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Axis Bank plans to raise funds aggregating Rs 3500 crore
Dec 12,2016

Axis Bank announced that the Bank proposes to raise funds by issuing Unsecured Subordinated, Perpetual, Additional Tier I, Basel III compliant Non-Convertible Debentures (Series - 26) of the face value of Rs.10 lakh each for cash at par aggregating to Rs. 3,500 crore (Rupees Three Thousand and Five Hundred crores only). The Board of Directors of the Bank will consider the proposal to issue and allot the above Securities through Circular Resolution.

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Board of Sunteck Realty approves to transfer step down subsidiary
Dec 12,2016

Sunteck Realty announced that the Board of Directors of the Company at its meeting held on 12 December 2016, has approved the transfer of its step-down subsidiary - Denise Realties Private Limited to Thaler Developers Private Limited.

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Board of Bhushan Steel appoints director
Dec 12,2016

Bhushan Steel announced that the Board of Directors of the Company in its meeting held on 12 December 2016, has appointed Monica Aggarwal as an Additional Independent Woman Director of the Company as per the recommendation made by Nomination and Remuneration Committee of Board of Directors.

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Outcome of board meeting of Enkei Wheels India
Dec 12,2016

The Board of Directors of Enkei Wheels India at its meeting held on 12 December 2016 approved notice of convening Companys EGM to be held on 07 January 2017 to give effect to issue up to 743,835 equity shares to its promoter, Enkei Corporation, Japan on preferential basis.

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Board of Niraj Cement Structurals to consider notice for EGM for preferential issue of warrants
Dec 12,2016

Niraj Cement Structurals announced that a meeting of the Board of Directors is scheduled to be held on 15 December 2016, to consider the notice of Extra-Ordinary General Meeting (EGM) for issue of convertible warrants by way of preferential issue to the promoters and others.

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Board of Hind Securities & Credits to consider change in registered office
Dec 12,2016

Hind Securities & Credits announced that a meeting of the Board of Directors of the Company has been scheduled to be held on 20 December 2016 to shift the registered office of the Company from B - 18, Ground Floor, Shubham Enclave, Paschim Vihar, New Delhi - 110 063 to D-16, Ground Floor, Udyog Nagar, Nangloi, Delhi - 110 041 with effect from 20 December 2016.

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Board of MEP Infrastructure Developers approves change in directorate
Dec 12,2016

MEP Infrastructure Developers announced that the Board of Directors of the Company at its meeting held on 12 December 2016 approved appointment of Mira Mehrishi as Additional Director of the Company with effect from 12 December 2016 and noted letter of resignation received from Preeti Trivedi, Non Executive Independent Director of the Company with effect from 12 December 2016.

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Board of Jindal Drilling & Industries approves appointment of director
Dec 12,2016

The Board of Directors of Jindal Drilling & Industries at its meeting held on 12 December 2016 has approved the appointment of Hemant Kumar Khanna as Whole Time Director of the Company with effect from 01 January 2017 for a period of 5 years.

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Board of Likhami Consulting approves resignation of company secretary
Dec 12,2016

Likhami Consulting announced that the Meeting of Board of Directors of the Company held on 12 December 2016, noted and approved the resignation of Shruti Jain, Company Secretary and Compliance Officer w.e.f. 12 December 2016.

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Board of Wheel & Axle Textiles to consider availing net banking facility
Dec 12,2016

Wheel & Axle Textiles announced that a meeting of Board of Directors of Company shall be held on 19 December 2016, inter alia, to consider and avail the net banking facility from Companys banker.

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Agenda for board meeting of Aarey Drugs & Pharmaceuticals
Dec 12,2016

Aarey Drugs & Pharmaceuticals announced that the meeting of the Board of Directors of the Company is to be held on 19 December 2016, to transact the following business:

1. To review current business and raising funds from the Banks.

2. To consider the issue of Equity shares and /or warrants on preferential basis to the Promoters/ Non-Promoters of the Company.

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IRB Infrastructure Developers executes consession agreement with NHAI
Dec 12,2016

IRB Infrastructure Developers announced that:

1. Udaipur Tollway - Wholly-owned Subsidiary of the Company, has now executed Concession Agreement with NHAI for the project of Six Laning from Udaipur to Rajasthan/ Gujarat Border i.e. from km 287.400 to km 401.200 section of NH-8 in the states of Rajasthan & Gujarat (approx. length 113.800 km) on DBFOT (Toll) under NHDP Phase V (package-V) (the Project).

2. CG Tollway - Wholly-owned Subsidiary of the Company, has now executed Concession Agreement with NHAI for the project of Six Laning of Kishangarh Udaipur Ahmedabad Section from km 90.00 (near Gulabpura) to km 214.870 (end of Chittorgarh Bypass) of NH - 79 in the state of Rajasthan Package 2 under NHDP Phase - V on BOT (Toll) mode (the Project).

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Asia Pacific Market: Stocks drop ahead of Fed meeting
Dec 12,2016

Asia Pacific share market mostly down on Monday, 12 December 2016, as traders took profits after a post-US election rally and on caution ahead of the U.S. Federal Reserves meeting this week that was expected to deliver an interest rate hike. The MSCI Asia Pacific Index fell 0.5 per cent to 137.69.

The US central bank is widely expected to raise interest rates for the first time in 2016 at a two-day meeting that begins on Tuesday, even as investors wait to see if policymakers take a more cautious tone on the economy. Investors will be watching whether Trumps election win will affect the Feds outlook for rate increases next year

Oil prices soared in early Asian trade, as investors react to the weekends news of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries led by Russia arriving at their first output cutting agreement in Vienna, a first since 2001. The deal will help to ease a global supply glut after more than two years of low prices. U.S. crude soared 4.76 percent to $53.95 a barrel during Asian trade, as Brent crude jumped 4.2 percent to $56.61.

Over the weekend, the Organization of the Petroleum Exporting Countries reached an agreement with other oil-producing nations to remove 558,000 barrels a day of crude oil from the market. That would come on top of 1.2 million barrels a day in cuts already agreed to by OPEC, amounting to a total of almost 2% of global oil supply.

Among Asian bourses

Australia Market at 4-month high on boost from oil firms, financials

Australian share market ended marginally higher after hitting their highest in four months in early trading, as gains in oil and gas stocks offset losses elsewhere. At the closing bell, the benchmark S&P/ASX 200 index advanced 2.20 points, or 0.04%, to 5562.80, its highest close since Aug 1, while the broader All Ordinaries index inclined 3.30 points, or 0.06%, to close at 5619.10.

Shares of energy companies spurted, after oil prices rose to the highest in a year and a half high on Monday, after Opec and non-Opec producers agreed to cut oil output. Woodside Petroleum rose 2.9% to A$31.48 and Origin Energy gained 3.7% to A$6.79. Santos added 5.1% to A$4.52 and Oil Search jumped 3.5% to A$7.15.

Mining stocks were also higher as basic materials rose on the underlying bullish market sentiment for iron ore and steel, though the respective futures in China edged lower on Friday on profit-taking after a six-day rally. Rio Tinto added 0.2% to A$62.79 and BHP ended up 1.3% to A$26.32. Fortescue added 2.4% to A$6.84.

Flight Centre shares fell 7.5% to A$30.50 after Morgan Stanley statedin latest report that Flight Centres guidance for the second half of 2017 looks too bullish. Qantas followed, losing 3.2% to close at A$3.32.

Nikkei rises to fresh one-year high

The Japan share market inclined to a one-year high, on tracking strong lead from Wall Street Friday and yen depreciation to upper 115 level against greenback triggered by bets that the Federal Reserve will raise rates this week. The Nikkei Stock Average rose 158.66 points, or 0.8%, to 19155.03, the highest level since December 17, 2015. The Topix index of all first-section issues finished up 6.07 points, or 0.4%, at 1,531.43.

Several food and other so-called defensive stocks, which are supported by stable domestic demand, led the market higher. Food maker Ajinomoto rose 4.6% to Y2,335.0. Beverage maker Kirin Holdings gained 3.9% to Y1,959.5.

Energy stocks rose after oil-producing nations, including Russia and Oman, reached a deal over the weekend to cut output along with the Organization of the Petroleum Exporting Countries. Japan Petroleum Exploration advanced 3.8% to 2,894 yen. Another oil explorer, Inpex, added 0.8% to Y1,257.5.

Bank issues were sold off as investors moved to secure profits after a recent rally. Mitsubishi UFJ Financial Group fell 1.3% to Y752.60 and Sumitomo Mitsui Financial Group slipped 1% to Y4,683.

China Market tumbles 2.47%

Mainland China stock market tumbled, as blue-chips were knocked by fresh regulatory curbs to rein in insurers aggressive stock investments, while rising bond yields prompted profit-taking in equities. Meanwhile, comments Sunday by U.S. President-elect Donald Trump that there may be a change in the U.S.s acceptance of the n++one Chinan++ principle, a cornerstone policy that has helped maintain peace between China and Taiwan, also hurt investor sentiment. The Shanghai Composite Index slipped 2.47% to 3,152.97, the largest one day drop in six months, while the CSI 300 n++ which tracks large companies listed in Shanghai and Shenzhen n++ slipped 2.42%. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 4.86% to 1,969.32. The ChiNext Index, which tracks Chinas NASDAQ-style board of growth enterprises, fell 5.5% to close at 1,984.40 points.

Chinas insurance regulator, which recently warned it would curb barbaric acquisitions by insurers, said late on Friday it had suspended Evergrande Life, the insurance arm of China Evergrande Group, from conducting stock market investment. That hit the market hard as insurers relentless buying in modestly-priced industry-leading blue-chips was one of the main drivers behind the recent strong advance in the market. The sell-off was exacerbated by signs of tighter liquidity in the banking system, signalled by a slump in bond future contracts, whose prices move inversely with yields.

Also on Friday, Foresea Life, an arm of Chinese financial conglomerate Baoneng Group, pledged to gradually reduce holdings in a Shenzhen-listed, home-appliance heavyweight. This would mean an unwinding of the stake-building activity that led to harsh disapproval from Chinese regulators.

Shares of Chinese insurers were among the big decliners in the A-shares market on Monday, with China Life Insurance paring earlier losses to end down 1.1%, and New China Life Insurance ending 1.8% lower after steep declines initially.

Shenzhen-listed China Vanke Co., the countrys second-largest real-estate developer, tumbled 6.3%. As of the end of November, China Evergrande Group, via unspecified n++affiliated companies,n++ had scooped up a 14.07% stake in Vanke, according to the latters filing to the stock exchange.

China State Construction Engineering Corp., the nations top home builder, dropped 5%. Anbang Insurance Group Co., now the second-largest shareholder of the state-run firm, has accumulated a 10% stake in it over the past months. Similarly, Gree plunged 6.1% after Foresea Lifes announcement about phasing out its roughly 4% investment.

Hong Kong Market falls on property, insurer stocks selloff

The Hong Kong stock market finished down on caution ahead of the Federal Reserve two-day policy board meeting which concludes on Wednesday, where interest rates will likely increase for the second time in a decade. Meanwhile, selloff pressure intensified after mainland Chinese stocks suffered their worst loss in six months amid concern over the countrys ties with the U.S. and on measures to regulate insurance money into equity markets. The Hang Seng Index ended down 1.44%, or 327.96 points, to 22,433.02, while the Hang Seng China Enterprises index declined 1.71%, or 168.64 points, to 9,699.31. Turnover increased to HK$77.7 billion from HK$76.4 billion on Friday.

Property counters were pressured on cautious ahead of a Federal Reserves policy meeting later this week which is widely expected to bring a US interest rate hike for the first time this year. Hong Kongs currency peg to the US dollar ensures that interest rates follow that of the United States, meaning higher borrowing costs for real estate developers. CK Property (01113) sank 3% to HK$51.3. SHKP (00016) and New World (00017) dipped 2.5% and 1.4% to HK102.6 and HK$8.66.

Chinese insurers were softer after mainland equity market slump. NCI (01336), China Life (02628) and Ping An (02318) slipped 4.7%, 3.6% and 1.3% respectively.

Shares of Casino players continued their retreat after sharp declines on Friday, following a report by the Post about greater restrictions on mainland-issued China Union Pay bank cards, which came into effect Saturday. Galaxy Entertainment Group dropped 1.43% and Wynn Macau was down 2.29%.

Indian Market snaps 2-day winning streak

Banking, telecom and index heavyweights ITC and Infosys led modest-to-strong losses for key benchmark indices. The barometer index, the S&P BSE Sensex, fell 231.94 points or 0.87% to settle at 26,515.24. The Nifty 50 index fell 90.95 points or 1.10% to settle at 8,170.80. Weakness in European stocks weighed on sentiment on the domestic bourses. Adding to global cues, domestic data over the weekend showing decline in the industrial production in October affected investors sentiment.

Axis Bank fell 2.56%. The bank announced the acquisition of shares representing 13.67% of the total paid up capital in Assets Care and Reconstruction Enterprise from IFCI at Rs 31 per share for cash aggregating Rs 22.72 crore. The announcement was made after market hours on Friday, 9 December 2016.

IndusInd Bank fell 2.41%. The bank announced that the finance committee of the board on Friday, 9 December 2016, allotted 15,000 unsecured redeemable non-convertible bonds in the nature of debentures for an amount of Rs 1500 crore, to the identified investors on private placement basis. The announcement was made after market hours on Friday, 9 December 2016.

Indias industrial production declined 1.9% in October 2016 over October 2015. Twelve out of 22 industry groups in the manufacturing sector showed negative growth in October 2016. The data was released by the government after market hours on Friday, 9 December 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 shed 0.2% to 6864.94. Indonesias Jakarta Composite index added 0.1% to 5308.13. Taiwans Taiex fell 0.5% to 9349.94. South Koreas KOSPI index was up 0.1% to 2027.24. Malaysias KLCI slipped 0.1% to 1641.42. Singapores Straits Times index fell 0.1% to 2952.19.

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Sun Pharma enters into exclusive worldwide licensing deal with Israel based Moebius Medical
Dec 12,2016

Sun Pharmaceutical Industries announced that the Company and Israel-based Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate forthe treatment of pain in osteoarthritis.

MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducingfriction and wear, consequently leading to joint pain reduction.

MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to-moderate osteoarthritis pain. The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.

According to the agreement, Sun Pharma will fund further development of Moebius Medicals lead product, MM-II, and undertake its global commercialization. To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, demonstrating the products fast onset of action and its potentially better efficacy and comparable safety for alleviating osteoarthritis pain as compared to Hyaluronic Acid injection.

Moebius Medical will conduct requisite pre-clinical studies, and will assume responsibility for product development and manufacturing through the end of Phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.

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APL Apollo Tubes receives patents for 4 Hollow Section Pipes
Dec 12,2016

APL Apollo Tubes announced that it received patents from the Indian Patent Office for four new designs of Hollow Section pipes. The patents cover the shapes and configurations of differentiated structural products. In addition to the four patents, APL Apollo holds another two design patents that it has developed in-house.

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