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Somany Ceramics issue commercial paper aggregating Rs 25 cr
Sep 30,2016

Somany Ceramics has issued Commercial paper of Rs. 25.00 Crore value dated 29 September 2016 having maturity on 09 December 2016.

The aforesaid issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reducing cost of borrowing.

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Indian Bank announces cessation of Executive Director
Sep 30,2016

Indian Bank announced that in exercise of the powers conferred by clause (a) of sub-section (3) of Section 9 of the Banking Companies (Acquisition & Transfer of Undertakings} Act, 1970 / 1980, read with sub-clause (1) of Clause 3 and sub-clause (1) of clause 8 of the Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970 / 1980, the Central Government has, vide Notification dated September 29, 2016, appointed R Subramania Kumar, Executive Director, Indian Bank as Executive Director, Indian Overseas Bank with effect from his taking over the charge of the post in Indian Overseas Bank and upto 21 January 2019 or until further orders, whichever is earlier.

Accordingly, R Subramania Kumar has been relieved from 29 September 2016 for taking over the charge of the post in Indian Overseas Bank.

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Westlife Development provides business update
Sep 30,2016

Westlife Development has opened its first restaurant in Vijaywada, Andhra Pradesh on 29 September 2016. The Company also announced the launch of its second restaurant after Nellore in the State of Andhra Pradesh.

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Government Decides to Raise EPFO Investment in ETF from 5 Per Cent to 10 Per Cent
Sep 30,2016

The Government has decided to raise the Employees Provident Fund ( EPF) investment in Exchange Traded Funds from present 5 per cent to 10 per cent. Announcing this Shri Bandaru Dattatreya, the Minister of State(IC) for Labour and Employment said that the decision has been taken considering the good returns in ETF investment.

As per earlier decision EPFO is currently investing 5 per cent of the total accretion in Exchange Traders Fund (ETF). Accordingly, for the last one year, the EPFO has invested 6,577 crore in ETF for the financial year 2015-16. This investment has yielded a good return of 13.24 per cent. The past performance of the last six months from April, 2016 to August, 2016 shows gradual appreciation in the returns from 0.37 per cent in March, 2016 to 13.24 in August, 2016 per cent. Five per cent EPF has been invested in NIFTY 50 and SENSEX.

The pattern of investment prescribed by the Ministry of Finance has given guidelines for investment in equity from 5 per cent to 15 per cent.

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HCL Technologies in spotlight after partnership with IBM
Sep 30,2016

HCL Technologies and IBM said that the companies have entered a 15-year partnership for automation and development & operations (DevOps) solutions. The announcement was made after market hours yesterday, 29 September 2016.

Tata Steel said that the committee of directors approved raising Rs 1000 crore by issuing 10,000 non-convertible debentures (NCDs) on private placement basis. Each NCD carries a face value of Rs 10 lakh. NCD hold a tenure of 10 years. The announcement was made after market hours yesterday, 29 September 2016.

NHPC said that a wind power purchase agreement (PPA) has been signed amongst Rajasthan Government, NHPC and INOX on 28 September 2016 for 50 megawatts (MW) wind power project in Jaisalmer, Rajasthan. As per the PPA, Rajasthan Government will purchase the power generated from the project. The announcement was made after market hours yesterday, 29 September 2016.

Alkem Laboratories said that USFDA had conducted an inspection at the companys manufacturing facility located at Daman, India from 20 September 2016 to 29 September 2016. In this regard, the company has received the inspection report which contains thirteen 483 observations. The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA Observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours yesterday, 29 September 2016.

Corporation Bank announced lending rates based on marginal cost of funds to be effective from 1 October 2016. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.05%, for one month will be 9.15% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.40% and for one-year loans the rate would be 9.50%, the bank said. The announcement was made after market hours yesterday, 29 September 2016.

Sintex Industries said that its board approved the composite scheme of arrangement for the demerger of the custom moulding business and the prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology. The proposed arrangement will streamline various businesses developed by the group, thereby creating focused leadership and management attention. The scheme also involves issuance of equity shares of Sintex Plastics Technology to the equity shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of Sintex Plastics Technology upon demergers against one equity share held in Sintex Industries and listing of these equity shares of Sintex Plastics Technology on the BSE and the NSE. The transaction is expected to unlock value of shareholders by separating various businesses in different entities. The announcement was made after market hours yesterday, 29 September 2016.

Seamec said that it has entered into an agreement with HAL Offshore (HAL) for deployment of vessel Seamec II along with provision of services of remotely operated vehicle (ROV), the contract commenced with effect from 28 September 2016. As intimated, the total contract value for the period of 3 years will be $33.44 million approximately. The announcement was made after market hours yesterday, 29 September 2016.

Bharat Financial Inclusion said that the capital raising committee of the company has approved allotment of 97.40 lakh equity shares to eligible qualified institutional buyers at the issue price of Rs 770 per equity share, aggregating to Rs 749.99 crore pursuant to the offer. The announcement was made after market hours yesterday, 29 September 2016.

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Board of Ramgopal Polytex decides to withdraw application for voluntary delisting from NSE
Sep 29,2016

Ramgopal Polytex announced that the Board of Directors, through resolution by circulation passed on 29 September 2016, have approved to withdraw the Application of Voluntary Delisting from National Stock Exchange of India (NSE). Further the Board of Directors has also decided to make an Application for Revocation of Suspension of trading of its Equity Shares from the National Stock Exchange of India (NSE).

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Athena Global Technologies announces resignation of company secretary and compliance officer
Sep 29,2016

Athena Global Technologies Ltd has informed BSE that Mr. K Bhaskara Teja has resigned as Company Secretary Cum Compliance officer of the Company.

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Monetary Policy Committee constitution under the Reserve Bank of India Act, 1934 notified
Sep 29,2016

The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016, to provide for a statutory and institutionalised framework for a Monetary Policy Committee, for maintaining price stability, while keeping in mind the objective of growth. The Monetary Policy Committee would be entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. A Committee-based approach for determining the Monetary Policy will add lot of value and transparency to monetary policy decisions. The meetings of the Monetary Policy Committee shall be held at least 4 times a year and it shall publish its decisions after each such meeting.

The provisions of the RBI Act relating to Monetary Policy have been brought into force through a Notification in the Gazette of India Extraordinary on 27.6.2016. The factors constituting failure to meet inflation target under the Monetary Policy Committee Framework have also been notified in the Gazette on 27.6.2016. The Government, in consultation with RBI, has notified the inflation target in the Gazette of India Extraordinary dated 5th August 2016 for the period beginning from the date of publication of this notification and ending on the March 31, 2021, as under:-

Inflation Target: Four per cent.

Upper tolerance level: Six per cent.

Lower tolerance level: Two per cent.

As per the provisions of the RBI Act, out of the six Members of Monetary Policy Committee, three Members will be from the RBI and the other three Members of MPC will be appointed by the Central Government. In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Central Government has accordingly constituted, through a Gazette Notification dated 29th Sept 2016, the Monetary Policy Committee of RBI, with the following composition, namely:-

(a) The Governor of the Bankn++Chairperson, ex officio;

(b) Deputy Governor of the Bank, in charge of Monetary Policyn++Member, ex officio;

(c) One officer of the Bank to be nominated by the Central Boardn++Member, ex officio;

(d) Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) n++Member

(e) Professor Pami Dua, Director, Delhi School of Economics (DSE) n++ Member

(f) Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management (IIM), Ahmedabadn++ Member

The Members of the Monetary Policy Committee appointed by the Central Government shall hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.

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Government approves further import of 80,000 Masur and 90,000 Tur
Sep 29,2016

The Government has approved further import of 80,000 MT Masur and 90,000MT Tur for buffer stock of pulses. The decision to this effect was taken in a meeting of Price Stabilization Fund chaired by Union Consumer Affairs Secretary, Shri Hem Pande here today. The meeting reviewed the procurement and distribution of pulses from buffer stock.

So far, the Government agencies have contracted about 1, 81,000 MT pulses for import , out of this 36,000 MT pulses have arrived. Besides this Government agencies have procured more than 1, 20,000 MT pulses from the domestic market and farmers.

The Department of Consumer Affairs has asked NCCF and NAFED to sell the the pulses, Tur and Urad through their outlets in other cities also other than Delhi. These agencies are selling Tur at Rs 105 / and Urad Rs. 120/kg.

The meeting was informed that to ensure procurement of pulses directly from farmers during current Kharif season, number of procurement centres has been increased to 417 so far, more will be opened if required.

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Sunil Hitech Engineers recognised for its contribution to Infra sector
Sep 29,2016

Sunil Hitech Engineers has been awarded a certificate of recognition for the immense contribution to the Infrastructure sector at Best Infrastructure Brands 2016 function held in Delhi on 27 September 2016.

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Alkem Laboratories provides update on USFDA inspection of its Daman facility
Sep 29,2016

Alkem Laboratories announced that US FDA had conducted an inspection at the Companys manufacturing facility located at Daman, India from 20 September to 29 September 2016.

In this regard, the Company has received the inspection report which contains thirteen 483 observations. The Company shall put together a detailed response with adequate corrective and preventive measures to address the US FDA Observations and the same is proposed to be filed within the timeline stipulated by US FDA.

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Speciality Restaurants gets reaffirmation in credit ratings
Sep 29,2016

Speciality Restaurants announced that ICRA has re-affirmed the long-term rating of ICRA A+ and short-term rating of ICRA A1 ratings assigned to the Rs. 100 crore Line of Credit of the Company and the outlook on the long-term rating is Stable.

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Rathi Graphic Technologies divests stake held in RGTL Industries
Sep 29,2016

Rathi Graphic Technologies announced that the Company has divested 10 lakh equity shares of RGTL Industries, thus bringing down the shareholding of Rathi Graphic Technologies in its subsidiary from 54.58% to 49.18%. The transacted has resulted in cessation of holding-subsidiary relationship.

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MSR India starts commercial production of food product from Unit II factory
Sep 29,2016

MSR India announced that the Company has started the Commercial production of all its Foods Products from Unit - II factory situated at Bowrampet. The Production of these food Products would boost the Company revenue. The Company would reduce the trading activity and would focus more on its manufacturing process

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Asahi India Glass subscribes to rights issue of unlisted subsidiary
Sep 29,2016

Asahi India Glass has increased stake in its unlisted subsidiary, GX Glass Sales & Services, from 84.79% to 93.48% after allotment of shares under a Rights Issue.

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