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Corporation Bank announces cessation of director
Dec 26,2016

Corporation Bank announced that Adish Kumar Jain, part-time Non-official Director under Chartered Accountant Category on the Board of the Bank has ceased to be a Director from 26 December 2016 on completion of his term on 25 December 2016.

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Board of Lakshmi Vilas Bank appoints CFO
Dec 26,2016

Lakshmi Vilas Bank announced that the Board of Directors of the Company at its meeting held on 26 December 2016 has designated N S Venkatesh, Executive Director of the Bank as the Executive Director and CFO of the Bank with immediate effect from 26 December 2016.

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Union Quality Plastics to consider forfeiture of shares
Dec 26,2016

Union Quality Plastics announced that a meeting of the Board of Directors of the Company will be held on 29 December 2016, inter alia, to Consider and approval forfeiture of 1,01,700/- partly paid up equity shares.

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Dharmendra Pradhan directs Oil Marketing Companies to take all possible remedial measures to ease out the situation in Manipur
Dec 26,2016

In view of the economic blockade imposed by United Naga Council (UNC) on vehicles going to Manipur from 1 November 2016, supplies of POL products have been severely constrained. MOS (I/C), Petroleum & Natural Gas Shri Dharmendra Pradhan today reviewed the stock position in the State of Manipur. He directed the Oil Marketing Companies (OMCs) to take all possible remedial measures to ease out the situation.

Currently, the OMCs are moving supplies under heavy security protection via alternate route NH-35 (via Jiribum) after shifting supply base to Guwahati, from normal base at Tinsukia. So far, the OMCs have moved 8 (eight) convoys to Manipur which consisted of 975 TTs. Last convoy, which entered Manipur via Jiribum border on 25th December early morning, is now reaching Imphal. The OMCs and the Ministry are in constant touch with the State Government. The convoy movement is being done as per advice of State Government. Loaded TTs for the next convoy have already been lined up at Jiribum (Assam - Manipur border).

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Symphony announces cessation of step down subsidairy
Dec 26,2016

Symphony announced the closure of its step down subsidiary - Symphony USA Inc. (earlier known as Impco Air Coolers Inc.) with effect from 31 December 2016 and accordingly SUI, USA ceases to be a step down subsidiary of the Company with effect from 31 December 2016.

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Institution Mechanism necessary to Protect IPRs : PHD Chamber
Dec 26,2016

National Conference on Intellectual Property Rights (IPR) held here under aegis of PHD Chamber of Commerce and Industry has recommended to the government that institutional mechanism is called for protection of IPRs in the absence of which remains the scope of piracy that goes on unabated.

In addition, the Conference also suggested that focus needs to be intensified for monetization of intellectual properties discovered and invented in universities and research institutions with their thick partnership with industry and industrial associations in the shape of final products with key element of innovation in it.

It was highlighted during the conference that a vast majority of academic institutions and universities do not have IPR Cell for patenting the innovations and therefore, such cells are need of hour to protect and patent the properties for their commercial launch and gains.

In his observations, Mr. Gupta emphasized that intellectual properties created by academia are pirated by vested interest and sold off less than half a price of theirs which leads to discouragement and disappointments.

Therefore, in the National IPR Policy should have regulations bend in favour of those that discover and create intellectual properties with their innovative spirits.

Dr. Chaturvedi in her presentation endorsed what Mr. Gupta advised further emphasizing closer academic and industry partnership for proper commercialization and monetization of intellectual properties.

Mr. Renaud Gaillard also stressed that the innovation happening in India and within its academics and research institutions should also be promoted with a collaborative approach between India and France.

Prof. Prabuddha Ganguli, IPR Chair, Tezpur University stressed on the role of sensitizing students in the IRP ecosystem. The pace of technology is changing the landscape of IPR in a vibrant manner, so academia and industry should create institutional linkages for the progression of IPR in India.

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Vaibhav Global provides update on its China subsidiary
Dec 26,2016

Vaibhav Globals Greater China subsidiary STS Gems has announced that it has earned a place among Greater Chinas highly rated employers with its inclusion on the Great Place to Work listing. STS Gems was commended in a conference and awards ceremony organized in HongKong earlier in December.

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Gagan Gases announces resignation of company secretary
Dec 26,2016

Gagan Gases announced about the Resignation of Company Secretary of Anjali Jain w.e.f. 01 December 2016.

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SBI index crashes to all time low in December 2016
Dec 26,2016

The yearly SBI Composite Index for December 2016 crashed to all time low of 45.5 (Moderate Decline), compared to last months revised index of 50 (Low Growth). Meanwhile, the Monthly Index increased to 49.4 (Low Decline) in December 2016 from 48.3 (Low Decline) in November 2016. As per the Index, the IIP growth may continue to remain in the negative territory in December 2016.

The SBI Composite Index, a leading indicator for manufacturing activity in Indian Economy aims to foresee the periods of contraction and expansion. The Composite Index has mainly two indices namely SBI Monthly Composite Index and SBI Yearly Composite Index. A consistent negative (positive) month on month forecast in the index will lead to negative (positive) growth rate in year on year index after a while.

The impact of demonetization on different sectors of industries is largely negative in the short term. Though as the situation improves, it will help them to grow smartly in the long run. Retail sales during the month of November 2016 were down in the range of 20-40% due to currency crunch and negative sentiments on account of uncertainty post Governments monetary initiative. Even the festive season shifted early by almost a month this time, which also resulted in lower sales during November due to post-festive sluggishness.

Overall, the SBI research department feel that the effect of demonetisation is more of short term nature, say a quarter or two in most of the sectors, except real estate, jewellery, luxury goods etc., and will normalize thereafter.

Due to weak credit off-take and huge money inflows, SBI research expect a faster rate of MCLR transmission by banks in the coming days as inflation trajectory is expected to remain benign with CPI inflation at sub-4% for coming months till January 2017. Though inflation may increase thereafter (post January 2017), it may not be more than 4.5% by March 2017.

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Board of Orbit Exports approves bonus issue
Dec 26,2016

The Board of Directors of Orbit Exports at its meeting held on 26 December 2016 approved the following -

Increase in authorised capital of the company from Rs 15 crore to Rs 35 crore dividend into 3.50 crore equity shares of Rs 10 each.

Consequential alteration in capital clause of MoA of the Company.

Issue of bonus shares in the ratio of 1:1.

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Solar Industries India issues commercial paper aggregating Rs 25 cr
Dec 26,2016

Solar Industries India announced that in terms of the guidelines issued by Reserve Bank of India, the Company has issued commercial paper for an aggregate amount of Rs. 25 crore on 26 December 2016 in favor of ICICI Bank, having maturity date of 17 March 2017.

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Board of NBCC (India) to consider bonus issue
Dec 26,2016

NBCC (India) announced that the meeting of the Board of Directors of the Company will be held on 04 January 2017, inter alia, to consider the issue of Bonus shares.

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Board of United Leasing & Industries appoints directors
Dec 26,2016

United Leasing & Industries announced that the Board of Director of the Company in its meeting held on 24 December 2016 has appointed to Ashish Khanna and Aditya Khanna as an additional director w.e.f. 24 December 2016.

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InterGlobe Aviation drops amid volatility
Dec 26,2016

Meanwhile, the S&P BSE Sensex was down 237.95 points or 0.91% at 25,802.75.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 32,556 shares in the past one quarter. The stock was volatile. The stock lost as much as 0.43% at the days low of Rs 820.35 so far during the day. The stock rose as much as 1.93% at the days high of Rs 839.90 so far during the day.

The stock had hit a record high of Rs 1,395.50 on 1 January 2016 and a 52-week low of Rs 702 on 11 February 2016. It had underperformed the market over the past one month till 23 December 2016, sliding 5.17% compared with the Sensexs 0.04% fall. The scrip had also underperformed the market in past one quarter, declining 10.67% as against the Sensexs 9.17% fall.

The large-cap company has equity capital of Rs 364.58 crore. Face value per share is Rs 10.

As per media reports, few overseas investment firms are competing to acquire a controlling stake in InterGlobe Technology Quotient, the travel reservation arm of InterGlobe Enterprises that runs IndiGo Airlines.

InterGlobe Enterprises is parent company of InterGlobe Aviation. It owned 42.51% in InterGlobe Aviation end September 2016.

InterGlobe Aviations net profit rose 23.6% to Rs 139.85 crore on 17.9% growth in net sales to Rs 4149.30 crore in Q2 September 2016 over Q2 September 2015.

InterGlobe Aviation is the operator of low cost passenger airline IndiGo

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Nikkei falls in quiet holiday trade
Dec 26,2016

The Japan share market closed lower in quiet holiday trade on Monday, 26 December 2016, as investors cashed in on recent rallies due to yen appreciation against the dollar. Trading was thin throughout the day due to the Christmas lethargy, with the U.S. and other major overseas markets closed. Tokyos benchmark Nikkei 225 index ended down 0.16%, or 31.03 points, to 19,396.64. The broader Topix index of all first-section issues finished down 0.37%, or 5.68 points, at 1,538.14. The Tokyo market was closed on Friday for a national holiday.

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