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TCS may gain after announcing good Q2 results
Oct 14,2016

IT major TCS reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.

Commenting on the companys Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the companys disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.

Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.

Infosys announces Q2 results today, 14 October 2016.

Wipro announced the launch of Treasury DNA Decisions and Analytics platform that will digitally enable global treasuries using cloud technologies. Treasury DNA is powered by BELLINs tm5, a leading treasury management systems provider. The announcement was made yesterday, 13 October 2016.

Yes Bank announced that a meeting of the board of directors of the bank will be held on 20 October 2016, to consider Q2 results and to update on QIP and fund raising by way of QIP and debt issues, under the current shareholders approval which is valid till 6 June 2017. The announcement was made yesterday, 13 October 2016.

PSU OMCs will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, approved the mechanism for revision of ethanol price for supply to Public Sector Oil Marketing Companies (OMCs) to carry out the Ethanol Blended Petrol (EBP) Programme.For the next sugar season 2016-17 during ethanol supply period from 1st December, 2016 to 30th November, 2017, the administered price of ethanol for the EBP Programme will be Rs 39 per litre. Additionally, charges will be paid to the ethanol suppliers as per actuals in case of Excise Duty and VAT/GST and transportation charges as decided by OMCs. If the need arises to increase/reduce the retail selling price of petrol by PSU OMCs, then such increase/reduction would proportionately factor in the requirement of maintaining the fixed cost of purchase of ethanol during the ethanol supply year.

The prices of ethanol will be reviewed and suitably revised by Government at any time during the ethanol supply period that is from 1st December, 2016 to 30th November, 2017 depending upon the prevailing economic situation and other relevant factors. The revision in ethanol prices will facilitate the continued policy of the Government in providing price stability and remunerative prices for ethanol suppliers.

Lux Industries said that the companys rating for Long Term Bank Facilities have been revised by CARE from CARE A (Single A) to CARE A+ (Single A plus). The rating for Short Term Bank Facilities have been revised by CARE from CARE A1 (A One) to CARE A1 + (A One plus). The announcement was made after market hours yesterday, 13 October 2016.

Shreyas Shipping & Logistics said that the companys wholly owned subsidiary Shreyas Relay Systems has decided to sell its stake of 51% in SRS Freight Management to BSL Freight Solutions. The announcement was made after market hours yesterday, 13 October 2016.

Future Enterprises announced that the committee of directors of the company at a meeting held on 13 October 2016, considered, approved & allotted of 250, 9.75% secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each (NCD Series XV - A) and 250, 9.8% secured redeemable NCDs of Rs 10 lakh each, (NCD Series XV - B) aggregating to Rs 50 crore, on private placement basis. The announcement was made yesterday, 13 October 2016.

Reliance Industrial Infrastructures net profit fell 19.33% to Rs 3.38 crore on 7.72% rise in total revenue to Rs 26.10 crore in Q2 September 2016 over Q2 September 2015. The result was announced yesterday, 13 October 2016.

Karnataka Bank has fixed 25 October 2016 as record date for issue of shares on rights basis. The announcement was made after market hours yesterday, 13 October 2016.

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IndusInd Bank may gain on good Q2 results
Oct 13,2016

IndusInd Banks net profit rose 25.75% to Rs 704.26 crore on 23.97% increase in total income to Rs 4439.72 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Wednesday, 12 October 2016. It is to be noted that the stock market was shut on Tuesday, 11 October 2016 and Wednesday, 12 October 2016.

The banks gross non-performing assets (NPAs) stood at Rs 899.01 crore as on 30 September 2016 as against Rs 860.64 crore as on 30 June 2016 and Rs 602.10 crore as on 30 September 2015.The ratio of gross NPAs to gross advances stood at 0.90% as on 30 September 2016 as against 0.91% as on 30 June 2016 and 0.77% as on 30 September 2015.

The ratio of net NPAs to net advances stood at 0.37% as on 30 September 2016 as against 0.38% as on 30 June 2016 and 0.31% as on 30 September 2015. The banks provisions and contingencies (excluding tax provisions) rose 35.29% to Rs 213.88 crore in Q2 September 2016 over Q2 September 2015.

IT major TCS announces Q2 results today, 13 October 2016.

Shares of Mahindra & Mahindra (M&M) will be in focus. SsangYong Motor Company, part of the Mahindra group on Wednesday, 12 October 2016 announced that as a part of its effort to grow in China, the company signed a letter of intent with the Shaanxi Automobile Group for a joint venture that will establish a local production for CBU vehicles. The joint venture, which will become SsangYongs first overseas production base, in a 50/50 partnership with the Shaanxi Automobile Group, will construct production facilities for CBU vehicles and an engine plant. The first phase of construction will establish a plant with an annual capacity of 150,000 units per year by the end of 2019 and the second phase will involve an expansion of the facilities to 300,000 units annnually. Further, SsangYong will establish an automotive cluster with its major suppliers that will also enter the market, to ensure product competitiveness, and start the production of SsangYongs current models and models under development, in the second half of 2019.

ICICI Bank announced on Wednesday, 12 October 2016, that it has notified The Bank of New York Mellon (Trustee) that all outstanding 7.25% perpetual non-cumulative subordinated debt securities (Notes) of the bank will be redeemed in full on 31 October 2016 (redemption date) at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to the redemption date. The amount of accrued and unpaid interest with respect to the Notes to the redemption date will be $36.25 on each $1,000 of Notes. The redemption price including the amount of accrued and unpaid interest with respect to the Notes for all outstanding Notes on the redemption date will be $1036.25 for each $1,000 of Notes. ICICI Bank acting through its Bahrain branch had issued a $340,000,000 7.25% perpetual non-cumulative subordinated debt securities on 24 August 2006 with an optional redemption by the bank on 31 October 2016, or on any subsequent interest payment date.

Dr Reddys Laboratories announced yesterday, 10 October 2016 that it has launched Lamotrigine Orally Disintegrating Tablets in 25 mg, 50 mg, 100 mg and 200 mg, a therapeutic equivalent generic version of Lamictal ODT (lamotrigine) Orally Disintegrating Tablets in the United States market approved by the United States Food & Drug Administration (USFDA). The Lamictal ODT brand and generic had US sales of approximately $65.5 million MAT for the most recent twelve months ended in July 2016 according to IMS Health. Lamictal ODT is a registered trademark of GSK group of companies. The announcement was made after market hours yesterday, 10 October 2016.

GAIL (India) on Monday, 10 October 2016, announced that it has received intimation from the Ministry of Petroleum and Natural Gas that the Cabinet Committee on Economic Affairs (CCEA) approved 40% capital grant (limited to Rs 5176 crore) of the estimated capital cost of Rs 12940 crore to GAIL (India) for execution Jagdishpur-Haldia/Bokaro-Dhamra gas pipeline (JHBDPL) project by 2020. The announcement was made after market hours on Monday, 10 October 2016

Tata Motors announced that the company is desirous of offering the fifth series of its rated, listed, unsecured, redeemable, non convertible debentures (NCDs) aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted committee of the board of directors on 18 October 2016. The issuance is pursuant to the approval of the shareholders passed vide special resolution at the 71th Annual General Meeting of the company held on 9 August 2016 and the board of directors resolution passed at its meeting held on 26 August 2016. The announcement was made on Wednesday, 12 October 2016.

Cipla announced that it has received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its Indore facility indicating formal closure of the US FDA inspection conducted in July/August, 2015. The announcement was made on Wednesday, 12 October 2016.

HDFC announced that pursuant to the approval of the board of directors of the company at its meetings held previously, the company is contemplating, subject to market conditions, undertaking the fourth issuance of Rupee denominated bonds to overseas investors. The issue size of the bonds will be up to Rs 500 crore. The issue will open on 14 October 2016 and closes on the same day. The pricing and the tenure of the bonds to be issued pursuant to the said issue will be intimated in due course. The announcement was made before market hours today, 13 October 2016.

Majesco announced a partnership with Life.io, a digital consumer engagement platform, transforming how insurers relate to their customers through monitoring and analyzing their behavior, preferences and more through realtime data integration. The announcement was made on Wednesday, 12 October 2016.

Life.io helps insurers evolve to meet the needs of a new demographic of consumers, transforming how insurers relate to them by gaining insight that enables insurers to offer the right product at the right time based on their life-stage. The Life.io platform integrates with new technologies such as wearables and health applications to provide new sources of data to understand, assess, underwrite and service customers, encouraging healthy lifestyles while improving insurers operational and risk management results.

As a part of this partnership, the two companies are integrating Life.ios Consumer Engagement platform into Majesco DigitalConnect and Majescos core systems software to enhance the user-experience, improve risk management and support smarter selling and marketing of life insurance to consumers and customers throughout their life-stages. The Majesco DigitalConnect platform enables insurers to integrate new and innovative content, data, and collaboration capabilities together to provide a cohesive digital experience for an insurers customers.

Blue Dart Express net profit fell 20.68% to Rs 42.80 crore on 1.55% rise in total income to Rs 670.21 crore in Q2 September 2016 over Q2 September 2015. The result was announced on Wednesday, 12 October 2016.

KEC International announced that it has secured new orders worth Rs 1192 crore. The announcement was made on Wednesday, 12 October 2016.

Sagar Cements announced that a meeting of the board of directors of the company is being convened to be held on 19 October 2016, to consider proposals for setting up of a coal based power plant at companys unit in Mattampally, Nalgonda district, Telangana and for expanding the capacity of the grinding unit in Bayyavaram, Vizag district, Andhra Pradesh and to raise funds for the purpose. The announcement was made on Wednesday, 12 October 2016.

Titan Company announced that the company is exploring opportunities in personal lifestyle categories. The company has since inception been exploring opportunities in personal lifestyle categories. One such category is special occasion ethnic wear for women which will now be piloted for understanding consumer attitudes and preferences. The pilot, which may include setting up a few stores, is expected to last about 12 months at the end of which the company will take a decision on the future course of action. The announcement was made on Wednesday, 12 October 2016.

Gruh Finances net profit rose 19.86% to Rs 61.98 crore on 17.84% rise in total income to Rs 367.43 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 October 2016.

Asian Granito India (AGIL) announced on Wednesday, 12 October 2016 that it has completed a major expansion at its step subsidiary Crystal Ceramics Industries (Crystal Ceramics). AGIL acquired Artistique Ceramic in FY 2015-16 through amalgamation scheme which holds 70% in Crystal Ceramics through Kediya Ceramics. Kamlesh Patel, Chairman and Managing Director of AGIL said that acquisition of Crystal Ceramics was a strategic decision as along with the product range it also enjoyed a natural gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day, he said. The new plant will be making double charged vitrified tiles in the large format of 800x800 mm and 1000x1000 mm for domestic as well exports, Patel said. AGIL also has the required infrastructure for future expansion at Crystal Ceramics, he added.

IL&FS Engineering and Construction Company announced on Wednesday, 12 October 2016, that IL&FS Engineering Services has received the fax of acceptance (FOA) from Gas Authority of India (GAIL) for a pipeline laying contract worth Rs 162.58 crore.

Cera Sanitaryware announced on Wednesday, 12 October 2016 that commercial production at the companys associate LLP Packcart Packaging LLP has started successfully.

Borosil Glass Works announced on Wednesday, 12 October 2016 that the company has made an investment of Rs one million dirhams, equivalent to approximately Rs 1.82 crore by way of subscription in one additional share of Borosil Afrasia FZE, its wholly owned subsidiary in UAE, Dubai.

Jagran Prakashan announced that Music Braodcast Limited, subsidiary of the company has commenced broadcast from its radio station at Kanpur location (which was acquired under Phase 3 auctions held last financial year) on 10 October 2016. The countrys leading radio network redefined radio entertainment in Kanpur with a power packed launch of Radio City Kanpur 104.8. The announcement was made on Tuesday,11 October 2016.

Polyplex Corporation announced that consequent upon sale of shares of Polyplex (Thailand) Public Company Limited, Thailand, by companys step down wholly owned subsidiary viz. Polyplex (Asia) Pte. Limited, Singapore, the effective stake of the company in Polyplex Thailand has decreased from 54.084% to 51%. The announcement was made after market hours on Friday, 10 October 2016.

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JSW Steel may gain after Karnataka govt declares it as preferred bidder in 5 mines
Oct 10,2016

RBL Bank, NeoGrowth Credit Pvt. Ltd and Overseas PrivateInvestment Corporation (OPIC), the US Governments development finance Institution have jointly committed to provide financing for small and medium enterprises (SMEs) in the Indian retail space. The announcement was made after market hours on Friday, 7 October 2016.

RBL Bank, one of Indias fastest growing private sector banks, will lend to NeoGrowth to enable it to provide loans to SMEs excluded from mainstream funding. This financing will be backed by a $5 million loan guarantee from OPIC. NeoGrowth, a non-banking finance institution, uses innovative technology to serve the funding requirements of SMEs, which do not get loans easily from commercial banks owing to their small size, inadequate credit history and lack of collateral. RBL Banks loan will allow NeoGrowth to provide loans ranging from Rs 2 lakh to Rs 75 lakh to the retail SMEs.

JSW Steel announced that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The announcement was made after market hours on Friday, 7 October 2016.

A2Z Infra Engineering announced that it has received a contract from Jharkhand Urja Sancharan Nigam (JUSNL) for design, engineering, supply, erection, testing and commissioning on turnkey basis of deposit work of Steel Authority of India (SAIL). Total contract price of the work is around Rs 96 crore. The announcement was made after market hours on Friday, 7 October 2016.

JK Paper announced that it has acquired all the remaining 16,865 shares or 1.03% of JK Enviro-Tech Limited (JKETL), the subsidiary of the company and consequently, JKETL has now become a wholly owned subsidiary of the company. The announcement was made after market hours on Friday, 7 October 2016.

Power Grid Corporation of India announced that POWERGRID Vizag Transmission, a wholly owned subsidiary of the company, secured though Tariff Based Competitive Bidding (TBCB), has successfully completed the element Srikakulam - Vemagiri 765 kV D/c line on 30 September 2016. The other element of the project Khammam - Nagarjunasagar 400kV D/C was completed in last financial year. With the completion of both the elements, the project required to be established by POWERGRID Vizag Transmission Limited has been completed. The announcement was made after market hours on Friday, 7 October 2016.

Shriram City Union Finance announced that the Banking and Securities Management Committee as empowered by the companys board of directors in its meeting held on 7 October 2016 allotted 1,000 secured non convertible redeemable debentures of face value of Rs. 10 lakh each aggregating to Rs 100 crore to two investors of the company. The announcement was made after market hours on Friday, 7 October 2016.

Adani Transmission (ATL), the largest private power transmission company operating in India, completed the acquisition of 74% shares of Maru Transmission Service Company Limited (MTSCL) and 49% shares of Aravali Transmission Service Company Limited (ATSCL). While payment has been made for 100% stake in both the companies, the remaining stake in both the companies will be transferred to ATL in a manner consistent with the Transmission Service Agreement. This acquisition is in sync with ATL strategy to enhance the value for its stakeholders, through organic as well as inorganic growth. The announcement was made after market hours on Friday, 7 October 2016.

With this, cumulative network of ATL will reach around 10900 ckt kms, out of which approximate 9000 ckt kms are under operation (including 3500 ckt kms under process of acquisition) and approximate 1900 ckt kms are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefit of scale driving in terms of cost optimization and shared resources.

Recently, the company has successfully concluded two capital market fund raising programmes - USD Bond with overwhelming responses from global investors across Asia, USA, London and rupee denominated INR Offshore bond (Masala Bond).

Speciality Restaurants announced on Saturday, 8 October 2016 closure of Sweet Bengal confectionery by the company at Mumbai.

Sunil Hitech Engineers announced after market hours on Friday, 7 October 2016 that the meeting of the board of directors of the company is scheduled to be held on 11 October 2016, to consider the issue of bonus shares and the issue of convertible warrants to the promoters and non-promoters.

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Kotak Mahindra Bank in focus after reducing base rate
Oct 07,2016

Kotak Mahindra Bank announced that it has revised its base rate downwards by 10 basis points (bps) to 9.4% per annum with effect from 7 October 2016. All categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate. The announcement was made after market hours yesterday, 6 October 2016.

Canara Bank announced that the bank has effected downward revision in the base rate by 5 basis points (bps) from 9.65% to 9.6% effective from 11 October 2016. The announcement was made after market hours yesterday, 6 October 2016.

Reliance Industries (RIL) before market hours today, 7 October 2016 said that Reliance Jio Infocomm (RJIL) has successfully acquired the right to use 269.2 MHz (UL+DL) spectrum across all 22 service areas in India in the recently concluded spectrum auction conducted by DOT, Government of India. Through this acquisition, RJILs total spectrum footprint has increased to 1,108 MHz (UL+DL) with an average life of over 16 years, further strengthening its leadership position in liberalized spectrum holdings. RJILs spectrum footprint ensures availability of spectrum in all the three bands across the country and enhances its network capacity at negligible incremental capital and operating expenditure.

Bharti Airtel before market hours today, 7 October 2016 announced that it has acquired 173.8 Mhz spectrum across 1800/2100/2300 MHz bands for a total consideration of Rs 14244 crore in the latest spectrum auction conducted by the Department of Telecom, Government of India. Airtel said it has further strengthened its pan-India spectrum portfolio and secured its spectrum requirements for the next 20 years. The company now has 4G and 3G spectrum in all circles, giving it the widest mobile broadband footprint across the country.

Idea Cellular announced before market hours today, 7 October 2016 that the company has successfully completed its pan-India mobile broadband footprint and significantly boosted its capacity spectrum portfolio in the recently concluded spectrum auction conducted by DOT, Government of India. Idea is now well equipped to offer 4G services on its own spectrum across 20 service areas including 9 new service areas. It has also procured 3G spectrum in Bihar & Rajasthan extending its capability to offer 3G services to 15 service areas.

Tata Steel announced that its hot metal production rose 17% to 3.12 million tonnes in Q2 September 2016 over Q2 September 2015. Crude steel production rose 13% to 2.82 million tonnes in Q2 September 2016 over Q2 September 2015. Saleable steel production increased by 11% to 2.71 million tonnes in Q2 September 2016 over Q2 September 2015. The companys sales rose 12.44% to 2.62 million tonnes in Q2 September 2016 over Q2 September 2015. The announcement was made after market hours yesterday, 6 October 2016.

Fiem Industries announced that it has signed a technology license and assistance agreement (TAA) with Aisan Industry Co., Ltd., Japan and Toyota Tsusho Corporation, Japan for manufacturing of Canister. The announcement was made after market hours yesterday, 6 October 2016. Fiem Industries see this as a big opportunity of diversification into new product line. The company aims to supply the Canister to all its existing original equipment manufacturers (OEM) as well as target new customers. Canister is an emission control system product which will have huge market in India due to implementation of stricter emission norms for two-wheelers and three-wheelers as it will become mandatory from 1 April 2017. The Canister will be manufactured by Fiem Industries with the technical support of Aisan Industry Co., Ltd for two-wheelers and three-wheelers in Indian market.

SREI Infrastructure Finance announced that the company has allotted 29.33 lakh non convertible debentures (NCDs), aggregating to Rs 293.36 crore on 6 October 2016. The announcement was made after market hours yesterday, 6 October 2016.

Jaiprakash Associates announced that the board of directors of Jaiprakash Power Ventures (JPVL), a subsidiary of the company, in a meeting held on 6 October 2016 approved the sale of Nigrie Cement Grinding Unit located in Madhya Pradesh to Orient Cement for an enterprise value of Rs 500 crore on slump sale basis. The announcement was made after market hours yesterday, 6 October 2016. The 2 million tonne per annum unit clocked turnover of Rs 90.70 crore in financial year ended 31 March 2016 and contributed 2.33% to turnover of JPVL. The definitive agreement is yet to be executed. The expected date of completion of sale is 6 months.

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Oil India in spotlight after company led consortium completes two acquisitions in Russia
Oct 06,2016

Oil India announced that the company led Indian consortium successfully completed two landmark acquisitions in Russia. The Indian consortium led by Oil India including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of BPCL have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the national oil company of Russia.

IOCL announced that the company has fixed 19 October 2016 as the record date for 1:1 bonus issue. The announcement was made after market hours yesterday, 5 October 2016.

Power Grid Corporation of India (PGCIL) announced that POWERGRID Unchahar Transmission, a wholly owned subsidiary of the company has successfully completed the project comprising the element Unchahar-Fatehpur 400 kV D/c line and declared commercial operation on 1 October 2016. The announcement was made after market hours yesterday, 5 October 2016.

Bajaj Finance announced that debenture allotment committee of the company has at a meeting on 4 October 2016, allotted 3,650 partly paid unsecured redeemable non-convertible debentures of face value of Rs 10 lakh each along with remittance of Rs 124.10 crore, on private placement basis. The remittance of Rs 124.10 crore was the first tranche of Rs 3.4 lakh of the issue price per debenture. The announcement was made after market hours yesterday, 5 October 2016.

Transformers and Rectifiers (India) (TRIL) announced that it has entered into a joint venture agreement with Jiangsu Jingke Smart Electric Company (Jingke), a company incorporated under laws of Peoples Republic of China (PRC) for purpose of starting the business of manufacturing and marketing of GIS/HGIS/TGIS systems and products for 220kV and below and distribution products of 40.5 kV and below in India. TRIL will hold majority of 60% of share of joint venture and balance will be held by Jingke. The company neither has any interest in Jingke nor fall within related party transactions. The announcement was made after market hours yesterday, 5 October 2016.

TRIL is leading manufacturer of transformers and reactors upto 765 kV. The utilities find increasing usage of GIS as space becomes restriction and technology is getting advanced. This is logical foray for a TRIL for diversification in transmission & distribution (T&D) Segment.

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Tata Steel in focus after raising funds
Oct 05,2016

Tata Steel announced that the Committee of Directors yesterday, 4 October 2016, allotted 8.15%, Unsecured, Redeemable Non-Convertible Debentures aggregating to Rs 1000 crore, on a private placement basis, to certain identified investors. The announcement was made after market hours yesterday, 4 October 2016.

Yes Bank announced after market hours yesterday, 4 October 2016 that it has successfully raised Rs 2135 crore through senior long term infrastructure bonds. The issue was closed on 30 September 2016 and witnessed strong demand from leading domestic investors resulting in a total subscription of the issue. The issue was subscribed 2.13 times. The bonds will be listed on BSE and were raised at a coupon rate of 8% per annum with a tenor of 10 years. The proceeds will be used to finance long term projects in infrastructure and its allied sub-sectors.

UCO Bank announced that as a part of capital raising plan, a proposal for issue of 7.17 crore equity shares at an issue price to be determined later on preferential basis to Life Insurance Corporation of India is being considered by the banks board. The aforesaid proposal is placed before the board for approval by circulation. The announcement was made after market hours yesterday, 4 October 2016.

HDFC announced that the profit on sale of investments declined 60.41% to Rs 19 crore in Q2 September 2016 over Q2 September 2015. Income from dividend rose 7.29% to Rs 456 crore in Q2 September 2016 over Q2 September 2015. The company, under the loan assignment route sold loans amounting to Rs 1939 crore in Q2 September 2016 to HDFC Bank. HDFC sold loans amounting to Rs 13086 crore in the preceding twelve months. The company is scheduled to announce its Q2 September 2016 results on 26 October 2016. The announcement was made after market hours yesterday, 4 October 2016.

Shriram City Union Finance announced that it intends to raise funds through allotment of 1,000 secured non-convertible redeemable debentures aggregating to Rs 100 crore on private placement basis. The announcement was made after market hours yesterday, 4 October 2016.

AstraZeneca Pharma India clarified after market hours yesterday, 4 October 2016 with respect to news item titled Embassy buys 10 acre land in Bengaluru for Rs 255 crore that it has not sold any of its land held by it and that the news item does not pertain to the company.

Mahindra CIE Automotive after market hours yesterday, 4 October 2016 in its clarification with respect to news item titled Mahindra CIE amongst others interested in Amtek Autos overseas assets, has denied any such negotiations.

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Banking, auto and realty stocks to be watched ahead of RBI policy meeting
Oct 04,2016

Interest rate sensitive banking, auto and realty stocks will be watched ahead of the Reserve Bank of Indias (RBI) monetary policy meeting today, 4 October 2016. Purchases of automobiles, including that of cars, utility vehicles and commercial vehicles are substantially driven by financing. Purchases of both residential and commercial property are largely driven by finance. The latest monetary policy meeting will be the first meet where the interest rate decision is taken by a panel. Urjit Patel, the RBI governor, will be one among the six-member Monetary Policy Committee (MPC) recently notified by the government. The central bank had left its benchmark repo rate unchanged at 6.5% in its last meeting.

Hero MotoCorps total sales rose 11% to 6.74 lakh units in September 2016 over September 2015. The company registered highest ever sales in any month so far in September 2016. The announcement was made after market hours yesterday, 3 October 2016. The growth momentum was backed by a series of positive factors such as the successful market launch of the Splendor iSmart 110; augmented leadership in the 125 cc segment with the Glamour, emerging as the largest- selling 125 cc motorcycle in the country and the positive trend maintained by the new scooter portfolio.

Jubilant FoodWorks after market hours yesterday, 3 October 2016, announced a unique pizza combo for the Navratras. The latest innovative offering by the company includes a 100% Vegetarian Pizza, Sago Pudding and Sabudana Crispies. During Navratras, Dominos Pizza will convert 459 of its 1,062 restaurants to All-vegetarian restaurants from 1 October 2016 till 10 October 2016. All the identified restaurants will serve the new Navratri Combo along with the other vegetarian items on the menu for the period. The menu will be available for dine-in as well as delivery (offline and online delivery).

Wockhardt announced that US Food and Drug Administration (USFDA) on 30 September 2016 excluded the product Ceftriazone Sodium from import alert 66-40 announced by USFDA on the companys active pharmaceutical ingredients (API) unit at Ankleshwar, Gujarat on 8 August 2016. This will enable the company to manufacture and sell Ceftriazone API and formulation to US market. The announcement was made after market hours yesterday, 3 October 2016.

Ahluwalia Contracts (India) announced that Pushpa Rani, one of the promoter of company gifted 2.45 lakh equity shares of company to her relative and brother, Bikramjit Ahluwalia, promoter of the company. The announcement was made after market hours yesterday, 3 October 2016.

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Auto stocks in spotlight after announcing monthly sales data
Oct 03,2016

Tata Motors announced on Saturday, 1 October 2016 that Tata Motors passenger and commercial vehicle sales (including exports) rose 8% to 48,648 units in September 2016 over September 2015. The companys domestic sales of Tata commercial and passenger vehicles rose 5% to 42,961 units in September 2016 over September 2015. Exports surged 29% to 5,687 units in September 2016 over September 2015.

Maruti Suzuki India (MSIL) announced on Saturday, 1 October 2016 that its total sales jumped 31.1% to 1.49 lakh units in September 2016 over September 2015. Domestic sales surged 29.4% to 1.37 lakh units in September 2016 over September 2015. Exports jumped 54% to 11,822 units in September 2016 over September 2015.

Mahindra & Mahindra (M&M) announced on Saturday, 1 October 2016 that its auto sales rose 8% to 46,130 units in September 2016 over September 2015. Domestic sales rose 7.18% to 42,545 units in September 2016 over September 2015. Exports increased by 14% to 3,585 units in September 2016 over September 2015.

Eicher Motors announced on Saturday, 1 October 2016 that its motorcycle division reported a 30% jump in total sales at 57,842 units in September 2016 over September 2015. Exports rose 18% to 884 units in September 2016 over September 2015.

Separately, Eicher Motors announced on Saturday, 1 October 2016 that VE Commercial Vehicles (VECV) reported a 14% increase in total sales at 4,843 units in September 2016 over September 2015.

Ashok Leyland announced on Saturday, 1 October 2016 that its total sales declined 18% to 12,057 units in September 2016 over September 2015. Sales of medium & heavy commercial vehicles (M&HCV) declined 26% to 8,963 units in September 2016 over September 2015. Light commercial vehicles (LCV) sales rose 17% to 3,094 units in September 2016 over September 2015.

State Bank of India (SBI) announced on Saturday, 1 October 2016 that the Government of India (GoI) vide notification dated 1 October 2016, extended the tenure of Arundhati Bhattacharya as Chairman of SBI for a period of one year with effect from 7 October 2016 or until further orders, whichever is earlier.

Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing revision in petrol and diesel prices with effect from the midnight of 30 September 2016. Indian Oil Corporation (IOCL) on Friday, 30 September 2016, announced an increase in the price of petrol by Rs 0.28 per litre and diesel price was decreased by Rs 0.06 a litre at Delhi (including state levies) with corresponding price revision in other states.

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HCL Technologies in spotlight after partnership with IBM
Sep 30,2016

HCL Technologies and IBM said that the companies have entered a 15-year partnership for automation and development & operations (DevOps) solutions. The announcement was made after market hours yesterday, 29 September 2016.

Tata Steel said that the committee of directors approved raising Rs 1000 crore by issuing 10,000 non-convertible debentures (NCDs) on private placement basis. Each NCD carries a face value of Rs 10 lakh. NCD hold a tenure of 10 years. The announcement was made after market hours yesterday, 29 September 2016.

NHPC said that a wind power purchase agreement (PPA) has been signed amongst Rajasthan Government, NHPC and INOX on 28 September 2016 for 50 megawatts (MW) wind power project in Jaisalmer, Rajasthan. As per the PPA, Rajasthan Government will purchase the power generated from the project. The announcement was made after market hours yesterday, 29 September 2016.

Alkem Laboratories said that USFDA had conducted an inspection at the companys manufacturing facility located at Daman, India from 20 September 2016 to 29 September 2016. In this regard, the company has received the inspection report which contains thirteen 483 observations. The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA Observations and the same is proposed to be filed within the timeline stipulated by USFDA. The announcement was made after market hours yesterday, 29 September 2016.

Corporation Bank announced lending rates based on marginal cost of funds to be effective from 1 October 2016. The banks Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.05%, for one month will be 9.15% and for three months will be 9.30%. The MCLR on 6-month loans will be 9.40% and for one-year loans the rate would be 9.50%, the bank said. The announcement was made after market hours yesterday, 29 September 2016.

Sintex Industries said that its board approved the composite scheme of arrangement for the demerger of the custom moulding business and the prefab business from Sintex Industries to Sintex-BAPL and Sintex Infra Projects, respectively, each a wholly owned subsidiary of Sintex Plastics Technology. The proposed arrangement will streamline various businesses developed by the group, thereby creating focused leadership and management attention. The scheme also involves issuance of equity shares of Sintex Plastics Technology to the equity shareholders of Sintex Industries such that shareholders of Sintex Industries will effectively get one equity share of Sintex Plastics Technology upon demergers against one equity share held in Sintex Industries and listing of these equity shares of Sintex Plastics Technology on the BSE and the NSE. The transaction is expected to unlock value of shareholders by separating various businesses in different entities. The announcement was made after market hours yesterday, 29 September 2016.

Seamec said that it has entered into an agreement with HAL Offshore (HAL) for deployment of vessel Seamec II along with provision of services of remotely operated vehicle (ROV), the contract commenced with effect from 28 September 2016. As intimated, the total contract value for the period of 3 years will be $33.44 million approximately. The announcement was made after market hours yesterday, 29 September 2016.

Bharat Financial Inclusion said that the capital raising committee of the company has approved allotment of 97.40 lakh equity shares to eligible qualified institutional buyers at the issue price of Rs 770 per equity share, aggregating to Rs 749.99 crore pursuant to the offer. The announcement was made after market hours yesterday, 29 September 2016.

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ICICI Prudential Life Insurance Company to list today
Sep 29,2016

ICICI Prudential Life Insurance Company debuts on the secondary equity market today, 29 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.

Hindustan Copper said the government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning today, 29 September 2016. The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesdays closing share price. The secondary market transaction, comprising 6.47 crore shares, will help the government raise Rs 401.54 crore. The governments stake will decline to 82.95% following the sale. The government holds an 89.95% stake in the copper producing company as on 30 June 2016. The announcement was made after market hours yesterday, 28 September 2016.

Corporation Bank said that the securities allotment committee of the board of the bank at its meeting held on 28 September 2016 allotted 12.45 crore equity shares at an issue price of Rs 40.78 per share to Government of India on a preferential basis. Consequently, Government of India holding gets increased from 67.20% to 70.76%. The announcement was made after market hours yesterday, 28 September 2016.

Manappuram Finance said that financial resources and management committee of board of directors of the company allotted 1500 secured redeemable non-convertible debentures by way of private placement, having face value of Rs 10 lakh each aggregating to Rs 150 crore on 27 September 2016. The announcement was made after market hours yesterday, 28 September 2016.

Pidilite Industries announced its sales and distribution tie-up with WD-40 Company. In India, WD-40 Company has joined with Pidilite Industries to distribute and sell WD-40 Multi-Use Product. WD-40 Multi-Use Product is a multi-purpose maintenance product with more than 2000 uses. It protects metal from rust and corrosion, penetrates stuck parts, displaces moisture, lubricates moving parts, and removes grease and grime from most surfaces. The announcement was made after market hours yesterday, 28 September 2016.

Oil India, Indian Oil Corporation and BPCL will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 28 September 2016 gave its approval to an Indian consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL), a subsidiary of BPCL for acquiring 23.9% stake in JSC Vankorneft and 29.9% stake in LLC Taas-Yuryakh from Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

The acquisition of stake in Vankorneft will provide 6.56 million metric ton of oil equivalent (MMTOE) and 29.9% stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with Indias stated objective of adding high quality international assets to its exploration & production portfolio and thereby augmenting Indias energy security. The consortium will be paying $2.02 billion for acquiring stake in Vankorneft and $1.2 billion for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring 15% stake in Vankorneft at the cost of $1.284 billion which gave OVL 4.11 MMTOE.

The acquisition will add 8.06 MMTOE to Indias overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.

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Motherson Sumi Systems in focus after RBI hikes FPIs investment limit
Sep 28,2016

Motherson Sumi Systems will be watched after the Reserve Bank of India (RBI) allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier. RBI made the announcement after market hours yesterday, 27 September 2016.

Karur Vysya Bank said it has sought shareholders approval for a proposal of splitting each share into five shares (5-for-1). Shareholders will vote for the proposal through a postal ballot process. The announcement was made after market hours yesterday, 27 September 2016.

RBL Bank said it raised Rs 330 crore from the UK-based development finance institution, CDC Group Plc (CDC), through Basel III compliant Tier II capital. The Tier II debt will strengthen the capital base of the bank, which in turn will support its businesses such as SME lending, agribusiness financing and financial inclusion. The infusion will also help the bank expand to new regions within India, the bank said. The announcement was made after market hours yesterday, 27 September 2016.

Mahindra and Mahindra (M&M) said it agreed to acquire 1.49 crore equity shares of Mahindra Two Wheelers Europe Holdings S.a.r.l from its subsidiary Mahindra Two Wheelers for 26.3 million Euros. The announcement was made after market hours yesterday, 27 September 2016.

Piramal Enterprises said that the administrative committee of the board of directors will be held on Friday, 30 September 2016 to consider the issuing secured non-convertible debentures (NCDs) aggregating to Rs 500 crore on private placement basis. The announcement was made after market hours yesterday, 27 September 2016.

MindTree announced the availability of the next generation of ATLAS, its output-based managed services framework. This new generation allows users to have greater transparency and a holistic view into the interworking of their application infrastructure, including performance metrics, optimization and analytics. The announcement was made after market hours yesterday, 27 September 2016.

Jindal Stainless said it received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the hot strip mill and the coke plant of the company are located, to Jindal United Steel and Jindal Coke, respectively. The announcement was made after market hours yesterday, 27 September 2016.

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IRB Infra in spotlight after winning order
Sep 27,2016

IRB Infrastructure has received a letter of award from National Highways Authority of India (NHAI) for Rs 2100-crore highway project in Rajasthan and Gujarat. The announcement was made after market hours yesterday, 26 September 2016.

Bosch said that its scheduled buyback of 8.78 lakh shares at Rs 23,000 each will open on 6 October 2016 and close on 21 October 2016. The announcement was made after market hours yesterday, 26 September 2016.

Sintex Industries said that its board approved allotment of 7.69 crore shares at Rs 65 per share on rights basis to eligible shareholders. The announcement was made after market hours yesterday, 26 September 2016. It may be recalled that shares of Sintex Industries had turned ex-rights on 8 August 2016. The company had fixed 9 August 2016 as record date for the rights issue. The company had approved issue of shares to shareholders in ratio of 26 shares on rights basis for every 151 shares held in the company at Rs 65 per share.

IIFL Holdings said that its board approved allotment of 4.33 crore compulsorily convertible preference shares and 100 equity shares worth Rs 231.92 per share to CDC Group plc as an investment of CDC in India Infoline Finance. The announcement was made after market hours yesterday, 26 September 2016.

8K Miles Software Services said that its board has fixed 13 October 2016 as the record date for ascertaining the eligibility of the shareholders entitled for stock split and bonus issue. The announcement was made after market hours yesterday, 26 September 2016.

Indiabulls Housing Finance said that the bond issue committee of the company approved allotment of secured redeemable non-convertible debentures and unsecured redeemable non-convertible debentures of face value of Rs 1,000 each, to base Issue of Rs 3500 crore with an over-subscription up to Rs 3500 crore for issuance of additional NCDs aggregating up to Rs 7000 crore. The announcement was made after market hours yesterday, 26 September 2016.

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Canara Bank in focus on fund raising plan
Sep 26,2016

Canara Banks board of directors at its meeting held on Friday, 23 September 2016, permitted the bank to raise additional equity share capital of an amount not exceeding Rs 1128 crore, including premium by way of rights issue with the Government of India (GoI) contribution of Rs 748 crore and Rs 380 crore from public shareholders. The board decided to constitute a rights issue committee of the board of directors to decide and permit on terms, timing, pricing, and other modalities of the rights issue. Further, the board decided to issue senior unsecured bonds in foreign currency in the range of $500 million in the international market under the $2 billion medium term note (MTN) programme of the bank for the purpose of providing funds to the overseas branches of the bank (the bank has so far raised $1100 million under this programme) and form a committee to decide the quantum, timing, tenor, pricing, costs etc. The announcement was made after market hours on Friday, 23 September 2016.

Dena Bank said after market hours on Friday, 23 September 2016 it has allotted 4,000 unsecured, subordinated, non-convertible Basel III compliant Tier II bonds, in the nature of debentures aggregating to Rs 400 crore on private placement basis. It may be recalled that the banks board of directors had last month approved for raising of Basel III compliant Tier II bonds upto an amount of Rs 1100 crore, in one or more tranche, in one or more instruments.

GNA Axles debuts on the secondary equity market today, 26 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs Rs 205 to Rs 207 price band. The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times.

Welspun India announced that it has secured the Interactive Textile Article and Augmented Reality System patent, which protects Welspuns new product line TILT, a new brand from Welspun that focuses on seamlessly integrating technology into textiles. The announcement was made after market hours on Friday, 23 September 2016.

Nitesh Estates said its board will meet on 28 September 2016, to consider augmenting the long term fund requirements of the company including by way of further issue of capital and other means. The announcement was made after market hours on Friday, 23 September 2016.

The board of Vardhman Textiles approved the proposal to buyback the fully paid-up equity shares of face value of Rs. 10 each of the company. The buyback shall be upto an aggregate amount not exceeding Rs 720 crore at a maximum price of Rs 1,175. At maximum buyback price, the buyback translates into approximately 61.27 lakh equity shares of the company. The announcement was made on Saturday, 24 September 2016.

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L&T Technology Services in focus on debut
Sep 23,2016

Shares of L&T Technology Services will debut on bourses today, 23 September 2016. The initial public offer (IPO) of L&T Technology Services received bids for 1.83 crore shares, as per the data on the National Stock Exchange of India (NSE) website. The IPO was subscribed 2.53 times. The initial public offer (IPO) of L&T Technology Services had opened for bidding on 12 September 2016 and closed on 15 September 2016. The company has issued shares at Rs 860 per share, the top end of the Rs 850 to Rs 860 per share price band for the IPO. The qualified institutional buyers (QIBs) category was subscribed 5.01 times. The non-institutional investors category was subscribed 1.03 times. The retail individual investors (RIIs) category was subscribed 1.75 times.

Bharat Heavy Electricals (Bhel)s chairman & managing director, Atul Sobti, said that in spite of financial year ended March 2016 (FY 2016) being an extremely challenging year, the company recorded the highest-ever commissioning of projects in its history and the highest order booking in the last five years in FY 2016, ending the year with significant traction in growth drivers.

Addressing shareholders at the 52nd annual general meeting of the company, Mr. Sobti said that enhanced focus on project execution has resulted in Bhel creating history by way of commissioning/synchronizing an all-time high 15,059 megawatts (MW) of power generating equipment during the year. Despite intense competitive pressure in the power and capital goods markets during the year, Bhel achieved the highest order booking in the last five years, at Rs 43727 crore, a 42% leap over 2014-2015. The company ended the year with a total order book of Rs 110730 crore for execution in 2016-2017 and beyond. The announcement was made after market hours yesterday, 22 September 2016.

Shriram Transport Finance Company said that a committee of the company allotted 1,300 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 130 crore on private placement basis. The NCDs have a tenure of three years from the date of allotment. The NCDs carry a coupon rate of 8.25 per annum. The announcement was made after market hours yesterday, 22 September 2016.

Majesco announced that it has entered into an agreement with Glemham, a UK based managing general agent (MGA), to create a new cloud based bureau processing business using Majesco CloudInsurer to reduce the cost of transacting General Insurance in the UK market. Majesco CloudInsurer platform will be used to initially provide commercial lines insurance to both the broker and the small medium enterprise (SME) markets. The announcement was made after market hours yesterday, 22 September 2016.

Gallantt Ispat said that a meeting of the board of directors of the company will be held on 29 September 2016, to consider and approve the disposal of two subsidiaries - Shree Surabhi Wheat Products and Shree Surabhi Flour Mills. The announcement was made after market hours yesterday, 22 September 2016.

Speciality Restaurants said it has opened new Sigree franchise restaurant at Nagpur. The announcement was made after market hours yesterday, 22 September 2016.

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Union Bank of India in focus after completing stake acquisition in two joint ventures
Sep 22,2016

Union Bank of India said that it has completed the acquisition of 49% shareholding of Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participations Renta S.A. and its affiliates (KBC Asset Management NV) on 20 September 2016. Accordingly, Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of Union Bank of India. The announcement was made after market hours yesterday, 21 September 2016.

Last year, the board of Union Bank of India approved purchase of 49% stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta. KBC Participations Renta is a group company of Luxembourg-based KBC Asset Management NV.

Union Bank of India and KBC Asset Management NV had formed two joint ventures - Union KBC Asset Management Company and Union KBC Trustee Company - in 2009 with 51% and 49% holding, respectively.

HDFC announced that the company intends to raise Rs 1340 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.67% per annum and will have a tenor of 1 year 2 months. The announcement was made after market hours yesterday, 21 September 2016.

Mahindra & Mahindra (M&M) announced the proactive inspection of a fluid hose on all New Generation Scorpio & NuvoSport vehicles, manufactured till June 2016, respectively. This is in keeping with the companys customer centric approach, the company said. The inspection and subsequent rectification will be carried out free of cost for all New Generation Scorpio & NuvoSport customers, who will be individually contacted by the company. As an endeavor to ensure a hassle free experience for its customers, the company is proactively carrying out this activity, it said. This action is also in compliance with SIAMs voluntary code on vehicle recall, M&M said. The announcement was made after market hours yesterday, 21 September 2016.

Syngene International, Asias leading Contract Research Organization, and Strand Life Sciences, announced that they have completed a deal through which Syngene has purchased assets of Strand Life Sciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strands patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools for next-generation sequencing data. The announcement was made after market hours yesterday, 21 September 2016.

Godrej Properties announced that it has acquired a land parcel measuring approximately 12 acres off Sarjapur Road in South Bangalore. Godrej Properties plans to develop a residential housing project of approximately 92,900 square meters (approximately one million square feet). This project will be developed in partnership with Godrej Residential Investment Program II. The announcement was made after market hours yesterday, 21 September 2016.

IDBI bank has sold 6.75 lakh shares constituting 1.5% of the paid up capital of National Stock Exchange of India (NSE) to TIMF Holdings on 21 September 2016. The announcement was made after market hours yesterday, 21 September 2016.

Raymond said that Ring Plus Aqua (RPAL), an unlisted subsidiary of Raymond, has entered into a share purchase agreement with Neel Metals Products to transfer by way of sale its entire equity share holding of 1.04 crore equity shares in its 50:50 joint venture company namely, Rose Engineered Products India (ROSE). Consequent to said transaction ROSE ceases to be an Associate of RPAL and Raymond. The enterprise value of ROSE was arrived at Rs. 20.19 crore. The announcement was made after market hours yesterday, 21 September 2016.

Gujarat Narmada Valley Fertilisers and Chemicals (GNFC) entered into a joint venture with Santosh Agrochem LLP to set up about 345 MTPD purified wet lime project in a phased manner at Bharuch to be implemented through a joint venture company in the name of Calciwell Chemtech at an estimated cost of Rs 50 crore. The announcement was made after market hours yesterday, 21 September 2016.

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