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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Nikkei ekes out gain on yen pause
Feb 28,2017

The Japan share market ended in green terrain for the first time in last five market days on Tuesday, 28 February 2017, thanks to buybacks on a pause in the yens strengthening and a continued Wall Street rally overnight. The Nikkei 225 average closed 11.52 points, or 0.06%, higher at 19,118.99. The Topix, covering all first-section issues, rose 1.32 points, or 0.09%, to close at 1,535.32

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Bullion, mining stocks weigh down Australia market
Feb 28,2017

Australian equity market finished session down on Tuesday, 28 February 2017, due to late hour sharp selloff amid worries ahead of Trumps State of the Union address tomorrow. Among key sectors, shares of bullion, metal & mining, resources, and consumer staples complainers witnessed heavy selloff, while energy and utilities stocks registered notable buying. At the close, the benchmark S&P/ASX 200 index dropped 12 points, or 0.21%, of 5,712.20, while the broader All Ordinaries index shed 12.80 points, or 0.22%, to 5,761. For the month of February, the benchmark index gained 1.6%.

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Zee Entertainment Enterprises provides update on sale of Sports Broadcasting Business
Feb 28,2017

Sony Pictures Networks India (SPN) and its affiliates have completed the first phase of a two-phase acquisition of the TEN Sports Network from Zee Entertainment Enterprises (ZEE) and its subsidiaries.

The first phase of the transaction inter alia comprising of sale of entire equity share of the Company in Taj-India and transfer of major part of Sports Broadcasting Business of Taj - Mauritius concluded upon receipt of USD 330 million, being consideration of the transaction, by the Company and/or its subsidiaries.

The second phase of the transaction is expected to be concluded within next few months.

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India Ratings Maintains Stable Outlook on Cement Sector for FY18 on Stable Demand Growth
Feb 28,2017

India Ratings and Research (Ind-Ra) has maintained a Stable Outlook on Indian cement manufacturers for FY18. Ind-Ra expects the operating profitability of cement manufacturers in FY18 to be around the FY16 and estimated FY17 levels, due to stable demand growth, despite an increase in input cost. Demand will be backed by an increase in government expenditure. Ind-Ra also expects the credit profile of cement manufacturers to remain stable on stable operating profitability and in the absence of debt-led capex.

Ind-Ra has revised down its FY17 growth estimates to 3%-3.5% from 4%-6% earlier. This revision is largely attributed to a blip in demand due to demonetisation. Ind-Ra however expects the cement industry to grow 4%-5% yoy in FY18, driven largely by the demand stemming from infrastructure activities and a revival in housing demand in rural areas, both led by government spending.

The price of pet coke and coal has almost doubled since September 2016. The current increase in crude oil prices is also likely to lead to an increase in diesel prices. Ind-Ra expects stable cement demand to enable cement manufacturers to pass on increases in cost during FY18.

Ind-Ra believes that a 38% and 23% increase in the allocation of funds towards the housing sector under Pradhan Mantri Awas Yojna and spending of the ministry of road transport and highways to INR290 billion and INR649, respectively, would increase cement demand in FY18.

Ind-Ra expects cement producers to add additional 50mtpa capacity over FY16-FY18 at a CAGR of 6% compared to the CAGR of 4.9% during FY13-FY16 (additional 40mtpa). The countrys eastern region will continue to lead supply growth and is likely to add 17mtpa through FY16-FY18, followed by north (14mtpa). The CAGR capacity additions in the eastern (10%) and northern regions (7%) may outpace cement demand in these regions.

Pan-India capacity utilisation remained stable in FY16 at around 70%. However, Ind-Ra has revised pan-India capacity utilisation for FY17 to 65% from 69%-70%, due to the weak demand outlook in 2HFY17 on account of demonetisation. Ind-Ra does not expect capacity utilisation to improve significantly in FY18. It is likely to remain around 70% during FY18.

The credit profile of cement manufacturers for FY17 is likely to remain stable. The negative impact of a possible decline in operating profitability during 2HFY17 due to an increase in fuel cost and lower volumes will be compensated by the higher operating profitability reported by the companies during 1HFY17 due to lower fuel prices and higher demand. Median EBITDA margins for a sample of 17 cement companies improved to 15.37% in 1HFY17 (FY16: 14.38%, FY15: 15.07%).

Ind-Ra expects the credit profile of cement manufacturers to remain stable during FY18 in the absence of major debt-led capex plans and on an improvement in cement demand despite a possible increase in input costs.

OUTLOOK SENSITIVITIES

Housing Demand

Ind-Ra does not expect any significant turnaround in housing demand in the near term; however, a higher-than-expected housing demand or significant progress by the government on schemes such as Housing for All or Smart Cities could result in a better cement demand and thus in a positive sector outlook.

Construction/Infrastructure Sector

A lower-than-expected pick-up in construction/infrastructure projects could affect the credit profile of cement players and result in the sector outlook being revised to negative.

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Jubilant Life Sciences issues commercial paper aggregating Rs 40 crore
Feb 28,2017

Jubilant Life Sciences has issued Commercial Papers of Rs 40 crore on 28 February 2017. The aggregate amount of commercial papers (including this issue) outstanding as on data is Rs 190 crore.

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Eight core infrastructure sector output rises 3.4% in January 2017
Feb 28,2017

The eight core infrastructure sector output, comprising nearly 38% of the weight of items included in the Index of Industrial Production (IIP), rose 3.4% in January 2017 over January 2016. Its cumulative growth was 4.8% in April-January 2016-17.

Coal production (weight: 4.38%) increased by 4.8% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 2.3% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) increased by 1.3% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 declined by 2.8% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) increased by 11.9% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 declined by 1.9% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) declined by 1.5% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 6.8% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) declined by 1.6% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 2.9% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 11.4% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 9.2% over the corresponding period of previous year.

Cement production (weight: 2.41%) declined by 13.3% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 1.0% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 4.8% in January 2017 over January 2016. Its cumulative index during April to January 2016-17 increased by 5.4% over the corresponding period of previous year.

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Persistent Systems enters into agreement with USAA
Feb 28,2017

Persistent Systems announced an agreement with USAA for development rights to a number of patented innovations currently in use by USAA related to security in financial services.

Through this agreement, Persistent will extend these technologies and address a growing market opportunity for digital security products and solutions in the financial services industry.

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Hexaware Technologies strengthens its Oracle HCM Cloud implementation services
Feb 28,2017

Hexaware Technologies announced the launch of package based fixed price and fixed scope Oracle HCM Cloud implementation services. Hexaware is an Oracle platinum partner and a co-development partner for Oracle HCM Cloud application. These offerings are a new addition to the existing pay as you use support offerings, launched last year.

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Credit Analysis & Research appoints compliance officer
Feb 28,2017

Credit Analysis & Research has appointed Mahendra Naik, Company Secretary and Compliance Officer under SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as the Compliance Officer of the Company with effect from 01 March 2017.

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Shipping Corporation of India announces cessation of director
Feb 28,2017

Shipping Corporation of India announced that CAPT. K Devdas, Director (Technical & Off Shore Services)., will cease to be the director on the board of SCI from 01 March 2017 on account of superannuation from the service.

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MIC Electronics secures patent for LED TV Display System
Feb 28,2017

MIC Electronics announced that the Company have been granted a patent by the Controller General of Patents, Designs & Trademarks, Intellectual Property of India, for an invention entitled A LED TV DISPLAY SYSTEM for a period of 20 years commencing from 04 September 2009.

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Prism Cement secures 25% of its annual coal requirement
Feb 28,2017

Prism Cement has successfully bid for 18,300 tonnes per annum of coal from South Eastern Coalfields [A subsidiary of Coal India (CIL)] in a recently held auction of coal linkages for the cement industry. The Company has secured part fuel requirement for the next 5 years. This allocation by CIL has been made at a nominal premium over the floor price.

This intimation is based on the information available on the website of MSTC E-commerce. The Company is yet to receive the allotment letter.

This, alongwith the earlier coal linkage of 120,000 tonnes per annum, constitutes about 25 percent of the Companys annual fuel requirement.

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Kingfa Science & Technology (India) fixes record date for rights issue
Feb 28,2017

Kingfa Science & Technology (India) has fixed 10 March 2017 as the Record Date for the purpose of Rights issue of equity shares.

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Swan Energy to hold EGM
Feb 28,2017

Swan Energy announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 27 March 2017 .

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Sanmit Infra to hold EGM
Feb 28,2017

Sanmit Infra announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 10 March 2017 .

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