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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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Ruchi Soya Industries in association with SBI launches Kisan Kalyan Ayojan
Dec 05,2016

Ruchi Soya Industries in association with State Bank of India has launched Kisan Kalyan Ayojan - an initiative aimed at supporting farmers in availing the benefits of digital banking post demonetisation.

To start off, banking assistance will be provided to soyabean farmers in Indore, Samwer, Manglia and Ujjain mandis in Madhya Pradesh. Ruchi Soya futher plans to expand this programme across the country encompassing other states like Maharashtra, Andhra Pradesh and Gujarat.

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US stocks ended week on a flat note
Dec 05,2016

U.S. stocks struggled for direction on Friday, 02 December 2016 with the Dow industrials finishing lower and the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times. Wall Street has rallied over the past three weeks, with major indexes hitting a series of records since the U.S. presidential election. Investors are betting that President-elect Donald Trump will advocate for policies, such as tax cuts and deregulation, that could accelerate economic growth.

The Dow Jones Industrial Average which flipped between gains and losses, closed down 21.51 points, or 0.1%, at 19,170.42, for a weekly gain of 0.1%, barely continuing a four-week winning streak. The Nasdaq Composite Index closed up 4.55 points, or 0.1%, at 5,255.65, for a weekly loss of 2.7%, its worst weekly decline since before the 8 November election. The S&P 500 surrendered a seven-point gain to end just above its flat line at 2,191.9.

The stock market ended a down week on a flat note. For the week, the S&P 500 lost 1.0%, the Nasdaq fell 2.7%, and the Dow ticked up 0.1%. The blue-chip average was led lower by shares of Goldman Sachs Group and Caterpillar.

Prior to the open, investors received the November Employment Situation report. The uncertainty was underlined by the November jobs report, which showed 178,000 jobs added in the month, fewer than had been expected, while the count over the prior two months was reduced. However, the jobless rate fell sharply to a nine-year low of 4.6%. While the number of new jobs pointed to a labor market that continues to improve, it also suggested a moderation in growth, though not one severe enough to influence the expectation that the Federal Reserve would raise interest rates in December.

Equity indices climbed through the first two hours of action, but relative strength among four of five countercyclical sectors was not enough to offset losses in heavily-weighted groups like consumer discretionary, financials and industrials sectors.

Treasuries climbed alongside other sovereign debt, as participants employed caution ahead of a weekend constitutional reform referendum in Italy.

Crude oil rose 1.2% to settle at $51.68 a barrel, extending its recent advance. The commodity has soared more than 12% this week, the largest weekly gain of the year, following an agreement by OPEC to cut product seen as necessary to stabilizing prices.

The ICE dollar index was down 0.4% at 100.69, while gold settled up 0.7% at $1,177.80 an ounce, supported by the weaker dollar.

Fridays participation was shy of the 200-day average of 926 million as 882 million shares changed hands at the NYSE floor.

Mondays economic data will be limited to the 10:00 ET release of November ISM Services (consensus 55.6).

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Steel Strips Wheels bags a repeat export order
Dec 05,2016

Steel Strips Wheels has bagged another repeat Exports order for supply of Caravan Steel wheels for EU Trailer market.

Total order covers supplies of approx 23,000 wheels in a period of four months. Orders comprise of mix of 13 and 14 Steel wheels to be supplied from SSWLs Chennai plant with shipments starting from this month.

This order further augments SSWLs strong presence in the extremely competitive EU Caravan Steel wheels market.

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Dr Reddys Lab edges higher after launching product in US
Dec 05,2016

The announcement was made during market hours today, 5 December 2016.

Meanwhile, the S&P BSE Sensex was down 30.12 points or 0.11% at 26,200.54.

On the BSE, 5,528 shares were traded so far in the counter as against average daily volume of 24,095 shares in the past one quarter. The stock had hit a high of Rs 3,188 and a low of Rs 3,124 so far during the day. The stock had hit a 52-week high of Rs 3,689 on 20 July 2016. The stock had hit a 52-week low of Rs 2,750 on 21 January 2016.

The stock had outperformed the market over the past one month till 2 December 2016, falling 2.41% compared with Sensexs 4.71% fall. The scrip had also outperformed the market in past one quarter, gaining 1.83% as against Sensexs 8.07% drop.

The large-cap company has equity capital of Rs 85.39 crore. Face value per share is Rs 5.

Dr Reddys Laboratories said that it has launched Nystatin and Triamcinolone Acetonide Cream, USP in the US Market, approved by the US drug regulator, US Food & Drug Administration (USFDA).

Nystatin and Triamcinolone Acetonide Cream, USP is the generic equivalent of Nystatin and Triamcinolone Acetonide Cream, USP 100,000 units/g-0.1% manufactured by Taro Pharmaceuticals USA Inc.

The generic had US sales of about $119 million MAT for the most recent twelve months ended in October 2016, according to IMS health.

Dr Reddys Laboratories consolidated net profit fell 60.1% to Rs 308.90 crore on 10.1% decline in net sales to Rs 3585.70 crore in Q2 September 2016 over Q2 September 2015.

Dr Reddys Laboratories is an integrated global pharmaceutical company. It offers a portfolio of products and services including active pharmaceutical ingredients (APIs), custom pharmaceutical services, generics, biosimilars and differentiated formulations.

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IL&FS Engg gains after securing orders in West Bengal
Dec 05,2016

The announcement was made on Saturday, 3 December 2016.

Meanwhile, the S&P BSE Sensex was down 41.92 points or 0.16% at 26,188.74.

On the BSE, 42,000 shares were traded on the counter so far as against the average daily volumes of 52,052 shares in the past one quarter. The stock had hit a high of Rs 46 and a low of Rs 43.75 so far during the day.

The stock had hit a 52-week high of Rs 74.50 on 3 December 2015 and a 52-week low of Rs 36.80 on 22 November 2016. It had underperformed the market over the past one month till 2 December 2016, sliding 19.34% compared with the Sensexs 4.71% fall. The scrip had also underperformed the market in the past one quarter, declining 26.67% as against the Sensexs 8.07% fall.

The small-cap company has equity capital of Rs 121.16 crore. Face value per share is Rs 10.

IL&FS Engineering and Construction Company (IL&FS Engg) said it has emerged as the lowest bidder for two rural electrification (RE) works and additional two Integrated Power Development Works (IPDS) of West Bengal State Electricity Distribution Company (WBSEDCL), Kolkata worth Rs 677.8 crore. The completion schedule of work is 24 months. IL&FS Engineering Services is already working in 24 Paraganas South and North for RE works for WBSEDCL, worth around Rs 657 crore.

IL&FS Engineering and Construction Company reported net loss of Rs 80.67 crore in Q2 September 2016 compared with net loss of Rs 81.87 crore in Q2 September 2015. Net sales rose 1.4% to Rs 356.87 crore in Q2 September 2016 over Q2 September 2015.

IL&FS Engineering and Construction Company is into infrastructure development, construction and project management.

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Board of Arfin India allots convertible warrants on preferential basis
Dec 05,2016

Arfin India announced that the Board of Directors of the Company at its meeting held on 05 December 2016 has made an allotment of 10,32,857 warrants convertible into equity shares at a consideration of Rs 175 including a premium of Rs 165 per warrant on preferential basis.

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Uflex launches new speciality film - FLEXMETPROTECT
Dec 05,2016

Uflex has engineered a speciality polyster film F-UVC film which is suitable for direct UV offset printing without requiring any primer/ treatment. The film is available in both bare transparent and materialised variants, where the un-metallized side is used for UV offset printing and UV curing. The metallized polyster film ie. FLEXMETPROTECT (F-UVC-M) is available in optical density ranging from 1.4 to 2.2.

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Dr Reddys Laboratories launches Nystatin and Triamcinolone Acetonide Cream, USP
Dec 05,2016

Dr Reddys Laboratories has launched Nystatin and Triamcinolone Acetonide Cream, USP, in the United States Market, approved by the US Food & Drug Administration. Nystatin and Triamcinolone Acetonide Cream, USP is the generic equivalent of Nystatin and Triamcinolone Acetonide Cream, USP 100000 units/g-0.1% manufactured by Taro Pharmaceuticals USA Inc.

Dr Reddys Nystatin and Triamcinolone Acetonide Cream, USP is available in tube sizes of 15g, 30g and 60g.

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Alembic Pharmaceuticals gets ANDA approval for Zolmitriptan Orally Disintegrating Tablets
Dec 05,2016

Alembic Pharmaceuticals has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Zolmitriptan Orally Disintegrating Tablets, 2.5mg and 5mg. The approved ANDA is therapeutically equivalent to the reference listed drug product, Zomig-ZMT Orally Disintegrating Tablets, 2.5mg and 5mg of AstraZeneca Pharmaceutical Company. Zolmitriptan Orally Disintegrating Tablets are indicated for the acute treatment of migraine with or without aura in adults.

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Bajaj Finance strengthens after raising funds
Dec 05,2016

The announcement was made on Saturday, 3 December 2016.

Meanwhile, the S&P BSE Sensex was down 27.35 points or 0.1% at 26,203.31.

On the BSE, 37,235 shares were traded so far in the counter as against average daily volume of 1.27 lakh shares in the past one quarter. The stock hit a high of Rs 902.50 and a low of Rs 885.10 so far during the day. The stock had hit a record high of Rs 1,180 on 8 September 2016. The stock had hit a 52-week low of Rs 535 on 19 January 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 13.39% compared with Sensexs 4.71% fall. The scrip had also underperformed the market in past one quarter, declining 20.54% as against Sensexs 8.07% drop.

The large-cap company has equity capital of Rs 109.59 crore. Face value per share is Rs 2.

Bajaj Finance announced that the debenture allotment committee of the company at a meeting held on 2 December 2016, allotted 1,050 unsecured subordinated, tier II, redeemable, non-convertible debentures aggregating Rs 105 crore, on private placement basis.

Bajaj Finances net profit rose 45.9% to Rs 407.76 crore on 39.1% growth in total income to Rs 2365.98 crore in Q2 September 2016 over Q2 September 2015.

Bajaj Finance is a diversified non-banking financial company.

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New orders boost KEC International
Dec 05,2016

The announcement was made after market hours on Friday, 2 December 2016.

Meanwhile, the S&P BSE Sensex was down 27.56 points or 0.11% at 26,203.10.

On the BSE, 61,000 shares were traded on the counter so far as against the average daily volumes of 91,045 shares in the past one quarter. The stock had hit a high of Rs 144 and a low of Rs 140.30 so far during the day. The stock had hit a 52-week high of Rs 164.15 on 1 January 2016 and a 52-week low of Rs 97.45 on 12 February 2016. It had outperformed the market over the past one month till 2 December 2016, advancing 12.82% compared with the Sensexs 4.71% fall. The scrip had also outperformed the market in the past one quarter, gaining 2.4% as against the Sensexs 8.07% fall.

The mid-cap company has equity capital of Rs 51.42 crore. Face value per share is Rs 2.

Of the total new orders of Rs 840 crore, the companys transmission & distribution business secured orders worth Rs 723 crore and cables business received orders of Rs 117 crore.

Vimal Kejriwal, MD & CEO, KEC International, said, the latest orders have significantly strengthened KECs order book position and continue to consolidate its presence in the international transmission and distribution (T&D) arena.

On a consolidated basis, KEC Internationals net profit surged 131% to Rs 65.04 crore on 2.7% growth in net sales to Rs 2050.69 crore in Q2 September 2016 over Q2 September 2015.

KEC International is a global infrastructure engineering, procurement and construction (EPC) major. It has presence in the verticals of power transmission and distribution, cables, railways, water and renewables. It is a RPG group company.

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Nikkei India Services PMI dips in November 2016
Dec 05,2016

The performance of Indias service sector weakened in November as a result of cash shortages. New business declined for the first time since June 2015, leading to a solid reduction in activity. Correspondingly, backlogs of work rose, while employment increased only marginally. In spite of the falls in output and new orders, optimism regarding future activity improved. Input costs were broadly unchanged, whereas prices charged decreased slightly.

Dropping from 54.5 to 46.7 in November, the seasonally adjusted headline Nikkei India Services Business Activity Index registered in contraction territory for the first time since June 2015 and pointed to the sharpest reduction in output for almost three years. Anecdotal evidence highlighted a lack of cash in the economy. Activity decreased in three of the six monitored sub-sectors, namely Financial Intermediation, Hotels & Restaurants and Renting & Business Activities.

Factory production rose further during the month, but the rate of growth eased. Concurrently, the seasonally adjusted Nikkei India Composite PMI Output Index dipped from Octobers 45-month high of 55.4 to 49.1 in November, thereby pointing to a slight contraction in private sector activity overall.

As was the case for activity, new business inflows at services firms declined during November. The fall in new work was the first in 17 months and the steepest in over three years. Panellists indicated that cash shortages restricted client bookings. Although the scarcity of rupee notes also weighed on manufacturing performance, new order growth was sustained. The rise was, however, insufficient to offset the downturn in services and new business across the private sector as a whole decreased slightly.

Service providers recorded higher levels of outstanding business in November, which they commonly associated with delayed payments from clients. Backlogs rose for the sixth straight month, but at the slowest rate since July. Similarly, unfinished work at manufacturers increased at a softer pace.

Ongoing capacity pressures translated into job creation across the service sector in November. However, the pace of increase in staffing levels was only marginal. By comparison, manufacturing jobs were little-changed as indicated by the respective index posting only fractionally above 50.0.

Indian service providers expect activity to rise over the next 12 months, with the degree of optimism signalled in November being the highest since August. The anticipated replacement of high-value rupee notes, improved advertising campaigns, favourable government policies and the withdrawal of unregulated companies from the market all boosted sentiment during the latest survey period.

Input costs in the Indian service sector were broadly unchanged in November as falling prices for petrol and raw materials acted to offset higher staff salaries. The respective index dropped to a three-month low and was close to the crucial threshold of 50.0. Purchase prices in the manufacturing industry rose again, albeit the rate of inflation eased from Octobers 26-month high. Across the private sector as a whole, input cost inflation softened to the weakest since August.

Efforts to secure new work and relatively stable costs encouraged services companies to lower their selling prices in November. That said, output charges fell only slightly. Average selling prices across the private sector were broadly unchanged.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at IHS Markit, and author of the report, said: The latest set of gloomy PMI figures for the Indian service sector shows that companies were heavily impacted by the 500 and 1,000 rupee notes ban. Cash shortages resulted in fewer new business intakes, which in turn caused a fall in activity and ended a 16-month sequence of expansion.

The disruption is expected to be short-lived, however, with many panellists anticipating a pick-up in activity as these high-value banknotes are replaced and black-market firms end their operations. In fact, business confidence improved to a three-month high.

On a positive note, the reduction in money supply curbed inflation in November. Input costs facing service providers were broadly unchanged, which encouraged firms to lower their selling prices. In light of these numbers, further cuts to the benchmark rate are expected.

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Sugar output up 17% to 27.41 lakh tonnes in Oct-Nov 2016
Dec 05,2016

Sugar production stood at 27.41 lakh tonnes till 30 November 2016 in the current 2016-17 sugar season (SS), which is 4.06 lakh tonnes more than the production in the last season upto the same corresponding period when 23.35 lakh tonnes of sugar was produced. As compared to 340 sugar factories which were crushing sugarcane last year on 30 November 2015, 365 sugar mills were crushing sugarcane on 30 November 2016 this year.

Most of the sugar mills in Maharashtra have started their crushing operation and 136 sugar mills were crushing sugarcane as on 30 November 2016 as compared to 161 last year. They have produced 9.50 lakh tonnes of sugar upto 30 November 2016 as compared to 12.90 lakh tonnes produced in the corresponding period last year. This is mainly because mills in Maharashtra started their crushing late this year.

In the case of Uttar Pradesh, 101 sugar mills were crushing sugarcane on 30 November 2016 who have produced 8.51 lakh tonnes. At the end of November 2015 last year, 61 sugar mills were crushing in Uttar Pradesh who had produced 1.74 lakh tonnes, which is about 6.77 lakh tons less than what they have already produced this year.

In the State of Karnataka, 58 sugar mills were crushing on 30 November 2016 and 7 lakh tonnes of sugar was produced. As compared to this, last year as on 30 November 2015, 60 sugar mills were crushing sugarcane who had produced 5.61 lakh tonnes of sugar.

In Gujarat, 18 sugar mills have started crushing on 30 November 2016 and they have produced 1.37 lakh tonnes of sugar. Last year on 30 November 2015, 18 mills were in operation and they produced 2.25 lakh tonnes of sugar.

Crushing operation in all the other States have also begun and slowly and slowly the pace of crushing is picking up. The other States have produced 1.03 lakh tonnes in this season upto 30 November 2016, which in the previous season upto 30 November 2015 was 0.85 lakh tonnes.

The sugar despatched from sugar mills in first month of current season i.e. October 2016, was 20.64 lakh tonnes, 2.35 lakh tonnes lower as compared to 22.99 lakh tonnes depatched in October 2015, last year. However, in the month of September 2016 the sugar despatched was 20.31 lakh tonnes, slightly higher than 19.19 lakh tonnes sugar despatched last year, in the month of September 2015. The lifting of sugar from mill has slowed down significantly, which has also resulted in a further fall in ex-mill sugar prices across the country.

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Ujjivan Financial Services provides business update
Dec 05,2016

Ujjivan Financial Services has recorded robust collection rate of 91% in November 2016, even when the cash dominated microfinance sector was reeling under the stress of demonetization.

Ujjivan disbursed loans worth Rs 553 crore in November out of which 65% was in cash and 35% was cashless.

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Kolte-Patil Developers stands tall after stellar Q2 results
Dec 05,2016

The announcement was made on Saturday, 3 December 2016.

Meanwhile, the BSE Sensex was down 38.47 points, or 0.15%, to 26,192.19.

More than usual volumes were traded on the counter. On the BSE, 1.73 lakh shares were so far traded in the counter, compared with an average volume of 19,714 shares in the past one quarter. The stock hit a high of Rs 111.90 and a low of Rs 101.45 so far during the day. The stock had hit a 52-week high of Rs 166.40 on 24 December 2015. The stock hit a 52-week low of Rs 84.45 on 15 November 2016.

The stock had underperformed the market over the past one month till 2 December 2016, falling 25.25% compared with Sensexs 4.71% fall. The scrip had also underperformed the market in past one quarter, declining 23.04% as against Sensexs 8.07% drop.

The small-cap company has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

Kolte-Patil Developers earnings per share (EPS) rose to 2.55 in Q2 September 2016 from Rs 2.41 in Q1 June 2016 and Rs 1.65 in Q2 September 2015. The company recorded new sales bookings of 0.57 million square feet (msf) in Q2 September 2016 as compared to 0.66 msf inQ1 June 2016 and 0.46 msf in Q2 September 2015.

The value of area sold stood at Rs 329 crore in Q2 September 2016 as compared to Rs 370 crore in Q1 June 2016 and Rs 282 crore in Q2 September 2015. Collections stood at Rs 234 crore in Q2 September 2016 as compared to Rs 229 crore in Q1 June 2016 and Rs 223 crore in Q2 September 2015.

Kolte-Patil Developers is Punes largest developer. It is also present in Mumbai with some upscale redevelopment projects. The company has till date built projects in multiple segments such as residential, commercial, retail, IT parks, and integrated townships.

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