Aug 31, 2013, 01.24 PM IST
Hotel Leelaventure Ltd has informed that the 32nd Annual General Meeting (AGM) of the Company will be held on September 20, 2013.
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Shreeyash Industries' extension of time for holding AGM
Aug 31, 2013, 01.26 PM IST
Shreeyash Industries Ltd has decided to extend the time for conducting the annual general meeting for the year 2013. The company has obtained required approval from the Registrar of Companies, Andhra Pradesh, under Section 166(1) of the Companies Act, 1956 for extension for conducting the annual general meeting upto November 30, 2013.
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Shreeyash Industries' extension of time for holding AGM
Shreeyash Industries Ltd has decided to extend the time for conducting the annual general meeting for the year 2013. The company has obtained required approval from the Registrar of Companies, Andhra Pradesh, under Section 166(1) of the Companies Act, 1956 for extension for conducting the annual general meeting upto November 30, 2013.
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Shreeyash Industries' extension of time for holding AGM
Shreeyash Industries Ltd has decided to extend the time for conducting the annual general meeting for the year 2013. The company has obtained required approval from the Registrar of Companies, Andhra Pradesh, under Section 166(1) of the Companies Act, 1956 for extension for conducting the annual general meeting upto November 30, 2013.
Shreeyash Industries Ltd has informed BSE that the Board of Directors of the Company decided to extend the time for conducting the Annual general Meeting for the Year 2013. The Company has obtained required approval from the Registrar of Companies, Andhra Pradesh, under Section 166(1) of the Companies Act, 1956 for extension for conducting the Annual general Meeting upto November 30, 2013.Source : BSE
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Mkt upside limited; funds moving to FMCG, IT, pharma: IDFC
Kenneth Andrade of IDFC finds valuations fair and those looking to play the market now should buy on dips and sell on rally. He does not see much room on the upside for the market from current level.
Also Read: Funding environment challenging; NPAs to rise to 1.5%: IDFC
"This market seems to be very tactical. It is a very difficult time to make money in an environment like this unless you are pretty fast off your feet and that is not something that you can do with fair amount of regularity," he told CNBC-TV18 in an interview. The market will be closely watching how elections pan out, he added.
He feels investors now prefer taking valuation risk than taking business risk. So, funds are getting polarised into high quality businesses such as FMCG, IT and pharma, he elaborated.
Below is the verbatim transcript of Kenneth Andrade's interview on CNBC-TV18
Q: What is your call on the market now? It has almost become a binary event that if there are some reforms then maybe we go up otherwise it looks like the market is doomed. What is your more fundamental call right now? Do you think we have factored in most of the bad news for the market or do you think there could be some more downside as we head into the next month?
A: I really do not want to comment on what is going to happen next month, but the way we have effectively positioned ourselves through the current financial year we are heading into elections and that is very clear from all the policy action that has not been taken so far. It has been a year where you had significant amount of social measures. Things that have plagued the markets are two deficits, that is not going to go away in a hurry. All said and done, this market seems to be very tactical. You have to buy on lows and every time you get a bounce you sell it, but there is nothing structural about it. So it is a very difficult time to make money in an environment like this unless you are pretty fast off your feet and that is not something that you can do with fair amount of regularity.
So the way the market is we are just looking for things which are structural in nature. Nothing is coming by so far. Valuations by far are fair. They probably are not cheap given where your interest rates are, but valuations by themselves will not create enough of room on the upside. So we are in a zone where we will have to take some time out. We will have to wait and see how the political events pan out, wait for the elections and see how events pan out over the next couple of quarters.
Some of the events that will pan out over the next couple of quarters, some of the most significant ones are the results and going into the next quarter which is the December ended quarter it is not going to be a very pretty site.
Q: How are you positioned on IT? Would you still accumulate despite expensive valuations?
A: That has been the norm with the market for a pretty long period of time now and that is not in isolation with India, but it is across the region in some part of the globe itself. The money is effectively getting polarised into high quality businesses and as long as those high quality businesses show some events of growth valuations actually balloon out there. So right from 2011 onwards you have seen high valuations in the Fast Moving Consumer Goods (FMCG) space, you have seen high valuations in the pharmaceutical space and now you are seeing reasonably high valuations when it comes to IT.
So the flight of money to quality assets is in continuation. So that is how we will have to live with it and that is not going to stop now, because the opportunities are getting far more limited to buy into other spaces. A very large part of the cyclical market is actually losing money and going down further despite valuations being chased. So I think we will be in continuation. Money will seek safety. So a lot of investors prefer the valuation risk rather than taking on the business risk or the solvency risk and that is what we all see as far as capital markets are going.
Q: In terms of positive triggers there is so much hope now on the diesel price hike that it seems that the market may not even react if it comes true. If there is a Rs 3-5 diesel price hike that comes in in the next week or in the next fortnight what do you think the market reaction could be and how much of a positive trigger could that be for equities?
A: Rather than a one-time price hike of Rs 3 or Rs 5 or whatever that number can be we need a more structural approach to this entire problem. Remember, the last year and going into this year subsidies as a percentage to total GDP are hitting all-time highs and these are very unsustainable numbers.
Finally, we have to move into a market environment and till we do not move into the market environment whatever the government might want to do as far as price hikes are concerned it will just be a drop in the ocean. Market might react for two hours and then it will just give away. So I am not too sure if you can fix the broader problem with bits and pieces. It has to be more structural in nature. You have to have a defined timeline around which you can move the entire environment to a market economy. That is what all the external capital outside is waiting to see whether it will happen or not.
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Labour trouble halts production at Hero's Haridwar plant
Aug 31, 2013, 02.01 PM IST
Hero Motocorp sacked one worker on disciplinary grounds. The Haridwar unit workers have called for a strike and demanded the creation of a Union Body
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Labour trouble halts production at Hero's Haridwar plant
Hero Motocorp sacked one worker on disciplinary grounds. The Haridwar unit workers have called for a strike and demanded the creation of a Union Body
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Labour trouble halts production at Hero's Haridwar plant
Hero Motocorp sacked one worker on disciplinary grounds. The Haridwar unit workers have called for a strike and demanded the creation of a Union Body
Labour trouble erupted at Hero Motocorp 's Haridwar unit and disrupted production. The workers there are demanding the creation of a Union Body. The issue arose when the company sacked one worker on disciplinary grounds, CNBC-TV18 reports, quoting sources.
Also Read: Hero enters Peru; launches brand, two-wheeler range
The Haridwar unit workers have called for a strike. Production was completely halted on Friday and the same situation is likely to continue even today, sources add.
According to CNBC-TV18, Hero Motocorp 's Haridwar plant has over 3,000 workers, including those on contract. It is the only unit of the company that has no workers union.
Hero Motocorp has three plants, one each in Gurgaon, Dharuhera and Haridwar. The Haridwar unit is the company's largest manufacturing facility. The plant produces around 8,000 units per day, while the Gurgaon and Dharuhera plants produce 6,000 units per day.
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Gold may correct to Rs 32000/10 gm soon: Motilal Oswal
Written By Unknown on Jumat, 30 Agustus 2013 | 16.02
Kishore Narne of Motilal Oswal Commodity Brokers is bearish on gold and sees the precious metal heading toward Rs 32,000 per 10 gram in the next week or so. The yellow metal touched a high of USD 1,420-1,430 per ounce, but it wasn't able to sustain in the global markets, he said.
For the rupee he has an intraday target of close to 67.60/USD-67.80/USD, but gradually it should be going back to 65.80/USD kind of levels in the next week or ten days, he added.
Also Read: Easing geopolitical tensions can hurt gold prices: Emkay
Below is the verbatim transcript of Kishore Narne's interview on CNBC-TV18
Q: We have to start with gold. What is the strategy now?
A: Gold has made top of around USD 1,420-1,430 per ounce and then it was not able to sustain in the global market. We are looking for much more decline and on the domestic market; the rupee was on a major support factor, which has been right now again correcting. So, at this point of time we should remain bearish on gold with current levels of slightly higher of around Rs 34,500 per 10 gm kind of levels as selling levels and probably look for targets close to Rs 33,800 per 10gm with a stop loss at Rs 33,800 per 10gm, but overall if you see a week or ten days, we should be in decent downside probably somewhere close to Rs 32,000 per 10gm is possible in the next week or so.
Q: What about the other precious metal, silver?
A: Slight rally towards Rs 54,500 per kg in intraday should be seen as a selling opportunity. A stop loss should be much wider because of the recent volatility Rs 55,500 per kg; Rs 1,000 stop loss should be maintained and target close to Rs 53,000 per kg or Rs 53,800 per kg kind of levels should be possible.
Q: Your thoughts on currency. How would you trade the rupee-dollar now?
A: Rupee-dollar has overshot these fundamentals and then probably we should be correcting decently on the dollar front. Intraday targets are close to 67.60/USD-67.80/USD kind of levels, but gradually we should be at least going back to 65.80/USD kind of levels if you see towards in the next week or ten days. But sustainability below 63/USD or 64/USD - there should be some fundamental changes on the government policy or otherwise I do not think short-term measures will be able to reverse the trend in rupee. But I rule that out at least for the next month or so beyond 70/USD. That is what we have touched in the non-deliverable forwards (NDF) market and I do not think it will be breaking that level anytime soon.
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Nifty slips below 5400 post PM speech; Tata Motors dives 4%
Aug 30, 2013, 02.26 PM IST
The rupee has tumbled 10.4 percent against the dollar so far this month, which would be its largest monthly depreciation ever if it ends around current levels, according to Thomson Reuters data. Indian rupee declined 7 paise to 66.62 against the US dollar today.
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Nifty slips below 5400 post PM speech; Tata Motors dives 4%
The rupee has tumbled 10.4 percent against the dollar so far this month, which would be its largest monthly depreciation ever if it ends around current levels, according to Thomson Reuters data. Indian rupee declined 7 paise to 66.62 against the US dollar today.
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Nifty slips below 5400 post PM speech; Tata Motors dives 4%
The rupee has tumbled 10.4 percent against the dollar so far this month, which would be its largest monthly depreciation ever if it ends around current levels, according to Thomson Reuters data. Indian rupee declined 7 paise to 66.62 against the US dollar today.
14:26
Moneycontrol BureauLive Market Commentary
The market slipped marginally in afternoon trade with the Nifty falling below the 5400 level, weighed down by metals, oil & gas and auto stocks.
The Sensex is down 42.73 points at 18358.31, and the Nifty is down 22.85 points at 5386.20.
Meanwhile, the rupee has tumbled 10.4 percent against the dollar so far this month, which would be its largest monthly depreciation ever if it ends around current levels, according to Thomson Reuters data. Indian rupee declined 7 paise to 66.62 against the US dollar today.
Tata Motors shares lost 3.5 percent
13:00
Sensex flat ahead of GDP data announcement; JSPL slips 8%The market is going flat ahead of the first quarter gross domestic product (GDP) data today. The Sensex is up 18.72 points or 0.10 percent at 18419.76 while the Nifty is down 5.00 points or 0.09 percent at 5404.05. About 1026 shares have advanced, 891 shares declined, and 140 shares are unchanged.
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Trigyn Technologies: Details of extension of UN contract
Aug 30, 2013, 02.27 PM IST
The contract of Trigyn Technologies� step-down subsidiary Trigyn Technologies Inc., with the United Nation to support their communication and IT at the UN missions and other UN offices is now extended for an additional 12 month period.
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Trigyn Technologies: Details of extension of UN contract
The contract of Trigyn Technologies� step-down subsidiary Trigyn Technologies Inc., with the United Nation to support their communication and IT at the UN missions and other UN offices is now extended for an additional 12 month period.
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Trigyn Technologies: Details of extension of UN contract
The contract of Trigyn Technologies� step-down subsidiary Trigyn Technologies Inc., with the United Nation to support their communication and IT at the UN missions and other UN offices is now extended for an additional 12 month period.
Trigyn Technologies Ltd has informed BSE regarding a Press Release dated August 30, 2013, titled "Extension of UN Contract" The contract of Trigyn Technologies� step-down subsidiary Trigyn Technologies Inc., with the United Nation to support their communication and IT at the UN missions and other UN offices is now extended for an additional 12 month period.Source : BSE
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Short Maruti Suzuki; may slip below Rs 1150: JK Jain
| Aug 30, 2013, 01.24 PM IST
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Sesa Goa a top pick: Ritesh Shah
Written By Unknown on Kamis, 29 Agustus 2013 | 16.02
Ritesh Shah of Espirito Santo Securities told CNBC-TV18, " Sesa -Sterlite merger offers a lot more breathing space to the management going forward. Specifically given it solves the cash fungibility issue. If you look at the cash flow so far, the management has walked a tight rope with the funding gap clearly being met by the dividends from Hindustan Zinc and Cairn India . Once the transaction goes through in a couple of months, you will have access to nearly USD 1 billion plus of Hindustan Zinc's free cash flows, which will ease out cash flow situation for the company."
"We have recently upgraded our stock call from neutral to buy clearly as we expect the transaction to go through. Our fair value stands at Rs 180 factoring USD-INR at 60. If one factors in USD-INR at 10 percent depreciated value say at 65, our fair value increases by Rs 40 so it takes it to Rs 220. Clearly it remains our top pick in non-ferrous sector right now."
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Buy Hindalco Industries: Jitendra Panda
Aug 29, 2013, 02.08 PM IST
Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.
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Buy Hindalco Industries: Jitendra Panda
Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.
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Buy Hindalco Industries: Jitendra Panda
Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.
Jitendra Panda of Capital First Securities told CNBC-TV18, "We are seeing some pockets where fresh longs are coming and short covering is certainly there. We cannot deny that because closer to expiry the shorts have made their money and are covering there, people who entered in the fag end are really feeling the heat now. I believe pockets like metals and IT continues to have long positions and metals did the turnaround much earlier before the market really touched the bottom."
"Stocks like Hindalco Industries is a very good buy there; very strongly holding the Rs 98 levels. So keep the stop loss at Rs 100. So I am not seeing it going below Rs 100 now and Rs 110 could be the target. So we do see short covering happening," he said.
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Emmessar Biotech: Outcome of board meeting
Emmessar Biotech & Nutrition Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 12, 2013, has appointed Dr. Anuradha Srinivasa Raghavan and Dr. Sarada Srinivasa Raghavan, as an "Additional Directors" of the Company w.e.f. August 12, 2013.Dr. Anuradha Srinivasa Raghavan and Dr. Sarada Srinivasa Raghavan have been, inducted on the Board to take the benefit of their Scientific expertise in the field of R&D in Medicine and Biotechnology respectively.Source : BSE
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Indian Sucrose: Outcome of board meeting
Aug 29, 2013, 02.17 PM IST
Indian Sucrose has informed regarding the Outcome of Board Meeting held on August 27, 2013.
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Hind Syntex appoints Vilas Agrawal as whole time director
Written By Unknown on Rabu, 28 Agustus 2013 | 16.02
Aug 28, 2013, 01.52 PM IST
Hind Syntex has informed that Mr. Vilas Agrawal, has been appointed as Whole time Director w.e.f. July 31, 2013. Further the Company has informed that, he is also Compliance officer of the Company.
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Hind Syntex appoints Vilas Agrawal as whole time director
Hind Syntex has informed that Mr. Vilas Agrawal, has been appointed as Whole time Director w.e.f. July 31, 2013. Further the Company has informed that, he is also Compliance officer of the Company.
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Hind Syntex appoints Vilas Agrawal as whole time director
Hind Syntex has informed that Mr. Vilas Agrawal, has been appointed as Whole time Director w.e.f. July 31, 2013. Further the Company has informed that, he is also Compliance officer of the Company.
Hind Syntex Ltd has informed BSE that Mr. Vilas Agrawal, has been appointed as Whole time Director w.e.f. July 31, 2013.Further the Company has informed that, he is also Compliance officer of the Company.Source : BSE
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Book some profits in IT stocks: Deven Choksey
Deven Choksey, MD of KR Choksey Securities told CNBC-TV18, "In case of IT though I do believe that it remains a little bit more safer, but at the same time I hear some of the headwinds. As the currency has depreciated, the buyers on the other side are negotiating hard on the prices; they are not willing to pay the kind of prices. So the profit may not sustain going forward in subsequent quarters. Of course such kind of things would be validated company after company, not immediately across the sector."
He further added, "The point which I am trying to say is that the ownership issue right now could trouble the market. If investors across the global space decide that they want to quit the market because of the currency problems, they may probably start taking profits off the table and start unwinding the portfolio even in some of the safer names."
"Yesterday we have seen the kind of a fall in HDFC which have been up till now quite safer haven for most of the investors. There also the capitulation symptoms have started emerging. It could well emerge in the other areas as well. So it is safer to book some part of the profits, stay on cash. If market gives an opportunity at lower levels buy again. As such I think most of the IT companies are quoting at a valuation far more premium to the entire market, so one would like to take some profit home and sit on cash. That would be safe strategy for the time being," Choksey said.
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Nitin Tiwari positive on Cairn India
Aug 28, 2013, 01.55 PM IST
Nitin Tiwari of Religare Capital Markets is positive on Cairn India. "There would be incremental investor interest in the stock given that with currency weakening, there could be earnings per share (EPS) upgrades across the street," he reasoned.
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Nitin Tiwari positive on Cairn India
Nitin Tiwari of Religare Capital Markets is positive on Cairn India. "There would be incremental investor interest in the stock given that with currency weakening, there could be earnings per share (EPS) upgrades across the street," he reasoned.
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Nitin Tiwari positive on Cairn India
Nitin Tiwari of Religare Capital Markets is positive on Cairn India. "There would be incremental investor interest in the stock given that with currency weakening, there could be earnings per share (EPS) upgrades across the street," he reasoned.
Nitin Tiwari of Religare Capital Markets told CNBC-TV18, " Cairn India is very well placed in this environment with the crude oil prices rising and with currency depreciating, both the factors are moving in Cairn's favour and this is perhaps one stock, which is very well positioned to gain from the situation."
"For a very long time, Cairn hadn't performed basically. So definitely there would be incremental investor interest in the stock given that with currency weakening, there could be earnings per share (EPS) upgrades across the street. Definitely I am positive on Cairn India at these levels," Tiwari said.
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BNP Paribas cuts India's GDP forecast to 3.7%
BNP Paribas sharply cut India's GDP forecast to 3.7 percent for fiscal 2014 from 5.2 percent previously. The new forecast, if met, would mark India's lowest growth since fiscal 1992.
RBI's cash draining measures have increased risks to economic growth at a time when the economy was already slowing sharply over the summer, BNP says.
Recent data has been little short of "disastrous", BNP adds, noting falls in industrial output and PMI indicators.
However, the economy could recover to 5.3 percent by fiscal 2015, BNP argues, as the weaker rupee should allow a recovery in industrial production and export growth while RBI should be able to reverse quantitative easing and eventually resume monetary easing.
Also Read: Patel pitches for stimulus package for auto sector
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Technofab Engineering fixes book closure for dividend AGM
Written By Unknown on Senin, 26 Agustus 2013 | 16.02
Aug 26, 2013, 02.17 PM IST
The Register of Members & Share Transfer Books of Technofab Engineering will remain closed from September 20, 2013 to September 25, 2013 (both days inclusive) for the purpose of Payment of Dividend & 42nd Annual General Meeting (AGM) to be held on September 25, 2013.
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Technofab Engineering fixes book closure for dividend & AGM
The Register of Members & Share Transfer Books of Technofab Engineering will remain closed from September 20, 2013 to September 25, 2013 (both days inclusive) for the purpose of Payment of Dividend & 42nd Annual General Meeting (AGM) to be held on September 25, 2013.
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Technofab Engineering fixes book closure for dividend & AGM
The Register of Members & Share Transfer Books of Technofab Engineering will remain closed from September 20, 2013 to September 25, 2013 (both days inclusive) for the purpose of Payment of Dividend & 42nd Annual General Meeting (AGM) to be held on September 25, 2013.
Technofab Engineering Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 20, 2013 to September 25, 2013 (both days inclusive) for the purpose of Payment of Dividend & 42nd Annual General Meeting (AGM) of the Company to be held on September 25, 2013.Source : BSE
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Hydro S S Industries: Updates on open offer
Aug 26, 2013, 02.17 PM IST
Hydro S & S Industries has submitted a copy of recommendation of the Committee of Independent Director (IDC) on the Open Offer by Kingfa Sci. & Tech. Co., Ltd., Guangzhou, China.
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Hydro S & S Industries: Updates on open offer
Hydro S & S Industries has submitted a copy of recommendation of the Committee of Independent Director (IDC) on the Open Offer by Kingfa Sci. & Tech. Co., Ltd., Guangzhou, China.
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Hydro S & S Industries: Updates on open offer
Hydro S & S Industries has submitted a copy of recommendation of the Committee of Independent Director (IDC) on the Open Offer by Kingfa Sci. & Tech. Co., Ltd., Guangzhou, China.
Hydro S & S Industries Ltd ("Target Company") has submitted to BSE a Copy of Recommendation of the Committee of Independent Director (IDC) on the Open Offer to the Equity Shareholders of the Target Company under Regulation 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011.Kingfa Sci. & Tech. Co., Ltd., Guangzhou, China ("Acquirer")Master Capital Services Ltd.("Manager to the Offer")Source : BSE
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Kavita Fabrics fixes book closure for AGM
Aug 26, 2013, 02.18 PM IST
The Register of Members & Share Transfer Books of Kavita Fabrics will remain closed from September 23, 2013 to September 25, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) to be held on September 25, 2013.
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Kavita Fabrics fixes book closure for AGM
The Register of Members & Share Transfer Books of Kavita Fabrics will remain closed from September 23, 2013 to September 25, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) to be held on September 25, 2013.
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Kavita Fabrics fixes book closure for AGM
The Register of Members & Share Transfer Books of Kavita Fabrics will remain closed from September 23, 2013 to September 25, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) to be held on September 25, 2013.
Kavita Fabrics Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 23, 2013 to September 25, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company to be held on September 25, 2013.Source : BSE
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Chaman Lal Setia Exports fixes book closure for dividend AGM
Aug 26, 2013, 02.19 PM IST
The Register of Members & Share Transfer Books of Chaman Lal Setia Exports will remain closed from September 23, 2013 to September 29, 2013 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM). The dividend shall be paid/dispatched on October 01, 2013.
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Chaman Lal Setia Exports fixes book closure for dividend & AGM
The Register of Members & Share Transfer Books of Chaman Lal Setia Exports will remain closed from September 23, 2013 to September 29, 2013 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM). The dividend shall be paid/dispatched on October 01, 2013.
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Chaman Lal Setia Exports fixes book closure for dividend & AGM
The Register of Members & Share Transfer Books of Chaman Lal Setia Exports will remain closed from September 23, 2013 to September 29, 2013 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM). The dividend shall be paid/dispatched on October 01, 2013.
Chaman Lal Setia Exports Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 23, 2013 to September 29, 2013 (both days inclusive) for the purpose of Payment of Dividend & Annual General Meeting (AGM) of the Company.The dividend shall be paid/dispatched on October 01, 2013.Source : BSE
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GST dispute resolution body to be set up: FM Advisor
Written By Unknown on Minggu, 25 Agustus 2013 | 16.03
A dispute resolution body would be set up to deal with issues arising out of Goods & Services Tax (GST) proposed to be implemented replacing the existing indirect taxation regime, Parthasarathi Shome, adviser to the Finance Minister, said today.
Also Read: Delay in GST likely; decision after 2014 polls
"A GST dispute resolution authority will be set up for settling issues arising out after its implementation across the country," Shome said at a seminar organised by Assocham here. The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues, he said.
The panel suggested that petrol, tobacco and alcohol should be brought under the GST base, Shome added. In the case of tobacco and alcohol, both the items would be under GST, but the Centre and states would have the right to impose selective excise on them.
The portion under the GST would only get input tax credit, he said. The panel also suggested that the issues like dual authority and threshold limit should be left to the GST Council.
On Direct Tax Code (DTC), Shome said that the Finance Ministry had prepared a draft paper that was being circulated among the various ministries. "The ministries will be given appropriate time to deliberate on them after which it would tabled in Parliament," Shome added.
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Govt asks TRAI to reconsider cap on ads on channels
Information and Broadcasting Minister Manish Tewari today asked TRAI reconsider the issue of imposing the 12- minute advertisement cap on news channels suggesting the implementation could be made synchronous with
the government's digitisation drive.
the government's digitisation drive.
"For the news broadcasting industry, the advertisement cap requires a migration path synchronous with the roll-out of digitisation. I hope TRAI would give it a re-consideration to this issue," Tewari said.
TRAI has been pushing for imposition of a rule from October 1 as per which TV channels, including news broadcasters, can show not more than 12 minutes of advertisements every hour. The news broadcasting industry has been claiming such a move would damage viability of channels.
In his speech at the inauguration of National Media Centre, Tewari also said India seems to have bucked the global trend as the newspaper market in the country is showing a double-digit growth and would emerge as the world's sixth largest newspaper market by 2017 as per industry reports.
The regional and vernacular print sector is growing on the back of rising literacy and heightened interest of advertisers wanting to leverage these markets, he said.
He said that in India there are 86.7 crore mobile phones, 12.4 crore internet users, which were expected to grow to 37 crore by 2017 and added the new media is the medium of the future.
Tewari also said a committee under Justice(retd) Mukul Mudgul is winding down its remit to overhaul the archaic Cinematographic Act of 1952 and another task force under Sam Pitroda is close to finalising recommendations on the restructuring of Prasar Bharti.
He added another group of eminent persons is remaining the entire universe of government communications.
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Death toll in fire at HPCL Vizag's refinery rises to four
The death toll in last evening's massive fire at HPCL refinery-cum-petrochemical complex here rose to four with two workers succumbing to burn injuries early today, sources in the PSU said.
Also Read: HPCL refinery partly shut after fire, one dead - Source
The two succumbed while undergoing treatment at Seven Hills Hospital. Thirty-six injured workers were being treated in various corporate hospitals in the city, they said. Around half a dozen of them have received more than 70 percent burns and are said to be in critical condition.
The blaze started in the sprawling complex at around 4 pm, killing two workers. As per preliminary reports, the fire broke out due to blasting of cooling tower due to a short-circuit, the sources said.
The deceased were identified as Murali, A Apparao, A Srinivasa Rao and Manojeet Pradhan. A majority of the workers operating at the cooling tower belonged a private firm. Union Minister of State for Petroleum Panabaka Lakshmi today visited the fire-hit refinery. She also went to the hospitals where the injured were undergoing treatment, and enquired about their condition.
The extent of damage to the refinery-cum-petrochemical complex was being ascertained.
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Subdued rain activity to raise temperatures across the country
The well marked depression has weakened into a low pressure area, presently seen over south west Madhya Pradesh and adjoining areas. The cyclonic circulation over Jharkhand and adjoining neighbourhood is seen in the lower level. The Western Disturbance as an upper air system in the mid-tropospheric level is observed near Afghanistan.
The ongoing rain in central India will decrease drastically over most parts of the region. Though extreme west parts of Madhya Pradesh, east Gujarat and parts of north east Rajasthan may receive some moderate spells of rain. Rest of central India is likely to get light rain, except west Gujarat and south Chhattisgarh. Temperatures in parts of Madhya Pradesh and Chhattisgarh are likely to be below normal by 3 to 6 degrees. Rest of central India will be below normal by 2 to 3 degrees, except for Gujarat.
North West India will experience a dry and hot weather during the next 48 hours. Temperatures will tend to rise by a couple of degrees in most parts of the North West plains. Temperatures in the hills are marginally above normal by 2 to 3 degrees and likely to persist due to subdued rain activity.
Rain in the north east and eastern India will be mainly light, where maximum temperatures will be above normal by 2 to 3 degrees and would continue to prevail during the next couple of days. Temperatures in Bihar, West Bengal, Orissa and Jharkhand may rise further by 2 to 5 degrees. In the southern parts of the country temperatures are expected to remain near normal during the next 24 hours.
By: Skymetweather.com
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IDBI Trusteeship sells 11.44 lakh shares of Hanung Toys
Written By Unknown on Sabtu, 24 Agustus 2013 | 16.02
Aug 24, 2013, 10.04 AM IST
Hanung Toys and Textiles has touched a 52-week low of Rs 15.75 on Friday. The share closed at Rs 15.80, down Rs 0.75, or 4.53 percent.
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IDBI Trusteeship sells 11.44 lakh shares of Hanung Toys
Hanung Toys and Textiles has touched a 52-week low of Rs 15.75 on Friday. The share closed at Rs 15.80, down Rs 0.75, or 4.53 percent.
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IDBI Trusteeship sells 11.44 lakh shares of Hanung Toys
Hanung Toys and Textiles has touched a 52-week low of Rs 15.75 on Friday. The share closed at Rs 15.80, down Rs 0.75, or 4.53 percent.
On August 23, 2013 IDBI Trusteeship Services Limited sold 8,84,607 shares of Hanung Toys and Textiles at Rs 15.77 on the NSE and sold 2,60,000 shares at Rs 15.76 on the BSE.
On Friday, the share closed at Rs 15.80, down Rs 0.75, or 4.53 percent. It has touched a 52-week low of Rs 15.75.
The share touched its 52-week high Rs 179.55 on 08 January, 2013 and currently it is trading 91.2 percent below its 52-week high.
The company's trailing 12-month (TTM) EPS was at Rs 48.07 per share. (Jun, 2013). The stock's price-to-earnings (P/E) ratio was 0.33. The latest book value of the company is Rs 256.16 per share. At current value, the price-to-book value of the company was 0.06. The dividend yield of the company was 12.66 percent.
| Deal Type | Qty | Deal Price | |
| ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED | SELL | 181,484 | 15.74 |
| ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED | BUY | 181,484 | 16.65 |
| GAJANAN ENTERPRISES | BUY | 155,294 | 15.76 |
| GAJANAN ENTERPRISES | SELL | 299,395 | 16.01 |
| GAJANAN ENTERPRISES | SELL | 155,299 | 16.03 |
| GAJANAN ENTERPRISES | BUY | 299,489 | 15.76 |
| IDBI TRUSTEESHIP SERVICES LIMITED | SELL | 884,607 | 15.77 |
| IDBI TRUSTEESHIP SERVICES LIMITED | SELL | 260,000 | 15.76 |
| SUNIL CAPITAL CAPITAL & SECURITIES PVT LTD | BUY | 186,546 | 15.91 |
| SUNIL CAPITAL CAPITAL & SECURITIES PVT LTD | SELL | 180,338 | 16.13 |
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Mydentist will not leave cavity in your wallet
Going to a dentist can be a painful affair, not just because of an impending root canal but also because of the irregularity and pricing and even lack of information on the range of healthcare options available to address one's problems. Vikram and his brother Parth Vora has found a solution. Their venture Total Dental Care established in 2009, a dental retail chain of over 50 clinics called Mydentist across Mumbai and Pune.
They do acclaim that Mydentist's unique selling proposition (USP) is the free of charge initial consultation followed by standardised rates and procedures making the whole process extremely transparent. Treating over 10,000 patients a month, Vikram and Parth are targeting Rs 50 crore by the end of the year; they claim their dental clinics will not leave a cavity in your wallet.
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Storyboard takes off to Designyatra
Aug 24, 2013, 01.40 PM IST
The entire Storyboard team is off to the Designyatra next week, so look out for great coverage soon.
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Metals great place to be in now: Richard Ross
Richard Ross, global technical analyst, Auerbach Grayson believes the recent recovery seen in gold suggests an upside of atleast USD 100 per ounce.
Speaking to CNBC-TV18, Ross adds that gold may test its 200-day moving average upto USD 1507 per ounce.
Also read: Gold's rebound: Why it is believable this time
"However, I am quite bullish on gold and silver and across the precious metal space platinum as well, the metals are great place to be," he adds.
Below is the edited transcript of Ross' interview to CNBC-TV18.
Q: Last week was the far worst for Wall Street than this week was with the exception of that trading glitch which you saw on the Nasdaq yesterday?
A: We are seeing some stabilisation here. It is a pretty decent summer correction. We took off about 4 percent of the S&P and the Dow and it ofcourse was a black eye yesterday with the trading disruption. However, one cannot do much on the market structure side and I am very constructive as we head into the fall.
Q: What do you make of gold?
A: It is a spectacular recovery from a technical standpoint; I think the chart suggests that there is upside in gold. I do not know if this is a long-term buying opportunity but in the short-term, there is atleast another USD 100 per ounce on upside.
I think we could easily see a test of the 200-day moving average, up around USD 1507 per ounce but first we have to be content with the USD 1400 per ounce level. However, I am quite bullish on gold and silver and across the precious metal space platinum as well, the metals are great place to be.
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Wilfried Aulbur: India has its own silver linings playbook
Written By Unknown on Jumat, 23 Agustus 2013 | 16.02
Wilfried Aulbur/ Forbes India
But the last two years have made it clear that we cannot go to sleep and still expect high growth
Wilfried Aulbur
Profile: Wilfried Aulbur is managing partner, Roland Berger Strategy Consultants, a firm with expertise in diverse sectors, especially automobiles, power and energy. Previously, he was the CEO of Mercedes Benz India.
I have had the pleasure of being closely associated with India for the last 20 years. During this period, the country has undergone dramatic change, and largely for the better.
In 1994, at the time of my first visit, the Indian middle class was focussed on saving enough so that their children could go to school in the US and establish themselves overseas. A few years later, around 2000, India had re-invented itself and started to offer many bright engineers an opportunity to have a rewarding career without having to leave their homes and families behind. By 2005, the overall conviction was that India was bound to grow at least at 6 percent, even if it did not put any effort into managing the economy and driving growth.
This assessment seemed to be strengthened by the quick rebound of its economy after the 'Great Financial Crisis'. Many of us thought that India's inherent strength, solid banking system and internal consumption effectively allowed it to decouple from the travails of the West. Globally relevant launches such as the Nano suddenly drove engineering departments across the globe to look at 'frugal Indian engineering' and convinced the world that India could not only do software but also engineer and produce world-class products.
The progress that India has made as a country over the last two decades is indeed breathtaking. So why is this issue of Forbes India talking about the need for a third freedom struggle to complement the ones in 1947 and 1991?
The answer is simple. The last two years have made it clear that we cannot go to sleep and still expect the country to grow at 6 percent. We have seen quarterly GDP data decrease linearly and reach values around 5 percent, close to the infamous 'Hindu rate of growth'. To ensure employment for the roughly 12 million young people joining the workforce every year, we need to grow at around 8 percent. Anything less is a recipe for trouble as events in Brazil, North Africa, and even here at home in India clearly demonstrate. Sustainable inclusive growth can only be built on a strong economy. We need to get the basics right not just once in a while, but consistently.
Areas of concern are many.
Government over-spending has increased from 2.8 percent to more than 5 percent of the GDP over the last four years. A growing current account deficit and a spending focus on entitlements and subsidies rather than capital outlays has fundamentally weakened the country and the currency. The volatility of the rupee that we have experienced over the last few months as a reaction to remarks by Ben Bernanke, chairman of the US Federal Reserve, on Quantitative Easing is a case in point.
The weakness of the rupee not only leads to imported inflation and correspondingly high interest rates, it also destroys the profits of companies which depend at least partially on imports and creates a volatile business environment.
Retrospective changes in legislation have highlighted the challenges of doing business in India and created concerns in the minds of international investors who have alternative investment options in other emerging markets. While foreign direct investment will bring in money and skills, and may force local players to up their game to benefit the Indian consumer, it is not the only answer to India's challenges. Companies must be enabled consistently to compete on equal footing with global majors.
It is vital, for example, to have Indian-owned global automotive or aerospace and defence companies. Worldwide experience shows that the location of headquarters and ownership matters when it comes to job creation and research and development, both vital for India's future.
Further, unresolved issues such as land acquisition and project approval delays forced some investors to cancel significant investment proposals in the country. For example, the typical time taken from tendering to the start of production of a coal mine in India is about six years versus about two in Canada and less than even that in Australia.
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'Huawei, ZTE win bulk of China Mobile's $3 bn 4G bonanza'
China Mobile has awarded initial 4G contracts worth around 20 billion yuan, with Chinese firms securing more than half of the biggest prize in the global telecoms industry this year and foreign firms winning about a third, industry sources said.
Also Read: RIL's telecoms unit applies for new permit: Source
Telecoms equipment makers, such as global leader Ericsson and Huawei Technologies, have been waiting for China Mobile's 4G tender to lift the fortunes of an industry that has been hit by a lack of spending worldwide.
The development of a 4G network by the carrier, which with more than 700 million mobile customers is the world's largest by subscribers, is also regarded as key to it clinching an agreement with Apple to carry its blockbuster iPhone.
"This is the tender that global telecom equipment vendors have been vying for this year," said an industry source.
"Even though we see Huawei and ZTE getting the bulk of the contracts and foreign vendors getting around a third, I'm sure they will keep going back to China Mobile and get a bit more share."
Shenzhen-based Huawei and crosstown rival ZTE have obtained about 25 percent each of the total 4G procurement in China Mobile's tender this year, said the sources, who are familiar with the negotiations but declined to be identified because they are not authorised to speak to the media.
European vendors Ericsson, Alcatel-Lucent and Nokia Siemens Networks (NSN) have obtained a share of around 10 percent each, the sources said.
The first wave of 4G investments that began in 2010 in Japan and Korea favoured Ericsson and NSN, while the second in the United States went largely to Ericsson and Alcatel-Lucent. Huawei won a chunk of Europe's 4G contracts last year.
Some western markets have been wary of using Huawei and ZTE equipment on their networks.
The European Union has been considering launching an investigation into whether both Chinese firms benefit from illegal government subsidies, while a US congressional committee is probing whether their equipment poses national security risks.
China Mobile said in an emailed statement that the tender had indeed begun and the progress had been smooth, with the carrier planning to build 200,000 base stations this year, in line with its previous target.
Huawei and Ericsson could not be reached immediately for comment. ZTE declined to comment, while Alcatel-Lucent said it had not yet heard of any official decision from China Mobile.
So far, China Mobile has only spent around a third of its full-year capital expenditure of 190.2 billion yuan in the first half, with the market expecting spending to speed up once the tender takes place.
ZTE, which is listed in Hong Kong and Shenzhen, is expected to post a third quarterly profit for the July-September period due to cost-cutting measures and as it shunned low-margin contracts that resulted in its first-ever annual loss last year.
"We believe telcos' capex will be heavily skewed to the second half of 2013, which will refuel ZTE's carrier networks segment's momentum," brokerage CMB International said in a report.
"ZTE withdrew from some overseas market and re-focused on domestic operator's contracts to protect (its) margin."
The Chinese government is likely to issue licences later this year, which will help China Mobile compete better with its rivals China Unicom and China Telecom, which have better 3G technologies.
And with Apple expected to unveil its next iPhone and a cheaper version next month that will likely support China Mobile's 4G TD-LTE technology, everything seems to be falling in place for the two giants to sign an agreement.
China Mobile is the only Chinese carrier without an iPhone contract, which will be key to lifting the percentage of higher-end, data-crunching users on its network.
By mid-morning, China Mobile's shares had risen 0.3 percent, while ZTE's stock was down 0.3 percent, underperforming the main Hang Seng Index's 0.5 percent gain.
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MCX Goldpetal September contract gains
At 14:10 hrs MCX Goldpetal August contract was trading at Rs 3157 up Rs 13, or 0.41 percent. The Goldpetal rate touched an intraday high of Rs 3170 and an intraday low of Rs 3145. So far 10473 contracts have been traded. Goldpetal prices have moved up Rs 450, or 16.62 percent in the August series so far.
MCX Goldpetal September contract was trading at Rs 3144 up Rs 16, or 0.51 percent. The Goldpetal rate touched an intraday high of Rs 3156 and an intraday low of Rs 3135. So far 6215 contracts have been traded. Goldpetal prices have moved up Rs 567, or 22.00 percent in the September series so far.
MCX Goldpetal October contract was trading at Rs 3129 up Rs 3, or 0.10 percent. The Goldpetal rate touched an intraday high of Rs 3146 and an intraday low of Rs 3129. So far 594 contracts have been traded. Goldpetal prices have moved up Rs 319, or 11.35 percent in the October series so far.
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Why our forex reserves are UPAs-underperforming assets
R Jagannathan
Firstpost.com
Firstpost.com
The Indian market may be dreading the US Fed's plan to taper down its quantitative easing programme, but the Reserve Bank of India (RBI) may not be that unhappy about it. Reason: with the gradual withdrawal of QE, interest rates will rise, and with that its own earnings.
The RBI is sitting on large foreign exchange reserves-USD 277 billion at last count - most of which is denominated in dollars. But it earns a pittance on these reserves. Let's call it UPA-under performing assets.
According to the RBI annual report released yesterday, its foreign currency assets (FCA) earned an average of 1.5 percent in interest in 2012-13, almost the same as in the previous year. This is because of the Fed's announced policy of keeping domestic interest rates low due to the economic slowdown.
However, ever since the markets sniffed the possibility of a QE tapering, yields on US government bonds have begun rising. From well under two percent, 10-year US treasury bonds are now inching up to yield closer to 3 percent returns-almost twice what the RBI earned last year on its dollar currency assets (the RBI's accounting year runs from July to June). The current yields are around 2.89 percent on 10-year US treasuries and 3.87 percent of 30-year bonds.
Simple forecast: as QE goes, the RBI's UPA will start performing, delivering better returns.
However, there is another area where rising US growth is bad for the RBI's financial health. In 2012-13, the RBI's gold reserves fell 11.3 percent in value due to the global fall in gold prices. Gold prices are falling largely because investors sense that the US economy may be reviving, and they can't short bonds anymore. Money is being moved from gold to other assets.
Perversely, the falling Indian rupee and the government's response to a rising current account deficit is moving gold in a different direction back home. Thanks to increasing customs duties and the government's efforts to prevent further gold purchases for investment, domestic gold prices are now rising to their old peaks-with current prices ranging well above Rs 31,000 per 10 gm.
In fact, if the RBI had valued its gold based on domestic prices, it would not have reported this kind of loss.
The RBI should thank the government for making gold a worthwhile investment, even while thanking the US Fed for tapering off its QE.
To be sure, foreign currency assets are not the main sources of income for the RBI, and, once again, it has the government's profligacy to thank for this.
The RBI's annual report shows that earnings from domestic sources increased 60.7 percent from Rs 33,366 crore in 2011-12 to Rs 53,611 crore last year largely because of an increase in government borrowings. Put another way, as the fiscal deficit bloats, the RBI prints more money on behalf of the government and earns interest income on it. According to the RBI, "the rate of earnings on average domestic assets increased from 5.4 percent in the previous year to 7.2 percent in 2012-13."
Put another way, the more irresponsible the government gets, the money the RBI's profits. Given that P Chidambaram has no love lost for the current RBI Governor D Subbarao, he should have denied him this pleasure by being less profligate.
But he got his own back when he swiped Rs 33,010 crore in terms of profits transferred back to the exchequer. As the RBI report notes: "After appropriation to reserve funds, the surplus payable to the Central Government amounted to Rs 330.10 billion (Rs 33,010 crore), the largest ever surplus transfer in absolute terms."
In sum, both the RBI and the finance ministry profit from imprudent spending and borrowings.
The writer is editor-in-chief, digital and publishing, Network18 Group
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Orient Refractories fixes book closure for final dividend AGM
Written By Unknown on Kamis, 22 Agustus 2013 | 16.02
Aug 22, 2013, 02.18 PM IST
The Register of Members & Share Transfer Books of Orient Refractories will remain closed from September 12, 2013 to September 19, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & 3rd Annual General Meeting (AGM) of the Company to be held on September 26, 2013.
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Orient Refractories fixes book closure for final dividend & AGM
The Register of Members & Share Transfer Books of Orient Refractories will remain closed from September 12, 2013 to September 19, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & 3rd Annual General Meeting (AGM) of the Company to be held on September 26, 2013.
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Orient Refractories fixes book closure for final dividend & AGM
The Register of Members & Share Transfer Books of Orient Refractories will remain closed from September 12, 2013 to September 19, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & 3rd Annual General Meeting (AGM) of the Company to be held on September 26, 2013.
Orient Refractories Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 12, 2013 to September 19, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & 3rd Annual General Meeting (AGM) of the Company to be held on September 26, 2013.Source : BSE
Read all announcements in Orient Refract
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Times Guaranty fixes book closure for AGM
Aug 22, 2013, 02.18 PM IST
The Register of Members & Share Transfer Books of Times Guaranty will remain closed from September 16, 2013 to September 25, 2013 (both days inclusive) for the purpose of 23rd Annual General Meeting (AGM) of the Company to be held on September 25, 2013.
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Times Guaranty fixes book closure for AGM
The Register of Members & Share Transfer Books of Times Guaranty will remain closed from September 16, 2013 to September 25, 2013 (both days inclusive) for the purpose of 23rd Annual General Meeting (AGM) of the Company to be held on September 25, 2013.
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Times Guaranty fixes book closure for AGM
The Register of Members & Share Transfer Books of Times Guaranty will remain closed from September 16, 2013 to September 25, 2013 (both days inclusive) for the purpose of 23rd Annual General Meeting (AGM) of the Company to be held on September 25, 2013.
Times Guaranty Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 16, 2013 to September 25, 2013 (both days inclusive) for the purpose of 23rd Annual General Meeting (AGM) of the Company to be held on September 25, 2013.Source : BSE
Read all announcements in Times Guaranty
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MCX Goldguinea October contract gains
At 14:02 hrs MCX Goldguinea August contract was trading at Rs 25532 up Rs 92, or 0.36 percent. The Goldguinea rate touched an intraday high of Rs 25588 and an intraday low of Rs 25288. So far 3795 contracts have been traded. Goldguinea prices have moved up Rs 3826, or 17.63 percent in the August series so far.
MCX Goldguinea September contract was trading at Rs 25316 up Rs 57, or 0.23 percent. The Goldguinea rate touched an intraday high of Rs 25395 and an intraday low of Rs 25100. So far 2053 contracts have been traded. Goldguinea prices have moved up Rs 4606, or 22.24 percent in the September series so far.
MCX Goldguinea October contract was trading at Rs 25235 up Rs 80, or 0.32 percent. The Goldguinea rate touched an intraday high of Rs 25300 and an intraday low of Rs 25050. So far 158 contracts have been traded. Goldguinea prices have moved up Rs 2746, or 12.21 percent in the October series so far.
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BSE Sensex holds gains; Tata Steel, Sterlite spike 9%
Aug 22, 2013, 02.23 PM IST
It is a short covering that pushed the market more than one percent higher in afternoon trade, but the rupee continued to hover around 65 level against the US dollar.
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Live Market Updates: BSE Sensex holds gains; Tata Steel, Sterlite spike 9%
It is a short covering that pushed the market more than one percent higher in afternoon trade, but the rupee continued to hover around 65 level against the US dollar.
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Live Market Updates: BSE Sensex holds gains; Tata Steel, Sterlite spike 9%
It is a short covering that pushed the market more than one percent higher in afternoon trade, but the rupee continued to hover around 65 level against the US dollar.
14:19
Moneycontrol BureauLive Market Commentary
It is a short covering that pushed the market more than one percent higher in afternoon trade, but the rupee continued to hover around 65 level against the US dollar.
The Sensex is up 244.14 points or 1.36 percent at 18150.05, and the Nifty is up 58.45 points or 1.10 percent at 5361, led majorly by metals shares.
The BSE Metal Index rallied nearly 7 percent as Tata Steel and Sterlite Industries shares gained close to 9 percent. Hindalco Industries jumped over 7 percent and Jindal Steel rose 5.6 percent.
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Axis Bank may test Rs 790-800: Pritesh Mehta
Written By Unknown on Rabu, 21 Agustus 2013 | 16.02
Aug 21, 2013, 02.25 PM IST
Pritesh Mehta of IIFL expects Axis Bank to head back to Rs 790-800.
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Axis Bank may test Rs 790-800: Pritesh Mehta
Pritesh Mehta of IIFL expects Axis Bank to head back to Rs 790-800.
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Axis Bank may test Rs 790-800: Pritesh Mehta
Pritesh Mehta of IIFL expects Axis Bank to head back to Rs 790-800.
Pritesh Mehta of IIFL told CNBC-TV18, " Axis Bank at around Rs 860-870 would presents a perfect opportunity to go short. We can expect the stock to go back to levels of Rs 790-800."
The share touched its 52-week high Rs 1,549.00 and 52-week low Rs 944 on 20 May, 2013 and 20 August, 2013, respectively. Currently, it is trading 35.87 percent below its 52-week high and 5.24 percent above its 52-week low. Market capitalisation stands at Rs 46,578.25 crore.
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Orissa Sponge Iron Steel fixes book closure for AGM
Aug 21, 2013, 02.29 PM IST
The Register of Members & Share Transfer Books of Orissa Sponge Iron & Steel will remain closed from September 20, 2013 to September 27, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) of the Company to be held on September 27, 2013.
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Orissa Sponge Iron & Steel fixes book closure for AGM
The Register of Members & Share Transfer Books of Orissa Sponge Iron & Steel will remain closed from September 20, 2013 to September 27, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) of the Company to be held on September 27, 2013.
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Orissa Sponge Iron & Steel fixes book closure for AGM
The Register of Members & Share Transfer Books of Orissa Sponge Iron & Steel will remain closed from September 20, 2013 to September 27, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) of the Company to be held on September 27, 2013.
Orissa Sponge Iron & Steel Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 20, 2013 to September 27, 2013 (both days inclusive) for the purpose of 33rd Annual General Meeting (AGM) of the Company to be held on September 27, 2013.Source : BSE
Read all announcements in Orissa Sponge
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Shakti Press' chairman and non executive directors Suresh Sharmaji resigns
Aug 21, 2013, 02.29 PM IST
Shakti Press has informed that Shri Suresh Sharmaji, Chairman and Non Executive Directors of the Company has been resign from the office.
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Shakti Press' chairman and non executive directors Suresh Sharmaji resigns
Shakti Press has informed that Shri Suresh Sharmaji, Chairman and Non Executive Directors of the Company has been resign from the office.
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Shakti Press' chairman and non executive directors Suresh Sharmaji resigns
Shakti Press has informed that Shri Suresh Sharmaji, Chairman and Non Executive Directors of the Company has been resign from the office.
Shakti Press Ltd has informed BSE that Shri Suresh Sharmaji, Chairman and Non Executive Directors of the Company has been resign from the office. The Board of Directors of the Company in their meeting held on August 17, 2013, considered and took on record said resignation and relieved Shri Suresh Sharmaji from the office of Directorship of the Company with the effect from August 17, 2013.Source : BSE
Read all announcements in Shakti Press
To read the full report click here
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Bonds stay strong on RBI's steps
| Aug 21, 2013, 02.25 PM IST
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MCX Goldguinea September contract slips nearly 2%
Written By Unknown on Selasa, 20 Agustus 2013 | 16.03
At 13:52 hrs MCX GOLDGUINEA August contract was trading at Rs 24872 down Rs 502, or 1.98 percent. The GOLDGUINEA rate touched an intraday high of Rs 25400 and an intraday low of Rs 24651. So far 3992 contracts have been traded. GOLDGUINEA prices have moved up Rs 3166, or 14.59 percent in the August series so far.
MCX GOLDGUINEA September contract was trading at Rs 24633 down Rs 461, or 1.84 percent. The GOLDGUINEA rate touched an intraday high of Rs 25155 and an intraday low of Rs 24370. So far 2116 contracts have been traded. GOLDGUINEA prices have moved up Rs 3923, or 18.94 percent in the September series so far.
MCX GOLDGUINEA October contract was trading at Rs 24558 down Rs 457, or 1.83 percent. The GOLDGUINEA rate touched an intraday high of Rs 25041 and an intraday low of Rs 24375. So far 211 contracts have been traded. GOLDGUINEA prices have moved up Rs 2069, or 9.20 percent in the October series so far.
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PTC India Financial Services: Outcome of AGM
Aug 20, 2013, 02.04 PM IST
7th Annual General Meeting of PTC India Financial Services has been duly held on August 19, 2013 and all the resolutions as per the notice of AGM have been duly approved by the shareholders with the requisite majority including the resolution related to declaration of dividend as recommended by the Board of Directors.
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PTC India Financial Services: Outcome of AGM
7th Annual General Meeting of PTC India Financial Services has been duly held on August 19, 2013 and all the resolutions as per the notice of AGM have been duly approved by the shareholders with the requisite majority including the resolution related to declaration of dividend as recommended by the Board of Directors.
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PTC India Financial Services: Outcome of AGM
7th Annual General Meeting of PTC India Financial Services has been duly held on August 19, 2013 and all the resolutions as per the notice of AGM have been duly approved by the shareholders with the requisite majority including the resolution related to declaration of dividend as recommended by the Board of Directors.
PTC India Financial Services Ltd has informed BSE that 7th Annual General Meeting of PTC India Financial Services Limited has been duly held on August 19, 2013 and all the resolutions as per the notice of AGM (including addendum notice dated August 03, 2013) have been duly approved by the shareholders with the requisite majority including the resolution related to declaration of dividend as recommended by the Board of Directors.Further, the Company has submitted to BSE a copy of speech given by Chairman at the AGM.Source : BSE
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Expect gold prices to test Rs 31500: Nirmal Bang
Nirmal Bang's report on metals and energy
Gold price are expected to test Rs 31500 -31400 on higher end. However the rally is lead by the weak rupee as comex gold price are trading lower. One can sell on rise with a stop loss above 31500.
Silver prices are expected to open flat to negative one can sell if prices sustains below 51600. A profit taking raking is expected.
Copper price are expected to open flat one can expect a range bound session from 472 to 462.
Nickel prices are expected to witness a profit taking one can sell for trading if sustains below 942 maintaining a stop loss above 950.
Lead prices are expected to trade positive. Prices are expected to test 146.00. One can buy on dips with a stop loss below 141.00
Crude oil prices are likely to open up with supportive rupee. We expect a flat to negative movement for the second half session. Nymex crude is resisting USD 108 and we expect it to test 103 on lower end.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Expect weakness in rupee to continue today: Angel
Angel Broking's report on currency -
Dollar/INR
Another all-time low was hit by the Rupee on Monday, with the currency touching 63.30 and losing 148 paise in intraday trade. Weak domestic market fundamentals, dollar demand, choppy domestic equities and concerns whether the current actions and measures will have any impact on the Rupee led to further weakness in the currency. On one hand, the Rupee weakened sharply and on the other hand the economic weakness of the Indian economy drove equity markets into mayhem.
The Sensex and the Nifty fell around 1.6 percent and investors showed a concern on account of flight of capital seen moving away from emerging economies and going into the emerging and developing economies. In its efforts to curb depreciation in the Rupee, the gover Monday banned duty free high-end imports of TV by air travellers. Although the Rupee strengthened marginally, it still closed yesterday's trade more than 2 percent weaker.
For the month of August 2013, FII inflows totaled at Rs.1098.40 crores (USD 181.20 million) as on 19th August 2013. Year to date basis, net capital inflows stood at Rs.67190.80 crores (USD 12667 million) till 19 2013.
Outlook
Weakness in the Rupee is expected to continue today as domestic markets witness negative sentiments on the back of continuing depreciation in the currency despite central bank efforts. Additionally, the Dollar Index is likely to strengthen on the back of increased risk aversion in the global markets, thus adding another negative factor for the Rupee.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Crest Animation Studios' directors TNV Ayyar, Divya Shah resign
Written By Unknown on Senin, 19 Agustus 2013 | 16.02
Aug 19, 2013, 02.18 PM IST
Crest Animation Studios has informed that Mr. TNV Ayyar and Mr. Divya Shah have expressed their desire not to stand for re-election and hereby resigned from the Board with effect from August 14, 2013 at the Board Meeting.
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Crest Animation Studios' directors TNV Ayyar, Divya Shah resign
Crest Animation Studios has informed that Mr. TNV Ayyar and Mr. Divya Shah have expressed their desire not to stand for re-election and hereby resigned from the Board with effect from August 14, 2013 at the Board Meeting.
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Crest Animation Studios' directors TNV Ayyar, Divya Shah resign
Crest Animation Studios has informed that Mr. TNV Ayyar and Mr. Divya Shah have expressed their desire not to stand for re-election and hereby resigned from the Board with effect from August 14, 2013 at the Board Meeting.
Crest Animation Studios Ltd has informed BSE that Mr. TNV Ayyar and Mr. Divya Shah have expressed their desire not to stand for re-election and hereby resigned from the Board with effect from August 14, 2013 at the Board Meeting.Source : BSE
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Emerging market taper terror 'quite overdone': Mobius
Not everyone is convinced the widely anticipated pullback in the US Federal Reserve`s bond buying is sounding a death knell for emerging markets.
"This fear of tapering is quite overdone," Mark Mobius executive chairman of Templeton Emerging Markets Group, told CNBC, even as shares in Indonesia dropped nearly 4 percent on Monday, and those in Thailand shed more than 2 percent. Franklin Templeton manages around USD 834.1 billion.
"What people fail to realize is that the so-called tapering is on top of an incredible increase in money supply in the US," he said. "These QE programs have been cumulative. It`s not a situation where one stops and all that money goes away," he said. "It stays in the system."
The U.S. central bank is widely expected to begin scaling back its $85 billion per month bond buying program, possibly as early as September, in a move likely to spur rising interest rates.
"You`re going to see more money going into emerging markets," Mobius predicted. He noted that while emerging market fixed income funds have seen net outflows recently, fund flows for the segment`s equity funds have actually been flat.
He is positive on the Asean region, expecting the region`s free trade area to offer a market equal to China`s in the long term, while increasing liquidity in Japan in the wake of stimulus there will spur more fund flows into Asean.
But Mobius is less optimistic on the outlook for India, which has been suffering from capital outflows, with its currency weakening to another fresh record low of 62.35 against the dollar on Monday. He said he is concerned about the country`s bureaucracy. "They`re just moving too slowly," he said, adding the barriers to investment are too high.
While he still invests in the country, "it`s not at the top of the list."
Others agree the tapering concerns may be overdone. "Climbing U.S. rates in themselves are not sufficient to knock out the region`s financial system and spark a crisis that many apparently fear," said Frederic Neumann, co-head of Asian economics research at HSBC, in a note.
But he added, Asia can`t entirely shrug off tapering jitters. "Financial conditions have undoubtedly tightened. The result is that growth will limp along, unlikely to accelerate sharply any time soon," Neumann said.
Copyright 2011 cnbc.com
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