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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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Monsanto India to hold board meeting
Sep 22,2016

Monsanto India will hold a meeting of the Board of Directors of the Company on 26 September 2016 to consider and take on record the Public Announcement made by Bayer Aktiengesellschaft on September 19, 2016, regarding the open offer for the acquisition of up to 4,488,315 fully paid up equity shares of the Company from the public shareholders.

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Pervasive Commodities to hold board meeting
Sep 22,2016

Pervasive Commodities will hold a meeting of the Board of Directors of the Company on 22 September 2016 to consider the Change of Management of the Company pursuant to completion of Open offer made under SEBI (SAST) Regulations 2011.

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Indias fuel product consumption jumps 11.4% in August 2016
Sep 22,2016

Indias fuel product consumption or sales increased 11.4% to 15.80 million tonnes (mt) in August 2016 over a year ago. Diesel sales jumped 13.2% to 6.14 mt, while petrol sales galloped 24.9% to 2.20 mt. Sales of LPG advanced 19.2% to 1.84 mt and petcoke improved 9.5% to 1.68 mt. Consumption of fuel oil gained 14.0% to 0.61 mt, while that of ATF moved up 10.3% to 0.55 mt. The consumption of bitumen also gained 9.8% to 0.26 mt, lubricants 8.7% to 0.27 mt and light diesel oil (LDO) 31.7% to 0.04 mt. However, the consumption of others declined 6.9% to 0.56 mt, naphtha 3.7% to 1.15 mt, and kerosene -13.3% to 0.50 mt in August 2016.

The consumption or sales of fuel product increased 9.3% to 80.37 mt in April-August 2016 over April-August 2015. Sales of petcoke increased 31.0%, diesel 5.7%, petrol 13.9%, and LPG 10.3%. Consumption of fuel oil also moved up 18.3%, bitumen 15.5%, ATF 12.3%, lubricants 9.4% and LDO 16.8%, but declined for others 0.2%, naphtha 0.3% and kerosene 9.9% in April-August 2016.

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Indias natural gas production declines 5.7% in August 2016
Sep 22,2016

Indias natural gas production declined 5.7% to 2.67 billion cubic meters (bcm) in August 2016 over a year ago. Natural gas output of ONGC fell 0.6% to 1.85 bcm, while that of private and JV companies declined 20.8% to 0.58 bcm. Meanwhile, the natural gas production of Oil India rose 0.6% to 0.24 bcm in August 2016.

Natural gas output declined 4.2% to 13.12 bcm in April-August 2016 over April-August 2015.

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Indias crude oil refinery production rises 2.5% in August 2016
Sep 22,2016

Indias crude oil refinery output increased 2.5% to 19.75 mt in August 2016 over August 2015. The output of public sector refineries improved 4.2% to 10.21 mt, while the output of private refineries also rose 0.8% to 8.09 mt. The refinery output of public-private JV refiners moved up 1.0% to 1.45 mt in August 2016.

Among public refineries, the output of Chennai Petroleum Corporation jumped 87.8% to 0.92 mt, while the output of Bharat Petroleum Corporation moved up 6.1% to 2.06 mt, and Indian Oil Corporation 4.7% to 4.63 mt in August 2016 over August 2015. The output of Mangalore Refineries also inched up 2.4% to 1.26 mt, but that of Numaligarh Refineries declined 12.4% to 0.23 mt, and Hindustan Petroleum Corporation 23.7% to 1.12 mt in August 2016.

Among private refiners, the output of Reliance Petroleum increased 0.7% to 6.39 mt, while that of Essar Oil improved 1.5% to 1.70 mt in August 2016 over August 2015. Among JV refineries, the output of Bharat Oman declined 0.6% to 0.57 mt, while the output of HPCL Mittal rose 2.0% to 0.88 mt in August 2015.

The cumulative refinery output increased 7.3% to 99.17 mt in April-August 2016. The output of public refineries increased 10.3% to 52.95 mt, while that of private refineries rose 3.7% to 39.31 mt. The refinery output of JV refineries moved up 6.0% to 6.91 mt in April-August 2016.

Among public refineries, the output of Numaligarh Refineries improved 27.8% , Indian Oil Corporation 14.2% , Hindustan Petroleum Corporation 12.4% , Chennai Petroleum Corporation 12.3% , Bharat Petroleum Corporation 3.6% and Mangalore Refineries 0.5% .

The overall capacity utilization was lower at 103.4% in August 2016 compared with 107.7% in August 2015, while it was higher at 105.5% in April-August 2016 compared with 105.2% in April-August 2015.

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Indias crude oil production declines 3.9% in August 2016
Sep 22,2016

Indias crude oil production declined 3.9% to 3.07 million tonnes (mt) in August 2016 over August 2015. Crude oil output of ONGC fell 3.3% to 1.87 mt, while that of Oil India also declined 1.4% to 0.27 mt. Further, the crude oil production of private and joint venture (JV) companies dipped 5.8% to 0.93 mt. ONGCs offshore output declined 5.3% to 1.36 mt, while onshore production rose at 2.5% to 0.50 mt.

Crude oil output fell 3.1% to 15.15 mt in April-August period of the fiscal year ending August 2017 (April-August 2016), snapping marginal 0.5% rise recorded in the corresponding period of last year. Output of ONGC eased 1.7% to 9.23 mt, while that of Oil India declined 3.3% to 1.34 mt and private companies fell 5.9% to 4.58 mt in April-August 2016 over April-August 2015.

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Government announces enhanced support under Merchandise Exports from India Scheme (MEIS) of the Foreign Trade Policy
Sep 22,2016

In the backdrop of the continued challenging global environment being faced by Indian exporters, Department of Commerce has extended support to certain new products and enhanced the rate of incentives for certain other specified products under the Merchandise Exports from India Scheme (MEIS). This has been implemented through DGFT public Notice No 32 dated 22 September 2016.

The following are the major highlights of the support:-

Addition of new products -

2901 additional products falling under different product categories have been added. These include items in the following areas:

Many items of traditional medicines like Ashwagandha herbs and its extracts, other herbs, extracts of different items.

Certain marine products, sea feed items.

Onion dried, processed cereal products and other value added items of plastics, lather articles, suitcases etc

Industrial products under different categories, including engineering goods, fabrics, garments, chemicals, ceramics, glass products, leather goods, newspapers, periodicals, silk items, made ups, wool products, tubes, pipes etc.

Increase in MEIS rates -

Rates of 575 product items falling under 11 products categories have been increased. These product include products of iron and steel, handicrafts, moulded and extruded goods, rubber, ceramic, glass, auto tyres and tubes, industrial machinery engineering items, IC Engines, machine tools / parts, items of wood, paper, stationary, footwear, auto seats, steel furniture, prefabs, items under the category of butter, ghee and cheese, dried egg albumin and rubber products

With this the total number of items covered under the scheme has been increased from 5012 to 7103. The total support extended by Government of India under the scheme has been enhanced from the present Rs 22,000 crore to Rs 23,500 crore per annum.

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GPPL slips after bulk deal
Sep 22,2016

Meanwhile, the S&P BSE Sensex was up 245 points, or 0.86%, to 28,770.33

Bulk deal boosted volume in the Gujarat Pipavav Port (GPPL) scrip. On BSE, so far 19.40 lakh shares were traded in the counter, compared with average daily volume of 1.13 lakh shares in the past one quarter. The stock hit a high of Rs 185 and a low of Rs 170.05 so far during the day. The stock hit a 52-week high of Rs 212.50 on 9 October 2015. The stock hit a 52-week low of Rs 136.60 on 30 December 2015. The stock had underperformed the market over the past 30 days till 21 September 2016, falling 1.14% compared with 1.85% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.83% as against Sensexs 5.57% rise.

The mid-cap company has an equity capital of Rs 483.44 crore. Face value per share is Rs 10.

Gujarat Pipavav Port (GPPL)s net profit rose 60.45% to Rs 59.75 crore on 10.24% fall in net sales to Rs 154.67 crore in Q1 June 2016 over Q1 June 2015.

GPPL is managed and operated by APM Terminals, the ports and terminals company of the maritime giant, the A.P. Moller-Maersk Group. APM Terminals is one of the largest container terminal operators in the world and offers the global shipping community an integrated Global Terminal Network of 56 ports and 154 inland facilities in 63 countries.

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