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Board of Meenakshi Enterprises approves shifting of registered office
Jun 12,2017

Meenakshi Enterprises announced that the Board of Directors of the Company at its meeting held on 08 June 2017 considered and approved the Shifting of Registered office of the Company from Sindur Pantheon Plaza, 4th Floor, 346, Pantheon Road, Egmore, Chennai - 600008 having Phone No.044-4355 5277 and Fax No.044 - 4213 4333 to 1/1, First Floor, 5th SQUARE, TAS Enclave, AK Block, 10th Main Road Extn, Anna Nagar, Chennai - 600040 having phone.no. 3291 7000 w.e.f. 12 June, 2017.

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Orbit Exports slides on profit booking
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 156.06 points, or 0.5% at 31,106. The S&P BSE Small-Cap index was down 25.91 points, or 0.17% at 15,523.26.

High volumes were witnessed on the counter. On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 5,258 shares in the past one quarter. The stock had hit a high of Rs 171.10 and a low of Rs 157.05 so far during the day. The stock had hit a 52-week high of Rs 183 on 9 June 2017 and a 52-week low of Rs 102.98 on 4 August 2016.

The stock had outperformed the market over the past one month till 9 June 2017, advancing 30.54% compared with the Sensexs 4.44% rise. The scrip had also outperformed the market over the past one quarter gaining 22.53% as against the Sensexs 8.06% rise. The scrip had also outperformed the market over the past one year advancing 52.88% as against the Sensexs 16.81% rise.

The small-cap company has equity capital of Rs 28.70 crore. Face value per share is Rs 10.

Orbit Exports had rallied 28.56% in the preceding two trading sessions to settle at Rs 169.70 on Friday, 9 June 2017, from its closing of Rs 132 on 7 June 2017.

Orbit Exports net profit fell 25.9% to Rs 2.18 crore on 2% increase in net sales to Rs 33.59 crore in Q4 March 2017 over Q4 March 2016.

Orbit Exports operates through two segments: windmill power generation and manufacturing of textile.

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GMR Infra jumps on buzz consortium offers to build new terminal
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 127.62 points, or 0.41% to 31,134.44.

On the BSE, 52.57 lakh shares were traded in the counter so far, compared with average daily volumes of 25.34 lakh shares in the past one quarter. The stock had hit a high of Rs 18.05 and a low of Rs 16.70 so far during the day. The stock hit a 52-week high of Rs 19 on 2 June 2017. The stock hit a 52-week low of Rs 10.25 on 9 November 2016.

The stock had underperformed the market over the past one month till 9 June 2017, rising 1.50% compared with 3.34% rise in the Sensex. The scrip had, underperformed the market in past one quarter, rising 6.60% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, rising 40.20% as against Sensexs 17.37% rise.

The large-cap company has equity capital of Rs 603.59 crore. Face value per share is Re 1.

According to reports, the joint venture between GMR Infrastructure and Philippines-based Megawide Construction, which runs the Mactan Cebu International Airport (MCIA), submitted a massive unsolicited offer to build a second runway and a third passenger terminal in Cebu.

The unsolicited offer by the joint venture, which would eventually require a competitive challenge, was submitted on 7 June 2017. A key feature of the proposal would also allow GMR-Megawide to assume airside operations currently handled by the nations government, a first of this scale in the Philippines, reports suggested.

Assuming the offer is accepted by the government, the rehabilitation of existing facilities will be done from 2018 to 2021. The reclamation and construction of the second runway is targeted between 2022 and 2030. The final phase will be the construction of a third terminal slated for 2036 onward, reports added.

GMR Infrastructure reported net loss of Rs 2478.78 crore in Q4 March 2017 as against net loss of Rs 1787.09 crore in Q4 March 2016. Net sales rose 57.53% to Rs 176.98 crore in Q4 March 2017 over Q4 March 2016.

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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Jewellery stocks shine on GST boost
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 135.04 points or 0.43% at 31,127.02.

Vaibhav Global (up 10%), TBZ (up 2.58%), Gitanjali Gems (up 2.31%), Tara Jewels (up 0.9%), PC Jeweller (up 0.85%) and Titan Company (up 0.12%) edged higher. Rajesh Exports (down 0.08%) and Thangamayil Jewellery (down 2.52%) edged lower.

The Goods and Services Tax (GST) Council at a meeting held on Sunday, 11 June 2017 reportedly slashed the applicable tax rate on gold and jewellery making charges to 5% from 18% earlier, bringing some relief for the jewellery industry.

The Council decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants. The council will meet again on 18 June 2017 to take stock of the rollout preparedness and any new proposal. The council also decided to go ahead with the planned 1 July 2017 rollout.

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Victoria Mills announces resignation of company secretary
Jun 12,2017

Victoria Mills announced that Dhiraj Gupta has resigned from the post of Company Secretary and Compliance Officer w.e.f. 10 June 2017, due to personal reason.

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Contil India fixes record date for surrender of old share certificates
Jun 12,2017

Contil India announced that the Board of Directors of the Company has fixed up the 26 June 2017 as the Record Date to determine the compilation of the particulars of members who are holding the share certificates in physical form and in the old name of the Company viz. CONTINENTAL CREDIT AND INVESTMENTS and who shall be entitled to surrender the old share certificates for the issue of new share certificates in the name of CONTIL INDIA.

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SATH program launched by NITI Aayog
Jun 12,2017

Furthering the agenda for cooperative federalism, NITI Aayog has launched SATH, a program providing Sustainable Action for Transforming Human capital with the State Governments. The vision of the program is to initiate transformation in the education and health sectors. The program addresses the need expressed by many states for technical support from NITI .

SATH aims to identify and build three future role model states for health systems. NITI will work in close collaboration with their state machinery to design a robust roadmap of intervention, develop a program governance structure, set up monitoring and tracking mechanisms, hand-hold state institutions through the execution stage and provide support on a range of institutional measures to achieve the end objectives. The program will be implemented by NITI along with McKinsey & Company and IPE Global consortium, who were selected through a competitive bidding process.

To select the three model states, NITI defined a three-stage process - expression of interest, presentations by the states and assessment of commitment to health sector reforms. NITI invited all states and UTs to participate in the program. Sixteen states expressed prima facie interest, of which fourteen made their presentations. Andhra Pradesh, Assam, Bihar, Chandigarh, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Punjab, Telangana and Uttar Pradesh presented their project proposal to a Committee headed by Member of NITI Aayog, Shri Bibek Debroy and comprising of CEO, Amitabh Kant as well as a representative from the Ministry of Health and Family Welfare.

Of these fourteen states, five have been shortlisted. Subsequently, three will be selected on the basis of further evaluations and objective assessment of criteria affecting the potential for impact and likelihood of success. Metrics such as MMR, IMR, incidence of malaria and others have been considered for determining potential impact while density of doctors and nurses, compliance to IPHS norms are some of the metrics used to determine likelihood of success. The program will be launched in the three selected states after the signing of MoUs.

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Coal India appoints director
Jun 12,2017

Coal India announced the appointment of Reena Sinha Puri, Joint Secretary & Financial Advisor, MoC in the Board of Coal India vice Shri Vivek Bharadwaj w.e.f 9 June 2017

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Allahabad Bank revises MCLR rates
Jun 12,2017

Allahabad Bank has revised its MCLR rates across various tenures with effect from 12 June 2017 -

Overnight - 8.00%
One month - 8.10%
Three month - 8.30%
Six month - 8.40%
One year - 8.50%

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RCom bounces back from record low
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 136.69 points, or 0.44% to 31,125.37.

On the BSE, 31.82 lakh shares were traded in the counter so far, compared with average daily volumes of 38.52 lakh shares in the past one quarter. The stock had hit a high of Rs 19.15 so far during the day. The stock had hit a low of Rs 18.10 so far during the day, which is also a record high for the counter. The stock hit a 52-week high of Rs 55.40 on 31 August 2016.

The stock had underperformed the market over the past one month till 9 June 2017, falling 44.16% compared with 3.34% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 48.89% as against Sensexs 8% rise. The scrip had also underperformed the market in past one year, falling 62.60% as against Sensexs 17.37% rise.

The mid-cap company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Shares of Reliance Communications (RCom) fell 11.54% in four trading sessions to settle at Rs 18.40 on Friday, 9 June 2017, from its close of Rs 20.80 on 5 June 2017.

The recent selling in the stock was triggered by ratings agencies Moodys and Fitch further downgrading their ratings on the telecom company and warning about its ability to deal with long-term debt.

Moodys Investors Service cut its rating on RCom to Ca from Caa1. The new rating suggests that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest. It had downgraded RCom to Caa1, indicating high risk, on 30 May 2017.

Fitch Ratings lowered RComs rating to RD from CCC, saying the situation constituted restricted default, as multiple waivers or forbearance periods have been extended in parallel following a non-payment event. Fitch last cut RComs rating on 2 June 2017.

RCom announced that the reason given for revision in rating is the companys announcement dated 2 June 2017 that its bank lenders are prepared to waive debt service obligations until end of 2017 to provide time for the company to lower its debt through two proposed transactions and present a plan demonstrating how the debt can be serviced over the long term.

RCom stated that post signing of binding documents for the Aircel and Brookfield transactions, the company has formally advised all its lenders that it will be making repayment of an aggregate amount of Rs 25000 crore from the proceeds of these two transactions, on or before 30 September 2017. The said amount will cover not only all scheduled repayments, but also include substantial pre-payments to all lenders on a pro-rata basis.

Based on the large number of approvals already received for the two transactions and continuing good progress for the balance, the company expects to meet its all debt repayment obligations in line with these plans, and substantially reduce its overall debt.

RCom announced after market hours on Friday, 2 June 2017, that it has been engaged in discussions with its lenders to finalise an overall debt resolution plan, with the objective of expeditiously closing the already announced strategic transactions with Aircel and Brookfield, to immediately reduce debt from Rs 45000 crore to approximately Rs 20000 crore; a reduction of 60% or Rs 25000 crore. The lenders have taken note of the advanced stage of implementation of RComs strategic transformation programme involving the transactions for the Wireless and Towers Business. The lenders have proposed to give time of seven months till December 2017 to complete the above transactions, and reduce its debt by a substantial amount of Rs 25000 crore, or 60%.

On a consolidated basis, Reliance Communications reported net loss of Rs 948 crore in Q4 March 2017 as against net profit of Rs 79 crore in Q4 March 2016. Net sales declined 24.11% to Rs 4312 crore in Q4 March 2017 over Q4 March 2016.

RCom is an integrated telecommunications service provider.

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Natco Pharma declines on profit booking
Jun 12,2017

Meanwhile, the S&P BSE Sensex was down 129.70 points or 0.41% at 31,132.36.

On the BSE, 22,000 shares were traded on the counter so far as against the average daily volumes of 35,699 shares in the past one quarter. The stock had hit a high of Rs 1,078 and a low of Rs 1,012.80 so far during the day. The stock had hit a record high of Rs 1,080 on 9 June 2017 and a 52-week low of Rs 494 on 20 June 2016.

The stock had outperformed the market over the past one month till 9 June 2017, advancing 19.76% compared with the Sensexs 4.44% rise. The stock had also outperformed the market over the past one quarter, gaining 37.05% as against the Sensexs 8.06% rise. The scrip had also outperformed the market over the past one year, surging 106.11% as against the Sensexs 16.81% rise.

The large-cap company has equity capital of Rs 34.86 crore. Face value per share is Rs 2.

Shares of Natco Pharma had surged 14.85% in the preceding seven trading sessions to settle at Rs 1,072.30 on Friday, 9 June 2017, from its closing of Rs 933.65 on 31 May 2017. The rally was triggered by the company reporting strong Q4 March 2017 earnings after market hours on 30 May 2017.

Natco Pharmas consolidated net profit spurted 181.4% to Rs 176.70 crore on 46.5% increase in net sales to Rs 577.80 crore in Q4 March 2017 over Q4 March 2016.

Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.

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Cadila Healthcare gains after USFDA nod for antifungal drug
Jun 12,2017

The announcement was made on Saturday, 10 June 2017.

Meanwhile, the S&P BSE Sensex was down 156.59 points, or 0.50% to 31,105.47.

On the BSE, 61,000 shares were traded in the counter so far, compared with average daily volumes of 1.47 lakh shares in the past one quarter. The stock had hit a high of Rs 551.95 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 545.15 so far during the day. The stock hit a 52-week low of Rs 305.05 on 24 June 2016.

The stock had outperformed the market over the past one month till 9 June 2017, rising 9.92% compared with 3.34% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.43% as against Sensexs 8% rise. The scrip had also outperformed the market in past one year, rising 70.19% as against Sensexs 17.37% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Re 1.

Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA, has received final approval from the US Food and Drug Administration (USFDA) to market Nystatin Topical Powder USP, 100,000 units per gram.

The drug will be produced at the Nesher Pharmaceuticals manufacturing facility located at St. Louis, MO, USA. Nystatin Topical Powder is an antifungal antibiotic used to treat skin infections caused by yeast.

The group now has more than 115 approvals and has so far filed over 300 abbreviated new drug applications (ANDAs) since the commencement of the filing process in the financial year ended March 2004.

Cadila Healthcares consolidated net profit fell 32.2% to Rs 385.5 crore on 6.5% rise in net sales to Rs 2417.50 crore in Q4 March 2017 over Q4 March 2016.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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DGFT creates GST Facilitation Cell for exporters
Jun 12,2017

DGFT has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters , trade and industry for smooth transition from present regime to GST regime w.e.f. 1st July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other officers Mr Rakesh Kumar Joint DGFT(r.kumar73@nic.in), Mr Kaushlendra Pratap Singh Deputy DGFT(Kaushlendrap.singh@nic.in. Exporters can email their queries concerning GST and pertaining to FTP.

Similarly all regional offices of DGFT have constituted GST facilitation cell and the cell would headed by head of the regional office i.e. Add DGFT/ Joint DGFT with other two officers of the rank of Deputy DGFTor Asst DGFT.

Recently, DG, DGFT also convened a meeting of stakeholders (FIEO/ trade/ industry) on 9 th June to understand the issues being faced by them in GST system. These issues have been taken up with department of revenue and GSTN, who have informed that most of the issues have already been resolved.

Earlier, DGFT, jointly with FIEO, had also organised an outreach program on 2nd June, 2017 to educate the exporters about GST regime. This program was attended by large number of exporters. Shri Ajay Bhalla, Director General DGFT himself addressed the exporters and explained them about all aspects of GST including benefits that will accrue to them because of automatic and quick refund of all taxes paid on inputs. DG also responded to many queries of the exporters regarding various export promotion schemes, filing of GST returns and claiming refund. Shri Tejpal singh, Addl DG, DGEP and Shri Yoginder Garg commissioner customs were also present in the workshop, who made detailed presentation on GST.

It may be noted that earlier Department of Commerce had announced to align the mid-term review of Foreign Trade Policy with roll out of GST for the convenience of exporters and industry.

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Gajanan Securities Services appoints director
Jun 12,2017

Gajanan Securities Services has appointed Chirag Tekriwal (Din: - 07828255) as Additional Director (Independent Director) w.e.f. 30 May 2017.

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Gajanan Securities Services appoints company secretary and compliance officer
Jun 12,2017

Gajanan Securities Services has appointed Riddhi Kanodia bearing Membership No (ACS 33590) as company Secretary and compliance officer w.e.f. 30 May 2017.

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