Nilachal Refractories reappoints directors, auditor
Nilachal Refractories, in its annual general meeting on September 20, approved reappointment of Bhagwati Prasad Jalan, Vijay Kumar Agarwal and Niraj Jalan as directors; and P Mukhopadhyay & Co as statutory auditor of the company
Sep 21, 2013, 07.02 PM IST
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
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Western India Shipyard reappoints directors, auditor
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
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Western India Shipyard reappoints directors, auditor
Western India Shipyard, in its annual general meeting on September 21, approved reappointment of Ashwani Kumar, appointment of Ashok Kumar Agarwal as director; reappointment of S K Mutreja as whole time director & CEO for three years; and V V Kale & Co, as statutory auditor of the company
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Sep 21, 2013, 07.02 PM IST
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
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Banco Products reappoints directors, auditor
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
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Banco Products reappoints directors, auditor
Banco Products (India), in its annual general meeting on September 21, approved re-appointment of Atul G Shroff and Manubhai G Patel as directors; Shah & Co, chartered accountants as auditor of the company; re-appointment of Kiran Kumar Shetty as executive director.
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Sep 21, 2013, 07.03 PM IST
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
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Supreme Tex Mart appoints S K Verma and Associates as cost auditor
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
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Supreme Tex Mart appoints S K Verma and Associates as cost auditor
Supreme Tex Mart approved appointment of S K Verma and Associates as cost auditors of the company to conduct the cost audit for the financial year ending March 31, 2013.
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John Meyer, a mining analyst at SP Angel says these stocks are down on their luck but have rallied in recent weeks off a very low base.
"What we're going to get now is better performance from many of these companies. Better performance hopefully from gold going forwards and just a resurgence of funds flowing into the sector," Meyer told CNBC Friday.
(Read more: With no Fed tapering in sight, gold gains 4 percent)
Medusa Mining is one such stock that Meyer recommends. Shares in the London listed firm, that is currently expanding operations into the Philippines, currently trade at 136 pence, but SP Angel has a target price of 300 pence for the stock.
"It's had a few problems, it's expanding its production. We think it's monthly production will double between September and December for example. And that's something we think investors should buy into," Meyer said.
Anglo Asian Mining, Noricum Gold and SolGold are three other miners that Meyer sees upside in because of their better profit margins compared with larger players in the sector like Randgold Resources and Petropavlovsk, which have higher running costs.
(Read more: Gartman: Don't get too aggressive on gold)
"We are left with these frontier plays, but those governments are generally more pragmatic, they are pretty good. SolGold for example, its shares went up ten times over the last few months. It's operating in Ecuador...the Ecuadorian government might be quite good to them going forward. So, there's opportunity there."
Gold surged 4.3 percent on Thursday after the US Federal Reserve postponed the tapering of its USD 85 billion bond-buying program. Spot gold eased 0.2 percent to USD 1,362.40 an ounce on Friday, not far from a one-week high of USD 1,374.54 hit on Thursday. It has gained nearly 3 percent this week.
The precious metal hit an all-time high in late 2011 of just over USD 1,900 per ounce but the rally has since stalled and selling accelerated in April this year aided by fears that central banks were becoming less likely to add to stimulus measures that have weakened currencies and boosted gold as an inflation hedge.
Many analysts are now predicting this bear market could be over with the uptrend likely to resume.
(Read more: Why Bernanke may have ended gold's bear market)
But, Jesper Dannesboe and Robin Bhar, two analysts at Societe Generale believe that Thursday's move in spot gold may have wrong-footed short sellers, but it's unlikely to mean a resurgence in gold.
"The Fed taper delay doesn't change the fact that most of the gold fundamentals are, in our view, bearish. The Fed taper delay has at most weakened the bearish case somewhat but not to an extent that it is likely to prevent the gold price from trending lower," they said in a research note released on Thursday.
"We forecast the gold price to average USD 1,225 during (the fourth quarter of 2013) and to drop down to about USD 1,100 during 2014. We recommend investors to use the recent gold rally as a selling opportunity."
Mutual Funds closed in red as markets decline led by RBI decision to hike the repo rate..
On the sectoral front, Technology and Pharma & Healthcare categories ended with mixed returns, while rest of the sector funds closed in red.
The Sensex closed at 20263.71, down 382.93 points over the close after touching a low of 20051.43 intra-day. The Nifty shed 103.45 points to close at 6012.10 after falling to 5932.85 intra-day.
The fixed income funds, barring Ultra Short Term Debt fund all other categories slumped as the Federal bonds, rupee and stocks extended losses on Friday after the central bank unexpectedly raised the key policy rate by 25 basis points to 7.50 per cent. The 10-year bond yield rose 18 basis points to 8.36 per cent from levels before the decision.
Check out all mutual fund gainers & losers
Here is the day's performance and the gainers and losers across categories.
Equity diversified: Top gainers
In addition to the upcoming October or early November deadline on the debt ceiling, the prospects of a government shutdown next month also loom.
But Buffett, while critical of this type of partisan bickering, told "Squawk Box, "the market is not gonna fall apart, because [investors] expect Washington will only act irrationally for a certain length of time."
(Read more: Buffett: Stocks now 'more or less fairly priced')
Republicans are looking at the debt limit issue and the waning government funding as leverage to push deficit-reduction plans.
The GOP-controlled House is pushing through a stop-gap federal funding bill to avoid a shutdown, but it includes measures to gut the president's health-care law.
Obama has vowed to veto any such legislation.
Buffett said he sees health-care costs as a "huge problem for the country … but that's not the fault of Obamacare," because the spending trends have been in place for decades.
"Health-care costs in this country are a tapeworm of American business," he continued. "Overall, the economy has a 17 percent-plus of GDP going to health-care costs."
Buffett was interviewed alongside Bank of America CEO Brian Moynihan before a student forum at Georgetown University in Washington, D.C., on Thursday.
On health-care costs, Moynihan said, "[Obama's] Affordable Care Act, the debate around it, has actually just focused business on how much this is really costing them."
The real economy
Buffett said that three-quarters of his businesses under the Berkshire Hathaway umbrella are doing better. "Our furniture stores are up 8 percent or 9 percent ... carpet is strong," he added. "Our railroad carried 207,000 cars last week. That's the highest of the year. Our peak was 216,000 [cars] ... before everything hit the fan" during the financial crisis.
Over at BofA, Moynihan told CNBC that American consumers are spending.
"September so far is about 5 percent to 6 percent over last year," he continued, but acknowledged, "people wish this were going faster, but it's just a lot of work to take a huge economy like ours and get it completely back to where people want it, 3 percent-plus growth."
Countrywide troubles
Moynihan also commented on lawsuits facing the financial industry, as a government lawsuit accusing BofA's Countrywide unit of fraud in the sale of billions of dollars of toxic mortgage loans to Fannie Mae and Freddie Mac is scheduled to go to trial later this month.
"To go through a trial is tremendously expensive, for both us and the other side, and typically that's what leads you to some rational conclusion," said Moynihan—adding, if that happens, it's usually at the last minute.
The alleged practices that the government is suing over happened in 2007 and 2008, before BofA bought Countrywide.
"We always make an assessment ... what's the cost to defend yourself versus the cost of a settlement, and then what are the ramifications of that settlement," Moynihan explained. "Unfortunately we've had to make it more than we'd like over the last couple years, honestly."
It was just over two years ago that Buffett's Berkshire took a USD 5 billion stake in Bank of America.
Moynihan said Bank of America was in no rush to redeem Buffett's preferred shares, since BofA has more expensive debt it wants to retire first. Similarly, Buffett said it was highly unlikely he would exercise his warrants in the bank before 2021.
(Read more: Squawking with big brains on Wall St.)
Private discussions taking place at various levels both in Washington and Israel appear intended to calm Israelis' fears that the United States is moving prematurely toward rapprochement with Iran at a time when they are already questioning US resolve to keep open the threat of military action.
But judging from the latest public comments from senior Israeli officials, the White House faces an uphill struggle to overcome those misgivings.
The outreach to close US ally Israel comes as Rouhani, who has issued a barrage of favorable gestures toward the United States, prepares to travel to New York for his debut address at the United Nations on Tuesday and the tantalizing possibility of meeting President Barack Obama face-to-face.
In public comments, Obama and his aides have been cautious not to embrace Rouhani without reservations. But they have made clear that they are ready to test his intentions to seek a diplomatic solution to Iran's long-running nuclear dispute with the West.
"We're going to make judgments based on the actions of the Iranian government, not simply their words," White House deputy national security adviser Ben Rhodes told reporters on Friday, previewing the speech Obama will deliver before the UN General Assembly just hours before Rouhani takes to the world stage.
Rhodes reiterated that Obama, who has exchanged letters with Rouhani, had no meeting scheduled with his Iranian counterpart, who has struck a dramatically different tone than his stridently anti-US predecessor, Mahmoud Ahmadinejad.
But the White House has left open the possibility they could still meet on the UN sidelines, and a US official has privately acknowledged the administration's desire to engineer a handshake between the two leaders, which would be the highest-level US-Iranian contact since the 1979 Islamic Revolution.
Such a meeting likely would not go down well with Israel, where some officials have expressed dismay about how Obama's handling of the Syria crisis might affect the Iranian standoff. They fear that his failure to follow through with threatened military strikes in Syria could encourage Iran to press on with its nuclear work.
The United States and Israel accuse Iran of seeking to develop a nuclear weapons capability. Iran says its program is entirely peaceful and for power generation purposes.
The US-Israeli consultations, which were first reported on the New York Times website late on Friday, are expected to intensify as both sides lay the groundwork for a September 30 Oval Office meeting between Obama and Israeli Prime Minister Benjamin Netanyahu, a US official said.
OUTREACH BOTH PUBLIC AND PRIVATE
As part of a public outreach parallel to the private contacts, the US ambassador to Israel, Dan Shapiro, told the Israeli newspaper Ma'ariv that Washington recognized that a nuclear-armed Iran would be "much more dangerous" than Syria's chemical weapons.
Despite that, Israeli Strategic Affairs Minister Yuval Steinitz told another Israeli newspaper "there is no more time" for negotiations between Iran and world powers and warned that Tehran was on course to develop a nuclear bomb within six months.
That followed a statement from Netanyahu's office on Thursday that Rouhani's pledge in a US television interview that Iran would never develop a nuclear weapon amounted to "fraudulent words" that should fool no one.
On Friday, Rhodes sought to placate Israeli concerns, saying there was "not an open-ended window for diplomacy" with Rouhani, a relative moderate who took office in August.
But Rhodes insisted there was still "time and space" for a peaceful resolution, possibly a veiled message to Israel against any kind of go-it-alone military action to target Iran's nuclear sites as threatened in the past.
In Washington, Michael Oren, Israel's ambassador to the United States, accused Rouhani of trying to "spin out more time" to pursue nuclear weapons advances.
Oren echoed White House assertions that it was the threat of US military action that drove Syrian President Bashar al-Assad to agree to get rid of his chemical weapons stockpile, and insisted in an interview that "the American military threat to Iran has to be endowed with that same credibility."
Elliott Abrams, a Middle East adviser under Republican former President George W Bush, said Obama had undercut his leverage with Iran by striking a deal with Russia on Syria's chemical weapons rather than launching the military strike that he appeared poised to order in late August.
"What happened with regards to Syria (suggests) that the Americans don't want any kind of military engagement, so all options are not on the table with regards to Iran," said Abrams, now at the Council on Foreign Relations think-tank. "This makes an Israeli strike more likely. They may think the US is out of the game."
But some other analysts believe the chances of a unilateral Israeli strike have diminished significantly, not just because Rouhani's overtures have raised hopes internationally for a negotiated end to the impasse. Netanyahu also has little support from the Israeli public for a go-it-alone approach.
Sep 17, 2013, 04.16 PM IST
The Register of Members & Share Transfer Books of Raaj Medisafe India will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.
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Raaj Medisafe India fixes book closure for AGM
The Register of Members & Share Transfer Books of Raaj Medisafe India will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.
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Raaj Medisafe India fixes book closure for AGM
The Register of Members & Share Transfer Books of Raaj Medisafe India will remain closed from September 27, 2013 to September 30, 2013 (both days inclusive) for the purpose of Annual General Meeting (AGM) of the Company.
Read all announcements in Raaj Medisafe
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Sep 17, 2013, 04.16 PM IST
The Board of Directors of Dhanleela Investments & Trading Company has fixed a Record Date of October 12, 2013 for purpose of sub-division of Rs. 10/- per share of the Company into the shares of Rs. 2/- each.
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Dhanleela Investments fixes record date for stock split
The Board of Directors of Dhanleela Investments & Trading Company has fixed a Record Date of October 12, 2013 for purpose of sub-division of Rs. 10/- per share of the Company into the shares of Rs. 2/- each.
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Dhanleela Investments fixes record date for stock split
The Board of Directors of Dhanleela Investments & Trading Company has fixed a Record Date of October 12, 2013 for purpose of sub-division of Rs. 10/- per share of the Company into the shares of Rs. 2/- each.
Read all announcements in Dhanleela
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