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Karnataka Bank gains after tie-up with Bajaj Allianz for general insurance biz
Mar 14,2017

The announcement was made after market hours on Friday, 10 March 2017.

Meanwhile, the S&P Sensex was up 487.57 points, 1.68% to 29,433.80.

On the BSE, 1.85 lakh shares were traded on the counter so far as against the average daily volumes of 3.28 lakh shares in the past one quarter. The stock had hit a high of Rs 141.30 and a low of Rs 138 so far during the day.

The stock had hit a 52-week high of Rs 143.35 on 2 March 2017 and a 52-week low of Rs 75.34 on 11 March 2016. The stock had outperformed the market over the past one month till 10 March 2017, advancing 14.91% compared with the Sensexs 2.16% rise. The scrip had also outperformed the market over the past one quarter advancing 27.95% as against the Sensexs 8.22% rise.

The mid-cap bank has equity capital of Rs 282.70 crore. Face value per share is Rs 10.

Karnataka Bank announced that the bank entered into Memorandum of Understanding with Bajaj Allianz General Insurance Company (BAGICL) for general insurance business.

Karnataka Banks Managing Director & CEO P Jayaram Bhat said the bank will be able to provide vast choice of non-life insurance products to its customers across all its 747 branches, supported by the customer centric products of BAGICL.

Karnataka Banks net profit fell 29.3% to Rs 68.52 crore on 6.4% increase in total income to Rs 1457.52 crore in Q3 December 2016 over Q3 December 2015.

Karnataka Bank is a private sector bank in India.

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Uniply Industries gains on fund raising plan
Mar 14,2017

The announcement was made on Monday, 13 March 2017, when the stock market was shut on account of a public holiday.

Meanwhile, the S&P BSE Sensex was up 474.81 points, or 1.64% to 29,421.04.

On the BSE, 1,313 shares were traded in the counter so far, compared with average daily volumes of 12,109 shares in the past one quarter. The stock had hit a high of Rs 319 and a low of Rs 311.30 so far during the day.

The stock hit a 52-week high of Rs 350.90 on 27 February 2017. The stock hit a 52-week low of Rs 139.50 on 8 April 2016.

The stock had outperformed the market over the past one month till 10 March 2017, rising 16.12% compared with 2.18% rise in the Sensex. The scrip had also also outperformed the market in past one quarter, 48.13% as against Sensexs 8.22% rise.

The small-cap company has equity capital of Rs 23.91 crore. Face value per share is Rs 10

Net profit of Uniply Industries rose 117.53% to Rs 2.11 crore on 3.47% rise in net sales to Rs 34.87 crore in Q3 December 2016 over Q3 December 2015.

Uniply Industries is engaged in the manufacture, marketing and trade of plywood, laminates and allied products in India.

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Implement Universal Basic Income for women, says ASSOCHAM Women Foundation
Mar 14,2017

Saluting the un-measureable contribution of women to the society, apex industry body ASSOCHAM picked up the idea of Universal Basic Income (UBI), only for women, from a key government document, stating implementation of such a scheme can bring in significant transformation in Indias socio-economic landscape.

n++While India may not be ready for an all - encompassing UBI ,given the countrys scale of development where the difference between the rich and poor remains quite wide and it may not be an equitable thing to extend similar benefits across all strata of the economic paradigm, the women-only UBI can be considered favourably,n++ ASSOCHAM said extending its good wishes on the International Womens Day (IWD).

n++If women in the households have money in their accounts, their economic and social status would see a tremendous uplift. In the long run, this would also bring in corrections in the adverse sex ratio as the society would see women as an empowered lot,n++ the chamber said in a statement.

It added that a sub-idea for UBI for Women was enunciated in the Economic Survey of 2016-17 along with broader UBI. The key document, authored by the Chief Economic Adviser, rightly argued when it had said, n++Women face worse prospects in almost every aspect of their daily lives - employment opportunities, education, health or financial inclusion. Giving money to women also improves the bargaining power for women within households and reduces concerns of money being splurged on conspicuous goods.n++

Under the UBI, some fixed amount is transferred to the accounts of the beneficiaries irrespective of their economic or social status. It is premised on the principle that an equitable society should guarantee a minimum income to each individual for access to basic needs.

Chairperson of the ASSOCHAM Women Foundation, Ms Revati Jain said, n++As it is, the public spending on health and education in India are among the lower categories in the world. The worst sufferers are the women if enough resources are not spent on health and education. The issues of child mortality, infant mortality and even nutrition during pregnancy can be addressed if UBI is extended to women.n++

n++It could be argued that women from the rich and upper middle income groups do not deserve to be provided government support. But the problem of identifying the correct beneficiaries is far greater than the cost of an all - inclusive scheme,n++ said Ms Jain.

n++Maybe, the government can leave it up to the beneficiaries not to avail of the scheme, if they chose to. Say, for instance, if well placed women among the rich and upper middle class do not want UBI, they can voluntary give it up and they will give up,n++ added the AWF chairperson.

n++While most of the welfare schemes can be clubbed into the UBI, certain basic schemes focused on pregnancy benefits can continue along with UBI. The industry, can also be, on a voluntary basis, encouraged to extend its helping hand to the women welfare schemes,n++ she said further.

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Mixed finish for US stocks
Mar 14,2017

Stocks closed in a mixed mode on Monday, 13 March 2017 after switching between small gains and losses as investors refrained from making sizable bets ahead of a Federal Reserve meeting that is widely expected to deliver an interest-rate increase. With no economic data Monday, investors were instead focusing on the two-day Federal Open Market Committee meeting that kicks off on Tuesday.

The Dow Jones Industrial Average bucked the trend to slide 21.50 points, or 0.1%, to finish at 20,881.48. The S&P 500 index rose 0.87 point to close at 2,373.47 while the Nasdaq Composite Index edged up 14.06 points, or 0.2%, to end at 5,875.78.

The days biggest laggards were health care stocks. The sector has been volatile as investors await clarity on what changes President Donald Trump could make to health care laws. Trump has met with leaders of the Republican Party to rally them behind a proposed law, which has been met by resistance, including by other Republicans.

Global investors also were focused on Wednesdays Dutch parliamentary elections. The risk of a euroskeptic party emerging there is small, but a notable election performance could renew market concerns about the popularity of the anti-euro, far-right party in French presidential elections in April and May.

The drop of Dow was led by 2.1% drop in Intel shares. The chip maker said it plans to buy Mobileye, a camera-based driver-assistance-systems company, in a deal valued at $15.3 billion. Shares of Mobileye surged 28%.

Tomorrow will mark the start of the two-day Federal Open Market Committee (FOMC) meeting. Its pretty much a given that the Fed will announce a rate hike in its official decision, but the timing of the announcement may be up in the air considering the impending winter storm that is projected to dump eight to twelve inches of snow on Washington D.C. and a foot, or more, on New York City, Boston, and Philadelphia.

The rate hike decision is currently scheduled for 2:00 pm ET on Wednesday, and with no communication from the Fed to indicate otherwise, that is the time investors are still anticipating.

In addition to the Fed, the Bank of England, the Bank of Japan and Turkeys central bank will all hold meetings this week.

Bullion prices ended higher at Comex on Monday, 13 March 2017. Gold futures marked their first advance on Monday after nine straight sessions of losses, underpinned by uncertainty surrounding elections in the Netherlands, after strong expectations for a Federal Reserve interest-rate hike on Wednesday clobbered precious metals.

Gold for April delivery rose $1.70, or 0.1%, to settle at $1,203.10. The contract ended at $1,201.40 an ounce Fridayn++the lowest finish since Jan 2016. The metals nine-session slide had marked the longest streak of declines since July 2015. May silver also rose 4.9 cents, or 0.3%, Monday to finish at $16.972 an ounce.

Oil futures extended a losing streak to a sixth session on Monday, 13 March 2017 at Nymex. Prices fell as traders looked to the release of monthly reports from major industry groups this week that are expected to provide updates on OPEC crude production and global demand. Prices held ground at their lowest settlement since late November as robust growth in U.S. oil production continued to threaten the Organization of the Petroleum Exporting Countries plan to limit global production.

On the New York Mercantile Exchange, April West Texas Intermediate crude fell 9 cents, or 0.2%, to settle at $48.40 a barrel. May Brent crude on Londons ICE Futures exchange shed 2 cents to end at $51.35 a barrel.

The ICE U.S. Dollar Index was up by 0.1% on Monday.

Investors did not receive any economic data on Monday. On Tuesday, February PPI (consensus 0.1%) will cross the wires at 8:30 ET.

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Hira Automobile announces resignation of director
Mar 14,2017

Hira Automobile announced that Simran Bajwa, Director of the Company has resigned from the Board.

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Lok Sabha Passes the Admiralty Bill 2016
Mar 14,2017

The Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill, 2016 was passed by the Lok Sabha on 10 March 2017. The Bill aims to establish a legal framework to consolidate the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. It also aims to replace archaic laws which are hindering efficient governance. The Bill confers admiralty jurisdiction on High Courts located in coastal states of India and this jurisdiction extends upto territorial waters.

Introduced during the winter session of Parliament, the Bill came up for discussion in the Lok Sabha. The Minister of State ( RT&H, S, C&F), Shri Mansukh Mandaviya, presented an overview of the Bill in the House, highlighting the need for repealing five obsolete British statutes on admiralty jurisdiction in civil matters, which are 126 to 177 years old. The Bill provides for prioritization of maritime claims and maritime liens while providing protection to owners, charterers, operators, crew members and seafarers at the same time. During the course of discussion, thirteen members presented their views and raised various questions which were replied to by Shri Mandaviya. The Bill was then passed by the House.

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Sundaram Clayton fixes record date for interim dividend
Mar 14,2017

Sundaram Clayton has fixed 21 March 2017 as record date for interim dividend. Dividend payment date is 24 March 2017.

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NBCC (India) gains after securing contract
Mar 14,2017

The announcement was made after market hours on Friday, 10 March 2017.

Meanwhile, the S&P Sensex was up 509.35 points, 1.76% to 29,455.58.

On the BSE, 83,000 shares were traded on the counter so far as against the average daily volumes of 2.59 lakh shares in the past one quarter. The stock had hit a high of Rs 178.20 and a low of Rs 173.55 so far during the day.

The stock had hit a record high of Rs 199.47 on 5 October 2016 and a 52-week low of Rs 117.67 on 24 June 2016. The stock had underperformed the market over the past one month till 10 March 2017, declining 9.28% compared with the Sensexs 2.16% rise. The scrip had, however, outperformed the market over the past one quarter advancing 9.65% as against the Sensexs 8.22% rise.

The large-cap company has equity capital of Rs 180 crore. Face value per share is Rs 2.

NBCC (India) announced that the company has signed an agreement on Friday 10 March 2017, with the State of Mauritius (Government of Mauritius) and Landscope (Mauritius) for construction of new supreme court building on PMC basis in Mauritius. The approximate value of the project is Rs 250 crore having completion period of 24 months.

NBCC (India)s consolidated net profit rose 15.9% to Rs 64.42 crore on 4% increase in net sales to Rs 1413.77 crore in Q3 December 2016 over Q3 December 2015.

NBCC (India) is a blue-chip Government of India (GoI) Navratna Enterprise under the Ministry of Urban Development, in construction sector. The GoI held 75% stake in the firm (as per shareholding pattern as on 22 February 2017).

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Beardsell fixes record date for interim dividend
Mar 14,2017

Beardsell announced that the Board of Directors have fixed the Record Date as 23 March 2017 for the purpose of ascertaining the members eligible for Interim Dividend for the year 2016-2017

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Shri Keshav Cements & Infra announces resignation of director
Mar 14,2017

Shri Keshav Cements & Infra announced that the Board of Directors of the Company noted the resignation of Ramesh Shah, Independent Director through Circular Resolution passed with effect from 13 March 2017.

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Power Grid Corporation gains as board accords investment approval
Mar 14,2017

The announcement was made on Saturday, 11 March 2017.

Meanwhile, the S&P BSE Sensex was up 452.51 points or 1.56% at 29,401.55

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 3.99 lakh shares in the past one quarter. The stock hit a high of Rs 198.30 and a low of Rs 195.20 so far during the day. The stock had hit a record high of Rs 209 on 22 February 2017. The stock had hit a 52-week low of Rs 136.30 on 18 March 2016.

The large-cap company has equity capital of Rs 5231.59 crore. Face value per share is Rs 10.

Power Grid Corporation of Indias net profit rose 20.16% to Rs 1930.02 crore on 23.94% increase in total income to Rs 6787.51 crore in Q3 December 2016 over Q3 December 2015.

Power Grid Corporation of India is a state run electric power transmission utility company. The Government of India holds 57.9% stake in the firm as at 31 December 2016.

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ACC gains after selling shares in Shiva Cements
Mar 14,2017

The announcement was made after market hours on Friday, 10 March 2017.

Meanwhile, the S&P BSE Sensex was up 453.07 points, or 1.57% to 29,399.30.

On the BSE, 5,246 shares were traded in the counter so far, compared with average daily volumes of 18,870 shares in the past one quarter. The stock had hit a high of Rs 1,428.40 and a low of Rs 1,409.20 so far during the day.

The stock hit a 52-week high of Rs 1,738 on 8 August 2016. The stock hit a 52-week low of Rs 1,218.60 on 11 March 2016.

The stock had underperformed the market over the past one month till 10 March 2017, falling 5.78% compared with 2.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 1.48% as against Sensexs 8.22% rise.

The large-cap cement major has equity capital of Rs 187.79 crore. Face value per share is Rs 10.

ACC announced that it has on 9 March 2017, sold its entire 12.13% stake in Shiva Cement, comprising 2.36 crore shares, at a total consideration of Rs 38.66 crore to JSW Cement. The open market transaction took place at Rs 16.35 per share. The transaction is part of an earlier share purchase agreement (SPA) dated 15 February 2017, entered into between the company and JSW Cement. ACC was holding 12.13% in Shiva Cement in the public shareholders (non-promoter) category.

Shiva Cement had executed a SPA with JSW Cement in January this year for sale of shares held by the promoters of Shiva Cement, followed by an open offer to the public shareholders of Shiva Cement, to enable JSW Cement to get a controlling stake in the Odisha-based company. JSW Cement had agreed to buy a 35.6% stake from Shiva Cements promoters for Rs 97.24 crore. Further, JSW Cement had made an open offer to the public equity shareholders of Shiva Cement to acquire up to 6.24 crore fully paid-up equity shares, constituting 32% of the total fully diluted voting equity share capital of the company.

The total promoter holding in Shiva Cement end December 2016 stood at 35.62%. Shiva Cement runs an integrated plant near Rourkela in Odisha. It sells cement under the Sumangal brand and caters primarily to the eastern states.

ACCs consolidated net profit declined 44.98% to Rs 56.34 crore on 6.13% fall in net sales to Rs 2671.61 crore in Q4 December 2016 over Q4 December 2015.

ACC is a manufacturer of cement and concrete and is a member of LafargeHolcim group. The company has a countrywide network of modern cement and concrete plants, sales offices, dealers and retailers.

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Outcome of board meeting of Palred Technologies
Mar 14,2017

Palred Technologies announced that the Board of Directors of the Company at its meeting held on 13 March 2017 has considered and approved the following -

Preferential Issue of Equity Shares.

Convening Extra-Ordinary General Meeting of the Company on 08 April 2017.

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To cater to the needs of the local farmers, the Central Government has established this Banana Research Centre: Shri Radha Mohan Singh
Mar 14,2017

Union Agriculture and Farmers Welfare Minister Shri Radha Mohan Singh said that Bihar and particularly Vaishali district is very suitable for the cultivation of bananas and large scale production of banana can change the fate of farmers.

Shri Singh stated that Rajendra Krishi Viswavidyalaya, Pusa has got the status of Central Agriculture University only in October, 2016. After that the Government has established this Banana Research Centre to fulfil the aspirations of the banana growers of Vaishali. Banana Research Centre, Vaishali falls under Garole area and because of the ecological conditions of Garole, it has been selected for the establishment of this centre. He further stated that this centre will work in the areas of finding reasons of less production in banana, enhancement in acreage for cultivation, suitable utilization of the various parts of the plants, different products, marketing and value addition.

Shri Singh said that Dr. Rajendra Prasad Central Agricultural University has already started the research work for doubling the income from banana cultivation. With starting this centre the research work will get more momentum. He was hopeful that with the cooperation of the researchers of this centre and with the participation of farmers, it would help to bring a new era of banana cultivation in Bihar and surrounding states like it happened in Maharashtra.

Union Agriculture and Farmers Welfare Minister further stated that the farmers of Maharashtra have developed a domestic and export market with the help of 26 cooperative societies operating in the state and thus has given a new direction in the field of banana cultivation. By adopting high density cultivation, tissue culture, drip irrigation etc. Maharashtra is transporting high quality bananas to the entire country through 12-15 thousand Railway Wagons.

Shri Singh further informed that the total production of banana in the country is around 14.2 million tons. India holds number one position in the world in the area of banana production and stands at number three in acreages which is 13 per cent of the entire acreage and 33 per cent of the total production. Among the states, Maharashtra is the largest producer followed by Tamil Nadu. Productivity of Maharashtra is 65.7 ton/ha, which is more than the average national production of 34.1 ton/ha. Banana is grown in Bihar in around 27.2 thousand hectare, production is around 550 thousand tons and average productivity is 20.0 ton/ha, which is very less than the national average.

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Tata Elxsi Partners with DiSTI
Mar 14,2017

The DiSTI Corporation, a leading provider of graphical userinterface software and customized 3D virtual maintenance training solutions, has entered into strategic partnership with Tata Elxsi to deliver DiSTIs GL Studio UI products with Tata Elxsi software services. Tata Elxsi developed their e-Cockpit demonstrator using DiSTIs GL Studio UIDesigner.

DiSTI and TATA ELXSI will showcase the e-Cockpit demonstration at Embedded World 2017 in Germany on 14-16 March.

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