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Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Jindal Drilling & Industries standalone net profit declines 3.66% in the June 2016 quarter

Sep 14,2016

Net profit of Jindal Drilling & Industries declined 3.66% to Rs 9.48 crore in the quarter ended June 2016 as against Rs 9.84 crore during the previous quarter ended June 2015. Sales rose 11.24% to Rs 92.66 crore in the quarter ended June 2016 as against Rs 83.30 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales92.6683.3011
OPM %9.8912.74-
PBDT14.5518.68-22
PBT12.0915.01-19
NP9.489.84-4

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Cabinet approves MoU between India and Portugal on cooperation in the field of IT&E
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) between India and Portugal on cooperation in the field of IT&E. The MoU was signed on 06 January 2017.

The MoU will help in developing a long term and sustainable cooperation on the basis of equality and mutual interest in the areas of IT&E in line with each countrys laws and regulations.

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Jindal Poly Films gains after board approves expansion plans
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was down 39.54 points or 0.14% at 29,008.65.

On the BSE, 15,701 shares were traded in the counter so far as against average daily volume of 14,889 shares in the past one quarter. The stock had hit a high of Rs 331.10 and a low of Rs 318 so far during the day. The stock had hit a 52-week high of Rs 538.75 on 11 May 2016. The stock had hit a 52-week low of Rs 300 on 27 December 2016.

The stock had underperformed the market over the past one month till 6 March 2017, falling 6.16% compared with 2.14% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 12.05% as against Sensexs 10.06% gains.

The small-cap company has equity capital of Rs 43.79 crore. Face value per share is Rs 10.

Jindal Poly Films said that investment will be made in polyester line - H, (PET). B. C.P. plant for manufacturing of polyester chips to be used for internal consumption to manufacture BOPET (biaxially-oriented polyethylene terephthalate) film.

After the commencement of line, the combined capacity of BOPET films will be totaling to 1,82,000 tonnes per annum.

Jindal Poly Films consolidated net profit fell 27.4% to Rs 38.49 crore on 7.8% drop in net sales to Rs 1520.55 crore in Q3 December 2016 over Q3 December 2015.

Jindal Poly Films is a flagship company of B C Jindal group and is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.

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Fairchem Speciality to hold board meeting
Mar 07,2017

Fairchem Speciality will hold a meeting of the Board of Directors of the Company on 9 March 2017, to consider approving the Scheme of Arrangement between Privi Organics Limited and Fairchem Speciality Limited (formerly Adi Finechem Limited) and Adi Aromatic Limited and their respective shareholders and creditors(Scheme of Arrangement)

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Cabinet approves Revised Cost Estimate-I of Koteshwar Hydro Electric Project in Uttarakhand
Mar 07,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the Revised Cost Estimate-I of 400 MW Koteshwar Hydro Electric Project (HEP) in Uttarakhand at an estimated completion cost of Rs.2,717.35 crore.

The project is being implemented by Tehri Hydro Development Corporation (THDC) India Limited.

In addition to additional generating capacity of 400 MW of peaking power it will regulate releases from Tehri Reservoir for irrigation and drinking water supply. The reservoir of Koteshwar HEP will also act as lower reservoir for under construction Tehri PSP (1000 MW).

Background:

The Project has already been commissioned fully in March, 2012. Only balance works are to be done which are not linked with operation of the Plant but essential for safety and completion of the project.

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Tech Mahindra gains after acquiring US-based healthcare IT services & consulting firm
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was down 11.86 points or 0.04% at 29,036.33.

On the BSE, 42,173 shares were traded in the counter so far as against average daily volume of 1.41 lakh shares in the past one quarter. The stock had hit a high of Rs 509.90 and a low of Rs 503.35 so far during the day. The stock had hit a 52-week high of Rs 563.75 on 30 May 2016. The stock had hit a 52-week low of Rs 405.10 on 17 October 2016.

The stock had outperformed the market over the past one month till 6 March 2017, advancing 4.66% compared with 2.14% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 7.32% as against Sensexs 10.06% gains.

The large-cap company has equity capital of Rs 486.72 crore. Face value per share is Rs 5.

CJS Solutions Group LLC is a US-based healthcare Information Technology consulting company which does business as (DBA) n++The HCI Group.n++ The acquisition will strengthen companys position in healthcare provider space and give access to marquee customers and healthcare consultants.

Headquartered in Jacksonville, Florida, The HCI Group works with some of the worlds most prestigious Tier-I healthcare service providers, primarily in the US and UK, focusing on providing end-to-end implementation of electronic health record (EHR) and electronic medical record (EMR) software, training and support services.

The HCI Group has a large pool of Epic and Cerner (healthcare software) certified professionals, and it is a leading implementation firm for these leading companies globally. The company also has a presence in Europe, Middle East and Asia Pacific, and employs more than 500 professionals globally.

The HCI Groups services include enterprise-wide advisory services, with a focus on IT system implementation and training, as well as specialty service lines in integration, testing, go-live, clinical adoption, optimization, HIMSS EMRAM and cyber security.

For 12-month period ended 30th September 2016, the HCI Group had revenues of $114 million. The enterprise value is $110 million; Tech Mahindra will make an upfront payment of $89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years. The transaction is expected to close by April 2017, subject to the regulatory approvals.

Tech Mahindras consolidated net profit rose 31.31% to Rs 844.86 crore on 5.44% growth in net sales to Rs 7557.50 crore in Q3 December 2016 over Q2 September 2016.

Tech Mahindra is a specialist in digital transformation, consulting and business re-engineering solutions.

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Cabinet approves Indias accession to the Customs Convention on International Transport of Goods under cover of TIR Carnets (TIR Convention)
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for Indias accession to the Customs Convention on International Transport of Goods under cover of TIR Carnets (TIR Convention) and for completion of necessary procedures for ratification, for its entry into force.

The Convention will help Indian traders to have access to fast, easy, reliable and hassle free international system for movement of goods by road or multi- modal means across the territories of other contracting parties.

By joining the convention, the need for inspection of goods at intermediate borders as well as physical escorts en route shall be obviated due to reciprocal recognition of Customs controls. Customs clearance can take place at internal Customs locations thereby avoiding clearances at Border Crossing Points and ports that may often be congested. Movement under the TIR can be allowed by checking only the seals and the external conditions of the load compartment or the container thereby reducing border delays, transport and transaction costs thereby leading to increased competitiveness and growth for the trade and transport sectors.

Compliance with the Convention shall ensure enhanced security in the supply chain as only approved transporters and vehicles are allowed to operate in terms of the Convention. As the TIR Carnet represents a guarantee for Customs duties and taxes and traffic in transit, there is no need for payment of such taxes and duties en route. The TIR carnet also serves as a Customs declaration, and hence it precludes the need to file multiple declarations satisfying national laws of the different transiting countries. The TIR Convention can be an instrument for movement of goods along the International North-South Transport (INSTC) Corridor and would be helpful in boosting trade with the Central Asian Republics and other Commonwealth of Independent States (CIS), particularly using ports in Iran like the Chabahar port.

The proposal does not result in any direct financial implication for the Government of India as it pertains to Indias accession to an international convention.

Background:

The Customs Convention on International Transport of Goods under cover of TIR Carnets, 1975 (TIR Convention), is an international transit system under the auspices of the United Nations Economic Commission for Europe (UNECE) to facilitate the seamless movement of goods within and amongst the Parties to the Convention. At present there are 70 parties to the Convention, including the European Union.

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Capital First gets upgradation in credit ratings
Mar 07,2017

Capital First announced that Brickworks Ratings India has upgraded the ratings of the Companys various debt instruments (existing & unutilized) including Secured Non-Convertible Debentures and Subordinated Debt Instruments has been upgraded from BWR AA + (Pronounced BWR Double A Plus) (Outlook : Positive) to BWR AAA (Pronounced BWR Triple A) (Outlook : Stable). Further the outstanding ratings of existing Perpetual Debts instruments (IPDI) have also been upgraded from BWR AA (Pronounced BWR Double A) (Outlook : Positive) to BWR AA+ (Pronounced BWR Double A Plus A) (Outlook : Stable).

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Cabinet approves Memorandum of Understanding (MoU) on Renewable Energy between India and Portugal
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for signing of a Memorandum of Understanding (MoU) on Renewable Energy between India and Portugal. The MoU was signed on 6th January, 2017 in New Delhi.

The MoU will help in strengthening bilateral cooperation between the two countries.

Both sides aim to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit equality and reciprocity. The MoU envisages constitution of a Joint Working Group which can co-opt other members from Scientific Institutions, Research Centers, Universities, or any other entity, as and when considered essential.

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Arfin India surges after new order win
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was up 5.12 points or 0.02% at 29,053.31

On the BSE, 860 shares were traded on the counter so far as against the average daily volumes of 1,640 shares in the past one quarter. The stock had hit a high of Rs 519.90 and a low of Rs 500 so far during the day. The stock had hit a record high of Rs 565 on 9 February 2017. The stock had hit a 52-week low of Rs 96.70 on 18 April 2016.

The small-cap company has equity capital of Rs 4.05 crore. Face value per share is Rs 10.

Arfin Indias net profit rose 114.47% to Rs 3.26 crore on 53.6% growth in net sales to Rs 88.38 crore in Q3 December 2016 over Q3 December 2015.

Arfin India is engaged in manufacturing aluminum products. The company forayed itself as in the aluminum recycling and ferro alloys segment in the year 2001. It is a registered member of the Aluminum Association of India, BIR (Bureau of International Recycling) and MRAI (Metal Recycling Association of India).

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Cabinet approves Food Cash Credit to Punjab for food procurement operations - Resolution for settlement of Legacy Accounts (upto crop season 2014-15)
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for settlement of Legacy Food Cash Credit Accounts (upto crop season 2014-15) of Punjab Government for food procurement operations. This proposal of Department of Expenditure was approved by Prime Minister under Rule 12 of (Transaction of Business) Rules, 1961 on 02.01.2017.

Early settlement of legacy issues will help the banks in disbursement of food credit in the larger interest of numerous farmers of the State and uninterrupted continuity in food procurement operations to ensure food security for the nation. Settlement of outstanding Cash Credit Limits (CCL) account by availing term loan by the Punjab Government would entail savings in terms of interest payment. This will create additional resource enabling Punjab Government to undertake capital expenditure.

The Legacy Cash Credit Accounts (upto crop season 2014-15) for food procurement operations by the Punjab Government shall be settled as under:

a) The outstanding amount in Cash Credit Accounts of Government of Punjab pertaining to season upto Kharif Marketing Season 2014-15 amounting to approx. Rs. 31,000 crore shall be converted into a term loan. It will be repayable in half yearly instalments over a period of 20 years with the option for pre-payment. The terms and conditions of the loan shall be as prescribed by the RBI and the lending banks.

b) The exact amount of the loan shall be the outstanding amount as on 31.03.2015, which is not secured by stocks of food grains. The consortium of banks led by SBI has to finalise the amount in consultation with all stakeholders including Department of Food & Public Distributions, Punjab Government and RBI.

c) The 14th Finance Commission has prescribed the Fiscal Roadmap for each State for its award period 2015-20 and anchored Fiscal Deficit of all States to an annual limit of 3% of States Gross State Domestic Product (GSDP). The above term loan proposed to be extended to Punjab Government in current financial year 2016-17 will not be counted in the fiscal deficit limit of Punjab Government in 2016-17.

d) After the conversion of legacy accounts in long term loan, the State Govt. of Punjab may issue bonds for the purpose of paying back the long term loan only. This will be subject to the approval of consortium of Banks and RBI. The Gol consent will be issued for swapping of loan in the same year of issue of bonds.

e) Punjab Government shall enter into a tripartite agreement with Gol and RBI irrevocably authorizing the Gol to deduct, in case Punjab Government fails to make any payment towards principal or interest of the Term Loan on due dates, such defaulted amount from the States share in central taxes and pay the same to SBI consortium.

f) This will be one-time measure to settle the outstanding amount in legacy accounts upto 2014-15. Punjab Government shall provide adequate annual budget provision to close CCL gaps on a regular basis to avoid future accumulation of CCL gaps over the years. It will also make efforts to reduce its subsidy bill to service the repayment of term loan from its own resources.

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Bharat Electronics moves higher after setting record date for stock-split proposal
Mar 07,2017

The announcement was made after market hours yesterday, 6 March 2017.

Meanwhile, the S&P BSE Sensex was up 17.27 points or 0.06% at 29,065.46

On the BSE, 3,287 shares were traded on the counter so far as against the average daily volumes of 50,375 shares in the past one quarter. The stock had hit a high of Rs 1,540 and a low of Rs 1,525 so far during the day. The stock had hit a record high of Rs 1,624.30 on 30 January 2017 and a 52-week low of Rs 1,046.15 on 16 March 2016.

The large-cap company has equity capital of Rs 223.36 crore. Face value per share is Rs 10.

Bharat Electronics net profit rose 33.3% to Rs 373.54 crore on 32.9% growth in net sales to Rs 2091.47 crore in Q3 December 2016 over Q3 December 2015.

Bharat Electronics was established at Bangalore, India, by the Government of India under the Ministry of Defence in 1954 to meet the specialised electronic needs of the Indian defence services. Over the years, it has grown into a multi-product, multi-technology, multi-unit company servicing the needs of customers in diverse fields in India and abroad.

The Government of India held 74.41% stake in Bharat Electronics (as per the shareholding pattern as on 31 December 2016).

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Cabinet approves signing of the Definitive Agreement on Oil Storage and Management between ISPRL and ADNOC of UAE
Mar 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for signing of the Definitive Agreement on Oil Storage and Management between Indian Strategic Petroleum Reserve (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of UAE.

According to the Agreement, the ADNOC will fill up 0.81 MMT or 5,860,000 million barrels of crude oil at ISPRL storage facility at Mangalore, Karnataka.

Out of the crude stored, some part will be used for commercial purpose of ADNOC, while a major part will be purely for strategic purposes. The signing of the Agreement will augment Indias energy security.

India and UAE are strategic partners. The investment by ADNOC is a major investment from UAE under the High Level Task Force on Investment (HLTFI) and the first investment by UAE in India in the energy sector.  

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Crompton Greaves completes sale of its B2B Automation Business
Mar 07,2017

Crompton Greaves announced that the Company along with its subsidiary, CG International BV has completed the sale its B2B Automation Business, comprising of ZIV Aplicaciones y Tecnologia, S.L. (Spain), its subsidiaries along with related automation businesses of UK, Ireland, France and India to Alfanar Electric Systems Co., Saudi Arabia on 06 March 2017.

Upon completion of sale, ZIV Automation India, the wholly owned subsidiary housing the India Automation Business will cease to a subsidiary of the Company and will be a wholly owned subsidiary of ZIV Aplicaciones y Tecnologia, S.L, Spain.

The proceeds of the sale will be used to retire substantial portion of the Companys international debts.

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Cabinet approves Cadre Review of Central Engineering Service (Roads) Group n++ of the Ministry of Road Transport and Highways
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Cadre Review of Central Engineering Service(CES)(Roads) of the Ministry of Road Transport and Highways. The proposal will be implemented immediately.

CES(Roads) Cadre strength will be revised as under:-

(i) Increase the number of posts of CES(Roads) at:

a. HAG level- 02

b. SAG level- 05

c. JTS level- 36

(ii) Decrease in the number of posts at the STS level - 28

(iii) Recruitment against 86 posts as Special Reserve at entry level (JTS) for Deputation purpose only outside the cadre strength in addition to the normal vacancies arise in the JTS level in the cadre

The CES(Roads) Cadre was constituted in the year 1959. The first allocation of Group A Technical post was fixed at 189 in 1976. The last Cadre review of the service was carried out in the year 1987.

Vacant posts of Mechanical Cadre will be utilized for filling up the same by Civil Engineers thereby merging the Mechanical Cadre with the Civil Cadre in a phased manner so that this shall not have any adverse impact on the present incumbents.

There is an additional expenditure of Rs. 1.8 crores per annum approximately involved in the above Cadre Review proposal. As regards the special reserve for deputation, there will be no financial liability.

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Cabinet approves MoU between India and the United Nations Entity of Gender Equality and Empowerment of Women (UN-Women)
Mar 07,2017

Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between India and the United Nations Entity of Gender Equality and the Empowerment of Women (UN-Women).

The proposal seeks to provide technical support to the Ministry of Panchayati Raj in strengthening capacities of governance institutions including Panchayati Raj Institutions(PRIs) to better leverage opportunities created for gender equality through legislation, policies and programmes.

Ministry of Panchayati Raj (MoPR) and UN-Women have worked in collaboration with each other to promote participation of women in Panchayati Raj Institutions (PRIs), to focus on building capacities of Elected Women Representatives to empower them and enhance their effectiveness. Given the past gains, the two parties will now work together towards participatory design of governance processes and effective implementation of laws, policies and programmes to promote gender responsive governance. The parties agree that engendering the initiatives of MoPR, including capacity development efforts, will be of mutual benefit, and will further their shared mission of good governance, gender equality and womens empowerment. In the long run, it will enable an improvement in the status of rural women in India, as well as contribute to meeting Indias commitment to the Convention to Eliminate All Forms of Discrimination Against Women (CEDAW), the Beijing Platform for Action and the Sustainable Development Goals.

The proposed MoU will facilitate the achievement of time-bound results in the implementation of specific activities identified jointly by MoPR and UN Women within the broader framework for cooperation under the United Nations Development Assistance Framework ((UNDAF). This MoU would thus facilitate operationalizing this important partnership.

Activities under this MoU will be implemented at the district and sub-district level in six States i.e. Andhra Pradesh, Telengana, Odisha, Karnataka, Rajasthan and Madhya Pradesh.

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