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Steel Authority of India gets in principle approval for divestment of 3 alloy steel plants
Nov 30,2016

Steel Authority of India announced Government of India, Ministry of Steel has communicated the in principle approval of the Cabinet Committee on Economic Affairs (CCEA) of the Government of India for strategic disinvestment of the Bhadrawati, Salem and Durgapur (Alloy Steel Plants) Units of Steel Authority of India. Disinvestment of these Units shall be to strategic buyer(s) to be identified through two stage auction process, as recommended by the Core Group of Secretaries on Disinvestment.

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Board of Simplex Projects to consider September quarter results
Nov 30,2016

Simplex Projects announced that the meeting of Board of Directors will be held on 09 December 2016, inter alia, to consider the Unaudited Financial Results for the Quarter ended 30 September 2016.

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Welspun Corp leads gainers in A group
Nov 30,2016

Welspun Corp jumped 16.29% to Rs 82.80 at 13:12 IST. The stock topped the gainers in the BSEs A group. On the BSE, 22.64 lakh shares were traded on the counter so far as against the average daily volumes of 1.22 lakh shares in the past two weeks.

Jubilant Life Sciences galloped 7.66% at Rs 709.55. The stock was second biggest gainer in A group. On the BSE, 2.54 lakh shares were traded on the counter so far as against the average daily volumes of 81,000 shares in the past two weeks.

Balkrishna Industries spurted 7.93% to Rs 994.40. The stock was third biggest gainer in A group. On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 4,190 shares in the past two weeks.

JK Lakshmi Cement gained 5.32% at Rs 395.80. The stock was fourth biggest gainer in A group. On the BSE, 6,114 shares were traded on the counter so far as against the average daily volumes of 25,000 shares in the past two weeks.

Crompton Greaves rose 4.54% to Rs 77.20. The stock was fifth biggest gainer in A group. On the BSE, 2.27 lakh shares were traded on the counter so far as against the average daily volumes of 3.07 lakh shares in the past two weeks.

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Fitch: Indian ABS Buffers Cover Near-Term Demonetisation Impact
Nov 30,2016

Fitch Ratings believes that demonetisation could lead to a short-term liquidity stress in Indian auto ABS transactions. The stress is likely to be limited to a few months, in which case it would not result in pressure on ratings.

India began to withdraw high-denomination bank notes - that account for 86% of the value of currency in circulation - earlier this month. The withdrawal has created a cash crunch that Fitch expects to hold back economic activity in the near term.

Fitch expects a liquidity squeeze in Indian auto ABS to result from a substantial drop in collections from small commercial vehicle (CV) operators - especially used-CV operators - in November and December. Cash collections typically account for 20%-50% of total collections by Indian CV loan originators within Fitch-rated ABS transactions. The cash-collection percentage is especially high on loans for used CVs, as well as for new small CVs, light CVs and tractors. Smaller CV operators usually receive their income and pay expenses in cash. We expect the cash crunch caused by demonetisation to affect both the income of these borrowers and their repayment capabilities in the short term, due to the delaying of non-critical economic activities by their customers.

Furthermore, the impact of demonetisation on economic activity could lead to a temporary drop in demand for services involving CVs, creating stress on the repayment capabilities of CV loan borrowers. We also see a moral-hazard risk of capable borrowers also defaulting on their monthly repayments, given the potential for a general increase in tolerance of delinquencies due to this disruption.

Delinquencies are likely to remain high for several months in 2017, as small borrowers are likely to take time to make up for missed payments. Fitch will continue to monitor closely the repayment behaviour of underlying borrowers in the next few months.

Average collection for Fitch-rated Indian ABS transactions was around 107% of scheduled investor payout obligations, as of the last reported collection month. In a scenario of a sharp decline of 30% in collections, all Fitch-rated Indian ABS transactions could manage timely payment of interest and principal for at least nine months, and on average for 24 months, with support from available external CE.

Nevertheless, there could be an impact on the ratings of recent, less-seasoned transactions if delinquencies continue to rise sharply for more than a few months.

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Board of Rajasthan Petro Synthetics accepts resignation of company secretary cum compliance officer
Nov 30,2016

Rajasthan Petro Synthetics announced that Amit Kumar resigned as Company Secretary (KMP)-cum-Compliance Officer of the Company and the Board of Directors have accepted his resignation w.e.f. 31 October 2016.

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Board of Prism Cement approves private placement of NCDs
Nov 30,2016

Prism Cement announced that the Board of Directors of the Company at its meeting held on 30 November 2016 approved issue of Secured, Rated, Listed, Non-convertible, Redeemable Taxable Debentures - Tranche VIII (NCDs) aggregating Rs. 200 crore on private placement basis.

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Yes Bank launches SIMsePAY
Nov 30,2016

Yes Bank has launched SIMsePAY, a unique innovation that allows any account holder to do money transfers, pay utility bills and other mobile banking services, without the need for smart phones or internet. The offering is based on a frugal sim-sleeve technology, in association with Taisys Technologies, who holds global patents for the same and has implemented the same successfully in other countries including Kenya and China.

Yes Bank plans to garner a base of 5 lakh SimsePay users by 2017.

Yes Bank has launched the service with the District Co-operative Bank, Dehradun and subsequently plans to launch its across the country.

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Max Ventures jumps in the wake of shareholding rejig
Nov 30,2016

Meanwhile, the S&P BSE Sensex was up 81.45 points or 0.31% at 26,475.46.

On the BSE, 96,000 shares were traded on the counter so far as against the average daily volumes of 94,006 shares in the past one quarter. The stock had hit a high of Rs 54 and a low of Rs 51.85 so far during the day. The stock had hit a record high of Rs 85.80 on 7 July 2016. The stock had hit a record low of Rs 43.30 on 21 November 2016. The stock had underperformed the market over the past one month till 29 November 2016, declining 7.06% compared with the Sensexs 5.54% fall. The scrip had also underperformed the market in past one quarter, sliding 11.03% as against the Sensexs 5.41% fall.

The small-cap company has equity capital of Rs 53.40 crore. Face value per share is Rs 10.

Xenox sold 17.78 lakh shares of Max Ventures and Industries (MVIL) to Siva Enterprises at Rs 50.50 per share in a block deal on the NSE on 29 November 2016. Xenox held 5.27% stake in MVIL end September 2016. Meanwhile, Ambika Anil Raika bought 2.70 lakh shares of the company at Rs 51.03 per share in a bulk deal on the NSE on 28 November 2016.

Max Ventures and Industries consolidated net profit fell 77.5% to Rs 0.45 crore on 10.85% growth in net sales to Rs 169.89 crore in Q2 September 2016 over Q1 June 2016.

Max Ventures and Industries, through its subsidiaries, manufactures and sells biaxial oriented polypropylene films.

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Volumes jump at Raunaq EPC International counter
Nov 30,2016

Raunaq EPC International clocked volume of 4.02 lakh shares by 12:15 IST on BSE, a 191.42-times surge over two-week average daily volume of 2,000 shares. The stock jumped 10.46% to Rs 142.

Welspun Corp notched up volume of 21.7 lakh shares, a 17.81-fold surge over two-week average daily volume of 1.22 lakh shares. The stock surged 17.7% to Rs 83.80.

IDFC Bank saw volume of 38.28 lakh shares, a 6.63-fold surge over two-week average daily volume of 5.78 lakh shares. The stock dropped 3.94% to Rs 68.25.

Jai Corp clocked volume of 9.44 lakh shares, a 5.75-fold surge over two-week average daily volume of 1.64 lakh shares. The stock surged 9.45% to Rs 70.65.

Vivimed Labs saw volume of 5.18 lakh shares, a 4.8-fold rise over two-week average daily volume of 1.08 lakh shares. The stock jumped 8.5% to Rs 100.20 after the company said its FDF manufacturing facility in Alathur, near Chennai has a favourable outcome post its United States Food and Drug Administration inspection. The announcement was made after market hours yesterday, 29 November 2016. The audit was conducted during the last week of November and concluded on 28 November 2016.

Furthermore, Vivimed obtained abbreviated new drug application (ANDA) approval for Metronidazole and same is commercialised. During November 2016, the company acquired ANDA of Zolpidem and the file transfer has successfully been completed. It is expected to be commercialised by Q4 March 2017.

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Board of Krebs Biochemicals & Industries to consider September quarter results
Nov 30,2016

Krebs Biochemicals & Industries announced that the meeting of Board of Directors of the Company is scheduled to be held on 07 December 2016, inter alia, to transact the following:

- To consider and approve the unaudited financial results for the quarter and half year ended 30 September 2016.

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Rapicut Carbides gets credit ratings for bank facilties
Nov 30,2016

Rapicut Carbides has received revision in credit ratings for bank facilities from CARE -

Long term bank facilities (Rs 1.10 crore) - CARE BBB- ;Stable Outlook (Assigned)

Long term/ Short term bank facilities (fund based working capital limit) (Rs 4.70 crore) - CARE BBB-; Stable Outlook / CARE A3+; Stable Outlook (Reaffirmed)

Short term bank facilities (non fund based limits) (Rs 3.75 crore) - CARE A3+ (Reaffirmed)

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Tayo Rolls provides update on closure of operations
Nov 30,2016

Tayo Rolls has filed a Writ Petition in the Jharkhand High Court against the rejection order for closure of operations of the Company under Section 25-0 of the Industrial Disputes Act, 1947. The Writ Petition has been admitted by the High Court for hearing.

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Corporatize Indian Agriculture: Dr. Ajit Kumar
Nov 30,2016

Vice Chancellor, National Institute of Food Technology Entrepreneurship and Management, Dr. Ajit Kumar pitched for corporatization of farming sector to integrate agriculture and farmers with prosperity and well being as this could be the single Mantra to double the farmers income as is being intended by the government of the day under Prime Minister Mr. Modi.

He also recommended that close to a lakh of Indian traditional dishes across the country should be standardized for its quality and hygienic values to make them globally popular as the National institute of food technology entrepreneurship and management has already identified thirteen such dishes for which equipment and tools will be put in place for their wider commercial circulation.

Dr. Kumar said that privatization of agriculture was not the solution for doubling farmers income as the experiment has hardly yielded the desired results.

n++What ought to be experiment in the modern times is encouragement for corporatization of Indian agriculture as the government cannot be expected to alone explore the unexplored and un-negotiated territories and patches including landscapes of Indian agriculture with its own investments and technological tools. Therefore, corporatization could be an answer to serve this un-chartered territory to bring in prosperity among farmers and farming community by leasing out their land to corporates as with their investments, the Indian agriculture could see better daysn++, said Dr. Kumar.

According to him, the another strategy that could follow for betterment of farmers should be to equip all the villages with primary and secondary food storages in which their farm produce could be stored and farmers are equipped and linked with such facilities for gaining in higher returns for their produce.

Principal Secretary, Industries & Commerce, New & Renewable Energy & CEO, Invest Punjab, Mr. Anirudh Tewari also endorsed the views expressed by Dr. Ajit Kumar adding that Punjab is the attracting hub for industries that wish to explore its agriculture sector as the State provide for more than 14% of incentives in terms of infrastructure to such investors as compared to other parts of the country.

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UCO Bank gains after allotting preferential shares to LIC
Nov 30,2016

The announcement was made after market hours yesterday, 29 November 2016.

Meanwhile, the S&P BSE Sensex was up 104.27 points or 0.4% at 26,498.28.

On the BSE, 63,000 shares were traded on the counter so far as against the average daily volumes of 2.22 lakh shares in the past one quarter. The stock had hit a high of Rs 34.30 and a low of Rs 33.85 so far during the day. The stock had hit a 52-week high of Rs 50.15 on 1 December 2015. The stock had hit a 52-week low of Rs 27.80 on 15 February 2016. The stock had outperformed the market over the past one month till 29 November 2016, declining 3.31% compared with the Sensexs 5.54% fall. The scrip had, however, underperformed the market in past one quarter, sliding 16.52% as against the Sensexs 5.41% fall.

The mid-cap bank has equity capital of Rs 1488.03 crore. Face value per share is Rs 10.

The shares issued to Life Insurance Corporation of India (LIC) will be under lock-in for a period of one year from the date of trading from the stock exchanges. LIC owned 11.88% stake in UCO Bank end September 2016.

UCO Bank reported net loss of Rs 384.83 crore in Q2 September 2016, compared with net profit of Rs 156.20 crore in Q2 September 2015.

The Government of India held 77.54% stake in UCO Bank end September 2016.

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Vivimed Labs intimate of successful USFDA inspection of FDF facility in Alathur
Nov 30,2016

Vivimed Labs announced that its FDF manufacturing facility located in Alathur, near Chennai has had a favourable outcome post its US Food and Drug Administration (USFDA) inspection. The audit was conducted during the last week of November and concluded on 28 November 2016.

Furthermore, Vivimed obtained ANDA approval for Metronidazole and same is commercialised. During November 2016, the Company acquired ANDA of Zolpidem and the file transfer has successfully been completed. lt is expected to be commercialised by Q4 FY2O17. Vivimed is on trackof its filing targets and has successfully completed 3 ANDA filings during FY2017 and expect one more filing to be completed by Q4 FY2017. These products provide vertical integration with the inhouse APls.

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