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Krishna Capital & Securities pares stake in Palco Metals
Sep 22,2016

Krishna Capital & Securities announced that the Company has divested Rs.50 lakh in Palco Metals. As a result of divestment, the Company has decreased its Shareholding in Palco Metals from 22.28% to 19.42% making it a non-Associate Company

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Choice International announces resignation of director
Sep 22,2016

Choice International announced that the Company has received intimation from Brijmohan Pooranmal Agarwal the Non -Executive Independent Director of the Company with respect to his resignation from the Board of the Company with effect from 21 September 2016 due to his Pre Occupation.

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Board of Unishire Urban Infra does not recommend dividend for FY16
Sep 22,2016

Unishire Urban Infra announced that the Board of Directors of the Company at its meeting held on 30 May 2016, has not recommended any dividend for the year ended 31 March 2016.

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Record Production of Kharif Foodgrains estimated at 135.03 Million Tonnes
Sep 22,2016

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh today released the 1st Advance Estimates of production of major Kharif crops for 2016-17. On the occasion Shri Singh said that as per 1st Advance Estimates for 2016-17, total production of Kharif Foodgrains is estimated at 135.03 million tonnes which is a new record. This year production is higher by 11.02 million tonnes as compared to last years Kharif foodgrains production of 124.01 million tonnes. Further, Kharif foodgrains production is also higher by 7.65 million tonnes than the last five years (2010-11 to 2014-15) average production of 127.38 million tonnes.

As per 1st Advance Estimates, the estimated production of major crops during Kharif 2016-17 is as under:

n++ Foodgrains - 135.03 million tonnes (record)

n++ Rice - 93.88 million tonnes (record)

n++ Coarse Cereals - 32.45 million tonnes

n++ Maize - 19.30 million tonnes (record)

n++ Pulses - 8.70 million tonnes (record)

n++ Tur - 4.29 million tonnes (record)

n++ Urad - 2.01 million tonnes (record)

n++ Oilseeds - 23.36 million tonnes

n++ Soyabean - 14.22 million tonnes

n++ Groundnut - 6.50 million tonnes

n++ Castorseed - 1.73 million tonnes

n++ Cotton - 32.12 million bales (of 170 kg each)

n++ Sugarcane - 305.25 million tonnes

The cumulative rainfall (1 June to 07 September, 2016) during the current monsoon season has been excess / normal in 29 and deficient in 07 out of 36 meteorological sub-divisions. As a result of favourable monsoon rainfall, area and yield of most of the Kharif crops is expected to be higher. Consequently, estimated production of most of the crops during current Kharif season is estimated to be higher as compared to their production as per 4th Advance Estimates for 2015-16. However, these are preliminary estimates and would undergo revision based on further feedback to be received from the States.

Total production of Kharif rice is estimated at 93.88 million tonnes which is a new record. This year rice production is higher by 1.1 million tonnes than previous record production of 92.78 million tonnes achieved during 2011-12. Production of Kharif rice is also higher by 4.16 million tonnes and 2.57 million tonnes over the average production of the last five years and the last years Kharif rice production respectively.

Total production of coarse cereals in the country is estimated at 32.45 million tonnes as compared to 27.17 million tonnes during 2015-16 (4th Advance Estimates). Production of Maize is estimated at record level of 19.30 million tonnes. This year production of Kharif maize is higher by 4.05 million tonnes than that the last years production.

As a result of significant increase in the area coverage and productivity of tur and urad, total production of Kharif pulses estimated at record level of 8.70 million tonnes which is higher by 3.16 million tonnes than the last years production of 5.54 million tonnes. The production of kharif pulses is also higher by 2.54 million tonnes than their last five years average production.

Total production of kharif oilseeds in the country is estimated at 23.36 million tonnes which is significantly higher than the production of 16.59 million tonnes during 2015-16. This year production of Kharif oilseed is also higher by 2.33 million tonnes than the average production of last five years.

Production of Sugarcane is estimated at 305.25 million tonnes which is lower by 46.92 million tonnes than the last years production of 352.16 million tonnes. Despite lower area coverage, higher productivity of Cotton has resulted in to higher production of 32.12 million bales (of 170 kg each) as compared to 30.15 million bales during 2015-16. Production of Jute & Mesta estimated at 10.41 million bales (of 180 kg each) is marginally lower than their production of 10.47 million bales during the last year.

The assessment of production of different crops is based on the feedback received from States and validated with information available from other sources.

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Board of Trimurthi approves investment in subsidiary
Sep 22,2016

Trimurthi announced that the Board of Directors of the Company in its meeting held on 22 September2016 have considered and approved investment in its subsidiary Trimurthi Foods. The holding company (Trimurthi) has 84.24 % shares of Trimurthi Foods and by purchasing remaining shares of the Company; Trimurthi Foods will be a Wholly Owned Subsidiary of Trimurthi.

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Outcome of board meeting of DFL Infrastructure Finance
Sep 22,2016

DFL Infrastructure Finance announced that the Board of Directors of the Company met on 21 September 2016 and seeking extension of time for holding the Companys Annual General Meeting pertaining to the financial year 2015-16 on or before 31 December 2016.

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Board of Essar Shipping appoints director and CEO
Sep 22,2016

Essar Shipping announced that the Board of Directors of the Company at its meeting held on 22 September 2016, appointed to Ranjit Singh as Executive Director and C.E.O of the Company.

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Board of Fineotex Chemical decides to sell investment in subsidiary
Sep 22,2016

Fineotex Chemical announced that the Board of Directors of the Company at its meeting held on 22 September 2016 has resolved to sell its investment in its subsidiary FCL Landmarc. The subsidiary was incorporated in 2013 but did not carry any activity.

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Board of Pervasive Commodities appoints director
Sep 22,2016

Pervasive Commodities announced that the Board of Directors of the Company at its meeting held on 22 September 2016 has appointed Panjak Jadhav as an Additional Director of the Company.

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Rupee reverses losses
Sep 22,2016

Rupee closed higher at 66.66/67 per dollar on Thursday (22 September 2016), versus its previous close of 67.0150/0250 per dollar.

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Moongipa Securities to hold AGM
Sep 22,2016

Moongipa Securities announced that the th Annual General Meeting(AGM) of the company on 22 September 2016.

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Brakes Auto (India) to hold AGM
Sep 22,2016

Brakes Auto (India) announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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Gyscoal Alloys to hold board meeting
Sep 22,2016

Gyscoal Alloys will hold a meeting of the Board of Directors of the Company on 29 September 2016 to fix the record date for the purpose of sub-division.

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CRISIL gets High Court approval for scheme of amalgamation
Sep 22,2016

CRISIL announced that the Honble High Court of Judicature at Bombay (High Court) on 08 September 2016 sanctioned the Scheme of Amalgamation of Pipal Research Analytics And Information Services India (Pipal), Coalition Development Systems (India) (Coalition) and Mercator lnfo-Services India (Mercator) with CRISIL Limited (CRISIL or the Company) and their respective Shareholders and Creditors.

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Ministry of Shipping Proposes New Model Concession Agreement for Port Sector
Sep 22,2016

The Ministry of Shipping has proposed a new Model Concession Agreement (MCA) for the Port Sector. The proposed MCA will replace the existing Model Concession Agreement which came into existence in January, 2008. The proposed MCA has taken into account the suggestions provided in various reports by Member Planning Commission (2010), Indian Ports Association (IPA-2015) and Kelkar Committee Report (2015).

The objectives of the revised Model Concession Agreement are following:

a) More equitable allocation of project risks.

b) Provisions to handle unforeseen circumstances.

c) Removing ambiguity in existing provisions.

d) To attract more private sector investment.

The salient changes proposed in the Revised Model Concession Agreements are:

1. Change in equity holding to provide exit route: The revised MCA has proposed that the Concessionaire shall hold 51 per cent equity until 3 years after Commercial Operation Date (COD) and 26 per cent thereafter for another 3 years. Hence, the private party would be free to exist after 6 years from COD. The Concessionaire may approach the Concessioning Authority to waive the equity holding requirement during the second 3 year term if performance parameters have been achieved during the first three year period.

2. Providing for refinancing provision in MCA: This amendment is aimed at facilitating availability of low cost long term funds to Concessionaire so as to improve the financial viability of the projects and is based on the Model Triartite Agreement approved by Department of Economic Affairs. Under this, the Concessionaire can issue Bonds on completion of one year of operation for refinancing of debt, this will in result in optimization of the finance cost of the projects.

3. Amendment in Definition of n++Change of Lawn++: As per the current MCA, change in law excludes

(i) Imposition of standards and condition arising out of TAMP guidelines, Environmental Law & Labor laws, and

(ii) Increase and imposition of taxes, duties, etc. for compensating the Concessionaire. As these can materially affect the viability of the project the proposed MCA states that the Concessionaire shall be compensated for all changes in law except imposition of n++New Direct Taxn++. This will help the Concessionaire to get compensation for all material changes in law.

4. Provision for mid-term review of concession: It is proposed that concessions may be reviewed by a Review Board (or any such competent authority) under applicable laws at the end of 15 years from COD to arrive at required mitigation measures. The triggers and nature and quantum of mitigation measures will be as per guidelines issued by the Government in this regard.

5. Approval of Discounts on Ceiling Rates for the Purpose of Recovery of Revenue share: Presently, revenue share is payable on Gross Revenue, calculated as per tariff ceilings even if Concessionaire has to allow discount to keep the charges competitive. With a view to have a balanced risk allocation, it is proposed that Concessionaire shall be entitled to approach Port to consider and approve discounts on ceiling traffic and revenue share shall be paid on the approved discounted tariff of the approved revenue share. Cargo storage charges will be excluded while computing Gross Revenue for the purpose of Revenue Sharing.

6. Provision for Commercial Operations before COD: It is proposed to permit operations before COD on project specific terms and conditions about level of operations and payment to the port; this will lead to better utilization of assets provided by the Port in many projects.

7. Improved Utilization of Project Assets and Higher Productivity: Presently, Concessionaire is required to operate the Project as least as per scope of work. In order to avoid any ambiguity, its now been specified that the Concessionaire is free to deploy higher capacity equipment/facilities for higher productivity and improved utilization of Project assets.

8. Grievance Redressal System: The proposed MCA will have a Grievance Redressal System where the Concessionaire shall create a Grievance Redressal Portal in their website with adequate monitoring system and timelines for redressal.

9. Applicable Tariff Guidelines: This provision is to give an option to Concessionaire to adopt changed/revised Tariff guidelines as and when issued by the Government. It is proposed that private party will have option to adopt new or revised guidelines within 90 days of publication in official gazette.

10. Provision for Additional Land, Utilities & Services: Presently the charges payable by the Concessionaire for additional land, utilities and services are equal to 200 per cent of the scale of rates, as per the proposed MCA provisions have been made for providing additional land, utilities and services during operation period and required for Project Operations on payment of 120 percent of the applicable scale of rates.

11. Replacement of n++Actual project Costn++ with n++Approved Project Costn++: Presently, if the Actual Project cost, certified by statutory auditors, is higher than the earlier estimates, Concessioning Authority may increase the project cost. However, the procedure for the same is not prescribed. It is proposed to replace the Actual Project Cost with Approved Project Cost and prescribe procedure for approval. The Concessionaire shall summit statement of actual capital cost incurred on the project as certified by statutory auditors within a period of 90 days of issue of completion certificate. If the cost is more that the Estimated Project Cost or cost incorporated in Financing Plan, it shall be referred to the Independent Engineer for his comments on (i) reasonability of expenditure and (ii) need of expenditure to provide project facilities and services as per Scope of Work. The Concessioning Authority will take a decision on approving the enhanced cost taking into account the Report of the Independent Engineer.

The proposed changes in the Model Concession Agreement have been uploaded on the official website (www.shipping.nic.in) of the Ministry of Shipping for seeking comments of the stakeholders.

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