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India - Sri Lanka FTA to be expanded to include services and investment: Sri Lankan Prime Minister
Oct 13,2016

Ranil Wickremesinghe, Prime Minister of Sri Lanka stated that his government and the Government of India were working to expand the India - Sri Lanka Free Trade Agreement to include services and investment as well.

He added that the Economic and Technical Cooperation Agreement (ETCA) which has been under negotiation between the two countries should be concluded by the end of the year.

He stated that as these agreements come into force, India would have access to not just the Sri Lankan market but also to markets in Singapore, Japan and China among others as Sri Lanka was in the process of negotiating Free Trade Agreements with several countries.

In addition, he invited Indian companies to invest in Sri Lanka especially in areas such as infrastructure development including ports, airports and power, digital infrastructure, agriculture and fisheries and skilling among others. He stated that the aim of his government was to convert Sri Lanka into a Logistic, Finance and Business hub of South Asia.

Nirmala Sitharaman, Minister of State (IC) for Commerce and Industry, Government of India, the reforms being undertaken by India is making it a more attractive place for companies to do business.

The Minister highlighted three major reform measures undertaken by the Government in the recent past which has helped improve the Indias competitiveness in the world. These include the introduction of the Goods and Services Tax (GST) which she stated would integrate 800 transactions onto a single platform.

The second major initiative she highlighted was that of JAM or Jan Dhan Yojana, Aadhar and Mobile. This initiative ensures financial inclusion of those who are unbanked, direct transfer of benefits to recipients and connectivity.

The third initiative she highlighted were the various measures that the Government was taking to improve the Ease of Doing Business in the Country. The Minister mentioned that the states have adopted this initiative and are working to improve processes and regulations to help improve the ease of doing business in the country.

Prof. Klaus Schwab, Executive Chairman, World Economic forum stated that according to the WEFs Global Competitiveness Index, India was now one of the 40 most competitive economies in the world thanks to the reform measures that had been undertaken.

Chandrajit Banerjee, Director General, stated that the measures taken by the Government had helped improve the ease of doing business in the country.

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IndusInd Bank may gain on good Q2 results
Oct 13,2016

IndusInd Banks net profit rose 25.75% to Rs 704.26 crore on 23.97% increase in total income to Rs 4439.72 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Wednesday, 12 October 2016. It is to be noted that the stock market was shut on Tuesday, 11 October 2016 and Wednesday, 12 October 2016.

The banks gross non-performing assets (NPAs) stood at Rs 899.01 crore as on 30 September 2016 as against Rs 860.64 crore as on 30 June 2016 and Rs 602.10 crore as on 30 September 2015.The ratio of gross NPAs to gross advances stood at 0.90% as on 30 September 2016 as against 0.91% as on 30 June 2016 and 0.77% as on 30 September 2015.

The ratio of net NPAs to net advances stood at 0.37% as on 30 September 2016 as against 0.38% as on 30 June 2016 and 0.31% as on 30 September 2015. The banks provisions and contingencies (excluding tax provisions) rose 35.29% to Rs 213.88 crore in Q2 September 2016 over Q2 September 2015.

IT major TCS announces Q2 results today, 13 October 2016.

Shares of Mahindra & Mahindra (M&M) will be in focus. SsangYong Motor Company, part of the Mahindra group on Wednesday, 12 October 2016 announced that as a part of its effort to grow in China, the company signed a letter of intent with the Shaanxi Automobile Group for a joint venture that will establish a local production for CBU vehicles. 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. The first phase of construction will establish a plant with an annual capacity of 150,000 units per year by the end of 2019 and the second phase will involve an expansion of the facilities to 300,000 units annnually. 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.

ICICI Bank announced on Wednesday, 12 October 2016, that it has notified The Bank of New York Mellon (Trustee) that all outstanding 7.25% perpetual non-cumulative subordinated debt securities (Notes) of the bank will be redeemed in full on 31 October 2016 (redemption date) at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the redemption date. The amount of accrued and unpaid interest with respect to the Notes to the redemption date will be $36.25 on each $1,000 of Notes. The redemption price including the amount of accrued and unpaid interest with respect to the Notes for all outstanding Notes on the redemption date will be $1036.25 for each $1,000 of Notes. ICICI Bank acting through its Bahrain branch had issued a $340,000,000 7.25% perpetual non-cumulative subordinated debt securities on 24 August 2006 with an optional redemption by the bank on 31 October 2016, or on any subsequent interest payment date.

Dr Reddys Laboratories announced yesterday, 10 October 2016 that it has launched Lamotrigine Orally Disintegrating Tablets in 25 mg, 50 mg, 100 mg and 200 mg, a therapeutic equivalent generic version of Lamictal ODT (lamotrigine) Orally Disintegrating Tablets in the United States market approved by the United States Food & Drug Administration (USFDA). The Lamictal ODT brand and generic had US sales of approximately $65.5 million MAT for the most recent twelve months ended in July 2016 according to IMS Health. Lamictal ODT is a registered trademark of GSK group of companies. The announcement was made after market hours yesterday, 10 October 2016.

GAIL (India) on Monday, 10 October 2016, announced that it has received intimation from the Ministry of Petroleum and Natural Gas that the Cabinet Committee on Economic Affairs (CCEA) approved 40% capital grant (limited to Rs 5176 crore) of the estimated capital cost of Rs 12940 crore to GAIL (India) for execution Jagdishpur-Haldia/Bokaro-Dhamra gas pipeline (JHBDPL) project by 2020. The announcement was made after market hours on Monday, 10 October 2016

Tata Motors announced that the company is desirous of offering the fifth series of its rated, listed, unsecured, redeemable, non convertible debentures (NCDs) aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted committee of the board of directors on 18 October 2016. The issuance is pursuant to the approval of the shareholders passed vide special resolution at the 71th Annual General Meeting of the company held on 9 August 2016 and the board of directors resolution passed at its meeting held on 26 August 2016. The announcement was made on Wednesday, 12 October 2016.

Cipla announced that it has received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its Indore facility indicating formal closure of the US FDA inspection conducted in July/August, 2015. The announcement was made on Wednesday, 12 October 2016.

HDFC announced that pursuant to the approval of the board of directors of the company at its meetings held previously, the company is contemplating, subject to market conditions, undertaking the fourth issuance of Rupee denominated bonds to overseas investors. The issue size of the bonds will be up to Rs 500 crore. The issue will open on 14 October 2016 and closes on the same day. The pricing and the tenure of the bonds to be issued pursuant to the said issue will be intimated in due course. The announcement was made before market hours today, 13 October 2016.

Majesco announced a partnership with Life.io, a digital consumer engagement platform, transforming how insurers relate to their customers through monitoring and analyzing their behavior, preferences and more through realtime data integration. The announcement was made on Wednesday, 12 October 2016.

Life.io helps insurers evolve to meet the needs of a new demographic of consumers, transforming how insurers relate to them by gaining insight that enables insurers to offer the right product at the right time based on their life-stage. The Life.io platform integrates with new technologies such as wearables and health applications to provide new sources of data to understand, assess, underwrite and service customers, encouraging healthy lifestyles while improving insurers operational and risk management results.

As a part of this partnership, the two companies are integrating Life.ios Consumer Engagement platform into Majesco DigitalConnect and Majescos core systems software to enhance the user-experience, improve risk management and support smarter selling and marketing of life insurance to consumers and customers throughout their life-stages. The Majesco DigitalConnect platform enables insurers to integrate new and innovative content, data, and collaboration capabilities together to provide a cohesive digital experience for an insurers customers.

Blue Dart Express net profit fell 20.68% to Rs 42.80 crore on 1.55% rise in total income to Rs 670.21 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Wednesday, 12 October 2016.

KEC International announced that it has secured new orders worth Rs 1192 crore. The announcement was made on Wednesday, 12 October 2016.

Sagar Cements announced that a meeting of the board of directors of the company is being convened to be held on 19 October 2016, to consider proposals for setting up of a coal based power plant at companys unit in Mattampally, Nalgonda district, Telangana and for expanding the capacity of the grinding unit in Bayyavaram, Vizag district, Andhra Pradesh and to raise funds for the purpose. The announcement was made on Wednesday, 12 October 2016.

Titan Company announced that the company is exploring opportunities in personal lifestyle categories. The company has since inception been exploring opportunities in personal lifestyle categories. One such category is special occasion ethnic wear for women which will now be piloted for understanding consumer attitudes and preferences. The pilot, which may include setting up a few stores, is expected to last about 12 months at the end of which the company will take a decision on the future course of action. The announcement was made on Wednesday, 12 October 2016.

Gruh Finances net profit rose 19.86% to Rs 61.98 crore on 17.84% rise in total income to Rs 367.43 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 October 2016.

Asian Granito India (AGIL) announced on Wednesday, 12 October 2016 that it has completed a major expansion at its step subsidiary Crystal Ceramics Industries (Crystal Ceramics). AGIL acquired Artistique Ceramic in FY 2015-16 through amalgamation scheme which holds 70% in Crystal Ceramics through Kediya Ceramics. Kamlesh Patel, Chairman and Managing Director of AGIL said that acquisition of Crystal Ceramics was a strategic decision as along with the product range it also enjoyed a natural gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day, he said. The new plant will be making double charged vitrified tiles in the large format of 800x800 mm and 1000x1000 mm for domestic as well exports, Patel said. AGIL also has the required infrastructure for future expansion at Crystal Ceramics, he added.

IL&FS Engineering and Construction Company announced on Wednesday, 12 October 2016, that IL&FS Engineering Services has received the fax of acceptance (FOA) from Gas Authority of India (GAIL) for a pipeline laying contract worth Rs 162.58 crore.

Cera Sanitaryware announced on Wednesday, 12 October 2016 that commercial production at the companys associate LLP Packcart Packaging LLP has started successfully.

Borosil Glass Works announced on Wednesday, 12 October 2016 that the company 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.

Jagran Prakashan announced that Music Braodcast Limited, subsidiary of the company has commenced broadcast from its radio station at Kanpur location (which was acquired under Phase 3 auctions held last financial year) on 10 October 2016. The countrys leading radio network redefined radio entertainment in Kanpur with a power packed launch of Radio City Kanpur 104.8. The announcement was made on Tuesday,11 October 2016.

Polyplex Corporation announced that consequent upon sale of shares of Polyplex (Thailand) Public Company Limited, Thailand, by companys step down wholly owned subsidiary viz. Polyplex (Asia) Pte. Limited, Singapore, the effective stake of the company in Polyplex Thailand has decreased from 54.084% to 51%. The announcement was made after market hours on Friday, 10 October 2016.

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Precious metals end little lower
Oct 13,2016

Bullion prices settled lower on Wednesday, 12 October 2016 at Comex. Gold futures settled lower pressured by modest gains in the dollar, but prices headed higher in electronic trade after the Federal Reserve released minutes from its September meeting. The minutes, which were released after gold futures settled for the session, showed that officials from the central bank held off raising interest rates in September even though they said there was a reasonable argument for an increase.

December gold settled at $1,253.80 an ounce, down $2.10, or 0.2%, for the session. It traded up at $1,257 an ounce in electronic trading about a half-hour after the FOMC minutes. Prices, however, had seesawed above and below the settlement level in the immediate wake of the release.

December silver settled little-changed at $17.505 an ounce. December copper ended at $2.177 a pound, down just under a penny, or 0.4%.

The minutes from the FOMCs September policy meeting indicated that there were a number of arguments for raising rates in September, but that the committee opted to wait for further data. All in all, there wasnt really any new news in the minutes, which essentially reinforced preconceived policy notions held by the market ahead of their release. Those notions revolved around a belief that the next hike in the target range for the fed funds rate will most likely occur at the December 13-14 FOMC meeting, barring any big economic potholes hit along the way. The next Fed meeting is scheduled for Nov. 1-2.

Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities, but the ICE U.S. Dollar Index pared some gains after the Fed minutes and was up by about 0.1% by 2:30 p.m. Eastern, after earlier tapping its highest level in seven months.

Todays economic data at Wall Street included the weekly MBA Mortgage Index and the Job Openings and Labor Turnover Survey for August 2016. The MBA Mortgage Index indicated that mortgage applications fell 6.0% in the week ending 8 October 2016. This followed a 2.9% increase in the prior week. The August Job Openings and Labor Turnover Survey showed that job openings came in at 5.443 million from a revised 5.831 million (from 5.871 million) in July.

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Blue Dart Express standalone net profit declines 20.68% in the September 2016 quarter
Oct 12,2016

Net profit of Blue Dart Express declined 20.68% to Rs 42.80 crore in the quarter ended September 2016 as against Rs 53.96 crore during the previous quarter ended September 2015. Sales rose 1.56% to Rs 663.22 crore in the quarter ended September 2016 as against Rs 653.01 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Sales663.22653.01 2 OPM %11.2814.14 - PBDT73.9391.37 -19 PBT63.0381.49 -23 NP42.8053.96 -21

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IndusInd Bank standalone net profit rises 25.75% in the September 2016 quarter
Oct 12,2016

Net profit of IndusInd Bank rose 25.75% to Rs 704.26 crore in the quarter ended September 2016 as against Rs 560.04 crore during the previous quarter ended September 2015. Total Operating Income rose 24.00% to Rs 3469.30 crore in the quarter ended September 2016 as against Rs 2797.77 crore during the previous quarter ended September 2015.

ParticularsQuarter Endedn++Sep. 2016Sep. 2015% Var. Total Operating Income3469.302797.77 24 OPM %60.7163.21 - PBDT1067.77848.44 26 PBT1067.77848.44 26 NP704.26560.04 26

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Gartner Says Worldwide Semiconductor Capital Spending to Decline 0.3 Percent in 2016
Oct 12,2016

Worldwide semiconductor capital spending is projected to decline 0.3 percent in 2016, to $64.6 billion, according to Gartner, Inc. (see Table 1). This is up slightly from the estimated 0.7 percent decline in Gartners previous quarterly forecast. The market is expected to return to growth in 2017, increasing 7.4 percent.

As we enter the final quarter of 2016, we find growth returning to the semiconductor manufacturing industry, with a slightly improved capital investment outlook for 2016 from the last quarters forecast, said David Christensen, senior research analyst at Gartner. The outlook for equipment has improved significantly as logic manufacturers focus their spending on ramping fabs for the introduction of high-volume 10-nanometer production in 2017 and memory producers are focusing on the move to 3D NAND flash.

China remains something of a wild card, after the announcement of multiple fab projects that will aid overall growth through the end of the decade, while a stronger U.S. dollar in 2016 will remain a key factor in determining revenue growth of semiconductor manufacturers.

Table 1: Worldwide Semiconductor Capital Spending and Equipment Spending Forecast, 2015-2018 (Millions of Dollars) 

2015201620172018Semiconductor Capital Spending ($M) 

64,750.8

 

64,586.5

 

69,342.9

 

71,265.2

Growth (%)0.3-0.37.42.8Wafer-Level Manufacturing Equipment ($M) 

33,248.1

 

35,383.1

 

37,701.7

 

38,695.7

Growth (%)-1.16.46.62.6Wafer Fab Equipment ($M)31,485.433,557.135,695.036,460.4Growth (%)-1.36.66.42.1Wafer-Level Packaging and Assembly Equipment ($M) 

1,762.7

 

1,825.9

 

2,006.6

 

2,235.3

Growth (%)4.13.69.911.4

Source: Gartner (October 2016)

As with previous years, smartphones, mobile devices, solid-state drives (SSDs) and the Internet of Things (IoT) will remain the principal drivers of the semiconductor market for the immediate future, particularly for foundries that manufacture most of the wafers of logic chips for these devices. Although unit shipments of smartphones have slowed down, the fast migration to 4G LTE in high-end smartphones has driven the wafer demand of advanced process technologies, while the adoption of fingerprint sensors, touch display drivers and active-matrix dynamic light-emitting diodes (AMOLEDs) by Chinese smartphones has made full use of 200mm foundries 0.18-micron capacity.

From a device perspective, DRAM conditions in the first half of 2016 were worse, but the market hit bottom at midyear. There is now tightening supply, and better demand has pulled the market into an undersupply for the second half of the year. At the start of 2017, a weaker demand environment will create a brief technical oversupply, but the industry will then move back into an undersupply for the remainder of 2017 and into 2018.

After nearly three years of oversupply, there was a pronounced shortage of NAND in the third quarter of 2016, and 3D NAND production ramp challenges persist. 2017 is expected to see a favorable supply/demand balance that loosens up by the end of the year. Substantial capacity additions during the second half of the year along with 3D NAND technology maturation from some vendors will contribute to the favorable supply/demand balance. 2016 spending on wafer-level manufacturing equipment will be up 6.4 percent, driven by logic manufacturers ramping to 10nm and memory players moving to 3D NAND.

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An important part of the Digital India Programme, it is a significant effort towards greater transparency in policymaking-FICCI
Oct 12,2016

Welcoming the enhanced dashboard for Foreign Trade Data, Dr. A Didar Singh, Secretary General, FICCI said, n++We are encouraged to see the dashboard on foreign trade data, launched by Commerce & Industry Minister today. An important part of the Digital India Programme, it is a significant effort towards greater transparency in policymaking. This will go a long way in making trade-related information and statistics available for all stakeholders in a user-friendly mannern++. Complimenting Minister Nirmala Sitharaman, Dr Singh added n++To have such a comprehensive and exhaustive dashboard of complex trade data is a major initiative. Besides playing a critical role in improved data analytics, it will be an easy-to-understand tool for the business community and immensely.

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Bank Urged to Expand Work on Global Risks
Oct 12,2016

The World Bank Group must become n++better, stronger, and more agilen++ to confront major global challenges over the next 15 years, while also working to end extreme poverty, boost shared prosperity, and achieve the Sustainable Development Goals and the Paris Climate Change Agreement.

That was a key message of the Development Committee, a ministerial-level forum of the World Bank Group and the International Monetary Fund, in a communiqun++ released at the close of the institutions Annual Meetings.

The committee representing the Bank Groups 189 member countries said the global development landscape will face n++critical shiftsn++ in the future, driven by climate change, natural disasters, pandemics, migration, and fragility, conflict and violence, urbanization and demographic changes. Addressing these changes will require more collaboration with others and more resources, it said.

Acknowledging an environment of n++sluggishn++ global economic growth and geopolitical and economic uncertainties, the committee also called on the Bank Group and the International Monetary Fund (IMF) to work with countries to n++enhance synergy among monetary, fiscal and structural reform policies, stimulate growth, create jobs, and strengthen the gains from multilateralism for all.n++

The committees message capped two days of meetings of the Bank and IMF shareholders - including most of the worlds countries. Ahead of the meetings, the Bank Group released a flagship report on poverty, shared prosperity, and inequality, and World Bank Group President Jim Yong Kim outlined his vision to accelerate development and the fight against poverty for his second term in a speech at the Brookings Institution.

Kim said the Bank is increasingly involved in development challenges beyond its traditional mandate, including major new initiatives to address the refugee crisis, climate change, and the threat of pandemics.

Challenges, he said, include technological change and the automation of work, which could impact jobs and the ability of developing countries to compete globally. By 2030, its projected that almost half of the worlds poor will live in countries affected by fragility and conflict. Emerging markets and low-income countries currently face an annual infrastructure financing gap of up to $1.5 trillion, said Kim.

He asked member countries at the Annual Meeting plenary session to give the Bank flexibility to n++solve the most important problems and make sure we have the financial capacity to change the world for the poorest and the most marginalized.n++

Over the last 70 years, the World Bank has been able to leverage $15 billion in paid-in capital to provide $600 billion in loans, and so increase the amount of assistance available to developing countries. The Bank Groups private sector focused arm, IFC, leverages its capital 20 times, and the Multilateral Investment Guarantee Association (MIGA) leverages its shareholder equity 39 times, according to a paper on the Banks n++forward look,n++ submitted to the Development Committee.

The committee said that it would consider options to strengthen the financial position of the Bank no later than the 2017 Annual Meetings October 13-15, 2017, in Washington.

It urged the Bank Group to n++help create markets, particularly in the most challenging environments, and to mobilize private resources, including through guarantees, especially for quality infrastructure, and for small and medium enterprises.n++

Kim, who was appointed last month to a second term as president of the Bank, outlined a plan to accelerate inclusive and sustainable economic growth, increase investments in human capital, and foster resilience to global shocks and threats.

He said private sector financing will be critical and the Group would aim to mobilize private sector investment in the most challenging sectors and countries, and do n++much more to tackle some of those risks that constrain the private sector in these markets.n++

n++I want you to know that going forward, we will be much more aggressive in putting on the table, capital and specific instruments that can reduce risk. In doing so, we feel that we can create new markets and encourage investors to venture into countries and projects that they never would have considered before,n++ Kim said at Brookings

The Development Committee welcomed a plan to increase the financing capacity of the World Banks fund for the poorest countries, the International Development Association, also known as IDA. n++We advocate for a strong IDA18 replenishment, with a broadened donor base. We welcome the innovative financing and policy package, including the proposal to enable IDA, which has recently received milestone triple-A ratings, to tap into capital markets to complement its resources.n++

More than half the worlds poor live in countries affected by fragility, conflict, and violence, where IDA support is particularly important, it added.

The Development Committee also asked the Bank and IMF to help countries access finance for adaption to climate change, as well as mitigation and improved disaster risk management.

It urged the Bank to n++focus on building resilience while expanding insurance schemes and increasing investments in climate-smart land use, green infrastructure, and sustainable cities.n++ Kim announced assistance for Haiti during the Meetings to respond to damage from Hurricane Matthew, as well as $20 million from the Caribbean Catastrophe Risk Insurance Facility, developed with assistance of the World Bank.

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Transport services account for lions share of 71% in investments attracted by infra sector: Study
Oct 12,2016

Transport services have garnered highest share of over 71 per cent in terms of investments worth over Rs 53 lakh crore attracted by infrastructure sector from both public and private sources across India as of 2015, noted a recent ASSOCHAM study.

n++Miscellaneous services sector which includes storage and distribution, education, health, recreational and other such services accounts for second highest share of about 13 per cent in total investments attracted by infrastructure sector by states across India, followed by communication (five per cent), wholesale and retail trading (five per cent), information technology (four per cent) and hotels & tourism (two per cent),n++ highlighted the ASSOCHAM study titled Analysis of infrastructure investment in India.

n++Total investments attracted by infrastructure sector across India have increased at a compounded annual growth rate (CAGR) of over 10 per cent between 2010-2015 thereby increasing from over Rs 32 lakh crore to over Rs 53 lakh crore,n++ noted the study prepared by The ASSOCHAM Economic Research Bureau (AERB).

While investments attracted by transport services sector have increased at maximum growth of over 13 per cent during the aforesaid period, followed by miscellaneous services (6.5 per cent), communication (5 per cent), wholesale and retail (two per cent), hotels and tourism (two per cent) and IT (one per cent).

n++Public sector accounted for highest share of 59 per cent in the total investments attracted by infrastructure sector, this is worrisome as India needs to look for more private sector participation in perking up infrastructure across the country, but it is seen that over the years reliance on public sources have increased,n++ said Mr D.S. Rawat, secretary general, ASSOCHAM while releasing the findings of the chambers study.

n++So far public investments have been the dominant form of infrastructure financing in India, but this is expected to change as large deficits and other commitments together with social obligations will constrain governments financial flexibility, thus there will be a greater need to mobilise private sector capital that can be invested into infrastructure,n++ said Mr Rawat.

At the state level, public sector investment shows that in 2015 public sources had highest share of over 95 per cent in investments attracted by Chhattisgarh in infrastructure sector followed by Bihar (92 per cent), Uttarakhand (87 per cent), Himachal Pradesh (80 per cent) and Madhya Pradesh (77 per cent) amid top five states in terms of public investments.

Though in West Bengal (59 per cent), Tamil Nadu (58 per cent), Odisha (50 per cent), Uttar Pradesh (47 per cent), Gujarat (27 per cent) and Haryana (10 per cent) public investments share was below that of the countrys average share thereby implying that these six states would be leading in terms of private sectors contribution to infrastructure sector, noted the study.

Projects report cost escalation & delay in implementation:

Investments attracted by the transport services sector have registered steep cost escalation of 47 per cent thereby exceeding the actual cost of projects by a whopping Rs five lakh crore, besides these projects are also facing an average delay of over 44 months

Investment projects attracted by Telangana in transport services sector have registered highest cost escalation rate of about 89 per cent and are facing delay of over 51 months as of 2015.

Punjab (65 per cent), Jharkhand (59 per cent), West Bengal (58 per cent) and Gujarat (56 per cent) are other among top five states to have recorded high cost escalation rate in delayed transport services investment projects.

Suggestions:

In its study, ASSOCHAM has suggested various measures like reducing delay in creating businesses, obtaining approvals, enforcing contracts; providing sufficient legal protection for investors; ensuring more transparent and predictable government decision making thereby minimising political and regulatory risks.

Co-ordination between government agencies together with a single window clearance system should be implemented with specific guidelines for time bound approvals. Besides, land acquisition and environment clearances continue to remain critical concerns for infrastructure developers as such these issues should be addressed proactively to balance the interests of all stakeholders.

There is also an urgent need to fill-up the skills related gap in handling infrastructure projects and the government should create a skill ecosystem in partnership with private players with a view to formalise professional training for project managers, suggested ASSOCHAM.

It also added that there is a need to improve depth and liquidity of corporate bond market to provide additional source of funding for infrastructure companies.

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Borosil Glass Works provides update on Dubai based subsidiary
Oct 12,2016

Borosil Glass Works 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.

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Cochin Minerals & Rutile announces change in directorate
Oct 12,2016

Cochin Minerals & Rutile announced that with effect from 30 September 2016 there is a change in the nominee director of KSIDC in the Companys Board. Dr. M Beena IAS, MD-KSIDC Ltd. is the new Director in place of A Malini.

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Cera Sanitaryware provides update on subsidiary
Oct 12,2016

Cera Sanitaryware announced that commercial production at the Companys Associate LLP M/s. Packcart Packaging LLP has started successfully.

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Board of Sunil Hitech Engineers approves bonus issue
Oct 12,2016

Sunil Hitech Engineers announced that the Board of Directors of the Company at its meeting held on 11 October 2016, inter alia, has discussed and approved:

1. The issue of Bonus Shares in the proportion of 1 (One) equity share for every 1 (One) existing equity share held by the Members of the Company.

2. The issue of 1 crore convertible warrants to the Promoters and Non-promoters.

3. To increase authorized share capital of the Company upto Rs. 60 crores.

4. The conduct of Postal ballot for the above purposes.

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Gogia Capital Services to hold board meeting
Oct 12,2016

Gogia Capital Services will hold a meeting of the Board of Directors of the Company on 28 October 2016 to adopt unaudited financial results of the Company for the Quarter and Half Year Ended September 30, 2016.

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Relish Pharmaceuticals to hold board meeting
Oct 12,2016

Relish Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 13 October 2016 to change of registered office of the Company.

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