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    Business Wire India

    American Farmland Company (the “Company”), announced the pricing of its initial public offering of 6,000,000 shares of its common stock at a public offering price of $8.00 per share. The Company’s common stock is expected to begin trading on October 20, 2015 on the NYSE MKT LLC under the ticker symbol “AFCO.” The Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial public offering price, less underwriting discounts. The offering is expected to close on October 23, 2015, subject to customary closing conditions.


    The Company intends to use the net proceeds from the offering to repay $25.0 million of its outstanding indebtedness and for general corporate and working capital purposes, including the funding of capital expenditures for its existing farms.


    Deutsche Bank Securities, Citigroup, Raymond James, RBC Capital Markets and FBR are serving as joint bookrunners for the offering. Janney Montgomery Scott, Oppenheimer & Co. and Wunderlich are acting as co-managers.


    The offering of these securities is being made only by means of a prospectus. When available, a copy of the final prospectus related to the offering can be obtained from: Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005-2836, Attention: Prospectus Group, Telephone: (800) 503-4611, Email:; Citigroup, 1155 Long Island Avenue, Edgewood, NY 11717, Attention Broadridge Financial Solutions, Telephone: (888) 603-5847, Email:; Raymond James & Associates, 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Syndicate, Telephone: (800) 248-8863, Email:; RBC Capital Markets, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, Attention: Equity Syndicate, Telephone: (877) 822-4089, Email:; FBR Capital Markets & Co., 1300 Seventeenth Street North, Arlington, Virginia 22209, Attention: Syndicate Prospectus Department, Telephone: (703) 312-9500, Email:


    A registration statement on Form S-11 relating to these securities has been declared effective by the Securities and Exchange Commission (the “SEC”) on October 19, 2015. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


    About American Farmland Company


    American Farmland Company is an internally managed real estate investment trust and a Maryland corporation focused on owning and acquiring a diversified portfolio of high-quality farmland, consisting of mature permanent, specialty/vegetable row and commodity row crop farms, as well as farmland development projects, located in select major agricultural regions throughout the United States. The Company’s portfolio currently consists of 18 farms located on both coasts as well as in the Corn Belt and the Delta regions and consists of approximately 16,136 gross acres of farmland, with more than 21 major crop types (approximately 40 sub-varieties are included).


    Forward-Looking Statements


    This press release contains forward-looking statements within the meaning of the federal securities laws, including statements related to the closing of the initial public offering and the expected use of the net proceeds therefrom. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, without limitation: the satisfaction of customary closing conditions relating to the initial public offering; capital market risks; and the impact of general economic or industry conditions, and other risks and uncertainties detailed in the Company’s registration statement on Form S-11, as amended, filed with the SEC or other risks described in documents subsequently filed by the Company from time to time with the SEC. There can be no assurance that the initial public offering will be completed on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this news release. We intend these forward-looking statements to speak only as of the time of this release and do not undertake any obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.





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    Business Wire India

    CyberSource, a Visa Inc. (NYSE:V) company, announced the launch of Decision Manager Replay, the industry’s first fraud tuning analytics tool which allows merchants to quickly analyze and adjust their online fraud management strategies.


    “Merchants create rules and parameters in their fraud management systems that determine whether a transaction is accepted or denied, based on risk levels,” said Andre Machicao, senior vice president, CyberSource, a Visa Inc. company. “In some cases, the parameters they set might be overly cautious, causing them to lose legitimate, safe business unnecessarily. CyberSource’s new capability allows merchants to back test prior transactions to see what would have happened if they had set different rules.”


    With Decision Manager Replay, merchants can perform true “what if” fraud strategy analysis. For example, a merchant can take a batch of recent transactions and run them through the Decision Manager system, re-testing for fraud using more or less stringent risk levels. Through CyberSource’s rich fraud analytics, the system can reconfirm which transactions are fraudulent, and which ones may have been mistakenly flagged for fraud and denied, but were in fact valid. The analysis takes just a few minutes, enabling merchants to quickly adjust their systems to ensure they don’t continue to deny valid transactions or send onto fraud analysts for added review.


    According to a 2015 CyberSource North American Fraud Benchmark Report, on average, 27 percent of online orders received by a merchant will be routed to fraud analysts for additional manual review. Of those, roughly 85 percent are ultimately deemed valid and accepted.


    “As our business and overall volumes grow, unfortunately fraudulent activity also increases,” said Jamon Whitehead, senior manager of payment and risk operations, “Right after we deployed Decision Manager Replay, we were able to more quickly and accurately fine tune our fraud management system to provide more predictable results – which has improved our bottom line without impacting our customer experience.”


    “The organized crime rings behind so many of the fraud attacks are able to nimbly evolve their strategies,” said Julie Conroy, research director, Aite Group. “It is more important than ever for merchants to have similar tools, so they can quickly bring data intelligence into their defensive strategies with minimal impact on the customer experience.”


    Available immediately, Decision Manager Replay is a new tool of Decision Manager, CyberSource’s flagship online fraud management platform for merchants. Decision Manager features the world’s largest fraud detection radar, which includes insights from more than 60 billion online and offline transactions processed annually by Visa and CyberSource.


    For more information about Decision Manager and Decision Manager Replay, please visit:


    About CyberSource


    CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over 400,000 businesses worldwide use CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. The company is headquartered in Foster City, California and maintains offices throughout the world, with regional headquarters in Singapore, Tokyo, Miami / Sao Paulo and Reading, U.K. CyberSource operates in Europe under agreement with Visa Europe. For more information, please visit





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    Business Wire India

    The ATM Industry Association (ATMIA) is proud to announce the appointment of Mr. Srinivasa Katuri to honorary Board membership, as well as acting co-chair for the India Chapter.


    Srini has many years of experience in the payments industry in both the USA and India. In addition, he has strong associations with IDRBT, the banking technology arm of Reserve Bank of India (RBI), as well as with the National Payments Corporation of India (NPCI), and other large financial institutions in India. He runs Transaction Analysts (India) Pvt Ltd, a RBI licensed Prepaid Payment Operator, UIDAI licensed AUA and EKYC Agency and Implementation partner of NPCI.


    Patrick Cunningham, ATMIA’s Executive Director for India and the Middle East, said, “Srini’s knowledge of the payments industry in India will certainly enhance the promotion of ATMIA and membership of the association. Being a strictly non-profit organisation with global membership exceeding 5,000 members, ATMIA is the only largest international voice of the ATM and payments industry. His expertise will help us to provide its member with a wide range of services and benefits that will be of great advantage to all stakeholders in the Indian market.”


    Mike Lee, CEO of ATMIA, added, “Patrick and I look forward to working with Srini in growing ATMIA India in the coming years to the benefit of this amazing market. We all wish him a bright and happy future as we work together.”


    About ATMIA


    The ATM Industry Association (, founded in 1997, is a non-profit trade association serving all businesses and groups in the ATM industry. The association is made up of over 5,000 members in 65 countries. We currently represent well over 1.5 million ATMs internationally. For more information go to –



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    Business Wire IndiaHighlights:

    • Q3 revenue of $253.6M, up 11% from year-ago quarter and 6% sequentially
    • Q3 EPS of $0.92 per diluted share, up 26% from year-ago quarter, and 28% sequentially
    • Q3 cash & short term investments of $980.5M
    Global Headcount of 23,814 on September 30, 2015, down 2% from year-ago quarter, up 4% sequentially
    Syntel, Inc. (Nasdaq:SYNT), a global provider of digital transformation, information technology and knowledge process services to Global 2000 companies, today announced financial results for the third quarter, ended September 30, 2015.
    Third Quarter Financial Highlights
    Syntel's revenue for the third quarter rose to $253.6 million from $228.3 million in the prior-year period and $239.8 million in the second quarter of 2015. During the third quarter, Banking and Financial Services accounted for 49.6 percent of total revenue, with Healthcare and Life Sciences at 16.8 percent, Retail, Logistics and Telecom at 16.3 percent, Insurance at 12.9 percent, and Manufacturing at 4.4 percent.
    The Company's gross margin was 42.4 percent in the third quarter, compared to 41.4 percent in the prior-year period and 38 percent in the second quarter of 2015. Selling, General and Administrative (SG&A) expenses were six percent of revenue in the third quarter, compared to 11.6 percent in the prior-year period and 9.1 percent in the previous quarter.
    The third quarter income from operations was 36.5 percent of revenue as compared to 29.8 percent in the prior-year period and 28.9 percent in the second quarter. The sequential rise in operating margin during the third quarter primarily reflects higher revenue, the impact of currency-related balance sheet translations, lower visa and immigration-related expenses, as well as an ongoing focus on operational efficiency.
    Net income for the third quarter was $77.7 million or $0.92 per diluted share, compared to $61.6 million or $0.73 per diluted share in the prior-year period and net income of $60.6 million or $0.72 per diluted share in the second quarter of 2015.
    During Q3, Syntel spent $3.7 million in CAPEX, largely in support of campus infrastructure, and finished the quarter with cash and short-term investments of $980.5 million. The Company ended the quarter with 23,814 employees globally.
    Operational Highlights
    "We are very pleased with Syntel's third quarter performance," said Syntel CEO and President Nitin Rakesh. "Our Healthcare and Life Sciences segment garnered record revenues, aided by the stepped up investments we've made in this strategic industry."
    "Our robust digital and automation capabilities and managed services offerings are resonating with customers and helping us access new channels and broaden our market reach," said Rakesh. "We have readied our organization to meet the challenges presented by rapid shifts in the technology landscape, and expect to turn these into profitable growth opportunities."
    "Through a relentless focus on innovation and service quality, we strengthened long-term customer relationships this quarter. We also added meaningful new ones that can rely on Syntel as a committed partner to help them navigate change in their businesses."
    2015 Guidance
    Based on current visibility levels and an exchange rate assumption of 65 Indian rupees to the dollar, the Company currently expects 2015 revenue of $972 million to $977 million and EPS in the range of $2.80 to $2.90.
    Syntel to Host Conference Call
    Syntel will discuss its third quarter 2015 results today on a conference call at 10:00 a.m. (EDT). To listen to the call, please dial (877) 837-3915 in the US/Canada or (973) 638-3495 internationally. The call will also be broadcast live via the Internet at Syntel's web site: Please access the site at least 15 minutes prior to the call to register and download any necessary software. A replay will be available until October 28, 2015 by dialling (855) 859-2056 and entering "49590221". International callers may dial (404) 537-3406 and enter the same pass code.
    About Syntel
    Syntel (NASDAQ:SYNT) is a global provider of digital transformation, information technology and knowledge process services to Global 2000 companies. Syntel's mission is to create new opportunities for clients by harnessing our passion, talent and innovation. We combine technology expertise, industry knowledge and a global delivery model to drive business value creation. Syntel's "Customer for Life" philosophy drives our relentless focus to build long-term, collaborative client partnerships. To learn more, visit us at:
    Safe Harbor Provision
    This news release may include forward-looking statements, including those with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 or from other factors not currently anticipated.

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    Business Wire India

    American Tower Corporation (NYSE: AMT), Tata Teleservices Limited, and SREI Infrastructure Finance Limited announced that they, along with several other minority holders, have entered into a definitive agreement pursuant to which American Tower will acquire a 51% controlling interest in Viom Networks Limited (“Viom”). Viom currently owns and operates approximately 42,200 wireless communications towers and 200 indoor distributed antenna systems across India. The total cash consideration will be INR 76 billion.


    At closing, Tata Teleservices Limited will retain a part of its holding, with Macquarie SBI Infrastructure Investments Pte Limited, SBI Macquarie Infrastructure Trust and IDFC Private Equity Fund III retaining certain interests. Under the agreement, American Tower may acquire or be required to acquire all or a portion of the remaining 49% ownership stake in Viom. Additionally, the parties have agreed that, post-closing, American Tower’s existing Indian portfolio of approximately 14,000 towers will be merged with Viom, resulting in certain ownership adjustments.


    “With a population of nearly 1.3 billion people, rapidly growing smartphone penetration and limited fixed line infrastructure, India’s vibrant wireless industry is poised for a sustained period of network investment,” said James D. Taiclet, Jr., American Tower’s Chairman, President and Chief Executive Officer. “ATC India’s greatly expanded portfolio of towers will enable us to play a key role in providing the communications real estate essential to the deployment of advanced wireless technologies throughout the country and to support the Indian government’s Digital India Initiative.”


    Commenting on the transaction, Ishaat Hussain, Director, Tata Teleservices Limited, said “This partnership with ATC presents an opportunity for Tata Teleservices to leverage an enhanced infrastructure portfolio to better address the rapidly expanding market for next generation data services in India.”


    Sunil Kanoria, Chairman and Managing Director of Viom and Vice Chairman of SREI Infrastructure Finance Limited, noted that “We have built one of the best assets in the telecom tower space with robust cash flow stream, the highest tenancy ratio in the industry and a well-diversified tenant mix, besides creating a world class management team. We are pleased to have found a new management team for Viom, and believe that ATC is well positioned to continue to optimize these assets given its proven track record of success. From SREI’s perspective, the divestment of Viom will have a multi-fold impact for SREI improving profitability and will be accretive for both shareholders and SREI.”


    American Tower anticipates consolidating the full financial results for Viom after the closing of the transaction. During the quarter ended June 30, 2015, Viom generated the following annualized results: approximately INR 50 billion in rental and management revenue and approximately INR 21 billion in gross margin. In addition, as of September 30, 2015, Viom had approximately INR 58 billion of INR-denominated debt outstanding. American Tower expects the transaction to be immediately accretive to AFFO per share.


    Amit Sharma, American Tower’s Executive Vice President and President, Asia, added, “Through our joint ownership with the Tata Group of over 56,000 towers, American Tower will be strategically positioned to benefit from the leasing revenue growth opportunities that will come from the accelerating deployment of 3G and 4G technologies by all of the wireless carriers in the market.”


    American Tower intends to finance the transaction in a manner consistent with maintaining its investment grade credit rating. The transaction is subject to customary closing conditions and regulatory approval, and is expected to close in mid-2016.


    American Tower utilized Evercore and Kotak Investment Banking as financial advisors and Clifford Chance, AZB & Partners and Luthra & Luthra as legal advisors. Credit Suisse served as exclusive financial advisor to Viom and its shareholders. Cyril Amarchand Mangaldas served as legal advisor to Viom and its primary shareholders.


    About American Tower


    American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 97,000 communications sites. For more information about American Tower and this transaction, please visit the Company & Industry Resources portion of the “Investor Relations” section of our website,


    About Tata Teleservices Limited (“TTL”)


    TTL is one of India’s leading mobile telecommunications service providers delivering mobile connectivity, content and services to consumers across the country. The company has been at the forefront of redefining the telecom experience in India, launching technologically advanced innovative products and services, playing an enabling role in simplifying consumer lives and expanding digital inclusion. TTL together with its associates has a pan-India presence across India’s 19 telecom circles. TTL offers integrated telecom solutions to its customers under the unified brand name Tata Docomo and operates its wireless networks on GSM, CDMA and 3G technology platforms. For details, visit


    About SREI Infrastructure Finance Limited (“SREI”)


    SREI is one of India's largest private sector integrated infrastructure institutions, constantly and consistently delivering innovative solutions in the infrastructure sector. The company has been playing a significant role in nation-building for two-and-a-half decades, both in urban and rural India. SREI's businesses include Infrastructure Project Finance, Advisory and Development, Infrastructure Equipment Finance, Alternative Investment Funds, Capital Market and Insurance Broking. SREI, headquartered in Kolkata, has a network of 86 branches.


    Cautionary Language Regarding Forward-Looking Statements


    This press release contains statements about future events and expectations, or “forward-looking statements,” all of which are inherently uncertain. We have based those forward looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, statements regarding the proposed closing of the transaction described above, expected financial projections for the portfolio and the impact on our consolidated results, the expected cash consideration and the expected sources of funds to pay for the transaction described above. These forward-looking statements involve a number of risks and uncertainties. For important factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-K for the year ended December 31, 2014 under the caption “Risk Factors” and in other filings we make with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.


    AFFO is a non-GAAP financial measure. For more information, see our Form 10-Q for the quarter ended June 30, 2015 under the captions “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures” and “– Results of Operations.” Additionally, AFFO per share is a non-GAAP measure, and is defined as AFFO divided by the diluted weighted average common shares outstanding.



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    Business Wire India

    Citi announced that it has hired Dominic Crowe as Global Head of Product Development and Strategy for Custody and Fund Services and Bill Pryor as Global Head of Data and Analytics for Custody and Fund Services. In addition, Citi has appointed Jay Martin to run its North America Custody and Fund Services franchise.


    Mr. Crowe will be based in New York and report to Sanjiv Sawhney, Global Head of Custody and Fund Services. He joins Citi from The Bank of New York Mellon where he spent the past two years as Global Head of Client Services Delivery for Structured Products. He had previously been Global Head of Asset Services Transformational Expense Initiatives. In this role, Mr. Crowe will be charged with driving a transformative product and platform strategy for the Custody and Fund Services business.


    Mr. Pryor will be based in Boston, reporting to Sanjiv Sawhney and Richard Burns, Global Head of Yield Book and Fixed Income Indices. He will be responsible for harmonizing the delivery of Citi’s Custody and Fund Services products and information. Mr. Pryor brings more than 34 years of experience in the data and analytics space and was most recently JP Morgan’s Global Head of Investment Information Services.


    Mr. Martin has been with Citi since 2011 and brings over 26 years of experience to the role. Most recently, he was North America Head of Investor Services Operations and Global Head of Alternative Investments and Wealth Management Operations. In this new role, he will responsible for leading Citi’s product teams and partners across operations and technology to grow and optimize the Custody and Fund Services business in North America. Mr. Martin will report to Shahmir Khaliq, North America Head of Investor Services, and Sanjiv Sawhney.


    “Global Custody and Fund Services is a core part of our Investor Services franchise strategy”, stated Sanjiv Sawhney. “Appointing talent of this caliber will help ensure that we continue to grow and strengthen the platform to deliver the best products for our clients.”


    Citi Investor Services provides fund managers with access to an end-to-end set of flexible investment solutions across Prime Finance and Agency Securities Lending, Futures, OTC Clearing and Collateral Management, Custody and Fund Services.


    Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.


    Additional information may be found at | Twitter: @Citi | YouTube: | Blog:| Facebook: | LinkedIn:



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    Business Wire IndiaWith strong desire and aspiration for supporting and serving the customers, UAE Exchange, globally celebrates its 35th year of operations. In a diverse and technologically challenging financial market, UAE Exchange has achieved a feather in its cap, by running a successful journey with consistent growth year on year creating a niche in the industry.  
    Celebration when accompanied with act of generosity triggers happiness. To make the 35th Anniversary celebration vivid, UAE Exchange India will be donating water purifiers to 365 government schools across the nation as part of “Save water – Safe water” campaign.  The campaign focus on creating awareness on water conservation and providing clean and safe water in schools.
    As part of the global celebrations, UAE Exchange India is offering all services with ‘zero service charges’ for 1770 of its selected lucky customers from November 2015 to January 2016. It will also select 35 lucky customers from those who download its mobile App XPay from Oct 23rd to 31st 2015 and give a Gold Coin.
    Diligence and dedication of the employees are widely recognized and honored in UAE Exchange, as employee represent the ultimate brand that relates most effectively to its customers.  As part of the celebration, the company is honoring 175 employees from various branches for their dedicated support and excellent customer service.
    Mr. V George Antony, Managing Director, UAE Exchange India shared “Its indeed a prideful moment for UAE Exchange to be renowned as the leading financial solutions provider across the world offering trustworthy service for the past 35 years.“ Over the last 35 years UAE Exchange has navigated through various phases, setting numerous milestones.
    UAE Exchange India, with 365 branches all over the nation caters to the needs of the customers with versatile products such as Loan, Money Transfer, Foreign Exchange, Travel & Tours, Insurance and Share Trading etc.  Company has brought various innovations in its products and technology adding convenience to the life of the customers.

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    Business Wire India

    Celebrating its 35th year of operations today, UAE Exchange, the global remittance, foreign exchange and payment solutions brand said that over the last three-and-a-half decades it has paralleled the growth of the economies of the Gulf region and as a single largest global remittance entity now moves funds worth over US$26 billion annually.


    This Smart News Release features multimedia. View the full release here:

    Group Photo: UAE Exchange Celebrates 35 years of Growth (Photo: ME NewsWire)

    Group Photo: UAE Exchange Celebrates 35 years of Growth (Photo: ME NewsWire)

    In 1980, when UAE Exchange first began its operations in Abu Dhabi, the remittances it handled were to the tune of US$1.5 million annually. In line with the growth of the Gulf economies and concomitant surge in migrant population over the years, it has been able to carve a niche in the history of the remittance industry catering to an average daily customer base of 400,000.


    UAE Exchange handles some 25.4 million transactions annually with much of the remittances to the Asian corridor and has nearly 6 per cent share in the business to developing countries. The World Bank estimates put that in 2014 global remittances were at US$583 billion out of which US$435 billion was to developing countries.


    “As the world’s third largest migrant destination, the evolution of the remittance industry in the Gulf region has a global significance. Literally, from snail-paced remittance transactions to sending money in a flash with the aid of superior technology, UAE Exchange has moved at a brisk pace with significant milestones of service innovation on the way,” said Promoth Manghat, CEO, UAE Exchange.


    UAE Exchange is now the world’s widely networked remittance entity with close to 800 branches spread across five continents. “Growth came not just from brick and mortar expansion alone but from an equally significant technology adoption and enhanced partner reach, which helped us create pioneering service excellence standards,” said Mr. Manghat.


    UAE Exchange now offers a host of services and diverse remittance channels to its customers in line with the growth in sophistication of the industry from instant money across cash and bank account transactions to online money transfer. “The sophistication and awareness of customers is now high among all categories of migrants with smart technology paving the way to this evolution and at UAE Exchange our endeavour is to keep up with the pace of change,” added Mr. Manghat.


    About UAE Exchange


    UAE Exchange is a leading global remittance, foreign exchange and payment solutions brand. It is also the widest globally networked remittance brand with close to 800 branches spread across 31 countries in 5 continents. Its strong correspondent banking relationship with over 140 global banks adds to the might.


    *Source: ME NewsWire





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    Business Wire India

    Cube Highways and Infrastructure Pte. Ltd. (Cube Highways) is pleased to announce that it has signed an agreement to acquire a 100 percent ownership interest in Madhucon Agra Jaipur Expressways Ltd (MAJEL), an operating toll road in India. This toll road operates a 57 kilometer stretch of National Highway (NH) 11 connecting the cities of Mahua and Bharatpur, and is contiguous to Cube Highway’s existing investment in Jaipur Mahua Tollways Pvt. Ltd. (JMTPL), which operates a 109 kilometer stretch of NH-11 between Jaipur and Mahua.


    Once closed, this will be the second investment made by Cube Highways, I Squared Capital’s Indian toll road and transportation investment platform, in partnership with the International Finance Corporation (IFC), the private investment arm of the World Bank. “This acquisition underscores our belief in the Indian toll road sector and is consistent with our strategy of adding carefully selected, high quality assets to our professionally managed road platform,” said Gautam Bhandari, Director at Cube Highways. “We are in active discussions on multiple acquisition opportunities as we continue to add scale to our portfolio of transport concessions in India.”


    The initial acquisition will be for a 74 percent ownership interest, with the remaining 26 percent subject to approval from the National Highways Authority of India (NHAI). The road operates under a 25-year concession and has been operational since May 2009, with more than six years of traffic and tolling history. NH-11 connects important tourist centers of Jaipur and Agra in north India, and forms the southern arm of the “Golden Triangle” between Delhi, Agra and Jaipur.


    Harikishan Reddy, CEO of Cube Highways Advisors, added “This acquisition enables Cube Highways to operate a contiguous 166 kilometer stretch of NH-11, and will result in significant operational synergies with Cube Highways’ existing investment in JMTPL. Traffic on this corridor continues to demonstrate healthy growth as it benefits from the growing economies of two large urban centers, Agra and Jaipur.”


    About Cube Highways: Cube Highways and Infrastructure Pte. Ltd. (Cube Highways) is a Singapore based company investing in road and highway projects, along with select other infrastructure sectors in India. Cube Highways is an independent, professionally-managed platform that leverages the extensive transportation experience of its management and execution teams. Cube Highways was formed by two leading global financial institutions, I Squared Capital and the International Finance Corporation (IFC).


    About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.



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    Business Wire India

    The Western Union Company (NYSE: WU), a leader in global payment services, was awarded the “Best New Service” award at the 2015 Corporate Entrepreneur Awards earlier this week for its digital self-service kiosk model—active at Walgreens locations across the United States.


    The Corporate Entrepreneur Awards—hosted by Market Gravity—recognize innovation within large businesses related to new products, services and experiences disrupting traditional industries. The “Best New Service” award celebrates a service innovation that has redefined its industry or category.


    This year, Western Union took the top spot among 33 other nominations in this category from some of North America’s largest companies, including MasterCard, Visa, AOL, United Airlines and Avis.


    The award-winning digital self-service kiosk model allows consumers to make domestic and international money transfers as well as bill payments at more than 7,800 Walgreens locations, using existing digital self-service kiosks.


    Customers can independently stage their transactions at the self-service kiosk using a photo touchscreen, and then fund those transactions via cash or pin-based debit at the register.


    The service was introduced at Walgreens without disruption to the business by integrating the money transfer and bill payments services into existing photo kiosks. By employing this innovative approach, no additional staffing or point of sale requirements were necessary.


    Western Union’s cross-border platform is a rare combination of a physical and digital network servicing 16,000 corridors across 200 countries and territories. Across its brands the company has over 500,000 retail agent locations around the world and its services are available at over 100,000 ATMs and kiosks, and including the capability to send money to millions of accounts.


    About Western Union


    The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of June 30, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to millions of bank accounts. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments. For more information, visit





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    Business Wire IndiaHighlights

    • Board approves establishment of a Sponsored Level 1 ADR and Issue of Rupee Denominated Bonds Overseas
    • Standalone profit after tax at Rs. 1,605 crore for the quarter ended September 30, 2015 –  growth of 18%
    • 23% growth in the individual loan book (after adding back the loans sold in the preceding 12 months)
    • Spread on loans at 2.32% for the half year ended September 30, 2015 compared to 2.29% in the corresponding period last year
    • Gross non-performing loans at 0.71% of the loan portfolio as at September 30, 2015
    • Consolidated profit after tax at Rs. 4,311 crore for the half year ended September 30, 2015
    The Board of Directors of Housing Development Finance Corporation Limited (HDFC) at its meeting held today approved the establishment of a Sponsored Level 1 American Depository Receipts (ADR) programme and the Issue of Rupee denominated bonds overseas.
    At the meeting, it also approved the unaudited standalone and consolidated financial results for the first half of the financial year 2015-16, following its meeting on Monday, October 26, 2015 in Mumbai. The accounts have been subjected to a limited review by the Corporation’s statutory auditors in line with the regulatory guidelines.
    The board of directors approved
    • Establishment of a Sponsored Level 1 American Depository Receipts (ADR) programme in respect of up to 10% of the issued and paid-up share capital of the Corporation, pursuant to the Depository Receipts Scheme, 2014 and subject to requisite guidelines to be issued by SEBI. The programme envisages conversion of existing equity shares of the Corporation into ADRs and does not in any way entail any issue of additional shares of the Corporation.
    • Issue of Rupee denominated bonds overseas up to USD 750 million, in accordance with the circular dated September 29, 2015, issued by the Reserve Bank of India on External Commercial Borrowings Policy (ECB) - Issuance of Rupee denominated bonds overseas.
    Financials for the quarter ended September 30, 2015
    For the quarter ended September 30, 2015, the profit before tax stood at Rs. 2,324 crore as compared to Rs. 1,982 crore in the corresponding quarter of the previous year, representing a growth of 17%.
    After providing Rs. 719 crore for tax, (inclusive of Rs. 83 crore as deferred tax liability on Special Reserve), the profit after tax for the quarter ended September 30, 2015 stood at Rs. 1,605 crore as compared to Rs. 1,358 crore in the corresponding period previous year, representing a growth of 18%.
    Financials for the half year ended September 30, 2015
    For the six months ended September 30, 2015, the profit before tax stood at Rs. 4,276 crore as compared to Rs. 3,906 crore in the corresponding period of the previous year.
    After providing Rs. 1,310 crore for tax (inclusive of Rs. 172 crore as deferred tax liability on Special Reserve), the profit after tax for the six months ended September 30, 2015 stood at Rs. 2,966 crore as compared to Rs. 2,702 crore in the corresponding period of the previous year, representing a growth of 10%.

    As at September 30, 2015 the total assets of HDFC stood at Rs. 2, 65,536 crore as against Rs. 2,38,361 crore as at September 30, 2014 – an increase of 11%.
    As at September 30, 2015, the loan book stood at Rs. 2,37,991 crore as against Rs. 2,12,344 crore as at September 30, 2014. Loans sold in the preceding twelve months amounted to Rs. 12,969 crore. After adding back loans sold in the preceding 12 months, the growth in individual loan portfolio is 23%. The growth in the non-individual loan portfolio stood at 8%. The growth in the total loan book after adding back the loans sold in the preceding 12 months is 18%.
    Of the total loan book, individual loans comprise 73%. The average size of the individual loans stood at Rs. 23.6 lac.
    As at September 30, 2015, the total loans outstanding in respect of loans sold/assigned stood at Rs. 29,125 crore. HDFC continues to service these loans and is entitled to the residual interest on the loans sold. The residual interest on the individual loans sold is 1.22% p.a. and is being accounted over the life of the loans and not on an upfront basis.
    Non-Performing Loans

    Gross non-performing loans as at September 30, 2015 amounted to Rs. 1,707 crore. This is equivalent to 0.71% of the loan portfolio (previous year – 0.69%). The non-performing loans of the individual portfolio stood at 0.53% while that of the non-individual portfolio stood at 1.12%.
    As per the National Housing Bank (NHB) norms, the Corporation is required to carry a total provision of Rs. 1,797 crore.   
    The balance in the provision for contingencies account as at September 30, 2015 stood at Rs. 2,127 crore of which Rs. 518 crore is on account of non-performing loans and the balance Rs. 1,609 crore is in respect of general provisioning on standard loans and other provisions. This balance in the provision for contingencies is equivalent to 0.89% of the portfolio. Thus the Corporation carries an additional provision of Rs. 330 crore over the regulatory requirements.
    Spread and Net Interest Margins
    The spread on loans over the cost of borrowings for the half year ended September 30, 2015 stood at 2.32% compared to 2.29% in the corresponding period of the previous year.
    Net Interest Margin for the half year ended September 30, 2015 was 3.95%.


    As at September 30, 2015, the unrealised gains on HDFC’s listed investments amounted to Rs. 58,169 crore (previous year - Rs. 45,871 crore). This excludes the appreciation in the value of unlisted investments.


    The Corporation’s capital adequacy ratio after reducing the investment in HDFC Bank from Tier I capital, stood at 16.1%, of which Tier 1 capital was 12.8% and Tier II capital was 3.3%. Deferred Tax Liability on Special Reserve has also been considered as a deduction in the computation of Tier I and Tier II capital. As per regulatory norms, the minimum requirement for the Capital Adequacy Ratio and Tier I capital is 12% and 6% respectively.

    In October 2015, the NHB recalibrated risk weights on individual housing loans, based on the loan amount and loan to value ratio, with the lowest risk weight being reduced to 35% compared to 50% earlier. The revised risk weights have not been applied in determining the above-mentioned capital adequacy ratio.

    If the revised risk weights were to be applied as at September 30, 2015, the reduction in risk weighted assets would be Rs. 15,472 crore and the capital adequacy ratio would stand at 17.4%, of which Tier I would be 13.8%.


    HDFC’s distribution network spans 392 outlets, which include 113 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and third party direct selling associates.
    To cater to non-resident Indians, HDFC has representative offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Abu Dhabi and Saudi Arabia.

    For the half year ended September 30, 2015, the consolidated profit after tax stood at Rs. 4,311 crore as compared to Rs. 3,937 crore in the corresponding period last year.
    The share of profit from subsidiary and associate companies in the consolidated profit after tax stood at 31% for the half year ended September 30, 2015.
    As indicated in August 2015, the Corporation agreed to sell 9% of the equity shares in HDFC Life to Standard Life (Mauritius Holdings) 2006 Limited subject to the receipt of regulatory approvals.  Necessary approvals are still in progress and hence the sale is not reflected in the financials for the half year ended September 30, 2015.
    In October 2015, HDFC concluded the issue of Warrants simultaneously with the issue of Non-Convertible Debentures (NCDs) to Qualified Institutional Buyers (QIBs) on a Qualified Institutions Placement (QIP) basis. The Corporation received an amount of Rs. 5,051 crore towards the NCDs and upfront Warrant payment. This amount is not reflected in the financial results for the half year ended September 30, 2015.

     To View the PDF, please click on the links below:

    Financial Results (Consolidated) – for quarter/six months ended in Sept, 2015
    Financial Results (Standalone) – for quarter/six months ended in Sept, 2015
    September 2015

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    Business Wire IndiaGone are the days when you had to stand in long queues or scuttle to your tax advisor’s office to submit your income related documents. Now all of this can be done online from the comfort of your home or office, courtesy H&R Block.
    In a previous article, we had covered how H&R Block has built a robust team of 300 tax advisors to serve the tax preparation needs of individual tax payers. It does not stop there though. The real magic lies in the way H&R Block delivers these services to its 150,000 plus clients in a seamless manner.
    How exactly do these tax experts serve the clients so flawlessly? The answer lies in H&R Block’s pioneering work in the Assisted Income Tax E-Filing space. This service is a classic combination of expertise and convenience at your fingertips. In this a tax expert prepares and e-files your tax returns online while being in touch with you over phone, email and chat, without you having to visit any H&R Block office.
    In a market that is cluttered with options of Do-It-Yourself portals, where one can login and file their taxes themselves, this option is a breath of fresh air. A team of highly qualified and trained IT experts have developed the assisted e-filing application that interacts with the clients and routes them to the right tax advisor depending on their tax complexity. It infuses the convenience of DIY and professional expertise of a tax expert. This helps people overcome the hassles of having to figure out all the tax calculations on their own or spending hours travelling and waiting at a tax advisor’s office.
    So how does it work? Once a client registers with H&R Block’s assisted e-filing service, he just needs to select all the sources of income applicable to him and upload all relevant documents that serve as a proof of his income and investments. These documents once uploaded form a part of his permanent online repository and can be accessed through his ‘MyAccount’ page. The use of a Verisign secured data encryption makes this process absolutely safe and secure for the client.
    How is this unique? Much like leading e-commerce sites customize your online shopping experience based on your prior purchases, the technology driving the Assisted E-Filing process, makes sure that clients are routed to the right tax advisor, based on the answers to an initial set of questions posed by the application, post registration. The application also aids an advisor communicating with the client, by sharing the tax computations and summaries at each step. All client calls are directly routed to their dedicated tax expert without the client having to wait in long queues on phone. Vishal Sankla, the Operations Head at H&R Block says, “We have an intelligently developed integrated application that takes care of every need of our advisors. Be it client calling, return preparation, receiving and sending messages to clients or sending automated updates on the progress of tax return preparation and e-filing. We even have a facility of maintaining a scheduler that ensures our advisors never miss out on timely follow up with the clients.”
    The most important feature of this service is the human interaction that gives it a personalized approach and an assurance that an expert will figure out a client’s tax problems whenever they need it. H&R Block also has a tool called Client Management System that is embedded in the tax preparation application. This tool helps in tracking the entire life cycle of a client with H&R Block and forms the basis of providing a stellar client experience.
    The company believes in making Online Tax Filing a preferred approach to filing taxes and encourages more and more clients each year to switch to assisted e-filing. Their sincere efforts and approach to designing a robust system and an army of trained tax advisors is a testimony to this. Year round support for all client tax queries comes as the icing on the cake for this holistic service. This is echoed by Anna Dias, a customer who has been filing with H&R Block for the past 2 years, “What I like is the perfect blend of professionalism and personalisation. It is extremely simple to do and at the same time you have someone to assist you at all times and I think this is an awesome combination”.
    About H&R Block
    H&R Block, is the world’s largest income tax filing company with over 25 Million returns filed worldwide annually. In India since 2012, it offers income tax return filing services for salaried individuals via three distinct methods – Free Online self e-filing, Assisted tax e-filing and In-person tax e-filing.
    H&R Block provides a highly intuitive online tool through their free online self e-filing, which automatically extracts data from your Form 16, to help you file your taxes online yourself in 3 easy steps, free of charge. For people needing help with tax filing, you can utilize the Assisted Tax Filing Services. Here, you have a dedicated tax expert assigned to you, to help you understand your tax modalities and prepare your returns for you. If you prefer a personal interaction, you can walk into any of their 6 offices located across India and enjoy personalized services.
    They provide a blend of tax filing methods suited to the needs of clients as well as dedicated year round support. H&R Block makes the tax filing process simple, convenient and hassle free. This is what makes H&R Block India’s best tax filing service provider.

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    Business Wire India

    Coty Inc. (NYSE:COTY) announced a new organizational structure and the future leadership team for the company, both of which will become effective subject to completion of Coty’s merger with The Procter & Gamble Company’s (NYSE:PG) fine fragrance, color cosmetics, salon professional and hair color and styling businesses (“P&G Specialty Beauty Business”). These changes are expected to best position the company to advance Coty’s global leadership position in Beauty.


    Bart Becht, Chairman and Interim CEO of Coty commented: “The new Coty will bring together a very experienced and diverse executive team, skilled at managing complex global consumer operations, and driving innovation, creativity and growth, all of which are a prerequisite for future success. This deeply experienced team combined with the new category-focused and consumer-centric structure, and our portfolio of world-class brands, are all expected to play key roles in making Coty a strong global leader and challenger in Beauty and driving profitable growth and shareholder value over time.”


    Coty’s new organizational structure will be category focused, putting the consumer first, by specifically targeting how and where they shop and what and why they purchase. Each Division will have full end-to-end responsibility to optimize the consumers’ beauty experience in their relevant categories and channels in this new organizational design and translate this into profitable growth. Accordingly, post-merger, Coty’s business will be organized into three divisions:

    • Coty Luxury Division, focused on fragrances and skin care
    • Coty Consumer Beauty Division, focused on color cosmetics, retail hair coloring and styling products and body care
    • Coty Professional Beauty Division, focused on servicing salon owners and professionals in both hair and nail care

    Coty will also be launching a new department, called Growth and Digital, which will be focused on accelerating growth. It will regularly review the company’s portfolio strategy and focus on working with each of the three divisions to improve its capabilities in innovation, sales and traditional and digital marketing.


    Each of the Luxury, Consumer Beauty, and Professional Beauty divisions will be led by a President, who will be supported in the areas of supply chain, finance, human resources and information services. The divisions will be overseen by an executive team consisting of the three Presidents, the Functional Heads and the Chief Executive Officer. The executive team will provide strategic direction, pursue M&A opportunities, build out corporate capabilities and address public company obligations.


    As part of the new organizational structure, Coty plans to relocate its executive management offices to London. Being operationally located in London will allow Coty to more effectively operate as a global leader, with closer proximity to the company’s key strategic markets around the world. The executive management team expected to be based in London, includes, but is not limited to, the office of the Chairman and Chief Executive Officer, Finance, Human Resources, Legal and Growth and Digital. The company will continue to be incorporated in Delaware and traded on the New York Stock Exchange.




    The new Coty leadership team combines the expertise and talents of executives from Coty, P&G Specialty Beauty and other leading companies. These highly experienced team members, all of whom have extensive experience nurturing and growing consumer brands, bring deep and complementary skills, which the company plans to leverage to benefit Coty employees, licensors, customers, suppliers and shareholders.


    Bart Becht, Chairman and Interim Chief Executive Officer - Mr. Becht will continue to be responsible for making Coty into a global leader and challenger in Beauty and enhancing shareholder value in the process. Before joining Coty in 2011 as chairman, Mr. Becht served as chief executive officer of Reckitt Benckiser, a leading global consumer goods company, from 1995 to 2011. He has over 30 years of business experience building consumer brands around the world. Mr. Becht will remain based in London following the close of the transaction.


    Patrice de Talhouët, Chief Financial Officer – Mr. de Talhouët will continue to oversee the finance organization. In addition, he will be responsible for all M&A activities as well as information systems and real estate. Prior to joining Coty, he spent seven years at Mars, Inc. in various executive finance positions and 12 years at Alcatel-Lucent. Mr. de Talhouët will transition from New York to London following the close of the transaction.


    Camillo Pane, Chief Growth and Digital Officer - Mr. Pane will advise on Coty’s portfolio strategy and be responsible for the development of Coty’s innovation, marketing and sales capabilities across all divisions, as well as directing Coty’s digital media and e-commerce activities. He spent almost 20 years at Reckitt Benckiser, and was most recently Reckitt’s Senior Vice President, Global Category Officer Consumer Health. Mr. Pane will be based in London following the close of the transaction.


    Edgar Huber, President Coty Luxury - Mr. Huber will oversee Coty’s Fragrances and Skin Care division. Mr. Huber is an accomplished executive with over 25 years of experience in building brands across the beauty and fashion industry. Mr. Huber spent 15 years at L'Oréal, the majority of which was in the L'Oréal Luxury Products Division working on brands such as Ralph Lauren Fragrances, VIKTOR AND ROLF, Yves Saint Laurent Beauty and Giorgio Armani Cosmetics. Most recently he was President and Chief Executive Officer of Lands’ End. Mr. Huber will be based in Paris following the close of the transaction.


    Esi Eggleston Bracey, President, Coty Consumer Beauty - Mrs. Eggleston Bracey will oversee Coty’s Color Cosmetics, Hair Coloring and Styling, and Body Care division. She is Executive Vice President, Global Color Cosmetics, P&G, where she leads the COVERGIRL and Max Factor businesses across more than 80 global markets. Mrs. Eggleston Bracey has over 24 years of experience, including over 15 years in Beauty and Personal Care, and was responsible for transforming COVERGIRL into the iconic pop culture brand it is today, as well as expanding P&G Cosmetics internationally with the modernization of Max Factor. She will transition from Geneva to New York following the close of the transaction.


    Sylvie Moreau, President, Coty Professional Beauty - Mrs. Moreau will be responsible for overseeing Coty’s salon business in hair and nail care. She is currently Executive Vice President of Wella, the Salon Division of P&G. Over her 21-year career, Mrs. Moreau has held a variety of positions in local, regional and international roles, managing many iconic brands. She has spent the last seven years in P&G’s Salon Professional division where she was instrumental in the business turnaround. Mrs. Moreau will remain based in Geneva following the close of the transaction.


    Mario Reis, Chief Global Supply Officer - Mr. Reis will be responsible for running Coty’s fully integrated, end-to-end supply chain, covering procurement, manufacturing and warehousing & distribution, facilitating the acceleration of profitable growth as well as driving cost leadership at Coty. Prior to joining Coty, Mr. Reis spent 16 years with Danone, where he held several senior executive positions in Global Operations. Mr. Reis will remain based in Geneva following the close of the transaction.


    Jules Kaufman, Chief Legal Officer and Secretary - Mr. Kaufman will continue to oversee Coty’s legal affairs worldwide, including, among other things, acquisitions and divestitures, governance, compliance, licenses and patents and regulatory issues. Since joining Coty in 2008, Mr. Kaufman has helped guide Coty's growth through multiple acquisitions, and through its evolution from a privately held into a publicly listed company. He previously served as Vice President and Division General Counsel for Colgate-Palmolive Company’s Europe/South Pacific Division. Mr. Kaufman will transition from New York to London following the close of the transaction.


    Ralph Macchio, Chief Scientific Officer - Mr. Macchio will be responsible for all Scientific and Global Regulatory & Consumer Affairs at Coty. Mr. Macchio has been with Coty since 1992 and has held various positions of increasing R&D responsibility at the company. Mr. Macchio will remain based in Morris Plains, New Jersey following the close of the transaction.


    Sébastien Froidefond, Chief Human Resources Officer - Mr. Froidefond will manage all corporate human resources activities, including talent management, organizational and people development, performance management, compensation and benefits and human resources information systems. Prior to joining Coty, Mr. Froidefond was Human Resources Vice President for the Global Consumer Healthcare division of Sanofi. Mr. Froidefond will transition from Paris to London following the close of the transaction.


    Jean Mortier will retire from Coty and will be succeeded, effective immediately, by Edgar Huber as President Global Markets. Jean has agreed to stay with Coty through June 2016 as a Special Advisor to the CEO. Jean will be responsible for helping to transition Edgar Huber into his new role, transitioning licensor relationships to Camillo Pane and Edgar Huber, aiding in the transfer of P&G licenses to Coty, assisting with the anti-trust review process and helping to restructure our joint venture and distributor relationships. Coty would like to recognize and thank Jean for his many contributions to the Coty business and company and wish him well in his future endeavors.


    As previously disclosed, the merger with P&G’s Specialty Beauty Business is expected to close in the second half of calendar year 2016, subject to regulatory clearances, works council consultations, and other customary conditions.


    Forward Looking Statements


    Certain statements in this press release are forward-looking statements. These forward-looking statements reflect Coty’s current views with respect to the completion of the merger with the P&G Beauty Business. These forward-looking statements are generally identified by words or phrases, such as “anticipate,” “expect,” “should,” “would,” “could,” “intend,” “plan,” “project,” “seek,” “believe,” “will,” “opportunity,” “potential,” and similar words or phrases. Actual results may differ materially from the results predicted due to risks and uncertainties including inaccuracies in our assumptions in evaluating the transaction, difficulties in integrating the P&G Specialty Beauty Business into Coty and other difficulties in achieving the expected benefits of the transaction. All statements in this communication, other than those relating to historical information or current conditions, are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of Coty, which could cause actual results to differ materially from such statements.


    Risks and uncertainties relating to the proposed transaction with P&G include, but are not limited to: uncertainties as to the timing of the transaction; the risk that regulatory or other approvals required for the transaction are not obtained or are obtained subject to conditions that are not anticipated, including certain licensor consents; competitive responses to the transaction; litigation relating to the transaction; uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; the ability of Coty to achieve the cost-savings and synergies contemplated by the proposed transaction within the expected time frame; the ability of Coty to promptly and effectively integrate the P&G Specialty Beauty Business and Coty and their personnel; the effects of the business combination of Coty and the P&G Specialty Beauty Business, including the combined company’s future financial condition, operating results, strategy and plans; and disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers.


    The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. More information about potential risks and uncertainties that could affect Coty’s business and financial results is included under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Coty’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015, and other periodic reports Coty has filed and may file with the Securities and Exchange Commission from time to time. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law, Coty undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.


    About Coty Inc.


    Coty is a leading global beauty company with net revenues of $4.4 billion for the fiscal year ended June 30, 2015. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty’s product offerings include such power brands as adidas, Calvin Klein, Chloé, DAVIDOFF, MarcJacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.


    For additional information about Coty Inc., please visit





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    Business Wire India

    Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) provided unaudited financial results for the three and six months ended September 30, 2015.


    Quarter ended September 30, 2015 Highlights - compared to September 30, 2014

    • Net sales of $212.1 million, decreased $38.8 million, or 15.5%. This net sales decline is principally due to the impact of net charges taken to meet contractual obligations associated with price adjustments and the changing U.S. market dynamics on certain products. On a pro-forma basis, adjusted for the price protection provision, net sales would have decreased 7.7%
    • Gross profit of $168.8 million decreased $29.3 million; however, as a percentage of net sales, was 79.6% compared to 79.0%. Excluding the impact of the price adjustment and the impact of the $2.0 million impairment charge, the gross profit decrease would have been $8.0 million, or 4.1%
    • Research and development expenses increased $4.9 million to $18.7 million
    • Selling, marketing, general and administrative expenses increased $2.4 million to $24.0 million
    • Operating income decreased $35.3 million to $125.0 million
    • Net Income was favorably impacted by a $28.7 million increase in foreign exchange (FX) income to $34.9 million, principally the result of the strength of the U.S. vs. Canadian dollar
    • Net income attributable to Taro was $133.3 million compared to $143.4 million, resulting in diluted earnings per share of $3.11 compared to $3.35

    Six Months ended September 30, 2015 Highlights - compared to September 30, 2014

    • Net sales of $427.3 million, increased $46.3 million, or 12.1%, despite an 8% volume decline as a result of changing U.S. market dynamics on certain products. On a pro-forma basis, adjusted for the previously mentioned price protection provision, the net sales increase would have been 18.5%
    • Gross profit increased $57.1 million to $340.6 million and as a percentage of net sales, was 79.7% compared to 74.4%. Excluding the impact of the aforementioned price adjustment, and the impact of the $2.0 million impairment charge, the gross profit increase would have been $81.4 million, or 28.7%
    • Research and development expenses increased 15.4% to $33.3 million
    • Selling, marketing, general and administrative expenses increased $2.9 million to $46.9 million
    • Operating income increased $44.6 million to $259.4 million
    • FX income increased $29.8 million to $30.7 million
    • Net income attributable to Taro was $237.0 million compared to $189.5 million, a $47.5 million increase, resulting in diluted earnings per share of $5.54 compared to $4.42

    Mr. Kal Sundaram, Taro’s CEO stated, “We continue to experience pressure on our business from strong competition and the industry and customer consolidations as evidenced by the decrease in our net sales. However, our margins remain strong as the result of the cost efficiencies and benefits realized as we actively manage and remain disciplined with our spending.” Mr. Sundaram, continued, “The recent approval and launch of Keveyis, the first medicine approved by the FDA for the treatment of primary hyperkalemic and hypokalemic periodic paralysis, demonstrates our continuing commitment to R&D.”


    Cash Flow and Balance Sheet Highlights

    • Cash provided by operations for the period ended September 30, 2015 was $129.3 million, as compared to $96.2 million at September 30, 2014
    • Cash, including marketable securities of $1.1 billion, increased $142.1 million from March 31, 2015

    FDA Approvals and Filings


    The Company currently has a thirty-four ANDAs awaiting FDA approval.


    The Company recently received approval from the U.S. Food and Drug Administration (“FDA”) for a New Drug Application (“NDA”) Keveyis™ (dichlorphenamide) 50 mg Tablets, the first medicine approved by the FDA for the treatment of primary hyperkalemic and hypokalemic periodic paralysis and related variants. Periodic paralysis, which is a group of rare hereditary disorders that cause episodes of muscle weakness or paralysis, is estimated to affect approximately 5,000 people in the United States.


    Taro Purchases Shares of Zalicus Pharmaceuticals Ltd.


    On October 1, 2015, Taro entered into a Share Purchase Agreement with EPIRUS Biopharmaceuticals, Inc. (“EPIRUS”) for all of the shares of Zalicus Pharmaceuticals Ltd., and its product candidate Z944 and certain related assets, a novel, oral, T-type calcium channel modulator in development for the treatment of pain. As a result of the sale, Taro paid CAD $5.0 million in cash and a non-interest bearing, limited recourse promissory note in the amount of CAD $5.0 million with a maturity date of July 1, 2017. If Taro elects to repay the Promissory Note in cash and continue development of the Z944 Assets, EPIRUS will also be entitled to additional payments.


    Earnings Call (8:00 am EST, November 4, 2015)


    As previously announced, the Company will host an earnings call at 8:00 am EST on Wednesday, November 4, 2015, where senior management will discuss the Company’s performance and answer questions from participants. This call will be accessible through an audio dial-in and a web-cast. Audio conference participants can dial-in on the numbers below:

    • Participant Toll-Free Dial-In Number: +1 (844) 421-0601 ID: 63935727
    • Participant International Dial-In Number: +1 (716) 247-5800 ID: 63935727
    • Web-cast: More details are provided on our website,

    To participate in the audio call, please dial the numbers provided above five to ten minutes ahead of the scheduled start time. The operator will provide instructions on asking questions before the call. The transcript of the event will be available on the Company’s website at An audio playback will be available for twelve (12) days following the call.


    About Taro


    Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at




    The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company.The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC.


    Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2016.Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained.Factors that could cause actual results to differ include risks related to commercializing Keveyis, general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F.Forward-looking statements are applicable only as of the date on which they are made.The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

    (U.S. dollars in thousands, except share data)
            Quarter Ended   Six Months Ended
            September 30,   September 30,








    Sales, net       $ 212,058     $ 250,834     $ 427,336     $ 381,064  
    Cost of sales         41,354       52,745       84,828       97,608  
    Impairment         1,947       -       1,947       -  
    Gross profit         168,757       198,089       340,561       283,456  
    Operating Expenses:                    
    Research and development         18,728       13,828       33,268       28,816  
    Selling, marketing, general and administrative         24,046       21,684       46,938       44,070  
    Settlements and loss contingencies         1,000       2,300       1,000       (4,200 )
    Operating income         124,983       160,277       259,355       214,770  
    Financial Expenses, net:                    
    Interest and other financial income         (3,401 )     (2,054 )     (6,670 )     (3,622 )
    Foreign exchange income         (34,858 )     (6,131 )     (30,658 )     (889 )
    Other income, net         758       1,575       1,110       1,981  
    Income before income taxes         164,000       170,037       297,793       221,262  
    Tax expense         30,443       26,110       60,532       31,013  
    Income from continuing operations         133,557       143,927       237,261       190,249  
    Net loss from discontinued operations         (70 )     (223 )     (101 )     (347 )
    Net income         133,487       143,704       237,160       189,902  
    Net income attributable to non-controlling interest         139       319       176       419  
    Net income attributable to Taro       $ 133,348     $ 143,385     $ 236,984     $ 189,483  
    Net income per ordinary share from continuing operations attributable to Taro:                
    Basic       $ 3.11     $ 3.35     $ 5.54     $ 4.43  
    Diluted       $ 3.11     $ 3.35     $ 5.54     $ 4.43  
    Net loss per ordinary share from discontinued operations attributable to Taro:                
    Basic       $ (0.00 ) * $ (0.00 ) * $ (0.00 ) * $ (0.01 )
    Diluted       $ (0.00 ) * $ (0.00 ) * $ (0.00 ) * $ (0.01 )
    Net income per ordinary share attributable to Taro:                    
    Basic       $ 3.11     $ 3.35     $ 5.54     $ 4.42  
    Diluted       $ 3.11     $ 3.35     $ 5.54     $ 4.42  

    Weighted-average number of shares used to compute net income per share:

    Basic         42,833,533       42,833,299       42,833,533       42,832,976  
    Diluted         42,833,533       42,833,493       42,833,533       42,833,411  
    * Amount is less than $0.01                    
    May not foot due to rounding.                    
    (U.S. dollars in thousands)
            September 30,   March 31,
            2015   2015
    ASSETS       (unaudited)   (audited)
    CURRENT ASSETS:            
    Cash and cash equivalents       $ 487,695   $ 481,641
    Short-term bank deposits         571,147     434,899
    Restricted short-term bank deposits         -     199
    Marketable securities         3,482     3,458
    Accounts receivable and other:            
    Trade, net         247,278     222,427
    Other receivables and prepaid expenses         271,900     250,911
    Inventories         125,856     120,272
    Long-term assets held for sale, net         1,066     -
    TOTAL CURRENT ASSETS         1,708,424     1,513,807
    Long-term receivables and other assets         21,296     46,330
    Property, plant and equipment, net         151,053     153,045
    Other assets         20,718     24,563
    TOTAL ASSETS       $ 1,901,491   $ 1,737,745
    CURRENT LIABILITIES:            
    Current maturities of long-term debt       $ 940   $ 912
    Trade payables and other current liabilities         275,030     309,093
    TOTAL CURRENT LIABILITIES         275,970     310,005
    Long-term debt, net of current maturities         4,499     4,976
    Deferred taxes and other long-term liabilities         5,150     5,381
    TOTAL LIABILITIES         285,619     320,362
    Taro shareholders' equity         1,610,032     1,411,720
    Non-controlling interest         5,840     5,663
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       $ 1,901,491   $ 1,737,745
    (U.S. dollars in thousands)
            Six Months Ended September 30,
            2015   2014
            (unaudited)   (unaudited)
    Operating Activities:            
    Net income       $ 237,160     $ 189,902  
    Adjustments required to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization         7,783       7,986  
    Loss (gain) on sale of long-lived assets and marketable securities, net         68       (118 )
    Impairment for long-lived assets         1,947       -  
    Increase in long-term debt due to currency fluctuations         -       (523 )
    Increase in trade receivables, net         (25,414 )     (40,092 )
    Change in derivative instruments, net         (5,673 )     2,057  
    Increase in other receivables, prepaid expenses and other assets         (20,951 )     (31,641 )
    Increase in inventories, net         (7,472 )     (8,613 )
    Effect of change in exchange rate on bank and inter-company balances         (29,579 )     (1,524 )
    Decrease in trade and other payables and liabilities         (28,545 )     (21,278 )
    Net cash provided by operating activities         129,324       96,156  
    Investing Activities:            
    Purchase of plant, property & equipment         (6,730 )     (10,520 )
    (Investment in) proceeds from other intangible assets         (123 )     57  
    Investment in other assets         -       (31,050 )
    Investment in long-term security deposits and other assets         (5,000 )     -  
    Investment in short-term bank deposits         (108,551 )     (3,479 )
    Proceeds from restricted bank deposits         199       13  
    (Investment in) proceeds from the sale of marketable securities         (66 )     41  
    Net cash used in investing activities         (120,271 )     (44,938 )
    Financing Activities:            
    Proceeds from issuance of shares, net         -       26  
    Repayment of long-term debt         (449 )     (422 )
    Net cash used in financing activities         (449 )     (396 )
    Effect of exchange rate changes         (2,550 )     (2,174 )
    Net decrease in cash         6,054       48,648  
    Cash at beginning of period         481,641       209,967  
    Cash at end of period       $ 487,695     $ 258,615  




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    Business Wire IndiaBrickwork Ratings, a wholly Indian credit rating agency, released the fourth edition of State Finances Handbook 2015 recently in The LaLiT, New Delhi. The Brickwork Book was released by Dr. Subir Gokarn, Director-Research, Brookings Institution India Center & former Deputy Governor of Reserve Bank of India.

    Brickwork has unique criteria for rating State Governments that looks at States’ willingness and ability to honour debt obligations. The criterion considers political, economic, budgetary, financial and institutional parameters relevant to the State Government’s creditworthiness.
    Brickwork study of state finances reveals that most states are on reform path in power sector, urban development, taxation as well as governance. Yet some have done better than others. Each state has its own uniqueness and strengths. Each one has her own challenges to be overcome. This study highlights some of them. Brickwork offers a complimentary seminar to intrusted firms, government departments, research institutes, colleges and think tanks.

    Urbanization indicates development of a state. Naturally Delhi scores highest at 97% being a metropolitan city. Goa - a lovely developed little state scores second highest in urbanization. Tamil Nadu with 48% urbanization comes up third. Her achievement is creditable considering the vastness of the state. Assam, Bihar and Himachal Pradesh are at the bottom with urbanization less than 14%. Himachal Pradesh might be low in urbanization, yet this lovely state with picturesque scenery is a heaven on earth and sought after by many urbanites who are fed up of pollution in urban areas.
    Per Capita Income denotes how rich the state is. Goa is richest with per capita income of Rs. 1.92 lakhs per year. Delhi scores second at Rs 1.75 lakhs and Haryana is placed at third with per capita income at Rs. 1.08 lakhs The bottom three poor states are Assam, Uttar Pradesh and Madhya Pradesh with per capita income less than Rs. 33,633 per year.
    Infant Mortality Rate (IMR) which is good indicator of Human Development shows Goa in the best light. Goa has minimum IMR at 11, followed by Kerala at 12 and Tamil Nadu at 22. The states with poor IMR are Odisha & Uttar Pradesh at 57 and Madhya Pradesh at 59.
    Delhi is no place for daughters, with the most adverse sex ratio – 866 males per 1000 females. Kerala tops the country with sex ratio of 1084 followed by Andhra Pradesh and Chhattisgarh at 996, 991 respectively.
    Kerala tops the country with 92% female literacy. Goa comes second at 81.8% and Delhi at 80.9%. The states with least female literacy are Rajasthan at 52.7%, Jharkhand at 56.2% and Telangana at 57.9%.

    Speaking at the occasion of the release, Vivek Kulkarni, Chairman, Brickwork Ratings, said, “Our objective of undertaking the fourth edition of the nationwide, comprehensive State Finances Handbook is to get a true picture of the transforming profile of India’s finances following similar parameters and metrics of the Government of India. By partnering with various government officials and departments, Brickwork Ratings is seeking to advance understanding, boost awareness and support proper quantification and fund allocation of the various states of our country.” 
    Prior to the release function, MSR Manjunatha, Director, Brickwork Ratings delivered a presentation on status of Power sector in India. D Ravishankar, Founder Director, Brickwork Ratings, made a detailed presentation on Indian Infrastructure sector. Both the presentations were very well received by the audience of investment bankers, research analysts from think tanks, CEO/CFO of infrastructure and power firms, public sector officers, reputed journalists and economists.
    Complimentary Seminar

    Readers can log into and request for the executive summary. Brickwork offers a two-hour complimentary seminar on public finances to senior executives of Companies, Central & State Governments, Commercial Banks, Capital Market Intermediaries, Educational Institutions, NGOs, etc. Interested persons may get in touch with to schedule a session.
    About Brickwork Ratings

    Brickwork Ratings (BWR) is a wholly Indian Credit Rating Agency. Established in the year 2008, BWR is registered with SEBI, RBI and NSIC. Brickwork has rated over Rs. 500,000 crores of bank loans, bonds and MSMEs. BWR rates an array of financial instruments like bank loans, NCDs and commercial paper.
    BWR help investors understand the complexity of the investment world by providing quality services to large corporate customers, SMEs, banks, financial institutions, state and local governments. Apart from credit ratings, BWR offers grading services to real estate developers, educational Institutions, NGOs, healthcare and power sectors.
    BWR is registered with the Ministry of New and Renewable Energy (MNRE) to offer ratings to channel partners registered with MNRE. BWR actively reaches out to stakeholders for maintaining a high level of accountability with regards to rating benchmarks and to disseminate analytical acumen and insights.

    Photo Caption:
    From Right to Left: MSR Manjunatha, Vivek Kulkarni, IAS (Retd), Dr. Subir Gokarn, D Ravishankar, KN Suvarna
    States Revenue / Surplus as % of GSDP (FY 2015)

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    Business Wire IndiaHSBCs Helping Hands Mela, a unique annual event that brings NGOs across the country into HSBCs premises, is scheduled this year from 2 November to 9 November 2015. During this period, HSBC invites local NGOs to come to its branches across the country and display their products, and arts and craft designs. It gives NGOs and communities an opportunity to sell their products at prime HSBC locations to customers as well as the general public. The proceeds of the sale go towards supporting a charitable cause in communities where the NGOs have a presence.
    his is  the fifteenth year of the Mela and over 100 NGOs will be participating with community work profiles ranging from child welfare, tribal development, welfare of the physically and mentally challenged, rural development and arts and crafts development.
    47 HSBC branches across 25 cities of Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Indore, Jaipur, Jodhpur, Kochi, Kolkata, Lucknow, Mumbai, Mysore, Nagpur, Noida, New Delhi, Nasik, Patna, Pune, Raipur, Trivandrum, Thane and Visakhapatnam will be participating in the Mela.
    HSBC India welcomes all its customers and the general public to the Helping Hands Mela to make it a huge success by contributing in the maximum manner possible to the welfare of communities, by purchasing products displayed at the Mela.
    The HSBC Helping Hands Mela also provides an opportunity for HSBC employees to interact closely with NGOs and understand the issues facing the communities around them. HSBC takes pride in its contribution to communities in each area where it operates and is a responsible corporate citizen working in the areas of:

    • Education and Financial Inclusion
    HSBC supports education of children from underprivileged communities, life skills training for disadvantaged youth, financial literacy and entrepreneurship capacity building for rural women in disadvantaged communities.
    • Environment and Climate Change
    HSBCs supports climate change mitigation and adaptation, ecosystem conservation and climate change awareness. We also identify business opportunities that have an environmental or social dimension with a focus on energy, water and microfinance.

    HSBC and Sustainability
    HSBC's corporate sustainability strategy includes the development of sustainable business opportunities, management of its own environmental footprint, and its community investments. The bank has a long term commitment to the communities in which it operates. Our financial inclusion initiatives support education of children from underprivileged communities, life skills training for disadvantaged youth and financial literacy and entrepreneurship capacity building for rural women in marginalised communities. HSBCs environmental initiatives support water harvesting, habitat and biodiversity conservation, sustainable livelihoods, water and climate change awareness.
    At HSBC, employee volunteering is a core component of our commitment to supporting the communities and also provides our employees with the opportunity to experience and learn about the issues that matter in their community and to apply this new knowledge and experience at work.
    For more information on HSBC’s sustainability initiatives in India, please visit

    About HSBC India
    The Hongkong and Shanghai Banking Corporation Limited in India offers a full range of banking and financial services through 50 branches and 140 ATMs across 29 cities.
    HSBC is one of India's leading financial services groups, with over 32,000 employees in its banking, investment banking and capital markets, asset management, insurance, software development and global resourcing operations in the country. It is a leading custodian in India. Nearly 6% of India's trade passes through HSBC. The Bank is at the forefront in arranging deals for Indian companies investing overseas and foreign investments into the country.

    Photo Caption: Stuart P Milne, Group General Manager and Chief Executive Officer, HSBC India inaugurates the Helping Hands Mela 2015, a unique annual event that brings NGOs across the country into HSBC's premises. The event is being held in 47 HSBC branches across 25 cities from November 2 - November 9.

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    Business Wire IndiaPiramal Enterprises’ Consumer Products Division announces the acquisition of the baby-care brand “Little’s”, which includes the entire product range across six categories.

    Launched in India in 1980, Little’s is present across a wide range of products including - baby feeding bottles, baby skin-care, baby grooming accessories, baby apparels and baby toys. The brand is currently available across 25,000 outlets in India and has been growing at a CAGR of 30% over the past few years.

    According to an independent research firm - KEN research, the brand operates in the INR 1,000 crore non-food baby-care category, which is growing at 13%. The brand is available at chemists, cosmetics & kids stores, modern trade and e-commerce formats.  Little’s brand is preferred by mothers of babies in the age group of 0-4 years.

    Kedar Rajadnye, COO, Piramal Enterprises - Consumer Products Division said, “At Piramal Consumer Products, we started our journey in 2009 as an independent player and ranked 40th in the OTC category in India. Over the last 6 years, the business has grown rapidly at 24% and is now ranked 7th amongst all OTC companies in India. We have built a portfolio of strong brands of which six are among the Top 100 OTC brands in India. Our brands like Saridon, i-Pill, Lacto Calamine, Polycrol, Tetmosol and Caladryl have a strong consumer franchise and all are either a no.1 or no.2 player in their respective categories.”
    “In line with our strategy, we aim to be a Top 3 player in the OTC market by 2020 and we believe that Little’s will help us achieve this goal. Currently, we cater to the 5-10 age groups through the Jungle Magic brand. With this acquisition, we now have an offering for babies in the 0-4 age group. This allows us to partner with mothers and provide well-being solutions for their children right from their birth till they reach the age of 10 years.” added Kedar.

    Little’s has the potential to become a power brand, given the Piramal sales and marketing strengths. The brand will leverage the distribution network of the Consumer Products Division, which currently covers towns that have a population in excess of 1 lakh in India.

    Darshan Deora, Managing Director - Little’s said “We are very pleased that Little’s brand is being acquired by Piramal Enterprises, which is one of the leading conglomerates in India. Little’s has grown considerably over the years and today it is one of the most promising brands in the baby-care segment. Piramal’s Consumer Products Division, which has one of the best distribution networks in India, is the perfect partner to take Little’s to new heights. Piramal team has a proven track record with their other brands as well. I wish them all the best for the future.”

    About Piramal Enterprises Limited

    Piramal Enterprises Limited (PEL) is one of India’s large diversified companies, with a presence in Healthcare, Healthcare Information Management and Financial Services. PEL’s consolidated revenues were over $ 830 million in FY2015, with approx. 70% of revenues from outside India.

    In healthcare, PEL is one of the leading players globally in CRAMS (custom research and manufacturing services) as well as in the critical care segment of inhalation and injectable anesthetics. It also has a strong presence in the OTC segment in India. The Molecular Imaging Division was formed in 2012 with presence in Europe and USA.

    PEL’s healthcare information management business, Decision Resources Group, is amongst the top 20 US market research organizations which provide information services to the healthcare industry.

    In financial services, PEL, through its Piramal Fund Management Division, provides comprehensive financing solutions to real estate companies. The Structured Investment Group (“SIG”) provides long term patient mezzanine growth capital to capital intensive businesses which are integral part of India’s growth story. The total funds under management under these businesses are over $ 2.5 billion. The company also has strategic alliances with top global pension funds like CPPIB Credit Investment Inc. and APG Asset Management. PEL also has long term equity investments worth over $ 700 million in Shriram Group, a leading financial conglomerate in India.

    PEL is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
    About Piramal’s Consumer Products Business

    The Consumer Products Business at Piramal is one of the fastest growing in the domestic consumer healthcare market in India and is currently ranked 7th amongst all OTC players. The Business has a portfolio of successful brands like Saridon, Lacto Calamine, I range of Products (i-pill, i-know, i-can), QuikKool, Polycrol, Jungle Magic (Perfumes, Bands), Tetmosol, Caladryl and  six of its brands feature  amongst the top 100 OTC brands. Most of the brands in the portfolio are either no. 1 or no.2 in their respective categories. The business has a strong distribution footprint and covers all 1 lac + population towns in India.

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    Business Wire India

    • Max India declares interim dividend of 90%
    • Max Life Insurance (MLIC) net premium up 11% in Q2FY2016
    • Max Healthcare PBT up almost 3 times in H1FY2016

    Max India Ltd., one of India’s leading multi-business corporates, today announced its second quarter results for FY2016. The company reported an 11% increase in its Q2 FY2016 consolidated operating revenue to Rs 2,587 Cr, over the same quarter in the previous fiscal. Profit Before Tax (PBT) rose 15% to Rs. 133 Cr. over the same period. For the half-year ended 30 September 2015, the company reported an equally strong performance with operating revenue growing 9% over the same period last fiscal and PBT growing 15%. The Max India Board approved an interim dividend of 90% at Rs. 1.80 per share, amounting to an overall payout of Rs. 48 Cr.

    One of the key contributions to the company’s strong performance came from Max Life, with its net premium growing 11% to Rs. 2,141 Cr. in Q2 FY2016, over the same period last fiscal. Max Life Insurance (MLIC) continues to drive the Group’s financial performance, contributing over 80% of the Group’s total and operating revenues.

    After turning profitable for the first time last year, Max Healthcare (MHC), a joint venture between Max India, South Africa’s, Life Healthcare and IFC Washington, continued to post impressive results in the first half of FY2016, with operating revenues growing 21% and a three fold growth in PBT.

    Max Bupa Health Insurance, a 74:26 joint venture with Bupa Finance Plc., UK, reported a 20% growth in net earned premium in the first half of FY2016 and 19% growth in Q2 FY2016.

    Max Speciality Films (MSF), a 100% subsidiary of Max India, saw its PBT grow 154% in Q2 FY2016 and 244% in H1 FY2016.

    Antara Senior Living, a 100% subsidiary of Max India, serving the high potential Senior Living industry, continues to generate considerable media and public interest and witnessed encouraging sales momentum for its maiden senior living community being built at Dehradun.

    About Max Group

    Max Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.

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    Business Wire India

    Oberthur Technologies (OT), a leading global provider of embedded security software products, services and solutions, announced that it will present its third quarter 2015 financial results to investors on Tuesday, November 10th, 2015.


    Didier Lamouche (CEO) and Anne-France Laclide (CFO) will be presenting these financial results and taking questions the same day at 2.30 p.m. Paris Time (1.30 p.m. London Time/8.30 a.m. New York Time).


    In order to access the conference call dial-in details, you need to register with Investors Relations:


    If you have already registered, details are available on our website:




    OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay.


    OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment.


    OT employs over 6 300 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 140 countries. For more information:


    Download The M World,
    All you need to know about the latest trends of the Mobility world, available on AppStore and Google Play








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    Business Wire India

    Taiyo Pacific Partners announced that it has accumulated in excess of 5% in JIN Co., Ltd. (3046) to become JIN’s third largest shareholder. Taiyo Pacific Partners is known for its cooperative investment style working with senior management to enhance shareholder value.


    Brian K. Heywood, Chief Executive Officer and Managing Partner of Taiyo Pacific Partners, said, “I love President Tanaka’s bold move to shake up the eyewear industry. His disruptive model is proving successful and I believe it will create a dynamic change in the way consumers buy glasses, not only in Japan...but watch the impact of this company in China, the US and beyond. We fully expect the JIN team to come up with new and exciting ways to shape the industry. We will be watching for further innovation in retail, functionality and of course fashion. The viability of the JIN concept was driven home to me when I noticed that a significant number of our staff have switched over to JINS glasses without any prompting. iPhones have that kind of moving power but seldom do you see it in a pair of eye glasses.”


    Michael A. King, Chief Investment Officer and Managing Partner of Taiyo Pacific Partners, said, “JIN has achieved an extremely high growth rate while generating stable cash flow by bringing its innovative, low-priced model and functional eyewear products into the mature Japan eyewear retail market. I recently bought a pair of JINS glasses during my visit to Tokyo and the consultative purchase process was fast and convenient. I left the store with a new vision for how much growth potential there is not only within Japan, but from global expansion as well.”


    President Hitoshi Tanaka commented, “Taiyo Pacific Partners takes a long-term view and we are pleased they have come to understand our business strategy and future potentials. We will work to meet shareholders’ high expectations through growing as a global eyewear brand and raising our corporate value.”


    Taiyo Pacific Partners, located in Kirkland, Washington, was founded in 2003 by Asia-focused professionals dedicated to friendly shareholder activism in Japan and other Asian countries. The firm currently manages approx. $2.2 billion in Japan focused funds. All strategies employ a friendly activist approach. Investors include US, Japanese and European pension plans, endowments and other institutional investors.





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