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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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Supreme Industries consolidated net profit rises 29.03% in the March 2017 quarter
Apr 28,2017

Net profit of Supreme Industries rose 29.03% to Rs 148.16 crore in the quarter ended March 2017 as against Rs 114.83 crore during the previous quarter ended March 2016. Sales rose 6.86% to Rs 1282.63 crore in the quarter ended March 2017 as against Rs 1200.31 crore during the previous quarter ended March 2016.

For the full year,net profit rose 94.42% to Rs 430.40 crore in the year ended March 2017 as against Rs 221.38 crore during the previous year ended March 2016. Sales rose 50.75% to Rs 4462.26 crore in the year ended March 2017 as against Rs 2960.06 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales1282.631200.31 7 4462.262960.06 51 OPM %18.9217.93 -17.0715.57 - PBDT241.77206.34 17 736.74434.24 70 PBT200.59168.83 19 582.45329.67 77 NP148.16114.83 29 430.40221.38 94

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Ujjivan Financial Services standalone net profit declines 62.83% in the March 2017 quarter
Apr 28,2017

Net profit of Ujjivan Financial Services declined 62.83% to Rs 20.41 crore in the quarter ended March 2017 as against Rs 54.91 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 and during the previous quarter ended March 2016.

For the full year,net profit rose 17.17% to Rs 207.64 crore in the year ended March 2017 as against Rs 177.22 crore during the previous year ended March 2016. There were no Sales reported in the year ended March 2017 and during the previous year ended March 2016.

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Prima Industries reports standalone net profit of Rs 0.06 crore in the March 2017 quarter
Apr 28,2017

Net profit of Prima Industries reported to Rs 0.06 crore in the quarter ended March 2017 as against net loss of Rs 0.45 crore during the previous quarter ended March 2016. There were no Sales reported in the quarter ended March 2017 as against Rs 1.29 crore during the previous quarter ended March 2016.

For the full year,net profit reported to Rs 0.95 crore in the year ended March 2017 as against net loss of Rs 0.25 crore during the previous year ended March 2016. Sales declined 85.22% to Rs 1.42 crore in the year ended March 2017 as against Rs 9.61 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales01.29 -100 1.429.61 -85 OPM %0-31.01 -122.544.89 - PBDT0.26-0.38 LP 1.750.49 257 PBT0.06-0.45 LP 0.95-0.25 LP NP0.06-0.45 LP 0.95-0.25 LP

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Supreme Industries standalone net profit rises 23.65% in the March 2017 quarter
Apr 28,2017

Net profit of Supreme Industries rose 23.65% to Rs 127.19 crore in the quarter ended March 2017 as against Rs 102.86 crore during the previous quarter ended March 2016. Sales rose 6.85% to Rs 1282.72 crore in the quarter ended March 2017 as against Rs 1200.48 crore during the previous quarter ended March 2016.

For the full year,net profit rose 78.13% to Rs 379.30 crore in the year ended March 2017 as against Rs 212.93 crore during the previous year ended March 2016. Sales rose 50.73% to Rs 4461.77 crore in the year ended March 2017 as against Rs 2960.06 crore during the previous year ended March 2016.

ParticularsQuarter EndedYear Endedn++Mar. 2017Mar. 2016% Var.Mar. 2017Mar. 2016% Var. Sales1282.721200.48 7 4461.772960.06 51 OPM %18.9017.92 -17.0715.57 - PBDT241.65210.66 15 739.37442.83 67 PBT200.47173.15 16 585.08338.26 73 NP127.19102.86 24 379.30212.93 78

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FPIs turn buyers
Apr 28,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 28.06 crore from the secondary equity markets on 27 April 2017, compared with net outflow of Rs 40.68 crore on 26 April 2017. On that day, the Sensex fell 103.61 points or 0.34% to settle at 30,029.74, its lowest closing level since 25 April 2017.

The net inflow of Rs 28.06 crore on 27 April 2017 was a result of gross purchases of Rs 6397.38 crore and gross sales of Rs 6369.32 crore.

There was a net outflow of Rs 50.86 crore from the category primary market & others on 27 April 2017, which was a result of gross purchases of Rs 0.74 crore and gross sales of Rs 51.60 crore.

FPIs have sold stocks worth a net Rs 1645.32 crore in April 2017 so far (till 27 April 2017). They had bought stocks worth a net Rs 29480.37 crore in March 2017.

FPIs have purchased shares worth a net Rs 34842.15 crore from the secondary equity markets in calendar year 2017 so far (till 27 April 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 4039.81 crore from FPIs into the category primary market & others in April 2017 so far (till 27 April 2017). They had bought stocks worth a net Rs 1425.63 crore from the category primary market & others in March 2017.

FPIs have purchased shares worth a net Rs 7183.92 crore from the category primary markets & others in calendar year 2017 so far (till 27 April 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver
Apr 28,2017

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted namely:-

TABLE-1

Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value
(US $Per Metric Tonne)

(1)

(2)

(3)

(4)

1

1511 10 00

Crude Palm Oil

702

2

1511 90 10

RBD Palm Oil

722

3

1511 90 90

Others- Palm Oil

712

4

1511 10 00

Crude Palmolein

738

5

1511 90 20

RBD Palmolein

741

6

1511 90 90

Others Gô Palmolein

740

7

1507 10 00

Crude Soya bean Oil

780

8

7404 00 22

Brass Scrap (all grades)

3199

9

1207 91 00

Poppy seeds

2510

TABLE-2

Sl. No.

Chapter/ heading/ sub-heading/tariff item

 

Description of goods

Tariff value
(US $)

(1)

(2)

(3)

(4)

 

 

1

71 or 98

Gold, in any form, in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

410 per 10 grams

 

 

2

71 or 98

Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed

568 per kilogram

TABLE-3

Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value
(US $ Per Metric Tonne )

(1)

(2)

(3)

(4)

1

080280

Areca nuts

2682

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Ind-Ra: Rupee Appreciation Credit Neutral for Borrowing Exporters
Apr 28,2017

Despite the Indian rupee appreciating over 5% this year against the dollar the credit profile of net borrowing exporters remains stable, says India Ratings and Research (Ind-Ra). This is because nearly 85% have a low to moderate sensitivity or benefit positively from such appreciation. Further, most of the exporters have low leverage levels and are thus able to mitigate any negative impact on their credit profiles.

Exporters also benefit from their low exposure to FX debt of INR2.8 trillion (total FX debt of 100 corporates INR8.1 trillion) and low FX trade exposure (imports plus exports) of INR2.6 trillion (total FX trade of 100 corporates INR11.4 trillion) as of FYE16. However, it is possible given the depreciating bias which was prevalent in December 2016, the hedging practices may have titled towards unhedged exposures and the recent appreciation could provide negative surprises, more than anticipated. Exporters had around 50% of their debt hedged and less than 20% of FX trade exposure hedged in FY16, this trend is estimated to remain unchanged even in FY17.

While operating profits of exporters are likely to be marginally (2% fall from a 5% rupee appreciation) impacted, Ind-Ra expects a pick-up in merchandise exports driven by the recovery in global commodity prices, better demand conditions in the United States and the EU reflected in the improving consumption will aid to overall export growth.

Ind-Ra believes exporting sectors namely, pharma, IT, textile, auto and gems and jewellery are unlikely to have a significant impact on the credit profiles from the rupee appreciation given the low FX exposure of INR2.2 trillion (11% of total INR19.5 trillion). However, these sectors have hedged FX debt of up to 25% (except auto which has 82% hedged FX debt) and hedged trade of up to 56%. Ind-Ra believes a sustained currency appreciation can negatively impact the operating profitability for these sectors due to the unhedged trade exposure of up to 44% . Amongst the importing sectors, oil and gas benefits from a natural hedge and holds maximum FX exposure (INR9.3 trillion), followed by metal and mining (FX exposure of INR2.6 trillion). For oil and gas and metals and mining sectors the debt hedged is 13% and 62%, while trade hedged is 43% and 26%, respectively.

The assumption takes into account the impact on corporates balance sheets due to rupee appreciation from INR66.3/USD as of March 2016. The agency notes that of the 100 FX corporate borrowers analysed, 61 provided disaggregated information regarding year-end (FY16) FX debt, receivables and payables. However, for the remaining 39 entities, the agency has made suitable assumptions on account of lack of availability of information. Lack of complete and reasonable information dissemination emerged as the major challenge of the study, reinforcing the need for superior reporting standards.

While the rupee has shown appreciation some correction from here on cannot be ruled out and thus Ind-Ra in its report Corporates Unprepared for Managing Foreign Exchange (FX) Risk; 64% of Exposure Unhedged analysed the impact on the credit profile of the top 100 listed and unlisted external commercial borrowers (ECB) on account of FX risk in the event of 10% rupee depreciation. Of these 100 FX borrowers, 69 are net importers while 31 are net exporters.

The credit profile of 60 of the 69 net importers could be negatively impacted, of which 36 have a high negative sensitivity to rupee depreciation. Most importers have high leverage levels and are likely to be negatively impacted due to their high FX debt of INR5.3 trillion and FX trade of INR8.8 trillion. The agency believes prohibitively expensive cost of hedging dollar liabilities compared to thin EBITDA margins could weaken the credit profiles of importers in a depreciating rupee environment. On an aggregate basis, importers have 30% of their debt hedged and 42% of trade hedged.

Ind-Ra believes that while the impact of a depreciating currency is likely to be much more negative than that of an appreciating currency, volatility of the currency could provide greater surprises on both sides. Given the macro fundamentals and the capital flows, Ind-Ra does not expect the volatility to be the order of the day.

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Board of Federal Bank approval raising of capital up to Rs 2500 crore
Apr 28,2017

Federal Bank announced that the Board of Directors of the Company at its meeting held on 28 April 2017 has accorded its approval for raising of equity capital by the Bank up to an aggregate amount of Rs 2500 crore including premium if any, through QIP, rights issue, private placement, preferential issue, public issue, follow in public issue, GDR, ADR or any other combination thereof subject to approval of shareholders and statutory approvals.

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Lupin receives final approval for Olmesartan Medoxomil tablets
Apr 28,2017

Lupin announced that it has received final approval for its Olmesartan Medoxomil tablets, 5 mg, 20 mg and 40 mg from the United States Food and Drug Administration to market generic version of Benicar tablets, 5mg, 20 mg and 40 mg. It is indicated for the treatment of hypertension to lower blood pressure.

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Fitch Upgrades Tata Motors to BB+; Outlook Stable
Apr 28,2017

Fitch Ratings has upgraded India-based Tata Motors Limiteds (TML) Long-Term Issuer Default Rating (IDR) to BB+ from BB. The Outlook is Stable.

The upgrade reflects the sustained improvement in TMLs Indian automotive business over the last two years, supported by growing commercial vehicle volumes, successful new product launches in the passenger vehicle segment, as well as the managements renewed focus on meeting medium-term capital needs in its Indian operations via internally generated funds. We expect TML will continue to grow its India business and capture more market share over the medium-term. TMLs rating also reflects its 100% subsidiary Jaguar Land Rover Automotive plcs (JLR, BB+/Stable) strong credit profile. JLRs EBITDA accounted for close to 85% of TMLs consolidated EBITDA in the fiscal year ended on 31 March 2016 (FY16).

KEY RATING DRIVERS

Recovering Indian Operation: TMLs renewed focus on passenger vehicles in the last two years has translated into successful launches in the segment. For example, the launch of the Tata Tiago in April 2016 drove double-digit volume growth in TMLs passenger-vehicle segment for 9MFY17. TMLs commercial-vehicle divisions reported more muted volume growth of about 1% over the same period (FY16: 3%) as the Indian governments demonetisation of large notes at the end of 2016 took a toll on demand. We expect demand for commercial vehicles to improve in the next 12-18 months supported by improving economic activity. TMLs Medium & Heavy Commercial Vehicle business has historically been a strong performer, and boasts a domestic market share of more than 50%.

Strong Growth in JLR: JLR reported strong volume growth of 17% yoy in 9MFY17, underpinned by strong contribution from the new Jaguar F-PACE, which offset the decline in the Land Rover Discovery and discontinuation of the Land Rover Defender over the same period. We expect JLRs Land Rover products - mainly luxury SUVs - to continue to benefit from robust demand in both developed and developing markets. JLRs launch of the new Jaguar XE and F-PACE fill in important gaps in JLRs product portfolio. JLRs strategy to target high-end customers with premium products resulted in higher EBITDA margin than its rating peers, who have a higher mix of mass-market offerings.

High Capex, Strong Financials: We expect TML to invest around GBP3.2 billion in JLR in FY17 to fund capacity expansion, engine manufacturing, vehicle architecture and new technologies to meet carbon emission requirements. The investments include a new manufacturing facility for JLR in Slovakia with an initial capacity of 150,000 units that is targeted for completion by 2018. These are likely to contribute to negative FCF in FY17, despite improving cash flows from operations. TML will also have about INR40 billion of annual capex for its Indian business, mainly for new launches of passenger vehicles. We expect TMLs financial profile to remain strong over the medium term in spite of the high capex, supported by improving operating cash flows and the INR74.3 billion rights issue in FY16. We expect TMLs leverage (net adjusted debt/EBITDAR) to remain around 1.0x over the medium term (FY16: 0.5x; FY15: 0.8x).

Strategic Importance to TSOL: TMLs rating continues to benefit from a one notch uplift on account of the moderate linkages with its stronger shareholder Tata Sons Limited (TSOL), as defined in Fitchs Parent and Subsidiary Rating Linkage criteria. Fitch believes TSOL is likely to continue to extend support TML, if required, given the latters strategic importance to the Tata group, and the reputational risk arising from the shared Tata brand. For example, TSOL subscribed in full to its share of TMLs INR74.3 billion rights issue in FY16, and has provided financial support to TML in the past. Any weakening of linkages between the group and TML, or deterioration in the groups ability to provide support is likely to affect the ratings negatively.

DERIVATION SUMMARY

TMLs standalone rating of BB is well-positioned relative to peers in each major metric. TMLs standalone rating is one-notch lower than that of Peugeot S.A. (BB+/Stable). TML has a more premium product offering, through JLR, for which demand has generally been less cyclical compared with those of competitors offering mass-market products, such as Peugeot. This is counterbalanced by Peugeots considerably larger operating scale and its stronger financial profile. TMLs premium product offering versus that of Fiat Chrysler Automobiles N.V. (BB-/Positive) counterbalances its smaller operating scale, resulting in a higher standalone rating for TML.

We assess TMLs linkages with its stronger shareholder TSOL to be moderate as defined in our criteria, driven by TMLs strategic importance to TSOL, which is evident in the tangible support that TSOL has extended through equity injections. Consequently, we apply a one notch uplift to TMLs standalone profile.

KEY ASSUMPTIONS

Fitchs key assumptions within our rating case for the issuer include:

- JLR continues to report volume growth of about 7%-8% over FY17-FY20 and EBITDA margin stabilises at around 14% due to increasing economies of scale as volumes grow, and a focus on in-house R&D and key components procurement.

-India operations to see sustained volume growth, but EBITDA margin to remain at around 3%-4% because of intense competition in passenger vehicles, and rising raw material and marketing costs.

- Capex / revenue of 12%-14% in FY17 and FY18

- Maximum annual dividend payment estimated at INR7.0 billion for FY17-FY20

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead toPositive Rating Action

- We do not expect any positive rating action in the medium term as it takes time for the group to increase scale to a level that is similar with its global peers. Positive rating action may result if the TML group materially increases the volume and breadth of its products, while maintaining profitability and a strong financial profile.

Future Developments That May, Individually or Collectively, Lead to Negative Rating Action

-A weakening of linkages between the Tata Group and TML

-Consolidated net adjusted debt /EBITDAR (excluding TMLs auto financing subsidiary Tata Motors Finance Limited) exceeding 1.5x on a long-term basis due to weaker sales or profitability (either at TML or JLR ), or due to higher than expected debt-funded investments

Liquidity

Healthy Liquidity: TMLs readily available cash balance of INR505.2 billion at 31 March 2016 and undrawn committed banking facilities of INR339.4 billion were adequate to meet INR171.9 billion of debt maturing in FY17 and FY18. We expect available liquidity to comfortably cover projected negative FCF of around INR74 billion in FY17.

JLR had cash and financial deposits of GBP3.8 billion and undrawn committed bank lines of GBP1.9 billion at end-2016.

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Jagatjit Industries appoints director and MD
Apr 28,2017

Jagatjit Industries announced that Roshini Jaiswal has been appointed as additional director of the Company with effect from 28 April 2017. Ravi Manchanda has been appointed as Managing Director of the Company with effect from 28 April 2017.

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NIIT recognised as Indias Most Trusted Training Brand 2017
Apr 28,2017

NIIT has been recognised as Indias Most Trusted Training Brand 2017 by Trust Research Advisory. NIIT has won the coveted award for the fifth consecutive year in a row.

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Cox & Kings gets reaffirmation of ratings for CP and LT bank facilities
Apr 28,2017

Cox & Kings announced that CARE has reaffirmed and enhanced the commercial paper issue carved out of sanctioned working capital limit of the Company from the existing Rs 1122 crore to Rs 1197 crore. The rating has been reaffirmed as CARE A1+.

CARE has also reaffirmed and enhanced the long term bank facilities of the Company from existing Rs 1246 crore to Rs 1321 crore. The rating has been reaffirmed as CARE AA.

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India Cements provides update on scheme of amalgamation and arrangement
Apr 28,2017

India Cements announced that the Company has filed on 28 April 2017, the true copy of the Order of the NCLT sanctioning the scheme of amalgamation and arrangement between Trinetra Cement and Trishul Concrete Products with India Cements with the Registrar of Companies - Tamil Nadu.

Consequent to the above, the scheme has become effective from 28 April 2017 with appointed date of 01 January 2014.

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Federal Bank scales record high after posting stellar Q4 results
Apr 28,2017

The result was announced during market hours today, 28 April 2017.

Meanwhile, the S&P BSE Sensex was down 85.20 points or 0.28% at 29,944.54.

Huge volumes were witnessed on the counter. On the BSE, 50.2 lakh shares were traded in the counter so far as against average daily volume of 7.11 lakh shares in the past one quarter. The stock had hit a high of Rs 107.15, in intraday trade, which is a record high for the stock. The stock had hit a low of Rs 94.60 so far during the day. The stock had hit a 52-week low of Rs 43.75 on 2 May 2016.

The large-cap private-sector bank has equity capital of Rs 344.81 crore. Face value per share is Rs 2.

Federal Banks gross non-performing assets (NPAs) fell to Rs 1727.05 crore as on 31 March 2017 as against Rs 1951.55 crore as on 30 December 2016 and Rs 1667.77 crore as on 31 March 2016.

The ratio of gross NPAs to gross advances fell to 2.33% as on 31 March 2017 as against 2.77% as on 31 December 2016 and 2.84% as on 31 March 2016. The ratio of net NPAs to net advances increased to 1.28% as on 31 March 2017 as against 1.58% as on 31 December 2016 and 1.64% as on 31 March 2016.

Federal Bank said that board of directors accorded approval for raising of capital by the bank of upto Rs 2500 crore through qualified institutional placement, rights issue, private placement, preferential issue, public issue, follow on offer/GDRs, ADRs of through any other mode.

Federal Bank is one of the leading private sector banks in India.

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