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Engineers India initiates action for GoIs offer for sale for eligible employees
Sep 09,2016

Engineers India announced that the Company has initiated action for sale of equity shares by Government of India to eligible employees. The offer for sale of shares shall remain open from 15 September 2016 to 23 September 2016.

In accordance with the approval accorded by the Cabinet Committee on Economic Affairs on 13 May 2016, Government of India has offered 16,84,683 equity shares of Rs 5 each to the eligible employees of Engineers India at a discounted price of Rs 187.29 per equity share (5% discount to the cut off price of Rs 197.15 discovered through offer for sale of equity shares of Engineers India carried out by Government of India on 29 January 2016.

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Shares of Mitsu Chem Plast get listed
Sep 09,2016

The equity shares of Mitsu Chem Plast (Scrip Code: 540078) are listed effective 09 September 2016 and admitted to dealings on the Exchange in the list of M Group Securities.

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ICICI Bank intimates of RoC approval for IPO of ICICI Pru Life
Sep 09,2016

ICICI Bank announced that the proposed IPO of its Subsidiary, ICICI Prudential Life Insurance Company ( ICICI Pru Life ) has been approved by Registrar of Companies, Maharashtra at Mumbai, on 08 September 2016. The Offer will be open for subscription to public on Monday, 19 September 2016 and shall close on Wednesday, 21 September 2016. The Price Band has been fixed between Rs. 300 to Rs. 334 per Equity Share.

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Zensar Technologies jumps after winning new order
Sep 09,2016

The announcement was made after market hours yesterday, 8 September 2016.

Meanwhile, the BSE Sensex was down 146.99 points, or 0.51%, to 28,898.29.

On BSE, so far 9,866 shares were traded in the counter, compared with average daily volume of 13,354 shares in the past one quarter. The stock hit a high of Rs 1,111 and a low of Rs 1,030 so far during the day. The stock hit a record high of Rs 1,136.05 on 9 August 2016. The stock hit a 52-week low of Rs 755 on 8 September 2015. The stock had underperformed the market over the past 30 days till 8 September 2016, falling 7.01% compared with 4.57% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 6.18% as against Sensexs 9.05% rise.

The mid-cap company has equity capital of Rs 44.70 crore. Face value per share is Rs 10.

Spread over a time-period of two years, the project involves adding scalability and agility to the companys strategic technology roadmap, Zensar Technologies said in a statement. Zensar will enable realization of Avis Fleets strategic project, Next Generation Fleet Management System. Zensar will leverage its digital technology skills and expertise to enable Avis Fleet in improving overall customer experience and visible enhancement in the quality of service. The key business objective is to secure and grow Avis market leadership position in this field across Africa. The overall implementation, to be divided into two phases will focus on enhancing the varied legacy technology platforms and integration of digital technologies like Agile and DevOps in building a strategic IT framework.

On a consolidated basis, Zensar Technologies net profit rose 8.93% to Rs 76.46 crore on 1.21% increase in net sales to Rs 755.42 crore in Q1 June 2016 over Q4 March 2016.

Zensar Technologies is a leading software and infrastructure services and solutions provider with industry expertise across manufacturing, retail, insurance, utilities, banking, financial services and government.

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SR Industries to hold AGM
Sep 09,2016

SR Industries announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Raymed Labs to hold AGM
Sep 09,2016

Raymed Labs announced that the Annual General Meeting (AGM) of the company will be held on 29 September 2016.

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Central Assistance to Andhra Pradesh
Sep 09,2016

1. The Central Government is committed to help and assist the newly created State of Andhra Pradesh. The commitments of the Centre emanate from four basic documents, namely, the provisions of the Andhra Pradesh Reorganisation Act, 2014, the report of the Fourteenth Finance Commission, the statement of the then Prime Minister before the Parliament on 20.2.2014 and the Report dated 1.12.2015 of Vice Chairman, NITI Aayog on Developmental Support to the Successor State of Andhra Pradesh under the Andhra Pradesh Reorganisation Act 2014.

2. The above mentioned commitments are broadly categorized as under:-

(i) The Andhra Pradesh Reorganisation Act:

(a) Section 46 of the Act provides for a reference to be made to the Fourteenth Finance Commission to take into account the resources available to the Successor States and make separate awards to them. It further provides for a developmental package to be given to the backward areas of the State of Andhra Pradesh. It also provides for adequate incentives in particular for Rayalaseema and north coastal regions of the State.

(b) Section 90 of the Act declares the Polavaram Irrigation Project as a National Project.

(c) Under Section 93 of the Act, the details of institutions and infrastructure to be developed in the State are outlined in the Thirteenth Schedule to the Act.

(d) Section 94 of the Act provides for appropriate fiscal measures, including offer of tax incentives, to be given to the Successor States to promote industrialization and economic growth. It further provides for support to programmes for backward areas including physical and social infrastructure. In addition, it provides for giving special financial support for creation of essential facilities in the new capital of the successor State of Andhra Pradesh, including the Raj Bhawan, High Court, Government Secretariat, Legislative Assembly, Legislative Council and such other essential infrastructure.

(ii) Statement of the then Prime Minister Dr. Manmohan Singh on 20.2.2014:

The then Prime Minister, Dr. Manmohan Singh on 20.2.2014 stated before the Rajya Sabha that Special Category Status would be extended to the State of Andhra Pradesh for a period of five years. This would be done to put the States finances on a firmer footing. He further stated that the resource gap for the year 2014-15 would be compensated by the Central Government.

(iii) Fourteenth Finance Commission:

The Fourteenth Finance Commission defined the financial relationship between Centre and the States for the five year period ending 2019-20. The Commission did not make a distinction between Special and General Category States. Its approach was to fill the resource gap of each State to the extent possible through tax devolution. Accordingly, the Commission recommended an enhanced devolution of 42% of the Central Governments tax revenues to States. If devolution alone could not cover the assessed gap, for certain States, a revenue deficit grant was provided. Andhra Pradesh was one of the States determined to be a revenue deficit State, and the Commission recommended that the Centre would provide revenue deficit grant for the period of the Fourteenth Finance Commission. The amount of deficit for each year was mentioned in the report itself and a total of Rs.22,113 crores is to be paid to Andhra Pradesh as revenue deficit grant for the 5 year period.

(iv) Report on Developmental Support to Andhra Pradesh dated 1.12.2015:

The Vice Chairman, NITI Aayog Dr. Arvind Panagariya studied various aspects of the support to be given to Andhra Pradesh under the Reorganisation Act and made recommendations regarding effective implementation.

The Central Governments commitments to the State of Andhra Pradesh

3. Under the Andhra Pradesh Reorganisation Act, the commitment for the resource gap for the year 2014-15 is being met on the basis of standardized expenditure for that year. The revenue gap has been tentatively quantified subject to further adjustment on account of figures relating to certain pension schemes. A part of the revenue gap compensation amounting to Rs.3,979.5 crore has already been paid and the balance is being paid in annual instalments.

An amount of Rs.2,500 crore has already been paid as support for creation of new capital of State of Andhra Pradesh and a balance of Rs.1,000 crore would be paid in due course.

An amount of Rs.1,050 crore has been disbursed as special package for backward areas and a further amount of Rs.1,050 crore would be paid in the coming years.

4. The Polavaram Project is on the river Godavari near Ramayyapeta village of Polavaram mandal, about 42 km upstream of Sir Arthur Cotton Barrage in the State of Andhra Pradesh. It envisages construction of a dam and canal system to create ultimate irrigation potential of 2,91,000 ha. (7.2 lakh acres), generation of 960 MW of hydro power, drinking water supply to a population of 28.50 lakh in 540 villages and diversion of 80 TMC of water to Krishna river basin.

The project was accorded investment clearance by the Planning Commission for Rs.10,151.04 crore (at 2005-06 price level) in 2009. Further, the Advisory Committee of Ministry of Water Resources approved the cost at 2010-11 price level as Rs.16,010.45 crore during January, 2011 including power and drinking water component of Rs.2868 crore. Prior to the passage of the AP Reorganisation Act, the Polavaram Project was being implemented by the Government of Andhra Pradesh with Central Assistance under the Accelerated Irrigation Benefits Programme (AIBP). An expenditure of Rs.5,135.87 crore had been incurred up to 31.3. 2014 including Central Assistance of Rs.562.469 crore.

The Central Government will fund the Polavaram Irrigation Project in the following manner:

(i) It will provide 100% of the remaining cost of the irrigation component only of the project for the period starting from 1.4.2014, to the extent of the cost of the irrigation component on that date.

(ii) In view of the recommendations of the Vice Chairman NITI Aayog that it will be appropriate for the State of Andhra Pradesh to execute this project (as it is an important project and the State Government is keen to complete it at the earliest), the Government of India has agreed to the States request for the execution of the project by the State Government on behalf of the Government of India.

5. Government of India has already legislated for fiscal incentives of enhanced investment allowance and accelerated depreciation. They will come into effect once notified, after the State of Andhra Pradesh identifies the eligible backward areas.

6. In respect of educational and other institutions:

n++ A Petroleum University has already been established.

n++ The IIT has already been functioning from a transit campus and the main campus is being constructed.

n++ The National Institute of Technology has already been functioning since September 2015 in a temporary campus and its main campus is being constructed.

n++ The Indian Institute of Information Technology, Kurnool has already started functioning from the temporary campus and would start functioning and its main campus is being constructed.

n++ The site for the Central University in Anantapur district has already been selected.

n++ The Indian Institute of Science Education and Research has been established in Tirupati.

n++ The Indian Institute of Management has been established at Visakhapatnam.

n++ An All India Institute of Medical Sciences has been approved at Guntur and the land for the same is being taken over.

n++ A Tribal University is to be established in the State of Andhra Pradesh for which a Site Selection Committ

Quess Corp and Nettur Technical Training Foundation form partnership
Sep 09,2016

Quess Corp and Nettur Technical Training Foundation (NTTF) have launched a partnership to extend the National Employability Enhancement Mission (NEEM), a skill enhancement initiative of the Government of India.

Under the agreement, Quess will be the service partner for NTTF and will manage industry relationships and identification of eligible candidates across the country while NTTF will be responsible for training and mentoring of candidates to get them industry ready.

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Nilachal Refractories appoints company secretary and compliance officer
Sep 09,2016

Nilachal Refractories announced Avik Chakraborty is being appointed as Company Secretary and Compliance Officer of the Company with effect from 13 August 2016 pursuant to section 203 of the Companies Act, 2013 and Regulation 6 & 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulation 2015.

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Board of Kausambi Vanijya approves change in registered office
Sep 09,2016

Kausambi Vanijya announced that the Board of Directors of the Company at its meeting held on 13 August 2016, has approved the proposal of shifting of the Registered Office from 32, Ezra Street, 9th Floor, Room No. 914, Kolkata - 700 001 to 128, Hozra Road, KhirodGhosh Market, Kolkata - 700026 w.e.f. 01 September 2016.

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Yes Bank tumbles after defering QIP
Sep 09,2016

The announcement was made after market hours yesterday, 8 September 2016.

Meanwhile, the BSE Sensex was down 113.56 points, or 0.39%, to 28,931.72.

On BSE, so far 2 lakh shares were traded in the counter, compared with average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 1,275 and a low of Rs 1,250.35 so far during the day. The stock hit a record high of Rs 1,450 on Wednesday, 7 September 2016. The stock hit a 52-week low of Rs 632.25 on 20 January 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 5.21% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 25.27% as against Sensexs 9.05% rise.

The large-cap company has equity capital of Rs 421.35 crore. Face value per share is Rs 10.

Yes Bank announced that due to extreme volatility during trading day on 8 September 2016 because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP. It may be recalled that the bank had announced on 7 September 2016 opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. The bank announced Rs 1,371.84 per share as the floor price at that time.

Yes Banks net profit rose 32.8% to Rs 731.80 crore on 25.4% growth in operating income to Rs 4762.83 crore in Q1 June 2016 over Q1 June 2015.

Yes Bank is one of the leading private sector banks in India.

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Yes Bank in focus after defering proposed QIP
Sep 09,2016

Yes Bank announced after market hours yesterday, 8 September 2016 that due to extreme volatility during trading day on 8 September 2016 because of misinterpretation of new qualified institutional placement (QIP) guidelines, the bank has been advised by its appointed Merchant Bankers to defer its proposed QIP. It may be recalled that the bank had announced on 7 September 2016 opening of QIP of equity shares of face value Rs 10 each to raise up to $1 billion. The bank announced Rs 1,371.84 per share as the floor price at that time.

ICICI Bank after market hours yesterday, 8 September 2016 said that the proposed initial public offer (IPO) of its subsidiary, ICICI Prudential Life Insurance Company (ICICI Pru Life) has been approved by Registrar of Companies, Maharashtra on 8 September 2016. The offer will be open for subscription to public on 19 September 2016 and shall close on 21 September 2016. The price band has been fixed at Rs 300-334 per equity share.

Jindal Steel & Power reported consolidated net loss of Rs 1082.15 crore in Q1 June 2016 compared with consolidated net loss of Rs 542.42 crore in Q1 June 2015. Total income rose 4.34% to Rs 4686.60 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 8 September 2016. Higher revenues in Jindal Power (JPL) & Oman helped consolidated turnover rise 6% to Rs 4655 crore in Q1 June 2016 over Q1 June 2015.

Zensar Technologies announced that it has secured multi-million dollar digital transformation project from Avis Fleet in South Africa. The announcement was made after market hours yesterday, 8 September 2016. Spread over a time-period of two years, the project involves adding scalability and agility to the companys strategic technology roadmap. Zensar will enable realization of Avis Fleets strategic project, Next Generation Fleet Management System. Zensar will leverage its digital technology skills and expertise to enable Avis Fleet in improving overall customer experience and visible enhancement in the quality of service. The key business objective is to secure and grow Avis market leadership position in this field across Africa. The overall implementation, to be divided into two phases will focus on enhancing the varied legacy technology platforms and integration of digital technologies like Agile and DevOps in building a strategic IT framework.

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T.V. Today Network standalone net profit rises 23.92% in the June 2016 quarter
Sep 08,2016

Net profit of T.V. Today Network rose 23.92% to Rs 22.38 crore in the quarter ended June 2016 as against Rs 18.06 crore during the previous quarter ended June 2015. Sales rose 7.63% to Rs 136.48 crore in the quarter ended June 2016 as against Rs 126.80 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales136.48126.80 8 OPM %26.9623.62 - PBDT41.6535.71 17 PBT34.1827.72 23 NP22.3818.06 24

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Cimmco reports standalone net loss of Rs 4.34 crore in the June 2016 quarter
Sep 08,2016

Net loss of Cimmco reported to Rs 4.34 crore in the quarter ended June 2016 as against net profit of Rs 2.02 crore during the previous quarter ended June 2015. Sales declined 95.99% to Rs 0.85 crore in the quarter ended June 2016 as against Rs 21.21 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales0.8521.21 -96 OPM %-509.4115.94 - PBDT-4.741.35 PL PBT-5.370.67 PL NP-4.342.02 PL

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Steel Authority of India reports standalone net loss of Rs 535.52 crore in the June 2016 quarter
Sep 08,2016

Net Loss of Steel Authority of India reported to Rs 535.52 crore in the quarter ended June 2016 as against net loss of Rs 248.18 crore during the previous quarter ended June 2015. Sales declined 3.11% to Rs 9082.33 crore in the quarter ended June 2016 as against Rs 9373.85 crore during the previous quarter ended June 2015.

ParticularsQuarter Endedn++Jun. 2016Jun. 2015% Var. Sales9082.339373.85 -3 OPM %2.570.95 - PBDT-271.00-212.63 -27 PBT-871.21-664.47 -31 NP-535.52-248.18 -116

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