index had outperformed the market over the past one month till 30 December 2016, advancing 0.56% compared with the Sensexs 0.1% fall. The index had, however, underperformed the market over the past one quarter declining 8.88% as against the Sensexs 4.45% fall.

Maruti Suzuki India rose 2.52%. The company said its total sales fell 1% to 1.17 lakh units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Bajaj Auto fell 1.43% after the company announced that total sales fell 22% to 2.25 lakh units in December 2016 over December 2015. The company announced the monthly sales volume data for December during market hours today, 2 January 2017.

Eicher Motors rose 3.15% after the company said its total motorcyles sales surged 42% to 57,398 units in December 2016 over December 2015. The company announced the monthly sales volume yesterday, 1 January 2017.

Separately, Eicher Motors announced yesterday, 1 January 2017 that sale volume of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors fell 20.04% to 4,048 units in December 2016 over December 2015.

Mahindra & Mahindra (M&M) rose 3.66% after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015. The company announced the monthly sales volume during market hours today, 2 January 2017. The companys total auto sales declined 4% to 36,363 units in December 2016 over December 2015.

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Realty stocks spurt after banks announce steep cut in MCLRs
Jan 02,2017

Meanwhile, the S&P BSE Sensex was up 11.86 points or 0.04% at 26,638.32.

DLF (up 8.04%), D B Realty (up 4.95%), Sobha (up 2.39%), Indiabulls Real Estate (up 6.45%), Unitech (up 6.45%), NBCC (up 5.29%), Godrej Properties (up 3.07%), Housing Development & Infrastructure (HDIL) (up 4.18%), and Oberoi Realty (up 5.21%) edged higher.

The BSE Realty index had underperformed the market over the past one month till 30 December 2016, sliding 1.39% compared with 0.1% drop in the Sensex. The index had also underperformed the market in past one quarter, dropping 16.42% as against Sensexs 4.45% fall.

Meanwhile, Kotak Mahindra Bank said it has reduced the marginal cost of funds based lending rate by up to 45 basis points for various tenors with effect from 1 January 2017. State Bank of India announced slashing of its marginal cost of lending rate by 90 basis points across all maturities. Punjab National Bank announced that it has reduced marginal cost of funds based lending rate by 70 basis points across various maturities with effect from 1 January 2017.

The one-year benchmark is used for pricing home and car loans. Loans are provided to borrowers at 35 basis points over the MCLR. The cut in MCLR would revive demand for properties. Purchases of both residential and commercial property are largely driven by finance.

Meanwhile, Prime Minister Narendra Modi on the eve of New Year on 31 December 2016, announced that two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3%. The number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33%.

In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.

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L&T Hydrocarbons led consortium bags two contracts from Saudi Aramco
Jan 02,2017

L&T Hydrocarbons, a fully owned subsidiary of Larsen & Toubro, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving Engineering, Procurement, Construction and Installation contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco. The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian Sea off the coast of Saudi Arabia.

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Kotak Mahindra Bank revises MCLR rates
Jan 02,2017

Kotak Mahindra Bank has revised the Marginal Cost based Lending Rate - (K-MCLR) downwards by up to 45 bps with effect from 01 January 2016 across various tenures -

Overnight - 8.20%
One month - 8.25%
Two month - 8.40%
Six month - 8.65%
One year - 9.00%
Two year - 9.00%
Three year - 9.00%.

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Kotak Mahindra Bank declines after slashing MCLR
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the S&P BSE Sensex was up 25.13 points or 0.09% at 26,651.59.

On the BSE, 3.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one quarter. The stock had hit a high of Rs 720.05 and a low of Rs 708.15 so far during the day.

The stock had hit a record high of Rs 836 on 15 November 2016 and a 52-week low of Rs 586.50 on 29 February 2016. It had underperformed the market over the past one month till 30 December 2016, sliding 4.91% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter declining 7.67% as against the Sensexs 4.45% fall.

The large-cap bank has equity capital of Rs 919.64 crore. Face value per share is Rs 5.

Kotak Mahindra Bank (KMBL) has reduced marginal cost of funds based lending rate (MCLR) for overnight loans to 8.2% from 8.6%. The rate for one month is reduced to 8.25% from 8.7% and for three months it is reduced to 8.4% from 8.85%.

The MCLR on 6-month loans will be 8.65% from earlier 9.05% and for one-year loans the rate will be 9% from 9.2%, the bank said. MCLR on two-year loans was reduced to 9% from 9.25% and for three-year loans the rate will be 9% from 9.25% earlier.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to MCLR which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Kotak Mahindra Banks net profit rose 42.8% to Rs 813.29 crore on 13.5% growth in total income to Rs 5243.58 crore in Q2 September 2016 over Q2 September 2015.

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

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Steel Strips Wheels announces sales figures
Jan 02,2017

Steel Strips Wheels achieved total wheel rim sales of 10.18 lakhs in December 2016 compared to 10.42 lakh in December 2015, representing a declined of 2%.

In terms of value, the company achieved gross turnover of Rs 109.89 crore in December 2016 compared to 107.60 crore in December 2015.

Net turnover was Rs 98.97 crore in December 2016 compared to Rs 97 crore in December 2015, a growth of 2%.

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Marvel Vinyls announces resignation of director
Jan 02,2017

Marvel Vinyls announced that Pradeep Singh has resigned from the post of Independent Director of the Company.

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L&T extends gains after subsidiary secures two more orders from Saudi Aramco
Jan 02,2017

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was up 36.62 points or 0.13% at 26,659.88.

On the BSE, 47,454 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,366.50 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensexs 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensexs 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of L&T, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving engineering, procurement, construction and installation (EPCI) contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco.

The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian sea off the coast of Saudi Arabia.

The long term agreement awarded by Saudi Aramco to the LTHE - EMAS CHIYODA Subsea Consortium in June last year has been very successful and the consortium is poised to remain a substantial service provider to Aramco and participate in the development of capabilities in Kingdom over the long term.

L&T Hydrocarbon Engineering provides complete EPCI solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication & installation capabilities meeting stringent timelines and conforming to international safety standards

Separately, L&T said that it has been identified as the implementation partner by the government to convert Pune into a smart city. The announcement was made during market hours today, 2 January 2017.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Constructions Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the countrys first in smart cities domain.

On a consolidated basis, L&Ts net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a division of L&T.

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