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Cabinet apprised of the MoU between India and Qatar on cooperation in the field of Youth and Sports
Oct 13,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed on April 7, 1999 and the First Executive Programme for MOU signed with Qatar on bilateral cooperation in the field of Youth and Sports signed on 05 June 2016.

The MoU will help in expanding knowledge and expertise in the areas of sports science, sports medicine and coaching techniques, which would result in improvement in performance of our sportspersons in international tournaments and strengthening of bilateral relations between India and Qatar. It would be equally applicable to all sportspersons irrespective of their caste, creed, region, religion and gender.

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M&M gains after Ssangyong forms joint venture with Chinese company
Oct 13,2016

The announcement was made on Wednesday, 12 October 2016. The market remained shut on that day.

Meanwhile, the S&P BSE Sensex was down 300.97 points or 1.07% at 27,777.86.

On BSE, so far 19,883 shares were traded in the counter as against average daily volume of 73,077 shares in the past one quarter. The stock hit a high of Rs 1,384.90 and a low of Rs 1,353.05 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had underperformed the market over the past one month till 10 October 2016, falling 6.31% compared with Sensexs 2.48% fall. The scrip had also underperformed the market in past one quarter, declining 5.03% as against Sensexs 3.52% rise.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

SsangYong Motor Company, a part of Mahindra group announced that as part of its effort to grow in China, the company signed a letter of intent (LOI) with the Shaanxi Automobile Group for a 50:50 joint venture that will establish a local production plant for completely built unit (CBU) vehicle. The joint venture, which will become SsangYongs first overseas production base, in a 50/50 partnership with the Shaanxi Automobile Group, will construct production facilities for CBU vehicles and an engine plant on a site with an area of 1.23 million square meters in the Xian Economic and Technological Development Zone in Xian. The first phase of construction will establish a plant with an annual capacity of 1.5 lakh units per year by the end of 2019 end the second phase will involve an expansion of the facilities to 3 lakh units annually. With a local production facility in China, Ssangyong will gain new growth momentum to become a strong global SUV manufacturer.

Further, SsangYong will establish an automotive cluster with its major suppliers that will also enter the market, to ensure product competitiveness, and start the production of SsangYongs current models and models under development, in the second half of 2019. With the signing of LOI for a joint venture, Ssangyong and Shaanxi will form a team to work on the project and discuss the details for the establishment of a joint venture. Next steps will also involve obtaining the approval from the Ssangyongs board of directors, the government of Shaanxi province and Xian as well as the central government of China.

M&Ms net profit rose 12.4% to Rs 955.21 crore on 12.3% growth in net sales to Rs 10898.08 crore in Q1 June 2016 over Q1 June 2015.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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Cabinet approves MoU between Exim Bank on General Cooperation with the NDB, along with other Development Financial Institutions of BRICS nations
Oct 13,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) on General Cooperation with New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India.

The proposal will enhance trade and economic relations among the BRICS countries. There is no financial implication involved with signing of the MoU. The participating institutions from the BRICS nations will be benefitted by this MoU.

The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations, besides skills transfer and knowledge sharing amongst the signatories, Further, establishment of the NDB reflects the close relations among the BRICS countries and provides a powerful instrument for increasing their economic cooperation and help India play an enhanced international role. Therefore, keeping in view the strategic relevance of cooperation for sustainable development and inclusive economic growth, the signing of MoU is necessary in the context of cooperation extended by the Members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries.

Background:

Five banks from the BRIC nations had established the BRICS Interbank Co-operation Mechanism to enhance trade and economic relations amongst the BRIC countries, and enterprises. The BRICS Interbank Co-operation Mechanism now proposes to sign a Memorandum of Understanding (MOU) on General Co-operation with the New Development Bank.

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Granules India inches up after USFDA nod for Ibuprofen tablets
Oct 13,2016

The announcement was made during market hours today, 13 October 2016.

Meanwhile, the S&P BSE Sensex was down 319.08 points or 1.14% at 27,763.26.

On BSE, so far 1.33 lakh shares were traded in the counter as against average daily volume of 1.40 lakh shares in the past one quarter. The stock hit a high of Rs 122 and a low of Rs 120.10 so far during the day. The stock had hit a record high of Rs 164.45 on 1 December 2015. The stock had hit a 52-week low of Rs 101.25 on 12 February 2016. The stock had underperformed the market over the past one month till 10 October 2016, sliding 4.45% compared with 2.48% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.58% as against Sensexs 3.52% rise.

The small-cap company has equity capital of Rs 21.72 crore. Face value per share is Rs 1.

Granules India said that the United States Food and Drug Administration (USFDA) has approved abbreviated new drug applications (ANDA) for Ibuprofen Tablets USP, 200 mg (OTC) filed by the company. The approved ANDAs is the bioequivalent to the reference listed drug product (RLD), Motrin IB Tablets, 200 mg, of Johnson & Johnson Consumer, Inc.

On a consolidated basis, Granules Indias net profit rose 36.5% to Rs 38.96 crore on 6.6% growth in net sales to Rs 343.50 crore in Q1 June 2016 over Q1 June 2015.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients for customers in the regulated and semi-regulated markets.

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PC Jewellers to open new showroom in Ghaziabad
Oct 13,2016

PC Jewellers announced that it is opening its new showroom on 16 October 2016 at Ghaziabad (Uttar Pradesh) at the following address - B 21-22, RDC, Rajnagar, Ghaziabad (U.P.). With this, the company will have a total of 67 showrooms located across 53 cities in India.

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Cabinet approves establishment of an Indian Institute of Management at Jammu
Oct 13,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the establishment and operationalisation of Indian Institute of Management (IIM) at Jammu in a transit/temporary campus at Old Government College of Engineering & Technology from the Academic Year 2016-17.

The project will involve a cost of Rs.61.90 crore in temporary campus for the initial four years from 2016 to 2020. The student strength intake for this year in the Post Graduate Diploma Programme (PGDP) in Management is 54 which will progressively go up to a cumulative student strength of 120 in the 4th year. Meanwhile, steps would also be taken up for setting up campus at Jammu and an out-campus in Kashmir region. The Detailed Project Report for the permanent campuses is under preparation and thereafter the process for setting up of the campuses would start.

The Cabinet also approved formation of an IIM Jammu Society under the Societies Registration Act, 1860. IIM Jammu will be run and managed by the Society with a Board of Governors (BOGs) to be constituted by the Government of India, which will administer the Institute and would be responsible for establishment and operationalisation of the Institute.

This is a part of Prime Ministers development package for Jammu & Kashmir. The Institute coupled with opening of IIT at Jammu, modernization of NIT Srinagar and opening of two new AIIMS institutions, one each in Kashmir region and Jammu region, would go a long way in meeting the requirement of high quality living and education in Jammu & Kashmir.

Background:

Indian Institutes of Management are the countrys premier institutions imparting best quality education in management on globally benchmarked processes of education and training in management education and allied area of knowledge.

At present, there are nineteen IIMs. Out of these, thirteen IIMs are located at Ahmedabad, Bengaluru, Kolkata, Lucknow, Indore, Kozhikode, Shillong, Ranchi, Raipur, Rohtak, Kashipur, Trichy, Udaipur. Another six IIMs which have been started in 2015 are located at Amritsar, Sirmaur, Nagpur, Bodhgaya, Sambalpur and Vishakhapatnam.

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Cipla receives EIR for its Indore facility
Oct 13,2016

Cipla has received Establishment Inspection Report (EIR) from the US FDA for its Indore facility indicating formal closure of the US FDA inspection conducted in July/August, 2015.

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Gruh Finance gains after reporting decent Q2 results
Oct 13,2016

The result was announced after market hours on Monday, 10 October 2016. The market remained shut on 11 and 12 October 2016.

Meanwhile, the S&P BSE Sensex was down 270.73 points or 0.96% at 27,811.61.

Huge volumes were witnessed on the counter. On BSE, so far 32.83 lakh shares were traded in the counter as against average daily volume of 42,250 shares in the past one quarter. The stock hit high of Rs 370 so far during the day, which is a record high for the stock. The stock hit a low of Rs 338.10 so far during the day. The stock hit a 52-week low of Rs 226.30 on 18 January 2016. The stock had outperformed the market over the past one month till 10 October 2016, rising 11.69% compared with Sensexs 2.48% fall. The scrip had also outperformed the market in past one quarter, gaining 22.72% as against Sensexs 3.52% rise.

The large-cap company has an equity capital of Rs 72.78 crore. Face value per share is Rs 2.

Gruh Finances net interest margin rose 20% to Rs 234 crore in Q2 September 2016 over Q2 September 2015. Gruh Finances loan portfolio amounted to Rs 12089 crore as at 30 September 2016 as against Rs 9913 crore as at 30 September 2015, registering an increase of 22%. Loan disbursements rose 11% to Rs 1945.13 crore in Q2 September 2016 over Q2 September 2015.

Gruh Finances main business is to provide loans for purchase or construction of residential houses.

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Nitesh Estates announces resignation of director
Oct 13,2016

Nitesh Estates announced that Sudhakar Rao, Non-Executive Director of the Company has tendered his resignation on 12 October 2016 due to his other commitments.

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Adani Transmissions Acquisition of Reliance Infrastructures Assets Rating Neutral
Oct 13,2016

Adani Transmissions (ATL) proposed acquisition of Reliance Infrastructures three operating transmission assets is unlikely to impact the rating on its debt facilities, says India Ratings and Research (Ind-Ra).

The three operating transmission assets proposed for acquisition benefit from the revenue sharing mechanism applicable for interstate assets, which is implemented by the Central Transmission Utility (Power Grid Corporation of India). The acquisition would decrease the counterparty concentration in consolidated ATLs assets, since Maharashtra based utilities contribute between 60% and 65% of ATLs consolidated revenue presently. Ind-Ra would review the final terms of acquisitions and also any future investments.

The rated debt under the obligor group is protected by a waterfall mechanism, whereby cash flows from the operating assets under Adani Transmission India and Maharashtra Eastern Grid Power Transmission Company are first available for servicing the rated debt before being invested in new projects or used for any other purpose, after complying with the defined financial covenants.

ATL has signed a binding term sheet with Reliance Infrastructure for acquiring the assets and expects to complete the transactions by 1QFY18, subject to statutory and regulatory approvals.

ATLs outstanding ratings are as follows:

- INR35.8bn non-convertible debentures: IND AA+/Stable

- INR12bn commercial paper (outstanding INR9.25bn): IND A1+

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Ashapura Intimates Fashion wins Entrepreneur Excellence Award 2016
Oct 13,2016

Ashapura Intimates Fashion announced that the Company Ashapura Intimates Fashion has been awarded Altina Entrepreneur Excellence Award 2016 presented to Harshad Thakkar (Chairman and Managing Director) for exceptional performance in the field of Textile.

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Wall Street Finance announces change in directorate
Oct 13,2016

Wall Street Finance announced that the Board of Directors have approved the appointment of Ramesh Venkataraman as an additional director (Non-Executive, Independent) on the Board of the Company with effect from 12 October 2016 for a period of five years, subject to approval of the members.

- Saket Agarwal has submitted the resignation as Director with effect from 12 October 2016, due to his other professional commitments.

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Hindustan Tin Works announces change in registered office
Oct 13,2016

Hindustan Tin Works announced that in continuation of the Companys Outcome of Annual General Meeting and Voting Results dated 27 September 2016 and 29 September 2016 respectively, the Company has changed its Registered office address from its present location at 488, Bartan Market, Sadar Bazar, Delhi- 110006 to 819, DLF Tower- A, Jasola, New Delhi- 110025 w.e.f. 01 October 2016.

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Borosil Glass moves north after investment in subsidiary
Oct 13,2016

The company made the announcement on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P BSE Sensex was down 285.84 points or 1.02% at 27,796.50

On BSE, so far 1,134 shares were traded in the counter as against average daily volume of 1,825 shares in the past one quarter. The stock hit a high of Rs 6,500 and a low of Rs 6,290 so far during the day. The stock had hit a record high of Rs 6,950 on 5 October 2016. The stock had hit a 52-week low of Rs 2,200 on 17 December 2015. The stock had outperformed the market over the past one month till 10 October 2016, surging 43.25% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 55.08% as against Sensexs 3.52% rise.

The small-cap company has equity capital of Rs 2.31 crore. Face value per share is Rs 10.

Borosil Glass Works said it has made an investment of Rs one million dirhams, equivalent to approximately Rs 1.82 crore by way of subscription in one additional share of Borosil Afrasia FZE, its wholly owned subsidiary in UAE, Dubai.

Borosil Glass Works net profit jumped 131.9% to Rs 9.88 crore on 29.9% growth in net sales to Rs 52.20 crore in Q1 June 2016 over Q1 June 2015.

Borosil Glass Works manufactures scientific ware items and consumer ware items.

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Tech Mahindra features amongst Asias top business in Sustainablity Ranking
Oct 13,2016

Tech Mahindra has been ranked as one of the Top 3 companies in India and one of the Top 20 companies in Asia in the Channel NewsAsia Sustainability Ranking for Asias top business which was announced recently at the CSR Asia Summit in Hong Kong.

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