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Bank stocks edge higher as FM says drop in economic activity due to demonetisation transient
Feb 01,2017

Among public sector banks, Union Bank of India (up 3.48%), State Bank of India (up 2.63%), Bank of Baroda (up 2.45%), Punjab National Bank (up 1.95%), IDBI Bank (up 1.23%) and Indian Bank (up 1.26%) edged higher.

Among private sector banks, RBL Bank (up 1.45%), Axis Bank (up 0.69%), Kotak Mahindra Bank (up 0.52%) and ICICI Bank (up 0.3%) edged higher.

Meanwhile, the S&P BSE Sensex was up 65.14 points or 0.24% at 27,721.10.

Jaitley in his Budget speech today, 1 February 2017, said that demonetisation seeks to make our gross domestic product (GDP) cleaner and bigger.

Demonetisation is a bold & decisive measure, he said. The government banned higher denomination notes of Rs 500 and Rs 1,000 in a surprise announcement on 8 November 2016.

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Indias Air Passenger Volumes to Reach 310 million by FYE18, Aided by Economic Growth and Policy Impetus
Feb 01,2017

The overall air passenger volumes (pax) have been consistently increasing and are likely to reach 310 million by FYE18, says India Ratings and Research (Ind-Ra). This will be driven by the aspirations of the middle class to travel in flights and a reduction in price differential between air travel and rail journey, including the recently increased cancellation fees for train tickets.

The slowdown in economic growth during the first half of the current decade had minimal impact on pax growth. However, the 2008 global economic crisis and fuel and currency crises in FY13 had a pronounced impact on air traffic growth. The gradual increase in private final consumption expenditure has been buttressing Indias pax growth since early FY14. Ind-Ras sensitivity on economic growth also underlines the strong underlying fundamentals and continued growth in pax volumes.

Airports are an integral part of the aviation sector; hence, any impairment of airport functions exerts stress on the stake holders such as airlines, fuel suppliers and travellers. Large gateways such as Mumbai and Delhi airports and mid-market airport hubs such as Bangalore and Hyderabad airports have displayed strong volume resilience, despite unfavourable macroeconomic trends.

The new civil aviation policy has given clarity on the methods to determine aero revenue. 70% non-aero revenue that is outside the purview of the tariff setting mechanism will prove to be a significant contributor to EBITDA margin improvement. Commercial revenues (such as retail, car parking, rental cars and ground transportation) have collectively evolved to become the leading components of revenues to cover airports expenses and debt service. The ability of airports to stabilise these diversified revenue streams (aeronautical charges) or generate excess cash from them for asset preservation or increase operating margins could enhance their debt service coverage ratios or reduce leverage ratios.

Airport Economic and Regulatory Authority indicated a normative capital expenditure cost for the construction of new terminals and runways in June 2016. Previous construction costs for Ind-Ra rated airports were higher than the indicative costs and could bring in a disparity in the structural design and quality of construction. While greenfield airports (Bangalore and Hyderabad) were running at their full capacities, the order introduces an ambiguity among developers.

Although some airports are facing refinancing risks, Ind-Ra rated airports have refinanced their loans comfortably either through capital market instruments or through bank loans. Given the robust performance in the past, investors have shown interest in airport assets. However, Ind-Ra expects domestic airports to raise bonds in the domestic capital market as against international issuances earlier.

Brownfield expansions by airports are not on the cards till FY18; therefore, their debt/EBITDA is likely to reduce. However with the rapid growth in pax, utilisation is likely to reach the created capacity ahead of the original projected timelines. Hence, airports will be compelled to take up expansion plans ahead of the time.

To make air travel affordable for the masses, the government has introduced Regional Air Connectivity Scheme (RCS) with concessions on aviation turbine fuel, reduced air ticket prices, and exemption from airport charges. Ind-Ra expects the government in the FY18 budget to announce some contributions for RCS viability gap funding. However, slot non-availability for new aircraft in major hubs will be a constraint in operationalising RCS.

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Vani Commercial to consider Q3 and 9M results
Feb 01,2017

Vani Commercial announced that the Meeting of the Board of Directors of the Company will be held on 11 February 2017, to consider and take on record the Un-Audited Financial Results of the Company for the Quarter and nine months ended 31 December 2016.

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Board of Indrayani Biotech to consider December quarter results
Feb 01,2017

Indrayani Biotech announced that the meeting of the Board of Directors of the Company would be held on 11 February 2017, to approve the Unaudited Financial Results for the quarter ended 31 December 2016.

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Board of BDH Industries to consider Q3 and 9M results
Feb 01,2017

BDH Industries announced that a meeting of the Board of Directors of the Company will be held on 13 February 2017, inter alia, to take on record the Unaudited Financial Results for the third quarter and nine months ended 31 December 2016 of the financial year 2016-17.

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Manipal Finance Corporation to consider December quarter results
Feb 01,2017

Manipal Finance Corporation announced that a meeting of the Board of Directors of the Company will be held on 14 February 2017 to consider inter-alia the Un-audited Financial Results for the quarter ended 31 December 2016.

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Board of Gujarat Borosil to consider Q3 and 9M results
Feb 01,2017

Gujarat Borosil announced that a meeting of the Board of Directors of the Company is scheduled to be held on 09 February 2017, inter alia, to consider and approve the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

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State Bank of India to announce Q3 results
Feb 01,2017

State Bank of India announced that a meeting of the Central Board of the Bank will be held on 10 February 2017 to discuss and approve the working financial results of the Bank for the Quarter/Nine months ended 31 December 2016 (Q3).

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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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