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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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Government training people for entry level jobs to work as drivers, domestic help abroad: Rajiv Pratap Rudy
Aug 11,2017

The Government is imparting skill-based training for entry-level jobs and employment opportunities for people in unorganised sector including those seeking to work abroad as drivers and domestic help, Union Minister for Skill Development and Entrepreneurship, Mr Rajiv Pratap Rudy said at an ASSOCHAM event.

n++Ideally such basic skills should be imparted at the school level itself but since it did not happen, it is being taken up separately by the Government,n++ said Mr Rudy.

Mr Rudy also said there have been many instances where people went abroad to work as a driver or as domestic help but since they were not aware of the rules, law and order of that foreign country they got caught and were imprisoned for unknowingly doing something wrong.

He however conceded that Government is finding it difficult to train as many people in accordance with the demand/requirement of the industry.

n++We are glad to see the response of all stakeholders including the industrial houses in terms of skill development which had been missing for all these years, as such we are imparting industrial training, short-term training, services sector training to people,n++ the Union Minister said.

He also said that in the post-independent India, people at the helm put significant focus on developing education sector but somehow forgot the relevance of skill development.

n++It is only the skill that portrays once success but we have not been able to realise this for years as only those people became successful who got educated, though skills should have been developed along with education but that did not happen,n++ said Mr Rudy.

He added that it took India 68 years to realise the importance of developing skills. n++Though previously attempts were made to add skills and vocations to education but it did not actually take off and I very reluctantly say this that education had a bias against skills which was not given due importance.n++

He also lauded efforts being made by states like Rajasthan, Maharashtra, Kerala, Madhya Pradesh, Chhattisgarh and others in promoting skill development and employment.

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Shares of Cochin Shipyard get listed
Aug 11,2017

The equity shares of Cochin Shipyard (Scrip Code: 540678) are listed effective 11 August 2017 and admitted to dealings on the Exchange in the list of B Group Securities.

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SIP Industries schedules AGM
Aug 11,2017

SIP Industries announced that the 30th Annual General Meeting (AGM) of the company will be held on 4 September 2017.

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Bhilwara Technical Textiles to hold AGM
Aug 11,2017

Bhilwara Technical Textiles announced that the 10th Annual General Meeting (AGM) of the company will be held on 21 September 2017.

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Bhagwati Autocast to convene AGM
Aug 11,2017

Bhagwati Autocast announced that the 35th Annual General Meeting (AGM) of the company will be held on 20 September 2017.

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GAIL (India) drops after weak Q1 results
Aug 11,2017

The result was announced after market hours yesterday, 10 August 2017.

Meanwhile, the S&P BSE Sensex was down 287.79 points or 0.91% at 31,243.54.

On the BSE, 14,000 shares were traded on the counter so far as against the average daily volumes of 2.15 lakh shares in the past one quarter. The stock had hit a high of Rs 363.25 and a low of Rs 356.30 so far during the day. The stock had hit a record high of Rs 433.50 on 3 May 2017 and a 52-week low of Rs 269.25 on 29 September 2016.

The stock had underperformed the market over the past one month till 10 August 2017, sliding 0.94% compared with the Sensexs 0.58% fall. The stock had also underperformed the market over the past one quarter, declining 12.89% as against the Sensexs 4.24% rise. The scrip had, however, outperformed the market over the past one year, advancing 29.3% as against the Sensexs 13.52% rise.

The large-cap company has equity capital of Rs 1691.30 crore. Face value per share is Rs 10.

GAIL (India)s profit after tax (PAT) after excluding one-time gains has seen a growth of 21% in Q1 June 2017 over Q1 June 2016. There was a one-time gain of Rs 489 crore in Q1 June 2017 from stake sale in Mahanagar Gas. The growth in the bottom line has been led by better performance of Gas Transmission & LHC segment, better price realisation in LHC segment & decrease in cost of production and finance cost.

GAIL (India) is Indias largest natural gas company. The government of India (GoI) held 54.44% stake in the firm as per the shareholding pattern as on 31 March 2017.

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Integrated web-based Air Cargo Community System
Aug 11,2017

The National Civil Aviation Policy, 2016 has envisaged growth of cargo volumes to 10 million tonnes by 2027. As per data maintained by the Airports Authority of India (AAI), air freight handled at Indian airports grew by more than 20 times from 0.08 million metric tonnes in 1972-73 to 2.5 million metric tonnes in 2014-15, and its compound annual growth rate (CAGR) was 8.8% during 2013-14 to 2016-17. Measured in million tonne-kilometers, the data maintained by the World Bank also shows that air freight transported by India went up from 96.3 million tonne-kilometers in 1970 to 1,833.8 million tonne-kilometers in 2015.

The Ministry of Civil Aviation had set up a Committee on Air Cargo Community System (ACCS) composed of various stakeholders, including customs authorities, and it was decided to grant approval to AAI for appointment of consultant to prepare a Detailed Project Report (DPR) for the development of a uniform and integrated web-based ACCS in the country, based on the above Committees recommendations.

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Cochin Shipyard in focus ahead of debut
Aug 11,2017

Shares of Cochin Shipyard will get listed on the bourses today, 11 August 2017. The issue price is fixed at Rs 432 per share. The initial public offer (IPO) of Cochin Shipyard had received a stellar response from investors. It was oversubscribed 76.19 times. The IPO price band was fixed at Rs 424-432 per share. Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.

GAIL (India)s net profit fell 23.2% to Rs 1025.64 crore on 6.7% growth in net sales to Rs 11406.47 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 10 August 2017.

Tata Motors said that the company and Skoda ceased discussions around potential partnership. Tata Motors and Skoda Auto have performed a joint technical feasibility and commercial evaluation of a potential collaboration. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations.

Tata Motors will continue to pursue its standalone product strategy to bring exciting and world-class products to its customers. The announcement was made after market hours yesterday, 10 August 2017.

Shriram Transport Finance Company said that allotment committee - non-convertible debentures (NCDs) of the company approved and allotted 3,600 secured redeemable rated listed NCDs of face value of Rs 10 lakh each, aggregating to Rs 360 crore on private placement basis. The announcement was made after market hours yesterday, 10 August 2017.

NMDC said that it has kept prices of iron ore unchanged with effect from 9 August 2017 compared with prior months prices. The price of lump iron ore is fixed at Rs 2,225 per wet metric tonne and fine iron ore at Rs 1,985 per wet metric tonne. The announcement was made after market hours yesterday, 10 August 2017.

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Asia Pacific Market: Korean tensions likely continue selloff
Aug 11,2017

Asia Pacific share market expected to commence trading with a back-foot note on Friday, 11 August 2017, due to ramping up of tensions between the US and North Korea after President Donald Trump doubled down on his warnings to North Korea over its nuclear programme.

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or US allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory. Trump took specific aim at North Korean leader Kim Jong Un, saying, he had disrespected our country greatly, and would not be getting away with it.

The Dow Jones Industrial Average fell 0.9% to end at 21,844.01, the only close below 22,000 since breaking through that level for the first time August 2. The broad-based S&P 500 was hit even harder, dropping 1.5% to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2% 6,216.87.

The MSCI World index dropped 1.1% overnight in its third straight day of declines and its biggest one-day slide since May 17, as US President Donald Trump stepped up his rhetoric against North Korea.

In commodities, Crude failed to hold the 50 per barrel level, falling nearly 2% topping at $50.22 earlier in the session. Gains came following an OPEC report, which upped its demand forecast for its oil in 2018 by over 200k barrels per day to 32.42 million barrels per day. At the same time, the cartel revealed that its July production was 32.87 million barrels per day, above its increased 2018 demand prediction.

Libya, Nigeria, and Saudi Arabia were the main drivers behind the OPEC production increase, with Libya raising its output by 154,300 bpd - by far the biggest increase among the cartels members. Nigerian oil production rose by 34,300 bpd to 1.748 million bpd, while Saudi Arabias went up by 31,800 bpd to 10.067 million bpd. On the other hand, OPEC reported, based on secondary sources, Iraqi oil output fell by 33,100 bpd ion July, the biggest decline among OPEC members. The second-largest decline came from Angola, whose production fell by 19,300 bpd, and Venezuelas output dropped by 15,800 bpd.

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15% of total merchandise exports in 2016-17 supported by ECGC
Aug 10,2017

It was noted that despite ECGC reducing the premium rates (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%.

ECGC has posted Profit Before Tax of Rs.407 crores, an increase of 5% over previous year. It has also declared a dividend of Rs.72.5 crores at the rate of Rs.5 per share.

ECGCs support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGCs performance was that 85% of its support was accounted for by MSME exporters.

It was mentioned that 12029 covers were in force as on 31st March, 2017 with a total maximum liability of Rs.86,215 Crores. With a view to increase Indian exports in new markets like Africa, covers provided by ECGC to exporters exporting to Africa recorded a growth of 15% over previous year. This was even when exports to Africa recorded a decline of 5% In 2016-17.

ECGC has over 4,00,000 Overseas Buyers on record of which more than 1,20,000 buyers are regular and active buyers for Indian exporters. The cumulative exposure on these active buyers made available by ECGC is more than Rs.1,25,000 Crores for Indian exporters. An active management of exposures on these buyers is supported by a strong data base, built over more than five decades.

ECGC also supports diversification of exports to Focus Markets identified by Department of Commerce by favourably rating such countries to enable coverage of exports at a very competitive rates.

ECGC has been a pioneer in providing ECIB covers to banks, which enables the exporters to get adequate and timely finance from Banks at pre and post-shipment stages. Recognising ECGCs significant contribution in helping Indian Exporters to get much needed working capital finance for the last 50 years, it was most fittingly accorded in its Diamond Jubilee Year the Best ECA Award by Trade and Forfaiting Review for 2017, an award that has been in vogue for last twenty years. ECGCs unique achievement is when pitched against stalwarts ECAs from Germany and UK, it won the award.

ECGC also manages the NEIA Trust of the Government of India that provides credit insurance covers to Medium and Long Term Exports, including Project Exports. The NEIA has supported 76 Contracts with a project value of around Rs.35,000 Crores, being executed by Indian Exporters in 29 countries.

During the Financial Year 2016-17, ECGC hosted the meeting of Heads of BRICS ECAs in New Delhi while India was the BRICS Chair. It has also organized 2 International Workshops for BRICS ECA participants. It also hosted Meeting of Heads of ECAs of G12 Countries consisting of 8 OECD and 4 BRIC Countries, in Chennai during the year.

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63 Moons Technologies director resigns
Aug 10,2017

63 Moons Technologies announced the resignation of Jigish Sonagara, Non Executive Director from the Board of the Company with effect from 10 August 2017.

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TCI Express gets revision in rating for Commercial Paper
Aug 10,2017

TCI Express has received revision in credit ratings from ICRA for its Commercial Paper from ICRA A1+ for Rs 30 crore to ICRA A1+ for Rs 40 crore.

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Board of Power Finance Corporation decides not to issue bonus shares
Aug 10,2017

The Board of Directors of Power Finance Corporation in its meeting held on 10 August, 2017 inter alia deliberated on Issue of Bonus Shares in terms of Guidelines on Capital Restructuring of Central Public Sector Enterprises (CPSE) issued by Department of Investment & Public Asset Management (DIAPM), Ministry of Finance dated 27 May, 2016, and decided not to issue Bonus shares for the present.

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Asia Pacific Market: Stocks down on geopolitical tensions
Aug 10,2017

Asia Pacific share market ended lower on Thursday, 10 August 2017, on tracking weak cues from offshore market overnight and due to elevated geopolitical concerns regarding North Korea. MSCIs broadest index of Asia-Pacific shares fell 0.5%.

Geopolitical tensions elevated after North Korea said it is considering launching intermediate missiles into waters near the U.S. territory of Guam. It also outlined detailed plans for a missile strike near Guam, which is more than 3,000 km (2,000 miles) to the southeast of North Korea and home to about 163,000 people, a U.S. Navy base that includes a submarine squadron and an air base. North Korea will develop a plan by mid-August for launching missiles to fall 30 to 40 kilometers away from Guam in the Pacific Ocean, the nations state media reported Thursday.

U.S. Secretary of State Rex Tillerson said Wednesday the Asian country posed no imminent threat, several hours after U.S. President Donald said further threats from the North would be met with fire and fury.

In commodities, crude oil regained momentum as data pointed to declining U.S. inventories. Brent crude was up 80 cents at $53.50 a barrel and U.S. crude was up 60 cents and back up to $50. Steel and copper prices stayed strong in metals markets.

The markets main backstop in times of strain, gold, hit a two-month high of $1,282 an ounce amid the nervousness. It was not only the threat of conflict with nuclear-ambitious North Korea. A U.S. Navy destroyer sailed within 12 nautical miles of an artificial island built up by China in a challenge to Beijings territorial claims.

Among Asian bourses

Australia Stocks fall in choppy trade

Australian equity market finished session slight lower, as sentiments turned downbeat, with shares of financial being major losers, meanwhile ex-dividend trading Rio Tinto also weighed on the index. At the close, the S&P/ASX 200 index fell 4.76 points, or 0.1%, to 5,760.9.

Top lenders Westpac Banking Corp and Australia and New Zealand Banking Group fell about 0.3% each while National Australia Bank recovered to settle slightly higher.

Rio Tinto, trading ex-dividend, was the biggest drag on the index. The mining giant fell 2.1% to close at its lowest in a week, while BHP Billiton gave up gains to slip 0.5%.

Shares of Woolworths dipped 0.8% after Australias antitrust regulator said it was concerned BP Plcs plan to buy the petrol stations of the grocery giant would hurt competition, a sign it may block the A$1.8 billion deal.

Meanwhile, gold stocks finished the session strong, backed by solid yellow metal prices. Newcrest Mining rose 3.8% to post its highest close in over seven weeks, and kept the index from slipping further.

Financial services giant AMP fell 3per cent after it said first-half statutory profit had slipped 15% to A$445 million, on the back of volatile market movements.

Virgin Australia shares were up 6% after reported a smaller-than-expected annual loss and said its outlook had brightened with a surge in business confidence lifting corporate traffic. The carrier posted A$220.3 million full-year loss saying a weak domestic market had weighed on improved cost management and improvements in the international business.

AGL Energy shares closed at A$25, after the energy retailer swung to a full-year net profit of A$539 million, from its previous years A$408 million loss.

Nikkei falls on geopolitical concerns

The Japan share market finished session slight lower, as risk sentiments remained downbeat amid geopolitical concerns over the Korean Peninsula while some investors squared away positions ahead of the three-day Obon holiday weekend here in Japan. Most of the TSE sectors declined with insurance, bank and construction-linked shares comprised those that declined the most. The Nikkei finished down 8.97 points, or 0.1%, at 19,729.74. The broader Topix shed 0.65 point to 1,617.25. Tokyo markets closed Friday for Japan public holiday.

Financial stocks underperformed after U.S. Treasury yields fell as bond prices rose in Wednesdays flight to safety. Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. Treasury yields fell on Wednesday, with the yields on the benchmark 10-year note hitting a six-week low. Dai-ichi Life Holdings dropped 1%, T&D Holdings fell 2.2% while Mitsubishi UFJ Financial Group declined 0.9%.

Cosmetics maker Shiseido Co soared 13.8% after raising its operating profit outlook to 56 billion yen from 45.5 billion yen for the year through December, thanks to strong sales in high-end cosmetics. It also raised its annual dividend forecast to 25 yen from 20 yen per share.

Toshiba Corp. Shares gained 1% to close at 293 yen after the troubled conglomerate met a deadline to report its long-awaited earnings results, reducing the risk that the firm will be delisted from the Tokyo Stock Exchange. The embattled electronics firm posted a loss of $8.8 billion for the last fiscal year. Auditor PricewaterhouseCoopers Aarata gave a qualified opinion on the financial statements, meaning it broadly endorsed the results. Toshiba has struggled to recover from a 2015 accounting scandal. The firms troubles started in 2015 when it was found to have inflated the previous seven years profits by $1.2 billion. The accounting scandal led to the resignation of several members of the firms senior management, including the chief executive.

China Stocks fall on profit booking

The Mainland China equity market dropped, as profit taking triggered on tracking weak cues from regional and global markets, with materials and resources stocks being major losers after Chinas largest aluminium producer warning investors of market risks. The blue-chip CSI300 index fell 0.4%, to 3,715.92 points. The Shanghai Composite Index lost 0.4%, clsoing at 3,261.75 points.

The materials sub-index, which had risen more than 30% since the beginning of June lost 2.4%, weighed down by losses in steel producers. Shares in steel and copper producers were also hit even as prices of those commodities remained strong. Chinese steel futures rose to near 4-1/2-year highs on Thursday, and Shanghai copper futures remained at levels last seen in 2013. Jiangxi Copper Co closed down 4.3%, and Baoshan Iron & Steel Co fell 4.8%. Hesteel Co was off by 4%.

Shares in Aluminum Corp of China were down 4% from their highest close in more than two years, after the company warned investors to be aware of market volatility and secondary market trading risks. Chalco said rises in the price of electricity could increase costs, and that market expectations have changed. China aluminium prices hit five-year highs on Thursday as investors bet that capacity closures would tighten supply.

Hong Kong Stocks hit by US - North Korea tensions

The Hong Kong stock market finished lower for second straight session, as risk-off selling flared on elevated tension over North Korea. The Hang Seng Index ended down 313 points or 1% to 27,444. The H-share index fell 180 points or 1.6% to 10,782. Turnover increased to HK$122 billion from HK$96.4 billion on Wednesday.

Wharf Holdings (00004) plunged 7% to HK$74.05 after Nomura has downgraded its rating for the developer to neutral from buy.

HKEX (00388) dived 4.3% to HK$218. Deutsche Bank has lifted its target price for the stock exchange operator to HK$170.7 but maintained its sell rating.

Hang Seng Bank (00011) gained 1% to HK$176.3 ahead of its going ex-dividend tomorrow. JP Morgan upgraded its rating for the local bank to overweight from neutral. HSBC (00005) slipped 1.5% to HK$76.5.

China Mobile (00941) rose 2.8% to HK$87 after the mobile services giant reported its half-yearly earnings climbed 3.5% from a year earlier to 62.7 billion yuan. It also announced an interim dividend of HK$1.623 a share and a special dividend of HK$3.20 a share.

Wanda Hotel Development surged 28% after announcing plans to buy assets worth more than $1 billion from companies controlled by its billionaire founder Wang Jianlin. Trading in Wandas shares was halted on Wednesday.

Sensex hits over one-month closing low

Indian stock market dropped in tandem with global stocks to register losses for fourth day in a row. The barometer index, the S&P BSE Sensex, lost 266.51 points or 0.84% to settle at 31,531.33. The Nifty 50 index lost 87.80 points or 0.89% to settle at 9,820.25. Global stocks declined on escalating tensions between the US and North Korea.

Tata Motors slumped 8.6% to Rs 380.90 after declaring Q1 result after market hours yesterday, 9 August 2017. ata Motors consolidated net profit rose 41.59% to Rs 3200 crore on 9.92% drop in revenue to Rs 58651 crore in Q1 June 2017 over Q1 June 2016.

Tata Motors consolidated revenue was lower due to translation impact from Pound to Rupee. Also, PAT in Q1 June 2017 was boosted by a one-time gain of Rs 3609 crore relating to the changes made to the Jaguar Land Rover (JLR) pension plans.

Aurobindo Pharma declined 0.17%, with the stock extending losses after the company reported weak Q1 June 2017 results after market hours yesterday, 9 August 2017. Aurobindo Pharmas consolidated net profit fell 11.4% to Rs 518.50 crore on 2.3% decline in revenue from operations to Rs 3678.70 crore in Q1 June 2017 over Q1 June 2016. EBITDA (earnings before interest, taxation, depreciation and amortization) before forex and other income fell 5.3% to Rs 841.60 crore in Q1 June 2017 over Q1 June 2016. EBITDA margin contracted to 22.9% in Q1 June 2017, from 23.6% in Q1 June 2016.

Eicher Motors lost 4.21%. The companys consolidated net profit rose 22.1% to Rs 459.62 crore on 28.5% growth in net sales to Rs 1991.78 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017.

NMDC declined 3.68%. The companys net profit rose 36.2% to Rs 969.20 crore on 65.1% growth in net sales to Rs 2841.53 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 9 August 2017.

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Power Grid Corporation of India appoints director
Aug 10,2017

Power Grid Corporation of India has appointed Shalini Prasad, Additional Secretary, Ministry of Power as Part Time Director (Govt. Nominee Director) of POWERGRID.

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