Bharti Airtel announced before market hours today, 23 June 2016 that Orange has completed the acquisition of 100% of the operations of Airtel in Burkina Faso via its subsidiaries. The company shall update the exchange regarding the process for Sierra Leone as and when it is completed.
Lupin announced at the fag end of trading session yesterday, 22 June 2016 that it has received final approval for its Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1mg/0.5 mg) from the United States Food and Drug Administration (FDA) to market a generic version of Amneal Pharmaceuticals' Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/ 0.5 mg).
Lupin's Amabelz Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/0.5mg) are the AB rated generic equivalent of Amneal Pharmaceuticals' Activella Tablets (Estradiol and Norethindrone Acetate Tablets USP, 0.5 mg/0.1 mg and 1 mg/0.5 mg). Amabelz Tablets 0.5 mg / 0.1 mg and 1 mg / 0.5 mg are indicated in a woman with a uterus for treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. Amabelz Tablets 1 mg/0.5 mg is also indicated in a woman with a uterus for treatment of moderate to severe symptoms of vulvar and vaginal atrophy due to menopause. Activella had annual US sales of $95.6 million as per IMS MAT March 2016.
GAIL (India) announced after market hours yesterday, 22 June 2016 that it has placed orders for purchase of 341 kilometers (km) of Line Pipes for the Phulpur Haldia/Dhamra Natural Gas Pipeline on four companies at a total cost of Rs 550 crore.
The pipeline will serve as the "Energy Highway" (Urja Ganga) of Eastern India and its construction work was inaugurated by Prime Minister Shri Narendra Modi. The Line Pipes for which the orders have been placed will be used in the Phulpur (Uttar Pradesh)-Dobhi (Bihar) section of the Pipeline and will be procured from Jindal Saw Limited, MAN Industries (India) Limited, Essar Steel India Limited and Zhongyou BSS (Qinhuangdao) Petropipe Co. Ltd, China.
The 1,681 km Phulpur Haldia/Dhamra Pipeline will be completed in three phases at a cost of Rs 12000 crore and cover eastern Uttar Pradesh, Bihar, Jharkhand, Orissa and West Bengal. The first phase at a project cost of Rs 3200 crore and will cover 755 km and include Phulpur Mani, Mani Gorakhpur, Mani Varanasi, Mani Dobhi, Dobhi - Silao, Silao Patna and Silao Barauni sections. Pipeline laying works for Spurlines from Gaya Barauni Patna in Bihar are already in progress. Subsequent phases of the 16 MMSCMD Pipeline will cover major cities including Gorakhpur, Varanasi, Patna, Barauni, Bokaro, Ranchi, Rourkela, Paradip, Bhubaneshwar, Cuttack, Durgapur, Kolkata and Jamshedpur and nearby areas through 30"/24" Mainline and Spurlines.
NTPC announced after market hours yesterday, 22 June 2016 that in accordance with the approval accorded by Cabinet Committee on Economic Affairs on 13 May 2015, Government of India (GOI) has offered 2.06 crore shares to the eligible employees of NTPC at discounted price of Rs 115.90 per share i.e. 5% discount to the cut off price of Rs 122 discovered through the offer for sale of shares of NTPC carried out by GOI on 23 February 2016 & 24 February 2016. In connection with the above, action has been initiated by the company for sale of equity shares to the eligible employees by the GOI. The offer for sale of share shall remain open tentatively from 27 June 2016 to 5 July 2016.
IndusInd Bank turns ex-dividend today, 23 June 2016 for dividend of Rs 4.50 per share for the year ended 31 March 2016 (FY 2016).
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Textile stocks will be in focus. The Union Cabinet under the Chairmanship of Prime Minister Narendra Modi has given approval yesterday, 22 June 2016 for a special package for employment generation and promotion of exports in textile and apparel sector. The move comes in the backdrop of the package of reforms announced by the Government for generation of one crore jobs in the textile and apparel industry over next 3 years. The package includes a slew of measures which are labour friendly and would promote employment generation, economies of scale and boost exports. The steps will lead to a cumulative increase of $30 billion in exports and investment of Rs 74000 crore over next 3 years.
The majority of new jobs are likely to go to women since the garment industry employs nearly 70% women workforce. Thus, the package would help in social transformation through women empowerment.
Under the package, reforms were announced in employee provident fund scheme. Government of India shall bear the entire 12% of the employers' contribution of the employers provident fund scheme for new employees of garment industry for first 3 years who are earning less than Rs 15,000 per month. At present, 8.33% of employer's contribution is already being provided by Government under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY). Ministry of Textiles shall provide additional 3.67% of the employer's contribution amounting to Rs 1170 crore over next 3 years. EPF shall be made optional for employees earning less than Rs 15,000 per month This shall leave more money in the hands of the workers and also promote employment in the formal sector.
The government has also increased cap on overtime. This shall lead to increased earnings for the workers. Overtime hours for workers not to exceed 8 hours per week in line with ILO norms. The government has also introduced fixed term employment. Looking to the seasonal nature of the industry, fixed term employment shall be introduced for the garment sector. A fixed term workman will be considered at par with permanent workman in terms of working hours, wages, allowances and other statutory dues. The package also breaks new ground in moving from input to outcome based incentives by increasing subsidy under Amended-Technology Upgradation Fund Scheme (TUFS) from 15% to 25% for the garment sector as a boost to employment generation. A unique feature of the scheme will be to disburse the subsidy only after the expected jobs are created. Additionally, in a first of its kind move, a new scheme will be introduced to refund the state levies which were not refunded so far. This move is expected to cost the exchequer Rs 5500 crore but will greatly boost the competitiveness of Indian exports in foreign markets. Drawback at All Industries Rate to be given for domestic duty paid inputs even when fabrics are imported under Advance Authorization Scheme. Further, looking at the seasonal nature of garment industry, the provision of 240 days under Section 80JJAA of Income Tax Act would be relaxed to 150 days for garment industry.
Golden Tobacco announced after market hours yesterday, 22 June 2016 that the company has received a demand notice from office of the Tax Recovery Officer, Aayakar Bhavan, Mumbai vide letter dated 15 June 2016 for recovery of principal amount.
KEC International announced after market hours yesterday, 22 June 2016 that it has won new orders of Rs 1036 crore.
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