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Export of Oilmeals down by 44% during April - September 2016
Oct 07,2016

The Solvent Extractors Association of India has compiled the export data for export of oilmeals for the month of September 2016. The export of oilmeals during September 2016 is reported at 90,907 tons compared to 139,649 tons i.e. down by 35%. The overall export of oilmeals during April- September 2016 is reported at 421,741 tons compared to 749,397 tons during the same period of last year i.e. down by 44% due to lesser availability of oilseeds for crushing and continuous disparity in exporting oilmeals in International Market.

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IDBI Bank surges on reports Govt revives stalled divestment process
Oct 07,2016

Meanwhile, the S&P BSE Sensex was down 87.95 points or 0.31% at 28,018.26.

On BSE, so far 8.20 lakh shares were traded in the counter as against average daily volume of 7.17 lakh shares in the past one quarter. The stock hit a high of Rs 73.55 and a low of Rs 71.70 so far during the day. The stock had hit a 52-week high of Rs 95.70 on 3 December 2015. The stock had hit a 52-week low of Rs 47.40 on 12 February 2016. The stock had underperformed the market over the past one month till 6 October 2016, sliding 4.77% compared with 3.01% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 8.99% as against Sensexs 3.46% rise.

The large-cap bank has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

The Government of India (GoI) has reportedly instructed IDBI Banks management to bring its stake down to 52%. Retaining a majority, the government hopes, will allow the asset-sale programme smoother passage and eventually help achieve the ambition of transforming IDBI Bank along the lines of Axis Bank, reports suggested. The GoI currently held 73.98% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2016).

IDBI Banks net profit rose 78.4% to Rs 241.10 crore on 4% growth in total income to Rs 8219.43 crore in Q1 June 2016 over Q1 June 2015.

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NMDC gains after increase in production, sales in September
Oct 07,2016

The announcement was made during trading hours today, 7 October 2016.

Meanwhile, the BSE Sensex was down 58.77 points, or 0.21%, to 28,047.44.

On BSE, so far 2.96 lakh shares were traded in the counter, compared with average daily volume of 3.50 lakh shares in the past one quarter. The stock hit a high of Rs 118.40 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 115.65 so far during the day. The stock hit a 52-week low of Rs 75.20 on 12 February 2016. The stock had underperformed the market over the past 30 days till 6 October 2016, rising 0.87% compared with 2.84% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.08% as against Sensexs 3.61% rise.

The large-cap company has equity capital of Rs 396.47 crore. Face value per share is Re 1.

NMDC reported 19.16% increase in iron ore production to 13.93 million tonnes in September 2016 over August 2016. The company reported 22.43% increase in iron ore sales to 15.83 million tonnes in September 2016 over August 2016.

Meanwhile, the company increased iron ore prices with effect from 5 October 2016. It raised lump ore prices by 23.53% to Rs 2,100 per wet metric tonne (WMT) in October 2016 compared with Rs 1,700 per WMT in September 2016. Price of fines was raised by 20.55% to Rs 1,760 per WMT in October 2016 compared with Rs 1,460 per WMT in September 2016. The announcement was made after market hours on Wednesday, 5 October 2016.

Net profit of NMDC declined 29.9% to Rs 711.34 crore on 4.7% decline in net sales to Rs 1720.65 crore in Q1 June 2016 over Q1 June 2015.

NMDC is Indias largest public sector iron ore producer. As per the shareholding pattern, Government of India (GoI) holds 80% stake in NMDC as on 30 June 2016.

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Mixed and flat finish for US stocks
Oct 07,2016

U.S. stocks finished on flat and mixed note on Thursday, 06 October 2016. Investors abstained from making big bets ahead of Fridays much-anticipated September jobs report. Stocks sold off in early trade, but the market recouped much of its losses after a high-ranking European Central Bank official repudiated reports that the central bank had discussed tapering its bond-buying program.Aside from central bank policies and economic data, earnings are looming as an important market driver.

The Dow Jones Industrial Average shed 12.53 points to finish at 18,268.50. The Nasdaq Composite Index declined 9.17 points, or 0.2%, to close at 5,306.85, pressured by losses in biotechs. The S&P 500 index edged up 1.04 points to close at 2,160.77, with the materials sector topping the gains.

Sharp losses in Wal-Mart Stores and American Express weighed on the blue-chip benchmark. Wal-Mart Stores shares fell 3.2% after the retailer provided a lackluster outlook for 2017 at an investor meeting. Wal-Mart is a component of both the S&P 500 and the Dow industrials.

Trading was generally tepid as investors awaited Fridays jobs data, which will help them gauge the likelihood that the Federal Reserve will raise interest rates before the end of 2016. Ahead of the jobs report, Thursdays weekly jobless claims report pointed to extremely low levels of layoffs, suggesting that employers are reluctant to part with workers in a tight market.

Meanwhile, ECB Vice President Victor Constancio reportedly said there is no consensus to wind down bond purchases. There were earlier reports this week that bank officials had reached an informal consensus to taper the ECBs quantitative-easing efforts sooner than expected. The denial from the ECB is in keeping with market expectations that the ECB is reluctant to exit its quantitative-easing program and that it is more inclined to extend its loose monetary policy stance beyond March.

Mr. Constancio briefly rallied global bond markets when he denied reports from earlier in the week that suggested the central bank has held discussions about tapering its asset purchase program. That headline boost proved to be short-lived, however, as Treasury prices soon started to fade again, pushing yields back up.

Todays economic data was limited to Challenger Job Cuts for September and weekly initial claims. September Challenger Job Cuts reported in at 44,300, which compares to the prior months reading of 32,200. For the week ending 1 October, initial claims decreased by 5,000 to 249,000 (consensus 258,000). Continuing claims for the week ending September 24 fell by 6,000 to 2.058 million. Economic data showed that the number of people who applied for unemployment benefits fell by 5,000 to 249,000 in the final week of September, which bodes well for a strong payrolls number.

The yield on the benchmark 10-yr note, which slipped back to 1.71% after the Constancio headline first hit, finished higher by four basis points at 1.74%.

Third-quarter earnings season will kick off unofficially on Tuesday with Alcoas results.

Oil futures continued to climb, trading above $50 a barrel for the first time in four months. Gold futures retreated as a key dollar index gained. European stocks fell while Asian markets closed higher.

Todays participation was below the recent average as more than 796 million shares changed hands at the NYSE floor.

Tomorrows economic data will include the 8:30 a.m. ET release of the Employment Situation Report for September. The consensus expects the report to show an increase of 176,000 in nonfarm payrolls. Meanwhile, August Wholesale Inventories (consensus -0.1%) and August Consumer Credit (consensus$18.0 billion) will cross the wires at 10:00 a.m ET and 3:00 p.m. ET, respectively.

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Bharat Forge moves north on foreign brokerage upgrade
Oct 07,2016

Meanwhile, the S&P BSE Sensex was down 61.20 points or 0.22% at 28,045.01.

On BSE, so far 65,000 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 954 and a low of Rs 938.95 so far during the day. The stock had hit a 52-week high of Rs 969.50 on 23 September 2016. The stock had hit a 52-week low of Rs 686.80 on 24 June 2016. The stock had outperformed the market over the past one month till 6 October 2016, surging 6.71% compared with 3.01% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 21.05% as against Sensexs 3.46% rise.

The large-cap company has equity capital of Rs 46.56 crore. Face value per share is Rs 2.

The foreign brokerage reportedly sees likelihood of a cyclical recovery for Bharat Forge. New business contribution could increase post FY 2018, it said. The brokerage expects Bharat Forge stock to deliver 70% return in next two and half years.

Bharat Forges net profit fell 37.7% to Rs 122.06 crore on 20.2% decline in net sales to Rs 888.76 crore in Q1 June 2016 over Q1 June 2015.

Bharat Forge is the flagship company of Kalyani Group. It is a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including automotive, oil & gas, power, construction & mining, aerospace and rail & marine.

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Infosys to announce 2nd quarter results
Oct 07,2016

Infosys intimated that the second quarter results will be announced on 14 October 2016.

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Aditya Birla Nuvo provides update on composite scheme of arrangement
Oct 07,2016

Aditya Birla Nuvo provided further update to the Composite Scheme of Arrangement between Aditya Birla Nuvo (ABNL), Grasim Industries (Grasim), Aditya Birla Financial Services (ABFSL) and their respective Shareholders and Creditors (Draft Scheme).

With effect from 08 October 2016, equity shares of Grasim having face value of Rs 10 each shall be sub-dividend into 5 equity shares of Rs 2 each.

With reference to amalgamation of ABNL with Grasim, 15 equity shares of Rs 2 each of Grasim (transferee company) will be credited as fully paid for every 10 equity shares of Rs 10 each of ABNL (transferor company).

With reference to demerger of financial services business of Grasim, 7 equity shared of Rs 10 each of ABFSL (resulting company) will be credited as fully paid for every 5 equity shares of Rs 2 each of Grasim (demerged company).

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Mahindra Holidays & Resorts India provides update on subsidairy
Oct 07,2016

Mahindra Holidays & Resorts India announced that Are Semesterby A AB, Are Semesterby B AB, Are Semesterby C AB and Are Semesterby D AB are ceased to be subsidiaries of Holiday Club Sweden AB, Sweden and in turn of Holiday Club Resorts Oy, Finland and in turn of the Company.

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Jubilant Life Sciences provides update on subsidiary
Oct 07,2016

Jubilant Life Sciences announced that its wholly owned subsidiary, Jubilant Pharma, Singapore has successfully completed on 06 October 2016, a debt issue of its rates unsecured high yield bonds (Notes) bearing interest of 4.875% per annum. The Notes were issued at par in a principal amount of USD 300 million and will mature in October 2021. The Notes will be listed on Singapore Exchange Securities Trading.

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Aditya Birla Fashion and Retail to hold board meeting
Oct 07,2016

Aditya Birla Fashion and Retail will hold a meeting of the Board of Directors of the Company on 24 November 2016 to consider and approve the Unaudited Financial Results of the Company for the quarter/ half year ended on September 30, 2016.

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Reliance Jio Infocomm acquires 269.2 Mhz spectrum
Oct 07,2016

Reliance Jio Infocomm has successfully acquired the right to use 269.2 MHz spectrum across all 22 service areas in India for a total consideration of Rs 13,672 crore in the recently concluded spectrum auction conducted by DoT, Government of India.

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Omkar Speciality Chemicals to hold EGM
Oct 07,2016

Omkar Speciality Chemicals announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 October 2016 .

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Orient Cement to hold board meeting
Oct 07,2016

Orient Cement will hold a meeting of the Board of Directors of the Company on 6 October 2016.

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TCI Developers to hold board meeting
Oct 07,2016

TCI Developers will hold a meeting of the Board of Directors of the Company on 19 October 2016 to consider and approve the Un-audited Financial Results for the 2nd Quarter/Half year ended September 30, 2016.

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Bajaj Corp to hold board meeting
Oct 07,2016

Bajaj Corp will hold a meeting of the Board of Directors of the Company on 14 October 2016 to consider, approve and take on record the Un- Audited Financial Results (Standalone) of the Company for the Second quarter and half year ended September 30, 2016.

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