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Outcome of board meeting of Manvijay Development Company
Mar 08,2017

Manvijay Development Company announced that the Board of Directors of the Company at its meeting held on 08 March 2017 transacted the following -

1. The Board decided to undertake activities of specialized NBFCs as Core Investment Companies (CICs) by discontinuing the activities of Realty Estate business.

2. to make Investment upto Rs. 4.50 crore (approx) in the Preses Constructions Solutions.

3. Appointment M/s. Ferrao MSR & Associates as Secretarial Auditor of the Company for the Secretarial Audit for Financial Year 2016-2017.

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Coffee Day Enterprises to hold board meeting
Mar 08,2017

Coffee Day Enterprises will hold a meeting of the Board of Directors of the Company on 11 March 2017, to consider the Issuance of Rated, Redeemable, Secured, Un-listed Non-convertible Debentures for an amount not exceeding Rs. INR 3050 Million.

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Board of NILE recommends dividend
Mar 08,2017

NILE announced that the Board of Directors of the Company at its meeting held on 8 March 2017, inter alia, have recommended the dividend of Rs 3 per equity Share (i.e. 30%) , subject to the approval of the shareholders.

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Tamil Nadu Newsprint & Papers stops production in Paper Machine II
Mar 08,2017

Tamil Nadu Newsprint & Papers has stopped production in paper machine II (PM II), in unit I (Karur) from 07 March 2017 afternoon. The other two paper machines are in operations. The production in PM II will be resumed on availability of water.

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Mastek allots 28,754 equity shares
Mar 08,2017

Mastek announced that the Stakeholder Relationship Committee has allotted 28,754 Equity Shares of Rs. 5/- each (Face Value) to the eligible employees who exercised their vested options under the Companys Employee Stock Option Schemes (ESOP).

The said equity shares shall rank pari-passu with the existing equity shares of the Company in all respects. Resultantly, the paid up share capital of the Company stands increased to 2,33,77,533 Equity Shares amounting in aggregate to Rs. 11,68,87,665/- You are requested to kindly take the same on record.

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Wipro joins LoRa Alliancen++
Mar 08,2017

Wipro announced that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (IoT) alliances with over 400 members. This membership will help Wirpo accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports and logistics.

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Secondary market liquidity needed to attract retail investor into corporate bond space: SEBI official
Mar 08,2017

Infusing some amount of secondary market liquidity can help attract retail investors to enter the corporate bonds space, a top Securities Exchange Board of India (SEBI) official said at an ASSOCHAM event.

n++As retail investor, when I get into bonds I also think about liquidity. When I put money in the banks fixed deposits, it is not merely for the interest rate that I get but it is also for the liquidity it gives me, that gives me a tremendous amount of comfort in addition to the return, though the return is much less but I am satisfied because the liquidity is there,n++ said Mr G. Mahalingam, Whole Time Member, SEBI.

n++If same were to be the case with the bonds, I am sure that it is going to be an important, tempting factor for the retail investor to come into the bonds space and that is where perhaps some amount of secondary market liquidity is needed,n++ he added.

Mr Mahalingam however emphasised upon the need to create that liquidity.

n++Even with a much lesser liquidity we can afford to live within the corporate bond world,n++ he said.

The SEBI Whole Time Member also said that people should be allowed to move around freely from one segment to another segment with free connectivity as that would create and open up the entire market in a robust manner which could not be imagined.

n++If we can open up this connectivity, if the banks can play a role in the exchange traded platform segment, we are going to have a bond market where perhaps the liquidity will go unchallenged and perhaps match the liquidity levels in the US,n++ said Mr Mahalingam.

He also said that it must be seen whether regulators like IRDA (Insurance Regulatory and Development Authority), PFRDA (Pension Fund Regulatory and Development Authority) have created that kind of a bandwidth for the insurance companies, for the pension funds, provident funds to invest in the bond market.

n++There is another question which we need to find out whether these regulators have to open up their space in a bigger way, as SEBI feels it has opened it up for mutual funds sufficiently,n++ further said Mr Mahalingam.

He said that on an average, the portfolio return cannot be more than 200-300 basis points in corporate bonds.

n++If we understand this reality, then we will say that bonds are really-really good investments, if we do not look at this reality and if we continue to live in utopia that I am going to earn a return which is going to be double-triple of the bank deposits, we do not touch the bonds at all, this is the problem,n++ he said.

He lamented that most people do not realise that bond markets are growing. n++One stark fact now is that bond markets growth this year has out-stripped the bank credit growth, which is surprising, it has never possibly happened in the past at all.n++

He informed that bank deposit growth this year is almost close to about 10 per cent, the bank deposits are standing at Rs 105 lakh crores. While the bank credit has grown by an abysmal 4.8 per cent this year and it is at around Rs 73 lakh crores. n++If you look at correspondingly the bond market, it has really grown by leaps and bounds.n++

Talking about the initiatives taken by the government with a view to boost the corporate bond markets in India, Mr Mahalingam informed that the insolvency regime is finally in place, besides the enablers have also been put in place so today there is no reason why people should feel sceptical about investments in bonds.

Further he said that governments borrowing budget in the current year has come down by almost Rs two lakh crore which is going to be a great enabler for the corporate bonds to come into the picture.

n++There is a Rs two lakh crore space which is left vacant, which has to be absorbed possibly by corporate bonds, some of it is already in the coming form of commercial paper, certificate of deposits is coming down obviously for the reason that banks are no longer in need of deposits which have poured into the banks ever since November 9,n++ said Mr Mahalingam.

n++Given that background, the government is actually vacating space, there is a huge amount of space which is developing so automatically the corporate bond scenario is going to grow in a very robust way,n++ he added.

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Housing Development Finance Corporation allots 11,96,155 equity shares
Mar 08,2017

Housing Development Finance Corporation has allotted 11,96,155 equity shares of Rs 2 each pursuant to exercise of stock option by certain employers/ directors.

Post the above allotment, the paid up equity share capital of the Company would stand at Rs 317.42 crore consisting of 158,71,33,535 equity shares of Rs 2 wach.

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Shree Ajit Pulp And Paper gets reaffirmation of credit ratings
Mar 08,2017

Shree Ajit Pulp And Paper announced that ICRA has re-affirmed its rating A- (ICRA A Minus) for Long Term Rating and A2+ (ICRA A Two Plus) for Short Term Rating of the Company. The outlook has been revised from Stable to Negative.

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Board of Saianand Commercial appoints directors
Mar 08,2017

Saianand Commercial announced that the Board of Directors of the Company at its meeting held on 08 March 2017 considered the following - To appoint Vikram Champaklal Sanghvi, Jitendra Babulal Shah and Karishma Vikram Sanghvi as additional directors of the Company with effect from 08 March 2017.

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Board of Puravankara approves change in CFO
Mar 08,2017

Puravankara announced that the Board of Directors of the Company at its meeting held on 08 March 2017 approved the following -

Kuldeep Chawla has been appointed as Chief Financial Officer with effect from 08 March 2017.

The Board placed on record the resignation of Hari Ramakrishnan from the position of Chief Financial Officer of the Company, w.e.f. 08 March 2017.

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Board of Mawana Sugars agrees to enter into one time settlement for resolution of debt
Mar 08,2017

Mawana Sugars announced that the Board of Directors of the Company vide resolution dated 08 March 2017 has agreed to enter into one time settlement with State Bank of Mysore, New Delhi for resolution of debt, settling Companys total dues of Rs 47.76 lakh, for a consolidated agreed amount of Rs 38 lakh.

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Axis Rail India appoints CFO
Mar 08,2017

Axis Rail India announced that the Board of Directors of the company at its meeting held on 08 March 2017 has considered and approved the appointment of P.Venu Gopal Reddy as a Chief Financial Officer of the Company w.e.f., 8 March 2017.

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Outcome of board meeting of Sun Techno Overseas
Mar 08,2017

Sun Techno Overseas announced that the Board of Directors of the company at its meeting held on 08 March 2017 considered the following -

To appoint Rakesh Bhailalbhai Patel and Rakesh Tewari as additional directors in the board of director of the Company.

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Indian demand will recover from 2016 lows-World Gold Council
Mar 08,2017

After a challenging 2016, Indias gold market faces headwinds. As well as the lingering effect of the policies implemented last year, the industry has more to contend with in 2017. The ban on cash transactions over Rs300,000 could hurt rural Indian demand while GST could adversely affect the industry in the short-term, said the latest report of World Gold Council.

But after falling so sharply last year, demand is unlikely to fall further. Headwinds will be off-set by strong tailwinds. A banking system flush with liquidity, the bumper crop after a good monsoon, and central government employees and pensioners inflation-busting wage hike will all support economic growth. GST will streamline Indias byzantine tax structure which, as well as boosting the economy, promises to make golds value chain more transparent. Further ahead, the economy will benefit from the groundswell of young Indians entering the workforce - a demographic dividend similar to that which underpinned the stellar growth of the Asian Tiger economies of the 1980s and 1990s. All these factors will boost Indias economic growth and support gold demand.

It is likely that the impact of demonetisation will have a behavioural impact too. The shock initiative will have tested some peoples faith in fiat currencies and reinforced their faith in gold. We conducted a large-scale piece of consumer research in Q1 2016 in which 63% of respondents in India agreed with the statement n++I trust gold more than the currencies of countriesn++. And 73% of respondents in India agreed with the statement n++gold makes me feel secure for the long-termn++. The demonetisation programme will underpin these beliefs.

Demonetisation is also boosting large jewellery retailers, and they will continue to grab a larger share of the market. Over time, consumers will move away from cash towards digital payments, and organised players should benefit from this trend. This change in market dynamics will result in more transparency and a better deal for consumers, protecting them from shady practices such as undercarating.

Indias gold demand has fallen sharply in the past, but has then recovered. Previous attempts by the authorities to clamp down on gold have failed: gold is too intimately ingrained in Indian society.

On balance, while demand is likely to improve, our view for 2017 is cautious: we expect consumers to buy between 650t and 750t. Over time, we anticipate that economic growth and greater transparency within Indias gold market will push demand higher: by 2020 we see Indian consumers buying between 850t and 950t.

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