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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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Board of Noida Toll Bridge Company approves shifting of registered office
Dec 01,2016

Noida Toll Bridge Company announced that the Board of Directors of the Company have on 30 November 2016 accorded accorded their approval for shifting the Registered Office of the Company from the State of Uttar Pradesh to the National Capital Territory of Delhi and for amendment to the Memorandum of Association of the Company accordingly.

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Punj Lloyd slips after reporting net loss in Q2
Dec 01,2016

The result was announced after market hours yesterday, 30 November 2016.

Meanwhile, the S&P BSE Sensex was up 7.68 points or 0.03% at 26,660.49.

On the BSE, 1.22 lakh shares were traded on the counter so far as against the average daily volumes of 7.91 lakh shares in the past one quarter. The stock had hit a high of Rs 20.50 and a low of Rs 19.80 so far during the day. The stock had hit a 52-week high of Rs 31.65 on 5 January 2016. The stock had hit a record low of Rs 16.90 on 9 November 2016. The stock had underperformed the market over the past one month till 30 November 2016, declining 10.07% compared with the Sensexs 4.57% fall. The scrip had, however, outperformed the market in past one quarter, sliding 0.96% as against the Sensexs 5.96% fall.

The small-cap company has equity capital of Rs 66.42 crore. Face value per share is Rs 2.

The companys net sales declined 1.3% to Rs 990.57 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) fell 58.33% to Rs 25 crore in Q2 September 2016 over Q2 September 2015.

Atul Punj, Chairman - Punj Lloyd said, the quarter under review saw some acceleration in execution across all the companys projects. A key development during the quarter was the Cabinets decision on payment of arbitration awards by the government agencies to engineering, procurement and construction (EPC) companies. This is a significant positive for the industry and will go a long way towards reducing debt and infusing money into the business, enabling timely project execution. In line with the managements strategy of exiting non-core businesses, Punj Lloyd is under the process of exiting/divesting in some special purpose vehicles (SPVs) under Punj Lloyd Infrastructure (PLIL), a wholly owned subsidiary of the company, Atul Punj said.

Punj Lloyd is a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.

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Cabinet approves liberalization, simplification and rationalization of Visa regime in India
Dec 01,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for liberalization, simplification and rationalization of the existing visa regime in India, and incremental changes in the visa policy decided by the Ministry of Home Affairs in consultation with various stakeholders and with approval of the Home Minister.

The approval will facilitate entry of foreigners for tourism, business and medical purposes. This is expected to stimulate economic growth, increase earnings from export of services like tourism, medical value travel and travel on account of business and to make Skill India, Digital India, Make in India and other such flagship initiatives of the Government successful.

This will also considerably ease the travel of foreigners to India for the above-mentioned legitimate purposes.

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Ganesha Ecosphere provides update on investor- MCAP India Fund
Dec 01,2016

Ganesha Ecosphere announced that its investor, MCAP India Fund, on account of its investment in the Company has been voted as the winner of the Sustainability and Operational Excellence Challenge organised by Financial Times and EMPEA (Emerging Markets Private Equity Association) at EMPEA-FT Sustainable Investing in Emerging Markets Leadership Summit held in London on 25 October 2016.

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Cantabil Retail India announces resignation of director
Dec 01,2016

Cantabil Retail India announced that Anil Bansal, Whole-Time Director of the Company, has tendered his resignation with effect from close of business hours of 30 November 2016.

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Wipro enters into agreement to sell its EcoEnergy division
Dec 01,2016

Wipro announced that it has signed an agreement to sell its EcoEnergy division to Chubb Alba Control Systems, an indirect subsidiary of United Technologies Corporation for a consideration of USD 70 million. The sale is expected to close in early 2017.

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Reliance Communications gets revision in family rating and senior secured Notes rating
Dec 01,2016

Reliance Communications announced that Moodys Investors Service, Inc. (Moody), International rating agency, has revised Companys corporate family rating and senior secured Notes rating from Ba3 to B1.

Moody stated that while the expected reduction in debt achieved from proposed two deleveraging transactions will be credit positive, it will take 6-9 months for both transactions to close. Moreover, this is a material shift with respect to business focus, scale and growth strategy - key factors that affect the credit profile of the company and credit risk for bondholders.

Post restructuring, the Company will transform from Indias 4th largest wireless telecommunications operator into a company focused on the B2B segment and providing retail and wholesale data connectivity, as well as internet networks and services. The Company will also lease its submarine cable infrastructure - owned and operated by its 100% owned subsidiary, GCX and metropolitan city networks.

At the same time, the Company will retain a 50% interest in the wireless MergerCo. The Company will also benefit from a 49% economic upside interest in the TowerCo subject to certain performance conditions.

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Wipro inches up after announcing divestment of EcoEnergy division
Dec 01,2016

The announcement was made after market hours yesterday, 30 November 2016.

Meanwhile, the S&P BSE Sensex was up 58.01 points or 0.22% at 26,710.82.

On the BSE, 4,489 shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past one quarter. The stock had hit a high of Rs 469.10 and a low of Rs 466 so far during the day. The stock had hit a 52-week high of Rs 606.75 on 20 April 2016. The stock had hit a 52-week low of Rs 410 on 9 November 2016. The stock had outperformed the market over the past one month till 30 November 2016, advancing 0.02% compared with the Sensexs 4.57% fall. The scrip had also outperformed the market in past one quarter, sliding 4.91% as against the Sensexs 5.96% fall.

The large-cap IT company has equity capital of Rs 486.17 crore. Face value per share is Rs 2.

The buyer is Chubb Alba Control Systems (Chubb Alba), an indirect subsidiary of United Technologies Corporation (UTC). The sale is expected to be closed in early 2017, subject to requisite approvals. Wipro EcoEnergy contributed Rs 67.64 crore (0.1%) to Wipros revenue in FY 2016.

Wipro has been sharpening focus on its core IT business. Since business carried out by the EcoEnergy division is not core and strategic to overall IT business of the company, it has been decided to divest the business.

Wipros consolidated net profit rose 0.9% to Rs 2070.40 crore on 1.45% rise in net sales to Rs 13896.80 crore in Q2 September 2016 over Q1 June 2016.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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Cabinet approves closure of Kota Unit of Instrumentation and Transfer of its Palakkad Unit to Government of Kerala
Dec 01,2016

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved closure of Kota Unit of Instrumentation and transfer of Palakkad Unit of Instrumentation to Government of Kerala.

In this connection, the Cabinet has approved attractive VRS/VSS package at 2007 notional pay scales to employees of Kota Unit of Instrumentation Ltd. including the payment of pending salary, statutory dues etc., which amounts to approximately Rs.438 crore.

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State Bank of Travancore revises MCLR rates
Dec 01,2016

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 -

Overnight - 8.85%
1 month - 9.05%
3 months - 9.15%
6 months - 9.30%
1 year - 9.45%
2 years - 9.50%
3 years - 9.60%

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State Bank of Travancore revises MCLR rates
Dec 01,2016

State Bank of Travancore has revised the Marginal Cost of Funds based Lending Rate with effect from 01 December 2016 -

Overnight - 8.85%
1 month - 9.05%
3 months - 9.15%
6 months - 9.30%
1 year - 9.45%
2 years - 9.50%
3 years - 9.60%

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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RBL Bank to open international financial services centre Banking Unit
Dec 01,2016

RBL Bank announced that the Bank has received in-principle approval of the Reserve Bank of India (RBI) on 30 November 2016 for opening of international financial services centre Banking Unit at Gujarat International Finance Tech-City (GIFT), Gujarat.

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Board of Balkrishna Industries declares 2nd interim dividend
Dec 01,2016

Balkrishna Industries announced that in the meeting of the Board of Directors held on 30 November 2016, inter alia, has declared 2nd interim dividend of Rs. 2.00 per Equity Share (100%) on the Equity Shares of Rs. 2/- each (face value) for the financial year 2016-2017.

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Board of Balkrishna Industries declares 2nd interim dividend
Dec 01,2016

Balkrishna Industries announced that in the meeting of the Board of Directors held on 30 November 2016, inter alia, has declared 2nd interim dividend of Rs. 2.00 per Equity Share (100%) on the Equity Shares of Rs. 2/- each (face value) for the financial year 2016-2017.

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