Rasoi has informed regarding the Outcome of Board Meeting of the Company held on September 25, 2014.
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NCP calls off 15-year-old alliance with Congress
The NCP, in a press conference, declared withdrawing of its support from the state government. "Ajit Pawar will meet the Governor and submit his resignation as the Deputy CM of Maharashtra, The NCP is withdrawing its support," NCP leader Praful Patel said.
In a major shake-up in the politics of Maharashtra, the National Congress Party on Thursday announced the end of its ties with the Congress party ahead of the Assembly elections due in the state on October 15.
The NCP, in a press conference, declared withdrawing of its support from the state government. "Ajit Pawar will meet the Governor and submit his resignation as the Deputy CM of Maharashtra, The NCP is withdrawing its support," NCP leader Praful Patel said.
Hitting out at the Congress, the NCP said that despite being in an alliance, the Congress did not consult them before announcing its list of candidates for the Assembly elections on Wednesday.
The NCP also claimed that the Congress ignored them in the alliance. They asserted that the CM's position has always been held by the Congress in the 15-year-old alliance and they had demanded a change now. "We offered a proposal of equally sharing tenure for CM's post," Patel said.
The decision comes soon after the Bharatiya Janata Party announced the end of the 25-year-old alliance with Shiv Shiv Sena on Thursday evening.
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MCX board approves new pact with FTIL for tech support
On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.
Commodity exchange MCX today said its board has approved a new agreement with Jignesh Shah-led FTIL for availing technological support and services, paving the way for the bourse to launch new contracts for January-March period of 2015.
MCX, which is already using the technology provided by its erstwhile promoter Financial Technologies (FTIL), is likely to sign a new agreement in the next few days. On September 17, the commodity markets regulator FMC had said the exchange can launch new contracts for three months January, February and March of 2015 after if it signs a fresh technology deal with FTIL.
In a filing to BSE, MCX today said the Board has approved "the master amendment to principal agreements to be entered into between MCX and FTIL for availing technology support and managed services on such terms & conditions as contained therein". Pursuant to this agreement, MCX would continue to avail technology support and managed services from FTIL, it added.
In a separate filing, FTIL also informed that its board also approved the amendment to principal agreements to be entered into with MCX for continued provisions of software support and managed services. "It is also to be noted that by entering into the above said agreement, the companies have completed all the condition precedents of share purchase agreement with Kotak Mahindra Bank Limited (KMBL) as disclosed on July 20, 2014," FTIL added in the filing.
Sources said MCX has renegotiated the agreement with FTIL as the earlier contract was proving to be expensive. In 2013-14 fiscal, MCX paid about Rs 60 crore to FTIL for giving technological support and services to the exchange. Under the new agreement, MCX will pay lesser than this amount, sources added. Meanwhile, the regulator, however, had made it clear that the exchange will be allowed to roll out contracts for all 12 months of 2015 once the full divestment of FTIL in MCX takes place as per the regulatory norms.
MCX has been seeking permission to launch fresh contracts for 2015 but the Forward Markets Commission (FMC) had warned that it would not allow new contracts unless FTIL brings down its 26 percent stake to two per cent as per its order dated December 17, 2013.
MCX India stock price
On September 24, 2014, Multi Commodity Exchange of India closed at Rs 774.35, down Rs 27.95, or 3.48 percent. The 52-week high of the share was Rs 895.00 and the 52-week low was Rs 362.95.
The company's trailing 12-month (TTM) EPS was at Rs 22.75 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 34.04. The latest book value of the company is Rs 258.07 per share. At current value, the price-to-book value of the company is 3.00.
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Sreeleathers: Outcome of AGM
Sreeleathers has informed that the 23rd Annual General Meeting (AGM) of the Company was held on September 25, 2014.
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Indsoya: Outcome of AGM
Indsoya has informed that the Annual General Meeting (AGM) of the Company was held on September 25, 2014.
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Eurotex Industries and Exports: Outcome of AGM
Eurotex Industries and Exports has submitted a copy of Minutes of the 28th Annual General Meeting of the Company held on September 06, 2014.
Eurotex Industries and Exports Ltd has submitted to BSE a copy of Minutes of the 28th Annual General Meeting of the Company held on September 06, 2014.Source : BSE
Read all announcements in Eurotex
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Ishan Dyes Chemicals reappoints Anilaben P. Patel as director
Ishan Dyes & Chemicals has informed that the Shareholders at the Annual General Meeting of the Company held on September 23, 2014, had considered and approved the Reappointment of Smt. Anilaben P. Patel as Director of the Company liable to retire by rotation.
Ishan Dyes & Chemicals Ltd has informed BSE that the Shareholders at the Annual General Meeting of the Company held on September 23, 2014, inter alia, had considered and approved the following:1. Reappointment of Smt. Anilaben P. Patel as Director of the Company liable to retire by rotation.2. Appointment of Shri Mayankkumar H. Patel, Shri Roopin A. Patel and Shri Yatinbhai G. Patel as an Independent Directors of the Company in terms of Section 149 of the Companies Act, 2013 and revised Clause 49 of the Listing Agreement for a period of 5 years upto the conclusion of 26th Annual General Meeting of the Company.Source : BSE
Read all announcements in Ishan Dyes
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JSW Energy to acquire 3 plants of JP Power
JSW Energy has inked a binding memorandum of understanding (MoU) with JP Power to acquire three plants of 1,891 MW capacity.
Its third time lucky for the JP Group, a day after Reliance Power pulled the plug on its Rs 12,000 crore deal with JP Power; JSW Energy stepped in to save the day. Today, both JP Power and JSW Energy signed a definitive agreement to acquire the former's three power plants.
JSW Energy has inked a binding memorandum of understanding (MoU) with JP Power to acquire three plants of 1,891 MW capacity. These include 300 MW Baspa-II and 1091 MW Karcham Wangtoo hydro electric plant and 500 MW Bina thermal power plant.
In an exclusive interview with CNBC-TV18's Latha Venkatesh, Sajjan Jindal, CMD, JSW Steel said that JP Power and JSW Energy have entered into a definitive agreement to buy three plants - one thermal and two hydro power plants of JP Power. JSW Energy will acquire 100 percent equity of the three power plants, he added.
However, no financial details of the deal have been disclosed as yet. "The deal is premature to disclose the value of the deal as numbers are derivative," Jindal said.
Meanwhile, JSW Energy will raise debt to buy JP's Power plants, he added.
Reliance Power stock price
On September 24, 2014, Reliance Power closed at Rs 70.25, down Rs 5.65, or 7.44 percent. The 52-week high of the share was Rs 112.35 and the 52-week low was Rs 60.10.
The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 1003.57. The latest book value of the company is Rs 60.02 per share. At current value, the price-to-book value of the company is 1.17.
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FIIs upbeat on India; bet on cyclicals, banks: FT's Bindal
Harshendu Bindal, President Franklin Templeton Asset Mgmt (India) believes that foreign investors are positive on India; while Prime Minister Narendra Modi is striking the right chords; concerns on issues like taxation remain.
In an interview with CNBC-TV18's Shereen Bhan, he adds that one can expect India Inc's earnings to grow in the range of 17-18 percent in the next three-four years, which will be key factor in attracting investors.
On sectors, Bindal is bullish on cyclicals, banking and materials.
Also Read: Indian mkt has material upside in next 3yrs, says BlackRock
Below is the transcript of Harshendu Bindal's interview with CNBC-TV18's Shereen Bhan. For the complete interview watch the accompanying video
Q: The Prime Minister is making a sales pitch to investors both for FDI as well as FII in a sense but for are institutional investors telling you today? In the long term the India story intact but in the short term are we likely to see some pain?
A: One thing I have been realising over the past week or so that I have been here and speaking to a lot of institutional investors I think there is a lot of interest in India. However, the questions remain around the environment for taxation other issues around that or how easy or otherwise is it to come in to India. What the Prime Minister is saying, he is hitting all the right notes to our mind and the kind of issues that you talked about are exactly the kind of issues investors want to know about. If they can get that comfort, there is to my mind optimism, I think they are positive.
Q: Are they willing to pump in more money at these valuations?
A: If you look at valuations I think they are in the fair value territory. It is a question of now earnings growing from here. Our view on that is over the next three-four years you will see an earnings growth and in our estimate it is in the range of 17-18 percent. So, even if there is no rerating of the market, but the earnings growth will take it to a higher level. So, in that sense that needs to be communicated to investors and I think once they get that they will look at India.
Q: Which are the sectors that you are most excited about and most bullish on?
A: We are very structural when we look at our portfolios. So, we see for example cyclicals, banking, materials those are the kind of sectors we like to focus on vis-à-vis sectors like IT for example. So, we think those are some of the sectors that have a good story ahead of them and so we look at sectors like that in our funds right now.
Q: Do you anticipate a correction between 5 and 10 percent at this point in time before the market resumes its rally, that is the sense that we are getting, what is your own estimate?
A: We do not have a view on that because we are little more long-term in nature. So, we don't really track that but I sense that that may happen. There will be little bit of volatility in the market not only for domestic reasons but for global reasons as well. So, we for the kind of volatility you talked about is may be quite practical and possible to look at. Having said that, with earnings start picking up we will come to a more stable environment and then the environment will change quite dramatically.
Q: What is the big global risk that you are factoring in?
A: Globally, we are looking at several things. We are looking at geopolitical risks. Besides that what we need to track is recovery in the US. I think people are getting a lot more positive in the US as well. If the recovery happens in the US the thing to look at is will they then invest in emerging markets going forward, to me that is one of the risks. I still think the way India is looking on a relative basis compared to some of the other emerging market countries we should be able to get better flows than some of them. But one always has to take a step back and look at what is happening globally. So, that may be one reason for flows not to be as strong as we would like.
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India can make it to top 50 of World Bank ranking: FICCI
Watch the interview of Sidharth Birla President, FICCI with Nayantara Rai on CNBC-TV18, in which he shared his views on Modi governments "Make in India" campaign.
Watch the interview of Sidharth Birla President, FICCI with Nayantara Rai on CNBC-TV18, in which he shared his views on Modi governments "Make in India" campaign.
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Cipla licenses rights for innovative product to Salix
Written By Unknown on Kamis, 18 September 2014 | 23.06
"Under the agreement, Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla," the company said in a statement.
Drug major Cipla today granted a license to US-based Salix Pharmaceuticals Inc giving exclusive rights for certain patent applications of its 'Rifaximin Complexes', currently under drug development stage.
"Under the agreement, Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla," the company said in a statement. The grant is on a worldwide basis, excluding the countries of Asia (other than Japan) and Africa, it added.
Commenting on the development, Cipla USA and Canada CEO Timothy Crew said: "We are delighted to be partnering with Salix Pharmaceuticals and to expand on our existing license to Salix to introduce rights to the 'Rifaximin Complexes' patent applications."
Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement, Cipla said without sharing details.
"Salix also will pay a royalty on net sales of products covered by the 'Rifaximin Complexes' patents licensed to Salix," it added.
"This deal signifies our ongoing commitment to provide access to innovative treatments to patients worldwide," Cipla MD & Global CEO Subhanu Saxena said.
Generally, Rifaximin is used as an antibiotic. Last year the company had announced the expansion of its existing collaboration with Meda by granting global commercialisation rights for a proprietary combination nasal spray product (fluticasone and azelastine) Dymista, Cipla said.
Cipla stock price
On September 18, 2014, Cipla closed at Rs 620.25, up Rs 10.50, or 1.72 percent. The 52-week high of the share was Rs 639.05 and the 52-week low was Rs 366.70.
The company's trailing 12-month (TTM) EPS was at Rs 15.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 39.99. The latest book value of the company is Rs 125.69 per share. At current value, the price-to-book value of the company is 4.93.
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Bill Melinda Gates in conversation with Chetan Bhagat
Renowned author Chetan Bhagat talks to billionaire philanthropist Bill Gates and his wife Melinda on the art of giving.
Microsoft founder and philanthropist Bill Gates is in India. This is his first visit after the Modi government took charge. Speaking with author Chetan Bhagat, Bill and his wife Melinda gates said they were enthused by the new government.
Bill Gates also urged the Modi government to increase its expenditure on healthcare.
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Cipla grants Salix rights for Rifaximin
Commenting on the development, Cipla USA and Canada CEO Timothy Crew said: "We are delighted to be partnering with Salix Pharmaceuticals and to expand on our existing license to Salix to introduce rights to the 'Rifaximin Complexes' patent applications."
Drug major Cipla today granted a license to US-based Salix Pharmaceuticals Inc giving exclusive rights for certain patent applications of its 'Rifaximin Complexes', currently under drug development stage. "Under the agreement, Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla," the company said in a statement.
The grant is on a worldwide basis, excluding the countries of Asia (other than Japan) and Africa, it added. Commenting on the development, Cipla USA and Canada CEO Timothy Crew said: "We are delighted to be partnering with Salix Pharmaceuticals and to expand on our existing license to Salix to introduce rights to the 'Rifaximin Complexes' patent applications."
Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement, Cipla said without sharing details. "Salix also will pay a royalty on net sales of products covered by the 'Rifaximin Complexes' patents licensed to Salix," it added.
"This deal signifies our ongoing commitment to provide access to innovative treatments to patients worldwide," Cipla MD & Global CEO Subhanu Saxena said.
Generally, Rifaximin is used as an antibiotic. Last year the company had announced the expansion of its existing collaboration with Meda by granting global commercialisation rights for a proprietary combination nasal spray product (fluticasone and azelastine) Dymista, Cipla said.
Cipla stock price
On September 18, 2014, Cipla closed at Rs 620.25, up Rs 10.50, or 1.72 percent. The 52-week high of the share was Rs 639.05 and the 52-week low was Rs 366.70.
The company's trailing 12-month (TTM) EPS was at Rs 15.51 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 39.99. The latest book value of the company is Rs 125.69 per share. At current value, the price-to-book value of the company is 4.93.
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Airtel may have to pay Rs 436cr for merging Qualcomm 4G arm
The DoT sources said the 2013 deal is resulting in a merger which is leading to migration of a licence meant for only internet services to another type of permit that allows use of spectrum for all kinds of telecom services and not just internet.
Telecom major Bharti Airtel may have to cough up Rs 436 crore for merging Airtel Broadband Services with itself towards differential spectrum cost and migration fee, DoT sources said. Airtel Broadband Services (ABS), formerly Wireless Business Services Private Limited -- a telecom company founded US chip maker Qualcomm -- was acquired by Airtel last year. The DoT sources said the 2013 deal is resulting in a merger which is leading to migration of a licence meant for only internet services to another type of permit that allows use of spectrum for all kinds of telecom services and not just internet.
ABS holds broadband wireless access spectrum in four service areas - Delhi, Mumbai, Kerala and Haryana, that can be used for 4G services. The company has internet service
provider licence. Airtel is now moving from its present permit called Unified access Service Licence (UASL) to new licence which is called Unified Licence (UL) and can provide all kind of telecom services, having no objection from security agencies, under this permit with resources and infrastructure it has.
"The Access Services division of the DoT has deemed the proposed merger of ISP holding BWA spectrum with UASL licencee as equivalent to migration of ISP with BWA to UL with authorisation to use BWA for voice service," the source said. Bharti Airtel declined to comment on the matter. "Taking into account the extant balance period of ISP licence and the entry fee payable for UASL in the 4 service areas where ABS holds BWA spectrum, amount payable has been assessed at Rs 436 crore," the source said.
The access division of DoT is learnt to have calculated latest price of BWA spectrum held by ABS on the basis of prime lending rate of SBI as the company had acquired airwaves in 2010 and auction determined rates are valid for one year only.
"The amount of Rs 436 crore is difference between entry fee and market price," the source said. Reliance Jio Infocomm, which holds pan-India BWA spectrum, had to pay about Rs 1,673 crore for migrating from ISP licence to UL last year. It is now free to use its BWA spectrum for all kind of telecom services.
Bharti Airtel stock price
On September 18, 2014, Bharti Airtel closed at Rs 415.80, up Rs 1.75, or 0.42 percent. The 52-week high of the share was Rs 418.80 and the 52-week low was Rs 282.10.
The company's trailing 12-month (TTM) EPS was at Rs 19.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 21.3. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.49.
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'India on top of our focus markets to attract investors'
"Conversation really resides in social security administration. All we do is we hear it from our clients both here in India and globally and we just deal with it, we let the relevant agency take care of this matter. It is not the purview of Select USA," says Vinai Thummalapally of SelectUSA.
Preparations for Modi's US visit are in full swing, says Vinai Thummalapally, Executive Director, SelectUSA in the US department of commerce. He is India to initiate the ground work on the opportunities in India.
"Conversation really resides in social security administration. All we do is we hear it from our clients both here in India and globally and we just deal with it, we let the relevant agency take care of this matter. It is not the purview of Select USA," he says in an interview with CNBC-TV18's Malvika Jain.
As far as attracting investment into the United States is concerned, they are looking at all sectors; manufacturing, services, technology, a number of sectors. Interestingly, in the last few years, India moved from being ranked 11th largest in foreign direct investment into the US to fourth in 2013. This is a stunning improvement and increase and he expects this to continue, he says adding that India remains at the very top in terms of focus markets for opportunities to attract investment in the US. There are so many areas, businesses that could grow their enterprise by opening shop for the first time, Greenfield investment or to expand their existing opportunities.
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Moody's upgrades ratings of Tata Group firms
Moody's Investors Service today upgraded ratings of half a dozen Tata Group firms, including TCS and Tata Motors , on account of Tata Sons' track record in providing timely support to these firms.
The agency upgraded corporate family ratings of Tata Motors to Ba2/Stable from Ba3/Stable, Tata Chemicals ' to Ba1/Stable from Ba2/Stable, Tata Steel's to Ba2 from Ba3, Tata Steel UK Holdings' to B2 from B3, Tata Power's to Ba3/Stable from B1/Negative and affirmed Tata Consultancy Services' local currency issuer rating at A3/Stable.
Also read: Eco prospects brighten, see GDP at 5.2% in 2014: Moody's
"The ratings of Jaguar Land Rover Automotive plc and Tata Chemicals North America Inc. have not been affected by today's rating actions," Moody's Investors Service said in a statement.
Upward ratings' revision reflects agency's expectation of parental and systemic support in case of need, which has been exhibited both in the form of extraordinary financial support from Tata Sons, the ultimate parent, and ongoing support through their close association with the Tata brand, Moddy's Investors Service said.
"Multiple rating actions are based on the track record of Tata Sons in providing timely support to investee companies and Moody's assessment of its ability to provide future support and on the need to protect the brand reputation of Tata from the consequences of an entity's distress," it said.
Tata Sons' has been injecting money, typically through equity rights issues, into its companies, to fund their growth plans or to bolster any weak balance sheets. "As Tata's involvement in consumer facing businesses in India increases, coupled with its growing international presence, the Tata name, with more than 100 years of history, has become a globally significant brand and is, therefore, critical to maintain the Group's standing with customers, employees and investors alike," said Alan Greene, a Moody's Vice President, Senior Credit Officer.
Greene, who is the Lead Analyst for all Tata companies, with the exception of Tata Power, said dividends paid by TCS, a 73.7 per cent owned subsidiary, are the predominant source of funds for Tata Sons.
"While we believe that support from Tata Sons is ultimately available to the operating companies, it is beholden on the companies themselves to run sustainable balance sheets and contain any losses," Greene added.
Over the last three years while the four core rated Tata companies together have performed modestly against a backdrop of slower economic growth in India and losses in certain large overseas subsidiaries and domestic project vehicles, Tata Sons has provided timely support and thus confidence to fellow shareholders and lenders, Moody's Investor Services said.
"With glimpses of recovery in some of the worst affected sectors of the Indian economy, bulk of Tata Sons' disbursals can now be directed into the group's growth areas and not into
resolving old troubles," Greene said.
TCS stock price
On September 18, 2014, Tata Consultancy Services closed at Rs 2636.65, up Rs 48.20, or 1.86 percent. The 52-week high of the share was Rs 2667.00 and the 52-week low was Rs 1911.10.
The company's trailing 12-month (TTM) EPS was at Rs 102.67 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 25.68. The latest book value of the company is Rs 224.90 per share. At current value, the price-to-book value of the company is 11.72.
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Wall St opens up, SP 500 near record
The Dow Jones industrial average rose 38.76 points, or 0.23 percent, to 17,195.61, the S&P 500 gained 4.73 points, or 0.24 percent, to 2,006.3 and the Nasdaq Composite added 15.30 points, or 0.34 percent, to 4,577.49.
US stocks opened higher on Thursday, with the S&P 500 on track to test resistance at its record high a day after the U.S. Federal Reserve renewed its commitment to keeping interest rates low.
The Dow Jones industrial average rose 38.76 points, or 0.23 percent, to 17,195.61, the S&P 500 gained 4.73 points, or 0.24 percent, to 2,006.3 and the Nasdaq Composite added 15.30 points, or 0.34 percent, to 4,577.49.
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Storyboard with 'SRK' on rise of his brand
Shah Rukh Khan, the Baadshah of brands shares how endorsements have played big a role in making him what he is today, in an exclusive interview with CNBC-TV18's Pavni Mittal.
Shah Rukh Khan, the Baadshah of brands shares how endorsements have played big a role in making him what he is today, in an exclusive interview with CNBC-TV18's Pavni Mittal.
For full interview, watch the video
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Shemaroo IPO subscribed 7.37 times on final day of offer
The proceeds from the issue would be utilised to fund working capital requirements and general corporate purpose. The lead managers of the issue are Yes Bank Ltd and ICICI Securities Ltd.
The initial public offer of Shemaroo Entertainment, which is into film and entertainment content business, saw good demand from investors, getting subscribed 7.37 times, on the last day of the issue today.
The Rs 100-crore IPO, received bids for over 4.21 crore shares as against the issue size of over 57.20 lakh shares, data available with the NSE showed.
The final break-up for subscription in retail, qualified institutional buyers and non institutional investors category were, however, not updated.
As per yesterday's data available with the NSE, the category for retail individual investors was subscribed 1.77 times, while non institutional investors received 0.06 times subscription.
The portion for qualified institutional buyers (QIBs) saw 0.23 times subscription. Shemaroo entered the capital market with an initial public offer of shares in the price band of Rs 155-170 to raise about Rs 100 crore.
The company's IPO, which opened on Tuesday closed today. Shemaroo Entertainment had on Monday sold shares worth Rs 36 crore to nine anchor investors, including Birla Sunlife and HDFC mutual funds.
The proceeds from the issue would be utilised to fund working capital requirements and general corporate purpose. The lead managers of the issue are Yes Bank Ltd and ICICI Securities Ltd.
Shemaroo would list shares on the National Stock Exchange and the BSE.
Shemaroo is into film and entertainment content business. This is the fourth IPO this year. Prior to this, there have been public offers of Wonderla Holidays, Snowman Logistics Ltd and Sharda Cropchem.
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Andhra Govt slashes VAT on jet fuel to 1%
An order to this effect was issued here this evening. Hitherto, the State Government was charging 16 per cent VAT on jet fuel, according to Principal Secretary (Commercial Taxes) S P Singh.
Andhra Pradesh Government today slashed value-added tax (VAT) on aviation turbine fuel (ATF) to just 1 per cent from 16 per cent.
An order to this effect was issued here this evening. Hitherto, the State Government was charging 16 per cent VAT on jet fuel, according to Principal Secretary (Commercial Taxes) S P Singh.
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Siddarth Businesses' AGM on Sept 25, 2014
Written By Unknown on Kamis, 11 September 2014 | 23.06
Siddarth Businesses has informed that the 31st Annual General Meeting (AGM) of the Company will be held on September 25, 2014.
To read the full report click here
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VST Industries: Updates on outcome of AGM
VST Industries has submitted a copy of the minutes of the 83rd Annual General Meeting (AGM) of the Company held on August 12, 2014.
VST Industries Ltd has submitted to BSE a copy of the minutes of the 83rd Annual General Meeting (AGM) of the Company held on August 12, 2014.Source : BSE
Read all announcements in VST
To read the full report click here
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Ramky Infrastructure's AGM on Sept 30, 2014
Ramky Infrastructure has informed that the 20th Annual General Meeting (AGM) of the Company will be held on September 30, 2014.
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23.06 | 0
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Goyal Associate's AGM on Sept 30, 2014
Goyal Associates has informed that an Annual General Meeting (AGM) of the Company will be held on September 30, 2014.
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23.06 | 0
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Natura Hue Chem's AGM on Sep 30, 2014
Natura Hue Chem has informed that 19th Annual General Meeting (AGM) of the Company will be held on September 30, 2014.
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23.06 | 0
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Gemini Communication's AGM on Sep 29, 2014
Gemini Communication has informed that 19th Annual General Meeting (AGM) of the Company will be held on September 29, 2014.
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23.06 | 0
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Kalpena Plastik appoints Kali Charan Sharma as CFO
Kalpena Plastiks has informed that in compliance with Clause 49 of the Listing Agreement and in compliance with Section 203 of the Companies Act, 2013, Mr. Kali Charan Sharma has been appointed as the Chief Financial Officer (CFO) the Company with effect from September 01, 2014.
Kalpena Plastiks Ltd has informed BSE that in compliance with Clause 49 of the Listing Agreement and in compliance with Section 203 of the Companies Act, 2013, Mr. Kali Charan Sharma has been appointed as the Chief Financial Officer (CFO) the Company with effect from September 01, 2014.Source : BSE
Read all announcements in Kalpena Plastik
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SpiceJet's AGM on Sept 24, 2014
Spicejet has informed that the 30th Annual General Meeting (AGM) of the Company will be held on September 24, 2014.
To read the full report click here
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3 crore bank A/cs opened till date under Jan Dhan: FinMin
Moneycontrol Bureau
As many as 3.02 crore accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), the Finance Ministry today said in a release.
Banks have been asked to hold camps every Saturday to facilitate further account opening, the ministry said. "In order to clarify the customer queries, two helplines have been set-up and a media campaign to further disseminate information under the scheme is being prepared," it added.
The PMJDY is an ambitious initiative that was announced by Prime Minister Narendra Modi during his Independence Day address where about 7.5 crore free bank accounts were to be opened in a year in order to push financial inclusion in a country where about 60 percent of its 125 crore population and 40 percent of its 25 crore households do not have access to financial services, and have to rely upon informal and costly sources for credit needs.
Banks opened about 1.84 crore accounts in the first two days of the scheme's launch, the Finance Ministry said.
"To mark the launch of this ambitious mission, banks organized 1.04 lakh camps on August 28 and 29, out of which 64,000 camps were held in rural areas and 0.40 lakh in urban areas," it added.
However, a total of 33 lakh RuPay debit cards, which are being given complimentary, have been issued till now and banks have been asked to speed up the process.
Banks have collected deposits of Rs 1,496.51 crore under the Scheme so far which works out to be Rs.495 per account, according to the statement. Till date, the country's largest lender, State Bank of India, has opened the most accounts under the scheme: about 30 lakh.
Further incentives such as free life insurance cover of Rs 30,000 for every account holder are being worked out, the ministry said, adding that existing account holders can avail of these benefits as well.
The PMJDY is a highly ambitious program but it has come under attack from critics who have questioned some of its aspects -- such as offering a Rs 5,000 overdraft facility, saying it could further add to the stressed Indian banking sector – as well as the speed at which the rollout is taking place (leading to questions whether it could end up covering the "already financially-included" rather than the unbanked).
Sources have told CNBC-TV18 that the government intends to make the Aadhaar as the base identification document to open accounts under the scheme. This will pave the way for the controversial UIDAI project to become the base of the financial inclusion project.
Earlier, there were reports that the NDA government would put the Aadhaar project, a brainchild of the previous UPA government, on the backburner to promote its own NPR identification initiative but given the progress Aadhaar has made in enrollments (about 73 crore numbers issued), it has become clear the government would give it a further push to increase its coverage.
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Govt to facilitate investment in inland waterways: Gadkari
With an eye on attracting investments in the inland waterways sector, government is looking at facilitating more funding in that space to make it economically viable for business.
With an eye on attracting investments in the inland waterways sector, government is looking at facilitating more funding in that space to make it economically viable for business.
"We have to build terminals, waterports and seaports. We are ready to give you all facilities, concessions to make this sector economically viable for investors," Minister for Road Transport, Highways and Shipping Nitin Gadkari said at an industry body ACMA's event here today.
The sector has not been given due importance in the country vis-a-vis China, where waterways contribute 20 percent of the total traffic, he said.
"We should have given more importance to the waterways sector. China's waterways traffic is 20 percent of its total traffic and India it is merely 0.5 percent," Gadkari said, adding that waterways are a cheaper mode of transport and have great potential.
Waterways are a fuel-efficient mode or transport with barely 55 paise a km charge as against Rs 1.5 on highways.
The minister had earlier suggested utilising the entire potential of the Ganga by using it as a waterway from Gangotri to Kanpur, and Kanpur to Patna, for transportation.
He had also hinted at setting up a Waterport Authority of India to facilitate plying of seaplanes.
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US private sector hiring slows; trade deficit at 6-mth low
Written By Unknown on Kamis, 04 September 2014 | 23.07
US companies hired fewer workers than expected in August, but the trend in job growth remained consistent with a sturdy economic performance in the third quarter.
That view was reinforced by other data on Thursday showing only a slight increase in the number of Americans filing for unemployment benefits last week and a decline in the trade deficit to its lowest point in six months in July.
The ADP National Employment Report showed private payrolls increased by 204,000 workers last month after rising by 212,000 in July.
While that was below economists' expectations for a gain of 220,000 jobs, it marked the fifth straight month of private sector employment gains above 200,000, and the increases in payrolls were broad-based.
The report is jointly developed with Moody's Analytics.
The data was released ahead of the government's more comprehensive employment report on Friday. Nonfarm payrolls are expected to have increased by 225,000 last month after rising by 209,000 in July, according to a Reuters survey.
In a separate report, the Labor Department said initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 302,000 for the week ended Aug. 30.
Despite the rise, claims remained at levels consistent with strengthening labor market conditions. The jobs market is being closely monitored for clues as to when the Federal Reserve will start tightening monetary policy, having kept its benchmark overnight lending rate near zero since December 2008.
TRADE DEFICIT NARROWS
The strength the U.S. economy has exhibited in recent months stands in sharp contrast to the euro zone, which is flirting with recession and deflation. The European Central Bank on Thursday cut interest rates to new record lows in an attempt to spur stronger activity.
The dollar rose to a 14-month high against the euro. Prices for U.S. Treasury debt also rose.
In a third report, the Commerce Department said the U.S. trade gap fell 0.6 percent to $40.5 billion in July, the lowest since January. June's trade deficit was revised to USD 40.8 billion.
Economists polled by Reuters had expected the deficit to widen to USD 42.2 billion from a previously reported USD 41.5 billion shortfall in June.
When adjusted for inflation, the deficit narrowed to USD 48.2 billion, the lowest since December 2013, from USD 48.9 billion in June. That could see economists raise their estimates for third-quarter gross domestic product. Third-quarter GDP growth estimates range as high as a 3.5 percent annual pace.
Trade weighed on growth in the April-June period.
Exports increased 0.9 percent to a record high of USD 198.0 billion in July, supported by a surge in goods, automobiles, parts and engines, as well as non-petroleum products.
Imports rebounded 0.7 percent to USD 238.6 billion after declining in June, a sign of underlying strength in domestic demand.
The increase in imports was driven by food and autos, which both hit record highs.
Petroleum imports declined, which saw the petroleum deficit hitting its lowest level since May 2009. A domestic energy boom has seen the United States reduce its dependence on foreign oil.
The politically sensitive trade gap with China was the highest on record in July.
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Swarnsarita Gems: Outcome of board meeting
Swarnsarita Gems at its meeting held on September 04, 2014, has decided to invest upto Rs. 10.00 crores in Swarnasarita Gold and DiamonS, a partnership firm, which is within the prescribed limit of Section 186 of the Companies Act, 2013.
Swarnsarita Gems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 04, 2014, has decided to invest upto Rs. 10.00 crores in Swarnasarita Gold and DiamonS, a partnership firm, which is within the prescribed limit of Section 186 of the Companies Act, 2013.Source : BSE
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Trimurthi Drugs Pharmaceuticals: Outcome of board meeting
Trimurthi Drugs & Pharma in its meeting held on Sep. ember 04, 2014, has transacted the who has resigned vide letter dated August 12, 2014. The Board has appointed Mr. Devender Kumar Rathi as Additional Director (Independent Director) to hold office till the ensuing Annual General Meeting.
Trimurthi Drugs & Pharmaceuticals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 04, 2014, inter alia, has transacted the following;1. The Board has taken note Resignation of Mr. Murlidhar Mutgi & Mr. Arun Kumar Sarda who has resigned vide letter dated August 12, 2014.2. The Board has appointed Mr. Devender Kumar Rathi as Additional Director (Independent Director) to hold office till the ensuing Annual General Meeting.3. The Board has appointed Mrs. Priyaiika Barve as Additional Director (Independent Director) to hold office till the ensuing Annual General Meeting.4. The Board has taken decision and appointed Ms. Jyoti Ramesh Kakani as Company Secretary of the Company with effect from September 04, 2014.5. The Board has taken decision and appointed Ms. Vani Manda as Chief Financial Officer of the Company with effect from September 04, 2014.6. The Board has considered and approved following subject to approval of Shareholders in ensuing Annual General Meeting: - Borrowing powers U/s 180(l)(c)- Creation of Charge on Company's own assets to secure the borrowings of the Company U/s 180(l)(a)- Amendment to Articles of Association to enable maintaining of records in electronic means.Source : BSE
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Govt hikes DA by 7%; takes steps towards green regulator
The Cabinet has constituted a 4-member panel which will submit its recommendation over the setting up of an environment regulator.
The Cabinet has taken the first step towards setting up a green regulator. It has constituted a 4-member panel which will submit its recommendation over the setting up of an environment regulator. The government has also hiked the dearness allowance for central government employees by 7 percent.
Addressing the media, post the CCEA meeting, Law and Telecom Minister Ravi Shankar Prasad said: "There are talks that a regulator will be appointed in the Department of Environment & Forest. A committee comprising 4 ministers has been appointed. Their suggestions will be taken into account."
On dearness allowance hike, he said: "All employees of the central government who were entitled to an additional installment of the dearness allowance w.e.f. July 1, 2014 will receive their money soon. A prescribed rate has been approved for the same."
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Speciality Restaurants' AGM Notice Published in the Newspaper
Speciality Restaurants has informed regarding the Company had published a Notice of 15th Annual General Meeting (AGM) of the Company to be held on September 15, 2014 at Kolkata in the Newspapers on August 25, 2014.
Speciality Restaurants Ltd has informed BSE regarding the Company had published a Notice of 15th Annual General Meeting (AGM) of the Company to be held on September 15, 2014 at Kolkata in the Newspapers on August 25, 2014.Source : BSE
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Bharat Forge: Outcome of AGM
Bharat Forge has informed that the 53rd Annual General Meeting (AGM) of the Company was held on September 04, 2014.
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Nikki Global Finance: Outcome of board meeting (AGM on Sept 29, 2014)
Nikki Global Finance has informed regarding Outcome of Board Meeting held on September 04, 2014.
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Ansal Buildwell appoints Ritu Ansal as director
Ansal Buildwell has informed that the pursuant to provision of Section 149(1) of the Companies Act 2013, Board of Directors of the Company at their meeting held on August 08, 2014 has appointed Smt. Ritu Ansal as Woman Director of the Company.
Ansal Buildwell Ltd has informed BSE that the pursuant to provision of Section 149(1) of the Companies Act 2013, Board of Directors of the Company at their meeting held on August 08, 2014 has appointed Smt. Ritu Ansal as Woman Director of the Company.Source : BSE
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Simplex Infrastructures: Outcome of AGM
Simplex Infrastructures has informed that the 96th Annual General Meeting (AGM) of the Company was held on September 04, 2014.
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No more secrets: Swiss banks learn to shape up, not shut up
Switzerland's allure as a place to stash cash has been badly damaged by a US-led campaign against tax cheats, and the country's roughly 140 private banks can no longer rely on a reputation for secrecy to attract wealthy customers.
To try and compensate for the hundreds of billions of Swiss francs withdrawn in the wake of the tax probes, banks that once relied on word-of-mouth referral have brushed up their sales pitches and hit the road to attract new clients, particularly in Asia, the world's fastest production line for multi-millionaires and billionaires.
"The key paradigm shift is that, in the old days, Swiss private banking imported clients," said Zeno Staub, the chief executive of Swiss bank Vontobel. "Now we export services."
To compete across borders, banks either need scale, or a specialist niche. Industry experts expect a gradual wave of takeovers and closures to shrink the sector, possibly by up to a third, once long-running U.S tax investigations involving dozens of banks conclude. Some are expected to be wrapped up in the next 12 months, but others could drag on.
The tectonic shifts expected in an industry steeped in hundreds of years of tradition prompted speculation last week of a tie-up between Credit Suisse, the country's second-biggest bank, and Julius Baer, its third-largest listed wealth manager.
Analysts questioned the logic of such a takeover for Credit Suisse, which only recently agreed to pay USD 2.6 billion to settle a tax probe with the United States, hollowing out its reserves for such a big deal.
Julius Baer is in the midst of its own U.S. criminal investigation for aiding tax evasion, and a source familiar with the matter said the case for a deal between the two banks was weak for now and that any possible merger would be at least two to five years away.
But the speculation of such a tie-up underlines the sense of change afoot in the wood-panelled private banks of Geneva and Zurich, from which rich clients withdrew a net 350 billion Swiss francs (USD 381 billion) between 2008 and 2014, according to an estimate from accounting firm PricewaterhouseCoopers.
Profits have been eroded by the outflows and clients' preference for low-risk holdings, which generate weaker returns for banks. The number of loss-making banks rose by almost 50 percent in 2013 to 34 compared to a year ago, according to a study by auditor KPMG that looked at 94 Swiss private banks.
The KPMG study, which excluded some big banks like UBS and Credit Suisse, also showed private banks' return on equity - a key measure of profitability - fell by more than 75 percent between 2006 and 2013.
BONED-UP BANKERS
Before the 2007-08 financial crisis and subsequent increase in regulatory vigilance, not much had fundamentally changed in the world of Switzerland's often family-run private banks since the Napoleonic era. Customers came to Zurich and Geneva to park their money, and the bankers did not have to do much to keep it.
Once-a-year meetings with clients left plenty of time for long lunches and afternoon tipples.
Now, with the threat of hefty sanctions for tax evasion and customers anxious for returns in an era of record low interest rates, bankers have to bone up on investment trends and regulatory small print.
"We're moving from what we would call an asset-gathering business to an advice and investment management business," said Anthony Cerquone, the global head of human resources at UBS's wealth management arm. "The asset gathering was much less active than our model today."
UBS's client advisors have to complete a wealth management diploma to sharpen up their advisory skills and their awareness of compliance, on top of having a chief investment officer who sets the bank's 'House View' on investments.
At Geneva-based Lombard Odier the most popular internal training programmes are on client interaction, and risk and compliance, a bank spokesman said.
Lombard Odier and crosstown rival Pictet & Cie broke with more than two centuries of tradition last week when they published financial results for the first time.
The two banks, both still partially run by their founding families, had to make the disclosures after changing their structure to limited partnerships, which cap their partners' exposure to potential fines from U.S. tax probes.
INDIGESTION
Rum tales of how Swiss banks helped clients evade taxes - such as smuggling a client's diamonds into the United States in a toothpaste tube - have hurt their reputation in North America, but among China's monied classes, they still have cachet.
"The Swiss name, Swiss banks still appeal to a lot of them. After 2008, a lot of them had bad experiences with big banks," said Ang Eng Hieang, a veteran of Singapore's private banking industry, who joined Swiss bank Bordier & Cie in 2012 as executive director.
Since 2009, when the veil of Swiss banking secrecy was first lifted after UBS agreed to pay $780 million in fines and pass on information about tax-evading U.S. citizens, the country's big banks have been channelling resources into Asia.
UBS, the world's largest private bank, has cut staff numbers by almost 11 percent in Switzerland, while growing numbers in Asia Pacific by 7.4 percent. Credit Suisse has cut the number of relationship managers in Switzerland by 15 percent since 2009, but bulked up its headcount in Asia Pacific by almost a third.
Bordier & Cie has spent the past two years trying to build up an Asian business from scratch, and around 15 percent of account holders are now from Asia.
The bank helps advise clients on a wide range of investment matters from bond yields and Tokyo property prices to pieces of art from China's cultural revolution and charges a relationship fee and a transaction fee for its services.
"We seek to be transparent; we show our clients where our products are from, and we show them our mark-up," said Ang. "We want to be a trusted intermediary."
Back in Switzerland, the industry is still coming to terms with the new open landscape.
"The industry is still digesting the legacy situation," said Vontobel's Staub. "As we all know, when we have eaten too much, digesting takes a bit of time."
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