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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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Jayant Agro Organics fixes record date for bonus issue
Jul 18,2017

Jayant Agro Organics has fixed 02 August 2017 as record date for bonus issue.

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IL&FS Engineering & Construction Co gets rating assigned for proposed CP issue
Jul 18,2017

IL&FS Engineering & Construction Co announced that CARE Ratings has issued credit rating of CARE A1+ (SO) to the proposed issue of commercial paper of the Company for an amount of Rs 100 crore.

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TV18 Broadcast tumbles after weak Q1 numbers
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 367.89 points or 1.15% at 31,706.89. The S&P BSE Mid-Cap index declined 89.14 points or 0.59% at 15,108.31.

On the BSE, 56.97 lakh shares were traded on the counter so far as against the average daily volumes of 8.20 lakh shares in the past one quarter. The stock had hit a high of Rs 41.85 and a low of Rs 38.35 so far during the day. The stock had hit a 52-week high of Rs 50 on 10 October 2016 and a 52-week low of Rs 33.15 on 24 May 2017.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 9.68% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, declining 4.39% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year, gaining 1.1% as against the Sensexs 15.23% rise.

The mid-cap company has equity capital of Rs 342.87 crore. Face value per share is Rs 2.

TV18 Broadcasts consolidated total income rose 2.9% to Rs 226.72 crore in Q1 June 2017 over Q1 June 2016.

Adil Zainulbhai, Chairman of TV18, said that the industry is navigating through a period of flux in both the advertising environment and the subscription business model; but underlying growth tailwinds are intact and bode well for committed players. The management believes that TV18 is well-positioned to capitalize on its strengths in content curation and creation of scalable platforms for seamless delivery.

TV18 Broadcast telecasts and produces news and current affairs programmes.

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GAIL (India) drops on buzz of CCI probe
Jul 18,2017

Meanwhile, the S&P Sensex was down 352.30 points or 1.1% at 31,722.48.

On the BSE, 2.3 lakh shares were traded on the counter so far as against the average daily volumes of 2.16 lakh shares in the past one quarter. The stock had hit a high of Rs 385 and a low of Rs 370 so far during the day.

The stock had underperformed the market over the past one month till 17 July 2017, rising 1.88% compared with the Sensexs 3.28% rise. The stock had also underperformed the market over the past one quarter, dropping 2.07% as against the Sensexs 9.05% rise. The scrip had, however, outperformed the market over the past one year, rising 30.92% as against the Sensexs 15.23% rise.

The Competition Commission of Indias (CCI) probe is reportedly followed by the complaint by Uttar Pradesh-based glass-bottle manufacturer Mohan Meakin. The company is alleged to have violated Section 4 of the Competition Act that is related to the abuse of dominant market position.

This is the second time in less than a week that the company has come under the lens of the watchdog for alleged unfair business practices, report added.

GAIL (India)s net profit dropped 68.7% to Rs 260.16 crore on 15.4% rise in net sales to Rs 13452 crore in Q4 March 2017 over Q4 March 2016.

GAIL (India), Indias largest natural gas company, is one of the seven Maharatna Public Sector Undertakings (PSUs). Government of India held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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Commercial Transport Scheme in Ganga River
Jul 18,2017

The Jal Marg Vikas Project (JMVP) is being implemented with the technical and investment support of the World Bank to strengthen the navigation capacity and promote transportation of cargo and passengers on National Waterway-1, on the Haldia-Varanasi stretch of Ganga-Bhagirathi-Hooghly River System,.

The project has been appraised by the Public Investment Board, at an estimated cost of Rs. 5,369.18 crore, and is scheduled to be completed by 2021-22. The project includes construction of multimodal terminals at Varanasi in Uttar Pradesh, Sahibganj in Jharkhand and Haldia in West Bengal, and a new navigational lock at Farakka in West Bengal.

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Increase in the Compensation Cess rate on cigarettes to make the total tax incidence on cigarettes in GST regime at par with pre-GST regime
Jul 18,2017

In pursuance of the recommendations of the GST Council in its 14th Meeting held on 18.05.2017 and 19.05.2017, the Compensation Cess rates under Section 8 (2) of the Goods and Services Tax (Compensation to States) Act, 2017, was notified vide notification No.1/2017-Compensation Cess (Rate), dated 28.06.2017 on Intra-State or Inter-State supply of the specified goods, including cigarettes.

            In respect of cigarettes, the Fitment Committee had recommended that in line with the weighted average VAT rate [28.7%], the GST rate on cigarettes may be kept at 28%. In addition, Compensation Cess may be levied on cigarettes at rates equal to 1.05 times the Specific Excise Duty Rates [net of NCCD]. However, this method of calibrating the Compensation Cess did not take into consideration the cascading of taxes [that is in earlier regime VAT being charged on value inclusive of the excise duty]. As a result, the total tax incidence on cigarettes in GST regime has come down, as compared to the total tax in pre-GST regime.

            While any reduction in tax incidence on items of mass consumption would be welcome, the same would be unacceptable in case of demerit goods like cigarettes.

            The GST Council in its 19thMeeting  held today i.e. on 17.07.2017 reviewed the Compensation Cess rates on cigarettes and recommended the following increase in the same with effect from 00 hours on 18th July, 2017 i.e. the midnight of 17th and 18th July, 2017:

Compensation Cess Rates

Tariff Item

 

Present rate

Proposed Increase

New rates

 

Non- filter

 

 

 

2402 20 10

Not exceeding 65 mm

5% + Rs.1591 per thousand

Rs.485 per thousand

5% + Rs.2076 per thousand

2402 20 20

Exceeding 65 mm but not 70 mm

5% + Rs.2876 per thousand

Rs.792 per thousand

5% + Rs.3668 per thousand

 

Filter

 

 

 

2402 20 30

Not exceeding 65 mm

5% + Rs.1591 per thousand

Rs.485 per thousand

5% + Rs.2076 per thousand

2402 20 40

Exceeding 65 mm but not 70 mm

5% + Rs.2126 per thousand

Rs.621 per thousand

5% + Rs.2747 per thousand

2402 20 50

Exceeding 70 mm but not 75 mm

5% + Rs.2876 per thousand

Rs.792 per thousand

5% + Rs.3668 per thousand

2402 20 90

Others

5% + Rs.4170 per thousand

31%

36% + Rs.4170 per thousand

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HT Media surges after reporting strong Q1 earnings
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 241.11 points, or 0.75% at 31,833.67. The S&P BSE Small-Cap index was down 20.84 points, or 0.13% at 15,889.24.

High volumes were witnessed on the counter. On the BSE, 3.16 lakh shares were traded on the counter so far as against the average daily volumes of 61,580 shares in the past one quarter. The stock had hit a high of Rs 89.20 and a low of Rs 82.90 so far during the day. The stock had hit a 52-week high of Rs 96.30 on 1 November 2016 and a 52-week low of Rs 69.50 on 2 December 2016.

The stock had underperformed the market over the past one month till 17 July 2017, advancing 2.59% compared with the Sensexs 3.28% rise. The scrip had also underperformed the market over the past one quarter sliding 2% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year advancing 3.49% as against the Sensexs 15.23% rise.

The small-cap company has equity capital of Rs 46.55 crore. Face value per share is Rs 2.

HT Media is engaged in printing and publishing of newspapers. The companys segments include printing & publishing; radio broadcast & entertainment, and digital.

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Alembic Pharma gets livelier after USFDA nod for drug
Jul 18,2017

The announcement was made during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 195.77 points, or 0.61% to 31,879.01.

On the BSE, 17,230 shares were traded in the counter so far, compared with average daily volumes of 15,527 shares in the past one quarter. The stock had hit a high of Rs 561.60 and a low of Rs 540 so far during the day.

The stock had hit a 52-week high of Rs 709.30 on 23 March 2017. The stock had hit a 52-week low of Rs 492.25 on 27 June 2017.

The stock has gained 5.67% in four sessions to its current price, from a close of Rs 526.45 on 12 July 2017.

The stock had outperformed the market over the past one month till 17 July 2017, rising 4.39% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, dropping 10.56% as against the Sensexs 9.05% rise. The scrip had also underperformed the market over the past one year, declining 4.98% as against the Sensexs 15.23% rise.

The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.

Alembic Pharmaceuticals said that it has received approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Olmesartan Medoxomil and Amlodipine Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg.

The approved ANDA is therapeutically equivalent to the reference listed drug product Azor Tablets, 20mg/5mg, 40mg/5mg, 20mg/10mg and 40mg/10mg of Daiichi Sankyo Inc. It is indicated for the treatment of hypertension, alone or with other antihypertensive agents to lower blood pressure.

The drug has an estimated annual market size of $312 million in US for twelve months ending December 2016 according to IMS.

Alembic Pharmaceuticals consolidated net profit rose 2.4% to Rs 93.04 crore on 18.3% rise in net sales to Rs 741.35 crore in Q4 March 2017 over Q4 March 2016.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, manufactures and markets generic pharmaceutical products all over the world.

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Star rating of hotels is irrelevant for determining the applicable rate of GST
Jul 18,2017

Reports have been received expressing doubts whether 5-star Hotels are liable to pay GST @ 28% irrespective of the declared tariff of a unit of accommodation.

In this context, it is hereby clarified that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18%. Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST.

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UltraTech Cement gains after good Q1 results
Jul 18,2017

The result was announced during market hours today, 18 July 2017.

Meanwhile, the S&P BSE Sensex was down 249.76 points or 0.78% at 31,825.02.

On the BSE, 45,000 shares were traded on the counter so far as against the average daily volumes of 14,308 shares in the past one quarter. The stock had hit a high of Rs 4,451.05 and a low of Rs 4,365 so far during the day. The stock had hit a record high of Rs 4,531 on 16 May 2017 and a 52-week low of Rs 3,052 on 27 December 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 5.63% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, gaining 8.78% as against the Sensexs 9.05% rise. The scrip had outperformed the market over the past one year, advancing 23.34% as against the Sensexs 15.23% rise.

The large-cap company has equity capital of Rs 274.52 crore. Face value per share is Rs 10.

The companys consolidated profit before interest, depreciation and tax (PBIDT) rose 10.57% at Rs 1798 crore in Q1 June 2017 over Q1 June 2016.

In its outlook, UltraTech said that the government spending on infrastructure, rural and affordable housing will be the key demand drivers for cement. The company added that it is well positioned across the country to cater to the demand.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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ITC leads losers in A group
Jul 18,2017

ITC slumped 12.42% to Rs 285.30 at 14:00 IST after Goods & Services Tax council increased the compensation cess rate on cigarettes to make total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime. The stock topped the losers in the BSEs A group. On the BSE, 84.39 lakh shares were traded on the counter so far as against the average daily volumes of 10.58 lakh shares in the past two weeks.

TV18 Broadcast tanked 5.56% at Rs 39.05. The stock was second biggest loser in A group. On the BSE, 22.11 lakh shares were traded on the counter so far as against the average daily volumes of 16.34 lakh shares in the past two weeks.

Godfrey Phillips India dropped 5.34% to Rs 1,161.90 after Goods & Services Tax council increased the compensation cess rate on cigarettes to make total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime. The stock was third biggest loser in A group. On the BSE, 72,000 shares were traded on the counter so far as against the average daily volumes of 15,000 shares in the past two weeks.

Videocon Industries declined 4.84% at Rs 27.50. The stock was fourth biggest loser in A group. On the BSE, 1.68 lakh shares were traded on the counter so far as against the average daily volumes of 6.06 lakh shares in the past two weeks.

Network 18 Media & Investments fell 3.69% to Rs 54.80. The stock was fifth biggest loser in A group. On the BSE, 2.93 lakh shares were traded on the counter so far as against the average daily volumes of 4.44 lakh shares in the past two weeks.

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Consumers across India have unanimously hailed GST: Dr Jitendra Singh
Jul 18,2017

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said here today that even though there are some initial reservations among certain sections of trading community during the transition phase following GST rollout, the consumers across India have, by and large, unanimously hailed the One Nation, One Tax GST reform introduced by the Central Government.

Dr Jitendra Singh made these observations when the National President of Institute of Cost Accountants of India (ICAI), Shri Manas Kumar Thakur met Dr Jitendra Singh and informed that the ICAI had opened a website (http://www.icmai.in) which contained a helpdesk page that could be accessed by anybody from anywhere. He disclosed that, on an average, there are at least 50 to 60 important queries being received online, the response to which was being provided in a time-bound manner within 24 hours, with the help of 60 experts spread all over the country.

Dr Jitendra Singh appreciated the services rendered by ICAI and other similar organizations which had a stake in the GST implementation. He also suggested that like the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India could also introduce specialized courses for its members to deal with the new nuances related to the GST.

Dr Jitendra Singh said, by and large, the GST has been welcomed by all sections of society, particularly the middle and lower classes. He said that there are certain initial issues, which are more of transitory nature and would be overcome in course of time through the mass awareness exercise launched by the Government and other agencies.

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Volumes jump at ABFRL counter
Jul 18,2017

Aditya Birla Fashion and Retail clocked volume of 4.41 lakh shares by 13:37 IST on BSE, a 9.46-times surge over two-week average daily volume of 47,000 shares. The stock fell 0.3% at Rs 179.80.

Crompton Greaves notched up volume of 3.12 lakh shares, a 9.35-fold surge over two-week average daily volume of 33,000 shares. The stock lost 3.74% at Rs 207.10.

HCL Infosystems saw volume of 38.91 lakh shares, a 9.28-fold surge over two-week average daily volume of 4.19 lakh shares. The stock surged 16.29% at Rs 54.60.

Atul clocked volume of 50,000 shares, a 8.64-fold surge over two-week average daily volume of 6,000 shares. The stock declined 0.94% at Rs 2,451.

IFB Industries saw volume of 1.04 lakh shares, a 8.14-fold rise over two-week average daily volume of 13,000 shares. The stock lost 0.23% at Rs 715.

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Negative growth have come down to 17% from 27% : FICCIs latest Manufacturing Survey
Jul 18,2017

FICCIs latest Quarterly Survey on Manufacturing suggests slight improvement in the manufacturing sector outlook in the first quarter (April - June 2017-18) of the fiscal as the percentage of respondents reporting higher production in first quarter have increased vis-n++-vis previous quarter. More importantly, FICCI Survey suggests that the percentage of respondents reporting lower production has reduced considerably over the previous quarter thereby indicating a more positive outlook in months to come. The proportion of respondents reporting higher output growth during the April - June 2017-18 quarter has risen slightly from 47% January - March 2016-17 to 49%. Respondents reporting negative growth have come down to 17% in April - June 2017-18 from 27% as reported in the previous quarter, noted FICCI Survey.

FICCIs latest quarterly survey assessed the expectations of manufacturers for Q-1 (April - June 2017-18) for eleven major sectors namely auto, capital goods, cement and ceramics, chemicals and fertilizers, electronics & electricals, leather and footwear, machine tools, metal and metal products, paper products, textiles and technical textiles, and textiles machinery. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over ₹3.5 lac crore.

However, the cause for worry was the rising cost of production (for a little over two-thirds of the respondents), the Survey noted. The cost of production as a percentage of sales for product for manufacturers in the survey has risen significantly as 69% respondents in Q-1 2017-18, against 60% respondents reported cost escalation in last quarter. This is primarily due to rise in minimum wages and raw material cost.

In terms of order books, about 47% respondents in April - June 2017-18 quarter reported higher order numbers which is almost the same as that recorded in the previous quarter.

Capacity Addition & Utilization

The average capacity utilization as reported in the survey for the manufacturing sector is about 75% for Q-4 2016-17 which is similar to that of Q-3 2016-17. The future investment outlook remains less optimistic. Even now, 74% respondents in Q-1 2017-18 as against 75% respondents in Q-4 2016-17 reported that they dont have any plans for capacity additions for the next six months. Although, the bleak investment outlook seems to be waning if Q-3 2016-17 is taken into consideration (when 77% respondents had no plans for capacity addition). High percentage implies slack in the private sector investments in manufacturing is here to continue for some more months. Large volumes of imports, under-utilised capacities and lower domestic demand from industrial sectors and OEMs are some of the major constraints which are affecting the expansion plans of the respondents.

On a broader perspective, in some sectors (like chemicals, capital goods, textiles machinery, cement, metals and paper) average capacity utilization has either remained same or declined in Q-4 of 2016-17. On the other side, some sectors including auto, textiles and electronics and electricals reported a rise in the average capacity utilization over the same period.

Inventories

As for the inventory levels, 87% of the participants in Q-4 (January - March 2016-17), as against an overwhelming 97% in Q-3 (October-December 2016), have maintained either more or same levels of inventory as their average inventory levels.

Exports

Export outlook of manufacturing sector for the first quarter of this fiscal also seems to be marginally improving as percentage of respondents expecting fall in Q-1 (2017-18) has come down from 22.8% in Q-4 (2016-17) to 18.5%.

Hiring

Hiring outlook for the sector remains subdued in near future as 73% of the sample participants in Q-1 2017-18 said that they are unlikely to hire additional workforce in next three months. However, when compared on a sequential basis, this proportion reflects a mild improvement over the previous quarter when 77% of the respondents were reportedly averse to hire additional workforce.

Interest Rate

Average interest rate paid by the manufacturers still remain high though have shown some sign of moderation with average rate of 11% but highest rates continue to be upwards of 14.5%.

Sectoral Growth

Based on expectations in different sectors, the Survey suggests that moderate growth is expected in metals, leather and footwear, machine tools and capital goods sector in Q-1 2017-18. Low growth is expected in sectors like chemicals, automotive, textiles and cement. Only in case of electronics and electricals high growth is expected for Q-1 2017-18.

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Indian Metals extends post-result gain
Jul 18,2017

Meanwhile, the S&P BSE Sensex was down 276.31 points or 0.86% at 31,798.47. The S&P BSE Small-Cap index declined 8.86 points or 0.06% at 15,901.22.

On the BSE, 1.88 lakh shares were traded on the counter so far as against the average daily volumes of 21,986 shares in the past one quarter. The stock had hit a high of Rs 593.60 and a low of Rs 579.95 so far during the day. The stock had hit a 52-week high of Rs 823 on 21 March 2017 and a 52-week low of Rs 134 on 27 July 2016.

The stock had outperformed the market over the past one month till 17 July 2017, advancing 32.35% compared with the Sensexs 3.28% rise. The stock had, however, underperformed the market over the past one quarter, declining 7.46% as against the Sensexs 9.05% rise. The scrip had outperformed the market over the past one year, surging 304.83% as against the Sensexs 15.23% rise.

The small-cap company has equity capital of Rs 26.98 crore. Face value per share is Rs 10.

Shares of Indian Metals & Ferro Alloys (IMFA) have risen 9.2% in two trading sessions to its ruling market price, from its closing of Rs 538.45 on 14 July 2017 after the company announced strong Q1 June 2017 results during market hours yesterday, 17 July 2017. The stock surged by the maximum permissible level of 5% to settle at Rs 565.35 yesterday, 17 July 2017.

IMFA reported net profit of Rs 99.92 crore in Q1 June 2017, compared with net loss of Rs 30.35 crore in Q1 June 2016. Net sales rose 68.7% to Rs 422.65 crore in Q1 June 2017 over Q1 June 2016.

Indian Metals & Ferro Alloys is a producer of ferro chrome and ferro alloys. The company operates through three segments: ferro alloys, power and mining.

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