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Reliance Defence & Engineering reports standalone net loss of Rs 134.50 crore in the June 2016 quarter
Sep 12,2016

Net Loss of Reliance Defence & Engineering reported to Rs 134.50 crore in the quarter ended June 2016 as against net loss of Rs 167.27 crore during the previous quarter ended June 2015. Sales declined 35.15% to Rs 68.93 crore in the quarter ended June 2016 as against Rs 106.29 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales68.93106.29 -35 OPM %2.65-9.69 - PBDT-127.30-116.84 -9 PBT-177.54-170.06 -4 NP-134.50-167.27 20

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Siyaram Silk Mills standalone net profit declines 22.01% in the June 2016 quarter
Sep 12,2016

Net profit of Siyaram Silk Mills declined 22.01% to Rs 10.03 crore in the quarter ended June 2016 as against Rs 12.86 crore during the previous quarter ended June 2015. Sales declined 5.57% to Rs 280.44 crore in the quarter ended June 2016 as against Rs 296.99 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales280.44296.99 -6 OPM %10.5910.47 - PBDT26.2528.72 -9 PBT15.3718.98 -19 NP10.0312.86 -22

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Sobha consolidated net profit rises 1.99% in the June 2016 quarter
Sep 12,2016

Net profit of Sobha rose 1.99% to Rs 35.90 crore in the quarter ended June 2016 as against Rs 35.20 crore during the previous quarter ended June 2015. Sales rose 24.36% to Rs 567.70 crore in the quarter ended June 2016 as against Rs 456.50 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales567.70456.50 24 OPM %17.5623.66 - PBDT69.6072.50 -4 PBT54.2058.90 -8 NP35.9035.20 2

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Direct Tax Collections rises by 15.03% upto August 2016 over corresponding period last year
Sep 12,2016

The figures for Direct Tax Collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.55% while that under PIT (including STT etc.) is 24.06%. However, after adjusting for refunds, the net growth in CIT collections is (-)1.89% while that in PIT collections is 31.76%. Refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is 22.18% higher than the refunds issued during the corresponding period last year.

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Cabinet approves enhancing the buffer stock of pulses up to 20 lakh tonnes
Sep 12,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of Department of Consumer Affairs on enhancing the buffer stock for pulses up to 20 lakh tonnes. The buffer stock will be built through domestic procurement and imports of 10 lakh tonnes each.

The specific variety of pulses and their respective quantities for the buffer stock, their phasing/procurement will be decided based on price and availability position, both domestic and global, and changes, if any, in the procurement plan for the current and subsequent seasons will be with due approvals. Releases from the stock and procurement in subsequent year would be based on the prevailing pulse scenario as well as buffer stock position. Requisite funds for this operation would be provided to the Price Stabilisation Fund Scheme of the Department.

For creating the buffer stock, the domestic procurement operations will be undertaken by the Central Agencies namely FCI, NAFED and SFAC or any other agency as decided by PSFMC at the prevailing market prices if the prevailing market prices are above Minimum Support Prices (MSP), and at MSP, if otherwise. In addition, State Governments may also be authorized, wherever possible, to undertake the procurement in a manner similar to decentralized procurement of food-grains.

Import of pulses under PSF to meet the buffer stock requirements would be undertaken through G2G contract and/or spot purchase from the global market through designated Public Sector Enterprise of Department of Commerce or any other agency designated by PSFMC.

The allocation/release of the pulses from the buffer stock would be made to States/ UTs and Central Agencies. Pulses would also be released through strategic open market sale. For managing the buffer, professional pulses buffer management entity may also be engaged. The exercise will ensure a stable price regime for pulses and will also encourage domestic farmers to increase production of pulses.

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Cabinet apprised of the MoU between India and South Africa in the field of Information and Communication Technologies
Sep 12,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has been apprised of the MoU signed on July 08, 2016 between India and South Africa for promoting bilateral cooperation in the field of Information and Communication Technologies (ICT).

The MoU will help to establish inter-institutional cooperan++tion and relations between the two Parties in order to promote cooperation in the field of ICT.

It will also result in active cooperation and exchanges between the private entities, capacity building institutions, Governments and other public organizations of the two countries in the field of ICT.

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Ashima provides update on surrender of land to Ahmedabad Municipal Corporation
Sep 12,2016

Ashima announced that in reference to the surrender of 58,097 Square Meters of land to Ahmedabad Municipal Corporation on 30 August 2016, no consideration has been received by the Company from Ahmedabad Municipal Corporation towards the said surrender since the surrender of land is in accordance with the applicable GDCR bye-laws/regulations.

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Wipro partners with Vectra Networks
Sep 12,2016

Wipro announced a partnership with Vectra Networks, a Silicon Valley based cybersecurity company that provides automated threat management solutions for real-time detection of in-progress cyber attacks.

Wipro will leverage the Vectra automated threat management platform built with artificial intelligence based on machine learning and behavioural analytics to detect attacker behaviours and user anomalies in the network.

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Cabinet approves initiation of the Third Phase of Technical Education Quality Improvement Programme (TEQIP)
Sep 12,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal for initiation of the Third Phase of Technical Education Quality Improvement Programme (TEQIP).

The Project will be implemented as a Central Sector Scheme with total project outlay of Rs. 3600 crore. However, the project would be initiated with a cost of Rs. 2660 crore, with the possibility of additional financing of Rs. 940 crore at later stage. Out of the Rs.2660 crore, the Central share will be Rs.1330 crore and external assistance from the World Bank through International Development Association (IDA) Credit of Rs. 1330 crore ($ 201.50 million as first tranche).

The project will be implemented with the facility of Direct Funds Transfer to the accounts of beneficiary institutes. The project will be initiated in the current year and will be co-terminus with Fourteenth Finance Commission (FFC) i.e. 2019-20,

The major outcomes of the project are:

(i) Better academic standards, through accreditation, filling up faculty positions, training faculty in better teaching methods, improved research outputs in institution in Focus States/UTs.

(ii) Better administration of the institutions with improved financial/academic autonomy.

(iii) Better systems for assessment of Student Learning, higher transition rates.

(iv) Transparent and expeditious release of funds to institutes by way of Direct Funds Transfer (DFT) System.

An estimated 200 Government / Government aided engineering institutes and Affiliating Technical Universities (ATUs) including the Centrally Funded Technical Institutions (CFTIs) will be selected.

The project will cover all Government / Government aided engineering institutes, ATUs and CFTIs from Focus States/UT. High-performing TEQIP-I/ TEQIP-II Government / Government aided institutes/ATUs across the country would be eligible to participate in twinning arrangements for knowledge transfer, exchange of experience, optimizing the use of resources and developing long-term strategic partnerships.

The Focus States are 7 Low Income States (Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Rajasthan and Uttar Pradesh), 3 Hill States (Himachal Pradesh, Jammu & Kashmir and Uttarakhand), 8 North-Eastern States (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura) and Union Territory of Andaman and Nicobar Islands.

Background:

The Technical Education Quality Improvement Programme (TEQIP) commenced in 2003 with World Bank assistance as a long term programme to be implemented in three phases. The first phase of TEQIP commenced in 2003 and ended on March 31st, 2009. It covered 127 institutes across 13 States including 18 Centrally Funded Technical Institutions (CFTIs). TEQIP-II commenced in August 2010, covering 23 States/Union Territories (UTs) and 191 Institutes (including 26 CFTIs). TEQIP-II is scheduled to conclude in October, 2016. Both projects have had a positive impact on the infrastructure and educational standards in the technical institutions where they were taken up. Institutions in the central, eastern and north-eastern region and hill States are at present in need of similar and specific interventions. The initiation and implementation of the project TEQIP-III will bridge this gap.

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Cabinet approves creation of GST Council and its Secretariat
Sep 12,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:

(a) Creation of the GST Council as per Article 279A of the amended Constitution;

(b) Creation of the GST Council Secretariat, with its office at New Delhi;

(c) Appointment of the Secretary (Revenue) as the Ex-officio Secretary to the GST Council;

(d) Inclusion of the Chairperson, Central Board of Excise and Customs (CBEC), as a permanent invitee (non-voting) to all proceedings of the GST Council;

(e) Create one post of Additional Secretary to the GST Council in the GST Council Secretariat (at the level of Additional Secretary to the Government of India), and four posts of Commissioner in the GST Council Secretariat (at the level of Joint Secretary to the Government of India).

The Cabinet also decided to provide for adequate funds for meeting the recurring and non-recurring expenses of the GST Council Secretariat, the entire cost for which shall be borne by the Central Government. The GST Council Secretariat shall be manned by officers taken on deputation from both the Central and State Governments.

The steps required in the direction of implementation of GST are being taken ahead of the schedule so far.

The Finance Minister has also decided to call the first meeting of the GST Council on 22nd and 23rd September 2016 in New Delhi.

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Asia Pacific Market: Stocks fall on fears of Fed interest rate hike
Sep 12,2016

Asia Pacific share market ended down on Monday, 12 September 2016, as fears the Federal Reserve will soon raise interest rates continued to spook investors out of risky assets. Meanwhile, selloff pressure followed on growing concerns that the European Central Bank and the Bank of Japan may be slowing their monetary policy easing efforts.

Stocks met with selling from the outset of trading after the U.S. Dow Jones industrial average tumbled over 390 points on Friday on the back of growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official.

Federal Reserve Bank of Boston President Eric Rosengren said in a speech, n++My personal view is that a reasonable case can be made for continuing to pursue a gradual normalization of monetary policy,n++ noting, n++It is quite possible that we will reach or even exceed full employment over the course of the next year.n++His remarks splashed cold water on the market as he had been considered a dovish policymaker in the Fed.

Since December, Federal Reserve chair Janet Yellen has repeated that future rate rises would be gradual, depending on jobs growth and inflation rising closer to the Feds target of 2%. However, after nine months without further action, Mr Rosengrens comments have been interpreted as a sign that next weeks Fed meeting may be the time for an overdue rate hike.

Three more Fed officials are expected to speak later on Monday, including board member and noted dove Lael Brainard, who is known to be dovish on rates, and any hint of hawkishness would likely further pressure bonds and equities.

Risk was also off the table on concerns that there is a possible slowdown in the monetary easing efforts of the European Central Bank (ECB) and the Bank of Japan (BoJ) as well. As per reports, the Bank of Japan may look to steepen the Japanese yield curve at a policy review this month, with markets worried that, if it goes down that path, tapering buying of long-dated bonds may be among the options. Super-low bond yields have made returns on equities seem relatively more attractive, so any sustained climb in yields would likely weigh on stock valuations.

Crude Oil prices extended Fridays 4% fall in Asia after reports showed increasing drilling activity in the United States, indicating that producers can operate profitably around current levels and bring on new supply. Brent crude was off 47 cents, or about 0.98%, at $47.54 a barrel, while U.S. crude lost 59 cents to $45.27.

Among Asian bourses

Australia ASX200 sinks 2.24%

Australian share market declined, as investor sentiment was rattled by tracking steep plunge in Wall Street on Friday amid concerns that the US Federal Reserve could be considering an imminent interest rate hike. All ASX sectors declined, with materials and resources, industrials, energy, realty, and financial issue being major losers. At close of trade, the benchmark S&P/ASX 200 index stumbled 119.60 points, or 2.24%, to 5,219.60, while the broader All Ordinaries index has lost 121.40 points, or 2.23%, to 5,319.10.

Resources and energy stocks were under severe pressure as a strengthening US dollar weighed heavily on commodities. In the mining space, mining giant BHP Billiton skidded 4% to A$19.94, its primary rival Rio Tinto lost 2.5% to A$47.41 and iron ore miner Fortescue weakened 5.1% to A$4.70. Among oil stocks, Oil Search sank 2.7% to A$6.58, Woodside Petroleum 2.7% t A$27.57, and Santos 5.3% to A$3.79 after crude oil prices extended Fridays 4% fall in Asia after reports showed increasing drilling activity in the United States, indicating that producers can operate profitably around current levels and bring on new supply.

All big four banks fell, with Commonwealth Bank erasing 0.9% to a five-month low of A$70.22, while National Australia Bank dropped 2.6% to a one-month low of A$26.60, Westpac lost 1.7% to A$29.03, and ANZ fell 2.1% to A$26.19.

Japan Stocks tumble on rising US rate hike bets

The Japan share market ended steep lower, dragged down by renewed fears of a US Federal Reserve interest rate hike in the near term and a slump in oil prices. Meanwhile, risk aversion selloff fuelled further amid concerns that the European Central Bank and the Bank of Japan may be slowing their monetary policy easing efforts. Every industry category on the main section lost ground, led by mining, iron and steel, and financial issues. The 225-issue Nikkei lost 292.84 points, or 1.73%, to finish at 16,672.92 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 20.76 points, or 1.54%, to close at 1,323.10

Export-oriented names were downbeat, including automaker Toyota, camera maker Canon, electronic parts producer Murata Manufacturing and industrial robot maker Fanuc. Oil wholesalers Inpex, Japex and JX Holdings also met with selling, due to lower crude oil prices.

Kumiai Chemical Industry sagged 12.4%, after the agrochemical manufacturer on Friday downgraded its profit forecast for the business year through October.

Ono Pharmaceutical shed 2.8%, after the Nikkei business daily reported Saturday that a U.S. cancer drug is set to be approved by the Japanese government for treatment, the first rival product for the drugmakers Opdivo.

Don Quijote Holdings declined 3.1%, after the discount store operator said Friday its sales in August fell from a year earlier on a same-store basis.

Benesse Holdings was down 2.4%, after the correspondence education service provider said Friday it will replace its president in October following a reshuffle only three months ago, raising concern about the firms management.

Coca-Cola East Japan gained 1.4%, after the beverage company on Friday upgraded its profit projection for the business year through December.

China Stocks retreat on possible U.S. rate hike

Mainland China stock market closed lower, as investors sold stocks and riskier assets, including commodities, on fresh talk of an interest rate hike by the Federal Reserve in the near term. Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 1.67%, to 3,262.60 points, while the Shanghai Composite Index lost 1.85% to 3,021.98 points.

Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. Zhongjin Gold lost 5.82% to close at 12.31 yuan and Ping An Bank fell 2.35% to close at 9.16 yuan.

Hong Kong Market stumbles 3.36%

The Hong Kong stock market fell back sharply, dragged down by a plunge in U.S. equities late last week amid growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official. The benchmark Hang Seng Index stumbled 809.10 points, or 3.36%, to 23290.60 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 403.89 points, or 4.02%, to 9654.08. Turnover decreased to HK$94.6 billion from HK$116.8 billion on Friday.

Belle (01880) was unchanged at HK$5.18, becoming the best performing blue chip. The company reported 2Q footwear SSS declined 10%, but both Macquarie and Credit Suisse issued bullish comment on the companys outlook.

Property counters were lower on rising expectations for rate hike. CK Property (01113) slipped 3.8% to HK$56.25. Henderson Land (00012) softened 3.4% to HK$45.8.

Chinese banks are actively launching different measures to speed up the disposal of bad debts. CCB (00939) plunged 5.4% to HK$5.77. ICBC (01398) slid 4.6% to HK$4.83. BOC (03988) fell 4.3% to HK$3.56. AAC Tech (02018) dived 8.4% to HK$79.3. It was the worst blue-chip loser today.

Oil majors were lower as oil prices slid 4%. Sinopec (00386) fell 2.7% to HK$5.42. CNOOC (00883) slipped 2.7% to HK$9.43.

India Nifty settles at 2-week low

Indias benchmark stock indices fell the most in two-and-a-half months, in line with a meltdown in world equities, as fears that the US Federal Reserve may raise rates as early as September triggered a flight to safety. The barometer index, the S&P BSE Sensex, lost 443.71 points or 1.54% to settle at 28,353.54. The Nifty fell 151.10 points or 1.7% to settle at 8,715.60. The Sensex settled at almost 2-week low.

Banks stocks declined after Fitch Ratings has said in a report that the progressive increase in minimum capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. State-run banks are the most at risk, given their poor existing capital buffers and weak prospects for raising capital through market channels, Fitch said. Fitch estimates that Indian banks will require around $90 billion in new capital by FY 2019 to meet Basel III standards, with the state banks accounting for about 80% of the total. According to Fitch, state-run banks will continue to face difficulties in raising capital from the market, which will keep their Viability Ratings under pressure and will weigh on the sector outlook.

Housing Development and Infrastructure (HDIL) fell 10.85% after consolidated net profit fell 30% to Rs 40.89 crore on 2.7% decline in total income to Rs 265.21 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016. HDIL said that it follows project completion method and accordingly results on quarter to quarter basis may not be comparable.

Reliance Defence & Engineering dropped 13.51% after the company reported net loss of Rs 134.50 crore in Q1 June 2016 compared with net loss of Rs 167.27 crore in Q1 June 2015. Total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Lanco Infratech shed 6.43% after the company reported consolidated net loss of Rs 448.88 crore in Q1 June 2016 higher than net loss of Rs 316.27 crore in Q1 June 2015. Net total income from operations rose 10.1% to Rs 1727.99 crore in Q1 June 2016 over Q1 June 2015..

Elsewhere in the Asia Pacific region: South Koreas KOSPI index fell 2.3% to 1991.50. Taiwans Taiex index slumped 1.2% to 8947.06. Stock market in Singapore, Malaysia, and Indonesia closed for official holiday.

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Cabinet apprised of the MoU between India and Mozambique on cooperation in the field of Youth Affairs
Sep 12,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has been apprised of the MoU signed on July 07, 2016 between India and Mozambique on cooperation in the field of Youth Affairs and Sports during the visit of Prime Minister of India to Mozambique.

This MoU will help in promotion of sports in the two countries and will promote exchange of ideas, values and culture amongst Youth and in developing friendly relations.

It will also help in developing international perspective among the Youth and expanding their knowledge and expertise in the areas of Youth Affairs and Sports.

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Chandni Textiles Engineering Industries commences production of plastic mold crates at new plant in Nashik
Sep 12,2016

Chandni Textiles Engineering Industries announced the Commencement of Commercial Production of Plastic molded Crates from our new plant situated at Nasik, located in Maharashtra State with effect from 12 September 2016.

This project will facilitate the Company in materializing its plan to expand the business activities by diversifying into manufacturing of crates and other plastic products and thus avail the opportunities available in the retail sector.

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Hong Kong Market stumbles 3.36%
Sep 12,2016

The Hong Kong stock market fell back sharply on Monday, 12 September 2016, dragged down by a plunge in U.S. equities late last week amid growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official. The benchmark Hang Seng Index stumbled 809.10 points, or 3.36%, to 23290.60 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 403.89 points, or 4.02%, to 9654.08. Turnover decreased to HK$94.6 billion from HK$116.8 billion on Friday.

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China Stocks retreat on possible U.S. rate hike
Sep 12,2016

Mainland China stock market closed lower on Monday, 12 September 2016, as investors sold stocks and riskier assets, including commodities, on fresh talk of an interest rate hike by the Federal Reserve in the near term. Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 1.67%, to 3,262.60 points, while the Shanghai Composite Index lost 1.85% to 3,021.98 points.

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