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Moodys: Enhancement to Indias PPP model could boost infrastructure investment
Oct 20,2016

Moodys Investors Service says that enhancement of Indias (Baa3 positive) public-private partnership (PPP) model could help attract more private sector investment towards infrastructure projects, and thus help address the countrys very large infrastructure needs.

Historical underinvestment and rapid economic growth are straining Indias existing infrastructure, says Abhishek Tyagi, a Moodys Vice President and Senior Analyst. While the countrys PPP model has seen reasonable success in some sectors over the last 20 years, PPP activity has been low in the last four fiscal years due to challenges with the PPP model.

As such, Indias PPP framework will benefit if it is developed further to address key issues regarding (1) improved risk allocation; (2) the ability to renegotiate unpredictable factors in the bid documents; and (3) a move away from project awards based on one metric, such as estimated revenues, says Tyagi.

The Moodys report highlights that there has been a large decline in private investment in PPP projects in recent years for a number of reasons, including delays in project approvals and land purchases by the government, complicated dispute resolution mechanisms in the concession agreements, and lower than expected revenues due to aggressive assumptions.

Delays in project completion have resulted in cost overruns and revenue losses to private concession owners. These factors have impacted the financial viability of some projects and their ability to service debt.

The poor performance of some infrastructure projects, including PPP, has been a source of stress for both developers and the Indian banking system.

The June 2016 Financial Stability Report (FSR) of the Reserve Bank of India stated that infrastructure, which accounted for 14.2% of total advances of the banking sector, accounted for 34.4% of restructured standard advances and 13.9% of gross non-performing assets of commercial banks in India.

In that regard, Moodys points out that more developed PPP markets, such as in the UK, Canada and Australia, use both availability-payment and demand risk PPP models, and relatively standardized bid documents -- features that could address some of the bottlenecks in Indias PPP framework.

In particular, Moodys says these more developed PPP markets typically feature (1) well-developed regulatory frameworks; (2) largely standardized project contracts; (3) a large and sophisticated investor base; and (4) predictable project pipelines.

Adjustments to the PPP framework in India to align it more with those of more mature PPP markets could help attract new private investment, says Moodys.

Indias economy is set to grow at the fastest pace among major economies in 2016 and 2017, although GDP growth remains constrained by various factors, including inadequate infrastructure investments.

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Yes Bank gains after reporting strong Q2 results
Oct 20,2016

The result was announced during market hours today, 20 October 2016.

Meanwhile, the S&P BSE Sensex was up 133.06 points or 0.48% at 28,117.43.

On BSE, so far 1.73 lakh shares were traded in the counter as against average daily volume of 2.72 lakh shares in the past one quarter. The stock hit high of Rs 1,320 and low of Rs 1,298.50 so far during the day. The stock had hit a record high of Rs 1,450 on 7 September 2016. The stock had hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past one month till 19 October 2016, rising 9.66% compared with 2.27% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.98% as against Sensexs 0.71% rise.

The large-cap bank has equity capital of Rs 422.28 crore. Face value per share is Rs 10.

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

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Sadbhav Infrastructure Project receives provisional completion certificate for two check posts
Oct 20,2016

Sadbhav Infrastructure Project announced that it has received the provisional completion certificate for Kelwat Check Post and Rajura Check Post with effect from 18 October 2016.

With this Maharashtra Border Check Post Network, subsidiary of the Company and a SPV incorporated for the purpose has received provisional/ final completion certificates for 18 check posts out of which 13 check posts have started generating revenue. Construction work is at an advanced stage for balance 6 check posts.

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Integrated Proteins to hold board meeting
Oct 20,2016

Integrated Proteins will hold a meeting of the Board of Directors of the Company on 5 November 2016 to consider and approve the unaudited results for the quarter ended on September 30, 2016.

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WABCO India to hold board meeting
Oct 20,2016

WABCO India will hold a meeting of the Board of Directors of the Company on 8 November 2016 to consider and approve the unaudited financial results of the Company for the quarter / half year period ended September 30, 2016.

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Archit Organosys to hold board meeting
Oct 20,2016

Archit Organosys will hold a meeting of the Board of Directors of the Company on 20 October 2016.

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IKF Technologies to hold board meeting
Oct 20,2016

IKF Technologies will hold a meeting of the Board of Directors of the Company on 27 October 2016 to consider and approve the Unaudited financial results of the Company for the quarter and half year ended September 30, 2016.

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Kreon Finnancial Services to hold board meeting
Oct 20,2016

Kreon Finnancial Services will hold a meeting of the Board of Directors of the Company on 31 October 2016 to consider and take on record the Unaudited financial results of the Company for the quarter ended September 30, 2016 along with Limited Review report.

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Tulsi Extrusions to hold board meeting
Oct 20,2016

Tulsi Extrusions will hold a meeting of the Board of Directors of the Company on 27 October 2016.

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Sadbhav Infra gains after receiving completion certificate for two check posts
Oct 20,2016

The announcement was made during market hours today, 20 October 2016.

Meanwhile, the BSE Sensex was up 123.35 points, or 0.44%, to 28,107.72.

On BSE, so far 10,703 shares were traded in the counter, compared with an average volume of 70,700 shares in the past one quarter. The stock hit a high of Rs 112.60 and a low of Rs 106.85 so far during the day. The stock hit a record high of Rs 120.40 on 22 September 2016. The stock hit a record low of Rs 66.30 on 15 February 2016. The stock had outperformed the market over the past one month till 19 October 2016, rising 2.38% compared with 2.27% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 6.8% as against Sensexs 0.71% rise.

The mid-cap company has equity capital of Rs 352.23 crore. Face value per share is Rs 10.

Sadbhav Infrastructure Project said that with the receipt of these certificates, Maharashtra Border Check Post Network (MBCPNL), a subsidiary of the company and a special purpose vehicle incorporated for the project of construction, operation and maintenance and modernisation and computerization of integrated border check posts received provisional/final certificate for 18 check posts out of which 13 check posts have started generating revenue. The construction work is at an advanced stage for balance 6 check posts.

Sadbhav Infrastructure Project reported consolidated net loss of Rs 89.46 crore in Q1 June 2016 compared with net loss of Rs 88.34 crore in Q1 June 2015. Net sales fell 33.3% to Rs 361.70 crore in Q1 June 2016 over Q1 June 2015.

Sadbhav Infrastructure Project is into development, operation and maintenance of road infrastructure assets. It undertakes turnkey contractual works and other than civil construction of the projects.

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Apple Credit Corporation to hold board meeting
Oct 20,2016

Apple Credit Corporation will hold a meeting of the Board of Directors of the Company on 1 November 2016 to consider and approve the un-audited financial results of the Company for the quarter / half year ended September 30, 2016.

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Westlife Development to hold board meeting
Oct 20,2016

Westlife Development will hold a meeting of the Board of Directors of the Company on 28 October 2016 to consider, the unaudited financial results for the quarter and half year ended September 30, 2016.

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Tatia Global Venture to hold board meeting
Oct 20,2016

Tatia Global Venture will hold a meeting of the Board of Directors of the Company on 31 October 2016 to consider and take on record the Unaudited financial results of the Company for the quarter ended September 30, 2016 along with Limited Review report.

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Page Industries to hold board meeting
Oct 20,2016

Page Industries will hold a meeting of the Board of Directors of the Company on 10 November 2016 to take on record the Unaudited Financial Results for the second quarter ended September 30, 2016 (Q2),to consider declaration of 2nd interim dividend, to the Equity Shareholders of the Company for the current financial year 2016-17.

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Deccan Gold Mines to hold board meeting
Oct 20,2016

Deccan Gold Mines will hold a meeting of the Board of Directors of the Company on 3 November 2016 to consider and approve the unaudited financial results of the Company for the quarter / half-year ended September 30, 2016.

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