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Rupee registeres moderate gain
May 02,2017

Rupee closed higher at 64.4425/4500 per dollar on Tuesday (02 May 2017), versus its previous close of 64.4975/50 per dollar last Friday.

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Successful auction of one limestone block in Raipur District concludes; estimated cumulative revenue of Rs 11,894 Cr to State
May 02,2017

The State Government of Chattisgarh has successfully auctioned one block of Limestone (Kesla II) in Raipur District with reserves of 215 million tonnes as on today. The preferred bidder for this block is M/s Dalmia (Bharat) Cement. This block has an estimated value of mineral resource of Rs 10,367 crores. With a reserve price of 5%, the block received a highest bid of 96.15% which translates into estimated cumulative revenue of Rs 11,894 crores to State Government over the lease period. The additionality to States exchequer through auctions only, works out to be Rs.9,968 Crores over the lease period whereas Royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) would contribute Rs 1,720 Crore, Rs 172 Crore and Rs 34.4 Crore respectively.

With this successful auction of one limestone block in Raipur District, a total of twenty two blocks with estimated value of resources over 1 lakh Crore has been disposed of in a transparent manner till date. The total estimated revenue accrued to the State Governments over the lease period stands at Rs 85,253 Crores with Rs 67,502 Crore as additionality to the States exchequer through auctions. Out of this the cumulative Royalty, District Mineral Fund (DMF) and National Mineral Exploration Trust (NMET) contributions work out to be Rs. 17,752 Crores (Rs. 15,850 Crores, Rs.1,590 Crores and Rs.317 Crores, respectively).

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Choice International consolidated net profit rises 3.10% in the March 2017 quarter
May 02,2017

Net profit of Choice International rose 3.10% to Rs 1.33 crore in the quarter ended March 2017 as against Rs 1.29 crore during the previous quarter ended March 2016. Sales declined 69.55% to Rs 25.98 crore in the quarter ended March 2017 as against Rs 85.31 crore during the previous quarter ended March 2016.

For the full year,net profit rose 46.28% to Rs 6.29 crore in the year ended March 2017 as against Rs 4.30 crore during the previous year ended March 2016. Sales declined 34.58% to Rs 118.81 crore in the year ended March 2017 as against Rs 181.60 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales25.9885.31 -70 118.81181.60 -35 OPM %26.407.36 -22.6613.28 - PBDT3.412.86 19 12.518.85 41 PBT2.812.32 21 10.286.78 52 NP1.331.29 3 6.294.30 46

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Graviss Hospitality consolidated net profit rises 35.29% in the March 2017 quarter
May 02,2017

Net profit of Graviss Hospitality rose 35.29% to Rs 1.38 crore in the quarter ended March 2017 as against Rs 1.02 crore during the previous quarter ended March 2016. Sales declined 19.85% to Rs 11.79 crore in the quarter ended March 2017 as against Rs 14.71 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 3.91 crore in the year ended March 2017 as against net loss of Rs 2.41 crore during the previous year ended March 2016. Sales declined 13.30% to Rs 43.23 crore in the year ended March 2017 as against Rs 49.86 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales11.7914.71 -20 43.2349.86 -13 OPM %8.747.48 -2.085.31 - PBDT0.670.75 -11 -0.831.27 PL PBT-0.350 0 -5.64-3.43 -64 NP1.381.02 35 -3.91-2.41 -62

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Deep Industries standalone net profit rises 81.20% in the March 2017 quarter
May 02,2017

Net profit of Deep Industries rose 81.20% to Rs 23.23 crore in the quarter ended March 2017 as against Rs 12.82 crore during the previous quarter ended March 2016. Sales rose 36.48% to Rs 74.90 crore in the quarter ended March 2017 as against Rs 54.88 crore during the previous quarter ended March 2016.

For the full year,net profit rose 80.98% to Rs 74.02 crore in the year ended March 2017 as against Rs 40.90 crore during the previous year ended March 2016. Sales rose 64.06% to Rs 277.38 crore in the year ended March 2017 as against Rs 169.07 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales74.9054.88 36 277.38169.07 64 OPM %49.0455.39 -56.1056.88 - PBDT40.1325.80 56 141.6182.00 73 PBT30.6316.60 85 108.0961.58 76 NP23.2312.82 81 74.0240.90 81

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Ashika Credit Capital reports standalone net loss of Rs 1.45 crore in the March 2017 quarter
May 02,2017

Net Loss of Ashika Credit Capital reported to Rs 1.45 crore in the quarter ended March 2017 as against net loss of Rs 0.96 crore during the previous quarter ended March 2016. Sales rose 85.71% to Rs 0.65 crore in the quarter ended March 2017 as against Rs 0.35 crore during the previous quarter ended March 2016.

For the full year,net profit reported to Rs 1.88 crore in the year ended March 2017 as against net loss of Rs 5.98 crore during the previous year ended March 2016. Sales rose 151.03% to Rs 3.64 crore in the year ended March 2017 as against Rs 1.45 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales0.650.35 86 3.641.45 151 OPM %-53.85-885.71 -81.87-560.00 - PBDT-0.35-3.08 89 2.98-8.10 LP PBT-0.35-3.08 89 2.98-8.10 LP NP-1.45-0.96 -51 1.88-5.98 LP

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Kansai Nerolac Paints standalone net profit declines 81.24% in the March 2017 quarter
May 02,2017

Net profit of Kansai Nerolac Paints declined 81.24% to Rs 116.17 crore in the quarter ended March 2017 as against Rs 619.32 crore during the previous quarter ended March 2016. Sales rose 8.00% to Rs 938.59 crore in the quarter ended March 2017 as against Rs 869.09 crore during the previous quarter ended March 2016.

For the full year,net profit declined 43.71% to Rs 505.94 crore in the year ended March 2017 as against Rs 898.85 crore during the previous year ended March 2016. Sales rose 6.99% to Rs 3988.17 crore in the year ended March 2017 as against Rs 3727.60 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales938.59869.09 8 3988.173727.60 7 OPM %17.4915.51 -18.3215.56 - PBDT187.23144.35 30 828.91607.33 36 PBT169.72127.27 33 759.42539.61 41 NP116.17619.32 -81 505.94898.85 -44

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Graviss Hospitality standalone net profit declines 47.74% in the March 2017 quarter
May 02,2017

Net profit of Graviss Hospitality declined 47.74% to Rs 1.27 crore in the quarter ended March 2017 as against Rs 2.43 crore during the previous quarter ended March 2016. Sales declined 20.56% to Rs 11.09 crore in the quarter ended March 2017 as against Rs 13.96 crore during the previous quarter ended March 2016.

For the full year,net loss reported to Rs 3.90 crore in the year ended March 2017 as against net loss of Rs 1.08 crore during the previous year ended March 2016. Sales declined 12.14% to Rs 41.47 crore in the year ended March 2017 as against Rs 47.20 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales11.0913.96 -21 41.4747.20 -12 OPM %8.4815.11 -1.747.16 - PBDT0.541.80 -70 -0.922.16 PL PBT-0.471.04 PL -5.64-2.47 -128 NP1.272.43 -48 -3.90-1.08 -261

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Choice International standalone net profit declines 15.79% in the March 2017 quarter
May 02,2017

Net profit of Choice International declined 15.79% to Rs 0.64 crore in the quarter ended March 2017 as against Rs 0.76 crore during the previous quarter ended March 2016. Sales declined 91.46% to Rs 4.69 crore in the quarter ended March 2017 as against Rs 54.92 crore during the previous quarter ended March 2016.

For the full year,net profit rose 56.02% to Rs 2.59 crore in the year ended March 2017 as against Rs 1.66 crore during the previous year ended March 2016. Sales declined 74.79% to Rs 19.63 crore in the year ended March 2017 as against Rs 77.86 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales4.6954.92 -91 19.6377.86 -75 OPM %49.684.35 -36.939.98 - PBDT1.401.40 0 4.393.13 40 PBT1.231.12 10 3.462.02 71 NP0.640.76 -16 2.591.66 56

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Cyprus seeks Indian investments to enhance ties: Nicos Anastasiades
May 02,2017

H.E. Mr Nicos Anastasiades, Honble President of the Republic of Cyprus urged Indian industry to invest in the countrys key areas including banking and finance, shipping and transportation, education, science and technology, pharmaceuticals, renewable energy and tourism in order to stimulate trade and investments between the two countries said at `India -Cyprus Business Session` jointly organized by ASSOCHAM, CII and FICCI.

He said, Cyprus`s shipping industry has been one of the most successful export services of our country, as Cyprus enjoys the privilege of being one of the most influential global hubs for ship owning and ship management services, and home to some of the world`s most prominent names in shipping; offering competitive ship registration costs and favourable tax regime for ship management and other international business enterprises.

The education sector also has the capacity of becoming another significant area of collaboration between Cyprus and India. The three state Universities, and the five highly esteemed private universities offer a wide range of courses and degree programmes, attracting foreign students from all over the world, rendering the island a major educational centre in the region.

Another field of great prospect relates to science and technology, on which India possesses much-needed and much-welcomed experience and expertise, which could greatly benefit Cyprus. Attracting talent is very important for boosting our entrepreneurial and start-up ecosystem. For this reason, we have very recently introduced an attractive n++Start-up Visa Schemen++, under which startups from India can easily locate in Cyprus and have easy access to the EU market.

Other areas of co-operation which could be actively explored are those of renewable energy on which Cyprus has a long-standing expertise, and Tourism, Mr Nicos Anastasiades added.

In this respect, the Protocol on Air Services Agreement to be signed on Friday in New Delhi can pave the way for establishing direct connectivity between our two countries; thus increasing the so far very modest number of tourism exchanges if one considers the potential that this sector holds. A new strategy recently completed aims to diversify and enrich the tourist product. With the first luxury casino resort, the marinas and other major projects this is a space to watch out for new investments, said the Cyprus President.

n++Cyprus is now emerging stronger than ever from an unprecedented crisis and our journey along the road to recovery has been faster than anyone could predict, enjoying one of the fastest growing economies of the EU; currently just short of 3% of the GDPn++.

n++We recognise the importance of maintaining sound public finances. We are committed to maintain a stable and competitive tax regime. We shall continue to invest in our human capital, supporting higher education and researchn++.

In particular, the Government has developed a new legal framework, which establishes the procedure of direct licensing of large investments, and it applies on pilot cases a fast track licensing mechanism for investment projects. I would encourage foreign investors, including Indian investors, to invest in projects in Cyprus, which the Presidency can promote through its fast track mechanism for receiving the relevant licenses within short and specific timeframes.

Mr Sandeep Jajodia, President, ASSOCHAM said, n++Cyprus is not only an attractive investment destination but could be used as a gateway to EU for Indian businesses. The other area where India can contribute is imparting and providing host of digital skills and services. Besides, India can provide world class healthcare facilities which will complement your booming tourism sectorn++.

Mr. Deep Kapuria, Chairman, CII Central Europe Committee, and Chairman, Hi-Tech Group said that Cyprus location in the Eastern Mediterranean at the crossroads of three continents gives it easy access to the markets of West Asia, North Africa, Russia and Southern Europe. It can act as a gateway to these regions for Indian companies, particularly the EU of which it is a member state.

Mr. Rakesh Bakshi, Sr. FICCI Executive Committee Member and Chairman & Managing Director, RRB Energy Ltd added, enriching and broad-basing our economic relations would hold us good and role of tourism and hospitality sector can play an integral role in catapulting our relations to next level. Information technology & information technology enabled services, biotechnology, pharmaceuticals and R&D, to mention a few will certainly and needed verve to our economic engagements.

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Gravity grips Kesoram Industries after dismal Q4 earnings
May 02,2017

Meanwhile, the S&P BSE Sensex was up 9.09 points or 0.03% at 29,927.49. Meanwhile, the S&P BSE Small-Cap index was up 42.81 points or 0.28% at 15,415.32.

On BSE, so far 3 lakh shares were traded in the counter as against average daily volume of 1.35 lakh shares in the past one quarter. The stock hit a high of Rs 157 and a low of Rs 149.60 so far during the day. The stock had hit a 52-week high of Rs 201.60 on 6 October 2016. The stock had hit a 52-week low of Rs 105 on 24 May 2016.

The small-cap company has equity capital of Rs 117.27 crore. Face value per share is Rs 10.

Kesoram Industries net sales declined 8.52% to Rs 969.52 crore in Q4 March 2017 over Q4 March 2016.

Kesoram Industries is a diversified company. The company manufactures tyres, cement and rayon yarn.

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DCB Bank leads gainers in A group
May 02,2017

DCB Bank jumped 6.66% to Rs 195.50 at 14:27 IST. The stock topped the gainers in the BSEs A group. On the BSE, 10.32 lakh shares were traded on the counter so far as against the average daily volumes of 2.83 lakh shares in the past two weeks.

Godrej Properties surged 6.47% to Rs 494. The stock was the second biggest gainer in A group. On the BSE, 1.24 lakh shares were traded on the counter so far as against the average daily volumes of 57,000 shares in the past two weeks.

Reliance Defence and Engineering gained 6.33% at Rs 68.85. The stock was the third biggest gainer in A group. On the BSE, 20.30 lakh shares were traded on the counter so far as against the average daily volumes of 4.66 lakh shares in the past two weeks.

Sobha advanced 5.48% at Rs 392. The stock was the fourth biggest gainer in A group. On the BSE, 1.85 lakh shares were traded on the counter so far as against the average daily volumes of 54,000 shares in the past two weeks.

Federal Bank rose 5.35% to Rs 113.20. The stock was the fifth biggest gainer in A group. On the BSE, 44.36 lakh shares were traded on the counter so far as against the average daily volumes of 11.49 lakh shares in the past two weeks.

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Centre to consider legal aspects & hold discussions with judiciary on Insolvency and Bankruptcy Code: Arjun Ram Meghwal
May 02,2017

The Union Government will implement the Insolvency and Bankruptcy Code after considering all the legal aspects, inputs and hold discussions with the judicial authorities to ascertain their thoughts, Minister of State for Finance, Mr Arjun Ram Meghwal said at an ASSOCHAM event.

n++You should be rest assured that the Insolvency and Bankruptcy Code is going to be implemented,n++ said Mr Meghwal.

Terming it not simple but a very important subject, he said that Insolvency and Bankruptcy Code is going to be a game changer as it will change the entire system.

n++It is a cultural shift whereby at times we forget the mandate and objective and look for other sources of recovery but it is not the case,n++ said Mr Meghwal.

n++The implementation process of Insolvency and Bankruptcy Code began only in 2017 and it is such a huge cultural shift that we will have to be extremely careful,n++ he added.

Elaborating a significant issue in this regard, Mr Meghwal said, n++An individual cannot be an entrepreneur by birth but he has to acquire the entrepreneurial skill. Since he has to acquire it, he has to go through recovery process along with Insolvency and Bankruptcy Code related process and if he gets failed due to various reasons he again has to go through the entire process.n++

He said that it is imperative to see that the individuals entrepreneurial skill does not get wasted due to this process.

n++You who have to take care that his entrepreneurial skill does not get wasted owing to this process because if we are able to do so, he can be revived again to significantly contribute in making India a great economic power,n++ further said the Minister.

He said that 2017 is going to be reckoned as a year of economic reforms - be it the presentation of Union Budget on February 1st, merger of Railway and Union Budget, Finance Bill coming into effect from April 1st and GST (goods and services tax) to be implemented from July 1st.

n++We have uploaded certain rules on our website, you should go through them and give us feedback on the same,n++ said Mr Meghwal seeking industrys suggestions vis-n++-vis GST.

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Great Eastern Shipping Company takes delivery of Jag Rohan
May 02,2017

Great Eastern Shipping Company has taken delivery of a Secondhand Supramax Dry Bulk Carrier Jag Rohan (2006 Built) of about 52,450 dwt. The Company had contracted to buy the vessel in March 2017.

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Volumes jump at United Spirits counter
May 02,2017

United Spirits clocked volume of 7.23 lakh shares by 14:10 IST on BSE, a 24.04-times surge over two-week average daily volume of 30,000 shares. The stock was up 1.68% at Rs 1,905.60.

Navine Fluorine International notched up volume of 31,000 shares, a 18.37-fold surge over two-week average daily volume of 2,000 shares. The stock lost 4.55% at Rs 2,999.85.

PNC Infratech saw volume of 31.92 lakh shares, a 15.68-fold surge over two-week average daily volume of 2.04 lakh shares. The stock rose 0.41% at Rs 158.70.

IDFC clocked volume of 79.37 lakh shares, a 9.01-fold surge over two-week average daily volume of 8.81 lakh shares. The stock declined 2.02% at Rs 60.60.

Tata Teleservices (Maharashtra) saw volume of 59.53 lakh shares, a 8.38-fold rise over two-week average daily volume of 7.1 lakh shares. The stock jumped 10.84% at Rs 9.20.

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