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Varanasi seeks to become Suramya, Samunnat, Sanyojit Kashi under Smart City Plan
Sep 21,2016

One of the ancient cities of the world, Varanasi seeks to acquire smart city features through retrofitting of an area of 1,389 acres in the iconic old city area along the Ganga River besides enabling e-governance for the benefit of the people of the entire city. Based on the Rs.2,520 cr Smart City Plan submitted by the city government, Varanasi was yesterday declared by the Minister of Urban Development Shri M.Venkaiah Naidu as one of the new batch of 27 cities selected for financing smart city development plans.

The Smart City Plan of Varanasi aims at turning the city into a Suramya, Samunnat, Surakshit, Sanyojit, Nirmal and Ekikrit Kashi by addressing the present bottlenecks in infrastructure and city governance.

After considering nine locations of the city and based on voting by over four lakh citizens n++old city with Ganga as its pivot and Kashi Vishwanath Temple defining the awe, ethos, beliefs and the preferences of the masses, emerged as the forerunner for Area Based Developmentn++ said the city government in the smart city proposal. E-governance and integrated traffic management were prioritized for technology based Pan-city solutions.

The old city area chosen for area based development accounts for 7% of citys geographical area, 31% of population and 38% of citys GDP. Rs.1,659 cr will be spent on area development and Rs.618 cr on Pan-city solutions. The rest includes technical and administrative expenses and other contingencies.

With about 65 lakh tourists visiting the city every year, the proposal for Varanasi seeks to leverage the citys rich cultural heritage by enhancing the citys presentation and appeal (Suramya) to take full advantage of tourism potential and ensure socio-economic growth (Samunnat) for increased employment opportunities, ensuring security (Surakshit), enabling hassle free movement (Sanyojit), cleanliness (Nirmal) and integrated, technology based governance (Ekikrit) for Simple, Modern, Accountable, Responsive and Transparent services.

Under retrofitting of the area chosen for development through necessary interventions, works proposed to be taken relate to rejuvenation of ghats and temples, ensuring assured supply of power and water, waste management, improvement of waterways, development of 11 parks, smart multi-level parking spaces, cultural-cum-convention centre, Kahsi Kala Dham, Town Hall, Silpi Haat, Centre of Excellence with Hall of Fame, Light and Sound Show, Night Bazar, rejuvenation of water bodies, pedestrian pathways, Non-motorised transport, Energy Efficient Street Lighting etc, underground cabling, improved sign boards etc.

With citizens voting for improving of city governance and quick urban mobility as the two priorities for technology based Pan-city Solutions, the Varanasi Municipal Corporation has proposed Optic Fibre Connectivity across the city, online payment of utility bills and service delivery, intelligent traffic management systems including GPS on buses, e-booking of boats, guides, taxis etc, CCTV based monitoring and surveillance, e-Suvidha centres, information delivery on Mobile Apps, Smart Card for all services etc.

Public-Private Partnership (PPP) model has been proposed for smart multi-level parking spaces, upgradation of stadium, Internet Modal Hubs, battery operated buses, e-auto for last mile connectivity etc.

The Smart City Plan of Varanasi aims at increasing tourist inflow by over 25% and increase in revenue generation from international tourists and pilgrims by over 30%.

In addition to the support from central and state government, costs of Varanasis smart city proposal are to be met with resources of Rs.1,290 cr through convergence of various schemes, Rs.505 cr from the Corporations own resources and Rs.140 cr from PPP.

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Stampede Capital advances after bulk deal
Sep 21,2016

Meanwhile, the S&P BSE Sensex was down 13.41 points, or 0.05%, to 28,509.79

Bulk deal boosted volume on the scrip. On BSE, so far 15.04 lakh shares were traded in the counter, compared with an average volume of 7.10 lakh shares in the past one quarter. The stock hit a high of Rs 41.40 hit a low of Rs 38.50 so far during the day. The stock hit a 52-week high of Rs 51.40 on 3 December 2015. The stock hit a 52-week low of Rs 32.50 on 20 January 2016. The stock had underperformed the market over the past 30 days till 20 September 2016, falling 4.64% compared with 1.92% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 14.88% as against Sensexs 6.57% rise.

The small-cap firm has an equity capital of Rs 22.90 crore. Face value per share is Re 1.

Stampede Capitals consolidated net profit rose 42.73% to Rs 18.17 crore on 121.9% rise in total income to Rs 71.34 crore in Q1 June 2016 over Q1 June 2015.

Stampede Capital provides securities trading and broking services.

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Cabinet approves extension of the validity of Central Orders in respect of edible oils & edible oilseeds, pulses
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for extension of the validity of the existing Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses for a further period of one year from 01.10.2016 to 30.09.2017.

The main objective of the decision is to enable the State Governments to issue control orders with the prior concurrence of Central Government, for fixing stock limits/licensing requirements in respect of pulses, oilseeds and edible oils, whenever need is felt by them. This is expected to help in the efforts being taken to improve the availability of these commodities to general public especially the vulnerable sections and control the tendencies of hoarding and profiteering.

Background:

Vide Central Governments Order dated 15.2.2002, certain categories of foodstuffs were removed from the licensing, stock limits and movement restrictions. From time to time thereafter, Government has been issuing notifications with the approval of the Cabinet, amending/keeping in abeyance the operation of the 2002 Order, whenever there is any abnormal price rise in any of the specified food commodities, for certain period. Restrictions regarding pulses were first imposed in August 2006 and are extended from time to time. Oils and oilseeds were added later in April, 2008 and the same were extended from time to time. The validity of the current Order is expiring on 30.9.2016 seeking further extension considering the prevailing current situation.

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Cabinet approves conversion of Government of India loan into equity and waiver of interest in respect of Richardson & Cruddas (1972)
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the proposal of Department of Heavy Industry for enabling M/s Richardson & Cruddas (1972) Limited (R&C), a Central Public Sector Enterprise, to come out of purview of Board for Industrial and Financial Reconstruction (BIFR). For this purpose Cabinet approved the conversion into equity of the Government of India loan of Rs 101.78 crores given to the Company, alongwith the interest amounting to Rs 424.81 Crore accrued on this loan.

The Cabinet further approved in principle, the strategic disinvestment of Nagpur and Chennai units of the Company and shifting of operations from Mumbai land to other locations of company. However the Companys land at Mumbai will be converted from lease hold to Occupation Class II so as to enable the company to identify the best use of this piece of land for optimal utilization as per Government guidelines.

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Cabinet approves provision of submarine optical fibre cable connectivity between mainland (Chennai) and Andaman & Nicobar Islands
Sep 21,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for provision of a direct communication link through a dedicated submarine Optical Fibre Cable (OFC) between Mainland (Chennai) and Port Blair & five other islands viz. Little Andaman, Car Nicobar, Havelock, Kamorta and Great Nicobar.

The estimated cost of the project is Rs. 1102.38 crore including operational expenses for 5 years. The project is likely to be completed by December 2018.

The approval would equip Andaman & Nicobar Islands (ANI) with appropriate bandwidth and telecom connectivity for implementation of e-Governance initiatives; establishment of enterprises & e-commerce facilities. It will also enable the provision of adequate support to educational institutes for knowledge sharing, availability of job opportunities and fulfil the vision of Digital India.

Background:

The Andaman and Nicobar Islands are of immense strategic significance for India. The geographical configuration and the location of the Andaman & Nicobar Islands chain in the Bay of Bengal safeguard Indias eastern seaboard. Provision of secure, reliable, robust, and affordable telecom facilities in these islands is of importance from a strategic point of view to the country and also an important requirement for the socio-economic development of the islands.

Currently the only medium of providing telecom connectivity between Mainland and Andaman & Nicobar Islands is though satellites, but the bandwidth available is limited to 1 Gbps. Satellite bandwidth is very costly and its availability is limited due to which future bandwidth requirement cannot be met solely through it. Then, there is an issue of redundancy, that is, no alternate media is available in case of any emergency. Lack of bandwidth and telecom connectivity is also hampering socio-economic development of the islands. Hence it is essential to have submarine OFC connectivity between the Mainland India and Andaman & Nicobar Islands, being the only option for catering to projected future bandwidth requirements.

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Cabinet approves enactment of Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and to repeal five archaic admiralty statutes
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to the proposal of Ministry of Shipping to enact Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and to repeal five archaic admiralty statutes.

The Bill consolidates the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. It also repeals five obsolete British statues on admiralty jurisdiction in civil matters, namely, (a) the Admiralty Court Act, 1840 (b) the Admiralty Court Act, 1861, (c) Colonial Courts of Admiralty Act, 1890, (d) Colonial Courts of Admiralty (India) Act, 1891, and (e) the provisions of the Letters Patent, 1865 applicable to the admiralty jurisdiction of the Bombay, Calcutta and Madras High Courts.

Salient Features of Admirability Bill, 2016

This legislative proposal will fulfil a long-standing demand of the maritime legal fraternity. The salient features are as follows:-

n++ The Bill confers admiralty jurisdiction on High Courts located in coastal states of India and this jurisdiction extends upto territorial waters.

n++ The jurisdiction is extendable, by a Central Government notification, upto exclusive economic zone or any other maritime zone of India or islands constituting part of the territory of India.

n++ It applies to every vessel irrespective of place of residence or domicile of owner.

n++ Inland vessels and vessels under construction are excluded from its application but the Central Government is empowered to make it applicable to these vessels also by a notification if necessary.

n++ It does not apply to warships and naval auxiliary and vessels used for non-commercial purposes.

n++ The jurisdiction is for adjudicating on a set of maritime claims listed in the Bill.

n++ In order to ensure security against a maritime claim a vessel can be arrested in certain circumstances.

n++ The liability in respect of selected maritime claims on a vessel passes on to its new owners by way of maritime liens subject to a stipulated time limit.

n++ In respect of aspects on which provisions are not laid down in the Bill, the Civil Procedure Code, 1908 is applicable.

Background:

India is a leading maritime nation and maritime transportation caters to about ninety-five percent of its merchandise trade volume. However, under the present statutory framework, the admiralty jurisdiction of Indian courts flow from laws enacted in the British era. Admiralty jurisdiction relates to powers of the High Courts in respect of claims associated with transport by sea and navigable waterways. The repealing of five admiralty statutes is in line with the Governments commitment to do away with archaic laws which are hindering efficient governance.

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OCL Iron & Steel provides update on scheme of arrangement
Sep 21,2016

OCL Iron & Steel announced that the Company in compliance of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has filed the Scheme with the Honble High Court of Odisha at Cuttack (High Court) vide Company Petition No. 48/2016 (Petition) on 20 September 2016 for approval of the proposed Scheme (demerger of auto components business of the Company with and into its wholly owned subsidiary, OISL Auto). The Petition is tentatively listed before the High Court for hearing on 29 September 2016. OISL Auto has also filed an application with the Honble High Court of Rajasthan at Jaipur on 15 September 2016 and the matter is listed before the High Court for hearing on 23 September 2016.

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GAIL (India) gains after CCEA approves viability gap funding for gas pipeline project
Sep 21,2016

Meanwhile, the S&P BSE Sensex was down 26.90 points or 0.09% at 28,496.30.

On BSE, so far 1.2 lakh shares were traded in the counter as against average daily volume of 1.51 lakh shares in the past one quarter. The stock hit a high of Rs 392.30 and a low of Rs 386.30 so far during the day. The stock had hit a 52-week high of Rs 407.80 on 7 September 2016. The stock had hit a 52-week low of Rs 276.45 on 10 November 2015. The stock had outperformed the market over the past one month till 20 September 2016, gaining 5.97% compared with 1.59% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 0.08% as against Sensexs 6.16% rise.

The large-cap company has equity capital of Rs 1268.48 crore. Face value per share is Rs 10.

The Cabinet Committee on Economic Affairs (CCEA) today, 21 September 2016, approved viability gap funding/partial capital grant at 40% or Rs 5176 crore of the estimated capital cost of Rs 12940 crore to GAIL (India) for development of 2,539 kilometers (KM) long Jagdishpur-Haidia and Bokaro-Dhamra Gas Pipeline (JHBDPL) project. JHBDPL project will connect Eastern part of the country with National Gas Grid. Further, the CCEA approved the simultaneous development of city gas distribution (CGD) networks in few cities like Varanasi, Patna, Ranchi, Jamshedpur, Bhubaneswar, Kolkata, Cuttack etc en-route of JHBDPL project. These distribution networks will be developed by GAIL (India) in collaboration with the concerned state governments.

Separately, GAIL (India) announced that it has successfully started its first UNIPOL polyethylene process line in Pata. The announcement was made during market hours today, 21 September 2016. GAIL (India) said that UNIPOL polyethylene (PE) process line has the capacity to produce 4 lakh tons of PE per year. The total production capacity of GAILs petrochemical plant at Pata, Uttar Pradesh is now 8.1 lakh tonnes per annum. GAILs flexible high-density polyethylene (HDPE)/linear low-density polyethylene (LLDPE) swing plant provides access to a full range of resin applications which will allow GAIL and its customers to capture new market opportunities as PE market demands are changing.

The new process line gives GAIL the platform to expand its PE product capabilities, providing Indian PE converters with the high quality, domestically produced resin products needed for both large-volume markets as well as advanced performance applications.

GAIL (India)s net profit jumped 244% to Rs 1335.18 crore on 14.6% decline in net sales to Rs 10686.58 crore in Q1 June 2016 over Q1 June 2015.

State-run GAIL (India) is Indias largest natural gas company with a market share of over 80% in natural gas transmission. Apart from natural gas transmission, distribution and processing, GAIL has diversified business interests in LPG transmission, petrochemicals, city gas projects and exploration and production activities. Government of India (GoI) holds 56.11% stake in GAIL (as per shareholding pattern as on 30 June 2016).

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MCX gains after signing MoU with Mozambique Commodities Exchange
Sep 21,2016

The announcement was made during market hours today, 21 September 2016.

Meanwhile, the S&P BSE Sensex was up 19.02 points or 0.07% at 28,542.22

On BSE, so far 61,000 shares were traded in the counter as compared with average daily volume of 46,235 shares in the past one quarter. The stock hit a high of Rs 1,038 and a low of Rs 1,005 so far during the day. The stock had hit a 52-week high of Rs 1,115.90 on 28 July 2016. The stock had hit a 52-week low of Rs 726 on 12 February 2016. The stock had underperformed the market over the past 30 days till 20 September 2016, rising 1.62% compared with 1.92% rise in the Sensex. The scrip also underperformed the market in past one quarter, gaining 3.55% as against Sensexs 6.57% rise.

The mid-cap company has equity capital of Rs 51 crore. Face value per share is Rs 10.

Multi Commodity Exchange of India (MCX) and the Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM), yesterday, 20 September 2016 signed a Memorandum of Understanding (MoU) for strategic co-operation. BMM envisages to develop Mozambican commodity markets ecosystem consisting of energy, base metals and agricultural products in an endeavor to deliver better value to the stakeholders. MCX intends to work with BMM to help Mozambique realize its potential behind its resource rich economy through sharing its market, institutional, and capacity development expertise. The exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research, experiences etc., which is expected to result in opening up of new avenues of mutual cooperation.

Multi Commodity Exchange of India (MCX)s net profit rose 54.55% to Rs 32.81 crore on 23.13% rise in total income to Rs 93.79 crore in Q1 June 2016 over Q1 June 2015.

MCX is Indias first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India.

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Diamines & Chemicals gets High Court approval for scheme of amalgamtion
Sep 21,2016

Diamines & Chemicals announced that Honble High Court of Ahmedabad, Gujarat through certified order dated 16 September 2016 and received by the Company on 20 September 2016 approved and sanctioned the scheme of Amalgamation of Diamines Speciality Chemicals (Wholly Owned Subsidiary) into Diamines and Chemicals.

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Fiem Industries extends gains after raising funds
Sep 21,2016

Meanwhile, the S&P BSE Sensex was down 38.42 points or 0.13% at 28,484.78.

On BSE, so far 6,100 shares were traded in the counter as against average daily volume of 8,083 shares in the past one quarter. The stock hit a high of Rs 1,081 and a low of Rs 1,060.20 so far during the day. The stock had hit a record high of Rs 1,140 on 9 September 2016. The stock had hit a 52-week low of Rs 512.25 on 22 September 2015. The stock had underperformed the market over the past one month till 20 September 2016, gaining 0.49% compared with 1.59% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 26.65% as against Sensexs 6.16% rise.

The small-cap company has equity capital of Rs 11.96 crore. Face value per share is Rs 10.

Shares of Fiem Industries rose 0.92% to settle at Rs 1,057.65 yesterday, 20 September 2016 after the company said that the fund raising committee of the board of directors at a meeting held on 19 September 2016 approved the allotment of 11.97 lakh equity shares of face value of 10 each to qualified institutional buyers at the issue price of Rs 1,002 per share, aggregating to Rs 119.99 crore. The announcement was made by the company after market hours on 19 September 2016.

Fiem Industries net profit rose 20.4% to Rs 11.46 crore on 19.6% growth in net sales to Rs 241.53 crore in Q1 June 2016 over Q1 June 2015.

Fiem Industries is one of the leading manufacturers of automotive lighting & signaling equipment and rear view mirror.

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Union Cabinet approves raising extra budgetary resources to augment infrastructure spending
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister has given its approval for raising a total of Rs 31,300 crore in the financial year 2016-17 and to service the principal and interest against the Extra Budgetary Resources (EBR) of Rs 16,300 crore by Government of India to augment infrastructure spending.

Out of the EBR of Rs 31,300 crore, it is proposed to finance the funds to be raised by Power Finance Corporation (PFC), Indian Renewable Energy Development Agency (IREDA), Inland Waterways Authority of India (IWAI), and National Bank for Agriculture and Rural Development (NABARD) by Government of India.

This implies that the principal and the interest in respect of the EBR of Rs 16,300 crore to be raised by PFC, IREDA, IWAI, and NABARD shall be financed by Government of India by making suitable budget provisions in the Demand of respective Ministries/Departments.

The move is intended to supplement the efforts of the Government to improve infrastructure spending and to improve the revenue-capital mix of the expenditure for a more sustainable growth.

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Cabinet approves Capital Grant to GAIL for development of Gas Infrastructure in Eastern part of the country
Sep 21,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved viability gap funding / partial capital grant at 40 percent (Rs. 5,176 crore) of the estimated capital cost of Rs. 12,940 crore to GAIL for development of 2539 km long Jagdishpur-Haidia and Bokaro-Dhamra Gas Pipeline (JHBDPL) project. Government of India has taken this historic decision to provide Capital Support for developing this gas pipeline. JHBDPL project will connect Eastern part of the country with National Gas Grid.

It will ensure the availability of clean and eco-friendly fuel i.e. Natural Gas to the industrial, commercial, domestic and transport sectors in the States of Uttar Pradesh, Bihar, Jharkhand, Odisha and West Bengal. This Capital Grant will encourage the supply of eco-friendly fuel at affordable tariffs to industries and will encourage industrial development in these states.

Further, the CCEA has approved the simultaneous development of City Gas Distribution (CGD) networks in cities namely Varanasi, Patna, Ranchi, Jamshedpur, Bhubaneswar, Kolkata, Cuttack etc. en-route of JHBDPL project. These distribution networks will be developed by GAIL in collaboration with the concerned State Governments.

It will bring clean cooking fuel at the door step of Domestic households as well as provide clean fuel to transport sector in the eastern region. About 1.25 crore population living in these cities will be directly benefitted by the establishment of these CGD networks. All these projects will generate direct as well as indirect employment for about 21,000 people and will boost socio-economic development in the eastern part of the country.

Cabinet earlier had approved the revival of three Fertiliser Units (FCIL- Gorakhpur, HFCL- Barauni and FCIL-Sindri) along the route of this pipeline project. On revival, these units will be the anchor gas customers for JHBDPL project and gas to these plants will be supplied under the Gas Pooling Scheme for urea sector at pooled price.

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Indoco Remedies gains after acquiring manufacturing plant at Baddi
Sep 21,2016

The announcement was made during trading hours today, 21 September 2016.

Meanwhile, the S&P BSE Sensex was down 35.20 points, or 0.12%, to 28,488

On BSE, so far 30,000 shares were traded in the counter, compared with average daily daily volume of 8,965 shares in the past one quarter. The stock hit a high of Rs 349 and a low of Rs 329 so far during the day. The stock had hit a 52-week high of Rs 360.35 on 7 September 2016. The stock had hit a 52-week low of Rs 244 on 25 February 2016. The stock had outperformed the market over the past 30 days till 20 September 2016, rising 9.91% compared with 1.92% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 26.64% as against Sensexs 6.57% rise.

The mid-cap company has equity capital of Rs 18.43 crore. Face value per share is Rs 2.

Indoco Remedies said that the manufacturing facility at Baddi, Himachal Pradesh is spread over an area of 18,000 sq.mt, out of which 11,000 sq.mt. is the built-up area. It produces 4.3 billion tablets and 50 million capsules per annum. The acquired manufacturing site is close to the companys existing manufacturing plant in Baddi, Himachal Pradesh, Indoco Remedies said. Baddi will thus be another manufacturing hub for Indoco Remedies solid dosages business in the regulated markets, the company said. With this acquisition, Indoco Remedies will now have 6 facilities for finished dosages and 3 for active pharmaceutical ingredient (APIs). Out of these, 3 facilities for finished dosages, including sterile plant and 2 facilities for API manufacturing are US Food and Drug Administration (USFDA) approved, it added.

Indoco Remedies net profit declined 4.95% to Rs 19.79 crore on 15.79% rise in net sales to Rs 252.72 crore in Q1 June 2016 over Q1 June 2015.

Indoco Remedies is a fully integrated, research-oriented pharma vompany with presence in 55 countries.

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Rail stocks gain on buzz of cabinet approval for merger of rail and Union budget
Sep 21,2016

Meanwhile, the S&P BSE Sensex was up 44.52 points or 0.16% at 28,567.32.

NELCO (up 1.02%), Kalindee Rail Nirman (up 2.45%), Titagarh Wagons (up 3.54%), Stone India (up 4.56%), Texmaco Rail & Engineering (up 1.98%), Zicom Electronic Security Systems (up 1.65%), Kernex Microsystems (up 2.93%), and BEML (up 0.06%) gained. Hind Rectifiers fell 1.71%.

The Union Cabinet today, 21 September 2016, reportedly cleared a proposal for merger of the Railway Budget with the Union Budget. The Cabinet also reportedly cleared a proposal to remove the distinction between plan and non-plan expenditure in Budget. The government has also advanced the date for Budget presentation, according to reports. However, it is yet to announce the date.

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