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Cipla to acquire South African Pharma company- Anmarate
Apr 01,2017

Cipla announced that its wholly owned subsidiary Cipla Medpro South Africa (Pty) has signed an agreement on 30 March 2017 to acquire 100% stake in Anmarate (Pty), South Africa. The transaction is expected to be completed before 14 April 2017.

Anmarate was incorporated in 1996 in South Africa and is engaged in manufacturing and distribution of pharmaceutical products.

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Sintex Industries allots 1,20,75,346 equity shares
Apr 01,2017

Sintex Industries has allotted 1,20,75,346 Equity Shares of Re. 1/- each of Sintex Industries to Foreign Currency Convertible Bonds holder upon exercise of their conversion Right.

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Cabinet Approves changes to Motor Vehicle (Amendment) Bill 2016
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the changes to the Motor Vehicles (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.

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Golden Goenka Fincorp to hold board meeting
Apr 01,2017

Golden Goenka Fincorp will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Mcleod Russel India to hold board meeting
Apr 01,2017

Mcleod Russel India will hold a meeting of the Board of Directors of the Company on 30 March 2017.

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Indias external debt declines to US$ 456.1 billion at end December 2016
Apr 01,2017

Indias external debt stock fell by US$ 29.0 billion (6.0%) to US$ 456.1 billion, at end-December 2016 over the level at end-March 2016. The decline in external debt during the period was due to the fall in long-term external debt, particularly the fall in NRI deposits reflecting the redemption of FCNR (B) deposits and decline in commercial borrowings with fall in both commercial bank loans and securitized borrowings. On a sequential basis, total external debt at end-December 2016 declined by US$ 28.1 billion (5.8%) from the end-September 2016 level.

The maturity pattern of Indias external debt indicates dominance of long-term borrowings. At end-December 2016, long-term external debt accounted for 81.6% of Indias total external debt, while the remaining 18.4% was short-term debt.

While long-term debt at US$ 372.2 billion, declined by US$ 29.4 billion (7.3%) at end-December 2016 over the level at end-March 2016, short-term debt increased marginallyby 0.5% to US$ 83.8 billion.

The valuation gain (appreciation of the US dollar against the Indian rupee and most other major currencies) was US$ 7.3 billion. This implies that excluding the valuation effect, the decrease in external debt would have been lower at US$ 21.7 billion at end-December over end-March 2016.

The shares of Government (Sovereign) and non-Government debt in the total external debt were 19.6% and 80.4% respectively, at end-December 2016.

The share of US dollar denominated debt was 54.7% of the total external debt at end-December 2016, followed by the Indian rupee (31.1%), SDR (5.9%), Japanese yen (4.4%), Euro (2.7%), Pound Sterling (0.7%) and Others (0.5%).

Many key external debt indicators of India show improvement at end-December 2016 over end-March 2016. Besides, total external debt falling by 6.0% during this period, the foreign exchange cover for external debt increased to 78.7% from 74.3% and the ratio of concessional debt to total external debt increased to 9.2% from 9.0%. Though, the share of short-term debt (original maturity) in total debt increased to 18.4% from 17.2% during this period due to rise in trade related credits, the share of short term debt (residual maturity) in total external debt fell to 41.4% from 42.6%. While the share of short-term debt (original maturity) to foreign exchange reserves increased marginally to 23.4% from 23.1% during this period, the share of short-term debt (residual maturity) to foreign exchange reserves fell to 52.6% from 57.4%.

Cross country comparison of external debt indicates that India continues to be among the less vulnerable countries. Indias key debt indicators compare well with other indebted developing countries. Among the top twenty developing debtor countries, Indias external debt stock to gross national income (GNI) at 23.4% was the fifth lowest and in terms of the foreign exchange cover for external debt, Indias position was the sixth highest at 69.7% in 2015. Contrary to Chinas high share of short-term debt to total external debt which has been increasing in each quarter of 2016, Indias share is low and has been decreasing. In 2016 Q3 (end-September), the shares were 16.8% for India and 55.4% for China.

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Allahabad Bank receives Rs 418 crore from Govt. of India
Apr 01,2017

Allahabad Bank has remitted Rs 418 crore toward contribution of Central Government in the preferential allotment of equity shares of Bank. The amount will remain in share application money till compliance of certain terms.

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Hero MotoCorp liquidates large BS III inventory
Apr 01,2017

Hero MotoCorp announced that with a proactive preparedness towards the launch of BS IVn++]compliant vehicles, Hero MotoCorp liquidated large BS III inventory, leading upto 29 March 2017.

The Company had switched to manufacturing only BS IV compliant vehicles since 01 March 2017 and is fully prepared to sell only BS IV vehicles from 01 April 2017.

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Gillette India announces change in promoter shareholding
Apr 01,2017

Gillette India announced that promoter shareholder of the Company, viz., Procter & Gamble India Holdings B.V., the Netherlands has merged with another promoter group company, Procter & Gamble Overseas India B.V., the Netherlands effective 31 March 2017. Consequent to abovementioned merger, shareholding of Procter & Gamble India Holdings B.V. in the Company (1,30,73,465 shares constituting 40.12% of shareholding) has been transferred to Procter & Gamble Overseas India B.V.

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Procter & Gamble Hygiene and Health Care announces change in promoter holding
Apr 01,2017

Procter & Gamble Hygiene and Health Care announced that the Promoter shareholder of the Company, viz., Procter & Gamble Asia Holdings B.V., the Netherlands has merged with another promoter group company, Procter & Gamble Overseas India B.V., the Netherlands effective 31 March 2017. Consequent to abovementioned merger, shareholding of Procter & Gamble Asia Holdings B.V. in the Company (2,12,21,953 shares constituting 65.38% of shareholding) has been transferred to Procter & Gamble Overseas India B.V.

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Cabinet approves the fixation of P&K fertilizers Nutrient-Based Subsidy (NBS) rates for 2017-18
Apr 01,2017

The Cabinet Committee on Economic Affairs (CCEA) Union Cabinet chaired by Prime Minister Narendra Modi has approved the Fixation of Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilizers for the year 2017-18.

Government has been implementing Nutrient Based Subsidy (NBS) Policy for decontrolled P&K fertilizers. Under this policy, the subsidy on Phosphatic and Potassic (P&K) fertilizers is announced by the Government on annual basis for each nutrient i.e., Nitrogen (N), Phosphorous (P), Potash (K) and Sulphur (S) on per kg basis which is converted into subsidy per tonne depending upon the nutrient content in each grade of the fertilizers. These rates are determined taking into account the international and domestic prices of P&K fertilizers, exchange rate, inventory level in the country etc.

The CCEA in its meeting held on 31 March 2017 decided to fix the NBS rates for 2017-18. As compared to 2016-17, the subsidy for the period 2017-18 has decreased from Rs 13.241/kg to 11.997/kg (decrease of Rs 1.244/kg) for P, from Rs 15.470/kg to 12.395/kg (decrease of Rs 3,075/kg) for K whereas the subsidy of N has increased from Rs 15.854/kg to 18.989/kg (an increase of Rs 3.135/kg) and of S from Rs 2.044/kg to 2.240/kg (an increase of Rs 0.196/kg).

During 2016-17, the estimated consumption of P&K fertilizers is 279.8 LMT. Based on the assumption that the consumption of P&K fertilizers during 2017-18 would remain the same, the estimated subsidy requirement at proposed rates would be Rs 19,848.99 crore which is lower than 2016-17 (Rs. 20,688.43 crore) by Rs. 839.44 crore.

This is in continuation with the reforms being undertaken in the fertilizers sector over the past two and a half years including DBT for subsidy payment, neem coating of Urea, reduction in MRP of P&K fertilizers to promote balanced use of nutrients, removal of minimum production criteria for manufacturers of Single Super Phosphate (SSP).

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Yes Bank allots 3.27 crore equity shares
Apr 01,2017

Yes Bank announced that the Capital Raising Committee of the Board of Directors of the Company has finalized the allotment of 3.27 crore shares thus completing the highly successful Qualified Institutions Placement raising Rs 4,906.65 crore (USD 750 million). The allotment of shares was done across a diverse set of investors at Rs.1500 per share.

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Cabinet approves the revised Air Services Agreement with Malaysia
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revised Air Services Agreement (ASA) with Malaysia.

The revised text of ASA was initialed in 2011. However, due to some diversion on Article 13 i.e. related to remittance of earning, the Agreement could not be signed. During the meeting held in ICAN 2016, Malaysian side agreed to revise the text of said article as suggested by M/o Finance, Govt. of India

Features of the Air Services Agreement

n++ Existing ASA was signed in 1974, hence there is a need to revise, update and modernize the exiting ASA

n++ Text of existing ASA has been replaced with the new text as per latest ICAO template.

n++ Cooperative Marketing Arrangement for 3rd country airlines has been added

n++ Clause on domestic codeshare has been added

n++ The articles on safety and security have been added in the revised ASA

n++ The article related to intermodal services have been added in the revised ASA that will permit air passengers and cargo to move through any intermodal transport from any point in the territory of other party.

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Cabinet approves moving of official amendments to The Companies (Amendment) Bill, 2016
Apr 01,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal to move official amendments to the Companies (Amendment) Bill, 2016. The Bill will be introduced in the Parliament.

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Central Bank of India to convert IPDI capital of Rs 583 crore into equity capital
Apr 01,2017

Central Bank of India announced that Government of India, Ministry of Finance vide letter dated 31 March 2017 conveyed its in principle approval to convert the entire Innovative Perpetual Debt Instruments (IPDI) capital of Rs. 583 crore held by Government of India (GOI) into equity share capital through preferential allotment in favour of GOI, at such conversion rate including premium, as may be determined in accordance with Regulations 76 or 76A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as may be applicable read with Regulation 76B of the said Regulations, subject to approval of Reserve Bank of India, Shareholders, Stock Exchanges and other statutory authority(ies), if any including Securities and Exchange Board of India.

Based on the above said approval, Capital Raising Committee of the Board of Directors at their meeting held on 31 March 2017 approved the proposal to extinguish with immediate effect i.e. w.e.f. 31 March 2017, the entire 5830 IPDI of Rs. 10 lakh each aggregating to Rs. 583 crore and decided to credit the capital funds of Rs. 583 crore into Share Application Money Account w.e.f. 31 March 2017.

Accordingly, the aforesaid entire IPDI has been extinguished w.e.f. 31 March 2017 and necessary corporate action to debit the entire 5830 IPDI from accounts in CDSL (ISIN INE483A09237) will be executed in due course of time. Further, all required steps for issuance and allotment of equity shares to President of India (Government of India) will also be taken shortly.

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