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Sharma East India Hosp & Medical Res. to hold board meeting
May 24,2017

Sharma East India Hosp & Medical Res. will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve the Audited Financial Results of the company for the Quarter and financial year ended on March 31st, 2017 and any other matter with the permission of chair.

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Have new NPA norms for Wholesale Long Term Finance Bank: ASSOCHAM to RBI
May 24,2017

ASSOCHAM has approached the RBI with a plea that the provisioning criteria for the non-performing assets (NPAs) in the case of proposed Wholesale Long-Term Finance (WLTF) banks should be based on stress tests of each of the funded projects, unlike the present standard provisioning norms due to a different nature of the long term, big ticket industrial or infrastructure projects to be covered by WLTF lenders.

n++In the long gestation projects like infrastructure there may be various reasons for which the project may get delayed-- governmental policy changes, court orders, land or environmental issues... Monitoring and assessment of such projects would require a structured working; Therefore, provisioning must be based on a stress test for the specific project, the ASSOCHAM said, submitting its feedback to a discussion paper of the RBI on the proposed WLTF banks.

It said a stress test- based provisioning would be more prudent way of resolving the NPA issues, than the present standard provisioning norms for other loans. Therefore, the standard provisioning norms should not be applicable to WLTF banks

Describing the move to allow WLTF banks as timely and prudent, the chambers letter to RBI Governor Dr Urjit Patel said the minimum capital requirement be kept at Rs 500 crore and not Rs 1000 crore.

As the proposed banks would be focussed on infrastructure projects, their business would be less risky. Unlike a security-based lending methodology of universal banks, WLTF Bank will be lending against cash-flow of an infrastructure assets for long term, implying more visibility of cash-flow than normal manufacturing projects.

Besides, the proposed lender should be exempt from requirements like SLR, CRR and rural branches and other priority sector norms, the chamber added.

In addition to following the existing rules of on-tap licensing of universal banks, converting existing NBFCs or NBFC held by another NBFC be allowed to be converted into WLTF Bank. This would allow seamless transition of an existing NBFC into a WLTF Bank.

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Softsol India to hold board meeting
May 24,2017

Softsol India will hold a meeting of the Board of Directors of the Company on 30 May 2017, to consider and approve Audited financial statements of the Company for the Fourth Quarter & Financial year ended 31st March 2017 along with other issues.

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Sparc System CFO resigns
May 24,2017

Sparc System announced that Geeta Salekar, CFO of the Company has resigned from the Company with effect from 29 May 2017.

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Strides Shasun receives approval for Memantine Hydrochloride Tablets
May 24,2017

Strides Shasun announced that it has received approval from the USFDA for Memantine Hydrochloride Tablets USP, 5 mg and 10 mg. The product will be manufactured at the Companys flagship facility at Bangalore and marketed by Strides Pharma Inc in the US market. The product will be launched immediately.

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Jubilant Life Sciences jumps after robust Q4 earnings
May 24,2017

The result was announced after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 145.47 points or 0.48% at 30,510.72.

On the BSE, 2.46 lakh shares were traded on the counter so far as against the average daily volumes of 95,884 shares in the past one quarter. The stock had hit a high of Rs 762.70 and a low of Rs 685.80 so far during the day.

The stock had hit a record high of Rs 879.10 on 14 April 2017 and a 52-week low of Rs 294.20 on 24 June 2016. It had underperformed the market over the past one month till 23 May 2017, sliding 16.01% compared with the Sensexs 3.41% rise. The scrip had also underperformed the market over the past one quarter, declining 4.14% as against the Sensexs 5.1% rise.

The large-cap company has equity capital of Rs 15.93 crore. Face value per share is Rs 1.

Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman & Managing Director Hari S Bhartia said that the differentiated business model focusing on specialty pharmaceuticals has enabled the company to deliver exceptional results and build a strong base for growth in its pharma business. The company has generated strong operating cash flow which enabled reduction of debt and is expected to deliver better results going forward, they said.

The companys focus is to strengthen the balance sheet, invest in strategic opportunities without increasing debt levels and build strong pipeline of products across specialty, generics and LSI businesses, the duo said.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients and drug discovery solutions.

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ASSOCHAM moots plan for comprehensive industrial policy for SMEs
May 24,2017

Apex industry body ASSOCHAM has mooted a proposal to the newly elected government of Punjab for announcement of comprehensive industrial policy to bring back the glory of Sher-E-Punjab hub for small medium enterprise (SMEs) and value addition to agriproducts.

The policy should focus on activities relating top reservation, farm products, horticulture, livestock products like milk and other dairy items, cotton and textiles etc. which have strong backward and forward linkages in the states economy.

According to the paper, Punjab needs to promote less-water guzzling crops like pulses, oilseeds, cotton, maize, millet, vegetables and fruits - by providing improved seeds and ensuring that farmers get a fair price for these crops through a market support mechanism. The area under paddy cultivation should be reduced and high value crops like cotton, fruits, vegetables, canola, menthe, turmeric etc. should be grown to raise their share of cropping area from 3.4%.

Ad-hoc policies like ban on export of food grains, limits on private stocking and tax on purchase of food grains (14.4%) should be revisited and withdrawn wherever possible. The fertilizer subsidy policy needs to be revisited to achieve balanced use of nutrients and subsidy should be transferred directly to the farmers.

Incentivise technology like direct seeding of paddy and drip irrigation which saves 30-50% of water. More investment needed in production and promotion of organic manure, bio-pesticides to cut down use of chemical pesticides linked to the spread of cancer. Also, Implement National Policy for Crop Residue 2014 which suggests suitable legislation, adoption of technical measures and training on crop residue management to eliminate crop residue burning.

To reduce farmers indebtedness, private moneylenders should be registered and regulated and instead of debt waiver schemes, state should find ways to expand institutional credit facilities; APMC Act should be amended to allow farmers to sell directly to food processing industry while ensuring that no hoarding of essential items take place. Punjab should join National Agriculture Market which provides e-mandis across the country to ensure better price realisation and soil testing facilities

The financial incentives - like exemption or concessions in stamp duty, property tax etc. - should be extended to existing units which are fighting for survival. Also bring parity in tax structure and match financial incentives offered by rival states like Himachal Pradesh, Maharashtra, Gujarat, Madhya Pradesh to become more competitive, adds paper.

Develop labour intensive technologies suitable for growth of MSMEs and support with adequate infrastructure to overcome problems of poor labour productivity and obsolete technologies. The state needs to take advantage of natural resources to promote farm products, horticulture, livestock products, manufacturing of textiles, machinery, motor vehicle, food processing etc. since these have strong linkages with the states economy, noted the ASSOCHAM study.

The power policy should be reviewed. Octroi and cow cess should be withdrawn and cheaper power available to new industries should be extended to the existing ones. IT and ITeS industries should be developed in Amritsar, Jalandhar and Ludhiana as proposed and fast-tracked.

A petrochemical hub around Bhatindas refinery and bio-technology parks and incubators in and outside Mohali should be developed as new growth drivers. Single-window and IT-enabled mechanism should be set up for administrative clearances, extending various services and availing various incentives, adds the joint study.

Fiscal Incentives for Industrial Promotion 2013 should be amended to provide incentives to proposed ITeS hub in Jalandhar which has necessary infrastructure. There is a huge potential for financial services -capital market services, private banking to HNIs, brokerage and insurance etc. The state should take help of financial institutions to spread financial literacy.

The state has no clear and defined health policy despite the alarming level of cancer and drug addiction and high cost of hospitalisation etc. The health expenditure needs to go up to Rs 5,000 per capita by 2030 from current level of Rs 1,015 (2014-15). The public health infrastructure needs drastic restructuring at sub-centre, PHC and CHC levels to ensure adequate healthcare coverage, including treatment for cancer and drug addiction.

IT solutions should be developed to check rampant absenteeism of medical personnel and to record and report health transactions. The curriculum and vocational training programme for tourism should be developed at school level particularly targeting high dropouts in districts of Pathankot, Muktsar Sahib, Fatehgarh, Mansa and Sangrur.

The state needs to set up skill development/training institutes either on its own or with private participation since the current skilling programme has been taken over by industries for in house training and is not benefitting general labour force. A strategic road-map needed for skill development in districts with low penetration of vocational education-Gurdaspur, Sangrur, Barnala, Muktsar, Jalandhar and Mohali.

More funds should be mobilised to set up commercial dairy farms, poultry farms etc. and provide marketing infrastructure to help such farms garner maximum benefits rather than middlemen. Proposed district haatcentres in Amritsar, Jalandhar, Ludhiana, Patiala, Ferozpur and Mohali should be completed on a priority basis.

The state should focus on building a dedicated rail freight corridor and add more dry ports for a double-digit growth; Need to step up efforts to induct IT into agriculture and agri-processing. Policy should be changed to provide free power to only small and marginal farmers, while power to middle and big farmers could be charged at market rates (or slightly subsidized). In addition to renewable energy like solar power, plans should be worked out for harvesting bio-energy to use bio-mass generated.

Total number of housing shortage is 7,46,798 units which includes shortage of urban housing of 2,80,050 units. A perspective plan for housing should be made at the state and city levels to address the shortfall in housing; about 20-25% of developed land in urban areas should be reserved for urban poor. To prevent slum formation, industries and builders should be persuaded to provide reasonable accommodation equipped with basic services to their workers.

The states growth is driven by the services sector which has grown disproportionately. Interestingly, however, analysis of sub-sectoral data shows that the only sub-sector which has been growing is banking and financial services. The rest are slowing down, including trade and hotel which contributes the most (23.5%) to the services sector. The banking penetration is high but there is a potential for expanding financial services like capital market services, private banking to HNIs, brokerage and insurance services etc. The state would do well to focus on financial literacy with the help of banks and other financial institutions.

Tourism is another area which has huge potential but remains neglected. Health services too have been neglected which is strange given the high incidence of drug addiction and cancer and high cost of hospitalisation. The health infrastructures like PHCs and CHCs, availability of doctors etc. have witnessed sharp decline. There is a need to substantially increase public investment in health but the new government should better form a comprehensive health policy for the state first.

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Himatsingka Seide moves up after posting good Q4 results
May 24,2017

The result was declared after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 108.74 points, or 0.36%, to 30,473.99. The S&P BSE Mid-Cap index was unchanged at 14,241.35.

On the BSE, 1,256 shares were traded in the counter so far as against an average daily volume of 29,915 shares in the past one quarter.

The stock had hit a high of Rs 340.15 and a low of Rs 332 so far during the day. The stock had hit a record high of Rs 384.50 on 10 February 2017 and a 52-week low of Rs 211.50 on 24 May 2016.

The stock had underperformed the market over the past one month till 23 May 2017, falling 4.11% compared with Sensexs 3.41% gains. The scrip had also underperformed the market in past one quarter, dropping 7.69% as against Sensexs 5.1% rise.

The mid-cap company has an equity capital of Rs 49.23 crore. Face value per share is Rs 5.

Himatsingka Seides board approved final dividend of Rs 2.50 per share for the year ended 31 March 2017 (FY 2017).

The Himatsingka Group is a vertically integrated home textile major with a global footprint. The Group focuses on the manufacture, retail and distribution of home textile products.

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Intellect Design Arena signs 10 year deal with one of Australias Big Four
May 24,2017

Intellect Design Arena has signed a 10 year deal with one of Australias Big Four, to implement its integrated trade finance, treasury and retail remittance solutions for the Banks corporate and retail customers in one of its offshore regions.

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Motherson Sumi Systems gets credit ratings assigned
May 24,2017

Motherson Sumi Systems announced that Moodys Investor Service has assigned Baa3 foreign currency and local currency issuer ratings. The ratings outlook is stable.

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Sun Pharma intimates of acceptance of regulatory filings for tildrakizumab
May 24,2017

Sun Pharmaceutical Industries announced the USFDA acceptance of the Biologics License Application (BLA) for tildrakizumab. The FDA filing acceptance follows the acceptance of the regulatory filing of tildrakizumab by the European Medicines Agency (EMA) in March 2017. Tildrakizumab is an investigational IL-23p19 inhibitor being evaluated for the treatmentof moderate-to-severe plaque psoriasis. The BLA filing for tildrakizumab was submitted by Merck & Co., Inc., Kenilworth, NJ, USA.

The BLA filing for tildrakizumab with the U.S. FDA is based on two pivotal Phase III trials (reSURFACE 1 and 2) which included over 1,800 patients across more than 200 clinical trial sites, including some patients who have been treated with tildrakizumab for up to three and a half years.

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Sanathnagar Enterprises appoints company secretary
May 24,2017

Sanathnagar Enterprises announced the appointment of Jitendra Prasad as the Company Secretary of the Company effective 23 May 2017.

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Board of Subros approves increase in capital by Rs 10 crore
May 24,2017

Subros announced that the Board of Directors of the Company at its meeting held on 23 May 2017 has approved the increase in capital of the Company by Rs 10 crore, subject to approval of members of the Company.

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GST to be biggest achievement of Modi Govt; fin inclusion, digital other big milestones: ASSOCHAM
May 24,2017

As the Narendra Modi government is about to complete three years in office, its biggest achievement on economic front would be the Goods and Services Tax (GST) which is near a roll-out, while financial inclusion, digitisation and public investment on infrastructure like railways and power distribution are perceived as other credible steps for structural changes in the economy, the ASSOCHAM has said.

Based on a perception among its members, the ASSOCHAM has noted that benign inflation both at the retail and wholesale levels is among the other positives for the government. Of course, the fall in inflation was supported by a sharp correction in international commodity prices and good monsoon in the last season. As the price rise remained within the target of four per cent, set by the Reserve Bank of India, the central bank has also been able to keep the interest rates low, though the credit off-take in the private sector still remains a challenge.

Prices of pulses, onion and other essential commodities which used to hit the headlines, have come down significantly in the last 12-18 months.

The implementation of GST in the next few weeks would cap other major initiatives of the government. The focus on improving ease of doing business through measures like GST and other taxation reforms has also been noted as one of the major achievements of the NDA Government, said the chamber President Mr Sandeep Jajodia.

Clean-up of the subsidy disbursal which had reached the proportion of bottomless pit, is yet another big plus of the government which is pursuing linkages of Aadhar ID with every bank account holder. Helped by favourable crash in the crude oil prices, elimination of subsidy on petrol and diesel and significant reduction in other fuels ,including cooking gas, have brought a great improvement in the balance sheets of the oil marketing companies.

Taking a look at other macros, it goes to the credit of the government that Indias foreign exchange reserves have touched an impressive high of USD 372 billion, giving a muscle to rupee. While exporters have shown some concern, strong rupee is helping tame inflation further.

Thanks to several measures to open up the Foreign Direct Investment (FDI) regime in key areas like defence, insurance, infrastructure, the country has received record net FDI of USD 100 billion in the last three years, while foreign funds are pumping in huge liquidity in the stock market.

Riding on ample liquidity and confidence of the global fund managers, Indias market capitalisation has crossed a massive USD two trillion, so much so that some kind of caution is needed to handle such inflows.

While, a high level of non-performing remains an area of concern, the government has taken some decisive measures like empowering RBI to set up Oversight Committees and refer the toxic assets for insolvency and all these should help resolution of the nagging problem.

Other priority areas , going forward, should be focus on some of the stressed sectors like metals, construction and real estate, telecom and power generation while allocations for health and education needs to be lifted. Also , increased focus on agriculture must continue with enough allocations for rural and agri infrastructure like irrigation. However, a lot of work of work has been done in revival of the domestic fertiliser units.

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Torrent Power advances after reporting strong Q4 numbers
May 24,2017

The result was announced after market hours yesterday, 23 May 2017.

Meanwhile, the S&P BSE Sensex was up 87.83 points, 0.29% at 30,453.08. The S&P BSE Mid-Cap index was down 45.52 points, 0.32% at 14,195.36.

On the BSE, 1.42 lakh shares were traded on the counter so far as against the average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 201.75 and a low of Rs 191.50 so far during the day.

The stock had hit a 52-week high of Rs 241.25 on 30 March 2017 and hit a 52-week low of Rs 159 on 3 August 2016. The stock had underperformed the market over the past one month till 23 May 2017, declining 13.78% compared with the Sensexs 3.41% rise. The scrip had also underperformed the market over the past one quarter sliding 5.73% as against the Sensexs 5.1% rise.

The mid-cap company has equity capital of Rs 480.62 crore. Face value per share is Rs 10.

Torrent powers board recommended a final dividend of Rs 2.20 per equity share for the year ended March 2017.

Torrent Power is an integrated utility engaged in power generation, transmission, distribution and manufacturing and supply of power cables.

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