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Swan Energy corrects on profit booking
Dec 19,2016

Meanwhile, the BSE Sensex was down 65.49 points, or 0.25%, to 26,424.07.

On the BSE, so far 10.79 lakh shares were traded in the counter, compared with average daily volumes of 4.43 lakh shares in the past one quarter. The stock had hit a high of Rs 205.45 and a low of Rs 171 so far during the day.

The stock hit a record high of Rs 213.40 on 14 December 2016. The stock hit a 52-week low of Rs 57.50 on 16 May 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 61.38% compared with the 1% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 223.03% as against Sensexs 7.38% decline.

The mid-cap company has equity capital of Rs 22.12 crore. Face value per share is Re 1.

Shares of Swan Energy rose 16.73% in two trading sessions to settle at Rs 200.60 on Friday, 16 December 2016, from its close of Rs 171.85 on 14 December 2016.

The stock jumped 5.11% to end at Rs 200.60 on Friday, 16 December 2016, after the company announced during trading hours that day that Government of Gujarat has decided to acquire 26% stake in the companys LNG port project in Gujarat.

Swan Energy is developing Indias first LNG port along with Floating and Regasification Unit (FSRU) near Jafrabad in Gujarat with a total investment of Rs 5900 crore. A subsidiary company and special purpose vehicle company namely Swan LNG is implementing this project. Government of Gujarat has decided to participate in the project by acquiring 26% stake in the LNG port project through Gujarat State Petronet and Gujarat Maritime Board jointly.

Swan Energys net profit jumped 1170.6% to Rs 2.16 crore on 1.6% growth in net sales to Rs 96.09 crore in Q2 September 2016 over Q2 September 2015.

Swan Energy is engaged in the manufacturing of textile products. The company is also engaged in the real estate development and energy businesses.

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U.S. stocks closed lower on Friday
Dec 19,2016

U.S. stocks closed lower on Friday, 16 December 2016 with the Dow industrials swinging to a loss, following reports that a Chinese warship seized an underwater U.S. Navy drone in international waters off the coast of the Philippines. Equities spent the Friday affair inside narrow ranges amid a mixed showing from individual sectors. Most countercyclical groups displayed strength from the start, but their gains were not sufficient to offset losses among cyclical sectors. Even as the Dow was curtailed from its advance to the psychologically important 20,000 level, the blue-chip average still nabbed its longest weekly winning streak in more than a year, rising six weeks in a row.

The Dow Jones Industrial Average which had been up by as many as 71 points earlier, swung to a loss after the Department of Defense announced a Chinese naval vessel took an underwater Navy drone that was collecting water measurements like temperature and salinity. The average finished down 8.83 points, or less than 0.1%, at 19,843.41. The Nasdaq Composite fell 19.69 points, or 0.4%, to finish at 5,437.16. The S&P 500 which had been struggling earlier, declined 3.96 points, or 0.2%, to close at 2,258.07.

All but five of the S&P 500s 11 primary sectors rose on the day. The biggest gainers were utilities and real estate, which both closed up 1.2% despite a weak reading on housing starts. The largest blue-chip decliners were Caterpillar and Goldman Sachs.

The news weighed on sentiment, keeping the market near its low into the afternoon. Treasuries climbed off their lows in reaction to the news, but afternoon backtracking left the 10-yr note in the middle of its range. The benchmark yield slipped one basis point to 2.59%.

The Fed news has fueled a rally in the ICE Dollar Index which shot to a 14-year high on Thursday. The index was last down 0.2%.

Economic data at Wall Street was limited to Housing Starts and Building Permits. November housing starts declined 18.7% to a seasonally adjusted annual rate of 1.090 million units (consensus 1.225 mln). Building permits declined 4.7% to a seasonally adjusted annual rate of 1.201 million (consensus 1.236 million), although permits for single-family homes increased 0.5% to 778,000. The November report followed a big beat in October, thus market reaction was limited.

Crude oil prices settled higher on Friday, 16 December 2016 to tally a gain for the week, with traders encouraged by signs that major oil producers will adhere to the pledge to curb output but still concerned about potential production increases in the U.S. and Libya. Prices had lower earlier amid news that Libya has restarted operations at two key oil fields. The market has seen some signs of planned compliance with the output pact among members of the Organization of the Petroleum Exporting Countries and other oil producers. On the New York Mercantile Exchange, January West Texas Intermediate crude added $1, or 2%, to settle at $51.90 a barrel. For the week, prices rose roughly 0.8%.

Investor participation was well above average due to quadruple witching. More than two billion shares changed hands at the NYSE floor.

Investors will not receive any economic data on Monday.

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Repco Home Finance inches up after bulk deal
Dec 19,2016

Meanwhile, the S&P BSE Sensex was down 76.67 points or 0.29% at 26,412.89

Bulk deal boosted volume on the scrip. On BSE, so far 3.12 lakh shares were traded in the counter as against average daily volume of 40,629 shares in the past one quarter. The stock hit a high of Rs 538.65 and a low of Rs 527.15 so far during the day. The stock had hit a record high of Rs 891.30 on 6 September 2016. The stock had hit a 52-week low of Rs 501.65 on 15 November 2016. The stock had underperformed the market over the past 30 days till 16 December 2016, falling 6.48% compared with the 1% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 39.75% as against Sensexs 7.38% decline.

The mid-cap company has equity capital of Rs 62.56 crore. Face value per share is Rs 10.

Repco Home Finances net profit rose 17% to Rs 45.69 crore on 20.01% rise in total income to Rs 259.74 crore in Q2 September 2016 over Q2 September 2015.

Repco Home Finances main business is to provide loans for purchase or construction of residential house.

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Salzer Electronics gains after securing a contract
Dec 19,2016

The announcement was made during market hours today, 19 December 2016.

Meanwhile, the S&P BSE Sensex was down 59.68 points or 0.23% at 26,429.88.

On the BSE, 9,111 shares were traded on the counter so far as against the average daily volumes of 23,728 shares in the past one quarter. The stock had hit a high of Rs 186.50 and a low of Rs 180 so far during the day.

The stock had hit a 52-week high of Rs 267 on 1 August 2016 and a 52-week low of Rs 160 on 29 February 2016. It had underperformed the market over the past one month till 16 December 2016, sliding 0.6% compared with the Sensexs 0.73% rise. The scrip had also underperformed the market over the past one quarter declining 15.29% as against the Sensexs 7.38% fall.

The small-cap company has equity capital of Rs 13.89 crore. Face value per share is Rs 10.

Salzer Electronics has secured a letter of intent worth Rs 18.70 crore from Energy Efficiency Services (EESL), a joint venture company of PSUs of Ministry of Power. Government of India for designing, manufacturing, supplying, installing, commissioning, testing and maintaining of lighting controls for installed LED streetlights in the urban local bodies viz. Varanasi (Uttar Pradesh), Jalna (Maharashtra) and Jharkhand.

Salzer Electronics net profit rose 7.4% to Rs 4.96 crore on 13.8% growth in net sales to Rs 89.51 crore in Q2 September 2016 over Q2 September 2015.

Salzer Electronics is a leading player offering total and customized electrical solutions in switchgears, wires & cables and energy management business.

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Raymond slips on reports of decline in demand
Dec 19,2016

Meanwhile, the BSE Sensex was down 56.13 points, or 0.21%, to 26,433.43.

On the BSE, so far 15,000 shares were traded in the counter, compared with average daily volumes of 66,725 shares in the past one quarter. The stock had hit a high of Rs 480.30 and a low of Rs 471.55 so far during the day.

The stock hit a record high of Rs 654 on 1 November 2016. The stock hit a 52-week low of Rs 351.50 on 12 February 2016. The stock had underperformed the market over the past 30 days till 16 December 2016, falling 5.12% compared with the 1% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 1.94% as against Sensexs 7.38% decline.

The small-cap textile and apparel major has equity capital of Rs 61.38 crore. Face value per share is Rs 10.

Raymond CEO Sanjay Behl was quoted by the media as saying that the company has seen a nearly 30% decline in demand since demonetisation was announced. He, however added that he expects the situation easing up in the beginning of next year.

The media report suggested that Raymonds expansion plans will not be affected by the current situation. It has 1,060 stores at present, and will continue to add about 150-200 stores every year for the next three years. The company is targeting about 1,500 stores for its brands by 2020, Sanjay Behl said.

On a consolidated basis, net profit of Raymond rose 367.31% to Rs 26.59 crore on 12.10% rise in net sales to Rs 1553.49 crore in Q2 September 2016 over Q2 September 2015.

With over 60% market share in India, Raymond is one of the largest integrated manufacturer of worsted fabric in the world.

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MMTC announces cessation of director
Dec 19,2016

MMTC announced that M.G. Gupta, who was appointed as Director (Finance) vide Deptt. of Commerce Order dated 09 December 2011 for a period of 5 years, ceased to hold office w.e.f. 09 December 2016.

Further in pursuance of Department of Commerce, Ministry of Commerce & Industry Office Order dated 17 November 2016, the charge of Director (Finance) has been vested with the CMD in addition to his existing charge, for a period upto 06 February 2017 or till such time the post is filled up on regular basis or until further orders, whichever event take place earlier.

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Salzer Electronics secures new order
Dec 19,2016

Salzer Electronics has secured a Letter of Intent worth Rs 18.70 crore from Energy Efficiency Services, a joint venture company of PSUs of Ministry of Power, Government of India for designing, manufacturing, supplying, installing, commissioning, testing and maintaining of lighting controls for installed LED streetlights in the Urban Local Bodies - Varanasi (Uttar Pradesh), Jalna (Maharashtra) and Jharkhand.

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Ramco Systems partners with UAE based Horizon Hospitality Holdings
Dec 19,2016

Ramco Systems announced that Horizon Hospitality Holdings, UAE based food service operator, will implement Ramco Systems HCM offering integrated with Global Payroll, to streamline its regional HR and payroll functions.

Dubai-headquartered Horizon, which runs five F&B and entertainment brands in the UAE, will replace its legacy HR software with Ramcos complete HR suite covering Core HR, Recruitment, Talent Management,Payroll and Time & Attendance. The integrated suite with web-based Time & Attendance will enable Horizon gain real-time visibility of staff across its 40+ outlets enabling better manpower planning and movement. Employees will now be empowered to carry out self-service transactions from anywhere using Ramco Mobile apps.

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Religare Enterprises completes acquisition of balance stake in Religare Arts Initiatives
Dec 19,2016

Religare Enterprises announced that it has closed the transaction of acquiring the remaining 24.82% stake in Religare Arts Initiative (RAIL) from minority shareholders of RAIL.

Consequently, RAIL is wholly owned subsidiary of the Company.

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Jindal Stainless gains as board to consider issue of shares
Dec 19,2016

The announcement was made after market hours on Friday, 16 December 2016.

Meanwhile, the BSE Sensex was down 47.82 points, or 0.18%, to 26,441.74

On BSE, so far 19,000 shares were traded in the counter, compared with average daily volume of 2.07 lakh shares in the past one quarter. The stock hit a high of Rs 40 and a low of Rs 39.20 so far during the day. The stock hit a 52-week high of Rs 44.70 on 21 October 2016. The stock hit a record low of Rs 14.20 on 2 June 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 7.65% compared with the 1% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 68.26% as against Sensexs 7.38% decline.

The small-cap company has equity capital of Rs 79.89 crore. Face value per share is Rs 2.

Jindal Stainless said that the meeting of the board of directors of the company will be held on 23 December 2016, to consider and approve the issuance of equity shares/preference shares to the lenders of the company on preferential basis upon conversion of Funded Interest Term Loan I & II (FITL). The board will also consider and approve issuance of convertible warrants/equity shares to the promoter group of companies on preferential basis.

Jindal Stainless reported net loss of Rs 65 crore in Q2 September 2016, lower than net loss of Rs 122.87 crore in Q2 September 2015. Net sales rose 24.79% to Rs 1911.22 crore in Q2 September 2016 over Q2 September 2015.

Jindal Stainless is engaged in manufacturing of stainless steel.

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Laurus Labs sees strong debut
Dec 19,2016

The stock debuted at Rs 490, a premium of 14.49% to the initial public offer (IPO) price. So far the stock hit a high of Rs 498 and low of Rs 475. On BSE, so far 22.20 lakh shares were traded on the counter.

The initial public offer (IPO) of Laurus Labs opened on 6 December and closed on 8 December 2016. The issue received bids for 10.01 crore shares compared with 2.19 crore shares on offer. The IPO was subscribed 4.57 times.

The IPO comprised of fresh issue of Rs 300 crore and the offer for sale of 2.41 crore shares by the selling shareholders. The qualified institutional buyers (QIBs) category was subscribed 10.54 times. The non-institutional investors category was subscribed 3.58 times. The retail investors category was subscribed 1.67 times.

The company proposes to utilise the net proceeds from the fresh issue towards the pre-payment of term loans and the general corporate purposes. In addition the company expects to receive the benefits of listing of the shares on the stock exchanges, enhancement of the companys brand name and creation of a public market for shares.

For the six months ended 30 September 2016, Laurus Labs reported consolidated net profit of Rs 75.10 crore on total revenue of Rs 941.78 crore.

Laurus Labs is a leading research and development (R&D) driven pharmaceutical company, with a leadership position in generic active pharmaceutical ingredients (APIs) for select, high-growth therapeutic areas of antiretrovirals (ARVs) and Hepatitis C. The company also manufactures APIs in oncology and other therapeutic areas. The company operates in four business lines: generics-APIs, generics-FDFs, synthesis and ingredients.

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Aban Offshore gains on plan to acquire 49% stake in Aban Drilling Services
Dec 19,2016

Meanwhile, the BSE Sensex was down 64.87 points, or 0.24%, to 26,424.69.

On the BSE, so far 1.19 lakh shares were traded in the counter, compared with average daily volumes of 5.58 lakh shares in the past one quarter. The stock had hit a high of Rs 247.50 and a low of Rs 242.10 so far during the day.

The stock hit a 52-week high of Rs 286 on 25 October 2016. The stock hit a 52-week low of Rs 142.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, rising 12.80% compared with the 1% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 16.69% as against Sensexs 7.38% decline.

The small-cap company has equity capital of Rs 11.67 crore. Face value per share is Rs 2.

Aban Drilling Services is a newly incorporated company with paid up capital of Rs 50,000 (5,000 equity shares of Rs 10 each). With this acquisition, Aban Offshore will explore opportunity in deep water drilling.

On a consolidated basis, Aban Offshore reported net loss of Rs 274.74 crore in Q2 September 2016 as against net profit of Rs 59.56 crore in Q2 September 2015. Net sales declined 59.70% to Rs 399.01 crore in Q2 September 2016 over Q2 September 2015.

Aban Offshore owns and operates several offshore drilling rigs, drill ships, and a floating production facility.

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Axis Bank slips after announcing reduction in MCLR
Dec 19,2016

The announcement was made after market hours on Friday, 16 December 2016.

Meanwhile, the BSE Sensex was down 79.83 points, or 0.3%, to 26,409.73

On BSE, so far 55,000 shares were traded in the counter, compared with average daily volume of 7.13 lakh shares in the past one quarter. The stock hit a high of Rs 472.40 and a low of Rs 467.75 so far during the day. The stock hit a 52-week high of Rs 638 on 7 September 2016. The stock hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had outperformed the market over the past 30 days till 16 December 2016, falling 0.35% compared with the 1% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 21.36% as against Sensexs 7.38% decline.

The large-cap private sector bank has equity capital of Rs 478.26 crore. Face value per share is Rs 2.

Axis Bank announced that it has reviewed and decided to reduce its marginal cost of funds based lending rates (MCLR) by 10 basis points (bps) in the overnight tenor and by 15 bps across all other tenors with effect from Saturday, 17 December 2016. The banks MCLR for overnight loans will be 8.55%, for one month will be 8.55% and for three months will be 8.75%. The MCLR on 6-month loans will be 8.85% and for one-year loans the rate would be 8.9%, the bank said. MCLR for two-year loans would be at 8.95% and loans with three-year maturity would carry an MCLR of 9%, the bank said.

Axis Banks net profit declined 83.34% to Rs 319.08 crore on 14.15% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015.

Axis Bank is one of the biggest private sector banks in India.

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BLS International Services announces resignation of CFO
Dec 19,2016

BLS International Services announced that Dheeraj Sharma, CFO of the Company has resigned from the post of Chief Financial Officer on 16 December 2016.

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Modi Naturals to hold EGM
Dec 19,2016

Modi Naturals announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 09 January 2017.

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