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NTPC moves up after board accords investment approval
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the BSE Sensex was up 173.80 points, or 0.60%, to 29,412.47.

On the BSE, 29,400 shares were traded in the counter so far, compared with average daily volumes of 4.32 lakh shares in the past one quarter. The stock had hit a high of Rs 165.35 and a low of Rs 164.35 so far during the day.

The stock had hit a 52-week high of Rs 177.80 on 27 January 2017. The stock had hit a 52-week low of Rs 125.05 on 7 April 2016. The stock had underperformed the market over the past one month till 27 March 2017, sliding 0.97% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 2.19% as against the Sensexs 11.53% rise.

The large-cap company has equity capital of Rs 8245.46 crore. Face value per share is Rs 10.

NTPCs net profit fell 7.5% to Rs 2468.72 crore on 11.1% rise in net sales to Rs 19287.47 crore in Q3 December 2016 over Q3 December 2015.

NTPC, Indias largest power company, has presence in the entire value chain of power generation business. The government of India held 69.75% stake in the firm as per the shareholding pattern as on 31 December 2016.

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NBCC (India) launches e-auction for sale of commercial spaces in Nauroji Nagar, New Delhi
Mar 28,2017

NBCC (India) on behalf of Ministry of Urban Development (MoUD), GOI has launched sale of Commercial/Office spaces on freehold basis at Nauroji Nagar, New Delhi. The sale shall be opened to all through e-auction. The revenue generated from the sale will be utilized for redevelopment of Government colonies in Delhi.

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Colgate-Palmolive (India) fixes record date for 3rd interim dividend
Mar 28,2017

Colgate-Palmolive (India) has fixed 07 April 2017 as the Record Date for the purpose of Payment of Third Interim Dividend.

The said interim dividend declared by the Board at their Meeting held on 27 March 2017 will be paid on 21 April 2017.

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Board of Mindtree recommends dividend
Mar 28,2017

Mindtree announced that the Board of Directors of the Company at its meeting held on 27 March 2017, inter alia, have recommended the dividend of Rs 2 per equity Share (i.e. 20%) , subject to the approval of the shareholders.

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Jindal Steel & Power to hold board meeting
Mar 28,2017

Jindal Steel & Power will hold a meeting of the Board of Directors of the Company on 30 March 2017, to consider various modes of fund raising by way of preferential allotment of securities to different entities including the promoter(s)/promoter group entity(ies).

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Jagran Prakashan inches up after brokerage rating
Mar 28,2017

Meanwhile, the S&P BSE Sensex was up 166.13 points or 0.57% at 29,403.28. The BSE Mid-Cap index was up 94.59 points or 0.68% at 13,906.67.

On the BSE, 18,000 shares were traded on the counter so far as against the average daily volumes of 36,770 shares in the past one quarter. The stock had hit a high of Rs 180.75 and a low of Rs 178.25 so far during the day.

The stock had hit a record high of Rs 213 on 8 September 2016 and a 52-week low of Rs 149.55 on 29 March 2016. It had underperformed the market over the past one month till 27 March 2017, sliding 5.27% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 6.95% as against the Sensexs 11.53% rise.

The mid-cap company has equity capital of Rs 65.38 crore. Face value per share is Rs 2.

The target price of Rs 212 provides an upside of 19.74% over the stocks closing price of Rs 177.05 yesterday, 27 March 2017.

Jagran Prakashans net profit rose 25.6% to Rs 89.13 crore on 5.7% growth in net sales to Rs 488.67 crore in Q3 December 2016 over Q3 December 2015.

Jagran Prakashan is a leading media and communications group with interests spanning across newspapers, radio, magazines, outdoor advertising, promotional marketing & event management, and digital businesses.

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Indian FX, debt markets closed
Mar 28,2017

Indias currency markets were closed on Tuesday (28 March 2017) for a public holiday. The trading will resume on Wednesday.

Earlier, the rupee closed higher at 65.0350/0450 per dollar on Monday, near its one-and-a-half year high.

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US stocks end in mixed fashion
Mar 28,2017

U.S. stocks overcame steep losses on Monday, 27 March 2017 but the Dow Industrials and S&P 500 still closed lower as investors reassessed the prospects for President Donald Trumps ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.

The Dow Jones Industrial Average marked its longest losing streak since August 2011 with eight straight declines, closing down 45.74 points or 0.2%, at 20,550.98, after overcoming an earlier 184-point deficit. The S&P 500 slid 2.39 points, or 0.1%, to close at 2,341.59, as seven out of 11 sectors finished lower. The Nasdaq Composite Index closed up 11.64 points, or 0.2%, at 5,840.37, overcoming an earlier 59-point deficit.

Telecom and financial shares led decliners, while health-care and materials stocks led advancers. The benchmark index has finished down seven out of the past eight sessions. Earlier in the session, the equity gauge had been down by as many as 22 points.

The blue-chip average was led lower by shares of Chevron and Goldman Sachs.

Last weeks health care hiccup fostered some bearish undertones on Monday morning, but investors were largely able to shake off the concerns to start the week unscathed. The Nasdaq settled 0.2% higher while the S&P 500 and the Dow finished with losses of 0.1% and 0.2%, respectively.

With health care reform in the rear-view mirror, lawmakers will now turn their attention to a major catalyst in the stock markets post-election rally--tax reform.

At the top of the days sector standings was the health care space as the demise of the American Health Care Act puts President Trumps pledge to lower drug prices into question. The technology, materials and consumer discretionary groups also settled in positive territory. Large-cap tech names like Apple, Microsoft, Alphabet, and Intel underpinned the top-weighted tech groups outperformance.

On the flip side, the lightly-weighted real estate and telecom services sectors settled at the bottom of the days leaderboard while the remaining groups, financials, industrials, energy, consumer staples, and utilities finished with losses between 0.1% and 0.5%.

In the Treasury market, U.S. sovereign debt settled in positive territory in a curve-flattening trade. The 10-yr yield (2.37%) finished four basis points lower while the 2-yr yield (1.25%) closed only one basis point below its unchanged mark.

On Monday, the ICE U.S. Dollar Index fell 0.5% to 99.151 after trading as low as 98.858, its lowest level in four months. Weakness in the dollar can provide a boost to dollar-denominated commodity prices.

Oil prices finished lower on Monday, 27 March 2017 pressured by another weekly rise in the U.S. oil-rig count and uncertainty over whether OPEC will extend its production cuts into the second half of the year.

May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel on the New York Mercantile Exchangen++giving back nearly all of th e nearly 0.6% gain it saw on Friday. May Brent crude on the ICE Futures exchange in London eased by 5 cents, or 0.1%, to $50.75 a barrel.

Gold futures jumped on Monday, 27 March 2017 to finish at their highest level in a month as demand for assets perceived as risky waned, and the dollar dropped in the wake of GOP leaders failure to repeal and replace Obamacare. Gold for April delivery rose $7.20, or 0.6%, to settle at $1,255.70 an ounce. Futures prices havent settled at a level this high since 27 Feb 2017. May silver also gained 36 cents, or 2%, to $18.108 an ounce.

Investors did not receive any economic data on Monday. A handful of reports will be released on Tuesday, including February Advanced International Trade in Goods (consensus -$66.1 billion) and Advanced Wholesale Inventories (consensus 0.2%) at 8:30 ET, January S&P Case-Shiller Home Price Index (consensus 5.6%) at 9:00 ET, and March Consumer Confidence (consensus 113.3) at 10:00 ET.

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G E Shipping sails smoothly after taking vessel delivery
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the S&P Sensex was up 133.51 points, or 0.46% at 29,370.66. The S&P BSE Mid-cap index was up 89.52 points, or 0.65% at 13901.60.

On the BSE, 27,000 shares were traded on the counter so far as against the average daily volumes of 39,282 shares in the past one quarter. The stock had hit a high of Rs 409.35 and a low of Rs 395 so far during the day.

The stock had hit a 52-week high of Rs 412.95 on 20 March 2017 and a 52-week low of Rs 296.60 on 24 June 2016. The stock had outperformed the market over the past one month till 27 March 2017, advancing 6.03% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter advancing 11.79% as against the Sensexs 11.53% rise.

The mid-cap company has equity capital of Rs 150.78 crore. Face value per share is Rs 10.

Great Eastern Shipping Company announced that the company has taken delivery of Secondhad Suezmax Crude Carrier n++Jag Lakshyan++ of about 1.57 lakh deadweight tons (dwt). The company had contracted to buy the vessel in December 2016.

With the inclusion of this vessel, the companys current fleet stands at 44 vessels, comprising 29 tankers and 15 dry bulk carriers with an average age of 9.42 years aggregating 3.69 million dwt. Additionally, the company has committed to purchase 1 Secondhand Supramax Dry bulk carrier.

Great Eastern Shipping Companys consolidated net profit fell 33.4% to Rs 238.36 crore on 23.2% decline in net sales to Rs 738.91 crore in Q3 December 2016 over Q3 December 2015.

GE Shipping has two main business: shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities, through its subsidiary Greatship (India).

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Prabhat Dairy gets grant in aid for its cold chain proposal
Mar 28,2017

Prabhat Dairy announced that the Ministry of Food Company Processing Industries, New Delhi has on 27 March 2017 sanctioned a grant in aid to the Company for its cold chain proposal under the Scheme of Cold Chain, Value Addition and Preservation Infrastructure. The maximum amount of grant available under the scheme is Rs 10 crore.

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Formulate suitable strategy to unlock significant growth potential in UPs dairy industry:ASSOCHAM plea to new govt.
Mar 28,2017

Apex industry body ASSOCHAM urged the BJP-led Uttar Pradesh (UP) government to formulate a suitable strategy for unlocking the significant growth potential of dairy sector in the state through productivity enhancement, strengthening and expanding village level infrastructure for milk procurement and providing producers with greater access to markets.

n++With 26 million tonnes (MT) of milk production, UP is ranked on top with 17 per cent in Indias total milk production of over 155 MT as of 2015-16,n++ noted an analysis of National Dairy Development Board (NDDB) statistics conducted by ASSOCHAM Economic Research Bureau (AERB).

n++However, despite commanding highest share in Indias total milk production, the state has registered a meagre 4.7 per cent annual growth in this regard between 2014-15 and 2015-16,n++ highlighted the ASSOCHAM sector-specific analysis.

Milk production across India has clocked over six per cent annual growth during this period.

While the number of registered units manufacturing dairy products in India has increased by 26 per cent between 2010-11 and 2013-14, while the number of such units in UP has declined by five per cent during this period.

Though the total output of dairy products manufactured by these units has increased by about 87 per cent and 96 per cent in India and in UP respectively.

Besides the number of people engaged in these dairy products manufacturing units have also increased considerably by about 29.5 per cent and 42 per cent in India and UP respectively.

n++The dairy sector can play an important role in providing jobs for rural communities as dairy production and processing provide employment, not only to people who work on dairy farms or in dairy plants, but also to the whole sector, from upstream inputs and services providers to downstream marketing of finished products,n++ said Mr D.S. Rawat, national secretary general of ASSOCHAM while releasing the findings of the chambers analysis.

n++Dairying is an important secondary source of income for many of rural families and has assumed the most important role in providing employment and income generating opportunities particularly for marginal farmers and women,n++ said Mr Rawat.

n++There is a need to recognise the importance of small farm dairy units and opportunities for value chain development, which can lead to poverty reduction and rural development in UP,n++ he added.

n++Dairy-sector development can be a powerful tool for reducing poverty and creating wealth in the state,n++ further said Mr Rawat.

The ASSOCHAMs analysis further highlighted that Jammu and Kashmir (16.5 per cent), Madhya Pradesh (13 per cent approx) and Andhra Pradesh (12 per cent) are top states in terms of annual growth in milk production.

It also noted that after Uttar Pradesh, it is the state of Rajasthan (12 per cent), Gujarat and Madhya Pradesh (about 8 per cent each) that have maximum share in milk production across India.

With growth of the economy a shift is seen from the regular diet of cereals to a more varied and nutritious diet of fruit and vegetables, milk, fish, meat and poultry products, all these aspects further highlight the need to build up a robust production as well as supply chain network of milk products.

n++Thus, the domestic dairy market must become increasingly responsive to market signals and changing consumer preferences,n++ the analysis noted.

For higher price realization, one needs to graduate from simple, low-value commodities to high-value added processed products. Marketing holds the key to ensuring that products are available at the right place, at the right time, at the right price. Brand building is an essential exercise for all dairy companies to exploit the full potential of the dairy value-chain. Some of the processed tradable dairy products comprise condensed milk, cheese, dry milk products and butter/ghee.

Following are certain suggestions to the UP government for formulating a long-term strategy for states dairy industry:

1. Promoting dairy entrepreneurship

2. Promoting application of new technologies for higher productivity

3. Strengthen economic viability of dairy farms.

4. Increase link between rural production areas and urban markets

5. Develop packaging in small quantities to meet the needs of poor.

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L&T climbs up after its arm wins major order
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 191.62 points or 0.66% at 29,428.77.

More than normal volumes were traded on the counter. On the BSE, 2.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,554.90 and a low of Rs 1,547 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,177 on 7 April 2016.

The stock had outperformed the market over the past one month till 27 March 2017, rising 5.34% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 14.19% as against the Sensexs 11.53% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T said that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbais century-old Bombay Development Division (BDD) chawls for Maharashtra Housing and Area Development Authority (MHADA).

The contract is the largest residential project awarded to L&T Construction till date. The scope of work comprises complete design and construction of twenty residential towers for rehabilitation, four high-rise towers for sale and one commercial development within a plot area of 16 acres along with MEP, finishes, onsite/offsite infrastructure, landscaping, demolition of existing structures and logistics involved in therehabilitation of the current occupants.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Board of NTPC accords investment approval for Talaipalli Coal Mining Project
Mar 28,2017

The Board of Directors of NTPC has accorded investment approval for Talaipalli Coal Mining Project (18 Million Tonnes per annum) at an appraised current estimated cost of Rs. 3004 crore.

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Key benchmarks hits fresh intraday high
Mar 28,2017

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 192.24 points or 0.66% at 29,429.39. The Nifty 50 index was currently up 62.15 points or 0.69% at 9,107.35.

The Sensex rose 205.03 points, or 0.70% at the days high of 29,442.18 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 64.07 points, or 0.22% at the days low of 29,301.22 in morning trade. The Nifty rose 64.55 points, or 0.71% at the days high of 9,109.75 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 35.60 points, or 0.39% at the days low of 9,080.80 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.80%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,540 shares rose and 825 shares fell. A total of 152 shares were unchanged.

Engineering and construction major L&T was up 0.70% to Rs 1,557.45 after the company announced during trading hours today, 28 March 2017, that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbais century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). The prestigious contract is the largest residential project awarded to L&T Construction till date.

Motorcycle major Hero MotoCorp was down 0.28% at 3330.80. Bahadur Chand Investments (BCIPL), one of the promoters of Hero MotoCorp, raised its holding in the two-wheeler major by picking up 4.45% stake for Rs 2996 crore from another promoter firm in an open market transaction.

BCIPL bought 88.78 lakh shares, amounting to 4.45% stake, of Hero MotoCorp from Brij Mohan Lall Om Prakash (BMOP), a partnership firm of the promoter family members. Shares were purchased at an average price of Rs 3,375, valuing the transaction at Rs 2,996.32 crore. This is an inter-se transfer between the promoters. There is no change in the aggregate promoter shareholding in Hero MotoCorp. The stake of BCIPL has increased to 15.56% from 11.11% earlier. The stake of BMOP has decreased to 18.43% from 22.88% earlier. The disclosure was made during trading hours today, 28 March 2017.

Telecom shares were in demand. Idea Cellular (up 2%), Reliance Communications (up 1.18%), MTNL (up 0.83%), and Tata Teleservices (Maharashtra) (up 0.26%), edged higher.

Telecom major Bharti Airtel was up 0.75% to Rs 341.15. Telecom tower infrastructure provider Bharti Infratel was up 1.79% to Rs 318.15.

Bharti Airtel announced during trading hours today, 28 March 2017, that it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million), executed at a price of Rs. 325 per share. Bharti Airtel said that it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Most IT shares edged higher. Hexaware Technologies (up 1.59%), HCL Technologies (up 1.51%), Oracle Financial Services Software (up 1.23%), Wipro (up 1%), TCS (up 0.91%), Infosys (up 0.72%), MphasiS (up 0.18%) and MindTree (up 0.02%), edged higher. Persistent Systems (down 0.08%) and Tech Mahindra (down 2%), edged lower.

On the economic front, Finance Minister Arun Jaitley yesterday, 27 March 2017, introduced four Goods and Services Tax (GST) bills in Lok Sabha that provide for a maximum tax rate of 40%, an anti-profiteering body and arrests for evading taxes in a bid to overhaul Indias fragmented indirect tax system. All the four bills will be taken up together in Lok Sabha for discussion on Wednesday, 29 March 2017.

Overseas, most Asia stocks rose as investors looked beyond the failure of the Trump administration to replace the Affordable Care Act, aided by improving macroeconomic data out of the US and Europe. Higher oil prices and a rebound in the US dollar against the yen drove gains in Japan. Japans Nikkei 225 rose 0.98%.

US stocks declined yesterday, 27 March 2017, as investors reassessed the prospects for President Donald Trumps ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.

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Bharti Airtel, Bharti Infratel nudge higher
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Shares of Bharti Airtel were up 0.72% at Rs 341.05.

Shares of Bharti Infratel were up 1.76% at Rs 318.05.

Meanwhile, the S&P BSE Sensex was up 180.58 points or 0.62% at 29,417.73.

Bharti Airtel said it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel, representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million). The share sale was executed at a price of Rs 325 per share.

Bharti Airtel said it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Bharti Infratel is one of the leading providers of tower and related infrastructure. It deploys, owns and manages telecom towers and communication structures, for various mobile operators.

On consolidated basis, Bharti Infratels net profit rose 25.3% to Rs 620.40 crore on 9.6% growth in net sales to Rs 1530 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

Bharti Airtels consolidated net profit fell 54.5% to Rs 503.70 crore on 3% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

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