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Wipro may gain on good Q4 results
Apr 26,2017

Wipros consolidated net profit rose 7.2% to Rs 2267 crore on 4.86% rise in total income to Rs 15033.80 crore in Q4 March 2017 over Q3 December 2016. The result was announced after market hours yesterday, 25 April 2017.

Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board said that the company is confident that the recovery in energy and utilities and demonstrated strength in digital will help improve growth trajectory during the course of the current financial year.

LIC Housing Finances net profit rose 18.12% to Rs 529.18 crore on 11.85% rise in total revenue to Rs 3661.86 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 25 April 2017.

Axis Bank announces Q4 results today, 26 April 2017.

Mahindra & Mahindra (M&M) annoucned that Mahindra Overseas Investment Company (Mauritius) (MOICML), a wholly owned subsidiary of the company, has acquired 100% of the equity share capital of Mahindra Automotive North America Inc. (MANA) in USA. In view of this, MANA has become a wholly owned subsidiary of MOICML and in turn, of the company with effect from 25 April 2017. The announcement was made after market hours yesterday, 25 April 2017.

Adani Ports and Special Economic Zone (APSEZ), achieved a new milestone in the ports infrastructure industry in India, with a strategic collaboration with CMA Terminals (CMAT) - part of the France based CMA CGM group, owner of one of the worlds leading Container Carriers and port operators.

Pursuant to a joint venture agreement signed in July 2014 between APSEZ and CMAT, now marked a watershed moment, when these two conglomerates operationalised the new container terminal named Adani CMA Mundra Terminal Private Limited (ACMTPL).

The establishment of this brand new state-of-the-art container terminal offers Indias trade with another world class facility on the West coast of India, strategically located in closer proximity to the vast North and Central Indian hinterlands. The relatively advantageous location has made Mundra port ideally poised to position itself as the major gateway port forthe Indias western coast.

This new container terminal, which is now operational has been commissioned three months ahead of schedule, will serve to showcase the strengthening national ties between Indian and French economies and is a great initiative between a leading India conglomerate and global shipping and ports company. The announcement was made after market hours yesterday, 25 April 2017.

Seshasayee Paper and Boards informed that revenue officials of the Tirunelveli District, Tamil Nadu, have temporally suspended drawal of water from River Thamirabharani for industrial use including the companys unit at Tirunelveli from 1 May 2017. The announcement was made after market hours yesterday, 25 April 2017.

Dilip Buildcon announced that three separate special purpose vehicles (SPV) companies have been incorporated for the respective projects after the receipt of letter of award from the National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) for three projects in a single stretch in Maharashtra as announced in March. The announcement was made before market hours today, 26 April 2017.

VA Tech Wabag announced that VA Tech Wabag (Spain) S.L.U, Spain, the companys wholly owned subsidiary is liquidated. The announcement was made after market hours yesterday, 25 April 2017.

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Indian Hotels Co announces resignation of director
Apr 25,2017

Indian Hotels Co announced that Shapoor Mistry has resigned as a Director of the Company with immediate effect.

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HCL Technologies allots 39,240 equity shares
Apr 25,2017

HCL Technologies has allotted 39,240 Equity Shares of Rs.2/- each, bearing distinctive No(s). 1,42,69,05,345 to 1,42,69,44,584 under the 2004 Stock Option Plan of the Company on 25 April 2017. Consequent to the said allotment, the paid-up share capital of the Company has gone up to 1,42,69,44,584 equity shares of Rs.2/- each aggregating to Rs. 2,85,38,89,168 /-.

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Tata Consultancy Services fixes record date for buyback of shares
Apr 25,2017

Tata Consultancy Services has fixed 08 May 2017 as record date for the purpose of determining the entitlement and the names of the Equity Shareholders who shall be eligible to participate in the buyback offer of the Company.

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Kewal Kiran Clothing to pay interim dividend
Apr 25,2017

Kewal Kiran Clothing announced that interim dividend will be paid on 12 May 2017.

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Kewal Kiran Clothing fixes record date for interim dividend
Apr 25,2017

Kewal Kiran Clothing has fixed 08 May 2017 as record date for interim dividend for FY 2017-18.

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Rajkumar Forge gets ratings assigned for bank facilities
Apr 25,2017

Rajkumar Forge has been assigned the following ratings to the Companys bank facilities by India Ratings and Research -

Fund based working capital facilities (Rs 5 crore) - IND A-(SO)/ Stable
Post Shipment demand loan (Rs 5 crore) - IND A-(SO)/ Stable
Non fund based working capital facilities (Rs 2.75 crore) - IND A2+(SO)
Term loan (Rs 2.25 crore) - IND A-(SO)/ Stable

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USG Tech Solutions announces resignation of CFO
Apr 25,2017

USG Tech Solutions announced the resignation of Geeta as CFO with effect from 25 April 2017.

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Persistent Systems and Partners HealthCare enter into strategic collaboration
Apr 25,2017

Persistent Systems and Partners HealthCare, founded by Brigham and Womens Hospital and Massachusetts General Hospital, announced a strategic collaboration to develop a new industry-wide open source platform with the goal of bringing digital transformation to clinical care.

Persistent will help the digital transformation of clinical cares at Partners and together with Partners, develop an open source platform to lower the barriers for knowledge exchanges across healthcare providers and enable new generation of decision support apps in the clinical environment.

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Sylph Education Solutions CFO resigns
Apr 25,2017

Sylph Education Solutions announced that in the board meeting held on 16 September 2016, the Board of Directors of the Company has accepted the resignation of Anjali Batreja from the post of Chief Financial Officer of the company with effect from 16 September 2016.

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Transpek Industry gets ratings upgrade for FD programme
Apr 25,2017

Transpek Industry has upgraded the rating from CRISIL on the Rs 22.62 crore Fixed Deposit Programme to FA/ Stable from FA-/Stable.

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Shares of Mavi Industries get delisted from NSE
Apr 25,2017

Mavi Industries announced that the shares of the Company will be delisted from National Stock Exchange with effect from 02 May 2017.

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Genesys International Corporation allots 51,200 equity shares
Apr 25,2017

Genesys International Corporation announced that the Compensation Committee at its meeting held on 25 April 2017 has approved the allotment of 51,200 equity shares of face value of Rs. 5.00 each pursuant to the exercise of the stock options by the eligible employees of the company under the Genesys ESOP Scheme -2010.

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Indiabulls Housing Finance allots NCDs aggregating Rs 225 crore
Apr 25,2017

Indiabulls Housing Finance has on 25 April 2017, allotted its twenty-first tranche of Secured, Redeemable, Non-Convertible Debentures of face value Rs. 10 lakh each (NCDs) aggregating to Rs.225 crore on private placement basis.

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World Bank Board Approves US$ 116.20 Million Project to Strengthen Capacity of Urban Bodies in Madhya Pradesh, India
Apr 25,2017

The World Bank Board approved a US$116.20 million loan for the Madhya Pradesh Urban Development Project to strengthen the financial and administrative capacity of the Madhya Pradesh Urban Development Company (MPUDC). MPUDC will serve as a nodal implementing agency for the state and support Urban Local Bodies (ULBs) to implement citywide infrastructure improvement projects.

Based on the World Banks previous engagement with similar state municipal finance agencies in Tamil Nadu and Karnataka, as well as its international experience in developing and strengthening similar institutions, the Government of Madhya Pradesh (GoMP) has now sought World Bank support for the institutional development of the MPUDC to help improve key urban services provided by ULBs, mainly in the areas of water and sanitation. MPUDC will also support GoMP prepare a plan for developing the Bhopal Indore Super Corridor (BISCO) region.

The project will support urban policy reforms in the state as identified under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), a mission aimed at transforming 500 cities and towns into efficient urban living spaces. At least 51 ULBs have been selected to implement these reforms.

Over 850,000 urban residents, of which at least 45 percent will be women, are expected to benefit directly through access to improved urban services across a range of urban sectors, mostly water and sanitation. With the consolidation of MPUDC as a nodal implementing agency of the state, many more residents are expected to be benefited through a series of investments undertaken by other development agencies and central government schemes.

Over the years Madhya Pradesh has undertaken some key reform actions in the urban sector like the enactment of the Madhya Pradesh Public Services Guarantee Act to ensure timely delivery of essential municipal services from a single window; establishment of citizen facilitation centers; introduction of common tendering and integrated computerized standard schedule of rates; design of a municipal e-governance system for all ULBs in the state (e-Nagar Palika); and development of automated building plan permission systems among others.

However, the state continues to face relatively low levels of access to basic services such as water, sewerage, street lighting, refuse disposal, and lighting. Three in ten poor people in urban MP have no access to piped water; and over half have no sanitation.

The project will support six areas of urban policy reforms for 51 ULBs. They include reforms related to property tax, user charges, advertisement tax, accounting, budgeting, and credit improvement. It will help improve the efficiency in property tax collection, develop a state-level policy for user charges, monitor reforms to ensure that all ULBs migrate completely to double entry accrual systems as part of its e-Nagar Palika initiative, and revamp the budgeting process in certain ULBs to enable them to clearly forecast their increased financial obligations to manage investments, among others. These reform areas have been selected from the list of reforms identified by the national AMRUT program.

Climate change co-benefits

Madhya Pradesh is considered to be vulnerable to climate change. It is highly susceptible to variations in distribution and patterns of rainfall, which, in turn, affects access to drinking water currently sourced largely (almost 95 percent) from underground sources. The 2014 MP State Action Plan on Climate Change (SAPCC) has identified water pollution as a critical area of concern, and treatment of municipal wastewater is a stated priority of the government. This project will address some of the climate vulnerabilities through its infrastructure investments. It is estimated that US$36.5 million or 31.4 percent of the loan will result in climate change co-benefits through investments in water supply and sewerage.

n++The objective of this project is to develop institutions to ensure that good-quality urban infrastructure projects are made sustainable at the local level. The focus of this project is to support the Government of Madhya Pradesh develop the right rules, procedures, human capital and technical capacity of the MPUDC so that it can strengthen the ULBs to perform efficiently,n++ said Uri Raich and Abhijit Ray, World Banks Senior Urban Specialists and co-Task Team Leaders for the project.

The loan, from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period and a final maturity of 35 years.

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