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Zee Entertainment Enterprises to hold board meeting
Oct 05,2016

Zee Entertainment Enterprises will hold a meeting of the Board of Directors of the Company on 25 October 2016 to consider and approve the Un-audited Financial Results of the Company for the 2nd Quarter of the Financial Year 2016-17 and half year ended on September 30, 2016 (Q2).

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RS Software (India) to hold board meeting
Oct 05,2016

RS Software (India) will hold a meeting of the Board of Directors of the Company on 15 October 2016 to consider and approve the Audited Financial Results for the quarter ending September 30, 2016.

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Lakshmi Vilas Bank to hold board meeting
Oct 05,2016

Lakshmi Vilas Bank will hold a meeting of the Board of Directors of the Company on 17 October 2016 to consider the Un-Audited Financial Results of the Bank for the Second Quarter ended September 30, 2016.

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Chowgule Steamships to hold board meeting
Oct 05,2016

Chowgule Steamships will hold a meeting of the Board of Directors of the Company on 14 October 2016 to consider and approve the Un-audited Financial Results of the Company for the quarter ended September 30, 2016 as per the applicable IndAS formats.

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Borosil Glass declines on profit booking after stellar rally
Oct 05,2016

Meanwhile, the S&P BSE Sensex was down 94.35 points or 0.33% at 28,240.20.

On BSE, so far 5,811 shares were traded in the counter as against average daily volume of 1,729 shares in the past one quarter. The stock hit a high of Rs 6,950 so far during the day, which is a record high for the counter. The stock hit a low of Rs 6,050 so far during the day. The stock had hit a 52-week low of Rs 2,009.50 on 8 October 2015. The stock had outperformed the market over the past one month till 4 October 2016, advancing 47.59% compared with 0.69% fall in the Sensex. The scrip had also outperformed the market in past one quarter, surging 69.47% as against Sensexs 3.87% rise.

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

Shares of Borosil Glass Works were on a dream run recently. The stock had rallied a whopping 52.34% in the preceding five trading sessions to settle at Rs 6612.60 yesterday, 4 October 2016, from its close of Rs 4,340.65 on 27 September 2016.

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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Cost effectiveness and superior outcomes have helped India emerge as one of the preferred global Medical Value Travel destinations
Oct 05,2016

The Federation of Indian Chambers of Commerce and Industry (FICCI) in association with IMS Health, launched a knowledge paper titled Medical Value Travel in India: Enhancing Value in MVT, at the second International Summit on Medical Value Travel (MVT) - Advantage Healthcare India (AHCI 2016) . As per the study, India is one the key MVT destinations in Asia with over 500,000 foreign patients seeking treatment. It revealed that cost effectiveness, superior clinical outcomes and alternative medicine are key parameters on which India differentiates itself from other MVT destinations.

The FICCI - IMS Health study was commissioned in order to carry out an unbiased evaluation of India vis-n++-vis other popular MVT destinations across Asia and developed markets. The aim was also to understand key considerations for MVT patients and define guidelines that can strengthen as well as improve Indias position thereby emerging as as one of the most preferred MVT destinations across the world. The study is an effort to bring together key stakeholders of the MVT ecosystem including policy makers, providers and facilitators and help them work in conjunction to help India emerge as n++The Provider to the Worldn++. Mr. Bhavdeep Singh, Chair, FICCI Medical Value Travel Committee & CEO - Fortis Healthcare said, n++Over the last decade, India has grown to become a sought after destination for medical value travel because it has proven to be superior across multiple factors that determines the overall quality of care. However, to position ourselves as leading providers of quality healthcare, the medical value travel stakeholders in India will need to consolidate our efforts and strategize on how to leverage the available opportunitiesn++.

SAARC countries such as Bangladesh, Afghanistan and Maldives are major sources of medical value travel followed by African countries such as Nigeria, South Africa and Kenya. Proximity, cultural connect and connectivity are key reasons for inflow of patients from these regions. Few new sources of medical value travel too have emerged in the recent years such as Russia, CIS countries and Myanmar.

Dr Harish Pillai - Co-Chair, FICCI Medical Value Travel Committee, CEO, Aster Medcity & Head - Kerala Cluster, Aster DM Healthcare, said, n++India can leverage its civilizational connections with Middle East and SAARC countries to deepen relationships and leverage this advantage through wider MVT offerings.n++

Within treatments sought by MVT patients, India is considered preferred destination for cardiology, orthopedics, transplant and ophthalmology in curative care. India also enjoys high credibility in wellness and prevention through Alternative Medicine.

MVT in India has been spearheaded by large corporate hospitals who have created strong global equity with their high-end technology and qualified surgeons in super specialty areas like cardio surgery and orthopedic surgery.

The medical value travel industry has emerged as one of the fastest growing segment of the tourism industry. Globally the market is estimated at around USD 40-55 billion. Indias MVT market size was estimated at USD 3 Billion with CAGR (2010-15) of 15%, however, there is significant potential for accelerated growth given the opportunity size. As per 2015 data, while 11 million people travelled to seek treatment, only 500,000 foreign patients travelled to India seeking treatment. However, through adequate focus and effective execution, MVT in India can be a USD 9 billion opportunity by 2020 and establish India as n++The Provider to the Worldn++.

Key Facts:

1. Globally ~11 million travel overseas for seeking medical care

2. MVT market was estimated between 40-55 billion USD in 2015, with a growth rate of 15%

3. 500,000 foreign patients seeking treatment in India

4. Alternative Medicine is one of the top drivers for Indias MVT industry

5. Indias AYUSH industry to grow at a CAGR of 25% between 2015-2018

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ABG Shipyard spurts after ICICI Bank acquires stake
Oct 05,2016

ABG Shipyard made the announcement after trading hours yesterday, 4 October 2016.

Meanwhile, the BSE Sensex was down 62.81 points, or 0.22%, to 28,271.74.

On BSE, so far 8.52 lakh shares were traded in the counter, compared with average daily volume of 97,474 shares in the past one quarter. The stock hit a high of Rs 34.75 and a low of Rs 30.50 so far during the day. The stock hit a 52-week high of Rs 142.80 on 6 October 2015. The stock hit a 52-week low of Rs 22.85 on 24 May 2016. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 9.25% compared with 0.69% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 9.57% as against Sensexs 4.30% rise.

The small-cap company has equity capital of Rs 54.03 crore. Face value per share is Rs 10.

ICICI Bank has acquired 1.10 crore equity shares of ABG Shipyard by exercising its option to convert compulsory convertible preference shares (CCPS) into equity. Accordingly, as at 30 September 2016, the total equity shareholding of ICICI Bank in ABG Shipyard stands at 11.08%.

ABG Shipyard reported net loss of Rs 1710.68 crore in Q4 March 2016 as against net loss of Rs 374.86 crore in Q4 March 2015. Net sales declined 90.50% to Rs 1.95 crore in Q4 March 2016 over Q4 March 2015.

ABG Shipyard is into shipbuilding and ship repair business.

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Fitch: IFRS 9 Poses Implementation Challenges for APAC Banks
Oct 05,2016

Migration to International Financial Reporting Standard (IFRS) 9, or its local equivalent, is likely to create operational challenges across many of Asia-Pacifics (APAC) banking systems. These issues would have a negative initial effect on capital, and potentially raise the volatility of earnings and regulatory capital ratios, says Fitch Ratings.

IFRS 9 is one of the more significant accounting changes that banks are facing, and will be implemented in 2018 for most major APAC markets. It requires banks to switch to recognising and providing for expected credit losses (ECL) on financial assets, rather than the current practice of providing only when losses are incurred. IFRS 9 will also change the way that banks account for a wide range of financial assets. Fitch expects the adoption of the new standard to lead to greater provisioning and earlier recognition of credit losses, which will have an impact on banks financial statements and regulatory capital.

Moving to an expected-loss approach will require significant process changes, including greater integration of credit risk management and internal accounting systems. Banks will also need more data on how portfolios perform though the credit cycle, and will need to build complex models of expected losses. The transition is likely to be more operationally manageable in sophisticated banking systems where there is better access to robust data.

It is too early to estimate the full effects of IFRS 9 on provisions, profitability and capital, as banks have been reluctant to disclose much beyond acknowledging that provisioning will need to be raised. For some markets, the change in accounting standards is happening at a time when banks are struggling to meet progressive increases in minimum capital requirements as Basel III is phased in.

In India, for example, it is possible that the local equivalent of IFRS 9 could be delayed. This is due to challenges faced by the banking system in meeting the capital required by end-March 2019 relating to the Basel III standards - currently estimated at around USD90bn. Banking systems that have been characterised by under-reporting of impaired assets also look vulnerable to the potential rise in provisioning. In China, banks are required to make provisions on reported loans at rates higher than in most other jurisdictions, but IFRS 9 could still expose asset-quality problems that Fitch has long highlighted - given the amount of non-loan credit disguised as financial assets.

In contrast, there are some countries in the region where the financial impact of IFRS 9 for banks could be softened by regulatory framework practices. These include Australia, Hong Kong, Korea, Malaysia, the Philippines, Singapore and Taiwan. Banks will still face provisioning pressures in these markets, but their current regulatory frameworks either already involve elements of the expected-loss approach or banks hold reserves that regulators did not allow them to fully release when IAS 39 was introduced. Regulators in most of these countries have also been progressively forcing banks to hold higher reserves, which will provide a buffer against potential losses. Nevertheless, the impact from moving to ECL is likely to vary from bank to bank even in the most prepared systems, reflecting the underlying riskiness of their assets and their own internal system capabilities.

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RInfra, Adani Transmission edge higher
Oct 05,2016

The announcement was made during market hours today, 5 October 2016.

Reliance Infrastructure (up 1.63% at Rs 599.35) and Adani Transmission (up 7.11% at Rs 42.95) edged higher.

Meanwhile, the S&P BSE Sensex was down 48.39 points or 0.17% at 28,286.16.

Reliance Infrastructure (RInfra) said that the transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like defence and EPC business. The entire sale proceeds shall be utilized for debt reduction, it added.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector. The companys consolidated net profit rose 7.2% to Rs 438.80 crore on 2.6% rise in net sales to Rs 7032.83 crore in Q1 June 2016 over Q1 June 2015.

Adani Transmission is into power transmission business and is a part of business conglomerate Adani Group. The companys consolidated net profit jumped 297.2% to Rs 122.71 crore on 35% growth in net sales to Rs 632.01 crore in Q1 June 2016 over Q1 June 2015.

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Board of K P R Mill approves sub-division of shares
Oct 05,2016

K P R Mill announced that the Board of Directors at their Meeting held on 05 October 2016, have decided as follows:

1. Subdivision of One Equity Share of Rs.10/- each in the Company into Two Equity Shares of Rs.5/- each.

2. Amendment to the Capital Clause of Memorandum of Association to give effect to the above.

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Fitch: Political Risks Threaten Global Growth Outlook
Oct 05,2016

Downside risks to advanced country economic growth have risen in recent months, according to Fitch Ratings latest bi-monthly Global Economic Outlook (GEO) report. With populism gaining traction in many countries, the risk of political shocks adversely affecting the outlook for private investment has increased. At the same time, the capacity of central banks to engender stronger growth appears to be diminishing.

Fitch has revised down its forecast for US growth in 2016 to 1.4% in todays GEO from 1.8% in the July GEO.

This year is likely to see the lowest annual growth rate for US GDP since 2009 as oil sector adjustments, weak external demand and the earlier appreciation of the dollar take their toll on industrial demand, said Brian Coulton, Chief Economist at Fitch.

With eurozone growth looking likely to have peaked in early 2016 and no significant changes to Fitchs UK and Japanese growth forecasts - despite significant monetary policy moves - the outlook for the advanced countries is best described as a low-growth, muddle-through path. Advanced country growth over 2016 to 2018 will be hardly any better than the lacklustre 1.5% annual average growth rate seen over 2011 to 2015. Moreover, downside risks to advanced country growth have increased.

The rise in populism seen in many advanced countries could be a precursor to increased trade-protectionism and growing fragmentary tensions in the eurozone, both of which would increase uncertainty and damage prospects for private sector investment, added Coulton.

Meanwhile, the capacity of central banks to counter adverse growth shocks may be falling. The implications of low and negative interest rates for bank profitability, the increasing complexity of central bank easing announcements, reductions in interest income for savers and market distortions are complicating the transmission of unconventional monetary easing to the economy. Furthermore, the historically unprecedented nature of negative nominal interest rates may be limiting the benefits of central bank easing announcements on inflation expectations.

Rising political pressures and concerns about the effectiveness of monetary easing have contributed to growing support among policy makers for fiscal stimulus as a means of restoring growth. A wider shift to fiscal easing is increasingly apparent in the numbers and while its effectiveness may be hindered in some countries by high and rising public debt levels, a co-ordinated fiscal reflation is likely to have growth benefits, at least in the short term.

The Fed is likely to be the only major central bank tightening monetary policy in the near term as it lays the groundwork for a December rate rise. With unit labour costs and core inflation measures suggesting underlying inflation close to the Feds target and the labour market holding up, the conditions look to be in place for a continuation of gradual normalisation in the Federal Funds Rate. The ECB is expected to extend its quantitative easing programme beyond its current scheduled end-date of March 2017, and will likely need to adjust the limits on bond purchases. The new monetary policy approach adopted by the Bank of Japan (BOJ) opens the door for further cuts in the policy rate, taking it deeper into negative territory. This will allow the BOJ to steepen the yield curve while it varies its asset purchases to hold 10-year JGB yields flat at around 0%. We now forecast the BOJ policy rate will fall to -0.5% by end-2017.

In the UK, the Bank of Englands (BoE) aggressive easing package in early August has had a positive impact on sentiment. With recent UK data slightly better than expected, the BoE is unlikely to follow through on forward guidance to cut rates again before year-end.

Having been the main source of downside risk for global growth over the last couple of years, emerging market growth pressures have eased somewhat recently.

It is too soon to say the BRICs are back, but the macro picture in the big emerging markets is certainly steadying, said Coulton.

Most importantly, Chinas efforts to stabilise growth in the face of a sharp slowdown in exports and private-sector investment look to have gained traction. Russias economy looks to be stabilising after massive import compression, real wage adjustment and fiscal tightening saw domestic demand plummet in 2015. In Brazil, the impeachment of President Rousseff and installation of a new leadership team have renewed focus on fiscal reforms, which should support confidence and help the economy stabilise by year-end.

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Redington (India) announces resignation of director
Oct 05,2016

Redington (India) announced that R.Jayachandran, Non Executive Director of the Company vide letter dated 30 September 2016 expressed his willingness to resign from the Board of Directors of the Company.

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Quess Corp allots equity shares
Oct 05,2016

Quess Corp announced that that the Nomination and Remuneration Committee of Board of Directors, vide resolution dated 04 October 2016 allotted 7,95,398 Equity Shares under the Quess Corp Employees Stock Option Scheme 2009 (Amended).

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Canara Bank partners with Ministry of HRD, GoI
Oct 05,2016

Canara Bank announced that the Ministry of Human Resources Development, Government of India (MHRD, GOI) has decided to set up an Higher Education Financing Agency (HEFA) to give a major push for creation of high quality infrastructure in premier institutions viz., IITs, IIITs, NIITs, IISERs, Central Universities etc.,

Consequent upon completion of the process of inviting, examining and selection based on the Notice of Expression of Interest for identifying a Joint Venture partner for establishment of HEFA, the MHRD has appointed Canara Bank for establishment of Higher Education Financing Agency (HEFA).

Accordingly, the Bank has initiated steps in this direction to operationalise the Higher Education Financing Agency (HEFA) subject to necessary approvals / permissions from the Regulator/s and the Government of India.

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Sharad Fibres & Yarn Processors allots equity shares
Oct 05,2016

Sharad Fibres & Yarn Processors announced that the Board of Directors of the Company at its meeting held on 05 October 2016, inter alia, has considered and approved the allotment of 3,60,000 Equity shares of Rs. 10/- issued at par on preferential basis.

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