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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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Tata Motors gains momentum after good March sales
Apr 03,2017

The announcement was made on Saturday, 1 April 2017.

Meanwhile, the BSE Sensex was up 140.18 points, or 0.47%, to 29,760.68.

On the BSE, 1.52 lakh shares were traded in the counter so far, compared with average daily volumes of 5.52 lakh shares in the past one quarter. The stock had hit a high of Rs 472.25 and a low of Rs 468.35 so far during the day. The stock had hit a 52-week high of Rs 598.60 on 7 September 2016. The stock had hit a 52-week low of Rs 368.40 on 5 April 2016.

The stock had underperformed the market over the past one month till 31 March 2017, gaining 2.15% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.15% as against Sensexs 11.24% gains.

The large-cap company has equity capital of Rs 577.47 crore. Face value per share is Rs 2.

Tata Motors said its domestic sales of Tata commercial and passenger vehicles rose 10% at 51,309 units in March 2017 over March 2016. Tata Motors passenger vehicles sales jumped 84% at 15,433 units in the domestic market in March 2017 over March 2016, due to continued strong demand for the Tata Tiago. The company has also received an encouraging response for its recently launched lifestyle utility vehicle, Tata Hexa and its latest styleback, the Tata Tigor.

The overall commercial vehicles sales in the domestic market fell 6% at 35,876 units in March 2017 over March 2016. The wholesale figures of Tata Motors commercial vehicles were affected by the Supreme Court judgement announced on 29 March 2017, leading to confusion and the consequent focus at the dealer level to increase retail and to reduce the levels of unsold stock.

The Supreme Court observed on 29 March 2017 and ordered a freeze on the registration and sale of BS-III fuel compliant vehicles by n++any manufacturer or dealern++ on and from 1 April ,2017, when the next level and environmentally friendly BS-IV fuel emission standards are scheduled to kick in.

Overall sales of Tata Motors medium and heavy commercial vehicles (M&HCV) fell 5% at 17,648 units in March 2017 over March 2016. Tata Motors bus sales continued to grow by 26% in March 2017, driven primarily by State Transport Undertaking (STU) orders. Sales of Tata Motors small & light commercial vehicles shed 8% at 18,228 units in March 2017 over March 2016.

The companys sales from exports fell 8% at 5,836 units in March 2017 over March 2016.

Meanwhile, public sector oil marketing companies (PSU OMCs) on Friday, 31 March 2017, announced reduction in selling price of petrol and diesel with effect from midnight of 31 March 2017. Petrol price was decreased by Rs 3.77 per litre and diesel price was reduced by Rs 2.91 a litre at Delhi (excluding state levies). The demand for vehicles rises if fuel prices are reduced.

Tata Motors consolidated net profit fell 96.2% to Rs 111.57 crore on 2.2% decline in net sales to Rs 66855.18 crore in Q3 December 2016 over Q3 December 2015.

Tata Motors is a market leader in commercial vehicles in India. The companys British luxury unit Jaguar Land Rover (JLR) sells premium luxury cars.

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Nikkei India Manufacturing PMI rises to 5-month high in March 2017
Apr 03,2017

The health of Indias manufacturing sector improved for the third straight month in March, and to the greatest extent since October 2016. Incoming new orders expanded at a stronger pace, thereby leading to quicker increases in production and input purchasing. Moreover, firms hired additional employees to cope with greater workloads. Although both input costs and output charges rose further, inflation rates softened from those seen in February.

Rising to a five-month high of 52.5 in March, from 50.7 in February, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers IndexTM (PMITM) - a composite indicator designed to provide a single-figure snapshot of the performance of the manufacturing economy - indicated that operating conditions in the sector improved to a greater extent. As for the January-to-March quarter, the PMI average (51.2) was the lowest seen since Q1 FY 2016/17 (51.0).

Amid evidence of strengthening demand conditions, the level of new orders received by manufacturers rose solidly in March and at the quickest pace in five months. Likewise, production expanded at the strongest rate since last October as firms sought to fulfil new and existing projects. The increase in total new work was supported by higher new export orders, which grew at a solid and accelerated pace. New work and output increased across the three monitored sub-sectors, with the upturn led by intermediate goods producers in both cases.

Indian manufacturers purchased greater quantities of inputs for use in the production process during March, with the latest upturn in buying levels the strongest in the current three-month sequence of expansion.

This resulted in an overall increase in stocks of purchases. Having fallen in each of the previous three months, pre-production inventories rose modestly in March. Conversely, holdings of finished items dipped sharply due to production volumes failing to match requirements for existing projects.

Business confidence among manufacturers improved in March, with almost one-fifth of panellists expecting output levels at their units to be higher in 12 months time. Forecasts of a pick-up in demand and the launch of new product lines were the main factors underpinning optimism.

Reversing the decline noted in February, manufacturing jobs rose in March as some firms took on extra staff in line with efforts to expand capacity. Despite accelerating to the fastest in almost four years, the rate of job creation was only slight. Concurrently, outstanding business increased to the weakest extent in 2017 so far.

Largely reflecting higher commodity prices, average input costs increased again. That said, the rate of inflation slowed to the weakest in four months and was below the long-run survey average. Similarly, the rate of charge inflation moderated during March as 96% of manufacturers reportedly kept selling prices unchanged in tandem with attempts to stimulate demand.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at IHS Markit and author of the report, said PMI data for March reveal positive developments in the Indian manufacturing sector. Rates of expansion in factory orders and production accelerated again, encouraging some companies to scale up their input buying and take on additional workers. The favourable demand environment was supported by relatively muted inflationary pressures. Given that input costs rose at a softer pace, a whopping 96% of goods producers kept their selling prices unchanged over the month. Looking ahead, production volumes are likely to rise further as businesses will seek to replenish their stocks. Indeed, we saw a marked drop in inventories of finished items, alongside a stronger degree of confidence towards the year-ahead outlook for output. Out of the three broad areas of manufacturing, intermediate goods was Marchs shining star, as growth of new work, production and input buying in this category surpassed those seen at consumer and capital goods firms.

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Release of the Central Governments assistance of Rs.1,712.10 crore from National Disaster Response Fund (NDRF) to Tamil Nadu and Karnataka
Apr 03,2017

The Central Government is concerned at prevailing drought situation in the States of Tamil Nadu and Karnataka. After the receipt of detailed memoranda from these States, Inter-Ministerial Central Teams (IMCT) were deputed to visit the drought affected areas for the spot assessment of the calamity. The High Level Committee (HLC) had recommended the quantum of assistance to the States based on the extant norms of assistance and the report of the IMCT.Based on the approval of the High Level Committee (HLC), the Central Government has sanctioned Rs.1793.63 crore to State of Tamil Nadu and Rs.1,782.44 crore to State of Karnataka for drought relief from NDRF. Based on the above sanctions, a sum of Rs.1447.99 crore has been released to the State of Tamil Nadu by the Central Government from NDRF after adjusting Rs.345.64 crore available with the State as balance in the State Disaster Response Fund (SDRF).For State of Karnataka, after adjusting Rs.96.92 crore available with the State as balance in the SDRF and earlier release of Rs.450 crore by the Central Government, sum of Rs.1,235.52 crore has been released from NDRF.The HLC has also advised the State Governments to take utmost care and ensure that all the individual beneficiary-oriented assistance are mandatorily disbursed through the bank account of the beneficiaries. Further, the Central Government has released Rs.264.11 crore from NDRF for providing the Central assistance to the State of Tamil Nadu for the cyclonic storm Vardha during December, 2016. This amount has been approved by the HLC on the basis of the report of the Inter-Ministerial Central Team sent by the Central Government to assess the damage.These releases are over and above the releases made to States as devolution of 42% of Central Taxes as per the recommendation of the 14th Finance Commission. For the year 2016-17, a sum of Rs.6.08 lakh crore has been released to all States as devolution of Central Taxes. Tamil Nadu has received Rs.24,538 crore and Karnataka has received Rs.28,750 crore under devolution formula during 2016-17.During 2016-17, the Central Government has also provided Rs.48,869 crore to all the States as grant for Rural and Urban Local Bodies to primarily meet the requirement of basic necessities for people living in these areas.For the benefit of farmers, Rs.13,240 crore has been provided under Pradhan Mantri Fasal Beema Yojana (PMFBY) in 2016-17.Also, Rs.2,45,435 crore has been provided under the Centrally Sponsored Schemes (CSS) for transfer to the States from the Central Government during 2016-17. This includes Rs.47,499 crore for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) which is used for employment generation and water conservation works.

In view of onset of the summer season, the Prime Minister Shri Narendra Modi has instructed that in the next three months, all the States should focus on water conservation related works by utilizing the funds available under various Schemes such as Pradhan Mantri Krishi Sinchai Yojana (PMKSY) and MGNREGS etc.

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Mahindra CIE Automotive to hold AGM
Apr 03,2017

Mahindra CIE Automotive announced that the th Annual General Meeting(AGM) of the company on 27 April 2017.

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Sumeet Industries to hold EGM
Apr 03,2017

Sumeet Industries announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 April 2017 .

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Sterling Green Woods to hold board meeting
Apr 03,2017

Sterling Green Woods will hold a meeting of the Board of Directors of the Company on 8 April 2017 to inform you that Special Notice and Requisition under section 100 (2) read with Section 169 of the Companies Act, 2013 and the rules framed there under received from shareholders (Trustees Of B.Kumar Family Trust) for removal of one of the Directors.

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Board of Sandur Manganese & Iron Ores recommends dividend
Apr 03,2017

Sandur Manganese & Iron Ores announced that the Board of Directors of the Company at its meeting held on 31 March 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Fag Bearings India to hold board meeting
Apr 03,2017

Fag Bearings India will hold a meeting of the Board of Directors of the Company on 21 April 2017 Unaudited Financial Results would be considered.

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Agro Tech Foods to hold board meeting
Apr 03,2017

Agro Tech Foods will hold a meeting of the Board of Directors of the Company on 3 May 2017 Audited Financial Results of the company & Dividend

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Bajaj Auto announces sales performance
Apr 03,2017

Bajaj Auto announced that total sales for month of March 2017 stood at 272,197 units, lower by 11% compared to 305,800 units sold in March 2016.

Total sales included domestic sales of 169,279 units and export sales of 102,918 units in March 2017.

For the period April - March 2017, total sales declined by 6% to 3,665,950 units compared to corresponding period of previous year.

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Godawari Power & Ispat provides financial update
Apr 03,2017

Godawari Power & Ispat announced that the majority of lenders of the Company have approved restructuring of existing debt facilities i.e. rupee term loans, External Commercial Borrowing, Non-Convertible Debentures (NCD), working capital loans under Corrective Action Plan as per RBI Circular and the Company has executed Master Restructuring Agreement and other necessary security documents, in favor of the lenders. The cut-off date for restructuring of debt was 1 June 2016 with moratorium period of 9 months i.e. 28 February 2017.

By this Restructuring Scheme the repayment schedules of the loans have been elongated up-to March, 2032, to be repaid in structured monthly instalments. There is no additional borrowing proposed under Restructuring Scheme.

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Saraswati Commercial (India) to hold board meeting
Apr 03,2017

Saraswati Commercial (India) will hold a meeting of the Board of Directors of the Company on 3 April 2017.

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L&T Technology Services conferred with Golden Peacock National Quality Award 2017
Apr 03,2017

L&T Technology Services announced that it has been awarded the Golden Peacock National Quality Award, 2017, as a recognition of the companys consistent focus in enabling cutting edge technologies for global businesses.

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Escorts announces tractor sales
Apr 03,2017

Escorts Agri Machinery Segment (EAM) in March 2017 sold 7,079 tractors growth of 31% against 5,403 tractors in March 2016. Domestic tractor sales for the month of March 2017 up by 31.7% at 7,014 tractors against 5,403 tractors in March 2016. Export for the month of March 2017 stood at 65 tractors against 76 tractors in March 2016.

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Shares of Octaware Technologies get listed
Apr 03,2017

The equity shares of Octaware Technologies (Scrip Code: 540416) are listed effective 03 April 2017 and admitted to dealings on the Exchange in the list of M Group Securities

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