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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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Infosys declines amid ongoing tussle over whistle-blowers complaint in Panaya acquisition
Feb 22,2017

Meanwhile, the S&P BSE Sensex was up 137.47 points or 0.48% at 28,899.06.

On the BSE, 78,000 shares were traded on the counter so far as against the average daily volumes of 2.87 lakh shares in the past one quarter. The stock had hit a high of Rs 1,015 and a low of Rs 994.50 so far during the day.

The stock had hit a record high of Rs 1,278 on 3 June 2016 and a 52-week low of Rs 900.30 on 9 November 2016. The stock had outperformed the market over the past one month till 21 February 2017, advancing 6.76% compared with the Sensexs 6.39% rise. The scrip had, however, underperformed the market over the past one quarter, gaining 11.17% as against the Sensexs 11.63% rise.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

Infosys issued clarification during market hours today, 22 February 2017 on the status of the whistle blower complaints received by the company as reported in certain sections of the media. This whistle blowers complaint has been placed before the audit committee as is the normal practice, in accordance with the companys Whistle Blower Policy, and the audit committee is taking steps to initiate an investigation into the allegations made, Infosys said.

In a press release issued on its website on 20 February 2017, Infosys strongly refuted and denied the allegations made in the anonymous whistleblower letter that has been featured in certain sections of the media. The assertions made in the letter are libelous and are aimed at tarnishing the image of Infosys and its management, the company said.

The letter alleges that Infosys acquired Panaya at a 25% margin to the valuation of Series E investor that came in on 8 January 2015. Series E investor was a minority shareholder (less than 15%) and was towards preferred stock, whereas Infosys acquisition in Panaya is for 100% stake, the company said.

Infosys stated that no member of the Infosys management team was involved in any prior investments in Panaya, and insinuations that anyone from the management team at Infosys benefitted from this acquisition are misleading and slanderous.

Regardless of the malicious intent of this anonymous letter, the company will pursue its normal course of action and investigate the charges made, it said.

In the case of Panaya, all the requisite steps were followed, Infosys said. The valuation was done by Deutsche Bank, the financial and tax due diligence was done by one of the Big four firms and legal diligence was done by a leading law firm - Kirkland & Ellis, it said. The management presented the rationale behind the acquisition - including synergies and business potential to the Board, along with necessary reports and findings. The Board deliberated the acquisition, and unanimously approved the investment which was well within the valuation range determined by the evaluator, Infosys said.

The last investment (series E investment in 8 January 2015) in Panaya was not a strategic investment whereas Infosys investment in Panaya was a strategic investment and it had significant synergies in acquiring a controlling stake in Panaya, Infosys said. The valuation of investment in preferred stock vs. 100% strategic acquisition cannot and should not be compared, it added. In addition, there is a premium for acquiring a controlling stake, the company said.

Infosys said that the allegation that the $20 million invested in Panaya before the acquisition was taken out and distributed to the shareholders is also untrue.

Panaya was looked at as an acquisition candidate based on its strategic fit, Infosys said. There is absolutely no conflict of interest due to Dr. Sikkas past professional association with Dr. Plattner, it added.

It may be noted that Infosys is the cynosure of investors over the past few days amid ongoing corporate governance dispute between founders and board members of the IT bellwether over various issues ranging from pay package of its CEO Vishal Sikka to that of 30-month severance pay being given to former chief financial officer Rajiv Bansal, which was raised by the companys founder-promoter N R Narayana Murthy along with some of the other founder promoters of the company.

On a consolidated basis, Infosys net profit rose 2.82% to Rs 3708 crore on 0.21% decline in net sales to Rs 17273 crore in Q3 December 2016 over Q2 September 2016.

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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Punjab & Sind Bank intimates of bank strike
Feb 22,2017

Punjab & Sind Bank announced that Indian Banks Association has informed that convener of United Forum of Bank Unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO) has served a notice that all the constituent unions have proposed to go on strike on 28 February 2017.

If the strike materialises, a certain section of the Banks employees may participate in strike on the said date, in which case, it is likely that the normal functioning of the branches / offices of the Bank may get affected.

The Bank is taking all necessary steps in terms of the existing guidelines to deal with the strike and for smooth functioning of Banks branches / offices.

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Ministry of External affairs enquire missions to promote Ayush, Ayurveda: V.K. Singh
Feb 22,2017

Ministry of External affairs (MEA) have asked all chairs and missions to take a serious look to promote Ayush and Ayurveda, said (Dr) V.K. Singh (Retd), Minister of State, Ministry of External Affairs, Government of India at an ASSOCHAM event.

n++On part of Ministry of External affairs (MEA), we have asked all our chairs and missions to promote Ayush and Ayurveda because 25 missions have got Ayush facilitation centers and these are being managed in a manner in which we would like them to become much greater facilitation center then what they are today,n++ said Mr Singh.

He said that Ministry of External Affairs (MEA) is aware of need for simplifying VISA procedures and open for the suggestions and recommendations to make things better for people who are coming.

n++Misuse and abuse creates problems for any new initiative,n++ he added. To ensure that things are made as transparent as possible and things are made in this manner in which they cannot be misused, said Mr. Singh.

n++This is field got tremendous potential which can make India the hub of medical facilities which will help India as well as allow rest of the world to depend on Indian++, said Mr. Singh.

Mr Singh also said that we have treatments both traditional medical field and as well as alternative therapies that are perfected and cause the traditional Indian medicinal practices. There are people in continents that look towards India as a country which gives affordable medical care.

The tourist looks for the facility which is at par best in the world that is hygiene, friendly staff who can guide you correctly and the doctors who are not going to overcharge you, added Mr. Singh.

In his address at the ASSOCHAM summit, Mr Amarendra Khatua, Secretary (Special Assignment), MEA and DG, ICCR, said that today, today, the pharma market is about US$ 40 billion in 2017-18, the average growth rate is 14% per year at CAGR and in real terms medical visa arrivals are increased almost at the rate of 80% every year since 2010. The MEDiTravel industry now needs concentrated and coordinated approach for growth, revenue generation and quality service.

Medical tourism in exports not only results in increased foreign exchange earnings, increased tourism revenue earning, attracts tourism investment in the sector, creation of employment, improves standard and accountability in the local health services and facilities and growing awareness, added Mr. Khatua.

n++It also creates great India brand. The brand properly packaged and marketed by a study, is estimated to have a market size of a US $ 60 billion per yearn++.

He also highlighted the action plan like we must have a focussed market development programme in the target countries through regional insurance product and cross border payment arrangements.

Introduction of polit schemes for specialised electric treatments and procedures and sell them specialised trade fairs or promotional events abroad. Need to have a study of setting up medi-value EPZs in different parts of India, said Khatua.

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Ramco Systems jumps after winning order
Feb 22,2017

The announcement was made during trading hours today, 22 February 2017.

Meanwhile, the BSE Sensex was up 129.01 points, or 0.45%, to 28,890.60.

On the BSE, so far 24,000 shares were traded in the counter, compared with average daily volumes of 56,025 shares in the past one quarter. The stock hit a high of Rs 375 and a low of Rs 357.10 so far during the day.

The stock hit a 52-week high of Rs 814 on 3 May 2016. The stock hit a 52-week low of Rs 286 on 14 December 2016. The stock had underperformed the market over the past 30 days till 21 February 2017, falling 3.86% compared with the 6.06% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.03% as against Sensexs 10.40% rise.

The small-cap company has equity capital of Rs 30.35 crore. Face value per share is Rs 10.

Ramco Systems said it has secured a multi-million dollar cloud deal (about $2.5 million) from Allegis Group Australia for Ramco ERP for Services Resource Planning (SRP), Human Capital Management (HCM) & Payroll to be implemented across eight countries including India, Singapore, Malaysia, China, Hong Kong, Japan, Australia and New Zealand covering 7000+ employees & contractors. Allegis Group is the global leader in talent solutions, and the largest privately-held staffing company in the world, the company said in a statement.

Ramco Systems announced during market hours yesterday, 21 February 2017, that the United States largest independently owned and operated, membership-supported air medical service, Air Evac EMS, Inc., announced the successful implementation of Ramco Systems aviation software, Ramco Aviation V5.7, for its maintenance and engineering operations across 135 air bases. Air Evac is a subsidiary of Air Medical Group Holdings, the worIds largest independent provider of air medical services and a Ramco Aviation customer. Shares of Ramco Systems rose 4.39% to end at Rs 357.65 yesterday, 21 February 2017.

Ramco Systems reported consolidated net profit of Rs 3.02 crore in Q3 December 2016, compared with net loss of Rs 1.17 crore in Q2 September 2016. Net sales declined 0.3% to Rs 112.82 crore in Q3 December 2016 over Q2 September 2016.

Ramco is a fast growing enterprise software player disrupting the market with its multi-tenanted cloud and mobilen++based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for aviation.

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Ramco Systems bags multi-million dollar Cloud deal for Ramco ERP
Feb 22,2017

Ramco Systems has secured a multi-million dollar Cloud deal (about USD 2.5 million) from Allegis Group Australia for Ramco ERP for Services Resource Planning (SRP), Human Capital Management (HCM) & Payroll to be implemented across 8 Countries including India, Singapore, Malaysia, China, Hong Kong, Japan, Australia and New Zealand covering 7000+ employees & contractors.

Allegis Group is the global leader in talent solutions, and the largest privately-held staffing company in the world.

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Board of Castrol India recommends special dividend
Feb 22,2017

Castrol India announced that the Board of Directors of the Company at its meeting held on 21 February 2017, inter alia, have recommended the special dividend of Rs 2 per equity Share (i.e. 40%) , subject to the approval of the shareholders.

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Board of Castrol India recommends final dividend
Feb 22,2017

Castrol India announced that the Board of Directors of the Company at its meeting held on 21 February 2017, inter alia, have recommended the final dividend of Rs 4.5 per equity Share (i.e. 90%) , subject to the approval of the shareholders.

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Board of Elantas Beck India recommends final dividend
Feb 22,2017

Elantas Beck India announced that the Board of Directors of the Company at its meeting held on 21 February 2017, inter alia, have recommended the final dividend of Rs 4.5 per equity Share (i.e. 45%), subject to the approval of the shareholders.

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Castrol India to hold AGM
Feb 22,2017

Castrol India announced that the Annual General Meeting (AGM) of the company will be held on 31 May 2017.

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Huhtamaki PPL to hold EGM
Feb 22,2017

Huhtamaki PPL announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 30 March 2017.

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Parnav Sports Academy to hold board meeting
Feb 22,2017

Parnav Sports Academy will hold a meeting of the Board of Directors of the Company on 25 February 2017 Delisting & Postal Ballot

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Board of HOV Services approve to combine SourceHOV and Novitex with QPAC
Feb 22,2017

HOV Services announced that the Board of Directors of the Company in the meeting held on 22 February 2017 have considered and approved the following -

The proposed business combination of SourceHOV Holdings Inc., a Delaware (USA) based corporation (SourceHOV) and Novitex Holdings, Inc. (Novitex) with Quinpario Acquisition Corp. 2 (QPAC), publicly traded company listed on NASDAQ.

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JSPL slides on profit booking
Feb 22,2017

Meanwhile, the BSE Sensex was up 124.66 points, or 0.43%, to 28,886.25.

On the BSE, so far 17.59 lakh shares were traded in the counter, compared with average daily volumes of 16.41 lakh shares in the past one quarter. The stock hit a high of Rs 110.30 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 103.25 so far during the day.

The stock hit a 52-week low of Rs 51.80 on 29 February 2016. The stock had outperformed the market over the past 30 days till 21 February 2017, rising 38.63% compared with the 6.06% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 63.24% as against Sensexs 10.40% rise.

The large-cap company has equity capital of Rs 91.50 crore. Face value per share is Re 1.

Shares of Jindal Steel & Power (JSPL) rose 24.30% in five trading sessions to settle at Rs 109.45 yesterday, 21 February 2017, from its close of Rs 88.05 on 14 February 2017.

The recent rally in the stock was triggered by a domestic brokerage upgrading its rating on the stock to buy from sell. According to media reports on Monday, 20 February 2017, the brokerage house said JSPLs steel operations can engineer a financial turnaround over next 1-2 years by commissioning of 3.2 million tonne per annum blast furnace at Angul operations. Steady margins from improved steel markets can deliver strong earnings growth over the financial year ending March 2018-2019. It added that improvement in power earnings is contingent on better demand. Cash flows and debt serviceability can improve materially starting second half of financial year 2017-18, according to the research firm. Shares of JSPL rose 7.80% to end at Rs 100.20 on Monday, 20 February 2017.

Meanwhile, on Monday, 20 February 2017, a media report suggested that JSPL will commission the blast furnace at its greenfield Odisha plant next month, three years after a Supreme Court order striking down a linked coal mine had stalled the progress of the estimated Rs 35,000-crore project. The move is part of JSPLs strategy to sweat its existing assets and reduce debt in the next few years. The sale of noncore assets is key to raising finances that would help the company retire debt. Out of total debt of Rs 45,600 crore, JSPLs standalone debt is Rs 22,500 crore, while Jindal Power has loans of Rs 8,500 crore on its balance sheet. Additionally, JSPLs global ventures have Rs 14,200 crore to repay, report added.

Reacting to this media report, JSPL clarified to the bourses after market hours yesterday, 20 February 2017, that the company is not aware of any information that has not been announced to the stock exchanges, which could explain the movement in the trading of the companys shares.

On a consolidated basis, JSPL reported net loss of Rs 407.44 crore in Q3 December 2016 as against net loss of Rs 573.48 crore in Q3 December 2015. Net sales rose 28.15% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015.

Jindal Steel and Power (JSPL) is one of Indias leading integrated steel manufacturers, significantly present in steel, power generation and Infrastructure segments and catering to a large part of Indias domestic energy and infrastructure requirement.

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Strong finish for US stocks
Feb 22,2017

U.S. stocks rallied on Tuesday, 21 February 2017 with major indices simultaneously closing at records for a second session in a row on the back of gains in defensive sectors and energy, even as concerns remained about the markets valuation.

The Dow Jones Industrial Average rose 0.6%, or 118.95 points, to a record 20,743.00. The Nasdaq Composite Index added 27.37 points, or 0.5%, to close at a record 5,865.95. The S&P 500 index rose 0.6% to finish at a record 2,365.38, a gain of 14.22 points, led by 1% or more gains in defensive sectors like real estate, utilities, and consumer staples. The Nasdaq Composite Index added 27.37 points, or 0.5%, to close at a record 5,865.95.

Stocks finished near their highs of the session with the days gains broad as all 11 of the S&P 500s sectors finished higher. Gains in Dow were led by gains in Wal-Mart Stores and UnitedHealth Group. Tuesday marked the eighth straight session of closing records for the blue-chip average.

The market has been in a pronounced uptrend since the election of Donald Trump in November. Investors are hoping that the policies he is expected to pursue, including tax cuts and deregulation, will accelerate economic expansion and lift corporate profits. Trumps recent suggestions that policies would be unveiled soon have spurred recent buying, although few details have emerged.

In the latest economic data, Markits read on manufacturing fell in February, as did the firms services gauge.

Equity indices came out of the gate strong this morning, rallying on an uptick in crude oil and the highest eurozone composite PMI reading in nearly six years. But the stock market hit a speed bump in front of the 12:00 pm ET speech from Philadelphia Fed President Patrick Harker who is a voter on this years FOMC. The speech turned out to be a non-event as Mr. Harker didnt provide any new information, reiterating his belief that three rate hikes are appropriate for 2017.

After trending sideways in the wake of Mr. Harkers comments, the major averages regained their momentum late in the afternoon session to hit fresh session highs going into the close.

Bullion prices ended lower at Comex on Tuesday, 21 February 2017 at Comex. Gold prices on Tuesday closed at break-even levels, confounding some market players as the commodity pared an earlier loss in the session, even as U.S. equities resumed their record run and the dollar strengthened.

April gold slipped 20 cents, or less than 0.1%, to settle at $1,238.90 an ounce, after trading as low as $1,226.80, earlier in the session. May silver also reduced an earlier decline to settle down 2.9 cents, or 0.2%, at $18.074 an ounce on Tuesday.

The ICE U.S. Dollar Index was up 0.5% at 101.4000. A stronger dollar usually provides a headwind to dollar-pegged assets, making them less attractive to buyers using other monetary units.

Crude-oil futures settled sharply higher on Tuesday, 21 February 2017 as investors bid up futures contracts on the heels of growing optimism about compliance to a global pact to curb crude output. However, oil finished off its best levels as talk of a six-month extension to that global production agreement was played down by an OPEC official on Tuesday, and natural-gas futures settled at a nearly six-month low amid a bout of warm weather.

West Texas Intermediate for April delivery n++ the U.S. benchmark contract n++ closed up 55 cents, or 1%, at 54.33 a barrel. Those for the March contract which expired Tuesday, settled up 66 cents, or 1.2%, at $54.06. The April contract for global crude benchmark Brent advanced 48 cents, or 0.9%, to settle at $56.66 a barrel. Oil futures had broadly been higher throughout the session but gave up some of their gains later.

The Treasury market began Tuesday with a sizable loss, but dovish comments from Minneapolis Fed President Neel Kashkari (FOMC voter) brought Treasuries back to their flat lines. In the morning session, Mr. Kashkari stated that the U.S. labor market has more room to run, suggesting that he believes there is no hurry for the Fed to raise rates.

The benchmark 10-yr yield finished the day one basis point higher at 2.43% after showing a four basis point gain earlier in the session.

Wednesday will see several economic reports, including the MBA Mortgage Application Index at 7:00 am ET, January Existing Home Sales (consensus 5.57 million) at 10:00 am ET, and FOMC Minutes at 2:00 pm ET.

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Huhtamaki PPL drops after weak Q4 numbers
Feb 22,2017

The result was announced after market hours yesterday, 21 February 2017.

Meanwhile, the S&P BSE Sensex was up 123.48 points or 0.43% at 28,885.07.

On the BSE, 6,301 shares were traded on the counter so far as against the average daily volumes of 2,277 shares in the past one quarter. The stock had hit a high of Rs 241.95 and a low of Rs 237 so far during the day.

The stock had hit a 52-week high of Rs 327 on 8 August 2016 and a 52-week low of Rs 186.50 on 29 February 2016. The stock had underperformed the market over the past one month till 21 February 2017, advancing 0.19% compared with the Sensexs 6.39% rise. The scrip had also underperformed the market over the past one quarter, gaining 4.79% as against the Sensexs 11.63% rise.

The small-cap company has equity capital of Rs 14.54 crore. Face value per share is Rs 2.

Huhtamaki PPL is Indias leading manufacturer of primary consumer packaging and labelling materials with annual consolidated Euro 300 million. It is the largest manufacturer in volume of finished flexible packaging in the larger Africa - India - Asia Pacific region excluding Japan.

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