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Board of SJVN to consider Q3 results and interim dividend
Feb 01,2017

SJVN announced that a Meeting of the Board of Directors is scheduled to be held on 13 February 2017 to, inter alia, consider and approve the unaudited Financial Results of the Company for the Third Quarter/Nine Months ending 31 December 2016 (Q3) and Interim Dividend for the FY 2016-17, if any.

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Punjab & Sind Bank announces cessation of Executive Director
Feb 01,2017

Punjab & Sind Bank announced that as per Notification dated 15 December 2015, Arvind Kumar Jain was appointed as Executive of Director of Punjab & Sind Bank.

Arvind Kumar Jain has demitted the charge of Executive Director of the Bank, on superannuation on 31 January 2017.

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Bank of Baroda to announce Q3 results
Feb 01,2017

Bank of Baroda announced that a meeting of Board of Directors of the Bank will be held on 10 February 2017, inter alia:

- To consider & approve the Un-audited (Reviewed) Standalone Financial Results of the Bank together with relevant segment reporting, for the quarter / nine months ended 31 December 2016 (Q3).

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Maruti hits record high after strong January sales
Feb 01,2017

The announcement was made during market hours today, 1 February 2017.

Meanwhile, the S&P BSE Sensex was up 6.25 points or 0.02% at 27,662.21.

On the BSE, 39,000 shares were traded on the counter so far as against the average daily volumes of 68,837 shares in the past one quarter. The stock had hit a high of Rs 5,999.90 so far during the day, which is a record high. The stock hit a low of Rs 3,202.10 so far during the day. The stock had hit a 52-week low of Rs 3,202.10 on 29 February 2016.

The large-cap company has equity capital of Rs 151.04 crore. Face value per share is Rs 5.

The companys total domestic sales rose 25.9% to 1.33 lakh units in January 2017 over January 2016. Total export sales surged 44.8% to 10,462 units in January 2017 over January 2016.

Maruti Suzuki Indias net profit rose 47.5% to Rs 1744.50 crore on 12.4% growth in net sales to Rs 16623.60 crore in Q3 December 2016 over Q3 December 2015.

Maruti Suzuki India is Indias biggest car maker in terms of market share. Japanese parent Suzuki Motor Corporation currently holds 56.21% stake in Maruti (as per the shareholding pattern as on 31 December 2016).

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Board of Super Bakers (India) to consider December quarter results
Feb 01,2017

Super Bakers (India) announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Promact Plastics to consider December quarter results
Feb 01,2017

Promact Plastics announced that the Meeting of the Board of Directors of the Company to consider and take on record the Unaudited Financial Results for the quarter ended on 31 December 2016 is scheduled to be held on 14 February 2017.

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Swaraj Automotives to consider Q3 and 9M results
Feb 01,2017

Swaraj Automotives announced that the Meeting of the Board of Directors of the Company will be held on 10 February 2017, inter alia, to consider and approve the Unaudited Financial Results of the Company for quarter and nine months ended 31 December 2016.

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Govind Poy Oxygen to consider December quarter results
Feb 01,2017

Govind Poy Oxygen announced the Board of Directors of the Company will meet on 07 February 2017, to consider the unaudited financial results for the quarter ended on 31 December 2016.

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Board of Standard Batteries to consider December quarter results
Feb 01,2017

Standard Batteries announced that the Meeting of the Audit Committee and Board of Directors of the Company will be held on 10 February 2017, to consider the Un-Audited Financial Results for the Quarter ended 31 December 2016.

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Gujarat Industries Power Co signs PPA for 27.3 MW wind power project at Kuchhdi Site
Feb 01,2017

Gujarat Industries Power Co announced that GIPCL has signed Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for the balance 27.3 MW (2.1 MW x 13 WTGs), out of the 50.4 (2.1MW x 24 WTGs) Wind Power Project at the Kuchhdi Site under the Letter of Intent dated 12 February 2016 issued to Suzlon Energy.

With the above, execution of PPA with GUVNL for the entire 50.4 MW Kuchhdi Wind Farm has been completed.

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Ind-Ra: Auto Sales Fuelled by Aspirational Utility Vehicle Volumes
Feb 01,2017

Surging volumes of compact utility vehicles (UVs) revs up growth for passenger cars in FY17, says India Ratings and Research (India Ratings). In the agencys assessment, the key contributors to higher demand for UVs are shifting preferences among buyers to aspirational products such as UVs and more options available in the segment. In addition, buyers having opted for larger UVs are migrating towards compact UVs given the regulatory challenges - such as the ban on registration of new large diesel passenger vehicles (PVs) in the National Capital Region which has hurt large diesel UVs in particular. In addition, the proliferation in the compact UV models which are available at attractive price points and availability of both petrol and diesel variants have also fuelled demand.

For the April to December 2016, UV volumes grew by 33%, compared with a mere 2.5% for cars. The overall growth rate of 8.6% for passenger vehicles (PV) for this period was pushed into the fast track by UVs. The surge in UV sales volumes can in turn be attributed to the success of the new compact UV models namely, Grand Vitara, S-Cross and Vitara Brezza from Maruti Suzuki India (MSIL) and Creta from Hyundai Motor India (HMIL). In line with the increased volume contribution from UVs, the share of UVs in total domestic PV volumes has increased to almost 25% in April to December 2016 from 21% in FY16.

Due to the intensely competitive nature of the domestic auto industry, the launch of new models on a regular basis has become a driving strategy for companies aspiring for high volumes and significant market share. It is observed that on the launch of a new model, sales volumes tend to spike initially, before other factors such as sustained on-road performance and consequent consumer perceptions determine monthly volumes over an extended period. The new launches in the UV segment in the past one year particularly by MSIL have supported volume growth in the segment in FY17.

Buyers shifting preferences to UVs from cars is evident from the reduction in the proportion of car sales to PV segment volumes to 69.3% in April to December 2016 (from 73.4% in the corresponding period of the previous year). This has been offset by a similar increase in contribution of UVs to the segment volumes to 24.8% (April-December 2016) from 20.2% yoy. The biggest beneficiaries of the surge in UV sales, MSIL and HMIL which reported 124% and 70.5% yoy growth in volumes respectively in UV sales in April to December 2016, also reported 0.7% and -4.1% yoy changes in their car sales volumes in the same period. In comparison, Mahindra & Mahindra Limited (M&M; IND AAA/Stable) which does not have a material presence in the car segment reported an increase in UV volumes at a modest growth rate of 4.4%.

The UV product portfolio of MSIL and HMIL mostly comprises compact UV models targeted primarily at urban buyers and their sales were therefore not impacted by the recent demonetisation drive, which is likely to have impacted sales of semi-urban and rural centric vehicles to a greater extent. This is considering the relatively higher proportion of cash dealings in transactions in these locations. Considering that the rural-centric Bolero model has traditionally accounted for over 30% of M&Ms UV volumes, M&Ms sales was impacted due to demonetisation. In general, UVs entail higher margins than cars and companies generating high revenue growth through UVs are expected to see improvement in operating margins in FY17.

The next trigger for the auto industry is the union budget FY18, India Ratings believes there could be a reduction in excise duty on large UVs in the upcoming budget, considering that under Goods and Service Tax (GST) the highest tax rate applicable is 28%, while large UVs (>1500cc engine capacity and length > 4m) attract excise duty of 30%. However the impact on overall UV sales would be moderate, since the highest volumes are being generated from the compact UV segment. Also any changes in the income tax slabs, resulting in a lower tax outgo for buyers will support demand for PVs.

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GKB Ophthalmics to consider Q3 and 9M results
Feb 01,2017

GKB Ophthalmics announced that a Meeting of the Board of Directors of the Company will be held on 13 February 2017, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Manufacturing economy rebounds from rupee-demonetization downturn: Nikkei India Manufacturing PMI
Feb 01,2017

Indian manufacturing output increased during January on the back of rising order books. Greater production needs encouraged companies to purchase more inputs, but failed to generate jobs in the sector. On the price front, input cost inflation climbed to its highest mark since August 2014, while output charges were raised for the eleventh successive month.

Having deteriorated in December for the first time in one year, the health of Indias manufacturing economy improved in the opening month of 2017. The headline Nikkei India Manufacturing Purchasing Managers IndexTM (PMI)TM was up from 49.6 to 50.4 in January.

The main factors contributing to the above-50.0 PMI reading were growth of both new orders and output. Rates of expansion were only slight, but reversed the contractions noted in December. Anecdotal evidence highlighted a return to normal market conditions and a subsequent improvement in demand. In contrast to the upturn in total new business, new export orders fell again. Having eased since the previous month, the rate of reduction was marginal.

Intermediate goods was the bright spot in January, with rates of expansion in both new work and production outstripping those seen in the consumer goods sector. Meanwhile, investment goods dipped into contraction.

Survey data pointed to an increasing degree of pressure on the capacity of manufacturers operations as backlogs rose at a quicker rate than in December. In spite of this, companies kept their payroll numbers unchanged in January.

Holdings of finished goods decreased in January, amid evidence from survey participants of orders being fulfilled directly from stocks. The rate of depletion was marked, and the quickest since last May. Concurrently, pre-production inventories declined slightly, but at a pace that was the fastest in over three years.

Manufacturers attempted to replenish their input stocks by purchasing greater quantities of raw materials and semi-finished items in January. That said, the overall rate of growth was only slight and well below its long-run average.

Rates of input cost inflation accelerated in each of the three tracked sectors, led by intermediate goods. Across the manufacturing economy as a whole, input cost inflation climbed to a 29-month peak. Where cost burdens rose, there were mentions of higher prices paid for metals, chemicals, plastics, textiles and paper.

As part of ongoing efforts to protect margins, Indian manufacturers raised their own selling prices for the eleventh successive month in January. However, the rate of inflation remained only marginal.

Newly-released future output data, which have been collected since April 2012, showed a pick-up in manufacturers confidence during January. Promotional activities and better economic conditions are anticipated to underpin production growth over the coming 12 months.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said:

n++The Indian manufacturing economy recovered from the one-off downturn that hit the sector in December following the withdrawal of high-value banknotes. January saw only modest increases in order books, production and buying levels, but the quick rebound will be welcome news to policymakers.

n++Improving confidence among firms bodes well for the outlook, with the expansion in manufacturing output likely to pick up pace in coming months. IHS Markit forecasts a 6.9% rise in GDP for FY16, with growth anticipated to accelerate to 7.4% in FY 2017.n++

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