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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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Outcome of board meeting of Jindal Stainless
Dec 24,2016

Jindal Stainless announced that the Board of Directors of the company at its meeting held on 23 December 2016 approved the following -

Issuance of equity shares to the Lenders of the Company for an aggregate amount of Rs 250 crore on preferential basis on conversion of funded interest term loan.

Issuance of preference shares to the Lenders of the Company for an aggregate amount fo Rs 650 crore (approx.) on preferential basis on conversion of funded interest term loan I & II.

Issuance of compulsorily convertible debentures to promoter group of the Companies on preferential basis -

- Jindal Stainless (Hisar) for an amount of up to Rs 250 crore
- Jindal United Steel for an amount of up to Rs 120 crore and
- Jindal Coke for an amount of up to Rs 60 crore.

- Issuance of compulsorily convertible warrants to promoter group of companies on preferential basis for an aggregate amount of Rs 75 crore.

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Defence procurement related exercise to yield results in 2017: Manohar Parrikar
Dec 24,2016

The exercise undertaken by the government in terms of defence procurement will start yielding results from next year onwards, Union Defence Minister, Mr Manohar Parrikar said at an ASSOCHAM event.

n++In defence procurement we have planted some grafts, which I expect to produce result, but even there you have to wait for 2-3 years, now two years are over, probably next year 2017 is a year where whatever exercise has been carried out will start yielding results,n++ said Mr Parrikar.

He said that most of the issues pertaining to defence procurement procedure are being gradually sorted out.

n++I am still clearing the mess of the earlier government, I do not intend to point finger, this is not for blame game, but till now there were so many errors, mistakes, casualness, things have gone in cycles and cycles,n++ said Mr Parrikar.

n++Slowly but surely these issues are getting sorted out and I am very sure that we will make it as the road ahead is very clear,n++ he added.

Highlighting that government has initiated various policy initiatives, the Union Defence Minister said, n++If we properly assess the requirement of defence forces, we can make many of the changes happen.n++

He also said that industry should come out with clear recommendations. n++We expect that while we will also change DPMs (Defence Procurement Manuals) and OFB (Ordinance Factory Board) very soon into IDDM (Indigenously Designed Developed and Manufactured) concept, slightly differently put up, but at the same time we will expect that the biggies in the private sector also spread requirement to the small and medium.n++

n++There is a definite improvement, the percentage of small and medium, legally required is 20, it was around between 9 per cent in OFBs and to about 14-15 in PSUs, today it has crossed 20 and is at an average of about 29 per cent in MSME (micro, small and medium enterprises) sector,n++ he added.

Talking about the need for Indias defence public sector undertakings (DPSUs) to remain competitive, he said that if good material can be got at a cheaper price why should advance be paid, except where development and small scale industry is involved.

n++Why should he restrict himself, he should ask for best quality at cheapest rates. I am not going to give advance if I can get good material at credit why should I pay advance to another company,n++ said Mr Parrikar.

He said that in case of high-technology item, the policy has to be different.

n++If it is developed, manufactured and supplied by small industry, the policy has to be different, we are working on it, that is why some time is being taken, but when it comes out it will be much better manuals,n++ said the Union Defence Minister.

n++Both these manuals are being worked because now lot of things have been eliminated, they are gone, so now there are very few things, but critical issues are remaining,n++ he said.

He said that there are more issues in offset like skill development, if it should be outsourced to a competent agency, and if it can be used for venture capital. n++These are questions we are answering and will be replying to them very soon but I think all these aspects are now limited to 4-5 pointed issues, give us those.n++

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Sudarshan Chemical Industries gets upgradation in Company rating
Dec 24,2016

Sudarshan Chemical Industries announced that India Ratings & Research have upgraded the Company rating to IND A+; Outlook Stable w.e.f. 23 December 2016.

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Ruchi Soya Industries gets revision in ratings for bank facilities
Dec 24,2016

Ruchi Soya Industries announced that Credit Analysis and Research has revised the rating of the company as under -

Long term bank facilities - CARE D (Revised from CARE B)
Long term/ short term bank facilities - CARE D/ CARE D (Revised from CARE B/ CARE A4)

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Demonetisation a short term challenge; Dr. Arvind Subramanian, CEA
Dec 24,2016

Asserting that the Indian economy is n++very stablen++ at macro level, the Chief Economic Advisor Dr. Arvind Subramanian today said, managing demonetisation is a short term challenge for the next few weeks and months.

Dr. Subramanian said one of the challenges for the Indian economy in the short term is to manage the demonetisation fall-out n++How do we manage demonetisation in the next few weeks and monthsn++, he said, adding however, that this would be a short term phenomenon.

Referring to some important global developments like the latest hike in the US Federal Reserve rates and firming up of crude oil prices, he said the Indian economy is well- cushioned to cope up with these events.

On the hike in US interest rates, the CEA in the Finance Ministry said n++This was anticipated and expected. My own view is that on this the Indian economy is very well cushioned to absorb the impact of this. The RBI policy also took account of this in a very sensible way. There may be some short term things. This is not something we need to worry aboutn++.

Asked about the outflows from the emerging markets, he said after the US elections there were already big fund flows from the emerging markets. n++But given that India is in bright spot, the impact on us would be much smallern++, said Dr. Subramanian.

As for the rising crude oil prices, he said there would be some ups and down. n++If it persists there would be some implications but I dont think oil prices are going to surge to a level which is difficult to handle for Indian++.

On the demand from the ASSOCHAM for lower rates in the goods and services tax (GST) Dr. Subramanian said the lower and simple taxes are always preferable but there was a strong case for inclusion of real estate and electricity into the GST value chain. He echoed the views express by ASSOCHAM president Mr. Sunil Kanoria and several others senior members of its managing committee who shared their perspective about state of Indian economy particularly after the demonetisation of high value currency notes.

Listing the global challenges to be dealt with by the Indian economy, Dr. Subramanian said while the strengthening of US dollar would be of less concern, the main headwind can be felt in the form of weakening of Chinese currency and those of other competing economies.

He said it is not only the Chinese currency but also from Vietnam, Philippines and Bangladesh which would become more competitive. This could affect Indias competiveness in the export markets. He said if the Indian economy has to grow by 8%, then exports must expand by 15%.

But key factor to watch, in the unfolding global scenario, would be whether the developed countries would be able to handle more exports especially that of services from developing countries like India.

Dr. Subramanian also pointed out several key economic reforms undertaken by Indian economy in the recent past. This included passage of GST Constitutional Amendment Bill which he described as the n++mother of all achievementsn++.

The other reforms included the passage of the bankruptcy law allowing easy exit, Adhaar bill making the direct benefit transfer schemes functional and institutionalizing of the monetary policy committee in the Reserve Bank of India (RBI).

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Gajra Bevel Gears appoints company secretary & compliance officer
Dec 24,2016

Gajra Bevel Gears has appointed CS Shruti Singh, as a Company Secretary and Key Managerial Person and further as a Compliance Officer of the Company w.e.f. 23 December 2016 through resolution passed by Circulation on 23 December 2016 by the Board of Directors.

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ONGC Board approves acquisition of GSPCs stake and operations in Block KG-OSN-2001/3
Dec 24,2016

Oil & Natural Gas Corpn and Gujarat State Petroleum Corporation have engaged in discussion on a potential transaction for purchase by ONGC of GSPCs stake and operations in NELP - III Block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.

The Board of Oil & Natural Gas Corpn on 23 December 2016 considered and approved the acquisition of entire 80% participating interest of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million for Deen Dayal West Field in the Block. ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which would be adjusted upon valuation of these discoveries subsequent to approval of their Field Development plans by DGH/ Management Committee of the Block.

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Sustained Recovery Challenge for Commercial Vehicle Industry
Dec 24,2016

Despite a drop in sales over the recent quarters, a spike in incremental capacity additions of medium and heavy commercial vehicles (MHCVs) since July 2016 is expected to increase the System Capacity (SC) and elevate deployment risk in the medium term, says India Ratings and Research (Ind-Ra). If an aggressive selling strategy is adopted by the financiers through attractive financing options, it may create inorganic demand resulting in overcapacity in the system and eventually leading to higher delinquencies.

Ind-Ra calculated SC multiple of 1.6x as on August 2016 is unlikely to return to its ideal level of 1.4x in the near term, despite witnessing correction over the months from 1.85x in June 2013. Ind-Ra believes that a structural shift towards higher tonnage MHCVs will continue, especially after the roll-out of GST.

Ind-Ra developed an index known as the SC multiplier to study the sensitivity of system capacity and Index of Industrial Production (IIP) on delinquencies. The SC multiplier estimates an expected movement of delinquencies based on the movement in the system capacity and IIP growth. Higher the multiple, higher would be the delinquencies. Delinquencies of less than 2% in August 2016 corresponds to the SC multiple of 1.6x. Ind-Ra believes the multiple is expected to move upwards in the medium term, resulting in an expected rise in delinquencies.

A steep reduction in MHCV sales and higher replacement demand in FY14 and FY15 has led to limited new additions, thus correcting excess capacity and improving CV capacity utilisation. This has corrected delinquencies to less than 2% in August 2016 from 4% in October 2015. However, a relatively lower replacement demand in 2HFY16 and FY17 has resulted in an increase in new additions, despite lower sales in the recent quarters. However, if the incremental capacity build-up is not supported by the corresponding growth in the industrial activity, it may result in higher delinquencies.

Ind-Ra believes the structural shift towards higher tonnage MHCVs will continue. Sales data indicates that the proportion of MHCVs over 25 tonne has increased manifold (56% in 1HFY17 from 19% in FY10). Furthermore, roll-out of GST is expected to further boost the demand for high tonnage vehicles, as large scale intrastate good transport will become cost effective and hassle-free. This, however, exposes the industry to elevated deployment risk, if industrial activity registers disappointing growth. Moreover, deployment of heavy tonnage MHCVs will also be a constraint due to high fixed cost associated with it.

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Gujarat Narmada Valley Fertilizers & Chemicals completes Safety Audit for TCI-II Plant at Dahej
Dec 24,2016

Gujarat Narmada Valley Fertilizers & Chemicals announced that Safety Audit of TDI-II Plant, Dahej by Internationally reputed Company Lloyds Registers has been completed. The TDI technology supplier Chematur A.B. Sweden, has reviewed the corrective actions / modifications suggested by Lloyds Registers and currently the same are under implementation. The plant will be restarted as early as possible after implementing all corrective actions / modifications and ensuring safety and security of the plant.

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Yes Bank raises Rs 3000 cr in Tier-I Capital
Dec 24,2016

Yes Bank has placed Rs 3000 crore Basel III Compliant Additional Tier-I Bonds through private placement against the base issue size of Rs 2100 crore. The bonds carry a coupon rate of 9.50% p.a. With this capital raising, Yes Banks Tier I Capital Ratio will be at 12%.

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Board of Sasken Communication Technologies provides update on buyback of shares
Dec 24,2016

Sasken Communication Technologies announced that the Buyback Committee of the Board of Directors, at its meeting held on 23 December 2016, inter alia, considered the following:

- Fixed the Buyback Price of Rs 410 (the Buyback Price) and the total consideration for Buyback to be Rs. 120.04 crore (the Buyback Size) excluding the transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc., the total number of Equity Shares to be bought back in the Buy-back shall be 29,27,879 Equity Shares, representing 16.52% of the total issued and paid-up equity share capital of the Company as on 31 March 2016.

The aforesaid terms of Buy-back are within the maximum limits approved by the Board of Directors at its meeting held on 27 October 2016 and as approved by shareholders by special resolution, through postal ballot, results of which have been announced on 23 December 2016.

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Sidh Automobiles provides update on subsidiary
Dec 24,2016

Sidh Automobiles announced that name of its subsidiary Company Urban Organic Products, has been changed to Wholly Organic Products with effect from 20 December 2016.

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Welspun Enterprises sells its entire investment in Welspun Energy
Dec 24,2016

Welspun Enterprises announced that the Board of Directors of the Company has, subject to the approval of the members of the Company, approved sale of its entire investment of 60,493,342 equity shares representing 15.49% in the paid up equity share capital of Welspun Energy.

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HCL Technologies allots equity shares
Dec 24,2016

HCL Technologies announced that the Employees Stock Option Allotment Committee of the Company has on 23 December 2016 allotted 41,680 Equity Shares of Rs.2/- each under the 2004 Stock Option Plan of the Company.

Consequent to the said allotment the paid-up share capital of the Company has gone up to 1,411,197,994 equity shares of Rs.2/- each aggregating to Rs. 2,822,395,988/-.

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Yes Bank allots equity shares
Dec 24,2016

Yes Bank has allotted 45,550 (Forty Five Thousand Five Hundred and Fifty) equity shares of face value of Rs. 10/- each on 23 December 2016 under the JESOP IV, JESOP V, PESOP I and PESOP II - 2010.

The paid up share capital of the Bank has accordingly been increased from Rs. 4,22,93,25,380/- consisting of 42,29,32,538 equity shares of Rs. 10/- each to Rs. 422,97,80,880/-consisting of 42,29,78,088 equity shares of Rs. 10/- each.

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