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KCP Sugar & Industries Corporation announces change in directorate
Sep 22,2016

KCP Sugar & Industries Corporation announced that K. R. Adivarahan has been appointed as an Additional Director on the Board of the Company at the Board Meeting held on 21 September 2016 in pursuance of section 161 of the Companies Act, 2013 to hold office upto the date of the next Annual General Meeting of the Company.

K. A. Rangaswamy, Non-wholetime Non-Independent Director on the Board of the Company, resigned from the directorship with effect from this afternoon as specified in his letter of resignation. The Board took on record his resignation in pursuance of section 168 of the Companies Act, 2013.

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HDFC gains after announcing plans to raise funds
Sep 22,2016

The announcement was made after market hours yesterday, 21 September 2016.

Meanwhile, the S&P BSE Sensex was up 328.50 points or 1.15% at 28,835.92.

On BSE, so far 4,847 shares were traded in the counter as against average daily volume of 1.54 lakh shares in the past one quarter. The stock hit a high of Rs 1,418 and a low of Rs 1,406.15 so far during the day. The stock had hit a record high of Rs 1,463.25 on 7 September 2016. The stock had hit a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past one month till 21 September 2016, advancing 1.65% compared with 1.53% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.48% as against Sensexs 6.32% rise.

The large-cap company has equity capital of Rs 316.71 crore. Face value per share is Rs 2.

HDFC announced that the company intends to raise Rs 1340 crore through issue of senior, secured, redeemable, non-convertible debentures on private placement basis. HDFC said that the debentures of face value of Rs 1 crore will carry a coupon rate of 7.67% per annum and will have a tenor of 1 year 2 months. The object of the issue is to augment the long term resources of the company. The proceeds of the issue would be utilised for financing/refinancing the housing finance business requirements of the company. The issue will open on 23 September 2016 and closes on the same day.

HDFCs net profit rose 37.5% to Rs 1870.73 crore on 19.4% growth in total income to Rs 8393.33 crore in Q1 June 2016 over Q1 June 2015.

HDFC is Indias first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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Union Bank of India gains after completing stake acquisition in two joint ventures
Sep 22,2016

The announcement was made after market hours yesterday, 21 September 2016.

Meanwhile, the S&P BSE Sensex was up 323.46 points or 1.13% at 28,830.88

On BSE, so far 68,000 shares were traded in the counter as against average daily volume of 6.83 lakh shares in the past one quarter. The stock hit a high of Rs 147.50 and a low of Rs 144.10 so far during the day. The stock had hit a 52-week low of Rs 104.05 on 29 February 2016. The stock had hit a 52-week high of Rs 188.50 on 8 October 2015. The stock had underperformed the market over the past 30 days till 21 September 2016, advancing 4.39% compared with 1.85% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12% as against Sensexs 5.57% rise.

The mid-cap bank has equity capital of Rs 687.44 crore. Face value per share is Rs 10.

Union Bank of India said that it has completed the acquisition of 49% shareholding of Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participations Renta S.A. and its affiliates (KBC Asset Management NV) on 20 September 2016. Accordingly, Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of Union Bank of India.

Last year, the board of Union Bank of India approved purchase of 49% stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta. KBC Participations Renta is a group company of Luxembourg-based KBC Asset Management NV.

Union Bank of India and KBC Asset Management NV had formed two joint ventures - Union KBC Asset Management Company and Union KBC Trustee Company - in 2009 with 51% and 49% holding, respectively.

Union Bank of Indias net profit fell 67.9% to Rs 166.32 crore on 1.4% decline in total income to Rs 8916.51 crore in Q1 June 2016 over Q1 June 2015.

Union Bank of India is one of largest state-owned banks in India. The Government of India (GoI) held 63.44% in Union Bank of India (as per the shareholding pattern as on 30 June 2016).

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Mahindra & Mahindra recalls New Generation Scorpio & NuvoSport vehicles
Sep 22,2016

Mahindra & Mahindra announced the proactive inspection of a fluid hose on all New Generation Scorpio & NuvoSport vehicles, manufactured till June 2016, respectively. The inspection and subsequent rectification will be carried out free of cost for all New Generation Scorpio & NuvoSport customers, who will be individually contacted by the Company.

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IWAI Signs Contract with DST, Germany for Designing Special Vessels for NW-1
Sep 22,2016

With its objective of providing safe, environment friendly and economical mode of transportation through National Waterway-1 (NW-1), The Inland Waterways Authority of India (IWAI), Ministry of Shipping signed a contract with M/s DST, Germany to design vessels, especially suited to navigate the 1620 km stretch of NW-1.

Speaking on the occasion a senior IWAI official said it is a revolutionary step and a milestone in the journey of NW-1. n++The objective of IWAI is to go along with nature and disturb the river minimally. The specially designed vessels will navigate on low drafts and will be of high carrying capacity, and most importantly, will be environment friendly,n++ he said.

Considering the expected growth of the Inland Waterways sector in India, DST, Germany is expected to develop a combination of standardised vessels to meet the requirement of various types of cargo. One of the most important navigational challenges for NW-1 is the kind of vessels that will play on the Ganga-Bhagirathi-Hooghly stretch. Keeping in view the difficult hydro-morphological characteristics of the river in the upper reaches between Patna and Varanasi, it is important to have vessels which can ply on low draft, with high carrying capacity, and are economically viable and environment friendly.

Earlier in August 2016, the Honble Minister for Road Transport, Highways and Shipping Sh. Nitin Gadkari flagged off the trial run of two cargo vessels from Varanasi on NW-1(River Ganga). Keeping in view the demand for transportation of cars through NW-1, M/s DST,Germany has been initially tasked to develop low draft vessels that can carry up to 150-200 vehicles.

Government is developing NW-1 under the Jal Marg Vikas Project, with assistance from the World Bank at an estimated cost of Rs. 4,200 crore. The project would enable commercial navigation of vessels with capacity of 1500-2,000 tons.Phase-I of the project covers the Haldia-Varanasi stretch. The project includes development of fairway, Multi-Modal Terminals at Varanasi, Haldia, and Sahibganj, strengthening of river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking, construction of a new state of the art navigational lock at Farakka etc.

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Maplle Infraprojects to hold AGM
Sep 22,2016

Maplle Infraprojects announced that the 28th Annual General Meeting(AGM) of the company on 30 September 2016.

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Gold Rock Investments to hold board meeting
Sep 22,2016

Gold Rock Investments will hold a meeting of the Board of Directors of the Company on 27 September 2016 Change in KMP

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Pratibha Industries to hold board meeting
Sep 22,2016

Pratibha Industries will hold a meeting of the Board of Directors of the Company on 21 September 2016.

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Goyal Associates to hold board meeting
Sep 22,2016

Goyal Associates will hold a meeting of the Board of Directors of the Company on 27 September 2016 to consider the matter relating to Investor grievances and to consider the status of Preferential Allotment.

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Oasis Tradelink to hold board meeting
Sep 22,2016

Oasis Tradelink will hold a meeting of the Board of Directors of the Company on 7 September 2016.

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Oasis Tradelink to hold AGM
Sep 22,2016

Oasis Tradelink announced that the th Annual General Meeting(AGM) of the company on 30 September 2016.

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Bharat Financial Inclusion announces resignation of President
Sep 22,2016

Bharat Financial Inclusion announced that S. Dilli Raj, President of the Company, who was on leave for two months, has resigned from the services of the Company effective 21 September 2016.

M. R. Rao, Managing Director & CEO of the Company, who was additionally overseeing Dilli Rajs functions during his absence, will continue to oversee the functions that were under control of S. Dilli Raj.

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IDBI Bank gains after divesting stake in NSE
Sep 22,2016

The announcement was made after market hours yesterday, 21 September 2016.

Meanwhile, the S&P BSE Sensex was up 316.29 points, or 1.11%, to 28,823.71

On BSE, so far 1.85 lakh shares were traded in the counter compared with average daily volume of 7.54 lakh shares in the past one quarter. The stock hit a high of Rs 76.50 and a low of Rs 74.50 so far during the day. The stock hit a 52-week high of Rs 95.70 on 3 December 2015. The stock hit a 52-week low of Rs 47.40 on 12 February 2016.

The large-cap state-run bank has equity capital of Rs 2058.82 crore. Face value per share is Rs 10.

IDBI Banks net profit rose 78.35% to Rs 241.10 crore on 4% growth in total income to Rs 8219.43 crore in Q1 June 2016 over Q1 June 2015.

The Government of India currently holds 73.98% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2016).

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Edelweiss Group to acquire Ambit Alpha Fund
Sep 22,2016

Edelweiss Financial Services announced that the Edelweiss Group entity has agreed to acquire Ambit Alpha Fund, a category III Alternative Investment Fund with an AUM of over Rs 1100 crore and will be its new investment manager. The transaction in subject to due diligence and requisite approvals.

This is the second asset management acquisition of Edelweiss Group in the recent past, having taken over JP Morgans onshore mutual fund schemes a few months ago. The acquisition will further strengthenEdelweiss Groups Rs. 35,000 crore Global Assets Management (GAM) business which includes the Groups existing mutual funds, alternative assets management, multi strategy funds and asset reconstruction. This business has seen an over 40% growth over the last year.

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Indian Oil and GAIL sign MoU for taking equity stake in upcoming Dhamra LNG terminal
Sep 22,2016

Indian Oil Corporation and GAIL (India) signed an MoU with Dhamra LNG Terminal (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving, Storage and Regasification Terminal, being put up at Dhamra Port, Odisha. The agreement was signed in New Delhi in the presence of Minister of State (I/C) for Petroleum and Natural Gas Sh Dharmendra Pradhan.

As per the MoU, DLTPL shall be an equal Joint Venture of IndianOil and GAIL on one hand and Adani Group on the other. IndianOil and GAIL would acquire 39% and 11% equity respectively in DLTPL, with the balance 50% being held by Adani group. Going forward, IndianOil and Adani group will each divest 1% of their respective stake to a credible financial institution which will then have 2% stake in the terminal. Apart from equity, IndianOil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.

The development comes in the backdrop of Governments consistent focus on undertaking welfare and growth measures in eastern India so as to bring this hitherto underdeveloped region into the economic mainstream of the country. Prime Minister Shri Narendra Modi has maintained that India cannot develop till the eastern part of India progresses.

Presently, the states in eastern India viz. Odisha, Bihar, Jharkhand and West Bengal are not able to get the benefits of natural gas in sectors like Domestic, Transport, Industries etc., as the region does not have gas infrastructure by way of LNG Terminals and cross-country gas pipeline grid. The LNG Terminal at Dhamra would provide the potential customers in these states a clean and economically viable alternative which will also help in reducing the carbon footprint. This will also provide momentum to the economic growth of this region by attracting new industrial projects.

The LNG Terminal would also meet the gas requirements of three oil refineries of IndianOil situated in Barauni, Haldia and Paradip. The three fertilizers plants at Barauni, Sindri and Gorakhpur which are being revived by Govt. of India will also benefit from this terminal. The natural gas from the terminal would also be supplied to various City Gas Distribution networks coming up in eastern India, which in turn would cater to the requirements of piped gas for households, CNG for automobiles and clean fuel requirements of commercial establishments and industries. It is, therefore, expected that once operational, Dhamra LNG terminal will emerge as a bridge to prosperity for the entire eastern India.

Cabinet Committee on Economic Affairs approved Capital Grant of 40%, amounting to Rs. 5,176 Crores over 5 years, for Jagdishpur-Haldia and Bokaro-Dhamra Pipeline (JHBDPL) project, which is being implemented by GAIL (India) at a total capital outlay of Rs. 12,940 Crores. This is the first time ever that Govt of India has extended Capital Grant to a Natural Gas pipeline project.

The 2,539 km long JHBDPL is expected to be completed by December 2020 and will connect UP, Bihar, Jharkhand, West Bengal and Odisha. The project will also see City Gas Distribution (CGD) networks being set up by GAIL in 7 important towns in eastern India, namely, Varanasi, Patna, Ranchi, Jamshedpur, Kolkata, Bhubaneshwar and Cuttack. The JHBDPL gas pipeline will be used for gas supply to 3 fertilizer plants in eastern India, namely Barauni, Sindri and Gorakhpur.

The Dhamra LNG Terminal project and JHBDPL project, cumulatively, are expected to bring investments to the tune of Rs 51,000 Crores into the economy of eastern India. Of this, about Rs. 13,000 Crores will be spent on JHBDPL pipeline infrastructure; Rs. 6,000 Crores on CGD projects in 7 cities; Rs. 6,000 Crores on Dhamra LNG Terminal and Rs. 26,000 Crores on revival of Gorakhpur, Barauni, Sindri & Talcher fertilizer units.

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