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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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Punj Llyod to allot 21.30 lakh equity shares
Mar 20,2017

Punj Llyod announced that the Committee of Directors of the Company on 14 March 2017 passed a resolution for allotment of:

- 4,10,000 equity shares of the Company of face value of Rs. 2/- each at a Price of Rs. 2/- per equity share under third grant of ESOP 2005;

- 17,20,000 equity shares of the Company of face value of Rs. 2/- each at a price of Rs. 2/- per equity share under seventh grant of ESOP 2006

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Mahindra Lifespace Developers provides update on rights issue
Mar 20,2017

Mahindra Lifespace Developers announced the outcome of the Rights Issue Committee meeting held on 20 March 2017.

1. BSE has been approved as the Designated Stock Exchange for the Issue.

2. Issue of up to 10,273,600 equity shares with a face value of Rs. 10 (ten) each for cash at a price of Rs. 292/- (Rupees Two Hundred Ninety-two only) per equity share including a premium of Rs. 282/- (Rupees Two Hundred Eighty-two only) per equity share (Rights Equity Shares) for an amount up to Rs.299.99 crore on a rights basis to the eligible equity shareholders of the Company in the ratio of 1:4, that is, 1 (one) Rights Equity Share for every 4 (four) fully paid-up equity shares of the Company held by existing equity shareholders as on the Record Date.

3. 31 March 2017 has been fixed as the Record Date for determining the shareholders eligible to apply for the Rights Equity Shares in the Issue.

4. Approved the appointment of intermediaries to the Issue.

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Aries Agro wins various awards
Mar 20,2017

Aries Agro has been conferred with the following Awards -

1) The National Record awarded by Limca Book of Records for the Largest Flash Sale of Specialty Plant Nutrient Products conducted during April 2016 at Bombay Stock Exchange, International Convention Center, Mumbai.

2) The highest independent honour in India namely the Skoch Gold Award for our consistent work serving Indian farmers.

3) Recognition with Skoch Order of Merit for being amongst the top 100 SMEs in India.

The above awards were conferred after detailed adjudication process carried out by the respective organizations.

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iStreet Network allots 1.25 lakh equity shares
Mar 20,2017

iStreet Network has allotted 1,25,000 equity shares on conversion of warrants. Post allotment, the paid up capital of the Company has increased from Rs. 8,47,00,000 to Rs. 8,52,00,000.

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Shyam Century Ferrous announces resignation of company secretary and compliance officer
Mar 20,2017

Shyam Century Ferrous announced that Rachna Pareek, Company Secretary & Compliance Officer of the Company has resigned from the services of the Company. The Company has accepted her resignation and relieved her from her responsibilities effective from close of the business hours of 18 March 2017.

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South India Paper Mills intimates of indefinite strike by workers union
Mar 20,2017

South India Paper Mills announced that Workers Union has commenced an indefinite strike w.e.f. 20 March 2017 at the Companys Paper Mill at Chikkayanachatra, Nanjangud.

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Patel Engineering to hold EGM
Mar 20,2017

Patel Engineering announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 18 April 2017 .

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Power Finance Corporation to hold board meeting
Mar 20,2017

Power Finance Corporation will hold a meeting of the Board of Directors of the Company on 24 March 2017, for considering inter-alia the declaration of Interim Dividend for FY 2016-17.

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TCI Developers to hold board meeting
Mar 20,2017

TCI Developers will hold a meeting of the Board of Directors of the Company on 17 May 2017, to approve the audited Financial Results 4th Quarter/FY ending on 31st March, 2017.

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Grasim Industries allots 27,905 equity shares
Mar 20,2017

Grasim Industries announced that the Board has approved the allotment of 27,905 equity shares of Rs 2 each on exercise of ESOS, 2013. Consequent to the above allotment, the equity share capital of the Company has increased to 46,68,37,110 equity shares of Rs 2 each aggregating to Rs 93.36 crore.

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Housing Development Finance Corporation allots 11,68,605 equity shares
Mar 20,2017

Housing Development Finance Corporation has allotted 11,68,605 equity shares pursuant to exercise of stock options. Post the above allotment, the paid up equity share capital would stand at Rs 317.66 crore consisting of 158,83,02,140 equity shares of Rs 2 each.

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Employees Enrolment Campaign launched by EPFO to extend social security benefits to all eligible workers
Mar 20,2017

An Employees Enrolment Campaign has been launched by Employees Provident Fund Organisation during the period 01 January 2017 to 31 March 2017, in order to extend social security benefits to all the eligible workers in the country. During the Campaign, various financial incentives are being offered to establishments to enroll their workers.

An employer, whether already covered or yet to be covered, can enroll employees who remained un-enrolled for any reason between 01 April 2009 and 31 December 2016 by making a declaration of such employees during the campaign period. Such declaration shall be valid only in respect of employees who are alive as on 1st January, 2017 and no proceedings under section 7A of the Employees Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 or under paragraph 26B of the Employees Provident Funds (EPF) Scheme, 1952 or under paragraph 8 of the Employees Pension Scheme, 1995 have been initiated against their establishment or employer, as the case may be, to determine the eligibility for membership of such employees. For the declaration made under this campaign, the employer shall be responsible to remit the employers contribution, interest under section 7Q of the Act and damages. As an incentive, the following shall apply to the declarations made under the campaign: -

(i) The employees share of contribution if declared by the employer not to have been deducted shall not be required to be paid.

(ii) The damages to be paid by the employer in respect of the employees for whom declaration has been made under this campaign shall be at the rate of Rupee 1(one) per annum.

(iii) No administrative charges shall be collected from the employer in respect of the contribution made under the declaration.

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BHEL commissions 2nd unit of 660 MW at Mouda STPS
Mar 20,2017

Bharat Heavy Electrical has commissioned a 660 MW supercritical thermal unit in Maharashtra. This is the second supercritical unit to be commissioned at Mouda Super Thermal Power Station for NTPC, located at Mouda in Nagpur District of Maharashtra.

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Asia Pacific Market: Protectionism worry drags on stocks
Mar 20,2017

Asia Pacific share market finished session mostly down on Monday, 20 March 2017, on tracking an uninspiring lead from US markets on Friday and renewed worries over global trade protectionism after financial leaders of the worlds biggest economies dropped a pledge to keep global trade free and open. MSCIs broadest index of Asia-Pacific shares outside Japan was fractionally lower.

U.S. stocks closed mixed Friday, dragged down by declines in financial and health care stocks. The Dow Jones industrial average closed down 0.1% to 20,914.62, while the S&P 500 slipped 0.13% to 2,378.25.The Nasdaq composite closed flat at 5,901.00.

Finance ministers from twenty of the worlds biggest economies held a two-day meeting, and warned against competitive devaluations and disorderly FX markets but failed to agree on keeping global trade free and open.

Financial leaders from the worlds biggest economies reiterated their warnings against competitive devaluations and disorderly foreign exchange markets at the meeting in the German town of Baden-Baden over the weekend.But they failed to agree on a commitment to keep global trade free and open, highlighting a global shift towards protectionism.

Importantly we saw other leaders such as (Japanese Prime Minister) Shinzo Abe and (German Chancellor) Angela Merkel come out publicly supporting free trade, and for now the protectionist stance remains constrained to the US It would be more concerning if this began spreading to other countries.

Markets are focused on a raft of speeches by Federal Reserve officials this week, including Chicagos Charles Evans on Tuesday and Friday, Chair Janet Yellen on Thursday and Dallas Robert Kaplan and Minneapoliss Neel Kashkari on Friday and New Yorks William Dudley on Saturday.

Attention now turns to the French election, with the first Presidential debate set to take place on Monday. Opinion polls show independent centrist Emmanuel Macron would lead far-right leader Marine Le Pen by a hair in first-round voting, before beating her in the run-off.

In commodities, oil prices were steady last Friday after dropping nearly 10% for the week on concerns of a continued global supply overhang. During Asian time, Brent crude was down 0.35% at $51.58 a barrel, while U.S. crude fell 0.59% to $48.50.

Among Asian bourses

Australia Shares slips as financials, energy drag on index

Australian equity market finished session down, due to an uninspired lead from US markets on Friday and worries over global trade protectionism after financial leaders of the worlds biggest economies dropped a pledge to keep global trade free and open. ASX Sectors were mostly down, with financials, real estate, and energy stocks leading the losses. At the close, the benchmark S&P/ASX 200 index surrendered 20.7 points, or 0.36%, to 5,778.9, while the broader All Ordinaries index backtracked 20.3 points, or 0.35%, to 5,820.5. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 631 to 453 and 359 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 5.43% to 10.274.

Financials dragged the index the most with three of the big four banks losing between 0.3% and 0.5% while National Australia Bank gained 0.4%.

Real estate stocks were the second-biggest drag on the index with Scentre Group Ltd closing 2.8% lower and Westfield Corporation sliding 1%.

In materials, Fortescue was steady at A$6.70 and Rio Tinto slid 0.9% to A$62.39, while BHP Billiton bucked the trend to edge up 0.2% to A$24.88. In energy, Santos skidded 1.1% to A$3.69, while Woodside lost 0.5% to A$31.37 as crude prices lost more than half a% in Asian trade.

China Stocks end up as energy offsets fresh property curbs

The Mainland China equity market ended higher after recouping losses late afternoon, as strong gains in energy stocks offset weakness in developers following fresh measures to cool the property market. The blue-chip CSI300 index rose 0.1%, to 3,449.61 points, while the benchmark Shanghai Composite Index gained 0.41%, or 13.36 points, to 3,250.81. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, climbed 0.31%, or 6.32 points, to 2,036.05.

Energy firms rallied strongly, with heavyweight China Shenhua leading rally after the countrys largest coal miner announced a spectacular dividend payment proposal. Shares in the coal miner surged by their 10% trade limit to close at a 19-month high, as the company proposed to pay total dividend of 59 billion yuan in cash after recording a 40.7% increase in net profit for 2016.

An index tracking the property sector tumbled after more cities imposed fresh property restrictions over the weekend. The Beijing municipal government announced new steps to rein in its booming housing market after the market close on Friday. Data on Saturday suggested the impact of earlier property cooling steps by many cities may have been short-lived. Chinas home prices picked up speed again in February after slowing in the previous four months, while sales have surged.

Official data on Saturday showed that Chinas property prices rose in February after having slowed in the past four months. New home prices were up 0.3%, compared to Januarys 0.2% increase. Meanwhile, property sales jumped 25.1% in January and February, the strongest annual growth in seven years.

Hong Kong Stocks end at fresh 19-month high

The Hong Kong stock market closed session at fresh 19-month high, building on last weeks rally after the Federal Reserve flagged a slower pace of interest rate rises this year and as Chinese investors pumped in more funds into the local market on optimism over earnings and dividend payouts. The gains were led by energy and tech shares, but an index tracking mainland properties tumbled, after China stepped up real estate curbs in a number of cities, and vowed to restrict lending to the sector. The Hang Seng index rose 0.8%, to 24,501.99, while the China Enterprises Index gained 0.7%, to 10,583.98 points. Turnover decreased slightly to HK$97.8 billion from HK$121.3 billion on Friday.

China Shenhua (01088) jumped 16% to HK$19.14 after the company declared special dividend of RMB2.51 per share. Citi Research upgraded its rating for China Shenhua to buy. China Coal (01898) also climbed 4% to HK$4.18.

China Mobile (00941) added 3.7% to HK$90.35 on hopes of a special dividend. Tencent (00700) is scheduled to report its earnings on 22 March. It closed up 2.8% to all-time high of HK$228.2. The stocks contributed 60- and 71-point gains to the benchmark index.

Mainland developers were pressured on fresh measures to cool the property market. Over the weekend, six Chinese cities tightened property policies, including Beijing and Guangzhou. CR Land (01109) and China Vanke (02202) fell 2% and 4% to HK$22 and HK$22.35. China Overseas Land & Investment (00688) slipped 2% to HK$24.5. Its subsidiary China Overseas Property (02669) plunged 5% to HK$1.47 despite of a 93% growth of its 2016 net profit.

Indian Market snaps two-day winning streak

Key benchmark indices drifted lower on first trading day of the week today, weighed by selling in index heavyweights, Infosys, Reliance Industries and ICICI Bank. The barometer index, the S&P BSE Sensex, lost 130.25 points or 0.44% to settle at 29,518.74. The Nifty 50 index fell 33.20 points or 0.36% to settle at 9,126.85. Weakness in world stocks dampened sentiment on the domestic bourses.

Frontline IT stocks declined as the rupee continued its recent appreciation against the dollar. TCS (down 1.82%), Infosys (down 1.87%), HCL Technologies (down 0.23%), Tech Mahindra (down 0.63%), Wipro (down 1.59%) fell. Oracle Financial Services Software (up 0.38%), MindTree (up 0.03%), Hexaware Technologies (up 0.45%) and MphasiS (up 0.03%) rose.

The partially convertible rupee was hovering at 65.345 versus Fridays close of 65.475. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lions share of revenue from exports.

Dena Bank rose 4.18% after the bank announced after market hours on Friday, 17 March 2017, that it received a communication from Government of India informing capital allocation of Rs 600 crore as part of turnaround linked infusion plan. The board approval for raising of capital of the bank through issue of equity shares to Government of India, LIC of India and GIC of India on preferential basis, is being obtained.

Idea Cellular fell 9.55% to Rs 97.60 on BSE after the company said its board approved merger with Vodafone India. The announcement was made before trading hours today, 20 March 2017.

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EPFO takes various steps for speedy settlement of claims
Mar 20,2017

The Employees Provident Funds Organization (EPFO) has taken various steps for speedy settlement of claims which inter alia include:

n++ Composite Claim Form (Aadhaar) and Composite Claim Form (Non-Aadhaar) has been introduced by replacing the erstwhile Claim Forms No. 19, 10C and 31, with a view to simplify the submission of claims by the subscribers. The Composite Claim Form has been further simplified to include self-certification by EPF subscribers. The Composite Claim Form (Aadhaar) can be submitted to the EPFO without attestation of their employers.

n++ EPFO has mandated to settle claims within 20 days.

n++ Online Transfer Claim Portal (OTCP) has been introduced to facilitate seamless transfer of claims.

n++ An online payment facility has been developed for employers for payment of dues. The internet banking (INB) facility enhances efficiency and payment and ensures anytime, anywhere online access while usage of existing internet bank account to make payments online.

n++ National Electronic Fund Transfer (NEFT) has been introduced for payments.

The Employees Provident Funds & Miscellaneous Provisions (EPF & MP) Act, 1952 is applicable to every establishment employing 20 or more persons which is either a factory engaged in any industry specified in Schedule-I of the Act or an establishment to which the Act has been made applicable by the Central Government by notification in the Official Gazette.

There was a total of 17.14 crore Employees Provident Fund (EPF) accounts as on 31 March 2016. 12.21 lakh accounts were pending for updation. As per consolidated Annual Accounts of EPFO for the year 2015-16, the closing balance in Interest Account as on 31st March, 2016 is Rs. 45,135.25 crore.

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