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Adani Power rises after board OKs spinning out Mundra unit
Jun 07,2017

Meanwhile, the S&P BSE Sensex was up 78.89 points, or 0.25% to 31,269.45.

On the BSE, 2.69 lakh shares were traded in the counter so far, compared with average daily volumes of 20.92 lakh shares in the past one quarter. The stock had hit a high of Rs 28 and a low of Rs 27.55 so far during the day.

The stock hit a 52-week high of Rs 46.30 on 11 April 2017. The stock hit a 52-week low of Rs 23.35 on 9 November 2016.

The stock had underperformed the market over the past one month till 6 June 2017, falling 11.81% compared with 4.23% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 29.22% as against Sensexs 7.92% rise. The scrip had also underperformed the market in past one year, falling 9.02% as against Sensexs 15.48% rise.

The large-cap company has equity capital of Rs 3856.94 crore. Face value per share is Rs 10.

Adani Power announced after market hours yesterday, 6 June 2017, that its board approved a proposal to hive off its flagship Mundra power generating business undertaking, generating 4620 megawatts (MW) of power, to its subsidiary company, namely, Adani Power (Mundra). The transaction will put Mundra undertaking at par with the other operating subsidiaries of the company, with specific strategic focus as well as specific financial arrangements.

On a consolidated basis, Adani Power reported net loss of Rs 4960.53 crore in Q4 March 2017 as against net profit of Rs 1012.19 crore in Q4 March 2016. Net sales declined 16.91% to Rs 6352.23 crore in Q4 March 2017 over Q4 March 2016.

Adani Power is the largest private power producer in India with an installed capacity of 10,480 MW.

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Zydus Cadila gets USFDA approval to market Mesalamine Delayed - Release Tablets USP, 1.2 g
Jun 07,2017

Zydus Cadila announced that USFDA has given its final approval to market Mesalamine Delayed - Release Tablets USP, 1.2 g in the US market. Zydus Cadila was the first to file an Abbreviated New Drug Application for a generic version of Lialda (mesalamine). The product will be manufactured at the Maurya manufacturing facility.

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More than 1.17 crore people skilled under Ministry of Skill Development and Entrepreneurship programmes
Jun 07,2017

Marking the completion of three years of inclusive growth and development under the NDA government, Minister of State (I/C), Ministry of Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy said that his Ministry has trained more than 1.17 crore aspirants in various skills through MSDE schemes and programmes since the inception of Skill India. This is apart from the numbers contributed through skill development schemes and initiatives under other Central Ministries.

Shri Rudy said, that Skill India is a silent revolution that is underway and it is a joint investment that the government along with the private partners is making for the future growth of the country. He said it is a path that needs to be tread very carefully since it involves the future of the youth of our country. He said, what we sow today is what we will reap tomorrow. We have hence taken the first two years, to set our base right and align the skill ecosystem to national standards of skill qualification.

Shri Rudy said that Pradhan Mantri Kaushal Vikas Yojana (PMKVY), which was launched on July 15, 2015 alone has witnessed more than 26. 5 lakh people getting trained in skills of their choice till date, of which 50 per cent are women candidates.

He said it is good to see that more and more women candidates are coming forward to take up skills. Last year women participation under PMKVY was 40%. n++I am elated to see that we have an equal male female ratio this year cumulativelyn++ the Minister added.

Shri Rudy said, n++The industry/private sector will only partner when they see quality workforce coming out from Skill India. We are seeing that transition happen gradually. More and more corporate are partnering with us on different levels whether is it on engaging with apprentices, extending infrastructure support, contribution through CSR funds and hiring of resources.n++

On monitoring of fraudulent practices, shri Rudy said, n++A handful of organizations claiming to be PMKVY agencies promising jobs to unemployed youth were taking money and duping the public in the name of MSDE. Such advertisements were found more in vernacular dailies. We condemn such practices and have filed FIRs against them.n++ He cautioned the public at large to be vary of such frauds and check for the right affiliated centres before joining.

Secretary MSDE Shri K P Krishnan said that vocational education is one of the point amongst the 52 items mentioned in the Concurrent list under 7th schedule of the Constitution of India which means that the States have to primarily drive this mandate within the State, along with Centres support. The Centres support comes in the form of funding, alignment with national standards etc. He said, MSDE have aligned short term trainings with the State Skill Development Missions; and World Bank schemes like SANKALP are also being implemented at the State level. He said, our efforts will cover the last mile very soon.

The officials of the Ministry also stated that they are trying to move away from the supply driven skill development scenario to demand driven one, so that we do not have skilled youth who are unemployed in India.

it was also emphasised that how there has been a five-fold increase in the number of students who are taking up apprenticeship today. This is essentially the result of comprehensive reforms that have been done in the Apprenticeship Act NAPS where the government is incentivising the industry to encourage engaging with apprentices. Till date there have been 5.9 lakh apprentices who have been engaged under NAPS.

Out of all the achievements of Ministry of Skill Development and Entrepreneurship, the key achievements can be notified as:

n++ More than 1.17 crore people trained under MSDE programs

n++ 26.5 lakhs candidates trained under MSDEs flagship scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

n++ More than 4.82 lakh people were brought into the organised sector through the recognition of prior learning program under PMKVY which recognises existing skills and certifies youth (13000 Rubber Tappers, More than 250 Railway Porters and 1500 Employees of Rashtrapati Bhawan)

n++ More than 480 Pradhan MantriKaushalKendras have been announced which would be model centres for skilling and would be in each district of the country for ease of skilling. 162 are already been established.

n++ More than 1381 new ITIs have been opened with more than 5 lakh seats and the entire ecosystem of ITIs have been reinvigorated and reenergised

n++ More than 1 crore people have been trained under NSDCs short term skilling ecosystem since its inception

n++ Pradhan Mantri Yuva Yojana was also launched to promote young entrepreneurs and self sustainability. Target to cover 14.5 lakhs over the next 5 years

n++ To cater to the increasing demand for drivers, MSDE also launched Driver Training institutes across the nation. There is a target to open 50 of them by end of 2017.

n++ Special schemes like Udaan in J&K and others in North East have brought avenues of growth and opportunities to youth in these focused regions

n++ 4 new ATIs have been upgraded into India institute of skills modelled after ITE Singapore

n++ MSDE focuses on bringing heavy quality focus in skills through Adhaar alignment, strengthened monitoring and better curriculum. It is also supported by world bank schemes like strive and sankalp

n++ MSDE has established convergence through common norms, National skills qualification framework and ISO certification of ITIs

n++ Skill India also promotes Inclusion and diversity across all programs specially for disability

n++ India has partnered with 11 countries in the skills agenda promoting global mobility

n++ Skill support all national missions and partners with 18 out of 20 ministries today

n++ MSDE also has support from states on infrastructure and skill education in schools/universities

n++ MSDE has successfully created Industry linkages through apprenticeship, CSR, partnerships in infrastructure and hiring. More than 6 lakh apprentices have been engaged under NAPS

n++ MSDE with MHRD has partnered to create bridge courses For academic equivalence of ITI students

n++ Skill India through its technology applications brings in ease of managing systems in process in India

n++ MSDE has conducted special skill development projects with Armed Forces (Navy, Army, AirForce) , CRPF jawans etc

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GMR Airports wins greenfield Heraklion airport project at Crete Island, Greece
Jun 07,2017

GMR Airports, a subsidiary of GMR Infrastructure announced that it has been selected to Develop, Operate and Manage the New InternationalAirport of Heraklion at Crete in partnership with Greek infrastructure major TERNA S.A. (100% subsidiary of GEK TERNA Group). GMR Airports will be the designated Airport Operator in the consortium for this project.

The scope of the project involves Design, Construction, Financing, Operation, and Maintenance & Exploitation of the New Heraklion Crete International Airport. The concession period for the Greenfield project will be 35 years including Phase 1 Construction of 5 years.

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Karur Vysya Bank revises MCLR, Base Rate and BPLR
Jun 07,2017

Karur Vysya Bank has revised MCLR, Base Rate and BPLR of the Bank with effect from 07 June 2017.

MCLR rates are as below -
Overnight - 8.95%
One month - 8.95%
Three month - 8.95%
Six month - 9.15%
One year - 9.35%

The revised Base Rate is 10.10% and BPLR is 15.10%.

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Oil India in focus after hydrocarbon discovery in Assam
Jun 07,2017

Oil India said that it has made one hydrocarbon discovery in the Baghjan Petroleum Mining Lease (PML) in the Upper Assam Basin in May 2017 in the well South Baghjan-2. Oil India has made ten discoveries in its operational areas of Assam during 2016-17. The discoveries have opened up avenue for further exploration of already identified leads/prospects in the area. The announcement was made after market hours yesterday, 6 June 2017.

Shares in interest rate sensitive sectors such as banks, automobiles and real estate will be watched. The outcome of the Reserve Bank of India (RBI)s monetary policy meeting is scheduled at 14:30 IST today, 7 June 2017. RBI held its benchmark repo rate at a six-year low of 6.25% on 6 April 2017, as widely expected, and raised its reverse repo rate by 0.25% to 6%, saying there are upside risks to the inflation outlook amid an uncertain global economic environment.

TCS announced that the company and Siemens unveiled a new collaboration around Internet of Things (IoT) innovation. Focused on customers in the manufacturing, energy, building technology, healthcare and railway industries the partnership will enable customers to benefit from new data insights and services based on MindSphere, the cloud-based, open IoT operating system from Siemens. The announcement was made after market hours yesterday, 6 June 2017.

Adani Power announced after market hours yesterday, 6 June 2017, that its board approved a proposal to hive off its flagship Mundra power station to its subsidiary so that it can focus on investment and power generation separately. The companys objectives is to source funds more efficiently for investing in capacity expansion of its arms or acquiring assets.

Sical Logistics said it has been awarded a letter of acceptance for a contract worth Rs 289 crore by Mahanadhi Coal Fields for extraction of coal/coal measure strata. The announcement was made after market hours yesterday, 6 June 2017.

Moodys and Fitch yesterday, 6 June 2017, cut Reliance Communications (RCom) rating for the second time in a week, even as the telco received a seven-month respite from bankers on debt repayment.

Moodys Investors Service cut its rating to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RComs rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RComs rating on 2 June 2017.

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Trigyn Technologies allots 137,500 equity shares
Jun 06,2017

Trigyn Technologies has allotted 137,500 equity shares under Trigyn Technologies Limited Employee Stock Option Plan - 2000 scheme of the Company.

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Board of Source Industries (India) approves change in directorate
Jun 06,2017

Source Industries (India) announced that the Board of Directors of the Company at its meeting held on 06 June 2017 transacted the following -

Appointed M Srikanth as Managing Director of the Company
Accepted Resignation of Lalit Kumar Gupta
Jaya Mahadev Yerramsetti has resigned as Managing Director and continue as Director of the Company

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Adani Enterprises intimates of dilution of its stake in Adani Green Energy
Jun 06,2017

Adani Enterprises announced that pursuant to the allotment of further equity shares by Adani Green Energy, the Companys stake has been diluted below 50%. Consequently, Adani Green Energy has ceased to be a subsidiary of the Company with effect from 06 June 2017.

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Aegis Logistics enters into share subscription agreement
Jun 06,2017

Aegis Logistics has entered into a Share Subscription Agreement with its subsidiary Aegis Gas (LPG) (AGPL) and AGPLs subsidiary Hindustan Aegis LPG (HALPG), and Itochu Petroleum Co., (Singapore) (Itochu), with respect to the subscription by Itochu to equity shares of HALPG representing 19.7% of the paid-up share capital of HALPG, subject to the terms and conditions set out in the Agreement (Share Subscription Agreement).

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A2Z Infra Engineering bags electrification contract on turnkey basis
Jun 06,2017

A2Z Infra Engineering announced that a contract has been awarded from Rural Energy Agency of The United Republic of Tanzania for Supply and installation of Medium and Low Voltage lines, Distribution Transformers and connection of customers in Chamwino, Kondoa & Mpwapwa in Dodoma Region of the United Republic of Tanzania on Turnkey basis under Turnkey Phase III at a contract price aggregating to USD 9,429,351 VAT Exclusive.

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Outcome of board meeting of Emerald Leisures
Jun 06,2017

Emerald Leisures announced that the Board of Directors of the Company, at their meeting held on 03 June 2017 have reconsidered and approved the following matters:

(i) Reclassification of Authorized Share Capital of the Company, subject to an approval of the shareholders in General Meeting;

(ii) Increase the Authorized Share Capital of the Company, subject to an approval of the shareholders in General Meeting;

(iii) Issue of 40,00,000 Non-Convertible Non-Cumulative Redeemable Preference Shares of face value Rs. 100/- each for an aggregate to Rs. 40 crores in one or more tranches on private placement basis to only promoter/ promoter group, however this securities will not be listed at any Stock Exchange, subject to approval of the shareholders of the Company. The tenure is for a period not exceeding 10 years from the date of allotment and the same will be redeemed in accordance with section 55 of the Companies Act, 2013.

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OCL Iron & Steel announces resignation of company secretary
Jun 06,2017

OCL Iron & Steel announced that Yugami Arora has resigned from the post of Company Secretary cum Compliance Officer of OCL Iron and Steel on 03 June 2017 with immediate effect.

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Union Bank of India announces change in CCO
Jun 06,2017

Union Bank of India announced that D. C. Chauhan, General Manager has been nominated as Chief Compliance Officer (CCO) of the Bank w.e.f 02 June 2017 in place of Pankaj Sharma

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Board of Pervasive Commodities approves acquisition of Vardhaman Infracon
Jun 06,2017

The Board of Directors of Pervasive Commodities have resolved to acquire 100% stake in Vardhaman Infracon in their Board meeting held on 03 June 2017.

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