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Ministry of Civil Aviation, Government of Puducherry and Airports Authority of India sign MoU to Promote Regional Connectivity Scheme
Oct 01,2016

The Ministry of Civil Aviation, State Government of Puducherry and Airports Authority of India today signed a tri-partite Memorandum of Understanding (MOU) for the Regional Connectivity Scheme thereby initiating the collaborative partnership. With the development, the State Government of Puducherry has formally agreed to provide the concessions required from the State Governments in the Regional Connectivity Scheme. The MoU is signed by Shri Manoj Parida, Chief Secretary, Puducherry, Smt. Usha Padhee, Joint Secretary, Ministry of Civil Aviation and Shri A.K. Dutta, Member, Airports Authority of India.

Speaking on the occasion, the MOS for Civil Aviation, Shri Jayant Sinha said that he hoped the subsidies would attract airlines which also needed to find the appropriate aircrafts and pilots to service the regional sector. The Chief Minister of Puducherry, Shri V. Narayanaswamy said that he was happy to cooperate in promoting the Regional Connectivity Scheme as it would improve the connectivity to Puducherry.

The Ministry of Civil Aviation had earlier released the draft Regional Air Connectivity Scheme (RCS) for stakeholder consultation, with the twin objectives of promoting balanced regional growth and making flying affordable for masses,. The RCS is the key component of the National Civil Aviation Policy which was released by the Ministry on 15th June 2016. The scheme, which would be in operation for a period of 10 years, envisages providing connectivity to un-served and under-served airports of the country through revival of existing air-strips and airports. This would be achieved through a financial stimulus in the form of Central and State government concessions, as well as Viability Gap Funding to the interested airlines to kick-off operations from such airports, so that the passenger fares are kept affordable. The fare for a one hour journey of appx. 500 km on a fixed wing aircraft or for a 30 minute journey on a helicopter would now be capped at Rs. 2,500, with proportionate pricing for routes of different lengths / duration.

To reduce the cost of operations, Central Government would be providing concessions in the form of reduced excise on VAT, service tax and flexibility of code sharing at the RCS airports. Similarly, the State governments would have to lower the VAT on ATF to 1% or less, besides security and fire services free of cost and electricity, water and other utilities at substantially concessional rates. Similarly, Landing and Parking charge and Terminal Navigation Landing Charges shall not be imposed by the airport operator.

A Regional Connectivity Fund would be created to fund the VGF requirements under the scheme. The same would be funded through a levy on certain domestic flights. The partner State Governments would also contribute a 20% share to this fund (10% for North Eastern States). For balanced regional growth, the allocations under the scheme would be equitably spread across the 5 geographical regions of the country viz North, West, South, East and North-east.

The States have been given a key role under the scheme. The selection of airports where RCS operations would be done in consultation with State Government and after confirmation of their concessions. This will be based on the selection of routes by the airline operators.

In view of the above, the Ministry of Civil Aviation is in the process of signing of an MoU with State Governments to ensure their commitment and support to regional air transport operations by providing concessions as required under the RCS for making it successful. Puducherry is the sixth State with which such an MoU is signed. The other states are Maharashtra, Chhatisgarh, Gujarat, Jharkhand and Andhra Pradesh.

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PG Industry to hold AGM
Oct 01,2016

PG Industry announced that the 23rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Kapil Cotex to hold AGM
Oct 01,2016

Kapil Cotex announced that the 33rd Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Jagsonpal Pharmaceuticals to hold AGM
Oct 01,2016

Jagsonpal Pharmaceuticals announced that the 37th Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Navin Fluorine International to hold board meeting
Oct 01,2016

Navin Fluorine International will hold a meeting of the Board of Directors of the Company on 24 October 2016.

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7% stake of Government in Hindustan Copper fully subscribed and Government to get approximately Rs 400 crore from this disinvestment
Oct 01,2016

Hindustan Copper is a vertically integrated company in the mining and metal sector, under Ministry of Mines. Government of India is the major stake holder in said CPSE, owning 89.95% of paid up equity.

Government offered 6,47,65,260 shares ( comprising 7% of total paid up equity ) to public through OFS route, at floor price of Rs 62 per share of face value Rs 5/-. 20% of the offer size, i.e. 1,29,53,052 shares were reserved for retail category.

The trading took place on NSE as well as BSE on 29.9.2015 and 30.9.2015 for the non-retail and retail category respectively. The non retail category got oversubscribed with 1.56 times. The issue has been fully subscribed and Government will get approximately Rs 400 crore from this disinvestment.

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DCM Shriram Industries gets revision in credit ratings
Oct 01,2016

DCM Shriram Industries announced that CARE has revised the Companys rating for bank facilities and FD programme.

Long term bank faciltiies - CARE BBB+ (Revised from CARE BBB)
Short term bank facilities - CARE A3 (Reaffirmed)
Fixed deposit programme - CARE BBB+ (FD) (Revised from CARE BBB(FD))

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Eight core infrastructure sector output rises 3.2% in August 2016
Sep 30,2016

The output of eight core infrastructure industries improved 3.2% in August 2016 over August 2016. The cumulative output improved 4.5% in April-August 2016 over the corresponding period of last year.

Coal production (weight: 4.38%) declined by 9.2% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 2.6% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) declined by 3.9% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 declined by 3.1% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) declined by 5.7% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 declined by 4.2% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) increased by 3.5% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 7.6% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) increased by 5.7% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 6.4% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 17.0% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 5.5% over the corresponding period of previous year.

Cement production (weight: 2.41%) increased by 3.1% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 4.4% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 0.1% in August 2016 over August 2015. Its cumulative index during April to August, 2016-17 increased by 5.7% over the corresponding period of previous year.

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Indias external debt declines 1.1% in Q1 of FY2017
Sep 30,2016

Indias external debt declined by 1.1% or US$ 5.4 billion to US$ 479.7 billion at end June 2016 over end-March 2016 level, primarily on account of a decline in commercial borrowings. The decline in the external debt was augmented by valuation gains resulting from the appreciation of the US dollar against the Indian rupee and other major currencies. The external debt to GDP ratio stood at 23.4% as at end-June 2016, a shade lower than its level of 23.7% at end-March 2016.

Valuation gains due to appreciation of the US dollar against the Indian rupee and other major currencies was placed at US$ 1.4 billion. Excluding the valuation effect, the decline in external debt would have been US$ 4.0 billion instead of US$ 5.4 billion as at end-June 2016 over the level at end-March 2016.

Commercial borrowings continued to be the largest component of external debt with a share of 36.6%, followed by NRI deposits (26.3%) and short-term trade credit (16.6%).

At end-June 2016, long-term debt was placed at US$ 397.6 billion, recording a decline of US$ 4.1 billion over its level at end-March 2016. The share of long-term debt in total external debt was marginally higher at 82.9% as at end-June 2016 as compared to its level at end-March 2016.

The share of short-term debt (original maturity) in total debt witnessed a marginal decline over its level at end-March 2016. The ratio of short-term debt (original maturity) to foreign exchange reserves declined to 22.6% as at end-June 2016 (23.1% at end-March 2016).

On a residual maturity basis, short-term debt constituted 42.4% of total external debt at end-June 2016 (42.6% at end-March 2016) and stood at 55.9% of total foreign exchange reserves (57.4% at end-March 2016).

US dollar denominated debt continued to be the largest component of Indias external debt with a share of 57.1% as at end-June 2016, followed by the Indian rupee (28.6%), SDR (5.9%), Japanese yen (4.8%) and Euro (2.4%).

The borrower classification shows that the outstanding debt of the Government increased; however, non-Government debt declined at end-June 2016.

Debt service payments declined to 7.5% of current receipts as at end-June 2016 as compared with 8.8% at end-March 2016.

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Outcome of board meeting of PTC India Financial Services
Sep 30,2016

PTC India Financial Services announced that the Board of Directors of the Company at its meeting held on 30 September 2016 has transacted the following -

Appointed Arun Kumar as Nominee Director of PTC India with effect from 30 September 2016, who has ceased to be Director on the date of the AGM held on 28 September 2016.

The proposal of making preferential allotment of 8.02 crore equity shares to the person belonging to the promoter category (PTC India).

Recommended to the shareholders for their approval authorisation of the Board for issue of secured / unsecured Non Convertible Bonds/ Debentures through private placement up to the limits prescribed in the application statues, from time to time.

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Outcome of Rubfila International held on 30 September 2016
Sep 30,2016

Rubfila International announced that the Board of Directors of the Company at its meeting held on 30 September 2016 have decided to -

Install two more production lines in a phased manner in the existing premises at Palakkad, Kerala.

To put on hold the proposal for Rights Issue which was decided in the meeting held on 29 October 2015.

The Board also took note of the letter issued to Abhisar Buldwell for terminating the job work manufacturing agreement at Agartala, Tripura.

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Board of MMS Infrastructure decides to seek extension for AGM
Sep 30,2016

MMS Infrastructure announced that the Board of Directors of the Company at its Meeting dated 12 September 2016, has decided to file application with Registrar of Companies, Mumbai, Maharashtra for extension of Annual General Meeting of the Company for the financial year ended 31 March 2016.

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Triton Valves announces retirement of CFO
Sep 30,2016

Triton Valves announced that V Sridhar - Chief Financial Officer of the Company has retired from the services of the Company with effect from close of working hours of 30 September 2016.

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Kotak Mahindra Bank executes Share Purchase Agreement for acquisition of stake in BSS Microfinance
Sep 30,2016

Kotak Mahindra Bank has executed a Share Purchase Agreement, for acquisition of 99.49% of the equity shareholding of BSS Microfinance (Company) from its existing shareholders. The Company is a Non-Banking Finance Company, classified as a NBFC-MFI. The transaction is subject to obtaining all necessary regulatory and other approvals, including from the Reserve Bank of India.

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Bajaj Finance allots NCDs aggregating Rs 500 crore
Sep 30,2016

Bajaj Finance on 29 September 2016 has allotted 5000 Unsecured Subordinated Tier II Redeemable Non Convertible Debentures aggregating Rs 500 crore on private placement basis.

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