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Marathon Nextgen Realty forays into education space
Nov 23,2016

Marathon Nextgen Realty has entered into education space by introducing the prestigious big picture learning concepts for the first time in India. The Education Institution is named as Next School and is situated at Mulund (W), Mumbai. This is the first time that Marathon Group has ventured into other than its main forte - Realty and Construction.

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Fitch: India Demonetisation Fallout Offset by Uncertain Benefits
Nov 23,2016

The demonetisation of large-denomination bank notes has caused short-term disruption in Indias economy. The move has the potential to raise government revenue and encourage bank lending, but Fitch Ratings believes the positive effects are unlikely to be strong and sufficiently enduring to support credit profiles.

The withdrawal of bank notes - that account for 86% of the value of currency in circulation - has created a cash crunch, and seems to be holding back economic activity. Consumers have not had the cash needed to complete purchases, and there have been reports of supply chains being disrupted and farmers unable to buy seeds and fertiliser for the sowing season. Time spent queueing in banks is also likely to have affected general productivity. The impact on GDP growth will increase the longer the disruption continues, but we will already need to revise down our forecasts to reflect what will almost certainly be a weak 4Q16.

The ultimate aim of the note withdrawal was to curb the use of black money, which is in line with the governments broader reform agenda. The informal sector is very large in India, accounting for over 20% of GDP and 80% of employment.

The move could boost government revenue to the extent that demonetisation helps to move economic activity from the informal to the formal sector, as more earnings would be declared. It is possible that this positive effect would soon outweigh the drag on revenue collection from lower short-term GDP growth. Government finances may also benefit from a proportion of high-denomination notes not being traded. This potentially significant amount would be subtracted from the Reserve Bank of Indias (RBI) liabilities, and the authorities would have the option to transfer this windfall to the government.

Indias sovereign credit profile would benefit from an improvement in government finances, which currently stand out as a major weakness. However, there are considerable uncertainties over the potential positive effects. Most importantly, demonetisation is a one-off event. People that operate in the informal sector will still be able to use the new high-denomination bills and other options (like gold) to store their wealth. There are no new incentives for people to avoid cash transactions. The informal sector could soon go back to business as usual.

There are similar uncertainties over the impact on the banking sector. Some banks have already reported large increases in deposits since demonetisation began. A surge in low-cost funding may remove a constraint on banks that prevented lending rates from keeping pace with the RBIs policy rate cuts in recent years. Reduced lending rates could encourage stronger credit growth, supporting the economy. Lower debt-servicing costs might also speed the resolution of banks asset-quality problems.

However, demonetisation could also affect the ability of borrowers in sectors that rely on cash transactions to service their loans, with negative effects on bank asset quality, which is why the RBI has temporarily allowed banks to give small borrowers more time to repay loans before classifying them as non-performing. Furthermore, the positive impact on funding conditions will depend on deposits remaining in banks beyond the next few months. There is nothing to prevent them being withdrawn again. Finally, there are other factors holding back lending, most notably the under-capitalisation of state-owned banks and weak investment demand. Fitch today reaffirmed our negative outlook on Indias banking sector - notwithstanding the effects of demonetisation - which reflects the fragile standalone position of state banks and the risks to their viability ratings in the absence of larger capital injections.

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Board of Zylog Systems appoints director
Nov 23,2016

Zylog Systems announced that the Meeting of the Board of Directors of the Company was held on 23 November 2016, to appoint Kamala R as the Women Director (additional-Independent Director) of the Company as per the provision given in SEBI (LODR) Regulations, 2015.

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Board of Zylog Systems appoints director
Nov 23,2016

Zylog Systems announced that the Meeting of the Board of Directors of the Company was held on 23 November 2016, to appoint Kamala R as the Women Director (additional-Independent Director) of the Company as per the provision given in SEBI (LODR) Regulations, 2015.

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Punjab & Sind Bank plans to raise Rs 500 crore
Nov 23,2016

Punjab & Sind Bank announced that the bank intends to raise Basel III Compliant Tier II Bonds through Private Placement aggregating up to Rs.500 core. The proposed Bonds issue has been rated as n++CARE AAn++ by CARE and BWR AAn++ with Stable Outlook- by Brickwork Ratings.

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Punjab & Sind Bank plans to raise Rs 500 crore
Nov 23,2016

Punjab & Sind Bank announced that the bank intends to raise Basel III Compliant Tier II Bonds through Private Placement aggregating up to Rs.500 core. The proposed Bonds issue has been rated as n++CARE AAn++ by CARE and BWR AAn++ with Stable Outlook- by Brickwork Ratings.

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Bharat Heavy Electricals commissions 93 MW steam turbine based CPP
Nov 23,2016

Bharat Heavy Electricals has commissioned a 93 MW steam turbine based captive power plant (CPP) at Hazira in Gujarat.

This is the second 93 MW unit of the 4x93 MW steam turbine based CPP, being set up by Bhel for Reliance Industries at Hazira. For the same customer, the Bhel is also setting up a 3x93 MW steam turbine based CPP at Dahej, Gujarat.

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Bharat Heavy Electricals commissions 93 MW steam turbine based CPP
Nov 23,2016

Bharat Heavy Electricals has commissioned a 93 MW steam turbine based captive power plant (CPP) at Hazira in Gujarat.

This is the second 93 MW unit of the 4x93 MW steam turbine based CPP, being set up by Bhel for Reliance Industries at Hazira. For the same customer, the Bhel is also setting up a 3x93 MW steam turbine based CPP at Dahej, Gujarat.

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Volumes jump at Katwa Udyog counter
Nov 23,2016

Katwa Udyog clocked volume of 13.74 lakh shares by 13:24 IST on BSE, a 542.81-times surge over two-week average daily volume of 3,000 shares. The stock jumped 19.38% to Rs 93.

JK Lakshmi Cement notched up volume of 1.64 lakh shares, a 17.56-fold surge over two-week average daily volume of 9,000 shares. The stock rose 4.25% to Rs 361.80.

HPL Electric & Power saw volume of 17.46 lakh shares, a 15.42-fold surge over two-week average daily volume of 1.13 lakh shares. The stock rose 6.86% to Rs 87.25.

Sunil Hitech Engineers clocked volume of 31.02 lakh shares, a 12.58-fold surge over two-week average daily volume of 2.47 lakh shares. The stock dropped 4.28% to Rs 167.90.

Adani Transmission saw volume of 10.38 lakh shares, a 6.94-fold rise over two-week average daily volume of 1.50 lakh shares. The stock jumped 18.56% to Rs 55.25.

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Cipla EU divests stake in Chase Pharmaceuticals
Nov 23,2016

Cipla announced that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase) (in which Ciplas UK arm, Cipla (EU) (Cipla UK) has 16.7% stake) has been acquired by a subsidiary of Allergan, plc.

Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders ofChase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment.

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Cipla EU divests stake in Chase Pharmaceuticals
Nov 23,2016

Cipla announced that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase) (in which Ciplas UK arm, Cipla (EU) (Cipla UK) has 16.7% stake) has been acquired by a subsidiary of Allergan, plc.

Allergan has agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders ofChase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment.

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Dredging Corporation of India to announce September quarter results
Nov 23,2016

Dredging Corporation of India announced that a Meeting of the Board of Directors of the Company will be held on 02 December 2016, to consider and take on record the Un-audited financial results of the Company for the quarter/period ended 30 September 2016.

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Dredging Corporation of India to announce September quarter results
Nov 23,2016

Dredging Corporation of India announced that a Meeting of the Board of Directors of the Company will be held on 02 December 2016, to consider and take on record the Un-audited financial results of the Company for the quarter/period ended 30 September 2016.

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Ramco Systems partners with Bank Islam Brunei Darussalam Berhad
Nov 23,2016

Ramco Systems announced that Bank Islam Brunei Darussalam Berhad (BIBD) has selected Ramco Systems Enterprise Resource Planning (ERP) integrated with full suite Human Capital Management (HCM) and Global Payroll for integrating its business processes across HR and enterprise resource planning functions.

Ramco beat global vendors to secure the contract with BIBD, Bruneis flagship Islamic bank and the countrys largest financial services provider serving all banking sectors. The partnership marks Ramcos entry into Brunei and strengthening of presence in South East Asia.

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Ramco Systems partners with Bank Islam Brunei Darussalam Berhad
Nov 23,2016

Ramco Systems announced that Bank Islam Brunei Darussalam Berhad (BIBD) has selected Ramco Systems Enterprise Resource Planning (ERP) integrated with full suite Human Capital Management (HCM) and Global Payroll for integrating its business processes across HR and enterprise resource planning functions.

Ramco beat global vendors to secure the contract with BIBD, Bruneis flagship Islamic bank and the countrys largest financial services provider serving all banking sectors. The partnership marks Ramcos entry into Brunei and strengthening of presence in South East Asia.

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