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Board of Vista Pharmaceuticals approves preferential issue of shares and warrants to promoters
Mar 08,2017

Vista Pharmaceuticals announced that the Board of Directors of the Company at its meeting held on 07 March 2017 has approved the following -

1. Issue of 18,00,000 equity shares and 44,50,000 convertible warrants to the promoters on preferential basis at an issue price of Rs. 24.05/- per equity share/warrant.

2. Holding of Extra Ordinary General Meeting (EGM) of the Company on 30.03.2017 at 11.30 a.m at the registered office of the Company at Plot Nos 10 to 14 and 16 to 20, APIIC Industrial Estate, Chityal, Gopalaipalli Village, Narketpally Mandal, Nalgonda District, Telangana to take the shareholders approval for the same.

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Bullions tarnish again
Mar 08,2017

Bullion prices ended lower at Comex on Tuesday, 07 March 2017 at Comex. Gold futures fell on Tuesday, extending losses to six sessions in a row as expectations for a U.S. interest-rate increase as early as next week dulled investment demand for the precious metal.

April gold lost $9.40, or 0.8%, to settle at $1,216.10 an ounce. Prices finished at a nearly five-week lown++their longest period of session losses, since early November. Meanwhile, silver for May delivery dropped 23.7 cents, or 1.3%, at $17.536 an ounce.

On Tuesday, the ICE U.S. Dollar Index was up by 0.2%, trading almost 0.5% higher month to date. The expectation for higher rates can lift the dollar, which can undercut appetite for assets priced in the currency. Higher interest rates can also diminish the appeal of commodities, which dont bear a yield.

< In economic news, a Tuesday report on the U.S.s trade deficit in January showed it reached its highest level since early 2012, rising 9.6% at $48.5 billion. Imports rose 2.3% to $240.6 billion, and exports rose 0.6% to $192.1 billion on the month.

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CBDT signs another Bilateral Advance Pricing Agreement (APA) with subsidiary of a Japanese Company taking the total APAs entered into by the CBDT 141
Mar 08,2017

The Central Board of Direct Taxes (CBDT) has entered a bilateral Advance Pricing Agreement (APA) with rollback provision with a Japanese subsidiary on 6th March, 2017. The total number of APAs entered by the CBDT has reached 141 with this signing. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal. 

With this signing, the total number of bilateral APAs with Japanese subsidiaries has reached five, all with rollback provisions. Four APAs out of these five have been signed in the current financial year. All these five bilateral APAs are with Japanese trading companies (Sogo Soshas). Certainty in tax treatment for Sogo Soshas has been a long-standing demand of the Japanese industry. The bilateral signing of APAs in this sector provides tax certainty up to nine years in each of these cases. 

Number of Advance Pricing Agreements signedS. No

Financial Year

Unilateral APAsBilateral APAsTotal1

2013-14

5052

2014-15

3143

2015-16

532554

2016-17  (up to 6-03-2017)

69877Total13011141

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Jain Irrigation gains after receiving order
Mar 08,2017

The announcement was made during market hours today, 8 March 2017.

Meanwhile, the S&P BSE Sensex was down 13.42 points or 0.05% at 28,986.14.

On the BSE, 1.16 lakh shares were traded in the counter so far as against average daily volume of 5.28 lakh shares in the past one quarter. The stock had hit a high of Rs 92.65 and a low of Rs 91.15 so far during the day. The stock had hit a 52-week high of Rs 109.25 on 30 October 2016. The stock had hit a 52-week low of Rs 54.60 on 16 March 2016.

The stock had underperformed the market over the past one month till 7 March 2017, falling 4.35% compared with 2.34% gains in the Sensex. The scrip also underperformed the market in past one quarter, gaining 6.17% as against Sensexs 10.53% gains.

The mid-cap company has equity capital of Rs 92.03 crore. Face value per share is Rs 2.

Jain Irrigation Systems has secured an order worth Rs 189.02 crore for delivering water at farmers field through creation of water infrastructure and making it available to the farmer to deploy using micro irrigation systems in their respective farms. The order is received under IGNP (Indira Gandhi Nahar Project), Rajasthan.

Through this order under IGNP, Jain Irrigation will create a positive impact on the lives of about 15,000 farmers spread across 20 villages of Hanumangarh District in Rajasthan and also take the water use efficiency (WUE) from current 30% to 60% plus level. The work is slated to be completed in around 18 months.

IGNP aims to reduce desert and transform desert waste land into agriculturally productive area.

Jain Irrigation Systems reported consolidated net profit of Rs 6.15 crore in Q3 December 2016 compared with consolidated net loss of Rs 23.01 crore in Q3 December 2015. Net sales rose 4.5% to Rs 1417.82 crore in Q3 December 2016 over Q3 December 2015.

Jain Irrigation Systems is engaged in manufacturing of micro irrigation systems, PVC pipes, HDPE pipes, plastic sheets, agro processed products, renewable energy solutions, tissue culture plants, financial services and other agricultural inputs.

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Tata Steel UK completes pension consultation process
Mar 08,2017

Tata Steel UK announced employees it has completed the consultation process on a proposal to close the British Steel Pension to future accrual with effect from 31 March 2017. During the consultation process the company spoke to more than 4,000 employees at more than 90 face-to-face briefings across the UK. It also received feedback through trade union representatives.

From 01 April 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme.

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Gujarat Fluorochemicals gains as company to sell wind power assets
Mar 08,2017

The announcement was made after market hours yesterday, 7 March 2017.

Meanwhile, the BSE Sensex was down 6.09 points, or 0.02%, to 28,993.47

On BSE, so far 13,000 shares were traded in the counter, compared with an average volume of 22,119 shares in the past one quarter. The stock hit a high of Rs 553.40 and a low of Rs 540 so far during the day. The stock hit a 52-week high of Rs 666.65 on 27 July 2016. The stock hit a 52-week low of Rs 451 on 9 November 2016.

The mid-cap company has an equity capital of Rs 10.99 crore. Face value per share is Re 1.

Gujarat Fluorochemicals said that Inox Renewables (IRL), a wholly owned subsidiary of the company and Inox Renewables(Jaisalmer) (IRJL), a wholly-owned subsidiary of IRL, both a part of Inox Group, entered into definitive agreements for sale of substantially all of their operating wind farms to Leap Green Energy (LGE) and its subsidiaries, on a slump sale basis, for an undisclosed price. The transaction is subject to fulfillment of certain conditions precedent, and is expected to complete over the next few months, Gujarat Fluorochemicals said.

IRL (with its wholly owned subsidiary, IRJL) is one of the leading renewable energy companies in India and together they own operating wind farms in Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu, that have a total capacity of 260 megawatts, the company said.

Deepak Asher, Director and Group Head (Corporate Finance) of the Inox Group of companies said that Inox Group has decided to exit wind farming business and focus on its core businesses, including that of wind turbine manufacturing.

On a consolidated basis, net profit of Gujarat Fluorochemicals declined 7.69% to Rs 73.38 crore on 16.79% rise in net sales to Rs 1790.21 crore in Q3 December 2016 over Q3 December 2015.

Gujarat Fluorochemicals (GFL) is the flagship company of Inox group. The company has evolved to being largest producer of chloromethanes, refrigerants and Polytetrafluroethylene in India.

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Deepak Nitrite allots 1,44,23,076 equity shares
Mar 08,2017

Deepak Nitrite has allotted 1,44,23,076 equity shares of Rs 2 each at a price of Rs 104 per equity share (including premium of Rs 102 per share) to Qualified Institutional Buyers.

Consequent to the said allotment, the paid up equity share capital has increased to Rs 26,14,22,532 consisting of 13,07,11,266 equity shares of Rs 2 each.

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Shree Krishna Paper Mills & Inds. to hold board meeting
Mar 08,2017

Shree Krishna Paper Mills & Inds. will hold a meeting of the Board of Directors of the Company on 7 March 2017.

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Southern Magnesium & Chemicals to hold board meeting
Mar 08,2017

Southern Magnesium & Chemicals will hold a meeting of the Board of Directors of the Company on 21 March 2017, to consider and approve the admission of securities with National Securities Depositories Limited (NSDL) along with the other items of the Agenda.

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Jaiprakash Associates considers realignment of debt and rescheduling of outstanding FCCB amounts
Mar 08,2017

Jaiprakash Associates announced that the Finance Committee of the Board of Directors at its meeting held on 07 March 2017 approved the following -

1. The proposal pertaining to reschedulement of outstanding amounts of Foreign Currency Convertible Bonds (FCCBs) subject to consents and approvals of RBI, any Ministry, Governmental or regulatory authority in India and bondholders & shareholders of the Company. The proposal is however yet to be approved by all the Bondholders and may undergo further changes.

2. The proposal for realignment of remaining debt of the Company subsequent to the transfer of a large part of the debt to UltraTech Cement (UTCL) upon consummation of the Scheme of Arrangement for transfer of identified Cement Plants of the Company to UTCL. This is however subject to approval of the lenders which is awaited. The final proposal may undergo certain changes depending upon the approval of all the lenders.

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Jain Irrigation Systems secures Rs 189.02 crore from IGNP
Mar 08,2017

Jain Irrigation Systems has secured an order worth Rs 189.02 crore for delivering water at farmers field through creation of water infrastructure and making it available to the farmer to deploy using micro irrigation systems in their respective farms. The order is received under IGNP (Indira Gandhi Nahar Project), Rajasthan.

Through this order under IGNP, Jain Irrigation will create a positive impact on the lives of about 15,000 farmers spread across 20 villages of Hanumangarh District in Rajasthan and also take the water use efficiency (WUE) from current 30% to 60% plus level.

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Hero MotoCorp moves higher after announcing interim dividend
Mar 08,2017

The board has fixed 18 March 2017 as record date for payment of interim dividend. The payment of interim dividend will be completed by 5 April 2017. The announcement was made after market hours yesterday, 7 March 2017.

Meanwhile, the S&P BSE Sensex was up 6.41 points or 0.02% at 29,005.97

On the BSE, 2,570 shares were traded on the counter so far as against the average daily volumes of 27,214 shares in the past one quarter. The stock had hit a high of Rs 3,331 and a low of Rs 3,296.60 so far during the day. The stock had hit a record high of Rs 3,739.90 on 8 September 2016 and a 52-week low of Rs 2,754.50 on 22 March 2016.

The large-cap company has equity capital of Rs 39.94 crore. Face value per share is Rs 2.

The Hero MotoCorp stock offers a dividend yield of 1.66% based on its closing price of Rs 3,299.40 on the BSE yesterday, 7 March 2017.

Hero MotoCorp recently reported a 4.75% drop in total two-wheeler sales at 5.24 lakh units in February 2017 over February 2016.

Hero MotoCorps net profit fell 2.7% to Rs 772.05 crore on 12.1% decline in net sales to Rs 6245.90 crore in Q3 December 2016 over Q3 December 2015.

Hero MotoCorp is the worlds largest two-wheeler manufacturer in terms of production capacity. The company has six manufacturing plants, including five in India including Dharuhera, Gurgaon, Haridwar, Neemrana and Halol and one in Colombia.

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Cyient enters into long term agreement with ThyssenKrupp Elevator
Mar 08,2017

Cyient has entered into a long term agreement with ThyssenKrupp Elevator, a global market leader in passenger transportation system, to support its MAX platform. MAX is the worlds first real time, cloud based predictive maintenance solution and a game changer for the elevator industry. Cyients advanced analytics and big data solutions will be integrated into MAX to help deliver predictive maintenance solutions.

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Dishman Pharmaceuticals and Chemicals intimates of fire incident at Bavla facility
Mar 08,2017

Dishman Pharmaceuticals and Chemicals intimates that there was a fire incident at one of the units (Unit No.7) at its Bavla facility on 07 March 2017 late evening and had been brought under control.

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Glenmark Pharmaceuticals gets clearance to move GSP 304 into Phase 2 study
Mar 08,2017

Glenmark Pharmaceuticals announced that the U.S. Food and Drug Administration (FDA) cleared the Companys Investigational New Drug (IND) application to begin a Phase 2 study of GSP 304 (tiotropiumbromide) for administration by nebulization for the long term, once-daily, maintenance treatment of bronchospasm associated with chronic obstructive pulmonary disease (COPD).

Glenmark plans to initiate clinical development with a Phase 2 study of GSP 304, a new orally administered formulation, in subjects with mild to moderate COPD, as determined by the Global Initiative for Chronic Obstructive Lung Disease (GOLD) criteria. The efficacy, pharmacokinetics, and safety profiles of currently available formulations of tiotropium bromide are well established.

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