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Lakshmi Vilas Bank announces cessation of directors
Sep 26,2016

Lakshmi Vilas Bank announced that Pankaj Vaish and Prakash P Mallya, who served as Independent Directors of the bank retired on 25 September 2016 on completion of their tenure of appointment.

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Mahindra & Mahindra to issue NCDs aggregating Rs 475 crore
Sep 26,2016

Mahindra & Mahindra announced that the Loans & Investment Committee at its Meeting held on 26 September 2016, from 11:00 a.m. to 11.30 a.m., has approved issuance and offer of 4,750 Rated, Listed, Unsecured, Redeemable, 7.57% Non-Convertible Debentures of face value Rs. 10,00,000/- each (NCDs), at par, aggregating to Rs. 475 crore on private placement basis.

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Shares of Winro Commercial (India) get delisted from Calcutta Stock Exchange
Sep 26,2016

Winro Commercial (India) announced that the equity shares of the Company are voluntarily delisted from the Calcutta Stock Exchange with effect from 26 September 2016. The shares of Company will continue to be listed on BSE having nationwide trading terminals.

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Welspun India gains after securing patent
Sep 26,2016

The announcement was made after market hours on Friday, 23 September 2016.

Meanwhile, the BSE Sensex was down 165.50 points, or 0.58%, to 28,502.72.

On BSE, so far 3.19 lakh shares were traded in the counter, compared with average daily volume of 15.26 lakh shares in the past one quarter. The stock hit a high of Rs 56.80 and a low of Rs 55.80 so far during the day. The stock hit a record high of Rs 119.90 on 14 June 2016. The stock hit a 52-week low of Rs 46.35 on 30 August 2016. The stock had underperformed the market over the past 30 days till 23 September 2016, rising 1.93% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 46.68% as against Sensexs 8.60% rise.

The mid-cap company has equity capital of Rs 100.47 crore. Face value per share is Re 1.

Welspun India announced that it has secured the Interactive Textile Article and Augmented Reality System patent, which protects Welspuns new product line TILT, a new brand from Welspun that focuses on seamlessly integrating technology into textiles.

Welspun Indias consolidated net profit rose 10.3% to Rs 201.85 crore on 11.3% rise in net sales to Rs 1386.46 crore in Q1 June 2016 over Q1 June 2015.

Welspun India is the leading home fashions supplier in the USA and amongst the top 3 global manufacturers of bed and bath linen.

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Outcome of board meeting of State Bank of Bikaner and Jaipur
Sep 26,2016

State Bank of Bikaner and Jaipur announced that the Board of Directors of the Company at its meeting held on 26 September 2016 has considered the report of the Expert Committee set up to consider the written objections from shareholders in terms of the Grievance Redressal Mechanism set up as part of the scheme of acquisition of State Bank of Bikaner and Jaipur approved by the Board of Directors at its meeting held on 18 August 2016, and has approved the said scheme without any modifications thereto.

The Scheme of Acquisition of State Bank of Bikaner and Jaipur along with the Report of the Expert Committee will be submitted to the Reserve Bank of India for their consideration and approval. Upon approval, RBI shall sumit the scheme of acquisition, as approved by it, to the Government of India for its approval and issue of order of acquisition under section 35 of the SBI Act, 1955.

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Power Mech Projects gains after new order win
Sep 26,2016

The announcement was made on Saturday, 24 September 2016.

Meanwhile, the S&P BSE Sensex was down 194.99 points, or 0.68% to 28,473.23

On BSE, so far 3,940 shares were traded on the counter as against average daily volume of 1,625 shares in the past one quarter. The stock hit a high of Rs 513.30 and a low of Rs 500 so far during the day. The stock had hit a record low of Rs 450 on 30 August 2016. The stock had hit a record high of Rs 701 on 12 January 2016. The stock had outperformed the market over the past 30 days till 23 September 2016, rising 3.19% compared with 2.99% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 9.7% as against Sensexs 8.60% rise.

The small-cap company has equity capital of Rs 14.71 crore. Face value per share is Rs 10.

Power Mech Projects said that the company has received a letter of intent/work order worth Rs 145.46 crore. The first order is for erection, testing and commissioning of boiler and boiler auxilary work of a 660 megawatts (MW) coal based Harduaganj thermal power project, Harduaganj, Uttar Pradesh, for a total contract price of Rs 107.27 crore inclusive of all taxes, surcharges, cess and excluding service tax. The second order is for piping installation in power block - boiler 1 & FGD 1 at Shuqaiq steam power plant project at Shuqaiq, Kingdom of Saudi Arabia (KSA) for a total contract price of Rs 38.19 crore inclusive of all taxes.

Power Mech Projects is an integrated power infrastructure services provider.

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Finolex Cables to launch electric water heaters
Sep 26,2016

Finolex Cables announced that it is launching electric water heaters in the domestic market on 01 October 2016.

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Marksans Pharma gets ANDA approval for Loratadine Liquid Capsules 10mg
Sep 26,2016

Marksans Pharma announced that USFDA has granted approval for an Abbreviated New Drug Application (ANDA) for Loratadine Liquid Capsules 10 mg.

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V2 Retail opens store at Sitapur, Uttar Pradesh
Sep 26,2016

V2 Retail has launched one operational retail store at Sitapur, Uttar Pradesh. With this, the Company has 30 retail stores in operation.

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NITI Ayog to roll out baseline data in about a month time: Amitabh Kant
Sep 26,2016

NITI Ayog (National Institution for Transforming India) to roll out baseline data for social indices in about a month time, said Mr. Amitabh Kant, CEO, NITI Aayog at an ASSOCHAM event.

We have done this ease of doing business but the real challenge for India is to improve the socially indices and we have worked very hard on this. The key challenges are that the real time data is not available. So, we built base level data, the data being fixed by us for education, health and probably on months time we will roll this out, Mr. Kant while addressing an ASSOCHAM conference on 2nd Global Investors India Forum (GIIF).

We have added lots of rules and regulations, procedures and acts and these have made things very difficult, many of them may have been done for good for you but India has made itself fully complex. This government has desired that India must become easy, simple, growth to take place and enabled wealth to take place. Therefore, we did lot of dismantling of rules and regulations. We have actually just dismantled close 1058 acts. But over the last two years we worked very closely among different departments to simplify processes, Kant said.

n++Political vigour and energy should be there in states for changes to happen. We have also initiated competition among states in Ease of Doing states. Many states have moved forward vigorouslyn++, said Mr. Amitabh Kant.

On the Ease of Doing business amongst the Indian state, I have seen a tremendous amount of competition among states. I have seen change rarely taking place and that evaluation is not being done by us that evaluation by World Bank. As per the World Bank evaluation, India jumped up 12th position but the competition among the Indian states and vast radical change is taking place and states are moving forward vigorouslyn++, said Mr. Kant.

n++We need to improve for our sake not for the World Bankn++, said Mr. Kant at the second day of ASSOCHAM 2nd Global Investors India Forum (GIIF).

He further mentioned that the India is growing at 7.5% per annum but the challenge for India to grow at 9-10% per annum year after year for the next three decades. I think India needs to improve for itself thats the only way to India to grow at 9-10% per annum.

He further mentioned that India must become easiest and simplest state to do business. Over period of time, India must aim to become a very easy, simple to ways to do businesses.

n++If India has to grow at 9-10% then every institution...also the judicial system has to keep pace with changen++, said Kant.

He further said that the Judicial settlement takes about four and half years. The Commercial courts may improve things. Judiciary pandered to wishes of lawyers, said Mr. Kant.

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Nylofils India to hold board meeting
Sep 26,2016

Nylofils India will hold a meeting of the Board of Directors of the Company on 24 September 2016.

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GNA Axles sees good debut
Sep 26,2016

The stock debuted at Rs 248.50, a premium of 20.05% to the initial public offer (IPO) price. So far the stock hit a high of Rs 260 and low of Rs 242.20. On BSE, so far 3.81 lakh shares were traded on the counter.

The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 205 to Rs 207 price band.

The qualified institutional buyers (QIBs) category was subscribed 17.18 times. The non-institutional investors category was subscribed 217.47 times. The retail individual investors (RIIs) category was subscribed 11.84 times.

GNA Axles had raised Rs 37.88 crore by selling 18.30 lakh shares to anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 207 per share, the top end of the Rs 205 to Rs 207 per share price band for the IPO.

The net proceeds from the IPO will be utilised towards the purchase of plant and machinery, to meet working capital requirements; and for the general corporate purposes.

GNA Axles consolidated net profit rose 20.17% to Rs 25.96 crore on 18.18% rise in total revenue to Rs 508.94 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

Established in 1993, GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India. The company manufactures and supplies a diverse range of rear axle shafts, other shafts and spindles for the on-highway segment, i.e. for light commercial vehicles (LCVs), medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs) and other transport vehicles such as buses. The company also manufactures and supplies a diverse range of rear axle shafts and other shafts for the off-highway segment, i.e. for agricultural tractors and machinery, forestry and construction equipments, electric carts and other specialty vehicles used in mining and defense sectors. The company also manufactures solid and hollow spindles used in the axle assembly for various vehicles and equipments in the on-highway segment which it supplies to export customers.

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Bhagawati Oxygen to hold AGM
Sep 26,2016

Bhagawati Oxygen announced that the 44th Annual General Meeting(AGM) of the company on 24 September 2016.

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Bheema Cements to hold AGM
Sep 26,2016

Bheema Cements announced that the 37th Annual General Meeting(AGM) of the company on 28 September 2016.

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U.S. stocks closed near session lows on Friday
Sep 26,2016

U.S. stocks closed near session lows on Friday, 23 September 2016 with investor sentiment hit by a renewed slide in crude-oil prices. Reports that major oil producers are not likely to reach an agreement to freeze production at a meeting this weekend resulted in the largest one-day loss for oil futures since mid-July. The main indexes posted a second straight weekly gain, however, thanks to a Fed-induced rally earlier this week. Earlier, the catalyst for the downturn was a weaker than expected reading of manufacturing activity, which pointed to a slowdown in growth this month.

The Dow Jones Industrial Average declined 131.01 points, or 0.7%, to 18,261.45 with all but three of the 30 blue-chip components finishing in negative territory. The S&P 500 fell 12.49 points, or 0.6%, to 2,164.69, with a 1.3% tumble in the energy sector. The Nasdaq Composite Index dropped 33.78 points, or 0.6%, to 5,305.75, backing off two straight days of record closes.\

Markets rallied earlier in the week as traders cheered the Federal Reserves latest policy announcement, sending the Nasdaq Composite to consecutive record closes. The Fed on Wednesday stood pat on interest rates, but also indicated confidence in the U.S. economy and signaled a rate rise could come by years end. Equity indices stumbled at the start of the session as investors looked to lock in some profits in the wake of the recent Fed-induced rally.

Reports on Friday that Saudi Arabia views a planned confab of members of the Organization of the Petroleum Exporting Countries and other top oil-producers set for next week in Algeria, as merely a consultation and doesnt expect a concrete pact to be reached, deflated crude futures prices, which had benefited from the prospects of an agreement.

Apple shares, off 1.6%, were also contributing to negative sentiment following reports that Japanese antitrust regulators were considering taking action against the Cupertino, Calif.-based company. The blue-chip index posted a 0.8% gain over the week.

Economic data for the week showed that a preliminary reading of U.S. manufacturing purchasing managers index fell to 51.4 in September compared with 52 in August and its lowest reading since June. A reading above 50 indicates an expansion in activity.

Among stocks under focus, shares in Yahoo fell 3.1% after the ailing internet pioneer disclosed a massive security breach affecting at least 500 million users. Facebook dropped 1.6% following a report that big ad buyers are upset that the tech giant vastly overestimated average viewing time for video ads on its platform. Bucking the general trend, shares of Twitter soared amid reports that acquisition talks for the microblogging company had intensified.

The broader market extended its loss near midday as the commodity complex came under pressure. Commodities were in focus as participants pored over proposed rule changes designed to limit the physical commodity activities of financial holding companies. Specifically, the Federal Reserve proposed strengthening existing capital requirements and quantitative limits on such companies.

Bullion prices settled with a loss on Friday, 24 September 2016, but booked the strongest weekly advance in about two months as the precious metal scored a boost from central-bank moves, including the Federal Reserves decision to hold off on hiking interest rates in September.

December gold slipped $3, or 0.2%, to settle at $1,341.70 an ounce, cutting its weekly advance down to 2.4%. That was still the biggest weekly gain since the week ended 29 July 2016. Silver for December delivery lost 28.9 cents, or 1.4%, to $19.81 an ounce, with a weekly gain of 5%.

November West Texas Intermediate crude dropped $1.84, or about 4%, to settle at $44.48 a barrel on the New York Mercantile Exchange. That was the sharpest one-day dollar and percentage loss since mid July. WTI oil had traded higher for four days in a row and managed to book a weekly gain of 2%. Global benchmark Brent crude for November delivery lost $1.76, or 3.7%, to $45.89 a barrel, with the contract holding on to a weekly gain of about 0.3%.

Treasuries ended on a mostly higher note with the short end of the curve outperforming. The yield on the 2-yr note finished lower by two basis points (0.76%) while the yield on the 10-yr note finished flat (1.62%).

Todays participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.

Mondays economic data will be limited to the New Home Sales Report for August (consensus 585k), which will be released at 10:00 ET.

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